This article is sponsored by Huawei
Due to rapid digital transformation fuelled by IoT and cloud services, industry ecosystems are being reshaped, causing them to overlap with one another. As a result, enterprises working alone will be unable to compete in the market, this is according to a new report by Huawei titled Digitalization: Think, Act, Accomplish.
The 100+ page report outlines the imminent technological and strategic changes, challenges and opportunities facing a wide range of industries. In particular it advises that in order to succeed, enterprises need to choose sustainable ecosystems in order to establish long-term competitiveness.
Digital transformation is seen by more and more businesses as being absolutely necessary for future development," says Deputy Chairman of the Board and Rotating CEO of Huawei, Guo Ping. He adds that "While a digital awareness is crucial to seizing opportunities, action is equally important. Once a business has set its strategic direction, it needs to take solid action and follow through on its plans."
To help, the extensive report provides detailed advice on best practices in digital transformation, gleaned from Huawei's own projects, its customers and partners. Below are a selection of highlights:
Internet of things
Huawei forecasts that by 2025, there will be 100 billion connected devices, used in every area of business and life. Whilst possibilities to create value leveraging IoT are everywhere, challenges related to standardisation, connection parameters, security and monetisation exist.
To ensure a satisfactory return on their investments, companies will have to set clear goals based on their business strategy. Then their IoT journey can truly begin.
The start is often the hardest part, but once the momentum builds and the steps fall into place, so it becomes easier for enterprises as they move ahead. A simple three-step process can be applied:
Step 1: Build connections to gather data
Connectivity is the foundation of IoT. Connections vary in type and match different scenarios. When deciding on which type of connection, companies need to have a forward-looking strategy in mind; they need a connection that's stable, secure, and scalable - and, of course, at the optimum cost. For example, with smart parking, remote metering, and smart homes, as well as a myriad of industrial and manufacturing scenarios that have massive data transmission requirements, it is important to build connections that ensure low latency, wide coverage, and low power consumption. This is where Narrowband IoT (NB-IoT) comes into play.
Sign up for CIO Asia eNewsletters.