Sayantan Bose, Vice President and BD Director, EY LLP
Every organization is thinking of deploying digital strategy and you need a digital business partner who can set the right strategy for your organization, based on an understanding of your industry and the available technologies, trends, challenges, business functions etc.
A partner that you can leverage key capabilities from that seamlessly integrate into your business to launch your digital business faster and more effectively. A partner that is connected to and can connect you with all the different parts of your ecosystem. A partner that has the breadth of expertise, footprint, and people to bring your digital business to scale, no matter what your ambition.
IoT or Internet of Everything whatever you say is the buzzword around the world, India is slowly but steadily jumping in the bandwagon. IoT is all about building ecosystems and providing services through various technologies and mediums. Customers are looking for not just products or services, but for wholesome experiences from businesses. Cutting-edge technologies are evolving day by day, bringing businesses and customers closer. Customer weighs a lot more in the present day cut throat competition. The hyper vigilant culture of the businesses to provide greater customer experience is surfacing more with each passing day.
IoT analytics is most important in terms of revenue upsale and cross-sale. The market is rapidly gaining traction primarily due to the rapidly decreasing costs for sensors and other hardware – suddenly it becomes affordable for all businesses.
Early adopters of IoT are likely to retain more customers and beat competition.
IoT capabilities can drive new business models, innovative businesses and blur the lines between huge blue-chip organizations and small startups – thanks to the ease of entering the IoT ecosystem (cloud-based platforms, analytical engines) or purchasing IoT equipment.
Top reasons why businesses are adopting IoT solutions are:
Improving quality of service and product; Improving productivity of workforce; Increasing reliability of operations; Increasing asset productivity; and reducing.
Blockchain technology is essentially dependent on IoT adoption, solving scalability, privacy and reliability issues of interconnected objects’ data exchange.
Growth of Number of IoT Devices
60 percent to 70 percent (sourced from a recent report) of IoT applications today generate revenue. Business models have not kept pace with technology advances, as hardware producers try to transform into service providers overnight without a clear value proposition or product strategy.
Low levels of monetization reflect the relative immaturity of the market and business models. However, once offerings become more mature, and developers focus more on services rather than devices, significant revenue potential will open up (e.g., charging for a service rather than single download), and many developers predict revenue rising to 80 percent in the next 2–3 years.
The smart city and smart home have been key growth areas for the IoT so far due to applications such as energy management, home automation and security, delivering clear value that resonates with customers. While consumer segments such as smart home and wearables tend to dominate headlines as key markets in IoT, business and industry focused segments (e.g., manufacturing, healthcare, automotive, and smart city) will be key growth areas.
As far as the industry is concerned huge amount of up-skilling, hackathon/innovathon, awareness is required among employees in all sectors to embrace the change in technology and function.
Among the industries manufacturing, automobiles, retail-CPG, healthcare, energy and utilities, financial sectors, are ready to embrace the change in technology. Embracing the IoT and digital strategy for preventive maintenance, remote asset tracking, cognitive analysis, forecasting, etc. is being used as POC/Pilot and further to production. Various organizations coming together to build the IOT ecosystem and delivering it together is the future ahead.