Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ firms unwilling to go down Internet of Things rabbithole

NZ firms unwilling to go down 'Internet of Things' rabbithole, industry report shows

By Paul McBeth

June 29 (BusinessDesk) - New Zealand companies are reluctant to roll out 'Internet of Things' services, despite the country's preparedness and potential economic gain of doing so, according to an industry report.

The IoT Alliance was launched in March to pool government and industry resources to capture the gains on offer from the rise of machine-to-machine connectivity, and today released a report estimating just nine applications could generate between $1.1 billion and $3.3 billion in productivity and efficiency gains to the economy over the next 10 years.

"The economic analysts derived this number from the productivity and efficiency benefits of a mere nine applications of IoT across agribusiness, cities, utilities, asset management and manufacturing," the report said. "The potential benefit to the total economy could be significantly higher."

The research showed 70 percent of New Zealand firms are in the process of preparing strategies for the new technology in the belief it will be "transformational or strategic to their business", however just 14 percent have actually deployed solutions with investment typically held back by a lack of understanding of the benefits by senior executives, concern over being tied to proprietary systems, the fast-moving pace of technology, and a lack of clarity over privacy provisions.

To overcome the lack of uptake, the report's authors say industry, government and academia need to work more closely together to reduce fragmentation, primary and secondary schools should place greater emphasis on digital learning, and tertiary education should offer more courses where students can develop skills for future jobs. The report also says the government should remove barriers deterring research in IoT and try to educate businesses about standard protocols to ease fears about adopting the technology.

New Zealand's telecommunications infrastructure is already acknowledged as being among the world's best since the government-sponsored roll-out of a national fibre network, and carriers anticipate fifth-generation mobile technology will start coming on stream in 2020 to complement that backbone, providing faster connectivity and shorter latency times to support 'Internet of Things' services.

The IoT Alliance report recommends hardware vendors need to focus their sales pitches more on the value of data rather than the technology itself, and should work together "to build alliances to create the momentum to enable scaled deployments".

The report said "the government should be the catalyst for change" by driving investment through introducing an IoT strategy, framework and policy, including a review of the Privacy Act to replace an "outdated principle of 'data minimisation'," and modernise it for a "data rich" environment.

"A clear government position on IoT will help New Zealand to deploy cohesive and unified smart city initiatives across the country," the report said. "Government investment in flagship IoT initiatives will also accelerate New Zealand's transition into a digital nation and propel New Zealand's productivity."

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Economy: COVID-19 Contributes To 1.6 Percent Fall In March Quarter GDP

Gross domestic product (GDP) fell 1.6 percent in the March 2020 quarter, the largest drop in 29 years, as the initial effects of COVID-19 restrictions impacted on economic activity, Stats NZ said today. This quarter’s GDP results showed a widespread drop ... More>>

ALSO:


Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

ASB: Investor Confidence Falls To Four-Year Low

As the world grapples with the fallout from the most significant pandemic the world has seen in a century, economic concerns are weighing on investors, dragging investor confidence down to a four-year low in the first quarter of the year. For the three ... More>>

ALSO:

Science Media Centre: Funding For R&D In New Zealand – Expert Reaction

Research, Science and Innovation Minister Dr Megan Woods has today announced $401.3 million funding for research and development through Budget 2020 and the COVID Response and Recovery Fund. The fund includes $150 million for an R&D loan scheme, ... More>>

ALSO:


Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO:


Science Media Centre: Understanding 5G Concerns – Expert Q&A


Recent attacks on cell phone towers have brought concerns over the rollout of 5G technology into sharp relief.
While scientific research has consistently shown that the technology does not adversely affect human health, public concerns about its impact have spread around the world, fueled in part by growing misinformation online. The SMC asked experts to comment... More>>

ALSO:


Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest ... More>>

ALSO: