On a Journey of IoTising Business

“IoTise” or “IoTising” can be a new term coined by FAVORIOT, and it’s the process of transforming organization operations or business using IoT technology.

Digital transformation doesn’t happen overnight, but it will start with the organization’s leaders that can Champion the initiatives. If an organization is “old,” it will have more internal challenges because of the different cultures and Era.

Technology is not the main stumbling block, but it has to plan early to ensure no wastage and have better buy-ins.

Below is the interview taken from Exeleon Magazine recently.

On a Journey IoTising Business Click To Tweet

What, according to you, makes one a dynamic leader? How do you integrate the same thought into your leadership?

Answer: In the era of the fourth industrial revolution, whereby digital disruption is happening all the time, a dynamic leader should be able to be agile enough to respond to the technological and business landscape. A person that willing to unlearn and relearn new things.

What led to the formation of FAVORIOT? What role do you play in the day-to-day proceedings of the company?

Answer: In the year 2016, I visited Silicon Valley on a business trip with several Malaysian business delegations. The exposure and the meetings with several big companies and Startups open the mindset that “anything is possible if we have a great vision.” FAVORIOT was officially formed in 2017 with the vision to help Senior Citizens who are aging at home to be monitored closely using wearable devices (IoT) and mobile applications.

What has the journey been like for Mazlan Abbas over the years? Looking back, what would you have done differently when starting?

Answer: Most of the time, technology is not the main obstacle to adopting the solution. It takes time for people to understand how technology like IoT can transform how they conduct business or run their operations. FAVORIOT is one of the earliest IoT Startups in the country. We have tried building several solutions internally, but the effort is huge to cater for different customer needs. Finally, we realized that our strength is the IoT platform we built which we have now offered to other ecosystem players. We could have captured the education market sector much earlier before moving up the value chain to business or corporate customers.

What is the process followed by the company when offering its services? How do we ensure optimal client satisfaction?

Answer: Education through training and webinars will open the eyes and minds of the customers. We encouraged the customers to think big but start small to get the buy-in from their C-suite levels. Understanding their business case and pain problems is critical in the early stage to ensure no wastage of effort later. It will be followed up with integration to their legacy systems before scaling up the deployment. In the final step, they will collect enough data to create new revenue streams, save costs, create new business models, or gather better insights regarding their business.

What would be your advice for young and aspiring leaders or entrepreneurs?

Answer:

  1. Test your ideas early.
  2. Get feedback regarding your product and iterate until you get the product-market fit.
  3. Don’t be ashamed if the original ideas failed or were not accepted. 

What has been the biggest roadblock during your journey? What has been your most significant learning?

Answer: The biggest roadblock is getting the first few customers that trust your product and solutions. What we feel about our product might not be the same as what the customer sees. The most significant learning is getting the product-market fit as fast as possible.

Moving forward, what does the future look like for you and FAVORIOT?

Answer: The users of FAVORIOT IoT platform started from less than three countries in 2017 and now have grown to 115 countries in 2021. We see the market for IoT has begun to grow faster in the last three years due to the awareness and fusion of many technologies such as Artificial Intelligence, Virtual Reality/Augmented Reality, Blockchain, Big Data Analytics, Robotics, and Drones. In all IoT deployments, it will require some form of an IoT platform, and this is where FAVORIOT would like to excel – To IoTise all Businesses.

Credit: Exeleon’s 100 Dynamic Leader

Credit to Exeleon Magazine

Digital Link – https://magazines.exeleonmagazine.com/100-Dynamic-Leaders-of-the-Year/

Web Version Link – https://exeleonmagazine.com/100-dynamic-leaders-of-2021/

Article Web Link – https://exeleonmagazine.com/mazlan-abbas-of-iotising-businesses/

Credit: Exeleon’s 100 Dynamic Leader

Articles worth reading:

  1. How We Build Our First IoT Product
  2. How We Build Our Second IoT Product
  3. How We Build Our Third IoT Product
  4. How We Build Our Fourth IoT Product

Why IoT Adventure Book?

When I have this idea to write another E-book on Internet of Things, I was trying to figure what’s the best way to share my IoT journey.

Earlier, I have published two E-books – Your IoT Journey (815 downloads) and IoT Notes (1445 downloads). Both of these E-books I have made it available for free. Initially when it was first launched, it was offered at a price below USD 2.99.

In the latest E-book, IoT Adventure, it will go deeper into the business of IoT. Mainly it will be from my personal experience venturing into IoT entrepreneurship.

IoT Adventure – Your IoT Adventure Begins Here

IoT Adventure Contents

It will highlight several things (list is not exhaustive):

  • Why is IoT as the main business?.
  • In which area should we focus in IoT since it covers a very vast area.
  • Who and where do we find the customers?
  • Do we really have IoT killer apps?
  • How do we build the first IoT product?
  • What are the things we need to avoid failure?
  • How do we market our IoT product?
  • How do we price our solutions?
  • What are the business models?
  • What kind of support is required?
  • How do we grow our IoT business?

You can check more of the IoT Adventure contents here.

Personally, it has been a very exhilarating adventure when I decided to embark on this journey. We have failed and learned a lot and it’s about time to share some of my experience so that we can help new IoT entrepreneurs to be more successful in their mission to solve their customer’s problems.

But I also would like to open to comments from the readers to share their thoughts and experiences about their IoT business too and how it can help the whole IoT ecosystem to spur and grow exponentially.

Sign-up – Please inform me of your new IoT Adventure eBook!

The path in building an IoT business is not straightforward – especially when it involved many IoT Ecosystem players, new market and mindset transformation.

Dr. Mazlan Abbas