Kgaogelo Letsebe: Business models must adapt to IOT now

The exponential nature of the Internet of things (IOT) is changing the nature of the business models and companies need to adapt or risk being left behind.

This is according to Brett StClair, head of digital product management at Absa, who was delivering the keynote at Schneider Electric IOT event held in Johannesburg yesterday.

According to StClair, as with the nature of IOT, more products are becoming services and in so doing changing many a business model. "If you are trying to compete with existing infrastructure and you are an existing business with legacy challenges in technology trying to catch up will become difficult. Companies need to start thinking on how do you leapfrog to be on par. The most important thing about the exponential growth is to know where you are now."