From Phones to the Industrial Metaverse: Nokia’s Shift to B2B and Strategies for Growth

Nokia, the Finnish tech company associated with mobile phones for decades, has unveiled a new corporate strategy that involves the metaverse and a complete rebranding. The company has changed its iconic logo and presented an ambitious vision for the future at a press briefing at Mobile World Congress 2023 in Barcelona. 

Nokia’s Chief Strategy and Technology Officer, Nishant Batra, revealed that the company aims to capture opportunities in the industrial metaverse by developing network systems that can sense, think, and act instead of just connecting.

The change from the classic, well-known logo to a modern, DJ-inspired design reflects the company’s renewed focus on business-to-business (B2B) operations and its move away from the consumer-facing past. While some people have expressed nostalgia for the old logo, others believe that the new design better represents Nokia’s current brand identity and vision for the future. 

Nokia outlined a new business strategy that includes leading the market through innovation, expanding its enterprise customer base, managing its portfolio to become a leader in all segments, and monetizing its intellectual property across various sectors. The company also intends to introduce new business models such as “as-a-Service” and use its focus on environmental, social, and governance (ESG) standards to its advantage.

“Our updated company strategy is supported by our technology strategy, which details how networks will need to evolve to meet the demands of the metaverse era,”

Nokia wrote.

In another blog post, Nokia stated that the industrial metaverse promises to deliver numerous benefits across various industries. By leveraging this technology, organizations can enhance safety and sustainability, increase automation and prototyping, and facilitate more agile research and innovation. 

On the other hand, Microsoft recently shut down its four-month-old industrial metaverse and laid off around 100 employees.

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