There is an explosion of data generated by a network of Internet-connected devices like sensors, routers, smartphones, smart TVs and security cameras, which is referred to as Internet of Things or IoT.
Using technologies like predictive analytics and Big Data, companies can enhance productivity and increase operational efficiency.
"Use cases for IoT are plenty, be it for energy companies that can build smart grids to reduce T&D losses or for the food industry where there is a lot of wastage due to lack of proper warehousing and logistics," Cisco President India and SAARC Jeff White told PTI.
Smarter networks not only help companies plan better but also reduce operational inefficiency and increase productivity, he added.
With improved business process execution and capital efficiency, companies can utilise their assets better (USD 1.4 billion), while enhanced employee productivity presents a USD 0.9 billion opportunity, as per Cisco projections.
Other opportunities include improved supply chain logistics (USD 8.3 billion), enhanced customer experience (USD 2.7 billion) and strong innovation, including shorter time to market and additional revenue streams from new business models and opportunities (USD 4.7 billion).
The benefits of IoT are not limited to corporates alone. Big Data and analytics are also transforming other sectors like healthcare and hospitality.
Citing an example, White said, "Using IoT, one can have virtual doctors in villages, where specialists are not available. Through telepresence, these doctors can conduct checkups, dispense health advice, or even alert people to possible health problems before they become serious."
With IP-enabled devices connected to a common network and communicating with each other, door locks, thermostats, set-top-boxes, mini-fridges, light switches and other things can be automated to provide better experience to hotel guests, driving greater customer loyalty, he said.
According to Cisco's Internet of Everything Value Index study, IoT is expected to generate at least USD 613 billion in global corporate profits this year.