Here are some advantages of IoT:
1. Data: The more the information, the easier it is to make the right decision. 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.
2. 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.
3. Time: The amount of time saved in monitoring and the number of trips done otherwise would be tremendous.
4. Money: The financial aspect is the best advantage. This technology could replace humans who are in charge of monitoring and maintaining supplies.
Here are some disadvantages of IoT:
1. 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.
2. Complexity: There 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.
3. Privacy/Security: Privacy is a big issue with IoT. All the data must be encrypted so that data about your financial status or how much milk you consume isn’t common knowledge at the work place or with your friends.
4. Safety: There 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.