HOW IS IoT RESHAPING & TRANSFORMING THE AUTOMOBILE INDUSTRY?

A flagship company of Modi Enterprises, Godfrey Phillips India is one of the largest FMCG companies in India.

- Achin Sharma, Head - IT Applications, Godfrey Phillips India

Internet of Things (IoT) - the popular buzzword refers to the billions of devices that are physically located around the globe but are connected together via Internet to exchange and share data. It is one of the key levers of Industry 4.0 (4th Industrial Revolution) which brings together different aspects of production on a common platform via network, enables real-time data sharing and facilitates Machine-to-Machine and Human-to-Machine interactions to trigger various actions.

IoT doesn't come to the top of mind when one thinks of the Automobile industry. But with the innovation of IoT in the last couple of years, the auto industry is certainly one of the top adopters of the technology; leveraging it mainly for promising safety, preventive maintenance and other infotainment purposes. IoT in Auto industry is not just a bandwagon that no one wants to miss but is gradually becoming a key differentiator. It influences the customer purchasing decision to a large extent mainly due to following reasons:

• Enhanced Customer Experience Increases brand loyalty

• Competitive Edge - USPs

• Additional revenue source through license subscription and other pay-per-use features

• Analytics, insights and product improvement from the collected data

• Product version upgrades via Over-the-air, Online push, and others

• Autonomous vehicles

• Real-time monitoring

• Preventive maintenance alerts and notifications

But as they say ‘It’s easier said than done’ - there are many impediments for the successful implementation and adoption of IoT in the Auto industry: