Unlocking IoT To Improve Company's Performance
Building a sustainable business is often defined by the quality of technology adoption. The Internet of Things (IoT) is redefining business models across verticals, and is not just about connecting things.
As world leaders discuss the hazards of climate change in Paris, analysts are considering the power of IoT in improving an organization’s sustainability performance.
The IoT offers the opportunity to analyze real-time data from different processes, which enables assessment of dependencies between user and operator. This way, enterprises can derive value from the data to ensure producticity and operational efficiencies.
“Furthermore, engaging employees with the environmental policies of the organization through dashboards or gamification creates not only buy-in, but also commitment and recognition. Generation Y or Z employees have a strong interest in the value-driven code of their employers, which includes sustainability performance,” says Bettina Tratz-Ryan, research vice president at Gartner.
Gartner estimates that by 2020 there will be close to 30 billion connected devices on the planet, and the steady rise in numbers is an indication of the upcoming IoT era. Enterprises are leveraging the potential of IoT through big data and cloud.
The IoT architecture requires a different set of competencies in technology and marketing. “They now need to be able to envision new services, develop commercial models and design service contracts that result in continuous revenue streams,” according to a Capgemini study. It quoted an executive at a leading medical technology company: “Our sales force has been used to selling equipment, but now they need to sell IT solutions. They need to be able to convince customers on the value received by connecting their equipment23.”
IoT expected to lead to a deluge of data which, if not structured, can lead to inaccurate decisions. Sameer Dhanrajani, Business Head, Cognizant Technology Solutions, says third-party service providers will be critical to helping smaller businesses keep track of data and capitalize on the IoT.
However, the enterprise value of IoT is assessed different levels across businesses, irrespective of their size and verticals. Abhishek Rungta, Founder & CEO, Indus Net Technologies, says there is still a notion that IoT is meant only for large enterprises, but it presents an opportunity for businesses of all sizes to add real value to their bottom line, customer satisfaction and other significant KPIs.
As for connecting vehicles on roads, IoT can link traffic to air emissions providing the right data to manage road guidance and parking.
“Real-time energy consumption patterns in buildings linked to time of day and people traffic help real estate management to reduce operational cost, greenhouse gas (GHG) emissions and the environmental footprint,” says Bettina.
She feels th ability to make real-time changes will benefit businesses in ensuring sustainability.
Smart cities is an IoT concept that is being embraced by businesses and governments alike. The Indian government has approved Rs 98000 crore (US$15 billion) to develop 100 smart cities and rejuvenate 500 others.
According to Mark Bartolomeo, VP of connected solutions at Verizon’s enterprise business, IoT will help digital cities and utilities corporations in processing large amounts of data siphoned from databases and sensors that control the infrastructure of the city.
Taking a view beyond business, Bettina feels smart cities are not just about smart technology solutions, but they can have a direct social influence.
“Social inclusion, sustainability and climate change impact, as well as digital citizenship, are key areas in smart cities that address economic, social demographic and environmental strategies, which can initiate tangible outcomes,” she says.
- More Customer-Facing Firms Will Use Chatbots In 2-3 Years
- AI Interest Among CIOs Is Huge, But Deployment Is Low
- How To Build A Workforce Of Relentless Change Agents
- The Most Ethical Tech Firms And Why They Matter
- How CIOs Can Unleash App Power In Digital Business
- What Stops Companies From Adopting Big Data Analytics
- 7 Tech Trends Every Successful CXO Should Know
- HP Leads In The Declining Global PC Market: Research
- How 2018 Can Shape The Digital Transformation Story
- AI, Automation Disrupting Real Estate: JLL India CEO