Internet of Things (IoT) – The most popular industry buzzword or the next industrial revolution?
The Internet of Things is becoming part of our lives faster than we realise. It is no longer a concept that identifies itself primarily with industry, but has become a part of our personal and professional lives.
We have refrigerators talking to us and wearable bands that tell us how many steps we walk and how many calories we burn. IoT has made it possible to connect all the devices around us to a network that is constantly processing live data.
While this seems like a relatively simple concept in theory, it involves bringing together individual data from all the various devices, the collection and aggregation of this data, and analysis of patterns.
Consider the below graphic. IoT only works when all components are present. Most importantly, it is about a community that is both data enabled and participating in the sharing of this data.
We are already at a stage where procurement is highly digitised. Add IoT to this scenario and the procurement systems and processes in companies would most certainly get an upgrade in the amount and types of information they can provide.
More data from devices means better-informed decisions. For example; You could more accurately project profits if the company has a complete data profile entered for every item received into their system with the help of sensor devices, instead of manually doing the same. The same data then could be read by other devices that could indicate stock levels and send alerts about reduced inventory. This is a matter of having devices, sensors, and software that connect all the pieces to ‘talk’ to each other and create a collective system that is more intelligent than any one part.
More data available to companies would mean better, faster, smarter decisions.India – The next big wave?
Although parts of the world have already witnessed rapid growth fueled by IoT, one could say that India is not far behind in making an appearance on the global platform. One could also question whether IoT would be the next big wave from India after the IT boom?
Geographically and economically speaking, India is in a strategic position to contribute greatly to this vast network.
The IT boom has already laid the groundwork in India which prompted an expedited growth in the Information Technology sector.
India has already nurtured its talent to now realign and ride this new wave. Online teaching courses with the competitive streak that has been harnessed since years ensures the technological advances stay at par with the rest of the world. Lowered costs and availability of machines and smartphones becomes an added advantage.
The Information Technology industry has already geared up to adapt and has laid the base to generate strategic business models to enhance the adoption of newer technologies.
The government of India has also initiated a digital push in the form of Digital India Program with the aim of moulding India into a digitally empowered society.
Research shows that Indian information technology (IT) services companies now own about two-fifth of the global Internet of Things (IoT) market. (Source- business-standard.com/article/current-affairs/india-has-43-of-global-iot-market-survey-117080700984_1.html)
Without even realising it, IoT is constantly functioning all the time in our daily lives in the background.
We at Eyvo, follow this closely as we team up with resources in India. We also see the advances made in the world of technology on a continual basis and understand the need to be a part of the IoT revolution.
Contact us to know more about how you can digitise your current procurement requirements and embark on this journey with us as we prepare you to be a part of the Internet of Things.