New Delhi: Indian technology firms are expected to reap the benefits of Internet of Things (IoT) data, considered to be a US$ 18 billion opportunity, to help clients improve productivity and asset utilisation as well as to enhance end-customer experience, as per networking firm Cisco.
The IoT includes all forms of data generated by a network of Internet-connected devices like sensors, routers, smartphones, smart TVs and security cameras.
Cisco projections further highlight that with improved business process execution and capital efficiency, companies can utilise their assets better (US$ 1.4 billion), while enhanced employee productivity presents a US$ 0.9 billion opportunity. The other IoT opportunities include improved supply chain logistics (US$ 8.3 billion), enhanced customer experience (US$ 2.7 billion) and strong innovation, including shorter time to market and additional revenue streams from new business models and opportunities (US$ 4.7 billion). Furthermore, according to Cisco’s study ‘Internet of Everything Value Index’ IoT is expected to generate at least US$ 613 billion in global corporate profits this year.
The technologies like predictive analytics and Big Data can help companies to further enhance productivity and increase operational efficiency. “Use cases for IoT are plenty, be it for energy companies that can build smart grids to reduce T&D losses or for the food industry where there is a lot of wastage due to lack of proper warehousing and logistics,” according to Mr Jeff White, President (India and SAARC), Cisco.
Big Data and analytics are also transforming other sectors like healthcare and hospitality. Mr White further elaborated the usage by citing an example, “Using IoT, one can have virtual doctors in villages, where specialists are not available. Through telepresence, these doctors can conduct checkups, dispense health advice, or even alert people to possible health problems before they become serious.”
Smarter networks not only help companies plan better but also reduce operational inefficiency and increase productivity, Mr White added. With IP-enabled devices connected to a common network and communicating with each other, door locks, thermostats, set-top-boxes, mini-fridges, light switches and other things can be automated to provide better experience to hotel guests, driving greater customer loyalty, Mr White added.
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