Prateek Shukla: An IoT Entrepreneur Making IoT Adoption Effortless for Businesses
The journey of Prateek Shukla is, no doubt, inspirational to all the budding entrepreneurs out there who are struggling to get a strong market hold in their niches.
In recent years, the Internet of Things (IoT) has emerged as a valuable asset for business operations owing to its ability to share data in real-time which makes managing industrial operations a lot less troublesome. As a result, the IoT technology is to be believed a catalyst behind the fourth industrial revolution or Industry 4.0 in India. In fact, India’s IoT investment is expected to reach $15 billion by the end of 2021 from $5 billion in 2019.
Especially, in the context of the pandemic, IoT has proven to be advantageous to businesses in terms of real-time communication. As a matter of fact, IoT initiatives are a major driving factor for India’s digital transformation across the major industrial sectors. Experts believe that such a pace of digitization could result in an additional economic value of $10 Billion to $150 billion by 2025. Eyeballing the growing importance of IoT for modern businesses, Prateek Shukla, a tech-savvy and entrepreneur chose to dip his toes into the water of the IoT market with an aim to the ways in which businesses manage and monitor their operations.
The young entrepreneur launched his innovative IoT solution firm Altorum Leren in collaboration with his business partner Sandeep Parira after considerable years of market research and industry hassle. It is not a mystery today that by IoT adoption, businesses of all scales can witness multi-folded improvement in both operational efficiency and safety. Smart IoT devices can monitor and track all the moving assets in the supply chain to ensure their functionality. With such advanced monitoring solutions in place, the companies can not only take care of their maintenance management but also reduce any risk of disruption in production. Driven by this motive, Altorum Leren has introduced its first-ever IoT product Alfinity – a SaaS-based IoT platform – to help businesses out with their process management. Alfinity’s Edge Computing and Artificial Intelligence (AI) make it an efficient guide for preventive and predictive maintenance. It minimizes the chances of asset failure by simultaneously increasing its functional life.
Prateek's contribution to the Indian IoT market has already been recognized across the country. In fact, his entrepreneurial venture Altorum Leren has been awarded awards like ‘Automation Technology Provider of the Year’ by NITI Aayog (Government of India) during the Global Artificial Intelligence Summit held on September 29th. In the summit, Prateek-led Altorum Leren has successfully presented itself as an industry game-changer in front of some of the global industry leaders, data experts, and AI and IoT pioneers.
The journey of Prateek is, no doubt, inspirational to all the budding entrepreneurs out there who are struggling to get a strong market hold in their niches. “Market research is the most effective way to give your business an advantageous start. My initial ignorance of the market trends made it quite difficult for me to launch my own business. However, as I began to spend more and more time learning about the Indian IoT market, it enabled me to come up with solid and profitable business ideas. So, Skipping the research portion is not at all a sign of a visionary entrepreneur,” shared Prateek while talking about his views on entrepreneurship.
As the market experts are expecting the Indian IoT market to expand at a compound annual growth rate of 13.2% from 2020 to 2025, Prateek is motivated to take Altorum Leren to another level of success. He aims at developing more effective IoT solutions to help businesses in the process of holistic incorporation of automation.
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