Curated by the Knowledge Team of ICS Career GPS
Education
(Image Source: Yourstory.com)
IoT-driven new business models to look for in 2021
Excerpts from article by Shweta Berry, published in YourStory.com
A business model is essentially a company’s core strategy for profitably doing business, which in turn creates and delivers value to its customers.
IoT-driven business models leverage the unique characteristic of IoT to convert an unconnected product into a connected product and service, which is available always, serving the needs of the customer, hence delivering innovative and differentiated value.
Over the last few decades, the businesses that have clearly differentiated themselves from competition or have created a market name in their industry using technology have used IoT to connect their products and services in a way that gives end-users more options.
Here are the four business models that have been accelerated with IoT at their core:
1. Products-as-a-Service
Products-as-a-service is not really a new concept as leasing a home, paying to use an air pump at a gas station, or even companies having to pay royalties to musicians and authors for their songs and books are all examples of the concept.
However, IoT has effectively made it easier for the end-user to see the value in paying for the service of a product rather than purchase the product outright.
For example, General Electric (GE) transitioned away from selling traditional industrial products towards selling ‘as-a-service’ packages, by wrapping data and digital solutions around its core offering. GE’s new business model was coined as “Power by the Hour”, wherein it started selling its engines as a service using connected technologies.
IoT has also greatly enhanced the products-as-a-service model by giving providers a platform to apply actuarial science in order to mitigate financial risks. Applying IoT to the products-as-a-service model enhances customer service on behalf of the manufacturer, providing consumers with a better deal on products they may not want to pay to own.
2. Asset Sharing
Similar to products-as-a-service, asset sharing is a relatively old concept that recently has been broadened and enhanced with IoT. Not only has IoT made it easier for those who need assets to connect with those willing to share, but it also has legitimised asset sharing into its own economy.
For example, by building GPS, reviews, and alerts into their asset sharing platform, companies like Uber and Lyft have created a viable model for ride-sharing programmes. And the same concept is working in the field of agriculture too. Global firms Aeris, India and ‘Hello Tractors’ have collaborated to provide an Uber-like rental and hiring facility for tractors in the country.
3. Automatic Fulfilment
Automatic fulfilment is a newer business model that utilises up-to-the-second inventory data, analytics, and consumer input to replenish goods that customers or other businesses need – not only when they need it but even right before, they need it.
In retail, automatic fulfilment ensures that supply can meet demand; if one store is out of an item, the IoT network quickly can find the nearest store or warehouse location with that item and work to replenish it as soon as possible.
4. Data Monetisation
One of the most valuable assets to come out of IoT is data itself. With data becoming the goldmine, it has created a huge economic value for itself. Interestingly, this business model was seen in action prior too with the consumer reports and television ratings being a few examples of data being monetised before the advent of IoT.
Career
Excited by the evolutionary pattern of life on Earth? Opt for a career in Palaeontology.
Excerpts from article by Dr. Arindam Roy, published in the Financial Express
Palaeontology is the study of prehistoric organisms that thrived in the biosphere of the earth and later transformed into fossils mostly after post mortem burial.
Palaeontology is a branch within geology and serves as a fundamental pillar in revealing the geological history as well as defining the evolutionary pattern of life that survived on earth through geological ages.
Palaeontology plays the key role in defining the age of the different lithological horizons* with the help of its diagnostic fossil assemblages. (*A horizon, in Geology, refers to a bedding surface wherein there is marked change in the lithology or characteristics of rocks.)
Unlike other branches of science, the domain of paleontology is very wide and encompasses all the life forms that ever appeared in the earth. Consequently, there are many specialised streams within palaeontology like micropaleontology, vertebrate palaeontology, invertebrate palaeontology, palynology, iconology and many others. Hence, it is evident that to identify and describe the fossils of a particular group, one needs to develop expertise in that group.
Careers in palaeontology are similarly diverse and possess a lot of opportunities for the amateurs as well as the professionals. Let’s take a look at some:
1. Professor
The most common and significant career prospect in palaeontology is teaching the subject as a professor in academic institutions. Scholars having a master degree in Geology and a Ph.D. degree in palaeontology have ample opportunities to apply for the post of professor in different national/international academia. Individual having a strong passion for teaching may opt for this profession.
2. Researcher
Students with research background may also apply for scientific positions in different scientific organisations in the country like the Geological Survey of India (GSI), Oil and Natural Gas Corporation Limited (ONGC), Birbal Sahni Institute of Palaeosciences (BSIP), Wadia Institute of Himalayan Geology (WIHG), Indian Statistical Institute (ISI), National Institute of Oceanography (NIO), and the many institutes under the Ministry of Earth Sciences (MoES) and Department of Science and Technology (DST).
3. Micro-Palaeontologist
Scholars with a micro paleontological expertise are best suited to oil companies where the role of a palaeontologist is to help locate the possible oil reverses based on micro fossil assemblages. Students after completing their masters in geology may absorb in different paleontological research projects of academic institutions which provide fellowship as well as an opportunity to register for Ph.D. courses in palaeontology. Research experiences may help the scholars to develop requisite expertise in the subject and strengthen their candidature for permanent positions in scientific and academic institutions.
4. Curator
Although not very common in India, the position of curator in different museums is a lucrative career option as scholars get the exposure to a wide collection of fossils leading to further research. This opportunity is more open in European countries. Large museums like the Natural History Museums also have research and collection manager positions. Nowadays, many academic and research institutes are developing a public outreach cell where they utilise palaeontologists to create awareness among the common people regarding the importance of fossils and the need for their conservation through seminars and exhibitions.
To pursue a career in paleontology, it is always better to opt for a particular specialisation and gain expertise on the subject through research and publications. This process of career building may be time taking but the efforts will be high-yielding.
(Disclaimer: The opinions expressed in the article mentioned above are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)
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