This article discusses the advantages of IoT, as follows;
1). Low-cost Operation (as one of the Advantages of IoT)
IoT can reduce costs by lowering the demand for labor and time, while increasing effectiveness and efficiency of operations.
The cost of IoT projects can be estimated based on smart devices, software applications, and installations that are involved.
2). Resource Conservation
IoT can save resources through careful monitoring of consumption rates, collection and evaluation of demand, accurate decision-making for resource distribution, and facilitation of efficient production or consumption.
Resource management in IoT is the use of data management by smart devices to optimize the use of resources and prevent wastage.
Embedded devices and wireless sensors are examples of smart devices used for conserving natural resources . These devices work collaboratively to collect consumption and production data, compare them, and execute commands to align the supply of resources with the demand.
Resources that can be conserved using IoT systems and applications are numerous; and include; time, money, natural resources like water and production raw materials.
Energy resources like fuel can also be conserved by IoT technology, which improve energy efficiency or output per unit of energy consumed . Such conservation is essential for sustainable development.
3). Improved Efficiency (as one of the Advantages of IoT)
IoT efficiency generally refers to the ability of IoT devices and technologies to reduce the amount of energy that is consumed to do work, while improving the quality of work done.
The ability of IoT to improve efficiency can be analyzed from multiple standpoints. One of these is energy; where IoT systems and operations can reduce energy consumption while yielding high-quality output.
This means that by improving efficiency, IoT can increase productivity along with the profitability and sustainability of the economy.
However, the overall efficiency of IoT also depends on the efficiency of energy consumption by the IoT system itself. This is an area which is still undergoing development .
4). Versatile Application
IoT is versatile in its application because it uses artificial intelligence, neural networks and machine learning to adapt to nearly any requirement or condition.
This means that investments in IoT are likely to be profitable.
IoT will play a major role in the establishment of circular and green economies, based on their capacity to be simultaneously utilized in diverse sectors including manufacturing, education, resource management, ecosystem protection, and healthcare.
5). Long-term Sustainability (as one of the Advantages of IoT)
The future of Internet of Things in the next 10 years and beyond involves its broad application in all sectors of the economy, in combination with deep learning and other advanced AI concepts.
Sustainable IoT is a term used to describe the ability of smart devices and internet technology to simultaneously benefit the economy, environment and society.
IoT helps sustainability by reducing the rate at which resources are consumed to do work, while increasing the scale and quality of production and economic growth.
However, the approach to utilization of IoT largely determines its sustainability. Factors that comprise this approach include sensor selection, system scale and data handling.
Sensor selection plays a vital role in long-term sustainability of IoT solutions, by determining the quality of data collection. System scale and data handling determine the capacity and reliability of IoT respectively.
However, because IoT is a relatively recent concept, there is yet no practical proof of its long-term sustainability . The conclusion that it is a sustainable concept is based on real-time performance-analyses and predictions of present and future potential.
Advantages of IoT are;
1. Low-cost Operation
2. Resource Conservation
3. Improved Efficiency
4. Versatile Application
5. Long-term Sustainability
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