Reimagining Business in the Connected World
The Internet of Things (IoT) has created significant growth for Communications Service Providers (CSPs) with device connections increasing 20-50% annually over the last two years. The IoT boom has expanded business opportunities for CSPs beyond connectivity to security, applications, analytics, and cloud computing. To capitalize on these prospects, CSPs should realign their service strategy and operations.
Challenges many CSPs face include:
- Struggle to build scalable platforms that include a self-serve ability to try and test IoT devices
- Building partner ecosystems for purchasing and developing services and connecting with developer communities
- Developing and launching an interoperable platform that supports IoT access and enables wholesale, enterprise, B2B, and B2C business models
- An inability to experiment with legacy organizational structures when determining accountability for products, security, applications, analytics, and cloud computing
- Missed opportunity to monetize analytics through a ‘data-as-a-service’ business model
- Not leveraging supplier relationships to deliver on a joint ‘go-to-market strategy where have common customers
By fully utilizing the IoT, whether in applications, system management and monitoring or other functions, CSPs can improve operating efficiency and reduce capital expenditures (CapEx) and operating expenditures (OpEx).
VirtusaPolaris’ consulting-led business transformation practice engages with operations and business teams to identify business and IT processes that can be improved.
The VirtusaPolaris SMART IoT SkyLab: Helping CSPs Reimagine the Future
VirtusaPolaris SkyLab, together with our partner ecosystem, provides a platform that enables operators to quickly test concepts for connected cars, smart homes, e-health, usage-based Insurance and other new technologies and improve time-to-market. SkyLab collects data, performs analyses, and shares key insights with enterprises.
Our goal with SkyLab is to help customers discover new revenue opportunities, open new markets and service lines, and improve products and services through insights gained from the IoT.
VirtusaPolaris’ SMART IoT SkyLab enables IoT readiness in four areas:
- Processing high-volume data and information streams
- Storing large volumes of information
- Executing predictive analytics based on historical data
- Leveraging machine learning to drive adaptive analytics and respond in real time
SkyLab also provides an integrated platform to innovate across IoT, machine data analytics, artificial intelligence, and augmented reality.
VirtusaPolaris' IoT ecosystem for CSPs
Our IoT Business Models to improve topline revenue for CSPs
- Technology sweet spot
- Developing ‘deployment ready’ framework & platforms
- Infrastructure design
- Rapid deployment of IoT solutions across domains
- Cost optimization – e.g. usage based billing
- Value added services – e.g. data back-up, network monitoring, systems management etc.
- Product Support & Maintenance
- Creating greater value for clients & prospects
- Fast & cost-effective way to build market awareness & sales interest
- Leveraging strengths of partners (brand image and credibility)
- Market differentiation for the Joint Marketing partners by virtue of their collaboration
SkyLab – Features & Benefits
- A platform to try and test the IoT ecosystem
- Access across all five layers of SkyLab
- Ability to collect, analyze and share while monetizing the data
- Improved customer experience and enterprise experience
- Cross-vertical integration with other verticals such as healthcare, banking, retail, insurance, and logistic