Kozminski Techblog

Internet of Things (IoT) has completely changed the way of conducting business. IoT help benefit businesses in many ways: it improves efficiency, provides real-time data about current supply levels, reduces costs and helps to identify new market opportunities for firm’s growth [1]. The development of IoT did not stop there and today we can see that it is being implemented into our daily lives. New products like:  smart energy consumption monitors, smart speakers, smart vents, sport tracking systems that give you regular updates about your health status and many more are being introduced and they are meant to make our lives more comfortable and less-stressed [4]. It is predicted that the usage of IoT will increase by three times from 2018 to 2023 and result in creation of 43 billion new devices being implemented [2]. This article will mainly focus on the Smart Home systems their benefits and downsides to their users.

Smart Homes are not a thing of past anymore, in the US these software have already attracted 134 million users which is a 34% increase over a previous year [10]. Moreover, the worldwide market for smart home systems is projected to reach a mark of $53 billion in value by 2022 [9]. Smart Home is referred to the collection of Information Systems at your house, they include smart thermostats, locks, plugs, doorbells, lights and etc [5]. Moreover, a future user can customize his house by selecting only the necessary systems at his house without overpaying [5]. These tools are able to monitor person’s presence in a certain part of the house, therefore, they can manage the work of lights or heating more effectively it is estimated that the systems reduce the cost of the utilities charges by 16% on the heating bills [3]. The system will always keep you up to date about its condition and will notify if any repair or maintenance is required. Surveillance cameras are also considered to be  “smart” implementations, by installing them you will get a picture of what is happening outside of your house as well as inside increasing your protection and awareness of the surroundings [8]. Many experts believe that these “techy” upgrades will increase the value of your home as a whole if you will consider to sell it in the future [5]. Although, these advanced home systems bring several improvements like flexibility and other fringe benefits there are also downsides of using them.

To begin with, the tech-driven systems are harder to install and they are more expensive over the regular devices [5]. Secondly, the Smart hardware is reliant on a stable internet connection, if  you will experience a power cut most of the systems will be uncontrollable and you will not be able to use them until the devices are back online [5]. Moreover, the maintenance of these high-end systems require highly-skilled professionals who will be able to diagnose the issue correctly and immediately [5]. Although, technology can improve some areas of your security, a lot of users in the USA were complaining about their devices being hacked. The home systems like Google Home or Amazon Alexa have already been sued for leaking private conversations of their owners, so privacy is also under a risk of suffering after the installation of the Smart Home appliances [11]. Lastly, as the providers remove some of the flaws of their systems with every new update, users must take action as well. For instance, customers should keep their devices up-to-date by downloading every new version that the developer releases, create strong and change their passwords frequently [7].

Internet of Things provided several benefits in the business world and allowed organization to interconnect with each other and improve their efficiency. In today’s reality IoT is becoming an essential part in person’s daily activities. Smart Homes is a great example of how technology impacts our personal lives. Smart Home systems became popular not a long time ago. With their rapid usage growth they have both advantages and disadvantages. They assist their users in managing house-activities, saving funds on the utility bills and provide greater flexibility. However, the software are also highly-reliant on internet connection, has a high cost and is vulnerable to hacking. Although, companies are constantly improving the security of their products, customers should also take steps to prevent virtual intrusions by creating strong passwords and keeping the software updated [6]. In the end, Smart Home systems are a great long-term perspective in saving money on utility bills and increasing the value of your house.

Works Cited

1. Baby, S. (n.d.). 6 Ways Businesses Can Take Advantage of IoT. Retrieved November 7, 2019, from https://vmokshagroup.com/blog/6-ways-businesses-can-take-advantage-of-iot/.
2. Dahlqvist, F., Patel, M., Rajko, A., & Shulman, J. (2019, July). Growing opportunities in the Internet of Things. Retrieved November 8, 2019, from https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/growing-opportunities-in-the-internet-of-things.
3. Doyle, B. (2019, May 30). The Ultimate Smart Home: 5 Devices That Save Money. Retrieved November 7, 2019, from https://magazine.realtor/technology/feature/article/2019/05/the-ultimate-smart-home-5-devices-that-save-money.
4. Harvey , C. (2016, July 25). 75 Top IoT Devices. Retrieved November 7, 2019, from https://www.datamation.com/mobile-wireless/75-top-iot-devices-1.html.
5. How Do Smart Homes Work?Advantages and Disadvantages of Smart Homes. (2018, November 14). Retrieved November 7, 2019, from  https://pvsbuilders.com/advantages-and-disadvantages-smart-homes/.
6. Hu, J. C. (2018, December 18). How one lightbulb could allow hackers to burgle your home. Retrieved November 7, 2019, from https://qz.com/1493748/how-one-lightbulb-could-allow-hackers-to-burgle-your-home/.
7. Kari, P. (2018, July 7). 7 ways to keep your smart home from being hacked. Retrieved November 7, 2019, from https://www.marketwatch.com/story/7-ways-to-keep-your-smart-home-from-being-hacked-2016-10-17.
8. SafeWise Team. (2018, October 12). What are the benefits of home automation? Retrieved November 7, 2019, from https://www.safewise.com/faq/home-automation/home-automation-benefits/.
9. Shanhong Liu, S. (2019, August 9). Global smart home market size 2016-2022. Retrieved November 8, 2019, from https://www.statista.com/statistics/682204/global-smart-home-market-size/.
10. Smart Home – worldwide: Statista Market Forecast. (n.d.). Retrieved November 7, 2019, from https://www.statista.com/outlook/279/100/smart-home/worldwide#market-marketDriver.
11. Your smart home devices are easy to hack – here’s how to stay secure. (2019, September 17). Retrieved November 7, 2019, from https://7news.com.au/the-daily-edition/smart-home-security-the-devices-that-are-vulnerable-to-hacking-and-how-to-stay-secure-c-457339.