Visit the Sasken booth at LiveWorx 2018 to discover new business possibilities with IoT
In 2017, IoT enabled connected devices outnumbered the world population for the first time, we now have 8.4 billion connected devices, and these devices are expected to triple in the next few years. The Internet of Things (IoT) is rapidly evolving into the great growling engine of industrial change. The scope and scale of transformation IoT can enable in today’s business world is of true value - McKinsey estimates IoT to have an annual economic impact of $3.9T to $11.1T by 2025. It empowers humans with an uncanny knack of reimagining the world we live in, and redesign the factories of the future.
At Sasken, we use IoT to energize digital transformation in the industrial sector and change the sector’s business fabric to weave in new offerings that can enable new performance thresholds and outcomes.
Eager to know how we can help you? Visit us at booth #525, LiveWorx 2018 (June 18 to 20), Boston Convention Center, Boston.
LiveWorx is the campfire around which we can discuss on how we can help you discover new business opportunities with IoT. Please contact Ripunjay.Nayak@sasken.com for a meeting with us.
Sasken’s SVP-Digital Services, Ankur Pawa will also deliver a speaker presentation on “Creating New Business Models and Revenue Streams Leveraging IIOT”.
Meanwhile, here is a quick overview on how IoT has emerged as a critical invention of this century.
Inventions and technologies have reshaped civilizations and transformed the way humans lead their lives. Mary Meeker, in her Internet Trends report 2017 nicely articulates this evolution - in the pre-18th century the key economic driver was cultivation & extraction, in the 19 th–20th century it was manufacturing and industry and in the 21st century it has been the computing power and human potential. Inventions like the light bulb has illuminated the cities and homes of the world and is responsible for driving growth in global economies. New inventions have always enabled the human race to be ever-onward and progressive, driven by the human ability to synergize multiple knowledge domains, these disruptions have been principal sources of measuring the progress of intellectual outcomes, prompting creative thinkers to dive deeper into the hidden realms of mind, identify probable human needs, imagine new products, identify their specific characteristics, and bring them to the physical reality to create the much needed societal impact. The body of knowledge and the notions of its areas of application, the ideas where there are moments in time when the world changes, in technology, or due to an interplay of many ideas and technologies, there can be a point, where we can ask "how can we engage with this world differently?”. This makes me think bullish about IoT, an intersection of the radical innovations of 19th, 20th, and 21st century (Machines + Computing Intelligence) to enable and embody a world where we can engage differently to change our lives for the better.
IoT - shifting the paradigm of connectivity
IoT brings to life the vision of Internet infused into the everyday devices we use at work and home. This permeating idea is focused on merging the digital and physical worlds. IoT is the intelligent convergence of electrical & mechanical devices and systems, connective infrastructure, and humans. This merger allows the leverage of data for more decisive insights, sensors to perceive their utility, and an amazing ability to communicate with each other. New devices using these capabilities are up and running all around us - consumer wearables, home automation devices, connected cars, fleet tracking, item location, temperature monitoring, vehicle auto-diagnosis, monitoring air quality, etc. Some of the key areas of IoT impact include, lowering operational costs, reduce cost of acquisition, better customer support, improve competitive edge, stream supply chains, and drive process efficiencies. Being a connected network of devices, IoT is enabled by a platform where devices communicate with each other through various protocols, this leads to huge amounts of data collated from users, the data is then sliced and diced using analytics to derive insights for optimum functioning of the devices and the overall value chain. An IoT ecosystem can prevail between humans, between devices, and between humans and devices. The key value proposition of offerings would be the intelligent IoT driven automated layers which would enable more user centric experiences.
The business intervention of IoT has the following advantages:
- Develop customer centric products and services
- Design new monetizable business models
- Burn inefficiencies in processes, make them more effective
- Insulate equipment from physical threats and monitor workplaces
- Innovate new product/services or improve existing portfolio of offerings
- Effectively manage organizational assets and improve productivity
IoT is recreating business environments and becoming an integral part of the business core
IoT driven business ecosystem offers new ways of doing business, opportunities to innovate new products and identifying new markets. IoT based products and offerings have to be conceptualized differently from the traditional approach and should be made economically feasible through effective business models. The thinking has to shift from a one-time product sale to a recurring long term revenue stream with continuous customer engagement. A few commonly leveraged business models include - SaaS based subscription models to provide sustainable value through customizations, monthly upgrades, subscriptions, all enabling in building quality customer relationships. This model is a good fit for home automation products, conditional monitoring, automotive ancillary products, and predictive maintenance of industrial equipment. The outcome based model focuses on customers paying for product outcomes and not for the product, for e.g., this model can be used by water pump manufacturers who can charge a fee based on the volume of water sourced. Asset sharing model is used to maximize product use and pool back extra product features/capacities to the market for others to use, some of the potential uses include, self-automated cars, shared drones, etc. To enable these business models, Machine Learning (ML) and analytics in IoT applications can be marketed as a service or as an embedded solution which can enable concrete outcomes, such as productivity, asset utilization, uptime, etc.
The intent of IoT driven digital transformation is to ensure paradigm shifts in enterprise mindsets on how to create value, both for customer and employees. Changing employee mindset - across operations and sales is critical in ensuring successful digital transformations. The focus should be on how IoT is going to add value to their everyday work, empower them to deliver quality results, learn new skills and processes, decision making skills, develop new priorities and work cultures - thereby enabling them to focus on work of better value, work that can help them create happy and satisfied customers and take the company to new heights.
Looking forward to meeting you at our booth #525, LiveWorx 2018 from June 18th to 20th.
Sasken is a Certified ThingWorx Ecosystem Partner. You can also experience some of our industry leading solutions at the event like:
- Asset Performance Management Solution
- AR-based Field Force Productivity Solution
Click here for more details about Sasken’s participation at LiveWorx 2018
Author: Ankur Pawa, SVP, Digital Services, Sasken