Empowering Businesses For A Greener Tomorrow: The Green IoT Advantage
The internet has revolutionised the way we communicate, connect, access knowledge and engage in social interactions. It has brought immense convenience and efficiency to our lives. However, as the world becomes increasingly connected, the environmental impact of the internet cannot be ignored. While a single internet search or email may require only a small amount of energy, the collective global internet usage contributes significantly to CO2 emissions and exacerbates the challenges of global warming. Nonetheless, the emergence of new and smarter technologies presents an opportunity to reshape business expectations towards greener and more sustainable practices.
The advent of Industry 4.0 can now work as an enabler rather than a barrier to an organisation's ability to become a sustainable enterprise. As businesses all over the world strive to don the green cape, behavioural modification and business process transformation will be crucial in enhancing green technology. A technology-driven sustainable engine is the way to steer digital world of today.
According to a 2022 report from Boston Consulting Group (BCG), the market for green technology in India is predicted to reach a value of USD 45–55 billion during the next five years. Green IoT has become the need of the hour as it enhances the use of connected devices and sensors to collect and analyse data in order to optimize resource consumption, reduce waste, and promote eco-friendly practices. Business leaders too are looking for ways to enhance their organisation by increasingly leveraging green IoT (Internet of Things) technologies to enhance sustainability efforts.
Why Is Green Tech The Need Of The Hour?
IoT solutions make it feasible for businesses, governments, and consumers to track the performance in real-time and identify areas where energy loss and consumption can be reduced. They can be utilised in different ways to monitor waste generation, collection, and disposal processes, to provide real-time data on fill levels, optimising waste collection routes and reducing unnecessary pickups. Businesses can track and analyse waste data to identify patterns and implement waste reduction strategies.
In the Indian context, there are numerous challenges that arise due to the lack of a cohesive policy structure, financing, and insufficient coordination between the state and the centre. As a result, it can be challenging for green tech businesses to secure early-stage funding, planning, forecasting, and power purchase agreements (PPA) from realising its full potential in the green sector.
However, the Indian government has already revealed the National Green Hydrogen Mission, which aims to decarbonise the transportation, energy, and industrial sectors with the country wide adoption of green technology and sustainability solutions and services. The government also aims to develop sustainable and technology-driven urban centres under the Smart Cities Mission in India. Smart city projects incorporate green technologies to enhance resource efficiency and environmental sustainability.
Businesses also need to play an essential role in promoting and implementing green IoT by investing in IoT devices, sensors, and platforms that are designed with sustainability in mind. Organisations have to engage with IoT solution providers and startups that focus on sustainability and collaborate with them to develop and implement customised IoT solutions that align with the business's sustainability goals. Promoting awareness and educating employees and stakeholders about the benefits and importance of Green IoT technologies can encourage behaviour change and active participation in sustainability initiatives. Employees need training on using IoT devices, data analysis, and understanding the environmental impact of business operations to enhance resource efficiency and contribute to a more sustainable future.
Road Ahead
Businesses and individual consumers must examine how much energy they use, how many non-biodegradable products they use, and how much they rely on systems and products that release hazardous and detrimental by-products into the environment before making what may ultimately be challenging decisions. But in addition to a company's current social, and governance (ESG) measures, updating outdated, non-IoT legacy systems can undoubtedly offer chances to save money and energy while also enhancing workflow. We will be closer to a more sustainable workplace the more businesses engage in these systems both internally and outside in their constituent communities.
Tech-enabled business solutions have the potential to further business empowerment for sustainability as well as growth. A variety of analytical tools powered by IoT solutions can aid in giving data relevant insights and can be used to provide an enhanced consumer experience in several industries. Organisations must create a long-term strategy that links business results to sustainability with the help of visionary leadership, true bottom-to-top commitment, and reliable technology partners to pave a path to keep us prepared for the ever-evolving landscape.
