In the current Digital Age, technology and its innumerable possibilities allow businesses to explore new avenues. The recent boom of the Internet of Things (IoT), coupled with the growing pervasiveness of social media and mobile applications, has widened the horizon for enterprises to leverage business innovations. A study by Cisco has predicted that there will be 50 billion devices connected to the Internet by 2020.2. IoT is, thus, slated to become one of the ten truly disruptive technologies for the next decade; adding tens of trillions of dollars to the global economy by 2025.
With IoT slated to become one of the top trends for enterprise this year, there is bound to be a domino effect. Cloud connectivity and big data are the most imminent side effects of IoT in the enterprise market.
Connected devices have begun to play a key role in communicating vital statistics and information to/from remote locations.The increase in internet/mobile penetration has seen business owners increasingly depend on mobility and mobile applications for running their businesses. Studies have shown that around 96% of small businesses uses wireless devices and technology in their operations. So mobile applications customised to suit different business models will emerge to strengthen multiple business processes, such as customer engagement via multiple platforms and error-free transactions.
Machine-to-Machine (M2M) services too will grow in precedence as both wireline and wireless offerings advance, both in terms of technology and improved affordability. Manual processes such as data entry, tracking and analysis will see a sea of change as machines slowly begin to fill-in for human fallibility and decrease the scope of human errors while keeping up with real-time developments.
Tailored services for customers will act as the main differentiator for enterprises now. With 92% marketers indicating that social media is important for their businesses and over a billion active users on social platforms such as Facebook, Twitter, LinkedIn and Instagram, companies can no longer ignore the impact social media has on their business. By creating a fine balance of digital platforms, social media and physical processes to identify and meet customer requirements, an amalgamation of social, mobile and IoT will allow businesses to harness the power of the Digital Age better.
Developments in the digital space, from cloudification to IoT to M2M services to the growing penetration of social media and mobile applications, hold multiple promises for enterprises and the road map begins with robust, reliable and constant connectivity. We can safely assume that in the future technology will no longer only be a part of a business but will be the business itself.
The author is head-enterprise business, Tata Teleservices