None of the technologies available today has reached its full 100% capability. There is a long way to go for all these technologies. Thus, it can be said that IoT or Internet of Things is a technology that can help all the other technologies to reach its full 100% potential. First, it is important to understand what is IoT and how it works. 

But like every other thing in the world, even IoT comes with both benefits and limitations. It is important to have good knowledge of theses before investing in the Internet of Things. 

Benefits of IoT

IoT is known to provide you with several advantages in your daily life, especially in the business field. Some of the main benefits are;

• Efficient resource utilization
  When we know the functionality or the way a device works, we can boost efficient resource utilization.

• Save time
  It is also known to save human effort, and thus, it is time-saving as well. Time is one of the important factors of the IoT platform.

• Reducing human effort
  IoT devices are known to communicate and interact with each other. They are capable of doing a lot of work for us, and thus, it is reducing the workload.

Limitations of IoT

The main limitations of IoT are as follows:

• Security
  Since IoT devices are all interconnected over networks, it provides very limited security measures. This leaves the networks vulnerable to attacks.

• Complexity
  Even the development, designing, maintaining, and enabling of the IoT system is quite complicated.

• Privacy
  Even when you are not participating, the IoT system can provide your data in maximum details. This is one of the biggest problems with the system.

Well, now you know both the advantages and disadvantages of IoT systems. Despite all the drawbacks, it is still considered to be a big revolution.

Pros of Internet-of-Things:(IOT)

Here are some advantages of IoT:

1. Cost Savings
It makes the electronic appliances communicate to each other in an effective manner thereby conserving and saving cost and energy; hence, it’s helpful to people in their daily routines. By allowing the data to be shared and communicated between electronic devices and then translating it into our required way, IoT is making our systems efficient.

2. Information
It is true that with more information, you can make better decisions. Whether it is general decisions as needing to know what to buy at a grocery store or if your company has enough supplies and widgets, knowledge is great power and more knowledge is always good.

3. Communication
IoT encourages Machine-to-Machine (M2M) communication (communication between devices). Owing to this, the physical devices are capable to stay connected; hence, total transparency is available with greater quality and lesser inefficiencies.

4. Automation and Control
Owing to physical objects getting controlled and connected digitally with wireless infrastructure, there is a big amount of automation and control in the workings. All the machines are capable to communicate with each other without human intervention which leads to prompt output.

Cons of Internet of Things:(IOT)

Here are some cons of Internet of Things:

1. Over Dependency on Technology
At present , it is observed that the younger generation is a technology freak and they depend upon technology and its devices for every little thing. With the help of IoT, this dependency will become even more in daily routines. No application is free from fault and there are some hitches in each technical application. Totally relying on IoT devices may create a trouble in case of non-working or crash of an IoT infrastructure.

2. Losing Security on Privacy
As there is involvement of different technologies and devices, there is monitoring by more than one companies, which directly questions the security and privacy issues. Data retrieval and storage also becomes a major concern for the companies because all of them are involved at the same time. In case of keeping only one company, it may lead to question of domination.

3. Lesser Employment Prospects
With IoT, daily activities getting automated and naturally there will be fewer requirements of human resources and less educated staff, which may create employment issue in the society.

4. Complexity
With all complex systems, there is possibility of failure. Failures could be sky rocket in case of Internet of Things.

With each passing day, the IoT market is witnessing massive growth and transforming the overall lifestyle of the masses across the globe. Many businesses are leveraging this technology to accelerate their digital capabilities and successfully meet the ever-changing demands of their customers.

However, you need to clearly understand the benefits and limitations of this technology before choosing IoT development services and solutions providers to generate profitable outcomes in the longer run. 

Benefits of IoT

Monitoring Things - With IoT, for instance, you can monitor the air quality in your home/ office or easily know when you are running low on your printer ink. You can also keep a track of the expiration of products effectively.   

Seamless Accessibility - You have the privilege to gain real-time access to the essential information with just a smart device and a good internet connection. You just need to make a few clicks and regulate things from the remotest of locations. 

Faster Operations - IoT boosts your operational efficiencies by completing multiple tasks quickly. Even recurring daily tasks can be accomplished at a faster rate thereby enabling your staff to work on the core competencies. 

Managing Time - Leveraging IoT services helps businesses in optimizing their planning, execution, and overall product delivery workflow. This eventually saves time and helps to focus on delivering quality.

Comprehensive Automation - The entire demand-supply chain can be automated by rightly implementing this technology. This automation would be free from any kind of human intervention and provide timely outputs.   

Saves Money - You can cut overhead costs related to employing dedicated teams, using physical hardware, and other resources. The saved money can be used to integrate your existing system to virtual machines, software, etc.   

Limitations of IoT     

Data Security - IoT is susceptible to data vulnerabilities and breaches. Easy data accessibility into the wrong hands can lead to compromised information and various other risks related to confidential information leaks.  

Technology Dependency - Your operations completely depend on strong internet connectivity and technology capabilities. And with automation, this dependency increases and can prove unfavorable.  

Operational Complexities - Indeed, you can manage multiple tasks simultaneously, but a small mistake made by a particular software can result in various complexities. Also, this would disturb the entire operational connectivity and flow. 

Compatibility Issues - You’ll have to face inter-compatibility issues with various smart devices as this technology shall not be compatible with all the available devices across the market. This would lead to monitoring and tagging issues as well. 

Lesser Job Opportunities - As you approach automation with your IoT solutions, there is a high possibility of keeping fewer employees at the desk. This would affect job opportunities as a whole.    

With all the above mentioned, we can conclude that it is essential to use this technology in a proper manner to make the most out of it.