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Reading Final

The article explores the Internet of Things (IoT) and its impact on business models through the interconnection of human and non-human objects. It highlights the potential for IoT to transform industries by automating processes and creating innovative value propositions, while also addressing challenges related to privacy, security, and regulatory factors. Entrepreneurs are encouraged to understand these complexities to effectively leverage IoT for sustainable growth.

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Regis Martinez
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5 views

Reading Final

The article explores the Internet of Things (IoT) and its impact on business models through the interconnection of human and non-human objects. It highlights the potential for IoT to transform industries by automating processes and creating innovative value propositions, while also addressing challenges related to privacy, security, and regulatory factors. Entrepreneurs are encouraged to understand these complexities to effectively leverage IoT for sustainable growth.

Uploaded by

Regis Martinez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Ñame:: ID::

Diana Regina Avilés Martínez 5054527

Ñame of Course:: Name odio the Teacher::

Negocios Internacionales Verenice Susan Villaseñor

Módule:: 3 Activity: Reading Final

Date: 22/11/24 Team: No aplica

Article Summary:
The article discusses the concept of the Internet of Things and how it is
transforming business models through the interconnection of human and non-
human objects using wireless networks. It describes the different elements
that constitute the IoT, such as human objects (people interacting with
devices) and non-human objects (such as vehicles and products), which are
connected through technologies such as RFID and sensors. It also examines
the physical and socio-economic environment that influences the IoT,
including regulations, industry standards, and privacy. The article also
distinguishes between sustainable and disruptive innovations and explores
how entrepreneurs can use the IoT to create innovative value propositions.

Answers to Questions:
1. What are the elements of the IoT?
• The main elements of the IoT include human objects (people interacting with
devices such as phones, health sensors, etc.), non-human objects (vehicles,
physical products such as fruits and appliances), and the physical
environment (physical spaces such as houses, cities). , or elements such as
doors or signs equipped with wireless devices).
2. In summary, what was Western Union's experience with using IoT?
• Western Union did not see the telephone as a direct threat in its early years,
as it was not initially reliable enough to replace the telegraph operator. The
company underestimated the disruptive potential of this technology. This
example reflects how disruptive innovations, such as IoT, can quickly change
the competitive landscape and destabilize established players.

3. According to the article, what socioeconomic elements should be


considered when using an IoT technology?
• Elements such as:
• Customers: who define the success or failure of a technology through its
adoption.
• Legislative bodies: regulations that affect the privacy and security of IoT
applications (e.g., HIPAA, FCC).
• Industry associations: influence the development of standards and the
adoption of technologies.
• Privacy groups: concerns about the security and privacy of data generated
by IoT.
• Entrepreneurs: those who drive innovation in the IoT and develop business
models that leverage this technology.

4. In which business model can IoT be used as a skill to innovate and


enter a new market?
• IoT can be used in disruptive business models. This involves the creation of
new products or services that take advantage of the interconnection of
objects, such as in the example of RFID clothing scanning and instant
purchasing through platforms such as Amazon, where even colleagues
wearing the garment can earn commissions for facilitating the sale.

5. In your words, which IoT can be a “cheaper alternative” for new and
small businesses to use?
• IoT can be a cheaper alternative for small businesses through its ability to
automate processes. For example, small businesses can use IoT devices to
manage inventories more efficiently or automate the control of their operations
without the need for additional staff, which reduces operating costs and
improves productivity.
6. Regarding new technologies, what do you think can be used in new
or emerging markets, where the investor may encounter restrictions on
implementation?
• In emerging markets, the use of abundant IoT technologies such as smart
sensors, RFID and connected devices can help overcome infrastructure and
resource constraints. These technologies can streamline operations in sectors
such as agriculture, logistics and healthcare, where connectivity and
automation are essential to improve efficiency. However, investors must
consider local regulations, privacy concerns and the lack of advanced
technological infrastructure when introducing these solutions.

Conclusions:

• IoT has the potential to transform various sectors by automating and


improving processes that would previously require human intervention.
• Innovations can be sustainable (improving existing products) or disruptive
(creating new markets).
• It is crucial for entrepreneurs to understand regulatory factors, privacy and
security when developing new IoT applications.
• IoT also presents opportunities and challenges related to consumer privacy
and cybersecurity threats.

Personal Conclusion:
The article highlights how the Internet of Things (IoT) is reshaping the way
businesses operate by connecting human and non-human objects through
wireless networks. What stands out is the transformative potential of IoT not
just for large corporations, but especially for smaller businesses looking to
innovate and reduce costs. By automating processes and creating smarter
systems, IoT can be a game changer, enabling small businesses to compete
with larger players without requiring extensive infrastructure or resources.

However, as the article emphasizes, the adoption of IoT is not without


challenges, particularly in areas like privacy and security. Entrepreneurs must
navigate a complex landscape of regulations, privacy concerns, and security
threats to make IoT both effective and ethically responsible. The key takeaway
is that, while IoT offers significant opportunities, those who will succeed are
the ones who understand the full scope of the technology—from technological
to socioeconomic factors—so they can leverage it in a way that benefits both
their business and their customers in a sustainable manner.

In summary, IoT is not just a tool for automation; it’s a catalyst for innovation,
presenting both opportunities and risks. Entrepreneurs must balance these
elements to fully harness its potential and avoid its pitfalls.

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