The Internet of Things (IoT) is all about data and how it is being used effectively for running a business. Data from various operations can yield valuable insights that can drive new business models and customer-driven products and help business owners make critical financial and investment decisions. In an interaction with Nijhum Rudra, Karen Ravindranath, director, WebNMS, explains how IoT is turning infrastructure into hubs of innovation and the role of fleet telematics and IoT in supply chain efficiency.
Q. IoT has gained huge traction over the past few years and is going to be a game-changer in shaping the future of technology. According to you, what are the various technologies that will shape the excellent future of IoT and how?
A. IoT, machine learning (ML), and artificial intelligence (AI) are the key technologies that will influence the future of businesses. IT systems helped businesses go digital and changed the way processes were handled in organisations. As the next wave of technology is embracing IoT, it will help organisations become more inclusive. By ‘inclusive’ we mean integrating assets, processes, people, and all the critical aspects of the business on a unified digital platform to help run smooth business operations based on real-time data and insights. IoT can not only build a digital forte for the business but can also be a reservoir of valuable information for running an informed business and venturing into new business arenas. Future technology is going to be proactive rather than reactive, and IoT will be a major factor enabling this transformation.
Q. How IoT is turning infrastructure into hubs of innovation?
A. IoT is all about data and how it is being used effectively for running a business. Data from various operations can yield valuable insights that can drive new business models and customer-driven products. The insights accumulated over a period can help business owners make critical financial and investment decisions as well as expand their business operations. IoT data can be effectively used for running businesses and government institutions while creating new and innovative streams of income.
Large city infrastructures managed by city corporations like railway stations, parks, hospitals, etc, can turn into valuable data reservoirs with IoT. IoT can also help create revenue streams by converting regular lighting poles to smart poles that can display advertising, act as temporary charging poles, or even run context-driven promotions for nearby businesses. IoT can also boost and regulate traffic for major traffic-ridden metro cities like Bengaluru, Mumbai, and Delhi through smart and proactive parking systems.
Q. What is the role of fleet telematics in supply chain efficiency? Is it going to benefit IoT and connected vehicles?
A. The adoption and use of IoT fleet management applications in the supply chain and logistics industry are on the rise, especially in developed countries such as the USA. However, the larger part of the supply chain in India is still unorganised with lesser use of technology. As companies are moving towards more transparent and tech-driven operations, the supply chain is an area where digitisation has to be adopted to create a tangible increase in efficiency and cost optimisation.
