TITLE:
Analysis of Factors Influencing Adoption of Internet of Things: A System Dynamics Approach
AUTHORS:
Shailja Tripathi, Laxmi Pandit
KEYWORDS:
Internet of Things, Reliability, System Dynamics, Self-Configuration, Control and Automation
JOURNAL NAME:
Theoretical Economics Letters,
Vol.9 No.7,
October
21,
2019
ABSTRACT: The Internet of things (IoT) has become an
interesting topic of research as it assimilates several sensors and objects to
communicate directly with one another without human interference. IoT helps
businesses and society in many ways such as it improves public safety,
transportation, and healthcare by providing better information and faster
communications. The adoption of IoT is going to create a persistent impact on
society and business. This paper develops a model based on system dynamics and
identifies the factors influencing IoT
adoption. The dominant factors of IoT adoption are communication, control and
automation, efficient business processes, self-configuration, and cost
savings. IoT adoption is also affected by negative factors including privacy
risks and security risks, interoperability, reliability, poor infrastructure,
less skilled IT professionals, etc. Businesses can reap the potential benefits
of IoT by solving the issues related to their adoption. Besides, this paper
attempts to derive a framework for the successful adoption of IoT in
organizations. This study is, therefore, a significant contribution towards
understanding the factors that influence the adoption of IoT in businesses.