IoT Knowledge Center
Feasibility of IoT applications
IoT (Internet of Things) has been enveloping all areas of human life, be it business and logistics, healthcare and retailing, transportation, and energy management. Whilst most industries would want to be quick on the bandwagon to implement IoT applications, it would be worthwhile to consider the feasibility of these applications first.
Such an IoT feasibility study would throw light on the potential benefits, challenges, possible implementation roadblocks, and cost outlay. The potential for the success of an IoT solution is examined through a feasibility study. Smart technology must be adopted to reap more benefits; it is not an end in itself. The organization must be able to derive tangible benefits from the IoT-connected devices and the gathered data.
Various areas of implementation need to be studied – financial, technical, markets, and implementation costs. This can help decision-makers take an informed decision about the implementation of IoT automation. Technical and financial feasibility are the determining factors. The technical feasibility is dependent on the IoT device requirements and network requirements. The financial feasibility of the IoT solution involves total IoT project implementation costs and the benefits that can be derived. A well-designed and implemented IoT solution can help the business grow to great heights.
IoT applications can help you with crucial business decisions and prioritize areas that can be leveraged to further business goals.
- Improved operational processes
- Develop new business models
- Identify new revenue streams
- Cost Savings
- Enhanced customer engagement
- Better customer retention
- Shorter delivery times
- Enhanced productivity
- Predictive maintenance
Things to be considered in an IoT Feasibility Study
Designing the IoT solution involves a robust IoT architecture and design platform as well as the associated software and security platforms. The main factors for IoT feasibility include agility, flexibility, and scalability. An important decision is to ‘build or buy’ the IoT solution.
- Flexibility to keep up with the changing technology landscape - The system must be flexible enough to initiate new parameters and new devices. The data querying system must be flexible enough.
- Scalability of operations to tackle the avalanche of data that will be created
- The agility of operations to explore and implement new applications. The data storage and data management systems must be adequately robust.
The feasibility of the various IoT technologies must be weighed in. The appropriate solution must be selected. The technical feasibility would include factoring in the power consumption and the number of IoT devices. Battery power capacities must be evaluated. The wireless communication devices have to be selected. The accuracy and safety of the devices must also be considered as well as their environmental tolerance and performance track record. The vendor support for the IoT devices and their safety certifications are also important considerations.
The element of risk involved in any of the parameters must be weighed against performance. Standards compliance is another issue that can involve considerable cost outlay. Checking various options for compliance and adherence to international standards is another crucial aspect of IoT technical feasibility. Often, devices are not plug-and-play with IoT solutions. Support requirements must not be ignored in the IoT project's technical feasibility.
The security of the IoT solution is a very important aspect. Data is vulnerable as the devices on the IoT platform are connected. Be it in commercial settings or industrial or even residential settings, digital security must be hardened. The security risks must be assessed and adequately planned for.
- Encrypted communication
- Data collection using SSL
- Tracking and profiling users in the network so that suspicious activities and logins can be monitored
- Security of data transmission to prevent the unauthorized collection of information
Hackers can gain entry into just one insecure device and wreak havoc on the entire IoT system. Even implanted medical devices are liable to hacking. The weaknesses within IoT automation include insufficient protection of privacy and data storage and transfer. Other areas of security concerns are the use of insecure or outdated network components and inadequate device management.
It is essential to be clear in the customer benefits that the business is seeking from the IoT implementation. Implementing an IoT solution is a far-reaching strategy as the technology is dynamic and disruptive. The solution must be able to react promptly to unexpected turns and twists and the ever-changing business scenario.