PGDM I SEMESTER

PGDM 105 - Computer Fundamentals and Applications in Management

Assignment 2

Date of Assignment: 11/11/22 Date of Submission: 22/11/22

Submitted to: Submitted by:

Rekha Mam Anmol Jaiswal
ABS/PGDM/22/130
What are some of the recent developments for emerging IoT technologies?
Also, Discuss their pros and cons in the Business world.

The term IoT, or Internet of Things, refers to the collective network of

connected devices and the technology that facilitates communication between
devices and the cloud, as well as between the devices themselves. 

Some of the recent development and trend in IoT technologies are-

1. Remote Monitoring

According to McKinsey, the Covid-19 pandemic accelerated the adoption of

digital technologies by seven years. Off the back of global lockdowns, this
naturally includes the requirement for remote monitoring and the move towards
automated systems. These IoT-based technologies are being adopted to
transform everything from building monitoring and machine performance to
building occupancy and machine learning.

2. Modular Smart Technologies Solutions

The preference for individual devices performing multiple functions has given
way to networks of devices. This network of devices creates a modular system
of individual utilities and processes. The result is a granular view of whole
operations, which works toward holistic network benefits.

3. Data Analysis

Data is arguably one of the top strategic tools for businesses. High-quality data
plays a role in designing business strategy (what can be monitored can be more
effectively managed) and ensuring the integrity of supply chains. Through alerts
around deviations from “normal” data sets, real-time action is also inspired,
which can avert disaster and save costs.

Data also has the ability to inspire high-level compliance, machine learning,
customer service, maintenance schedules, safety and security. Additionally, it
gives invaluable insights for the purposes of gauging return on investment and
preventing wastefulness.

4. Artificial Intelligence, Machine Learning, and Visual Inspection

The concepts of artificial intelligence, machine learning, visual inspections, and

automation are becoming increasingly commonplace. These functions are all
best guided by data insights – removing the unpredictability and margin of error
from human processes.

5. Advanced Networks

As IoT technologies evolve, so too do the networks around them. Improved

speed, security, and reliability of networks and connectivity infrastructure are
the precursor to IoT sensors, wearables, smart cities and homes.

Pros of IoT in Business World

1. Accelerate innovation

The Internet of Things gives businesses access to advanced analytics that

uncover new opportunities. For example, businesses can create highly targeted
advertising campaigns by collecting data on customer behavior.

2. Turn data into insights and actions with AI and ML

Collected data and historical trends can be used to predict future outcomes. For
example, warranty information can be paired with IoT-collected data to predict
maintenance incidents. This can be used to proactively provide customer service
and build customer loyalty.

3. Increase security

Continuous monitoring of digital and physical infrastructure can optimize

performance, improve efficiency and reduce safety risks. For example, data
collected from an onsite monitor can be combined with hardware and firmware
version data to automatically schedule system updates.

4. Scale differentiated solutions

IoT technologies can be deployed in a customer focused way to increase

satisfaction. For example, trending products can be restocked promptly to avoid
shortages.
Cons of IoT in Business World

1. Security and privacy

Keeping the data gathered and transmitted by IoT devices safe is challenging, as
they evolve and expand in use. Although cyber security is a high priority, IoT
devices aren't always included in the strategy. Devices must be protected from
physical tampering, internet-based software attacks, network-based attacks and
hardware-based attacks.

Data privacy is another concern, especially because IoT devices are being used
in more sensitive industries, such as healthcare and finance. Information privacy
laws are coming into effect globally, too, meaning that not only does it make
good business sense to protect data, but businesses are legally required to do so.

Integrating encryption and security protocols with IoT devices can be difficult

with a large fleet of devices. The cost in time, effort and money to do it on all
devices might be prohibitive, so some businesses might use inadequate
platforms because they're cheap or forego it altogether. All it takes is one breach
for a business to learn a tough lesson.

2. Technical complexity

Though it might seem like IoT devices are performing simple tasks, such as
counting entry swipes at a secure door, there's a lot of complex technology
involved in creating them. Plus, if they're providing essential data to another
workflow or system, they could negatively affect everything connected to it.
Miscounting the number of swipes at the door isn't a big deal, but if another
device confuses temperature data with entry swipe data, it can be catastrophic.
And the error isn't always easy to fix.

There can be a big learning curve in deploying IoT devices. It makes sense to
develop a strategy on how and why to deploy them before purchasing them.
That way, you can be assured they're working as intended, and you can support
them.
 3. Integration

There's currently no consensus regarding IoT protocols and standards, so

devices produced by different manufacturers might not work with existing
technology. Each one might require different configurations and hardware
connections, making it hard to deploy efficiently.

The business must understand network needs to prepare for any required
customization. That also means planning for extra time with device
deployments to handle any troubleshooting or related tasks that might arise.