In today’s business, it is obvious that IoT is one of the critical aspects of the digital eco system. CIOs need to realize that IoT is in the beginning process of digital revolution that is yet to be harnessed and implemented.
In this digital era, CIOs need to realize that Internet of Things (IoT) is driven by real business needs. In fact, they should engage with the business and understand how IoT can add value to the existing real time challenges. According to a recent report by global research organization, BSA Foundation, IoT has the huge potential to drive economic gains, generating up to $11.1 trillion a year by 2025 in global economic impact. Chris Hopfensperger, Executive Director of the BSA Foundation, in a statement quoted “Innovators are taking everyday things and making them infinitely better by adding computing power and software, and connecting them to the Internet. These devices open the door to smarter ways to grow our economy,”
The IoT has already revolutionized the e-commerce Industry. IoT plays a crucial role in businesses that conducts logistics management and supply chain operations. IoT based technology helps companies to reduce cost and delivery time by achieving high levels of efficiency in fleet management and warehouse automation. If you think that inventory management is manually managed by the employees, then you would be surprised to know that they are managed by the ‘inventory management system’ connected by the IoT. Today, IoT is one of the essential component of e-Commerce based projects.
Real Time Applications
The Government of India’s plan to build several smart cities in the Digital India programme provides huge opportunities to IoT based vendors.
While several IoT based projects are already onboard and implemented across various Industrial verticals, its real significance is not completely implemented by the IT Industry. In other words, the real time applications of IoT in finding solutions to the challenges facing by the citizens is not yet fully harnessed by the IT Industry in India. To exemplify this point, let me present the latest happenings in IoT.
According to recent ET media news report, IoT enabled roads are planned to be developed in Bengaluru. According to Bengaluru civic corporation, Smart SURE roads that will offer IoT enabled solutions for citizens will have Wi-Fi connectivity along with 50 smart card-enabled public bicycle sharing points, 30 e-rickshaw stands, 35 e-toilets, water ATMs, 420 sensor-based smart dustbins and 50 designated vending kiosks -all of which will be connected to 1,250 smart telecom towers that will double as street light poles.
Today, there are few IoT based solutions implemented in the Indian Railways which directly touches the lives of millions of common citizens.
Taking it further — It would be interesting to note — if CIOs in the IT Industry can apply IoT based solutions in reducing the high level environmental pollution in Delhi and other parts of the country. Thus, IoT based real time projects can be implemented by the Government and IT Industry through Private-Public-Government initiatives.
Ecosystem and collaboration between Government, Public and Private organizations is the key factor in the successful implementation of IoT based projects. There are several players at the local, national and International levels. In other words, collaboration amongst vendors, IP providers, and other ecosystem partners to develop practical and reliable solutions in a reasonable timeframe is the key to successful implementation of IoT based projects. With the various government incentives and support to the IT Industry and number of ecosystem partners in IoT based solution providers, India can truly forge ahead in the Digital sphere.
The Road Ahead
There is no doubt that IoT has the potential to change the world similar to the Internet in shaping up the cyber world of today and tomorrow. So it is crucial for the CIOs to realize the huge potential of IoT applications and develop IoT strategies to meet the expectations of the end users. Already, IoT has been implemented in all verticals of Industries such as energy, Industrial manufacturing and automotive sectors. However, in certain verticals like Banks and financial institutions, the CIOs has to resolve the key issues of security and privacy aspects in implementing the IoT based projects.