There is good news for the technology firms, situated in India, as they are having the big opportunity of $ 18 billion, by which they can improve the efficiency of their operations, which lead to help their clients or customers in improving productivity, proper utilization of resources and assets and finally end with great level of customer satisfaction.
This opportunity is available by the technology firms as the data in large quantity are generated by a network of internet-connected devices like sensors, routers, smart phones, smart TVs and security cameras, which is referred to as Internet of Things or IoT. According to the networking firm Cisco, this data is used by the organizations, to avail this opportunity.
Predictive analytics and Big Data are the technologies used by the companies to increase their productivity and operational efficiency. If there are smarter networks, then it will help the company to plan in a better way and improve productivity and also reduce operational inefficiency.
According to the projections of Cisco, assets of the company can be utilized in a better way presents $1.4 billion, productivity of the employees is increased presents $ 0.9 billion opportunity, improved supply chain logistics presents$8. 3 billion, good level of customer satisfaction presents $2.7 billion and $4.7 billion is presented by strong innovation, including shorter time to market and extra sources of revenue from new business models and opportunities presents $4.7 billion and all this is possible with improved capital efficiency and business process execution.
IoT advantages are not restricted to corporate world only; there are other sectors like healthcare and hospitality which are transformed by predictive analytics and Big Data technologies. For example, Iot usage may provide virtual doctors in villages, as specialists are not there.
IP-enabled devices are connected to a common network and communicate with each other, things such as door locks, thermostats, set-top-boxes; mini-fridges, light switches and others can be automated to provide a better experience for hotel guests, driving greater customer loyalty.
According to Cisco's Internet of Everything Value Index study, IoT is expected to generate at least $613 billion in global corporate profits in 2013.