5 Ways How & Why IoT has Entered into the Business Ecosystem of India
From changing the customers are taken care of to tracking and solving the predicament of masses, IoT has done much for the Indian business ecosystem
IoT has improved the general situation of the country. It has changed the face of the Indian business ecosystem. Moreover, it has got integrated into the business sphere of India so seamlessly that one may not be even aware of.
The thing with technology is that it has become so important in one’s life than to think a life without it is beyond the comprehension of the human mind.
Here are 5 things that IoT has done to India's business ecosystem:
A Highly Connected Ecosystem
Sameer Koul, Regional Director, Sales and Alliances, India Western Region, iRAM Technologies, feels that with the help of IoT, businesses are moving to a highly connected ecosystem. He says, “There have been tremendous advancements in the Indian businesses related to IoT solutions over the last decade. Connecting the unconnected devices enables information across the supply chain which in turn feed into an analytics process to gain business insights.” He further adds that IoT has tremendously changed the dynamics of transportation facilities, public safety, healthcare, and citizen services etc.
Tracking and Solving the Predicament of Masses
In India, considering aspects like extreme climate, civic issues, large geographical area and proliferation of mobile users, one basic use where IoT has fit in is in the arena of tracking and monitoring. Maitrik Kataria, CEO of Simform, says, “IoT solutions for rural areas can be used to track cash levels in ATMs and monitoring real-time data using sensors to anticipate water shortage.”
He elaborates by his own example that for one of his clients, whose aim was to eradicate rabies in India, he and his team used IoT solution to collect data and track stray dogs using microchip.
Soumyadeep Barman, CTO of Rebel Foods, says, "An example would well serve to explain this here. From farm to fork, IoT offers near-real-time visibility and transparency required to minimize wastage and spillage, while increasing the propensity to maximize delivery and profitability of the business."
Changing the face of Indian Transport
If we talk about a sector where the use of IoT is biggest and unparallel, then Indian transport is the only sector that comes to mind. Rohit Chaturvedi, CEO of Transport Hub, says that the adoption of IoT in the Indian transport industry is picking up. He further elaborates, “IoT devices such as geolocation devices or GPS trackers are now ubiquitous due to substantial efficiency gains. Penetration of sensing devices is also getting deeper with some of the players using temperature, door open/close sensors etc.”
IoT has massive potential, to the extent, that it can change the face of other problems pertaining to health, finance etc if dealt rightly and used with the right mixture. Chaturvedi says that even though IoT devices are being utilized increasingly, the use is mostly at the operational level and reactive. He says, “The IoT technology will give maximum benefits to those who can combine the data from IoT with intelligence and automation.”
This combination is fierce and can become a catalyst in enabling proactive management of businesses.
A Clear Competitive Advantage
There are sectors which are using IoT and exhausting its use and then there are those who are struggling to implement technology and at the same time, combat competition. Dr. Rishi Bhatnagar, President, Aeris Communications agrees and replies in affirmation, “The Internet of Things (IoT) has the power to improve businesses by dramatically reducing costs, accelerating time-to-market, and enabling new revenue streams. Given the accelerated trajectory of digital technology adoption in varied sectors, the enterprises investing in IoT will have a clear competitive advantage.”
A Seamless Experience
Ever wondered how consumers in India are getting a seamless digital experience? The strategy being used by businesses is simple.
Well, it is all thanks to IoT. Pankaj Lamba, Customer Business Executive, APAC, Amdocs, says “IoT for both the industrial segment and the consumer segment, requires technology integration as well as establishing new business models. A key factor in the growth of IoT is the emergence of embedded SIM, or e-SIM, technology.” This shift to eSIM, as an example, requires device manufacturers, eSIM vendors and service providers need to closely work together to offer customers a seamless, digital experience in managing their eSIM.
Barman also highlights that IoT helps in maintaining quality across the entire ecosystem by almost real-time triggers ensuring a great customer experience every time.