If Australian businesses and consumers do not naturally embrace change, or do not act on it very quickly, they risk the chances of being left behind on a global level, according to Cisco A/NZ vice-president, Richard Kitts.
He was speaking at the Cisco Live! 2013 State of the Business Update session in Melbourne.
According to Kitts, when addressing the Internet of things, we’re in the state of great change at the moment, but we’re underestimating how big the changes are going to be.
He mentioned that technology is changing rapidly, and it’s all about speed.
“There are estimates that you could unlock something like 4G, worth trillions in value, in terms of streamlining and making efficient processes, business in social environments, or value creation. This is a challenge for every industry,” he said.
Kitts mentioned that South East Asia is adopting technology rapidly, and Australia needs to gain that momentum in keeping par with the rest of the world.
“Australia is an early market adopter but I wouldn’t categorise it as a leader; we don’t always have the same artifact as the rest of the world in terms of global trends.
“The velocity that you see in South East Asia in creating a vibrant digital economy that gives them global relevance, it’s so passionate. And this is something that we have to do to keep ourselves relevant on a world stage,” Kitts claimed.
He said the growth in mobile apps, etc. is just the tip of the iceberg for the Internet of things and the direction of these trends is pointing at data growth.
“As such, we see a lot of opportunities for the service providers, for the banking sector, and for businesses in the retail space. Verticals to focus on include healthcare, education and government,” he said.
Kitts added that in keeping up with these technologies, businesses should be commercially flexible and think about distributed intelligence.
“There might be a variable consumption model but there is no such thing as a variable production model. We need to be commercially flexible and enable our partners to match their costs with their revenues.”
Cisco office of the CEO and chairman senior vice-president, Carlos Dominguez, said there is a transition point coming, where technology is going to start adapting to us.
“When we stop having to learn about technology and it learns us, that’s when there will be a shift and the value propositions will be much greater. That’s the next movement I see and we’re moving very rapidly towards it,” he said.
Dominguez added that the art of this is not to imagine the world through the lens of what we know but through the lens of capabilities of what is possible.