Internet of things (IoT) is a new trending paradigm for advanced technological development which has drawn significant research attention in the recent years. IoT comprises intelligent communicating “things,” putting a big challenge on ensuring security, reliability, efficiency, and safety in their interaction. Staying connected always, constant evolution, and grappling with multiple life cycles are the major factors of concern. In this context, a new process model for IoT-based software development has a greater relevance in order to reduce the associated risk. To exploit the capability of IoT-driven innovations which enable organizations to enhance their revenue streams, reduce time to market while increasing business agility, organizations need to determine how best to employ IoT-enabled business models that promote sustainable competitive advantage.
TopIntroduction
In today’s rapidly changing business environment, it is predicted that ‘Internet of Things’ will become the backbone of future customer value and dedicated IoT platforms will have a significant impact and security will remain a key concern. Organizations are grabbing opportunities around the intelligent IoT products to create novel services and diverse set of IoT- enabled business models which have thecapabilities for remote product management, monitoring, and control by creating operational efficiencies and engaging customers through innovative path.
In the IoT based Business context, the following are the identified challenges:
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Market need to follow new strategic ways of interacting with customers through new interfaces like smart home speakers, smart watches, wearable devices etc
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Need of integration softwares that combines diverse set of IoT-enabled business assets into cohesive business process
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Increasing need of IoT platform to have support services for data processing and analysis at both edge and core of the network with a sustainable model
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Accelerated IoT platform adoption from public cloud providers due to developer requirements for low adoption costs, quick deployment, global reach, easy integration with minimal maintenance burden
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Key challenging Process areas to focus are remote machine setup, material supply, product pricing, information reporting and Quality control through corrective and predictive maintenance
The forthcoming sections investigates the feasibility of IoT based Software engineering solutions on how organizations can deliver high business value through technology and operations strategy engagements at the same time can generate return on Investment (ROI) by effectively utilizing the possibilities of IoT in business.
TopBackground
IoT is defined as a new paradigm which can make adifference to organizations’ businessvalue bybuilding theright infrastructure, using existing devices and services in new ways, andincorporating the right technology (“13. How the Internet of Things Is Improving Transportation and Logistics”,2015).Social networks can play a major role in experiencesharingand personalized insights with great possibility of integration for business-centric applications. The integration and interoperability can be enhanced by realtime analytics, business intelligence and agent-based autonomous services (Uckelmann et al.,2011).
It is essential to transform the considerable volumes of data into useful knowledge in order achieve the required gain through IoT applications (.Zancul et al., 2016).. In this context, Semantic modeling for the IoTusing ontology based knowledge representation to resolve the associated problems in the distributed environment, thereby supporting service discovery, testing and dynamic composition of the “Things” is apromising solution. (Wang et al.,2012). With the advent of cloud computing, Sensing as a service on cloud can be a favorable service solution which can be additionally facilitated with applications like Augmented Reality, Virtual Reality and Environment monitoring (Rao et al.,2012).
Even though IoT is the technology going to rule the future, It is necessary to a have a planned strategy for organizations before launching an IoT initiative, along with adaptation to new change in culture. Otherwise it will lead to many risks such as overspending, data security and privacy threats, limiting ROI from IoT technologies. The issue of data ownership right is also a challenge of the future. Security aspects related to IoT and Cloud technologies have to be addressed while enjoying the integration benefits of Internet of Things and Cloud Computing technologies such as lack of equipment standardization, possibility of data leakage, need to protect data from corruption/interference, potential risk associated with unsecured devices connected to the Internet, Trustworthiness of cloud services etc.