The Impact of IoT and Digital Transformation on India

If the Covid-19 crisis has explained businesses that they require to be dignified to acknowledge sudden market disruption at any instant, making digital transformation essential overnight. 5G new networks, as well as IoT, are the solutions to digital transformation and all large trends are driven by faster networks, specifically suitable for a more distributed workforce.

Pioneering companies will focus to integrate 5G networks as well as IoT technology into their business strategy. As per a Covid-19 influence in Indian IoT research by Goldste in Market Intelligence, the IoT market is assumed to reach USD 1 Trillion in the coming 5-7 years. The crisis has shifted issues of enterprises from improved utility to improved as well as secure utility. The firm constancy to hygiene standards such as maintaining a safe distance, wearing the needed protective gear and following through with all the given instructions has made asynchronous monitoring systems necessary.

During the COVID-19 pandemic, most manufacturing industries had to either shut down their production completely or operated on the minimized capacity; mostly in case of required goods. The whole global supply chain is under huge pressure to encounter the demands. Therefore, Industry 4.0 transformation is becoming more suitable post-COVID-19.

IoT devices have the ability to create a deeper, real-time connection between industries, supply chains as well as customers. There are several other examples of IoT and digital transformation: automobiles and trucks will be linked to cloud analytics that can forecast maintenance problems, reserving time for drivers or operators. In customer services, digital data can be utilized to take more personalized services containing targeted offers and custom coupons.

Digitization in IoT has enabled industries to analyze their industries in real-time and direct complete control over the operations, even from a distance.  The IoT-based surveillance system allows employers to analyze real-time and historical data gathered from cameras and sensors, get alerts and notifications via email and SMS and maintain a check on all the operations inside the premises.

Using Smart Management Systems

Warehousing

Before IoT, industries drive their operations and made decisions based only on warehouse information. It could take a long time to achieve intelligence from such centralized data and make decisions based on this. In the era of the IoT, yet, connected devices can make real-time data from various data types and in a massive volume. Thus these devices can interact with each other in an ecosystem. These interactions can be tracked and monitored via advanced analytics abilities to generate especially valuable insights.

The aim is to utilize digital processes and real-time data to accelerate or boost experiences, something that can definitely be achieved in IoT. Right from storage to maintenance and transportation of assets, warehouses need IP based video surveillance for the improved management of inventory, tracking of assets at every move of the supply chain, maintenance of the exact temperature and humidity conditions while also generating an even working environment for the prompt and effective performance of operations.

Warehousing IoT advantages:

• Inventory management
• Internal as well as external security
• Tracking
• Effective environment

BFSI

Banking and Financial Institutions (BFSIs) have been at the frontline of digital transformation initiatives with data at the attraction of banking innovation, in an effort to improve performance and boost customer experiences. COVID-19 has proposed big challenges to the BFSI sector. This is the process where customers can pay their bill via any of the multiple acquirers through multiple banks POS to the merchant/ brand is possible with the support of the Internet of things. IoT is providing clients an entirely connected and integrated experience by maintaining all their financial requirements across devices containing tablets and mobiles.

In the case of financial institutions, there has always been a possibility to the restricted transactions taking place at the branches and the complete capital and assets restored here at the hands of violators and dishonest employees. The requirement for automated operations, synchronous visibility of all the sites, management of assets and data assigned to the banks by clients; needs the structured support of a real-time IoT-based bank security system.

Banking IoT advantages

• Analyze several branches and ATM units
• Asset management
• Remote Access Control

Retail Industry

IoT technology maintains the in-store experience compelling, immersive and enables retailers to constantly originate their in-store offering. Brick and mortar stores can also compete with their online as well as high street competitors by offering unique partnerships, offers as well as experiences to customers. Utilizing IoT-based management systems has been adrift for global industries, but many retailers in India only notice their AI and ML-powered system requirements.

From maintaining a check on the inventory and restocking requirements by utilizing smart sensors and cameras across the store, studying consumer’s requirements by monitoring the most often bought products, giving customers personalized advantages while at the same time securing the premises from a potential threat.

Retail IoT advantages:

• Employee analyzing
• Supply chain logistics
• Handle internal theft and pilferage

QSR

The Quick Service Restaurants (QSR) market in India is predicted to grow at a CAGR of over 18% during 2021-2025 because of faster expansion in food delivery services, expanding young & working population and by looking at the current pandemic. Employers of rapid-service restaurants see it as specifically important to keep track of their employees’ performance, specifically to analyze their hygiene as well as SOP protocols. The AI-based solution interprets the room to gather data about the environment while monitoring the data and taking steps to enhance the performance of the premises.

Restaurant IoT advantages:

• Atmosphere and temperature control
• Improve Energy Efficiency
• SOP adhesion

For the standard company, IoT platform technologies enable them to become digital-based companies. From there, they can take the benefit of the improved competitiveness, quicker innovation, better efficiency, innovative business models as well as enhanced customer experiences that digitally inherent companies already taken.

IoT technology generates an opportunity to review business models at a fundamental level and to utilize new ways to generate, bring and capture value. The resulting competitive benefits are now accessible to all companies that can utilize the Internet of Things to realize digital transformation for their products.