Internet of Things (IoT) will be boosted with the recent Digitization Drive, unprecedently. IoT encompasses a scope for industries to engage their business activities in a better way.
Experts revealed that digitization push would benefit in promulgating the growth of Internet of Things (IoT). IoT plays a pivotal role in services and manufacturing sectors which potentially helps in maintaining customer relationship, and in strategy making to withstand huge competition and commoditization.
IoT that works on by assembling a set of connected devices with software and sensors to exchange data, is considered as a great tool to boost digitization drive. With the advent of new digital technologies added to IoT, it can make a revolutionary change on how the way companies engage in business activities and in turn people interact with their environment.
“They feel the need to engage digitally with suppliers, partners and employees in addition to customers,” says Ashish Gulati, country head, Telit India. According to Nasscom, the Indian industry crossed the $100-billion mark in 2012 and could touch $300 billion by 2020. “The role of IoT in business is shifting from an enabler to a strategic partner,” said Raman Roy, chairman, Nasscom.The explosion of data is making it necessary for businesses to proactively adopt technology to differentiate themselves.
“The process where customers can pay their bills through any of the multiple acquirers via banks’ POS to the merchant or brand is possible with help of IoT,” says N K Goyal of the Centre for Monitoring Indian Economy, a business information company.
Google-BCG report has highlighted the digital payment offerings as a need for the future because it enables simplicity and universality of cash transaction and additionally provides better security and convenience.
Indeed the Indian banking sector has been the backbone of the country which can drive or push the domestic product and it is all set to become the fifth largest by 2020, according to a joint report prepared by KPMG and CII.
“IoT is already helping banks not only counter security threats but also successfully implement hardware and software infrastructure that would battle the pains of demonetisation,” says Gulati of Telit India.
Finance Minister Arun Jaitley suggested bankers to adopt simple, fast, efficient, and secure payment procedures. And such systems is yet to come to replace the traditional methods. This will also ease out the digital payments and also help in refraining the practice of cash trasactions.