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Future of Business and Tech Jul 2016

Connecting with Experts on the Future of the IoT and Connectivity

MEDIA PLANET   Future of Business and Tech

Connecting with Experts on the Future of the IoT and Connectivity

JULY 7, 2016   Business Solutions With the Internet of Things, gadgets running the gamut from cars to fridges to phones connect, then “talk” with one another to share analytics on usage and maximize efficiency.

Sundeep Sanghavi

Co-founder and CEO, DataRPM

“A one percent improvement in predictive maintenance can enable companies to achieve $15 billion in savings over the next few years.”

In your experience, when have IoT solutions been most beneficial?

IoT has been leading the way to define new possibilities for enterprises with its “smart and connected” approach in recent times. The industrial internet, however, is redefining those opportunities. For example, According to GE, a one percent improvement in predictive maintenance can enable companies to achieve $15 billion in savings over the next few years; smart cities with vision are already being enabled by “shorter feedback cycles and superior customer experiences”; new connected cars are a true paradigm shift with a revolution already occurring in the automobile world for PdM diagnostics, warranty analytics and customer insight; and wearables are a game changer for the 360-degree health-care with futuristic insights and field personnel management in utilities and elsewhere.

Within which industry have you seen IoT solutions have the biggest impact?

Gartner claims we will hit 10 billion connected things in 2016 and we are connecting 5.5 million new things every day. At this rate we'll easily surpass 200 billion forecasted by 2020. Manufacturing and automotive will be the two biggest beneficiaries of it followed by smart cities, which includes oil, gas and power, followed by insurance, health and retail. The key benefits which enterprises can achieve are predictive maintenance, operational efficiencies, warranty analytics, enhanced design thinking and inventory optimization. The need of the hour for every industry will be making the fundamental transition from delivering “products to outcomes”; by identifying the critical signal amidst the noise generated by the sensor data explosion.

How will IoT revolutionize the consumer experience?

According to an Altimeter study, every human will own at least 20 or more connected devices by 2020. IoT is revolutionizing the consumer experience with faster response times (anticipate future needs, proactively nurture customers), possibilities to provide deeper insights for building high performance products (innovation with feedback loop for customization and prototype) as well as stream-line marketing efforts (reward, promotion, gamification) with a data driven approach based on product consumption patterns. Turning IoT generated big data into “insights” is a huge opportunity for everyone. The way forward is to have an automated approach to data science for amplifying data science time and multiplying outcome-driven initiatives.

What is an emerging trend within the IoT Industry that readers should be aware of?

Machine-to-machine (M2M) automation and integration with digital M2M supply chain. For example, sensor fusion and hubs and block-chain will play a crucial role in enhancing security and inclusiveness of devices for push and pull economies, iBeacons and RFID will extend the opportunities for superior customer experiences, growth in proprietary interoperability standards and the emergence of the chief IoT officer.

Where do you see the IoT moving in the next decade?

IoT today is truly at an inflection point where the world now needs to harmonize the different layers to get “actionable insights” encompassing smart factories, smart homes, drones and wearables—the era of “cognitive Internet of Things.” 

In the next decade, enterprises will also have the “focus and mindset” shift from desiring only “cost savings and operational efficiencies” to “excellence and collateral benefits of using actionable data in real time for innovation and design thinking.” Companies that will use the Internet of Things to derive new business models, create an outcome economy and ultimately the autonomous economy will be the next Google, Apple, IBM and Uber of the world.

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