On the business side, he said IoT may bring unclear benefits to organisations, which may be a result of lack of awareness on the new technology and complexity of implementing the IoT initiative.
As such, Foong said it is necessary to educate all stakeholders about the IoT project. Organisations should also partner service providers which understand the business challenges, are willing to co-innovate, and have a reliable and secure network to enable IoT applications.
"We believe IoT will deliver transformational changes so enterprises have to embrace that change," said Foong. "If they do not adopt IoT and their competitors gain competitive advantage by using IoT, it may be difficult to catch up then."
Hence, he explained that in order to lead the change, businesses must be innovative and always look for fresh ideas.
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