We all know that IoT has immense potential in improving productivity and transforming traditional businesses into the new age of digital innovation and maximising customer satisfaction. We have all seen the case studies, the challenges, the promise of IoT for a better future.
What else can we talk about?
A good point raised by one of our panellists at the CIO Panel held at IBM's Watson Centre, as part of the industry gathering, is looking at IoT as not just a technological opportunity, but the opportunity to change the business model to a new, more efficient one.
This is in line with one of the main themes raised by the ASEAN telcos' panel and various presenters on the first day, which is Collaboration & Partnerships.
The success of IoT depends highly on the collaborative efforts among stakeholders - from various service and solution providers across the IoT ecosystem, to the end users. IoT's biggest potential lies in its ability to collect and analyse data, giving valuable analytical information from real-time processes that can play an important role in improving business activities.
The new business model proposed is a "partnership" or "revenue-sharing" model, whereby stakeholders put in resources and take up accountability for their contributions in the IoT-isation of the business, so results can be shared among the contributors.
Partnerships in the making
This is particularly interesting in how it could potentially mitigate the resistance to change - financially, strategically and technologically - which is the main roadblock in many ASEAN enterprises adopting next-generation technologies like IoT, as it does not require the enterprises to take up the risk wholly, but share it with their technological partners.
The partners, meanwhile, have more freedom to involve innovative practices that they thought might be useful for the business, further pushing the envelope.
As we move forward to engaging discussions at the local levels in Thailand, The Philippines, Malaysia and Indonesia this coming July and August, I look forward to engaging in more conversations that address pain points of enterprises, which could give valuable insights for technology providers as they work on making their IoT solutions more relevant, customer-centric and cost-effective to their end users.
What is your challenge in adopting IoT in your organisation?