Internet of Things (IoT) : Future of Technology and Innovation

“IoT is not a technology initiative. It is all about business process improvement.”

Internet of Things (IoT) is a network of unique physical objects that contain embedded technology to communicate, sense, analyze, and/or interact with their internal state or external environment.

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One of the well known Transport Company Uber uses geo-fencing technology as defensive measure. NCR based two wheeler company tracks its fleet of trucks across the length and breadth of the country using GPS technology. Another Chennai based auto manufacturer toying up with the thought of launching connected vehicle. The company also tracks pollution levels and productivity across its shop floors using connected devices. Technology companies and hospitals are talking about how doctors will be able to monitor blood pressure, sugar levels of diabetic patients real-time in the near future. That’s what the Internet of things (IoT) is all about.

After surpassing the human population on the planet in 2011, internet connected devices are expected to number between 26 billion and 50 billion globally by 2020.These devices, could only be thought to be mobile phones, laptops, desktops, now include ATM machines, gas pipelines, street lights, transportation vehicles and even the soil that used for agriculture. This highly interconnected world is something that the industry calls Internet of Things.

5 things you should know about the future of Internet of Things (IoT):

  1. As per market research firm Gartner, the total revenue generated from the IoT industry would be $300 billion.
  2. It has been assumed that India would have a share of 5-6% of global IoT industry.
  3. IoT industry that the Indian government expects to cross $15 billion by 2020.
  4. The number of connected devices would be 27 billion by 2020
  5. To support this industry, the government has already come out with a draft IoT policy that aims building an entire ecosystem around IoT and to incentivize the players in the ecosystem.

Experts believe this is a step in the right direction as enterprises in every industry vertical are looking at IoT to solve their business problems. “IoT can generate a lot of value for every industry-be it manufacturing, logistics, healthcare, or even agriculture. It is helping enterprises not only reduce costs, energy consumption and downtime of machines, but also significantly improve efficiency and customer service.”

IoT at Work

Hero MotoCorp – The largest two-wheeler company in the country needed a way to improve its visibility on the fleet of vehicles that are available in different locations so that the dealer clearly knows by when certain vehicles would be available. We started with GPS enabling our fleet and getting real- time data of truck location and linking that our sales and distribution data to take actions as may be required. This also helped our dealers and sales team to get real time information of good, says Vijay Sethi, VP-Information Systems & CIO, Hero MotoCorp.

Hindustan Petroleum is using IoT to automate many of its processes and create real-time insights into the business. The company has installed sensors in field units to capture information such as temperature, pressure, flow rates, density, product levels, GPS coordinates, condition of devices, speed and other physical attributes.

ICICI Lombard General Insurance is leveraging use of telematics in transportation solutions to minimize loss of cargo during transit of goods. The technology is used for the benefits of the customers covered under the marine insurance policy (transporting goods by land or sea). It enables real time tracking of goods through the transit to ensure that the carrier doesn’t deviate from the course. If there are any unscheduled stops they get reported real time thus reducing incidents of theft, pilferage and the rate of loss.

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Value creation through technology & innovation

Patterns7tech is software Development Company based in United Kingdom & India. The world is changing so fast that it is becoming increasingly difficult to plan ahead. We use Innovative Solutions to help businesses to get ready for the future by providing Innovative Technology Services. With deep and wide experience in providing end-to-end solution we are helping our clients to deliver Value.

Currently we are working with healthcare, manufacturing & logistics industry to bring in efficiencies in their businesses by providing real time tracking, geo-fencing & GPS technology.

Please feel free to contact us on info@patterns7tech.com

References :

http://www.gartner.com/it-glossary/internet-of-things/

http://articles.economictimes.indiatimes.com/

 

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