Abstract:
The Internet of Things (IoT) is a rapidly expanding network of devices capable of transferring data over the internet. Both the social and digital worlds are affected by the internet of things. The Internet of Things (IoT) technologies and devices help to streamline the process and connect the two worlds more effectively. As a result, the Internet of Things’ economic influence will be realized in a few years. The Internet of Things will generate $11.1 trillion in revenue by 2025!
With more than 41 billion devices connected to the internet, the worldwide IoT market is estimated to reach $2.5 trillion per year by 2027. Businesses can profit from the Internet of Things in a variety of ways, including lower operational costs, new consumer insights, and chances to improve operations. However, it isn’t always a happy circumstance. Some companies may only notice the drawbacks of IoT devices and be hesitant to implement them.
Though the internet of things affects our daily lives, it also has a technological, economic, and social influence. With this in mind, let’s look at the benefits and drawbacks of the Internet of Things!
What Are the Consequences of the Internet of Things?
Almost 8 billion people live on the earth, and half of them use smartphones or other internet-connected devices. As a result, the internet has brought individuals from all around the world closer together than ever before. Digital gadgets now have access to 95 percent of the internet’s content. The internet has revolutionized communication, social engagement, knowledge access, and a plethora of other technological breakthroughs. Let’s look at the advantages and disadvantages of the Internet of Things with this in mind.
List of the Top Advantages of IoT
Quickest Navigation
The Internet of Things (IoT) can be utilized for several purposes, but the bulk of them take place in real-time. All you need is a smartphone with internet access.
Wireless technology
IoT-enabled gadgets keep street lighting and automate everything to prevent energy loss. During the day, it shuts off street lights and then turns them back on as darkness sets. Buildings, bridges, and monuments may all be monitored using IoT sensors to check whether they are overburdened.
Seamless Communication
Machine-to-Machine (M2M) communication (the connection between devices) is encouraged by IoT, which allows you to control and automate taxes daily.
Spending Less
According to a DHL estimate, the Internet of Things will save businesses $1.2 trillion in productivity costs alone. Let’s have a look at how it works. Electronic equipment can successfully interact with one another, thanks to the Internet of Things, saving money and energy.
Business Benefits
IoT will assist you in identifying new business prospects by analyzing data samples from your top clients. It gathers network data and uses advanced analytics to scrutinize it to deliver business insights and opportunities.
Productivity Improvements
Any company’s profitability is dependent on its productivity. IoT provides employees with just-in-time training, enhances labor efficiency, and decreases skill mismatches while enhancing corporate production. We eventually find ourselves with a lot of freer time.
Improved customer service
IoT devices make it easier for companies to track, monitor, unearth, and analyze customer data than ever before. Businesses can forecast customer behavior adjustments or trends before they occur. Advanced IoT technologies can improve the client experience based on previous experiences by tailoring it.
Better Customer service
IoT devices make it easier than ever for businesses to track, monitor, discover, and analyze client data. Companies can predict changes in customer behavior or trends before they happen. Advanced IoT technology can improve the client experience by personalizing it on previous occasions.
The Checklist of Internet of Things (IoT) Disadvantages
Complexity
There could be a risk of failure with IoT. Assume you and a friend received notification that the milk packet in your refrigerator had expired. As a result, both of you will buy a milk packet in this situation. There will be two packets, resulting in money being wasted.
Compatibility
In the IoT ecosystem, millions and billions of devices are connected; however, all of the devices are made by different manufacturers, which raises the issue of tagging and monitoring compatibility. It isn’t easy to persuade every manufacturer that their products adhere to a single standard.
Security vs. Privacy
There’s a chance that data transmitted through IoT devices will lose its privacy. You should check how well the data is encrypted. IoT is experiencing security and privacy challenges due to its rapid expansion.
Low-wage or low-skilled workers
As the Internet of Things spreads worldwide, it may eventually replace tedious and dangerous employment, displacing unskilled workers. All of this could result in societal unemployment.
As a result, mastering new ways of working will improve or maintain a person’s employment.
Technology Takes Control of Life
The Internet of Things (IoT) has impacted practically everyone’s life in some form. Everyone is glued to technology for their day-to-day activities, whether the older or younger generation.
The Future of IoT -Where will the Internet of Things take you next
While the Internet of Things has made our lives easier and wiser since its beginnings, we cannot ignore its drawbacks. It’s past time to consider how to mitigate its flaws and capitalize on the good opportunities to make this technology perform best for you.
It’s up to you to decide how wisely you use the dominance of IoT-enabled innovative products to regulate your living and working environment. At the same time, the disadvantages of IoT cannot be overlooked.
The need for clinical studies to evolve
Back in the days when we used to think about artificial intelligence, the first thing that came to our mind was Terminators, which is unrealistic, and that’s Hollywood for you. Artificial Intelligence isn’t like that at all, at least not yet. The most realistic forms of commercial Artificial Intelligence you can find are Google Assistance and Siri. These AI are the best example of what we can achieve with ML, Cloud Computing, and a large data pool. While such AI has come a long way since its first introduction, they are nowhere close to the level of Intelligence that we expect them to be, but that can soon change. The rapid advancement of quantum computing could boost AI technological development much beyond our imagination and finally bring the level of AI technology that we now see in Sci-fi movies.
The medical community still widely acknowledges this method of testing potential drugs for effectiveness and safety. Besides this, inefficient patient selection (including recruiting and retention issues) and challenges in treating and monitoring patients efficiently contribute to high trial failure rates and increased research and development expenditures. RCTs lack analytical capacity, adaptability, and quickness for the development of complicated new medicines aimed at smaller and sometimes varied patient groups.
The impact of AI on the process of clinical trials
AI algorithms and a strong digital infrastructure may allow for the cleaning, aggregation, coding, storage, and management of clinical trial data in real-time.
Additionally, enhanced electronic data capture (EDC) could help mitigate the effect of human error during data gathering and enable a seamless connection with other systems.
Choosing an investigator and a location: To ensure that a clinical study has the best possible outcomes, it is essential to choose investigators and venues carefully. The site’s administrative processes, resources, and doctors with in-depth expertise and knowledge of the condition may affect research duration and data quality and authenticity
Using available data to guide AI-enabled clinical trials: However, because of functional data silos and disjointed systems, clinical trial organizations may be unable to get a complete picture of their clinical trial portfolio across different worldwide locations.
Clinical trial design: Companies in the pharmaceutical industry are experimenting with various methods to improve the clinical trial design. Patient support programs, post-market monitoring data, and other scientific and research data sources have given new impetus to clinical trial design.
Final words
Using AI-enabled trial management tools may assist patients in staying involved in their tests. As a result of digital reporting applications and wearables, clinical trials may now be conducted with patients at the center of attention. As a result, patients are more likely to adhere and stick to their treatment regimens since they are less likely to have to travel to the study locations, which promotes patient compliance and adherence.
