IoT Ready: How Indian firms can be at the forefront of IoT technology

The Internet of Things (IoT) is a major part of the current wave of technological changes and improvements taking place around the world known as Industry 4.0. IoT is the rapidly growing network between physical objects which enables these objects to connect and transmit data. Vehicles, meters, home appliances and a growing list of physical objects are being embedded with sensors, electronics, softwares and other devices that monitor and gather data and transmit these data to be analysed. This then makes it possible to start understanding exactly how things like machines, vehicles, power etc are being used and then to make these processes efficient and optimized.

This wave of embedded technology in appliances and devices has already begun to grow in India and the opportunity for developing IoT technology for the Indian market and the world is lucrative and timely. There are over 120 firms in India offering IoT technology and there is tremendous scope for many more firms to enter the IoT arena to develop solutions for the Indian and global marketplace.

For Indian companies eager to develop their own products, protect their intellectual capital and enter new markets, it is an exciting and opportune time to consider taking their business international to add value to their company, brand and solutions. They do this by leveraging an international business ecosystem, accessing high level technology, setting up R&D centres and working in collaboration with laboratories and universities.

One of the best international IoT and ICT ecosystems where Indian firms can benefit from expanding to is Finland. This small country has one of the most advanced set-ups for the development of IoT solutions. Finland is a hidden gem in terms of how highly advanced and cost effective it is in technology but how relatively unknown it is as a tech destination for Indian firms.

Here are the features of the Finnish IoT landscape that make it the most viable location for Indian IoT firms seeking to develop their solutions:

Heavy Investment by Microsoft in Finland

Software giant Microsoft and other companies have invested in Finland to develop IoT. Microsoft, in particular, has invested 14 million euros in a foundation called ‘IoT Paja’ in Espoo. This laboratory is set-up to help tech start-ups gain access to a variety of advanced equipment and support services which will help tech companies create prototypes of their IoT solutions.

Not only to tech startups gain access to extremely advanced and expensive equipment for free, they also can receive funding for developing and testing their products and also for commercial production.

Invest in product development not equipment

Thanks to the laboratory set up in Finland by Microsoft, firms do not need to invest heavily in equipment and machinery and can instead focus on developing a working prototype and a fully functional solution. This helps startups save on costs and enables them to bring a solution to the market quickly.

Collaboration as an asset

One of the features that makes Finland unique is that companies and other organizations within the ecosystem are very collaborative and work towards a common benefit for all members of the ecosystem. Thus firms will find that setting up a business in Finland is easy because the government and governmental agencies are very helpful and approachable. Startups can collaborate with universities and students on projects and simultaneously observe possible recruits.

Once part of the Finnish ecosystem, Indian companies can access the local network and rapidly find suppliers, partners and clients and thus jumpstart their company’s growth and also shorten the timeline for product development.

IoT Ready, Set, Go!

IoT solutions have a rising demand that is likely to exponentially increase over the decades. The smart city initiatives by India and the development of smart cities and smart grids, artificial intelligence, augmented and virtual reality technology and much more means that it is vital for Indian companies to stake their claim and role in this new technological wave.

Rather than play catch-up Indian firms will do well to position themselves at the start of the race by establishing their businesses and acquiring technology from a world-class ecosystem. Indian firms save on costs and time by choosing the right location at the right time. Considering Finland as a location is great first step and by working with a consultancy like PrEver, Indian firms have every opportunity to advance in the IoT sector.

How will you innovate?

Innovation is the siren song and the buzzword of the moment. We are living in the age where Industry 4.0 is steadily becoming a reality throughout the world. Automation and data transmission is becoming embedded in many aspects of life; from cell phones to refridgerators, factories, cars and commercial ships, technology is breaking up the old ways of doing things. Today, blockchain, IoT, AI, AR/VR, smart health, smart cities, smart grids, clean tech, and so much more are shaping the world towards digital transformation. It is unsurprising that innovation is the word of our times.

The word ‘Innovation’ is everywhere and companies are CXOs are striving towards it. However, for many Indian firms, Innovation remains a mere name, and is yet to become a word of action. ‘Innovation’ is derived from latin and means renewal, and ‘to innovate’ comes from ‘in + novus’ which means ‘into new’.

Innovation has remained in its name form for many firms and they are unable to take it from its name form to an actual action. How does one innovate? Though it is a simple question, the answer is multifaceted and complex. Innovation in action means taking necessary steps in the right direction to create a product that effectively answers your customers needs rapidly and accurately anywhere in the world.

What are these steps to innovation? What are the factors of innovation?

We can move from approaching innovation as more than just a catchphrase but rather an action or set of actions that leads to a better product, solving domestic and global problems and spearheading the next wave of disruption.

Some of the practical steps (in no particular order) to innovation are:

  • Hiring the best ICT talent
  • Finding the right partners and suppliers
  • Locating your business at an innovation ecosystem
  • Developing an R&D centre
  • Collaborating with major companies and universities to develop new technology
  • Securing R&D funding
  • Locating your business where government regulations are supportive and offer incentives for doing business
  • Protecting your intellectual property
  • Accessing reliable infrastructure like electricity, roads, processing waste etc.
  • Doing market research to assess needs

These steps to innovation are difficult to carry out in India where the governmental regulations take time to catch up with the current innovation. Infrastructure, the current level of technology and intellectual property protection are also inadequate for the degree of innovation necessary to compete at a global level. Thus firms may need to look beyond their current situation and take the major step of setting up operations in a foreign country to truly make innovation an action and not a mere name.

For Indian firms, going global may be the only realistic way to catch up with the pace of innovation happening in the world and to make their own mark in the ICT landscape. In terms of accessibility, ease of doing business, cost-savings and technological innovation, Finland is the hub spot for Indian companies or any companies in the world to take their first steps as global companies.

Indian companies that go to Finland are able to develop their products rapidly and at a cutting edge level thanks to the many advantages offered by the Finnish business ecosystem and the local government.

Finland is a small country with a disproportionate level of technology development. A country of just 5.3 million people, it ranks amongst the top nations of the world in innovation, ICT ecosystem, spending on R&D, standard of living, collaborations between companies and universities and so much more. Finland is a heavy weight champion in the ICT arena and the best option for Indian companies serious about innovating.

Why Finland?

Finland has the world’s best talent force (insert link) in ICT. The cost of labour for ICT professionals in Finland is competitive compared to other major hubs and due to their links with Nokia, they have solid experience in ICT, manufacturing, international business and more.

The government is also highly supportive and offer incentives to new companies entering Finland. Firms will find lower corporate tax, readily available information and the easy-to-establish business set-up very helpful and timely. There are several government agencies that play a hands-on role in helping businesses find a location, do market research, secure aid for R&D, participate in the local network, hire talent, do pilot testing in collaboration with local universities and so much more.

Going to Finland is not unheard of either. Major Indian companies like TCS, Wipro, Infosys, Mahindra and Mahindra and others have long since been established in Finland. Smaller SMEs from India have also set up operations in Finland because is a feasilble and effective option for their globalization and innovation efforts.

Finland is the no brainer when it comes to Indian firms seriously considering their next step to innovation and globalization. Business consultancy PrEver in Bangalore, India plays an in-depth role in helping Indian firms innovate and go global through the Finnish roadmap. Through the Finland route Indian ICT firms can save money and time and jumpstart their innovation and product development by many years.

The consultancy in Indian specialising in helping Indian firms go to Finland is PrEver Consulting, based in Bangalore. PrEver is partnered with Helsinki Business Hub and together they provide a roadmap to success for Indian ICT businesses that have innovative products and a goal to go global. Follow PrEver on social media or contact PrEver directly for information on going to Finland.

blog title about finnish sisu

SISU – THE QUALITY THAT MAKES FINNS THE WORLD’S BEST TALENT

A little known concept about Finland is that in Finnish culture Finns value the characteristic known as ‘Sisu’. Interestingly, Sisu is a word that has no clear-cut and precise definition and is often described as a number of strong personal characteristics. In the end, Sisu comes close to being described as grit, integrity and determination.

Finns value the characteristic of Sisu, and this trait makes them a powerful resource to firms and the country, driving change, meeting challenges and finding solutions to seemingly insurmountable problems. This article describes this unique Finnish characteristic and why Indian firms in various ICT domains like fintech, health-tech, IoT, gaming and much more will benefit from investing in Finland and making use of the highly skilled and educated talent pool in Finland.

What is Sisu?

There are many words and phrases to describe Sisu; and they are grit, hardiness, resilience, bravery, tenacity, determination, gutsy and more. There is no one English term that can replace this unique Finnish word.

Sisu refers to something that can be found within, and it is often called upon during times of adversity and looming failure. It refers to taking action regardless of the challenges and showing fortitude and bravery in difficult times. It also means choosing a course of actions and following through even in the face of failure.

How Finns apply Sisu at work

Finnish people embody this cultural concept in their daily lives and in the workplace. This means that as a workforce and human resource Finns are independent, problem-solving, adhere to deadlines, fulfill tasks and take responsibility.

For Indian companies that are contemplating going global and establishing operations abroad, finding the best talent is vital to success. In Finland, Sisu is not merely an abstract thought, it is a personal orientation and Finnish people have strong conviction in doing their best to achieve goals and thus take actions accordingly. Finnish people are punctual, honest, speak directly, follow flat organizational structures seldom need much supervision or management as they work very independently.

This quality of Sisu is a valuable trait in a workforce and with such self-motivation and accountability, a firm can be confident that the goals of the company are being met with great earnestness and reliability.

Key Benefits of the Finnish Talent Pool

The benefits of utilizing the Finnish talent pool does not lie in the espousal of the concept of Sisu alone. Finnish people are also amongst the most educated and tech-savvy people in the world. The Finnish talent pool has substantial skills in the ICT fields, is highly educated and the Finnish ecosystem itself enables companies to train and hire the best possible candidates for the firms’ requirements.

Education and Skills

Finland has the world’s best education system and provides free education up to the post-graduate level. Critical thinking and analytical thinking are highly encouraged in the Finnish education system. Finland has one of the highest educational attainment levels in the world, with a large number of the adult population having a university education. Hence, there is a large, talented, educated and highly skilled Finnish talent pool for Indian firms to tap into.

Finland is highly focused in the ICT sector and there are over 350,000 ICT professionals in Finland. Skilled people in IoT, gaming, blockchain, and more can be found in Finland. There is a broad scope for health-tech and biotech R&D and business development. There are over 29,000 professionals in the life sciences sector and every year there are several thousands of graduates to replenish the workforce.

The majority of young adult Finns speak excellent English and hence the problem of communication is easily overcome. Most Finns speak multiple European languages and Finns are also highly exposed to international business due to its small and open economic system and thus, Indian firms benefit from this already multi-lingual, global and experienced workforce.

Economic and high value

The cost of hiring Finnish people is far more economical than similarly skilled people in other major tech hubs around the world.

This is especially true in the ICT sector, which has recently undergone a restructuring and thus top ICT brainpower is available at highly competitive costs. The labour costs for a senior level ICT professional are far more economical when compared to UK, Sweden, France, Denmark, Israel, Germany and more. Companies hiring Finns get a technologically top-notch workforce at highly competitive rates.

Indian businesses are able to leverage this brainpower and lower costs and create highly innovative products with a competitive edge.

Government Support in Training and Recruitment

The Finnish ecosystem is unique and dynamic in terms of how highly collaborative the various entities in the business ecosystem are. Government agencies provide businesses with aid in recruitment as well as training.

ELY, the Centre for Economic Development, Transport and the Environment, helps companies by finding and recruiting suitable candidates for the business. ELY provides training and even pays for part of the training process. Businesses can cooperate with this entity in the final selection of the candidate.

There are other such helpful bodies in the Finnish ecosystem to assist firms in Finland and Indian firms considering expanding to Finland will find it highly supportive and useful. Recruitment and training are already easily handled and due to the language, technical skills and international exposure, firms are assured that operating in Finland is an easy and smooth process.

Harnessing the Finnish Internal Resource of Sisu

Despite being a small country with a population of 5.5 million people, Finland is a powerhouse of highly talented and self-directed human resources and a strong and collaborative business ecosystem.

Indian ICT firms need look no further than Finland to locate and recruit an able and reliable body of ICT professionals in different domains to help them achieve their goals. By recruiting and and investing in highly skilled Finnish ICT professionals, businesses can create and harness the Finnish concept of Sisu as part of their business values. This kind of excellence in action begins to reflect in their products and services and creates a brand image of a high quality, reliable and trustworthy business.

There are many reasons to consider investing in Finland and the powerful human resource aspect forms one of many factors. PrEver provides in-depth information and solutions to help Indian firms expand to Finland. PrEver guides Indian firms in the ICT space to familiarizing themselves with the Finnish ecosystem, finding potential clients and partners, accessing R&D aid and much more. Reach out to us to begin your journey to Finland or follow us on social media.