Internet-of-Things (IoT) application to Smart-building management system: A business model in Vietnam
Author: Nguyen Dang Tuan Minh1, Ly Thi Minh Pham2, Duc Nha Le2 Affiliation 1 : KisStartup Innovation Consulting, Coaching, Mentoring ; Affiliation 2 : Faculty of Business Administration, Ton Duc Thang University
Cyhome (a production of CyFeer JSC) is a resident-friendly building management solution that streamlines processes and communication between property managers, residents (owners or tenants) and service providers, in a transparent and convenient way, is providing the standard for IoT appliances providers to integrate into their system to provide the services for the whole system. Acting as an IoT hub with diversified standards available, Cyhome is potential for scaling up. IoT is applied in early stage but has potentials in having impact on real estate business. The challenge for the business model is technical application which is still at early stage. The lack of technical partners and the fast growing in sales in pushing the businesses are big challenges.
CyHome holds a database of customers information, their habit, usage log and behavior which can be the essential base to develop new business model such as physical devices (IoT), renting and booking (CyHome can increase the cover rate of serviced apartment by manage the OTP) and advertisement. All these activities above can be done by their partners such as IoT companies, real estate agency or media agencies. What makes CyHome’s business model different and potential in the market is the ability to capture insights and behavior of users to create new values. In Vietnamese market, there has never been an open platform for smart building management. This is a strength that can help develop new business models and create flexibility in the future. With advantages of pioneering in the market and orientation to build the platform, CyHome is a business model with strong potential in the future, not only in Vietnam but also in the regional market.
+ Delivering a panoramic glance at IoT application products market and opportunities for relevant business projects in the field of IoT-enabled system management for smart homes and buildings in Vietnam;
+ Demonstrating the increasing need for IoT-based solutions to smart property management systems due to prevalence of Internet connected devices;
+ Introducing and analyzing the case of CYFEER – an emerging startup whose products and business model canvas are the pioneering initiatives in a developing country;
+ Widening the contemporary mosaic of entrepreneurial anecdotes regarding IoT application projects which ultimately strengthening the rising tide of high-tech start-ups;
+ Providing an actual business situation whose details and implications would be beneficial to future similar projects.
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Source: 2018 Business opportunities and innovative models driven by the Internet. Cases in Vietnam. Organizers: TDT University, Feng Chia University, PWC, TSing Hua University,