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Analyst predicts multi billion dollars will be invested on Internet of Things. Manufacturing, Utilities, Transportation sectors will be leading in investment in flow. Most of the organizations are exploring how they can benefit from IoT? How those devices will be connected? What will happen to existing systems?
IoT adoption: leading sectors
Following info graphics indicate how IT systems have evolved over period of time.
In 1990’s many would have not thought of windows or ERP. In 2000 many would not have trusted for banking on Mobile. In 2005 Cloud was not a trusted option. Today, all of these are reality. Technical transformation is continuous process. IoT will be a reality & investors will be business winners
Drivers to invest in Digital – IoT initiatives:
New business models conceptualized – realized with advancement in technology. Existing business required to be transformed – Renewed with technology solutions. Technology modernization, Optimization needs, new business channels, Compliance requirement, digitization drives will demand IoT solutions. New business models with digital evolution are picking up very fast, renewal of existing systems is becoming necessary as result of technology modernization.
Real time data from various sensors and or data bases used for constructing and validating business cases. Data analysis is helping in decision making. Mobility is ensuring system available 24*7 anywhere. IoT solutions are integrating different systems. Let’s understand how IoT models can be simplified
IoT models:
· New to IoT :
New business models are developed by interconnecting Telematics, Cloud, Mobility, ERP and field devices. New to IoT is enabling new business models, new service offering thereby new revenue channels. New to IoT examples are Uber, OLA Cab services; Connected Vehicles; Connected Homes; Connected wearable.
· Renew with IoT :
Upgrade of existing systems will be mandated over a period of time. Existing Building Control Systems; Power Generation & Distribution Systems; Mining, Refineries Controls Systems; Manufacturing Plants Control Systems, Industrial Automation Systems will be due for renewal / upgrade. Organizations will be integrating these systems with IT systems making them SMART. These SMART systems with IT – OT Convergence will form Renew with IoT. Renew with IoT will bring in higher efficacy & transparency in existing businesses. It will facilitate decision making on real time data. Renew with IoT examples are SMART Factories; SMART Grid; SMART Campus.
IoT Backbone of Digital
New to IoT will open new business channels. Renew with IoT will fast track transformation for existing systems. IoT will enable interconnectivity of different systems; real time data flow from Field to Analytics systems and vice- versa. IoT will help in realizing multiple new services and products. IoT will fast track business transformations. IoT will be backbone of the digital initiatives. IoT based Digital initiatives will benefit organizations with new service offerings & revenue channels; increased efficiencies; reducing down time & cost of operations; Analytics based monitoring; faster decision making.
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