2017 UNSW Business Society Bizzness Magazine: Innovation by UNSW Business Society

BIZZNESS

Contents B I Z Z N E S S: I NNOVATI O N MAGA Z I NE

BIZZNESS

C Stands for China

The Rise of Robotics

Mind of Musk

An insight into the hustling economy of China

The prevalence of artificial intelligence is increasing - are you on board?

How Elon Musk became the boldest entrepreneur

Interview with Seiya Takeda

Switch On! Switch Off!

The Future of Fintech

Founder of V-KAIWA talks through the struggles of entrepreneurship

How the innovation of social media has impacted our personal lives

A breakdown of one of the most promising industries of the future

Workplaces of the Future

Interview with Jeremy Lowe

The Internet of Things

The evolution of modern , innovative workplaces and its impact on workers

A look inside the life of an entrepreneur

A simple explanation of the growing influence of the Internet of Things

WRITTEN AND DESIGNED BY

VALENTIN LI YEE LIEN, LISA TIU, DYLAN DUAN, CHRISTOPHER SHI, B OYA N G J I A N G , A M Y Y U, C I N DY N G U Y E N , W I L L I A M Z H O U, V E R O N I C A L I N 3

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Written by Christopher Shi

stands for China Pudong, Shanghai

When I was in kindergarten, my teacher asked me where my parents were from.

After losing the First Opium War in the 1800’s, China signed the Treaty of Nanking, opening up five of their coastal ports to international trade. One of those ports was called Shanghai, and it would grow into the largest in East Asia, at the time.

I replied “Shanghai, China” but she’d never heard of it.

As the country adopted a planned economy after the Communist Victory of 1949, Shanghai’s economic growth stagnated for the next fifty years.

Shanghai was small at the time, but boy did it grow.

In 1991, Shanghai was once again opened up to the world, and foreign trade and investment flourished, just as it did over a century and a half ago.

As for its future, well, there are clues everywhere.

Today, Shanghai is one of Asia’s most significant economic and financial hubs, and China is the world’s largest manufacturer with its socialist market economy, second only behind the US.

THE PEOPLE There are two important generational cohorts in China. The first are the “Parents,” who grew up with Chairman Mao and the Cultural Revolution in a relatively unstable and closed China. Few graduated or even went to university, with many opting to pursue a stable, conservative career as unskilled labour in the manufacturing industry. The second are the “Kids,” who grew up with technology in a global China. Because of their improved education and living standards, many kids will not want to work as unskilled labour in factories like their parents before them, with most attending university and pursuing careers in business, law or in a growing tech industry. 6

China’s tech industry is booming, with the dominance of industry giants Alibaba and Tencent in domestic markets and the emergence of startup scenes in Beijing, Shanghai and Shenzhen. The country itself is already a global leader in big data applications and emerging technology research on artificial intelligence and automated systems. And as more and more kids grow up, they will shift the workforce away from unskilled labour and towards skilled technology-based industries, revolutionising China’s manufacturing industry. Parents would have worked at a Shanghai factory on the assembly line to put together your iPhone. Their kids will instead work from a Shanghai office block, designing a robot to put together your iPhone.

THE ECONOMY Kids will pioneer innovation and automation in China’s manufacturing industry, revitalising products and the way they’re made, and resolving issues of poor quality and reputation, just as Japan did half a century ago. Japan’s economy and manufacturing industry was left crippled after the Second World War. But under Uncle Sam’s watchful eye, the Japanese manufacturing industry was re-established, albeit plagued by intellectual property theft and counterfeits that undermined its reputation. This continued for two decades before a new generation stepped in and started innovating; some of their products changed the world, and many of the companies who made them still stand today. Part of the reason why Japan’s economy grew exponentially at the time was because of Uncle Sam’s investment and financial intervention after realising that they had no trade partners after the Second World War. Americans had little choice but to trade with Japan in order to sustain their economic growth, and as such, the reputation of the Japanese manufacturing industry which grew in the 60’s and 70’s.

Unfortunately, today no Western countries are particularly fond of Chinese-made products, whether they may be fake Gucci handbags or Rolex watches, or cars with 1 and a half star ANCAP safety ratings. So instead of selling Huawei phones to Donald Trump, Chinese companies target easily penetrable developing markets, focusing on research and development instead of forcing their way into Western markets. As Apple and Samsung fight over headphone jacks and exploding batteries, Chinese smartphone manufacturers Huawei, Xiaomi and Vivo have been quietly testing markets in India for the past three years, establishing a dominant market share there and improving their own products. Recently, these products have begun to enter the Western market, unexpectedly captivating users with their quality, performance and rock bottom price, posing a huge threat to established industry in other countries. And as smartphones become more and more expensive with more and more incremental improvements, Chinese companies have a unique advantage in an ever-more frugal society wanting more for less.

THE WORLD To further engage with these developing markets, China proposed its “Belt and Road Intiative,” a massive infrastructure development project that will construct ports in South East Asia and Africa, extend railway to Europe and finance infrastructure projects abroad. Using this project, China wants to grow economically by bringing trade and economic activity to itself and developing nations, and strengthen the Renminbi Yuan to be used as a primary trading currency alongside the US Dollar. China will expand its influence over a more-forgotten half of the world, bringing technological innovation and leading economic growth. Within a few years, experts forecast that this project will already have changed hundreds of billions of lives in China, other countries and even the world. And if it succeeds, it will be the single biggest disruptor to the global economy since the First Industrial Revolution. But with a cost that’s predicted to go into the trillions, funding could be the single biggest hurdle that China has to overcome before this project nears fruition.

As China reaches out eagerly to developing nations asking for contributions, some are equally as reluctant as China is eager, to reach deep into their own pockets. This can be explained by comparing the cities of Shanghai and Hong Kong. Both megacities are financial hubs in Asia, with their own stockmarkets. So why, time and time again, does Hong Kong outrank Shanghai as a financial hub? As a British Colony, Hong Kong’s financial system operated under British Court of Law, giving investors full protection under the legal system. Even after Hong Kong was handed over to China thirty years ago, the legal system remained. In comparison, China’s legal system is significantly underdeveloped, prone to corruption, and lacking in certainty. So as one thing rolls into another, the final line for China returns full circle back to morality and ethics. Honesty, trust and integrity need to form the basis of society. As China mounts legal reforms in the coming five years, funds will flow in, and only then will the “Belt and Road Initiative” start to pick up pace as the world looks at China as a modern, developed and sophisticated nation. 7

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THE RISE OF ROBOTICS

Written by Lisa Tiu

Will your dream career be next one to be <deleted>? RISING PLANET OF THE ROBOTS? SCI-FI MOVIE BECOMING REALITY?

The talk about robots taking over the world may still seem like a sci-fi movie plot that you laugh at, but the reality is that robots already have begun to or completely taken over multiple jobs in our society. This has made numerous jobs redundant and issues arise, such as individual privacy. However, it also created an opportunity for new jobs and sectors in the industry. Robots are machines that have the ability to carry out a complex series of actions automatically, in particular those that are programmable by computer. They are able to perform at maximum productivity with minimum costs. Industrial robots have been used in the manufacturing sector for decades however, in the recent years it has become more commonly used for medical, agricultural, warehousing and hospitality purposes. Current integration of robotics in the industry range from Robotic Process Automation (RPA) in the financial industry, fastbrick robots in construction, surgical robots and driverless cars.

EY: Robotics Process Automation EY uses a virtual workspace filled with software robots that reflect the performance of humane tasks through software interfaces. The Robotic Process Automation (RPA) are designed to achieve high returns on investments without a legacy system or process changes. Robots are advantageous against humans in the support process as they are more accurate and frees up human capital, allowing them to focus on more complex functions. Using the RPA system also reduces backlog during high demand. Other financial and shared service businesses such as ANZ, Westpac and Telstra have been capitalising off this transformation process as it is easy for companies to set up. It also provides the opportunities for businesses to run offshore business processing hubs which costs the cost of services. Although each company uses RPA is a slightly different approach, it is undeniable that the absence of RPA in a company is considered â&#x20AC;&#x2DC;falling behindâ&#x20AC;&#x2122; in the market.

Fastbrick Robotics: Hadrian X Chief executive of Fastbrick Robotics, Mike Pivac explains how the robot is able to build a 4 bedroom house in 2 days, with the astonishing speed of laying 1,000 bricks in 1 hr which usually takes 2 human bricklayers approximately 1 whole day to complete. The benefit of human bricklayers working alongside machines is it extends their work life from 40s to 50s or even 70s as it reduces certain work risks. Mr Pivac proudly explains Hadrian is one of the first robots to work outside of a controlled environment.

Surgical Robots

Predictions About Robots IDC reveals its predictions for worldwide robotics: 1. Robot as a service 2. Chief robotics officer evolving competitive landscape 3. Robotics talent crunch 4. Robotics will face regulation 5. Software defined robot 6. Collaborative root 7. Intelligent robonet 8. Growth outside factory 9. Robotics for ecommerce

Recent experiments conducted in the US shows that a surgical machine to suture soft tissue has outperformed human surgeons which demonstrates the potential for robots to perform procedures with more precision. Robotic assisted surgery most commonly consists of a camera art and mechanical arms with the surgical instruments connected to them. Other than surgical benefits of less pain and quicker recovery, the integration of robots in the medical field allow doctors to provide treatment at a lower cost which makes it more accessible to the general public.

Driverless Cars 2016 was the year of self-driving cars with Uber launching pilot programs in Pittsburgh followed by San Francisco and Arizona. Tesla has also started to install hardware in their newer models which allows full autonomy in October. Some other car companies investing in the development of driverless cars include Volvo which is launching 100 cars on public roads in Sweden this year, similarly with BMW and Ford. Google’s Waymo partnered with Fiat Chrysler to release some robot taxis but is still undergoing testings in California, Austin, Texas.

“Technological development in artificial intelligence, computer vision, navigation, MEMS sensor, and semiconductor technologies continue to drive innovation in the capability, performance, autonomy, ease of use, and cost-effectiveness of industrial and service robots," says Dr. Jing Bing Zhang.

Forecast Watson IBM’s Watson was initially developed in 2011 as a question answering system to win the quiz show, Jeopardy. With further R&D, Watson essentially a supercomputer which can replicate a high-functioning human’s ability to process and answer questions. Last year, Watson became a co-designer with Marchesa to create a “cognitive dress” for the 2016 Met Gala event. The software worked in conjunction with the designers to develop an evening gown which changed colour according to Marchesa’s followers and their emotions.

The International Federation of Robotic released a World Robotics Report in 2016 which outlined global trends: • EU is the global frontrunner with 65% of countries with above average robot to employee ratio • China is chasing up with 40% of worldwide market volume being sold in 2019 • 2019 will be the industrial robots boom, with numbers increasing to 2.6 million units

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MIND

MUSK innovate VERB Make changes in something established, especially by introducing new methods, ideas, or products.

Arguably the boldest entrepreneur on the planet, Elon Musk is probably a name you’ve heard once or twice. Things that come to mind include ultramodern electric cars, the revolutionary vehicles of the future, the Tesla. Subsided space travel, sparking an age of space tourism and a collective wave of excitement in the cosmos. The heart of his ideal is to improve humanity, shown in his multiple ‘side’ projects (Hyperloop, Gigafactory, Open AI, Neuralink) in addition to his main ventures. Innovation. Change. Above Musk’s marvellous inventions and the resounding global impact, he characterises the modern innovator. Behind his wild successes, lies a replicable attitude that anyone can implement within their own life.

FIRST PRINCIPLES “Find singular ways to create the new things that will make the future not just different, but better—to go from 0 to 1… The essential first step is to think for yourself. Only by seeing our world anew, as fresh and strange as it was to the ancients who saw it first, can we both re-create it and preserve it for the future.”

Peter Thiel

The foundations of an entrepreneur rests itself upon the simplest principles behind each action, whether it be settling business decisions or personal dilemmas. Musk’s philosophy finds its origins in Physics, subscribing to the First Principles school of thought. The concept of first principles as described by him, “Don’t follow the trend. Think in First principles, rather than reasoning by analogy, you boil things down to the most fundamental truths you can imagine and you reason up from there.” Thinking of simplification rather than the complex frameworks that

leave no room for personalisation and higher order

Elon Musk personifies a fighting spirit, discontent with

thinking. Innovation, by definition is ‘making changes to

the world around him and determination to make a

something established.’ As demonstrated by Musk this is

lasting change. His claims to colonise Mars by 2021-

recognising areas of weakness within the modern soci-

2031, using reusable rockets that could make space

etal matrix and applying logical solutions uninfluenced

flights 100x cheaper, seems fanciful even to the most

by common beliefs. Instead of relying on the assump-

ardent supporters.

tion that past actions that were true will continue to be in the future, Musk finds success in boiling issues down

In spite of this, Musk seems more intent on his long-

to it’s first principles to which new solutions emerge.

term vision than short term goals. Even exclaiming that he expected projects like Tesla Motors and SpaceX to

In Musk’s interview with Kevin Rose he says, “I think it is

fail, “If Tesla were to fail, it would be held up as a warn-

important to reason from First Principles rather than by

ing forever, a setback for electric cars in general. Same for

analogy. We reason with analogy because it’s like some-

SpaceX and commercial rocket companies.”

thing else that was done or it is like what other people are doing.“ Herein rests the philosophy he characterises,

Upon his philosophical foundation, First Principle

identifying solutions of issues through the tedious but

Thinking, Musk dismissed aerospace engineers and the

rewarding process of personal rationalising. Innovation

opinions of many industry mainstays to embark on his

begins with belief of one’s own capabilities to analyse

mission to Mars. His success can be observed through

and make decisions regardless of the status quo. First

Jim Cantrell an early aerospace consultant in SpaceX

Principles fittingly serves as the fundamental basis to

statements “He’s used a billion dollars to do what NASA

Musk’s own success, resulting in his original and reality

couldn’t do with $US27 billion.”

bending innovatory gusto. Possessing a progressive attitude in failure, Musk believes the benefits of risk and his projects, in failure will still have such a monumental impact in understanding

VISION

the essential industries that will dominate the futuristic

“A lot of my motivation comes from me personally looking at things that don’t work well and feeling a bit sad about how it would manifest in the future”

landscape.

Elon Musk

Musk is no stranger to failure, in 2008 both Tesla and SpaceX were on the edge of bankruptcy. Musk faced the ultimatum to concentrate his resources on one company, or splitting and continuing his dream with both. In the weeks leading up to Christmas both companies seemed doomed to fail. However, in the last hour of the last day of investing rounds Tesla was given a $20 million investment lifeline, saving the company. However, SpaceX was facing troubles of their own, 3 failed launches crippled the company. With all chips bet, the fourth and final launch outstandingly succeeded. The day after Christmas, NASA offered a $1.6 Billion contract.

WORK Musk possesses a notorious work ethic, putting to bed the myth that you need 8 hours of sleep each night. Known in the industry as a ‘workaholic’, Musk works 85100 hours a week, obsessively to realise the vision that his projects promise. Before reaching the heights of a technological giant, Elon and his brother co-founded the company that became PayPal, sleeping in their office. Averaging 6 hours of sleep, schedules consisting of 5 minute intervals, multitasking with 15 hours in the office, Musk’s schedule resembles either an overdosed caffeine madman or a generational entrepreneur heading three main companies. “Work like hell,” Musk preaches in his 2010 interview with Vator “You have to put in 80 to 100 hour weeks every week.” The sheer willpower and raw numbers Musk generates pulls him in front of his competitors. With more hours, problems can be identified at an earlier timeframe, solutions can be drawn earlier and the product made public earlier. His entrepreneurial spirit shines through in his relentless effort to make the world a better place. Helping build the global online payments system, Paypal and earning close to $180 million in selling his company to eBay, with enough money to retire at 32. Musk could have stopped there. Instead, he reinvested his money starting up SpaceX, reinvigorating the stagnant space industry as well as Tesla Motors, dreaming of all-electric production cars.

Undeniably, the bottom line is that Elon Musk wants change. Transport, technology, paradigms. The world. Step by step. Building upon the ‘fundamental truths’, he is getting there. And we, as an audience, should eagerly anticipate the future with Musk at the helm.

Written by Dylan Duan

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From corporate to start-up

Introducing

SEIYA TAKEDA Can you give us a brief summary of your background? I studied a Bachelor of Economics and Commerce here at UNSW. I have worked at Telstra, Microsoft, Caitre’d and the Commonwealth Bank of Australia. I have also taught Information Systems and Marketing at 4 major universities in Sydney. I love technology and educating others – so you can imagine that EduTech is a passion of mine – leading to creation of my current job – working as the co-founder of V-Kaiwa.

Tell us a bit more about V-Kaiwa and where does the name come from. V-Kaiwa is a virtual reality language learning start up. We contextualise lesson plans through an immersive virtual reality environment. The teacher and student are placed in different scenarios to facilitate learning – for example, in a restaurant or on a safari. To break it down – V-Kaiwa is a combination of Virtual Reality and the Japanese word for communication which is “kaiwa”. So we connect you to a different language and help you learn how to converse in a totally new way.

Did you always know you wanted to start your own company? At a very early stage I always knew that I wanted to do something business related. My grandfather never went to high school or university in Japan was able to successfully have his own business – earning up to 7-8 figures a year. What I have learnt from this is that if you want to control your own life, you’ve got to do your own thing. You can’t be working for someone else.

What has been your biggest challenges so far? There have been three major obstacles

How did the team you are currently working with come about? We met at a hackathon at the beginning of this year called Innovation Dojo. The team consisted of Daphne, Katrina, Tom and myself. We wanted to pursue this idea initially however, after time, Tom and Katrina dropped out to pursue their own projects and plans.

1. Knowledge about VR is still limited. The VR community is small and learning that was a struggle.

As of now – the team consists of several students within UNSW, our graphic designer Joey, myself and Daphne.

3. Educating the market about VR and how it can be adopted into the curriculum has also been very challenging

2. Our team does not necessary have all the skills and foundations of creating and developing a virtual reality start up. We all lacked the technical skills and since we have started the learning curve has been huge.

And lastly, not that many people are able to provide constructive feedback regarding virtual reality because of the lack of knowledge. So when we ask people about how their experience was – they say good, but when you ask for improvements – they are unsure of what to say.

If you had one piece of advice to someone just starting out, what would it be? If you want to start out knowing more about start ups, the best way is to work for a small company. A lot of start-ups now are digital so you are able to test out a lot of different digital skills – from design, to analytics, operations. You won’t be a cog in the market – you will be an engine and you will be able to make decisions that you may not have the autonomy to do so in a corporate setting.

Do you have any resources you would like to suggest? Just do something. After working at Microsoft – I had no plan B. But I knew I wanted to do something different. I stalked many people on LinkedIn – especially people who eventually made it into Silicon Valley, reverse engineering what they did to become so successful. From this I could see a clear pattern. These people were constantly learning, at an early stage, going to events, hackathons, engaging in solving different problems in different industries. Essentially upskilling themselves so that they were capable of being comfortable with ambiguity and solving new problems.

Name a quote you live by: “If someone provides you with an amazing opportunity - and you don’t know how to do it - say yes and figure it out later.”

On top of that – working in a company will allow you to understand the founders dream, and you will learn how to validate what you want to do and what you don’t want to do. Now if you want to build your own start up. There are four main criteria you must tick off 1. Do you have the foundational skills to learn and develop? 2. Do you have a high curiosity for the problem you are trying to solve? 3. Are people will to pay for you to solve this problem? 4. Does the world benefit from it? For me, I managed to tick all 4 boxes. I have the foundational technical skills, I love to teach people – and I am very interested in solving the communication problem. I know the world can definitely benefit from V-Kaiwa and the majority of people I encounter and validate this idea with are willing to pay for this.

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SWITCH ON! SWITCH OFF... Written by Amy Yu

Let me make a bet... I bet you have looked down at your phone within the last 10 minutes! Was I right?

it's a trap..

We live in a world where most information is through some form of screen-based technology. Whether it be through e-mails, forums, blogs, Instagram, Facebook, you name it. Throughout the years, the use of such devices have become increasingly popular with the introduction of touch screen phones, iPads etc. This opened up the flood-gates where information can be accessed by a single touch of a finger. Too often, we find ourselves captivated, and scrolling through page after page of never-ending news feeds. A study shows that in 1999, the average person spends around 6 hours in front of their screen. In 2005, this increased to 7.5 per day and by the year 2015, this climbed up to 8 hours and 41 minutes per day. This rate is even higher amongst teenagers where some spend up to 9 hours on their devices mostly tapping into social media and online shopping. While the use of our screens can provide us with endless opportunities, and be a tool for social and business platforms, it is also have contra-effects. In fact, we are almost always being unconsciously

distracted by other things lurking around the internet. (Like the last time you were baited by that funny caption on Youtube). Since we spend so much of our time on social media, companies and brands have also jumped onto this platform of in hope to gain market share for their products and services. To pinpoint the best platform, a research was conducted and it is estimated that on average, a person spends:

Youtube: 40 minutes Facebook: 35 minutes napchat: 25 minutes Instagram: 15 minutes

In the grand scheme of things, this habit can be very dangerous.

Let me introduce to you. the concept of: Mental Hi-jacking. Definition: A state where one’s mind is subconsciously manipulated by an agent which causes either a positive or negative contribution to one’s overall performance. Let us now examine some very BASIC forms of mental hi-jacking through an imbalance use of our screens.

HI-JACK #1: POOR TIME MANAGEMENT Good time management is key to success and a powerful tool in life. Too often we complain about how we do not have time to go to this event, how we do not have time to go to the gym and how we just wished we had time to go check out that new society. We may THINK that our schedules are packed, however when we precisely calculate how many hours are still available to us, it can be quite surprising. For example, if the average uni student spends a total of 1 hour and 56 minutes purely on social media a day (Blame it on those click baits), that is 13 hours and 32 minutes a week. On a larger scale, this tops up to 703 hours and 44 minutes a year! The underlying problem is that there are no “stopping cues”. We are forever scrolling endlessly through a bottomless feed. So the point is that we in fact, DO have time however it is being eaten away little by little.

Hi-jack #2: TFOMO (aka: The Fear of Missing Out) Nowadays, we are constantly behind screens endlessly browsing through the oceans of information because we are afraid that we will miss out on a great opportunity or life-changing idea. But the truth is, we will ALWAYS miss out on something when we are constantly doing one thing. The key here is BALANCE. When we are too busy searching, we tend to miss those opportunities that are right before our eyes.

Hi-jack #3: The perfect formula to “Success” What is success? We often associate this word with people like Larry Page, Sergey Brin, Steve Jobs and Mark Zukerberg. But in reality, “success” is different for everybody and one person’s success may not be another person’s idea of “success”. In order to truly understand what our personal definition of “success” is, we must first know our priorities and what matter to us rather than restlessly chasing after what others define “success” as without any further thinking.

In saying this, since so much of our “Personal space” is being consumed by social media and the virtual world, it is inevitable that our minds will be or is already being hi-jacked by the notion that we need to be certain way in order to be considered “successful”.

• • • • •

Tips and Tricks

Develop stopping queues Be more conscious and aware and make every click a decIsion Use the in-flight mode to your advantage Days set aside to having a ‘social media detox’ Writing down what you do every half and hour and realise how much time you spend on you could be potentially wasting

The Take Away

What I am trying to say here is NOT cut out all social media. Instead, we need to more carefully evaluate our time distribution behind our screens and become more aware of our actions.

Let us make every action a conscious decision

Over our lifetime...

In Adam Alter's TED talk in 2013 he illustrates: SLEEP

WORK

SURVIVAL

PERSONAL

SLEEP

WORK

SURVIVAL

SCREENS

We have the capacity to explore our passions and do things we love. It is our own “sacred place” and essentially where “our humanity lives”. However, he also showed how much of that space is taken up by the time we spend within our “secret place” behind our screens. That is, the black space. Therefore, as much as we are afraid of missing the what we consider to be “big” opportunities and “essential information” to pursue our careers, we tend to miss the moments of actually “living” and experiencing, with our senses, the tangible reality.

Google Sydney At our Sydney office we bring together a diverse team in one of the most fun and beautiful cities in the world, and have a distinctly true blue take on what it is to be Googley. ItĘźs really the people that make Google the kind of company it is. We hire people who are smart and determined, and we favour ability over experience. Google aspires to be an organization that reflects the globally diverse audience that our search engine and tools serve. We are building products and services that work for our next billion users, regardless of where they live, what language they speak, what devices they use or what kind of network they're connected to. Apply at www.google.com/careers/students

17/12/2015 10:35 pm

For diverse experiences ‘I could only have done it at Deloitte’ We aim to inspire our people to achieve their potential. Our ongoing innovation combined with our commitment to a diverse and collaborative culture sets us apart. You’ll be joining a firm with a relentless drive and passion for world class client service and a sense of shared responsibility for our place in our local communities that matches your own.

programs, we are dedicated to helping our clients and our people excel.

What we do As one of Australia’s leading professional services firms, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 7,000 professionals across the country. Focused on the creation of value and growth, and known as an employer of choice for our innovative people

So step into your future with one of our programs especially for applicants who are still studying at university. Our Graduate Program, Our Summer Vacation Program, Deloitte Development program and the Young Achievers Accounting Cadetship program.

We are proud to be recognised as having the Best Graduate Development Program at the 2016 Australian HR Awards as well being awarded the AFR/ GradConnection’s Most Popular Graduate Employer for the second year running.

http://yourfuture.deloitte.com.au

Find us www.facebook.com/DeloitteAustralia

Watch us www.youtube/Deloitte/Australia

Connect with us www.linkedin.com/company/deloitte-australia

View us #AustralianStories

This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. About Deloitte Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the

insights they need to address their most complex business challenges. Deloitte’s approximately 225,000 professionals are committed to becoming the standard of excellence. About Deloitte Australia In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms. Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit our web site at www.deloitte.com.au. Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited. © 2017 Deloitte Touche Tohmatsu.

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Each project brings with it a new set of challenges, lessons and great company. You will never be bored! Nelson Boyd

UNSW, Bachelor of Commerce (Finance) and Laws Joined in 2015

Visit an Oliver Wyman office anywhere in the world and you will feel it: the buzz of people who are doing work that matters. There is no corporate mold to fit and hierarchy does not get in the way. Full-time and internship applications will open in December 2017 at www.oliverwyman.com/careers

Get there faster. Oliver Wyman is a leading global management consulting firm that combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. With offices in 50+ cities across 25 countries, Oliver Wyman works with the CEOs and executive teams of Global 1000 companies. An equal opportunity employer.

fintech is THE FUTURE YOU'VE

SEEN IT. HEARD IT. USED IT. Bitcoin shares infamously increasing by over 700% in 2017. Investing mobile applications that autonomously make you money. Cashless payments performed with a magic tap and wave of a mobile phone.

"This is a glimpse into the wonderful world of FinTech, an upcoming business culture that has infiltrated our modern tech-savvy lives long before most of us could understand its significance in our future." Written by Valentin Li Yee Lien

AN INTRODUCTION The term FinTech (short for ‘financial technology’) is the overarching term that describes the use of technology in the design and delivery of financial services. Beyond this generic definition, lies a more interesting, dynamic, rapidly-growing industry driven by the internet and tech revolutions of the 21st century.

TODAY'S FINTECH Historically the financial services and banking industries have been reasonably stable and consistent. When the GFC hit in 2008, banks all over the world were pushed towards tightening bank rules, regulations and legislation. The aftermath of the GFC forced innovation in the financial sector to become a distant priority. However, ground breaking technology took the world by storm and huge technology companies emerged as powerhouses during this period of financial fragility. Companies such as Apple emerged with the innovative iPhone and Google grew into the integrated app ecosystem it has now. While the technology industry grew and integrated in other industries, the finance industry lagged behind in incorporating these new technologies into business processes. Slowly, these large technology companies gained interest in offering financial services through their own platforms because they saw an untouched market for accessible financial products . As a result, companies like Facebook have bought upwards of fifty different regulatory licenses that give them right to develop a money transfer feature in their messenger app. Amazon began providing student loans and loans to small-business owners and have since surpassed giving over $3 billion in loans to small-businesses.

These are only a handful of technology-based MNEs that have committed to increasing their market share for financial services. Technology products such as messenger applications act as regular contact points with customers making it more convenient to access financial services through their daily routines.

IMPACTS OF FINTECH

When the financial industry is transformed, many other industries, economies and countries are affected. Due to a relatively slow uptake in financial technology there will be a general shift away from Asian financial centres if the countries do not adopt FinTech. Furthermore, finance occupations of today will be different in 10 years’ time requiring a different set of skills such as design thinking, coding and product development. Corporate roles will accept more designers, programmers and creative thinkers. Parents and educators of the future will have to shift their perceptions of education towards developing technology skills and a creative mindset. Children of the future will most likely open their first bank accounts with the ‘tech giants’ Facebook or Apple out of convenience and greater connectivity. Personal data will be embedded in our banking services that will adjust accord to our own lives. For example, car insurance premiums could automatically adjust using the sensor technology of your smart car and can send reports to your insurance company on the nature of your driving. Over course of the 21st century, our attention spans have decreased and combined with so many financial services to choose from, we are faced with a paradox of choice. To target this, companies are incorporating gamifications and VR in the provision of financial services to millennials who have grown up in a choicerich environment. To survive, banks will need to evolve

along the same path of the ‘tech giants’ and the small FinTech start-ups if they wish to retain their market share. However, there will always be banks that succeed in this transition and those that do not. CitiBank estimates that over the next ten years that 30% of banking jobs will disappear and other estimates expect one of two banking jobs disappearing and becoming automated by algorithms and big data. The large sizes of traditional banks and their interconnectedness with other companies in comparison to the more agile and flexible nature of FinTech start-ups has the potential to shift the type of services each will provide. Highly-regulated traditional banking and finance companies may resort to back-end processes such as regulatory reporting and depositing money while the more agile FinTech start-ups can use their resources to specialise in providing daily front-end services such as payment systems. Consequently, numerous new jobs will be created by FinTech and governments must maintain correct regulations and incentives to amplify growth of the financial sector.

PEER-TO-PEER LENDING PLATFORMS

Every day, thousands of FinTech start-ups continue to disrupt the market, pushing products traditionally offered by banks through highly specialised business models. For example, peer to peer lending platforms matches investors with borrowers, which removes the traditional bank as an intermediary that transforms deposits into attractive loan packages. This transaction of funds is facilitated by FinTech companies such as DirectMoney and RateSetter through easy online access and is able to raise annual returns to 7.5% (with DirectMoney’s Term Deposit) from around 2-3% interest p.a. that banks offer and lower annual interest rates on loans to 9.5% (with DirectMoney’s Personal Loan) from approximately 13% interest p.a. As a result, due to a small spread of approximately 2%, P2P lending FinTech companies are able to outcompete traditional investment and lending options. According to Morgan Stanley P2P lending will reach $22bn by 2020, taking a 6% slice of the lending market.

Fintech Factsheet 80%+ of financial institutions believe business is at risk to innovators

56% have put disruption at the heart of their strategy

82% incumbents expect to increase FinTech partnerships in the next 3-5 years

77% of incumbents expect to adopt blockchain as part of an in production system or process by 2020

In 2017, the countries with the highest FinTech adoption rates are China, India, UK Brazil and Australia.

Companies using FinTech

ROBO ADVISORS

The business of financial planning and investment involve large amounts of capital are currently being challenged by robo advisors. These robo advisors are the start-ups that offer consumers asset management solutions including automated portfolio planning, automatic asset allocation and online risk assessments. These companies such as Betterment and Acorns charge lower fees than their traditional wealth management counterparts, targeting a new market of customers who aren’t’ able to invest with confidence

or meet account minimums and also want more privacy and control over their portfolio. A recent study from an E*TRADE Q3 Streetwise Report, showed a clear trend towards investors gaining more trust in robo advisors and preferring a combination of both these digital tools and personal advice. An apparent increase in the interest of wealth management firms to partner with robo advisor technologies displays a shift towards hybrid wealth management.

FINANCIAL EMPOWERMENT Recent reports state that more than two billion individuals globally continue to live without a bank account due to living in poverty or from extremely low incomes. Not having a bank account means they are unable to borrow or deposit funds to absorb unexpected expenses or even securely save for the future. The denial of financial services perpetuates a vicious cycle of poverty – however FinTech also has the capacity to affect individuals in less developed economies.

For example, Taqanu is a FinTech bank specially designed for refugees and those without a fixed address. As many people in poverty cannot afford housing, Taqanu aims to mitigate the challenges around standard documentation, fixed addresses, and residency. The use of blockchain technology securely authenticates people through a digital identity potentially allowing those without homes to maintain financial autonomy, and achieve some level of financial stability.

There are an infinite amount of possibilities and ways that FinTech can impact society and our lives so we have only just scratched the surface! Slowly, as the public begin to uncover the mystery shrouding FinTech, today’s financial landscape, will be unrecognisable in 100 years time. 30

Embracing complexity. Unlocking potential.

Visit our careers page careers.willistowerswatson.com/ students-and-graduates/opportunities willistowerswatson.com 32

At our Sydney office, our business positions encompass Consultative Sales and Customer Experience internships and graduate positions within our Google Marketing Solutions Team (GMS). Whichever path you choose, business roles are a home for those that want to make an impact at Google. They are the backbone of Googleâ&#x20AC;&#x2122;s success, the account managers and strategists in these roles are all dedicated to delivering outstanding client service and growing the business.

google.com/students

AN INTERVIEW WITH

JEREMY LOWE COFOUNDER OF JEKKLE Jeromy Lowe is the Co-Founding Director of Jekkle. He has worked as a consultant at EY and has also been involved in and co-founded a range of start-ups, including Tom Ascott and BrandTable.

What is Jekkle about? Jekkle is about providing an easy, fast and professional textbook service for students. From the outset, we aimed to address the high prices of university textbooks in the Australian market. We provide textbook rentals and sell textbooks at prices far below retail and university book shop prices. At the end of the day, we’re all about helping students save money.

What motivated you to become an entrepreneur and how did you begin? What did these early experiences teach you? The main reason I became an entrepreneur was to build something from nothing. To achieve something from nothing. It is the key driving factor behind my entrepreneurial journey. I was also motivated by the desire to build something better - better than the industry standard, better than the competitors - and ultimately bring the benefits to the consumers. The first entrepreneurial project that I was involved in was I Heart Uni (IHU). I was friends with Kamal Zreika, the founder of IHU, and shortly after my graduation from university I joined the company as a business partner to help him build it up. The great thing about being involved in a side project like IHU while I worked at EY was that it provided me with invaluable real-world experience, especially when it came to the basic foundations of building a business. Nobody is going to tell you what your next steps are and how you should accomplish them, or if what you’re doing is the right thing to do in the first place. It’s something

that you can only learn through first-hand experience, and it’s a shock to many that are entering the field. I was lucky that my first experiences with entrepreneurship and business development were with a small company, where I could develop my business acumen and gain a feel for these considerations in an environment that was relatively low risk. After that, my first true start-up was Jekkle. It was the first company that I had built from the ground up. Jekkle was developed by leveraging IHU’s extensive database of uni students. Because of it, we were able to hit the ground running and gain traction by reaching out to those students and marketing our new textbook rental service to them. It was one of the main factors behind our decision to enter the textbook industry.

What is the best/most rewarding experience about being an entrepreneur and what is the worst/most challenging? The worst thing about being an entrepreneur is that it’s always on your mind. Once you become an entrepreneur, it becomes your whole life. And with that, you lose certain freedoms. I don’t have weekends anymore and I can’t just decide to go on holidays, for example. It really is a complete change in lifestyle. However, that’s also the best thing about entrepreneurship. You’re making such a drastic change to your lifestyle because you want to. You sacrifice those freedoms because you’re committed to building something.

If you don’t want to give up those freedoms, then you’re not a real entrepreneur. Because an entrepreneur gives 1000% to achieve the goals that they set out for themselves. Entrepreneurship is also one of the most rewarding career paths that you can take, if you put your heart and soul and complete dedication into your business, eventually, you’ll be able to look back and see all of the progress that you’ve made and see everything that you’ve built. Whereas, if you bust your gut at some law firm, at the end of the day, all you receive is a pay check. It’s a completely different dynamic from working in the corporate world.

You’ve been involved in a lot of projects in the past that have gone under. How did you stay motivated and persevere? What did you learn from them? Whenever you start a business, you always have to keep in mind the possibility that it will fail. Only around one in ten start-ups actually succeed. Failure is an inherent aspect of entrepreneurship. Because you’re trying to disrupt the industry and because there may not necessarily be a market for your product, you have to deal with a significant level of risk. However, entrepreneurship is all about perseverance and being committed to what you do, no matter what it is. Even if your business is initially built on a horrible idea, if you push and push and push, there is a chance that it will eventually succeed. When a project does go under, it is definitely hard to pick yourself back up. I find that maintaining a positive attitude and disregarding unconstructive negative

comments is crucial. I view my start-ups as another step in my learning curve. Working at a start-up that has failed is actually an invaluable experience, not that I’d advise going out and purposely joining failing start-ups. The experience highlights the mistakes you made that ultimately led to the failure, whether it was over-engineering your product, failing to identify your key market or poorly executed market research. You learn not to repeat those mistakes again - ever. All of the most successful entrepreneurs have failed. Elon Musk has failed. Mark Cuban has failed. But that’s the whole point of it: to test new ideas and disrupt the industry. It’s a gamble. If you give up after a single failure, you’re not truly an entrepreneur. Any words of advice for aspiring future entrepreneurs? Whenever people approach me for advice about a business idea or ask me if they should start a start-up, I always tell them the same thing. Just do it. Even if it is something small. Businesses don’t necessarily need huge sums of cash to be developed. You can start at $1000 and just try it out. There are far too many people out there who will talk about being an entrepreneur and about starting a business but, at the end of the day, do nothing. Don’t just sit around and talk about it, actually go out there and do it. Even if you’re a uni student. Even if you don’t know how to write up a business plan or find investors or business partners. Take that first step. It doesn’t matter if it’s as small as attending an event at uni, meeting like-minded people, seeing what other people are doing or starting a small project with your friends. Just take that first step.

Will you wait for the future to happen, or take a hand in shaping it? Discover more about a career with EY www.ey.com/au/betterbeginsnow #BetterBeginsNow

How will your ideas make the world work better?

Do you think the world can work better? We do. That’s why we’re committed to building a better working world. At EY we like to look for smarter and better ways to do things. But we can’t do it without the right people. People, who’ll think, act and lead globally — because that’s how business is now being done. At EY, your accounting studies provide the foundation for a career in Tax, Assurance, Advisory or Transaction Advisory Services. Whether your career lies in providing assurance services to leading ASX-listed companies or using your accounting knowledge to help clients make better decisions to manage their capital, you’ll gain invaluable skills, experience and a lifetime of contacts that will set you up for a successful career, no matter which path you choose.

High school

Graduating 2019

What if changing your perception, meant a completely new reality? Meet Isabelle

As part of our Transactions team, she helps clients whether they are looking to buy, sell or list on the stock exchange and advises them across the entire transaction lifecycle – from strategic assessment to implementation and post-deal integration. “I completed the Vacationer Program in Transaction Advisory Services during the summer holidays before my final year of university and started as a graduate in Transaction Support in July 2014. I chose to work in Transaction Support because I wanted to work in an area that centred on financial and business analysis. I really enjoy the mix of accounting and finance work – it’s not entering numbers in ledgers or doing tax returns – it’s about the core business involved in a transaction. Our team works with key executives and management teams who are involved in making strategic business decisions. We work with a wide variety of clients including private equity firms, corporate entities and government agencies across a

Graduating 2018

Graduating 2017

number of different industries. Our team is a very close group of young professionals, we work hard but we also have a lot of fun. The day to day involves analysing the financial information of a business, analysing key trends and focusing on the key drivers of a business, for a buy side or sell side transaction. We work in small teams including partners to graduates in order to get the transaction over the line. One of the best parts of the job from my perspective is working hard on a transaction for a few weeks, and then it eventually closes and you see it in the AFR and people are talking about it. To have actually been involved from the beginning – it gives you a bit of a buzz.”

For more information on how how we develop you, life at EY and what makes us different:

Cadet Program

Vacationer Program

Game Changers Club

Melbourne Co–Op Program

Graduate Program

ey.com/au/betterbeginsnow bit.ly/EYLinkedIn_CareersAUNZ instagram.com/eyaucareers facebook.com/eycareers

Career Compass Program

Written by Boyang Jiang

WORKPLACES OF THE FUTURE Fulfilling the changing needs of organisations. Increasing worker satistisfaction and productivity. Minimising costs and inefficiencies. In line with the rapidly changing business environment, workplaces are rapidly evolving to adapt to the newfound needs and wants of organisations, employers and employees. Workplaces of the future have been tailored to allow for flexible working arrangements to result in higher levels of worker satisfaction and productivity.

to seamlessly shift their work between desks, rooms and floors at their discretion. This fluid work space arrangement is quickly becoming the default workspace arrangement as it has been found that physical openness in workplaces stimulate thinking and more open communication as it allows for people across different teams and management levels to interact freely.

The Lab Environment

What do these contemporary workplaces look like?

Features of the modern work environment include that of agile workplaces, bleisure, open offices and scrumming. Read on to find out more about the major trends in business that will be sure to be realised within the Australian workforce.

Agile Working Agile working empowers workers to work with maximum flexibility and minimum constraints by allowing people to work where, when and how they choose. Organisations are increasingly using communications and information technology to eradicate the traditional limitations of the workplace, solidifying the concept that work is an activity that should be performed with as little barriers as possible. Ultimately, this allows people to work smarter and more efficiently, therefore reducing costs, increasing productivity and optimising worker performance and satisfaction.

Open Office Layouts Many companies have already adopted the concept of creating an open office space in which workers are able

Source: Kantar Futures, 2015 Accessed at: http://thefuturescompany.com/wp-content/uploads/2015/12/FuturesCo-infographic-WorkplaceoftheFuture.png

The use of research and development in innovation and the creation of new products and services has transformed the work settings of workspaces. Workplaces with a focus on flexibility and innovative thinking has led to integrated systems for product design and creation including labs designed for rapid prototyping, enabling teams to innovate without losing momentum.

Bleisure Bleisure refers to the consolidation of business and leisure. It describes the way in which businesses will aim to combine the feel and way of thinking of the business and personal space. As individuals increasingly focus on work-life balance, both when selecting a job as well as when choosing to remain in a certain role, bleisure offers employees and employers greater job satisfaction as they have the opportunity to fulfill their personal and professional goals simultaneously.

Source: Knoll, 2013 Accessed at: http://ciselect.com/assets/media/cis-knoll-infographics/cis-knoll-five-trends.jpg

Essentially, a workplace which takes into account the changing needs and wants of the employees and employers provides all members of the organisation with an increased sense of intrinsic satisfaction. It may also play a role when job seekers select their workplace of choice. As such, an increasing number of organisations are tailoring their workplace policies in order to reflect their brand and values. In designing a workplace, a number of factors including the company's values, vision and corporate culture are taken into account.

difficulties

However, as with all innovative changes to the traditional way of working, the evolving workplace poses certain challenges which need to be well managed.

inertia to change

Source: Knoll, 2013 Accessed at: http://ciselect.com/assets/media/cis-knoll-infographics/cis-knoll-five-trends.jpg

THE IMPACT OF CHANGING WAYS OF WORKING

At its core, workspaces which incoprorate flexible working and technology are designed to result in increased efficiency at all levels of an organisation. At the staff level, contemporary workplaces allow for greater worker satisfaction due to increased flexibility, ability for a worklife balance and higher levels of self-determination. In adopting improved workplace designs, businesses are rewarded with increased staff retention and cost savings.

In order to realise the full potential of the contemporary workplace, an organisation's change management processes need to ensure that employees and employers understand the reasons for change. As such, they must be made aware of the benefits such a transition may bring to the business as well as themselves. Moreover, an organisation should ensure that everyone is aware of how to manage such a transition. In doing so, inertia to change and fear of the unknown is minimised while productivity and efficiency is maxmised.

operational concerns

Ultimately, realising the full potential of workplaces of the future will require a long-term transition as processes and operations need to be adapted. The ability of organisations to achieve the maximum benefits of the contemporary workplace depends on their ability to innovate, design, implement and monitor operational and process changes. Moreover, organisations should benchmark their progress against that of their peers so that they can adopt the best of industry while avoiding common issues that organisations face.

Uber Launch Challenge 2017 Jump-start your career by joining one of the world’s fastest growing companies - right here in Sydney. Visit the Grad website at T.UBER.COM/GRADS

At Uber, we’re always striving for better ways to connect people with their cities through transport, food, and products. This year marked our first Uber Launch Challenge, a competition designed to put university students in the shoes of our global product launch team. Over a thousand students across Australia and New Zealand competed to pitch an expansion strategy themed on ‘shared rides.’ The challenge attracted 403 teams, with 106 entries from UNSW alone - the largest registration from any university! During Campus Heats, our Uber team was blown away by the strong business acumen, analytical rigour and passion demonstrated by UNSW students. After a tough round, Gary Liang, Justin Teo and Carlos Liang (under the team name LLT&Co.) were selected as Finalists, and were invited to battle it out in the Final Rounds with eight other teams at Uber’s Sydney HQ.

Gary Liang says: “Our team took part in the competition because we liked the prospect of doing data-driven analysis for a real-life company. Uber is not afraid to challenge social norms, and along the way, they’ve added value to society.” LLT&Co. came second place with their brilliant idea ‘uberEVENTS,’ an integrated platform that incorporates ticket scanning, event information and transport requests - all in the Uber app. For their prize, the team scored a $750 credit to go towards Uber rides or UberEATS. You can catch all the action by checking out our Uber Launch Challenge wrap-up video: T.UBER.COM/UBERLAUNCHCHALLENGE

Meet the UNSW alumni who are driving cities forward with Uber. Curious to see where your UNSW Degree can take you? We spoke to UNSW alumni who are making an impact across Australia and New Zealand through Uber.

Ashan Sanjeeva

Tika Putra

REGIONAL OPERATIONS MANAGER

COMMUNITY OPERATIONS ASSOCIATE

Ashan works on strategies to provide vehicle solutions for people who would like to drive with Uber but don’t own a car.

Tika manages support systems to help improve the Uber experience for riders and driver-partners.

“I pursued a Bachelor of Commerce / Bachelor of Laws degree at UNSW because I wanted a broad education that allowed me to change my mind on whatever career I ultimately wanted. Towards the end of uni, I started thinking that it would be cool to work for a tech company. What I love most about Uber is that there’s still so much white space. People around me come up with new ideas all the time, and some of these ideas become reality — in Australia and around the world.”

“I completed a Bachelor of Civil Engineering with Architecture degree at UNSW. While there, I took classes in UX design, and realised how much I enjoyed the creative and scientific process of making successful designs. I consider myself a technically-minded creative person,and have been able to draw on these learnings when it comes to pitching ideas at Uber.”

Thereâ&#x20AC;&#x2122;s

more life to

at NestlĂŠ

Be part of a global success story. Visit www.nestle.com.au/careers 42

Written by William Zhou

THE INTERNET OF THINGS

Thermostats that automatically turn off when your car leaves the driveway. Controlling home appliances while sitting at an office desk. Pillshaped micro-cameras that can travel through the digestive tract.

The Internet of Things (IoT) is becoming increasingly ubiquitous in conversations within business circles. However, despite this fact, according to the Altimeter Group, 87% of consumers have no idea what the term means. So what exactly is the ‘Internet of Things’ and how can this technology fundamentally change our daily lives, businesses and the very way that our economy operates?

what is the internet of things The Internet of Things centres around establishing networks between physical devices through embedded sensors and actuators that collect or transmit information. This allows these devices to communicate directly with each other. The data amassed from these devices is subsequently analysed and interpreted to facilitate the monitoring and managing of the health and actions of the connected objects and machines. Ultimately, this provides for a greater degree of automation, efficiency and optimisation of products, services and operations.

trillion GB of data every year and creating more than $300 billion in opportunities by 2020 for tech vendors, telcos and device makers. The substantial impact of the internet of things upon the economy is illuminated by the fact that, fundamentally, the technology cannot be represented within a single market, but instead covers a range of overlapping markets each with strong connections to data mining and analytics. In order to put this in context, consider the Internet and the fundamental impact it has had upon our world over the past few decades, not only from a technological and economic standpoint but also in the pivotal way it has shaped our social and cultural worlds. Glo-

Over recent years, IoT has stood as the centrepoint of futurism, lauded repeatedly as the ‘Next Big Thing’ from Silicon Valley to Wall Street. In 2015, McKinsey estimated that applications of IoT technology will generate $3.9 trillion to $11.1 trillion of economic value per year by 2024, accounting for approximately 11% of the world economy. Just two years prior in 2013, the estimate of IoT’s global impact had only stood at $6.2 trillion by 2025. This exponential growth in expectations is not unique, Bain projects 20 billion IoT devices to be manufactured within the next few years, generating 5

balisation, Social Media, vast economies of scale, exponential innovation at a rate never experienced before, the birth of industries that would never have been dreamed of just 50 years ago and the ability to have all of the world’s information at your fingertips. All of this was made possible by the internet. But the Internet only connected computer networks. The Internet of Things connects everything. The influence that the internet has had upon our lives pales in comparison to the potential impact that IoT will have.

THE IMPACT OF THE INTERNET OF THINGS At its core, IoT is all about information. The true value from incorporating IoT processes does not lie with allowing consumers to turn off their lights once they leave the house. Instead, it is derived from the constant collection of data from connected devices. As such, it dramatically increases the volume of information gathered from connected devices, while greatly increasing its accessibility. Meanwhile, establishing instant real-time communication between devices will allow them to autonomously understand their environment, co-ordinate their activities with each other and independently respond to predetermined stimuli in their environment. Consequently, users are able change the way that they use their devices and interact with their environment and ultimately bring about huge beneficial economic impacts.

CHALLENGES AHEAD However, as with all innovative technologies, certain hurdles remain ahead for the Internet of Things.

privacy and security concerns Given contemporary events and the media focus on personal privacy and security, most consumers are all too familiar with the implications of having their data constantly collected and monitored. Accordingly, the public outlook on IoT security is bleak, with 45% of respondents to an Altimeter survey expressing very low or no trust that companies are using their device data securely and in ways that protect their privacy. This atmosphere of distrust is only exacerbated by the current inadequacy of the options that companies provide consumers: either accept the terms of conditions – presented in convoluted user agreements – or don’t use the service. Most consumers aren’t satisfied with this blanket agreement, hthis, can they obtain the full opt in of their customers.

TECHNOLOGICAL CONCERNS Ultimately, IoT is a long-term proposition and still remains in its infancy, with most implementations remaining relatively simplistic. Realising the full potential of IoT requires fundamental changes to business operations and processes, which simply cannot happen overnight. The ability of organisations to achieve the benefits of IoT hinges upon their ability to capture, sort, piece together and make sense of highly complex data. They need to be able to retrieve data from a wide range of devices representing various different operating systems, protocols and standards within a highly fragmented industry. AllJoyn, Thread, IEEE, Open Internet Consortium, Industrial Internet Consortium and many others are all promoting different standards on how these devices can communicate, resulting in businesses spending approx-

imately 50% - 80% of their development time simply prepping their data, before it is actually used and interpreted for business purposes. Moreover, most IT systems analyse low volumes of data that is meaningful or high in value, such as transaction results. IoT is the inverse, generating constant tsunamis of high-volume, low-value, unstructured data at high velocities. This is a fundamental switch in IT processes and requires complete overhauls in existing infrastructure to allow businesses to find and interpret the information that actually matters. However, over time platforms will undoubtedly emerge in sectors that will make analysing this data easier and cheaper for the next wave of innovators, resulting in cross-industry solutions and mass economies of scale.

Even in its infancy, the Internet of Things is beginning to have a dramatic and fundamental impact on how we go about our daily lives, how products are manufactured and how entire cities are run. This digitalisation of machines, vehicles and other physical objects represents our first few steps into a completely different future. However, several key social and technical hurdles remain in our way before the full potential of the Internet of Things can be realised. Nevertheless, one thing remains certain to executives, investors and entrepreneurs across the world. The Internet of Things is the future, and it is here to stay.

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