IoT, the next step in local digital economy
Part of what IoT is, is “big data analytics” and, if harnessed properly, it means big money for many businesses, especially those in consumer industries.
McKinsey Global Institute says in a report last year that IoT could have an economic impact of US$4 trillion (Bt140 billion) to $11 trillion a year by 2025.
Most in Malaysia will not know |it, but IoT pervades many areas of life.
For example, inside Nestle Malaysia’s headquarters in Petaling Jaya, there is a room with a screen covering an entire wall that tracks key words related to the company’s products on the Internet.
Key word tracking
The sales force social studio is |where Nestle’s Malaysian digital |acceleration team, which was set up |in early 2014, analyses consumer trends specifically for the company’s social media campaigns and market research.
Michelle Yap, a member of the team, said the tracking of the key words happens in real time.
“We’ve conversation clouds for tracking keywords that go around Maggie or KitKat,” she says.
The company’s recognition of the potential advertising opportunities that come from big data spurred the formation of the digital acceleration team, she says.
However, this is only one aspect of IoT, another is efficiency. The data collected are used to make businesses more efficient and better able to react.
The Malaysia Digital Economy Corp (MDEC) is the government agency tasked with rolling out initiatives supporting the digital economy and the development of the MSC Malaysia initiative – the platform used to nurture local technology firms and attract investments from local and foreign sources.
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