Businesses are undergoing a technological revolution and several companies from different industries are adopting top-notch technologies for business and revenue growth. Many companies have adopted the Internet of Things (IoT). They are moving towards adopting the technology to get insights so that corporate operations can be accessible, and decision-making can be made easy. Many companies are adopting this technology to level up automation and IoT has so many advantages and has potential to offer so much to the end users too.
Businesses tend to adopt IoT devices with sensors and connectivity to monitor different activities at different locations and other variables. This allows reducing operating expenses and organizations can strengthen control too.
However, adopting IoT comes with some challenges which companies may face. The biggest question is how to get started with IoT, after which the real issues come. And it is ideal to address common issues and talk about the barriers that can affect IoT adoption and how we can address these issues. What then is holding back IoT adoption, given all its advantages?
Common Barriers and Solution
There are top barriers that are keeping businesses from IoT adoption and how they can be addressed.
1. Cost Issues
Cost and budget are the two most important factors of any company, especially when there are plans to bring new technology to improve business growth. Adopting new technology can be expensive and so is the implementation of IoT. So many startups find it hard to provide the necessary capital for the initial investment. This is one of the biggest barriers to IoT adoption.
Businesses need to understand that investing in IoT is a long-term profit. IoT-based devices and applications help reduce the cost of other expenses, automate many redundant tasks, and most of all monitors the entire organizational operations helping reduce product waste. It must be considered that the return on investment (ROI) is significant since IoT amplifies business opportunities.
2. Security Issues
Security is the top-most concern for any business and many companies find it difficult to trust automation technologies due to a lack of trust and the digital divide when it comes to state-of-the-art technology. Since IoT connects with different devices which in general stores sensitive personal data, companies find it hard to trust the technology.
However, it is important to learn that data stored in the cloud is significantly safer than it is on a physical system. Since IoT connects several devices together for data sharing, businesses require to ensure the privacy of confidential information. And for that, robust security is a must.
3. Integration and accessibility
When it comes to IoT, it is very important to connect and integrate data as so many devices are connected to each other. Businesses that use IoT solutions have to process a huge amount of data. In these situations, it’s important to make sure that the IoT sensors work well together.
A major problem is how to combine IoT with the technology we already have. All kinds of devices need to have their architecture changed so they can talk to the cloud and, in many cases, to other devices. This means that everyday things like watches, washing machines, refrigerators, etc. will use more and more advanced and cutting-edge technology.
4. Lack of Knowledge
One of the biggest barriers to IoT adoption is the lack of knowledge about the available solutions for the problems. So many companies as well as their employees have a lack of knowledge about the Internet of Things which has become a barrier for their growth. Lack of knowledge also affects decision making and sometimes companies end up choosing applications or technology which are neither relevant nor useful for their work.
However, it is vital for them to sit sideline and observe how the IoT technology is serving different industries and taking a chance to understand the technology. Educating the employees about the technology and finding out the different options This will not only save them time but also help them understand the challenges which come with technology. IoT field has a lot of competition and companies are active in the space already to promote their IoT-based products and services. Growing knowledge about technology can help companies overcome fear and allow them to move forward.
5. Lack of Transparency in Regulatory Standards
There are plenty of regulatory standards that should be followed by a company when they adopt any new technology. When it comes to IoT, companies require to follow some standards but a lack of transparency in the regulatory standards is a big barrier for IoT adoption.
There should be clear guidelines on who has the authority to access the data that is collected by IoT devices or how this data can be used for creating new products and services. With transparency in data access and authority, companies can ensure data secrecy and allow adopting new technologies such as IoT.
6. Fear of Failure
So many companies do not switch to any new technology because of the common fear that is failure. As success stories work, there can also be many stories where companies were unsuccessful when they attempted to adopt a new technology, but the failure can be due to so many reasons. It is not always the fault of technology, but the analysis should be done in the right way that will help companies choose which technology can work best with their company.
Like any other technology, IoT can be challenging, but nothing is unresolvable. Before going ahead with IoT, check if it can serve your purpose and help your company grow the way you want it too.
IoT is a powerful technology and it can transform your business digitally and make so much impact. However many companies and businesses hesitate to adopt IoT due to the common barriers. But these are resolvable and companies can always approach the experts. To learn more about IoT and how IoT can help your business, reach out to us!
