|Issue:||North America I 2016|
|Topic:||IoT Revolution – Driving unconventional growth|
Abhijit Junagade co-founded Winjit Technologies along with Ashwin Kandoi in 2006.
An exponent of Techno entrepreneurship, Abhijit laid the foundation of Winjit Technologies during his management days with a vision to empower organizations across the globe with Technological Innovations.
A campaigner & champion for IOT Possibilities & Enterprise Mobility Programs, Winjit has proved its prowess in a plethora of Global Platforms like the Mobile World Congress & Enterprise Mobility Africa under Abhijit’s collaborative Leadership.
Abhijit Junagade is a Management Graduate from the Prestigious Nirma Institute Of Management, Ahmedabad; and an Engineering Graduate (Computer Science) from OLA Vancouver Canada.
A retail enterprise or mining company—if you eye growth opportunities that are refreshing, you simply cannot afford to ignore the power of the Internet of Things. .
IoT, as it otherwise denoted, is fast becoming a standard across multiple verticals and industries including the sectors of energy, telematics, telemetry etc.
People consider it to be the primary method of upping their operational efficiency. Shift to today’s environment, and you will see its potential in guiding companies to growth in unexpected opportunities. A point to note is that these opportunities are ones that the companies were not familiar with.
With exponential progress using IoT, enterprises both small and large, will ride on its power, pushing themselves towards new growth in three ways: by boosting revenues through increased production and thereby forging new hybrid business models, fully using intelligent technologies to fire innovation, and transforming their workforce.
The rising markets that cover energy management, sensor networks, other intelligent systems and smart grids, together with the IoT and big data developments, are pushing forward huge chances for the long term sustainability of IoT ecosystem. We need to make sure, as this happens, that the IoT security driven concerns are addressed in a holistic manner.
A research conducted in the retail sector concluded that more than 95% of the key decision makers will be making changes to adopt IoT solutions in a few years time. This adds to the importance of IoT.
With internet powered physical objects overtaking the counting and control capability of human beings, there is a presence of platform where human or manual intervention will be unnecessary in the proactive/reactive design built for each set of tasks that an IoT device is built for.
The Internet of Things (IoT) is a big trend with major implications for the global economy. It spreads across industries which consist of more than 60 percent of the Gross Domestic Product (GDP) from among G20 nations (according to Oxford Economics). These include manufacturing, oil and gas, mining, utilities segments and agriculture.
It also covers companies that have a strong dependence on durable physical goods, like hospital organizations, warehouses and ports that offer logistics, transportation and healthcare services.
Expectedly, IoT’s potential advantage is huge. Estimates put spending at US$500 billion by 2020, by a conservative performance. Other estimates put the value created by the Industrial Internet of Things (IIOT) range in 2030 to be US$15 trillion of world’s global GDP.
Its key attraction is operational efficiency. Early adopters have their eyes on these benefits. With automation and much more flexible production techniques, manufacturers could increase productivity by as high as 30 percent.
Predictive maintenance of assets is a growing area in which IoT has an important role. It derives large savings on scheduled repairs, brings down the overall maintenance costs and reduces chances of breakdowns too.
Not only are the enterprises looking at IoT to leverage their operational efficiency strategy, they also see potential for equipment manufacturers and products to bring in new digital products and services – all the while reducing their time to market capabilities and creating completely new sources of revenue to increase the top and bottom lines for the organisations.
Equipment vendors, operators, and telecom service providers too,
leverage on real opportunity to increase their revenue streams using IoT directly. An easy gain is having no facility shutdowns and downtime, which automatically ups production throughput.
For example, in a mining operation, in which the ability to do an assay of the ore when a drill bit suddenly hits hard rock allows miners to get back to work in less time than it was required before. In the case of a carrier-grade telecom service provider, sensor driven IoT networks continuously watch the telecom grid, and broadcast information about any break-up in fibre connectivity. Which can happen in real-time.
Presently, large enterprise and global manufacturers are eyeing the low hanging fruit through the improvement of maintenance and repair services which they presently offer. On the other hand, new age organisations are taking big steps ahead with unconventional methods to use IoT to give value to customers.
IoT powering the embedded realm
IoT is enabling embedded technology in all forms of control: driverless cars, smart energy grids to smart sensors used in the industrial world, or home alarm systems. With the increase in use of ‘intelligent’ inanimate things that also now has become enabled with internet, security and privacy would gain a whole new dimension.
Moving ahead from the first two waves of the Internet during which computer hardware vendors and telecom operators played a larger role, the IoT era offers no advantage to any kind of entities except data, security and connectivity.
IoT device management will address security and privacy, as a priority and leverage the big steps made in last mile connectivity. Gateway securities will facilitate security and ensure that last mile connectivity can handle the huge inflow with very short frequencies of high data transfer from the IoT device.
Cloud based infrastructure will be scalable faster and would be the best way to handle the evolution and huge data overflow associated with IoT.
We will see a strong emergence of consortium and innovations in the areas of Gateway and Device management which will let IoT application developers and solution integrators adopt IoT GDM (Gateway and Device management) to securely connect the backend cloud infrastructure with the IoT devices and give them a secured platform to manage data.
At Winjit, we have launched our GDM at Mobile World Congress in Barcelona this year. We are seeing a lot of curiosity in our target market regarding enabling IoT into their ecosystem. We are providing our prospects with the entire process and a great level of customization which act as a support to their existing eco-system. Rather than stick out as a sore thumb.
The way ahead
Moving forward, IoT won’t be about devices or their ability to take smart actions. It will be about their ability to control and regulate their new found powers, and use it in a way that’s efficient and simplistic. The future belongs to Internet of Things. Be with the future of things.