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Rise Of The Machines And Fear Of The Unknown

The Internet of Things (IoT) concept is gaining popularity within the Malaysian tech scene. The impact will be felt across all industries and it will affect the way we live, play and work. Many government backed activities and events are being organised with a steady rise in participation. There is ramp up in activity on network operators as Low Powered Wide Area Network (LPWAN) technologies mature and prepare to roll out in Malaysia. Khazanah Nasional, the Malaysian Government investment arm has also invested in the global IoT connectivity service provider, Sigfox.

While all of this is well and good, what are Enterprises feeling about adopting IoT into their businesses? IoT Integrator (IoTi) have been engaging customers from across industries for the past 6 months and we have been observing the response pattern of potential customers. Here are some FAQs:

  1. Where has this been deployed before?

  2. Where are the devices made?

  3. How will this solution save/make money?

  4. Can you demo?

  5. How to manage security and Private Data Protection (PDP)

According to this Bell Curve, the largest profit opportunity lies within the early adopter curve, where the risk level is the highest. At this point, investment is made in procuring technology that is yet to be proven within the mass markets. If successful, early adopters can make headway, reap benefits and dominate the industry, until competitors from the early majority begin to catch up.

Truth is, when investing in new tech, one can do all the analysis, justify the business case and forecast returns only to mitigate a certain level of risk. There will always be a field of unknown to deal with, and that’s where you “cowboy up” and just go for it.

By 2020, pundits predict there will be 3 connected devices in Malaysia for each citizen. This will inject RM10 billion into the Malaysian economy. If you are an early adopter, you have the second half of 2017 to analyse and target to invest latest by June 2018. Your investment should go live and begin generating returns by January 2019, and by 2020, you are on your way to achieve your Return on Investment (ROI).

“People fear what they don't understand and hate what they can't conquer.” Andrew Smith

So, let’s talk about it, build your understanding and conquer your fears. Swift, calculative decision making is what brings the big bucks today in business. IoTi is a thought leader in IoT adoption and we have the right methodology to analyse, realise and justify your IoT investments.

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