Businesses across sectors have realized that they must use digital channels to engage with their key stakeholders to remain relevant and drive the conversation forward. The challenges for them include the loss of control over customer relationships, increased competition, threat of commoditization, and the need to engage digitally with suppliers, partners and employees in addition to customers.
In fact, India is set for a “digitization revolution” which, in turn, would fuel the growth of the Internet of Things (IoT). IoT is bridging the physical, digital, cyber and virtual worlds and this requires extensive information processing capabilities. IoT applications are gradually moving from vertical, single-purpose solutions to multipurpose and collaborative applications interacting across organizations in different industry verticals. IoT itself, fuelled by the advancement of digital technologies, is dramatically changing the way companies engage in business activities and how people interact with their environment. The disruptive nature of IoT means we need to assess the requirements for its future deployment across the digital value chain in various industries and application areas.
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