Forum hears benefits of Internet of Things

“IoT is here. It is now and big,” was how Wim Elfrink, executive vice president for industry solutions and chief globalisation officer of Cisco, described the importance of this technology in a keynote speech at the second “Internet of Things World Forum” in Chicago on Tuesday. The forum ends today.

Hosted by Cisco Systems, a US-based network-system provider, the forum provided a platform for visionaries and leaders to discuss current and future opportunities, and ultimately set an agenda and blueprint for the future of IoT activity.

Elfrink said that according to a survey by his company, about 95 per cent of the 230 top executives who took part in the poll were planning to deploy IoT within three years, while 63 per cent said they would fall behind competitively without the technology. Additionally, 58 per cent of respondents said they needed government to adopt this technology further to ensure the future of their business. 

IoT investments in manufacturing, the public sector, transport, retail, oil and gas, utilities, and metals and mining are expected to grow in the next couple of years in order to improve their effectiveness and optimise business outcomes. 

The Internet of Things is defined as the interconnection of uniquely identifiable embedded computing devices within the existing Internet infrastructure.Elfrink claimed the IoT had accelerated business opportunities and created global economic value of US$8 trillion (Bt259 trillion). Of this figure, $6.4 trillion is in the private sector. 

Mining and energy appear to be among the key private sectors that are planning to invest in this technology. 

John McGagh, head of innovation at Rio Tinto, a British-American metals and mining giant, shared his experience with IoT at the forum. He said the company owned and operated the world’s largest autonomous haulage fleet, which was in full production mode at three mine sites. These machines were mobile sensor platforms and generated information for the operation centre.  

Arjen Dorland, executive vice president for technical and competitive information technology at Royal Dutch Shell, acknowledged that the energy industry was becoming increasingly digitised. He predicted that IoT-enabled solutions had the potential to reduce greenhouse-gas emissions by 16.5 per cent by 2020.  

“The Internet of Things is not really about things. It is about creating new intelligent systems made possible by ubiquitous interconnectivity. It also changes the way to do business and interact with customers,” he said.

In the public sector, Chicago is renowned as a model smart city that has adopted IoT technology for effective management. Deputy Mayor Steve Koch said IoT had improved the way people interact with the government. 

The city has installed a number of sensors, surveillance cameras and Wi-Fi hotspots in public areas. With this connected infrastructure, the government is able to analyse and utilise real-time information from the sensors to cope with problems ranging from weather, traffic congestion, and public transport to public security. For example, residents can see which areas have been cleared of snow by using the “Plow Tracker” application, which is run by the city.  

Vatsun Thirapatarapong, managing director of Cisco in Thailand, told The Nation in a separate interview that in terms of technology development, Thailand was considered one of leading countries in the region. Undoubtedly, Thailand will adopt IoT technology in the near future, especially in government, manufacturing, energy and utilities. 

“If the key infrastructures are ready for this convergence, we hope that IoT will play a key role to improve business outcomes in each sector as well as to enhance life in the cities,” he said.