5 myths about the Internet of Things

The Internet of Things (IoT) is the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment. With Singapore’s push towards greater productivity through leveraging on technology, IoT is definitely under the spotlight of businesses in Singapore.

To fully leverage the power of IoT, one has to get past five common myths and misconceptions about IoT.

Myth 1: IoT is a Technology
Although the term IoT is useful when referring to a range of applications, there is really a few areas of commonality, technologically speaking, across the various applications. Even RFID can be replaced by another sensor technology and IoT still execute clockworks.

In other words, IoT is a concept, not a technology – as a matter of fact it is the convergence of multiple technologies.

Myth 2: Data Privacy is a critical enabler of IoT
Since sensors can track people and behaviour, critics have claimed that privacy regulations are a critical enabler of IoT adoption. While some applications do need a fillip from the enactment of privacy regulations, most other applications of IoT have little or nothing to do with data privacy.

Even if data privacy is an issue, implementers have found ways to overcome such concerns. As such, companies who are holding off IoT deployment because of privacy issues will end up becoming the late majority, and, guess what?

Privacy regulations may not arrive at all.

Myth 3: IoT has little customer value
Sceptics has expressed that IoT is a fad for vendors to sell the same technology in a different packaging. Look deeper, one would find real customer value in its deployment.

The deployment of IoT also embraces the need to re-look at the ever-changing customer expectations and the improvements to service levels. It addresses the shift from mass marketing to personalised marketing. In fact, IoT brings about a real customer value.

Myth 4: IoT is the next wave of the Internet
The term “Internet of Things” conjures up images of billions of objects freely discovering, communicating, and cooperating with one another over the internet. This is not very practical, and perhaps dangerous, especially when the devices can perform physical actions in response to a command which came across the Internet.

In actual fact, many devices may not even communicate to any network at all and may use communication protocols optimised for very specific applications. In other words, its name notwithstanding, IoT has nothing materially to do with the next generation of the Internet.

Myth 5: IoT is an expensive deployment
This is a common perception on any new technology and/or concept, most likely due to the uncertainty and lack of convincing success case studies. With the declining costs in the various converging technologies, users of IoT benefit from multiple aspects of technology leverage and integration effectiveness.

In other words, with careful planning and efficient execution, deploying IoT can be cost effective and benefits overweigh the costs.

With the strong pick up of the IoT hype, common myths will continue to perpetuate. Yet, much space is left to the advocates to debunk such myths.

Oliver is among the speakers who will be sharing their expertise at the IoT Asia 2014 conference.

IoT Asia 2014
Singapore Expo Convention & Exhibition Centre
21-22 April 2014

Click here to register.