Business Benefits of IoT App Development and Security Challenges We Need to Address

The Internet of Things (IoT) approach gets matured day by day. As a futuristic technology, it can bring a revolutionary change in managing and controlling the business operations. Apart from growing penetration in the ‘Smart Home’ projects, the IoT looks ready to make the workplace smarter through bringing automation and enhancing convenience. Various industry sectors like manufacturing, retail, and healthcare can make the most from IoT concept.

Thriving IoT exerts an impact on mobile app development process as well. There is no exaggeration in mentioning that IoT drives the future of mobile app development. As reliable mobile app developers have started to offer IoT-based application development, it is fair to mention that entrepreneurs would like to jump on the IoT bandwagon to leverage the benefits of connected devices on the move.

These days, Internet of Things solutions for mobile devices emerge as promising ones because they enable companies to manage the IoT system simply by using handheld devices irrespective of time and place. IoT app solutions enable corporate users to interact and manage all the processes related to the IoT infrastructure. In a way, they can get a competitive edge over their peers in the future.

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We can see the gradual and steady increase in this prediction of the number of IoT units given by Statista. It shows how cross-industry and vertical-specific businesses tend to embrace IoT technology along with consumers over the period. This uptrend is an indicator of the importance of IoT in the business. Here we mention seven noteworthy benefits of IoT for modern businesses without considering their size and type:

  • Boost Producti vity and Enhance Efficiency

Customized IoT solutions have enhanced the efficiency of industries. When machines replace humans in doing repetitive and trivial tasks, companies can get an advantage of automation and optimization in routine processes. IoT enables companies to reduce unnecessary costs and assists the management to manage resources for performing other necessary tasks. In a way, productivity and efficiency increase significantly at the workplace.

Let’s take an example of a logistics business. Supply chain management is one of the most critical aspects of this business. Now, as compared to humans, sensors and related IoT app solutions can serve the purpose in a better way by making it simple for both the management as well as the retailers.

  • Employee Satisfaction

IoT application development company keeps the end user in mind while developing tailored app solutions. Such solutions can simplify the complex operations for employees. Thanks to IoT apps, employees can get the necessary information in real-time with just a few clicks. They can also give quick responses and increase efficiency even while managing the processes from remote places.

All these factors contribute to increasing the employee satisfaction level. They can improve their performance while handling the stressful situation and various odds with the help of bespoke IOT solutions.

  • Monetization Advantage

Do you know that IoT-based apps can readily monetize as compared to the standard apps of different genres? Both the App Store and Google Play can give priority to IoT-related apps. In a way, you can increase the online visibility of your business.

Startups can also grab the opportunities of IoT with tailored solutions. Apart from monetization, startups can build and maintain strong relationships with large companies. Innovative IoT solutions can open the doors of new possibilities for companies irrespective of their size.

  • Real-time Monitoring

How about monitoring your workplace even from a remote place? Well, IoT solutions can make this possible. These solutions can enable you to get rid of visiting the office premises or the workplace to know what’s going on. You can monitor all the processes, workers, and equipment across the world while sitting in your cabin in real time. The IoT technology has evolved to store and show the data related to company activities as and when necessary.

When you have global offices or plants, Internet of Things solutions can enable you to monitor all of them together with ease. In a way, you can save a lot of time, energy, and money.

  • Minimizing Risks

Automation always reduces the human-generated risks. There is no room for human errors and your IoT-powered instrument can last for a long time because the IoT technology can inform the concerned executives on the scheduled services and maintenance time. What’s more, the IoT devices fetch the data about the operations of various equipment that can further prolong the lifespan of equipment. The management can take a real-time decision about the equipment and get a higher RoI.

Technological advancements in IoT can warn the management about any malfunction of appliances or machines.

  • Increases Growth

With the growth in production and improvement in efficiency, the IoT solutions can help companies increase growth. Also, IoT solutions can lead the businesses toward the environment-friendly model. IoT also enables entrepreneurs to come up with innovative products and make business models more customer-friendly.

Altogether, IoT application development can transform the business processes. It can impact positively on all types of businesses and assists business owners to resolve several operational inefficiencies. More information about IoT app development process and cost is given here. But then, IoT is not all roses! Security concerns loom large as we witness increasing incidences of data theft and malware attacks.

Here are seven big challenges we need to address to get all the benefits of IoT solutions with a peace of mind:

  • Test and Update IoT Solutions

As per one estimate, the number of connected devices worldwide will reach over 60 billion units by the end of 2025. When you hire IoT app developers, they test the customized IoT solutions thoroughly for performance and security. But, when they reach in the hands of users, they become insecure due to some security issues.

Therefore, your IoT devices and apps need to be updated for security on a regular basis. You cannot rely on initial security updates for them as they are for a limited period. Companies that fail to update IoT solutions can have serious consequences that ultimately ruin their business.

  1. Default Passwords

Do you remember the Mirai attack? This one of the largest and most threatening DDoS attacks is largely attributed to default passwords. Consumers forgot to change the default password after receiving the shipping devices. If you use ‘admin’ as a username and/or keep the passwords that can be readily guessed, then you make the device vulnerable to the cyber attacks. The Mirai botnet could identify the ‘soft’ IoT devices and used such default IDs and passwords to infect them.

It is necessary to change the default credentials for IoT app solutions and devices as soon as you start using them. It is one of the most powerful ways to save the valuable details of your company and customers.

  • Ransomware and Malware

As time advances, both malware and ransomware also evolve to attack the devices in different ways. The ransomware can disable the device temporarily and steal the user data. For example, the hackers can attack the IP camera and fetch the sensitive data while locking it. They can then demand the ransom to unlock the camera and return all the data.

Some malware can also temporarily block the IoT device or app, and as a result, the company has to bear a huge loss.

  • Botnets and Cryptocurrency

We live in the age of botnets and cryptocurrency. As cryptocurrency is on the rise, hackers find it more rewarding to attack the system that deals with cryptocurrency. The increasing number of cyber attacks in the sectors related to blockchain is proof. Usually, the target is a blockchain app that manages the cryptocurrency-related dealings.

Talking about IoT devices, some cybercriminals are IoT botnet miners and some are good manipulators of data. If an IoT application is based on the blockchain technology, it should be monitored and updated regularly to avoid any data breach.

  • Privacy Concerns

Both IoT devices and apps store and utilize critical data of the company and customers. They continuously harness, store, and share valuable data. In such a scenario, privacy concerns need to be addressed effectively. Along with a predefined set of rules, it is of utmost importance to set up the mechanism that anonymizes the data before using or storing. Also, cached and other irrelevant data should also be disposed of securely.

Companies should establish fair practices for handling data for IoT devices and apps. An IoT application development company can remain helpful in doing so.

  • Small Attacks

Many small attacks on Internet of Things solutions remain unnoticed. Such micro-sized breaching attempts can easily slip through, and therefore, they should be addressed properly and effectively.

Companies should take measures to prevent such attacks and make the information leakproof.

  • AI and Its Impact

Artificial Intelligence (AI) technology is integrated into the IoT infrastructure for enhancing performance. AI deals with a massive amount of data and requires a constant monitoring to avoid any data breach. Any mistake in the AI algorithm can lead the entire system to fail, therefore, it is important to take enough care.

IoT can bring immense possibilities and offer a lot of benefits to the businesses. If you can meet the challenges associated with this revolutionary technology, then it is capable of taking your business to the next level.

As a leading IoT solution company, we provide 360-degree solutions by integrating the futuristic IoT concept. Our expert consultants and experienced app developers will assist you leverage the IoT technology while minimizing the security risks associated with it.

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