Advantages
Data Access :
You can easily access data and information by knowing what to get from the grocery while you are out, without having to check on your own, not only saves time but is convenient as well.
Technology Optimization :
The same technologies and data which improve the customer experience also improve device use, and aid in more potent improvements to technology. IoT unlocks a world of critical functional and field data.
Tracking:
The computers keep a track both on the quality and the viability of things at home. Knowing the expiration date of products before one consumes them improves safety and quality of life. Also, you will never run out of anything when you need it at the last moment.
Communication :
Better communication is possible over a network of interconnected devices, making the communication of devices more transparent, which reduces inefficiencies. Processes, where machine have to communicate with each other, are made more efficient and produce better, faster results. The perfect example for this is machinery at a manufacturing or production unit.
Reduced Waste :
IoT makes areas of improvement clear. IoT provides real-world information leading to more effective management of resources.
Cost-effective :
communication between electronic devices is made easier because of IoT. This helps people in daily tasks. Transferring data packets over a connected network save time and money. The same data that would take a long time to transfer can now be done much faster.The financial aspect is the best advantage. This technology could replace humans who are in charge of monitoring and maintaining supplies.
Enhanced Data Collection :
Modern data collection suffers from its limitations and its design for passive use. IoT breaks it out of those spaces, and places it exactly where humans really want to go to analyze our world. It allows an accurate picture of everything.
Disadvantages
Security :
IoT creates an ecosystem of constantly connected devices communicating over networks. The system offers little control despite any security measures. This leaves users exposed to various kinds of attackers.
Privacy :
The sophistication of IoT provides substantial personal data in extreme detail without the user’s active participation.
Complexity :
here are several opportunities for failure with complex systems. For example, both you and your spouse may receive messages that the milk is over and both of you may end up buying the same. That leaves you with double the quantity required. Or there is a software bug causing the printer to order ink multiple times when it requires a single cartridge.
Compatibility :
As of now, there is no standard for tagging and monitoring with sensors. A uniform concept like the USB or Bluetooth is required which should not be that difficult to do.
Safety :
here is a chance that the software can be hacked and your personal information misused. The possibilities are endless. Your prescription being changed or your account details being hacked could put you at risk. Hence, all the safety risks become the consumer’s responsibility.
IOT notes by Parita 