There is good news for the technology firms situated in India, as they have an enormous opportunity of $ 18 billion, by which they can improve the efficiency of their operations, which leads to helping their clients or customers in improving productivity, proper utilization of resources and assets and finally end with an outstanding level of customer satisfaction.

This opportunity is available to technology firms as large quantities of data are generated by a network of internet-connected devices like sensors, routers, smartphones, smart TVs, and security cameras, referred to as the Internet of Things or IoT. According to the networking firm Cisco, organisations use data to achieve the opportunity.

Predicative analytics and big data are the technologies companies use to increase their productivity and operational efficiency. If there are more intelligent networks, then it will help the company plan better, improve productivity, and reduce operational inefficiency.

According to Cisco’s projections, the company’s assets can be utilised better, presenting $1.4 billion; the employees’ productivity is increased, offering a $ 0.9 billion opportunity, and improved supply chain logistics presents $8. 3 billion, good level of customer satisfaction gives $2.7 billion and $4.7 billion is presented by solid innovation, including shorter time to market and extra sources of revenue from new business models and opportunities gives $4.7 billion and all this is possible with improved capital efficiency and business process execution.

IoT advantages are not restricted to the corporate world; other sectors like healthcare and hospitality are transformed by predictive analytics and Big Data technologies. For example, IoT may provide virtual doctors in villages, as specialists are absent.

IP-enabled devices are connected to a shared network and communicate with each other; things such as door locks, thermostats, set-top-boxes, mini-fridges, light switches and others can be automated to provide a better experience for hotel guests, driving greater customer loyalty.

According to Cisco’s Internet of Everything Value Index study, IoT is expected to generate at least $613 billion in global corporate profits in 2013.