Exploring New Opportunities Through IoT-Driven Business Pivot

The technology of IoT means beyond establishing connections between devices and systems, but it’s also opening up new opportunities for creating new products and services. According to a recent Forbes Insights survey, 60% of enterprises are expanding or transforming with new lines of business with the help of IoT. Some pivots are driven from the inside with the need to grow and scale, while others are driven by the environment, like the disruptive innovations of Gojek to mass public transportation or MUJI’s self-driving bus.

However, more importantly, the advantages of IoT go deeper than merely profit and revenue growth. Here are examples of business pivots using IoT.

AI for Retail Business Sector

Artificial Intelligence (AI) has become a key element in the digitalization of in-store retail by personalizing the customer experience and creating a more engaged business-to-customer interaction, in both virtual and physical sales channels. For instance, luxury fashion retailer Farfetch has come with a solution platform that links online and offline channels using data to enhance the retail experience called Store of the Future. The platform allows businesses to collect customers' data while browsing in-store, then their information and habits will be stored in Farfetch’s database so the company can find out about their personal style.

Tech Partner for Banking Sector

The integration of IoT within the financial services industry refers to the material infrastructure that facilitates the transmission of financial data between customers, financial institutions and commercial businesses. This networked economy of connected devices has the ability to accelerate banking services and operations, and also allow customers to make contactless payments and track their spending with great accuracy. To ensure the operation goes smoothly, reliable and secure connectivity is needed. Telkomsel IoT Managed Service Connectivity offers cost-effective services like turnkey end-2-end connectivity using the 2G/3G/LTE spectrum or other alternative options like Leased Line or VSAT. Collaborating with various industry partners, Telkomsel MSC will help your enterprise operate anytime, anywhere, with total peace of mind.

New Technologies in Media Sector

Data and the highly targeted opportunities it provides are arguably too attractive for the media sector to ignore. According to a report from Ernst & Young, the presence of IoT in the industry means getting their minds and business models around it. For example, using IoT, news and information can now be delivered on household appliances or video streaming in self-driving cars. This also opens up new possibilities for media companies to understand what a person is watching, as well as to measure how, where, and why customers are viewing content via sensors within IoT devices. As a result, this new level of insight will allow media companies to deliver targeted advertising that is relevant to a person’s mood, physical activity or location in real-time.

The Internet of Things delivers a compelling value for enterprises because it brings together data and intelligence to deliver new ideas and ways of doing business. By discovering and acting on the rich data from the devices and systems, businesses will have deeper views on their customers’ requirements, making them easier to innovate customer experience that was never before possible.