Leadership Perspective – IoT Technology Adoption

 The adoption of IoT and advanced technologies has been rapidly increasing, particularly in the post-pandemic era, and it has become a crucial component of strategic decision-making in almost every organization. In this context, a report highlights the insights shared by Mr. Sivaram Pothukuchi, an Evangelist for Industry 4.0 & Digital Transformation.

The term "Internet of Things" (IoT) has been in existence since the 1960s, but its significance started to be fully understood by technology experts only from 2008 onwards. IoT refers to a network of interconnected objects facilitated by sensors, software, and other technologies to exchange data among connected devices. In industrial settings, businesses have embraced machine-to-machine communication to enhance efficiency, productivity, and speed, while also reducing costs and time.

The year 2020 witnessed a major shift in the realm of IoT, catalyzed by an unforeseen global pandemic that reshaped business operations. Mr. Sivaram engaged in a discussion with Shekhar Jitkar, Senior Director at Quadrant Knowledge Solutions, where they explored IoT technology adoption and the potential of IT/OT convergence in overcoming challenges.

Digital Transformation:

During the conversation, the focus shifted to changes in business leadership perspectives regarding IoT and digital transformation, especially in the post-pandemic era. Mr. Sivaram stressed the need to view business transformation as a continuous evolution from Industry 3.0 to Industry 4.0, rather than just pre- and post-COVID. Organizations should assess whether they have upgraded to Industry 4.0 across all departments and sections. Business strategies now encompass multiple stakeholders in the supply chain, demanding a broader perspective in IoT and digital transformation investments.

Post-Pandemic Transition:

The pandemic-induced disruptions brought unpredictability, prompting businesses to frequently revise their strategies. The sudden and large-scale impact of the pandemic caught the global economy off-guard, necessitating rapid adaptation. As an example, the surge in demand for oxygen cylinders and masks required companies to pivot their operations to meet new needs while maintaining profitability. This realization underscored the importance of data management and its potential benefits for effective business management.

Strategic Planning of IoT:

The importance of IoT became evident in the prediction that it would become a mainstream element for enterprises, with a substantial portion of IT budgets dedicated to IoT projects by 2021. Mr. Sivaram emphasized the need for a separate budget for the deployment, development, and maintenance of IoT projects, recognizing it as a critical and mainstream activity. Strategic planning for IoT is crucial for a successful digital transformation in every enterprise.

IoT Implementation Challenges:

Challenges in implementing constantly evolving IoT technologies were discussed. Often, the term "IoT" is used interchangeably with other technologies, leading to misunderstandings and misapplications. Some struggle to grasp how to leverage IoT's capabilities to their full potential. Successful IoT implementation requires understanding consumer needs and embarking on a customer-centric journey.

Addressing Complexity:

Business leaders were advised to start their digital transformation journey with a clear vision and purpose. Understanding the appropriate level of technology application is vital for success, rather than adopting advanced technologies solely based on industry trends. Businesses should carefully select technologies that align with their specific needs and desired outcomes.

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