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IoT Delivering Insights to Design Experiences

Posted by: Karthikeyan Natarajan On September 11, 2017 11:12 AM facebook linked in twitter

A study by Gartner estimates that close to 5.5 million new IoT devices would have connected on an average each day, in 2016. While most of these have happened on the consumer front, industrial applications are not far behind. Another IoT survey by Gartner reveals that almost 29% of large IT companies have already started using IoT in some form or other, and two out of five claimed that they have plans to roll out IoT applications in 2017. They are certainly not alone, and almost every industry, Financial Services, Manufacturing, Retail, Healthcare are all set to embark on this journey.

The message is clear - Internet of things will power the future of experiences. And this wouldn’t be possible without breakthroughs in Sensor technology.

From reversing your truck to tracking your fitness on Fitbit, sensors have come a long way. At times, helping determine the freshness of food kept in the fridge, while in other cases analyzing human breath to detect cancer. There are many more fantastic applications made possible by the all-pervasive sensor.

Thanks to falling price of sensors, IoT is no longer restricted to building smart products alone. It is making a headway in areas where ordinary citizens can experience the benefits of smart governance. Some of the best examples of IoT applications can be seen in the making of smart cities. These services play out in the form of intelligent surveillance, intelligent parking, intelligent traffic management systems, intelligent waste management etc. And these are not limited to first world countries, they can be experienced in cities like Jabalpur in India too!

By experiences, we don’t mean an app or a device to log into. It’s about designing the entire value chain by identifying redundant processes and using digital services to optimise and then integrate them by utilizing the power of IoT.

Decoding Data: The DNA of all IoT applications

Before your enterprise embarks on the IoT journey, it’s important you realize – IoT is not about connecting physical objects aimlessly. So, to see the real opportunity in IoT, let’s cut the hype from reality. The real purpose of IoT is to unlock new experiences by turning exponential amounts of data generated by smart devices - into opportunities.

The question is - How do we leverage data to drive home our business objectives? – The answer lies in designing extraordinary experiences by using data to deliver insights. Simply applying some level of automation without any direction is pointless.

Although Inhibitive costs in the implementation of IoT have driven down significantly, the ultimate challenge lies in creating new revenue opportunities.

Today, the industry is spoilt for choice when it comes to availability of smart technologies, vendors, and solutions. But what’s more important is whether your business can orchestrate different technologies to create a lasting impression.

It requires new business models that are made to deliver connected experiences. This brings us to the four D’s that will be instrumental in driving revenues as well as efficiencies - Data collection, Data Storage, Data Monetization, and Data Analytics.

Tech Mahindra’s self-monitoring system for Bombardier aircraft is a good example of how data can be channelized to improve efficiencies. It starts providing data as soon as the aircraft takes off. While on the flight, the system monitors the aircraft on how well it is performing on fuel efficiency, flight time, wear and tear, and many other parameters. It alerts the aircraft maintenance crew about the possible need for replacing spare parts, etc., resulting in timely maintenance and cost savings.

Clearly, 2017 belongs to crafting meaningful experiences and not just paying lip service with half-baked solutions. Increasing proliferation of IoT will ensure that products of the future transform into services. It will eventually drive everything around to offer more than what we currently experience Through Connected Cars, Connected Aircraft, Connected Consumers, Connected Energy, and the possibilities are simply endless.

Given the key role IoT is set to play in converging our physical and digital worlds, size will not matter if you want to innovate. With fresh ideas, even small companies with just a single product to offer, will be able to quickly scale up with new platforms. They will prefer working within an ecosystem instead of depending on a sole ally. These ecosystems will have different players - some will develop platforms while others would connect them to the multitude of platforms available. Each of these players who usually have a different motivation will have to be channelized effectively. IoT of the future will thus require a ship anchor to perform these diverse actions together.

Are you prepared to tap into the next-generation of digital technologies and orchestrate connected experiences?

About Author

Karthikeyan Natarajan, Global Head – Engineering, IOT and Enterprise Mobility, Tech Mahindra

Karthik heads the Engineering/R&D, Digital/IOT & Enterprise Mobility Group at Tech Mahindra. With more than 24 years of professional experience in Product Development, Globalization and digital transformation strategies, he has been instrumental in building the organization as one of the fastest growing global engineering service providers. Karthik has successfully transitioned global engineering strategies for several Fortune 500 clients and has built global development centers across the regions. He has led and transformed businesses, challenging engineering needs of customers across western markets as well as emerging markets. Follow him @Karthik_TechM

Tags: Connected Industries, Connected Lives, Connected World, CWCE, In The Future, Leadership Talk
 
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