The term Internet of Things (IoT) refers to a network of interconnected devices wherein it gathers and transfers data from its surroundings to increase its efficiency. It allows devices of all scales to communicate in real-time with each other over its network, making it exceedingly advantageous for managing business operations. The surge of technology has always presented new opportunities before industries and, with IoT, businesses are looking forward to exploring new realms of digital capabilities.
Very often, businesses encounter a tough time when it comes to monitoring the business operations and the assets involved in the operations. At the same time, they waste a sheer amount of time in inventory management taking a toll on their business productivity. IoT applications allow enterprises to automate their inventory and asset management which can be a contributing factor In their growth.
Considering the multifaceted usage of IoT technology for businesses, Prateek Shukla, an entrepreneur and tech enthusiast, decided to delve deep into the IoT market with his IoT solution platform Altorum Leren.
Belonging to the age of the digital revolution, Prateek has always shared a keen interest in new technologies. In his initial days, he was quite interested in the realm of cyber security and internet safety. The digital revolution has brought the increased risk of data theft and security breaches. With the emergence of cloud services, when corporations are entrusting their data to such cloud storage, companies need to pay more attention to their data security measures.
Prateek not only identified this urgency but also authored a book on cyber security, The Unrevealed Secrets of Hacking and Cracking, to spread cyber awareness among the masses. He even developed a security app for society complexes called Casa Curo when he was just 18.
Locating untapped market issues
Prateek’s entrepreneurial eye for market opportunities sets him aside from his market peers. Like an adept entrepreneur, he entered the IoT domain only after thorough market research and a proper understanding of the Indian IoT operations. Riding on his market knowledge, he along with his business partner, Sandeep Parira, founded his company Altorum Leren to provide Indian companies with the IoT support they require for optimal functionality. Through his IoT solution firm, Prateek foresees locating untapped market issues and creating unique IoT products to resolve those issues.
Altorum Leren has recently launched their first-ever IoT product Alfinity, a SaaS platform for IoT, which will streamline preventive and predictive maintenance. Tracking assets and managing the supply chain has always been a headache to businesses of all scales. Alfinity seeks to assist them in inventory surveillance through Edge Computing and Artificial Intelligence (AI).
As a budding entrepreneur, Prateek has always shown the presence of an insightful mind. “My decision to start my own business venture at an age of 22 was a shocker for most of my acquaintances. My journey was far from being cozy and comfortable. However, I never let my entrepreneurial zeal be lost which helped me to climb the business ladder more than I imagined. I believe, the future lies in IoT adoption, and, with Altorum Leren, I aim at encouraging IoT acceptance in the Indian business landscape,” says Prateek discussing his business venture.
Altorum Leren has become a well-known name in the Indian IoT domain within a few years of its inception. The IoT startup has also been awarded the prestigious title of ‘Automation Technology Provider of the Year’ by NITI Aayog (Government of India) during the Global Artificial Intelligence Summit held on 29 September.
As of now, several private and government ventures are smoothly operating their businesses using its IoT support. Under Prateek’s watchful mentorship, Altorum Leren is expecting to generate a turnover of 15 crores in the next three years which will open a new chapter in the startup’s lifecycle.
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