Did You Know?

DLM is an initiative undertaken by MCMC to promote and accelerate the development and adoption of applications and services.

The Internet of Things is a web in which gadgets, machines, products, devices & inanimate objects share information in new ways, in real time.

The focused ecosystems in this period are Connected Healthcare, Traceability for food and drug, People Friendly Commuting; and Home & Community Living.

Digital Lifestyle eco-system development is promoted based on a model of collaboration or partnership with the industry.

Event Calendar

  • DLM
  • Public Holidays

The Internet Of Things And The New Business Revolution

This article is the final part of the two-part series on the 'Internet of Things (IoT)' based on the interview with John Tay Jin Kiong, the Malaysian Communications and Multimedia Commission's (MCMC) Director of Digital Lifestyle and Society.

Part two provides a brief insight how IoT is going to benefit the business sector.


KUALA LUMPUR (Bernama) -- Many ICT entrepreneurs are now talking about the 'Internet of Things (IoT)' and how it has turned into another business enabler.

However, how exactly is IoT going to benefit the business sector, including the industrial sector. Business IoT provides business solutions to optimise cost, improve operational efficiency, create more value and ultimately, deliver a better customer experience.

John Tay Jin Kiong the Director of Digital Lifestyle and Society Department with the Malaysian Communications and Multimedia Commission (MCMC) noted that IoT would help motivate Malaysians to compete internationally as it increases productivity and sustainability.

In becoming a Smart Digital Nation, MCMC foresees IoT in few potential areas whereby it would create an eco-system of digital applications to enhance competitiveness and social life; focusing on industry and society, linking the Internet of Things (IoT) to the people.

Among the potential areas, Payment and Retail, Track and Trace are seen highly viable to be considered as smart business solutions under IoT.

PAYMENT AND RETAIL

In business, especially in payment and retail, IoT could enhance the potential area and change the traditional business model by offering better and reliable processes benefiting both the consumers and the retailers.

Payment will soon be via mobile devices without further wasting time waiting in a queue.

According to the survey themed Next Generation of Payment: Attitude to Payment done in 2015, 46 percent of respondents preferred to make payment via their smartphone.

Generally, the new generation interviewed in the same survey by MCMC found people from post X-Gen preferred cashless retail and simple transactions.

This could be further supported with the fact that any financial transactions or waiting time can be reduced through smart planning prior to physical visit or online payment arrangement.

In this particular trading or business activities the level of productivity could be enhanced which is impacting business very rapidly and in a massive scale.

The retailers may now be excited to know that their consumers' satisfactory retailing experience are enhanced and personalised with the connectivity of devices or IoT.

RETAIL OF IOT

Many might still wonder or unsure how more can IoT impact their business.

The limitless potential IoT has to offer is that it could transform traditional business model in a whole lot of new technological ways.

This is where MCMC comes in and relentlessly promotes awareness on how adopting digital empowerment of Internet of Things can transform a brick and mortar business into a 360 degree view of their customers and products, insights into the customers' behaviour and e-payment solutions.

The retail industry could experience a boost in their brands, sales, and make better business decision, while providing e-payment solutions which eventually provide customers with seamless experience in the new digital lifestyle.

Previously, it was integrating computer to automate business activities. Later on we evolve to incorporate internet into business processes that change the way business is done.

Now it evolves to connecting things or devices that we use daily to provide valuable data that in turn is translated into meaningful information.

TRACK AND TRACE

The most obvious benefit that IoT brings to the business world is its real-time tracking and tracing solution.

Automated track and trace solution is a potential new business model that allows business stakeholders to optimise their business value and profit via various technology enablers such as Radio Frequency Identification Technology (RFID), Near-Field Communication (NFC), Wireless Sensor Networks (WSN) for Healthcare, transportation, home community and an ecosystem that can be easily traced.

In Track and Trace, IoT translated into a service technology that allows objects to be sensed and controlled remotely across the existing data network, creating opportunities for more direct integration of the physical world into computer-based systems, resulting in improved efficiency, accuracy and economic benefit.

In commercial or passenger airline industry, tracking luggage or merchandise meant for delivery are crucial. With industrial IoT advantage, the airline could track and trace with little to no difficulty where cost effective service is delivered to achieve passenger satisfaction.

Even the durian exporters have adopted the RFID technology to keep track where their durians are going.

This is very helpful to keep track of product and also act as a preventive measure to avoid counterfeit products. This RFID technology at the same time can help boost consumer confidence in ensuring the authenticity of the products.

Thus far, IoT had provided solutions to optimise cost, improve operational efficiency, create more value and ultimately, deliver a better customer experience.

FUTURE OF BUSINESS IOT

To drive transformation towards more productive and competitive business environment, MCMC believes that Business IoT should adhere to four principals; maintain sustainability, leverage upon existing infrastructure, ensure high economic impact and finally benefit all consumers.

According to Cisco, an American multinational by 2020, 50 billion devices or things will be connected to the network to create IoT environment, transforming any stand-alone thing or device into a connected service.

This simply translates to how huge is the impact of IoT on the world of commerce where operational costs could be reduced compared with traditional ways of conducting business.

Profits are going to be optimised simply by adopting IoT to the new business model. IoT could well be the much sought after business model!

Share this article

Back To Top