From connectivity of humans to connectivity of machines, the internet has come a long way. There was a time when the internet was all about using machines to connect humans across the globe. Today, the Internet of Things is all about connecting ‘smart’ devices in different settings to create a connected world. But this ‘smart’ world has its unique set of financial problems caused due to various reasons. Astro strategist Hirav Shah comes up with well-thought out plans of action for IT businesses — big, medium and small
Internet, it is one word that changed how the entire world communicated with each other. It opened new avenues hitherto unknown to man and has impacted the way the world lives and works. Just like electricity, one cannot think of a world without the internet in today’s time.
Of course, of late there are times when people want a break from the internet and indulge in ‘no internet’ holidays. But this has not diminished the importance of the internet in everyday lives of people. Today, the internet has taken over all peoples and all aspects in their lives.
Just like the world wide web was created to link people across the globe, the internet of things or IOT has now opened new vistas by taking connectivity to an entirely whole new level. Though over-usage and constant use of the internet has driven mankind to take breaks, there is no looking back from the internet given the way the world functions today.
The Internet started penetrating the lives of people in the ’90s and has become one of the defining technologies innovated by the human race. The pace of human life has gone to a different level thanks to drastic changes in technology that have disrupted various industries in a positive manner. In short, the internet is a network of networks that consists of public, private, academic, business and government networks of local and global scope that are linked by a broad array of electronic, wireless and optical networking technologies.
Today, one cannot imagine a world without email, internet, internet telephony, internet television, online entertainment, digital newspapers and video streaming websites. Blogs, web feeds and online news aggregators are part of everyday life. The Internet has also revolutionised interpersonal relationships through instant messaging, internet forums, social networking services. It has also changed the functioning of supply chains of business-to-business and financial services across industries. Another major disruption has been the advent of online shopping. Businesses big, medium and small have migrated to the internet to take their brick and mortar services to global customers.
Machine learning, artificial intelligence, cloud computing and IoT are in nascent stages, but are bound to disrupt the world once again.
Why has the internet become indispensable?
■ Connectivity: Thanks to the Net, one can communicate with anyone across the globe. Internet calls, video conferencing have reduced the gap between nations. It also provides humans with a unique way of connecting and networking with fellow human beings.
■ Information: The explosion of the internet can be attributed to its ability to provide information in a jiffy, at the press of a button. With computers upgrading themselves at astronomical speeds, any kind of information is just a click of a mouse away. And with information comes knowledge and learning.
■ Mapping: Internet helps people to find people across the world and so is the case with businesses and services. For example, if one wants a local electrician, one can get it on the internet. Similarly, if one wants to buy from a brand, then one can simply get online and order for it. The Internet has made things that simple.
■ Doing business and making money: The internet explosion has helped the world to take their businesses online. This has changed the way the world did business and today making deals across the globe happens at the blink of an eyelid. This means getting more revenues with less hassle.
■ Banking and shopping: As of today, the world is no longer banking or shopping in brick and mortar places. Most of the transactions happen online, saving time and energy of humans. Also, it means speed as today’s generation swears by speed. Paying utility bills has become oh so easy. Similarly, shopping has taken over a whole new meaning with the internet as people can now compare prices and products or services and read reviews, before making a purchase or order.
■ Charity and funding: Thanks to the internet, people sitting or living in any corner of the world can donate or contribute for a cause. Likewise, they can fund projects, big and small.
■ Entertainment: Online streaming has disrupted the entertainment industry. This is not to say that traditional entertainment modes are gone, dead and buried. But surely, online streaming is helping artists from remote corners of the world reach out to audiences who stay in far-flung places.
■ WFH and access to global workforce: Work from home, which was once a dream of sorts for employees is today a reality. Many forward thinking companies and organisations are opting to give work from home access to their employees. This saves time, resources and also helps organisations get services of a global workforce.
■ IoT: Just like remote control changed human lives, IoT is set to disrupt the lives of humans pretty soon. Soon, almost anyone and everyone can control what happens in their homes via the internet. The gadgets are becoming smart and controlling them is going to become smarter as IoT is considered to be a panacea for humans and their activities.
■ Cloud computing: This is having access to more powerful computers externally and managing and storing information and data in cloud services. Your files will be in a more secure server and you can have access to your data, even if your home or office gets burnt. Well, that was going a bit too far, but that’s surely one of the advantages.
A thriving industry, what’s the need of financial forecasting for the internet industry?
The global internet market stood at $250.72 in 2019 and is expected to reach $1,463.19 billion by 2027, exhibiting a CAGR of 24.9 per cent during the forecast period.
1) Security: Security is a huge concern. With people becoming more and more obsessed with online security and data protection, companies and organisations will have to spend on addressing the security concerns of their customers or consumers.
2) Regulations: The speed at which the IoT is progressing, it does not match up with government regulations. Governments often take their time in issuing licenses and regulation guidelines and this can mean a lot of confusion and spending for organisations operating in different geographic locations. The waiting period could mean loss of revenues. Getting regulations also means paying money to governments.
3) Compatibility: Systems that customers or consumers use might be different and have different levels of upgrades. This can be a huge challenge for IoT. Also, if different softwares are used by different people, it will be a huge problem for IoT, which means keeping all consumers on the same plane. This requires technological developments which mean money.
4) Bandwidth: With increasing numbers of consumers, the industry experts fear that there wouldn’t be sufficient bandwidth to cater to all services. The most recent example is that of Signal private messaging app crashing due to millions of people dumping whatsapp to migrate to Signal. The organisation could not handle the sudden increase and tweeted about its inability to handle scores of new connections. This means putting in more money for technological advancements.
5) Competition and customer expectations: With huge competition in the market, it takes minutes for a consumer or customer to migrate to a different player. When customer expectations are not met and product reality is different, then it results in failures, orphaned technologies and lost productivity. This means pumping in lots of money to stay one step ahead.
Where does astro strategist Hirav Shah come into the picture?
The Internet is all about technology on one hand and about human connectivity on the other. It involves lots of expertise and skill to thrive in a highly competitive environment. Internet industries of all sizes can rest assured of profits at large, but the path leading to these profits is often sprinkled with hurdles.
Since it is a thriving industry, the IT industry requires lots of investment for long-term profits. Also, like any other business, money has to be constantly pumped in, to stay ahead of competition. Another major reason for financial forecasting of the internet industry is disruption. With ever evolving technology, disruptions have been a norm in the IT industry. This means a new development will make all past achievements obsolete. Hence, it requires the industry to put money into new developments.
Astro strategist Hirav Shah happens to be a popular choice for business owners of all sectors, when it comes to seeking help to solve their problems. Given years of expertise and access to various industries and sectors, Hirav Shah has been developing strategic plans for businesses to make revenues even during crisis times. He advises about when to invest and when to divest, to ensure that the business owner achieves success.
Hirav Shah is of the strong opinion that one wrong step will make a business lose its footing. He feels that all businesses must have a definitive plan to avail profits and become success stories. He is no woo-woo astrologer, who loads one with astrological jargon.
Instead, astro strategist Hirav Shah is a practical man who gives sound advice to his clients. His sound counselling has helped many a business to thrive in highly competitive markets.