Exploring New Opportunities Through IoT-Driven Business Pivot
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The Internet of Things has become an important thing that turned the world into something different. From brilliant innovations in smartphones to connecting cars to the web, IoT has a role to improve everything around us. Of course, IoT is also beneficial for many businesses across the world, including improving various development processes.
IoT has the power to transform the businesses of any industry: it can improve employee efficiency, deliver better customer experiences, and track supply chain, assets, and operations. More than that, IoT networks connect people, processes, and applications so that businesses can quickly adapt to changing conditions.
Forbes Insights survey shows of more than 700 executives across sectors, 84% say that IoT networks have grown over the past four years. With the help of IoT, 60% of enterprises are expanding with new lines of business. In addition, 63% of them are already delivering new or updated services using IoT.
There are new advancements in the IoT software development sector, and businesses are beginning to see the value in expanding the use of M2M technology, which enables them to improve productivity and efficiency in various business processes. Just like IoT, the M2M market is getting bigger, at an average CAGR across 19% by 2022 and 14.7 billion connections in 2022.
Adopting IoT as a business developing strategy has proven results, including increased profitability: the survey shows 75% of leading enterprises crediting IoT with delivering increased revenue. In 2020, 94% of executives anticipated a profit boost of at least 5% to 15% as a result of the Internet of Things.
Let’s take a look at how this growth transforms businesses in Indonesia. Bank Rakyat Indonesia (BRI) uses Leased Line Connection and APN for their EDC and ATM machines provided by Telkomsel IoT Control Center. With this IoT technology, BRI can now provide user access to certain network services and applications keeping their network highly secure.
Palang Merah Indonesia (PMI) is collaborating with Telkomsel to overcome the COVID-19 outbreak in the nation through “Operasi Penanganan dan Pencegahan COVID-19,” which has been running across Indonesia since March 2020. The IoT solutions used in this program are Telkomsel FleetSight to monitor PMI’s fleet operation, TOMS to manage disinfectant trucks, and Asset Performance Management to monitor blood plasma deliveries.
According to the Indonesian Minister of Industry, the market share of IoT in Indonesia is expected to grow rapidly. As reported, the value of IoT in the country is expected to reach US$ 30 billion by 2022 in the form of several components like content and application, platform, IoT devices, networks, and gateways. The growth of IoT in Indonesia has proven many astonishing results for industries in Indonesia, and this is why you shouldn’t think twice before harnessing IoT for better business development.
What drives IoT implementation for business development is that smart machines are good at accurately and consistently capturing and communicating data, which enables companies to detect reasons for inefficiencies and problems sooner, saving both time and money. Here’s how the collected data can enhance your business development.
Better Business Strategy. IoT enables you to collect data about usage, demand, consumption, and other factors. By collecting and processing information to work, you can use it to understand your consumer better which can be beneficial in anticipating future trends and taking informed decisions.
Easier, More Efficient Management. IoT will improve business assets tracking through sensors and connectivity, which helps organizations benefit from real-time insights. Being connected with a maximum number of devices to the internet also allows businesses to be smarter with real-time operational insights while reducing operating costs.
Better Resource Utilization. With IoT and analytics working together to provide reports, you will have your resource management empowered with a predictive plan to help you understand your resources better. More than that, this creates a better understanding of what your business demands, which is useful for optimal resource usage.
Improved Customer Experience. IoT can be easily put to use for business improvements. From operational management to understanding customers’ behavior, IoT can generate important data for your business. By interpreting the insights, you can build a personalized communication strategy for your customers and increase satisfaction.
When it comes to developing businesses with IoT, it’s important to know that new types of communication have huge benefits for almost any business. That’s why implementing IoT in your industry and sector is an important choice for a method of gaining a deeper understanding of enhancing and executing specific business objectives. Here are the key steps to develop your business using IoT.
Know What Your Business is Good at. One of the biggest challenges is understanding the true value your company offers. To create IoT business value, a company must first understand what it uniquely offers to its customers. Once you know how you already satisfy your customers, then it’s much easier to identify ways to strengthen your business with IoT.
Understand Big Data. Collecting and analyzing big data can offer insights into many factors that are essential to the effective running of a business: it can provide insights into all-important market trends as well as product performance. Also, you can leverage these insights to help inform your business strategies.
Collaborate with Trustworthy IoT Partner. IoT enables your business to expand its presence with consumers and employees, from building a smarter business strategy to a more effective communication flow. Through partnering up with Telkomsel IoT, you’ll reach new levels of flexibility while you develop your business.
IoT makes it easier for business professionals to find and communicate with new customers by creating personalized marketing strategies. M2M has transformed the way businesses watch over, manage, and automate business processes across multiple sectors. These two pieces of technology have brought a huge amount of data that is good for businesses looking for new revenue streams or inventing something big for Industry 4.0.
With IoT and M2M applications, businesses are having a vast digitization process while keeping pace with the rest of the world. This is why companies need to make a decision on adopting IoT and M2M to unveil the business value through connectivity and find out what matters most to their customers and long-term business strategy.
Every business requires the latest technologies to solve problems and deliver easier solutions. With data-driven strategy and planning, adopting IoT solutions can result in many improvements for business development. Visit telkomseliot.com and decide your way to develop business with the right IoT solutions.
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