BRINGING INNOVATION TO COMPANIES WITH IOT AND BLOCKCHAIN TECHNOLOGY SOLUTIONS
The augmented reality technologies and the Internet of Things are at a swift pace refining their performance charts in India and around the world through innumerable influential brands.
And with the IoT industry growing in size and scale, the frameworks are being generated steadily to implement rules and regulations concerning the utilization, storage, formation, innovation, backups, and deleting the data.
The rules vary considerably, from the regulation of technical problems like firmware updates and device audits to highly layered questions on who controls IoT gadgets and the information they produce. And one such brand that’s bringing agility, efficiency, transparency, and innovation to your supply chain operations is SensiWise. The innovative breakthrough of the founder Puneet Jetli, leverages the power of IoT, Analytics and Blockchain technology to provide you with real-time visibility and insights into your assets and operations involved in Specialized Supply-chains.
THE MAN BEHIND THE IDEA
Puneet Jetli, Founder, SensiWise has over 25 years of experience in the IT Industry. His past roles have given him a rich experience of evangelizing & helping enterprises realize business value from technology disruptions. In his last 2 stints, he has been part of start-ups and has seen them scale successfully from the concept stage to become well-established brands.
In a conversation with The CEO Magazine, Puneet talks about the latest developments, changing trends, the scenario of the industry, future and more,
The CEO: When and how did you decide to choose this entrepreneurial path in the IoT industry?
Puneet: Before starting SensiWise, I have been associated with two companies’ right from their start-up stage, and have seen them become successful brands in their own right. Those experiences gave me a lot of self-belief in taking the plunge. As co-founder & CEO of the Digital business in my previous organization, I was closely following the needs of global Enterprises for IoT solutions. Given their preference for ready-to-deploy IoT solutions that they can try quickly and cost-effectively, I knew there was a large market opportunity available to us.
The CEO: Tell us about how you became involved in the company and your progression.
Puneet: Being the founder, I have been associated right from the brainstorming & conception phase of the company. We were always clear that we wanted SensiWise to focus on IoT& Analytics. That reflects in the name of the company with “Sensi” representing the IoT world of Sensors, and “Wise” coming from wisdom gained by analysing data. The next important step was to choose the domain of specialized supply-chain logistics, and specifically Cold-chain to start building the product.
The CEO: To begin, how is your brand-defining “trust” in the industry? What’s your competitive advantage that can’t be copied?
Puneet: Our competitive advantage stems from the following differentiators:
- Detailed and granular visibility into Cold-chain operations & product condition by providing access to 40+ data points. For example, we provide fleet operators clear segregation of pre-trip, on-trip and post-trip details as well as a view into billable and dead km/time for each trip.
- A seamless assurance on compliance to SLAs, SOPs & product integrity during the Cold-chain journey
- Use of Advance analytics to help reduce operating cost by 10-20%
- End-to-End product journey traceability even when multiple services providers are involved, through an integrated Blockchain module
- Going beyond simple monitoring to allow stakeholders to close the loop by remotely monitoring and controlling the assets
The CEO:Brief us over the products/services offered under the hat of the organization.
Puneet: SensiWise wants to become a renowned brand in improving Visibility, Assurance & Efficiency for Specialized supply-chains like Cold-chain. We do this through SaaS solution that brings together all the building blocks like IoT sensors, Intelligent IoT Edge device, custom components for IoT platforms and the application & insights layers.
The CEO: How has the firm grown and what do you attribute this to?
Puneet: Though SensiWise is still very young, we are happy to see 100% of our pilots getting translated into commercial contracts. This is attributable to the efforts we have put in building a product architecture that allows our Customers tremendous flexibility in mapping all their operational and business rules into the solution. We focused on it consciously because the biggest pain point of Customers using current solutions was a lack of depth of functionality, flexibility, and speed to make changes.
The CEO: Who are your clients? How did you build a client culture around your services?
Puneet: Given our Cold-chain focus, our clients are Brands (Food & Pharma), Logistics companies and Fleet operators. Our promise to our Customers is that by adopting SensiWise, it should help them become Agile, Transparent, Efficient & Innovative. Hence, we see every implementation as an opportunity for us to deliver on this promise.
The CEO: What are the main challenges of the Internet of Things implementation?
Puneet: Usually, the biggest challenges of IoT implementation are less to do with technology. The most important being lack of Vision and a strategic roadmap for IoT adoption in Enterprises. Next, being the inability to effectively handle change management and last but not the least the inability to articulate the ROI of IoT investment. For example – most organizations look at asset monitoring costs as % of asset cost. However, the true measure should be the “Economic/Revenue loss” suffered due to the non-availability of the asset in the absence of preventive-maintenance alerts.
The CEO: What is the scope of IoT products and services in India?
Puneet: Given the size of the Indian economy, its geographic spread, it is a no-brainer that India offers tremendous opportunity for IoT products and services. I think the fact that we are still in an early adoption phase, and that the need for Indian customers is not very different from other mature markets, and that makes it all the more attractive. However, given that most IoT implementations are focused on efficiency & productivity improvement, showing cost-benefit is going to be more challenging in India than in developed economies.
The CEO: What are the risks and challenges associated with the Internet of Things?
Puneet: The three biggest risks/challenges that I see with IoT are:
- Lack of standards – the pace of their evolution is very slow
- Poor interoperability – most OEMs are resisting attempts to share data from their assets with 3rd parties
- Inadequate focus on Security
For the road ahead SensiWise, apart from serving additional Customers in Cold-chain, they are specifically focusing on 3 things i.e. continuing to enhance the functionality related to Visibility, Assurance & Efficiency of Cold-chain operations, with special focus on allowing stakeholders to remotely act on information. They’re looking to identify another product segment requiring specialized supply-chain handling and enhance their product to support that and also looking to expand their footprint outside India.
As a group of experienced industry experts, the team at SensiWise is aware of the critical roadblocks in the adoption of IoT and Analytics solutions by enterprises and they are committed to changing this with their solutions.