The security concerns such as encryption, network security, user anonymity, data storage and access must be taken care of
In businesses, the utilization of Internet of Things (IoT) devices and technology is speeding up very rapidly and hence, global research firm Gartner has mentioned that volume of IoT connections internationally would escalate to 25 billion towards the end of 2025 from which a huge chunks start-ups can be benefited in several ways such as innovative consumer insights, seamlessly optimizing business processes, and reducing costs of operations. But, on the other hand, several start-ups do not like to use IoT as they think it would negatively impact their business.
According to an exclusive report of TOI authored by Nidhi Aggarwal, huge chunks of product and customer data can be collected by start-ups with the assistance from IoT and also it can give a clear idea to the companies how products can be improved and utilized to perk-up customer experience. The report also added that IoT is also helping companies to modernize and thereby it reduces the time to the market for new products and augments ROI.
Nidhi also opined that compared to the past few years, IoT helps start-ups to track, monitor, uncover, and analyze customer data rapidly and effectively. It helps the companies to discover the changes or the trend alterations in the behavior of customers. With sophisticated IoT technology, consumer experience can be improved at a large scale. The start-ups can analyze, transmit, and gather customer's personal data with the help of IoT, which ultimately offers an enhanced customer experience that offers deeper engagement and escalates customer loyalty.
Although business can be benefited with IoT technology, there are a lot of additional challenges that require seamless solutions before the companies adopt them. Sometimes, it becomes very intricate to secure the huge amount of data collected and transmitted by the IoT devices because they evolve with time. The security concerns such as encryption, network security, user anonymity, data storage and access must be taken care of. Nidhi also mentioned in her report that the data collected by the companies and their utilization of IoT systems must act in accordance with regulations.
Many think that IoT products do simple work, but they are the outcome of an intricate technology. It is very important to chalk out some plans why and how you will use an IoT device before buying them. Then, it will be easier to identify they are working properly or with flaws. "Deploying IoT devices frequently necessitates significant time and financial investment. There are devices to buy and configure, staff to install them, others to integrate them into the network, and support calls to the manufacturer for assistance," added Nidhi.