Skip to content

City of Richmond panel discusses the 'Internet of Things'

Business leaders from the communications and banking fields converge
Internet
(from left) Jean-Francios Perrault, senior vice president and chief economist at ScotiaBank, Mayor Malcolm Brodie and Christopher Chong, president and CEO at SST Wireless. Photo submitted

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 a City of Richmond networking event.

“It is estimated that, by the year 2020, 24 billion devices will be connected to the Internet,” Mayor Malcolm Brodie told the audience of more than 100 local business people attending last week’s 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, a senior vice president at Sierra Wireless, Christopher Chong, president and CEO at SST Wireless and Clint Undseth, vice president of Innovation at 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.

Krause - whose Sierra Wireless is a world-leading IoT integrator, headquartered in Richmond - 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.

While Chong highlighted the biggest impact of adopting IoT technology is collecting, measuring and analyzing data to drive better and faster business decisions.

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.