Internet of Things radically transforming business
11 October 2017
The Internet of Things is radically transforming the world and creating opportunities for businesses in virtually all industries according to a panel of business leaders, speaking at the City of Richmond’s annual economic development networking event.
“It is estimated that, by the year 2020, 24 billion devices will be connected to the Internet,” Richmond Mayor Malcolm Brodie told the audience of over 100 local business people attending the October 5 event. “This equates to four devices for every human being on the planet. Vehicles, equipment and appliances can all be connected to the internet to improve our daily lives. And in the City of Richmond, we see how smart devices and networks can help manage our pipes, roads and streetlights while we monitor our important civic infrastructure.”
The Internet of Things, often referred to as IoT is simply defined as the interconnection through the internet of computing devices embedded in everyday objects, enabling them to send and receive data. A panel discussion reflecting on the impact of the IoT included Jason Krause Senior Vice President and General Manager, Enterprise Solutions Business Unit, Sierra Wireless; Christopher Chong, President and Chief Executive Officer, SST Wireless; and Clint Undseth, Vice President Innovation, Stuart Olson.
Panel moderator Pam Ferguson, who has led IoT divisions for major telecommunications companies, opened the discussion and noted that IoT is a ‘disruptive’ technology that is impacting virtually all industries.
Sierra Wireless’ Jason Krause touched on IoT’s impact on changing business models and how it is transforming customer experiences in sectors ranging from automotive, retail, security and major industry. Sierra Wireless is a world leading IoT integrator, headquartered in Richmond.
Chris Chong, CEO of Richmond-based SST Wireless, highlighted the biggest impact
of adopting IoT technology is collecting, measuring and analyzing data to drive better and faster business decisions.
Clint Undseth of construction giant, Stuart Olsen, said companies must focus on the culture, change management, and governance aspects that are needed by organizations to successfully integrate IOT technology into business operations.
Also speaking at the event was Scotiabank Senior Vice President and Chief Economist Jean Francois Perrault, who provided an overview of current national and international economic trends, on the heels of the bank’s release of its quarterly economic outlook .
Perrault said Canada’s GDP is expected to grow above 3 per cent this year, “much, much better than previously forecasted.” He said the biggest surprise in the current growth spurt has been how businesses are responding to economic recovery - increasing capital spending in just about every sector. Trade flows are also surprisingly very strong noted Perrault, as are job growth, consumer spending and consumer confidence.