From left, Manhattanville College President Michael Geisler; BCW Board Member Patricia Simone of Simone Development Companies; BCW President and CEO Marsha Gordon and featured speaker Michael Dunn, Senior Vice President – Innovation Department, Georgia-Pacific
How the Internet is changing the way we live today and into the future was the topic of a highly stimulating and informative presentation at the Business Council of Westchester’s TAMI Talks series held Thursday at Manhattanville College.
Michael Dunn, Senior Vice President – Innovation Development at Georgia-Pacific, gave BCW members and guests a fascinating overview of the “Internet of Things” or IoT, which is a connected ecosystem. Dunn explained that IoT starts with the placing of sensors/actuator in devices, such as vehicles, buildings, or equipment that are capable of both sensing data and communicating that data over the Internet. The collected data enters the cloud and is managed by software that creates the ability to not only to manage the devices themselves from the cloud (think self-driving cars) but, more importantly, the software uses algorithms to analyze the data to create insights that drive better efficiency, customer experiences and insights.
Among the applications of IoT technology are self-driving cars, personal health monitors, energy management systems for office buildings and security monitors for homes, to name a few. Dunn even explained how some cities are using solar-powered garbage cans that compact the trash and then connect to garbage trucks via the internet. Many of these innovations are designed to improve the customer experience. For example, he discussed how Delta Airlines developed an app that allows you to track your bag from the time it leaves the plane to when it arrives at the baggage claim area.
Dunn said these and other innovative technologies “will change your life in ways that you can’t even imagine.” And these changes are coming at a rapid pace. “The self-driving car is not decades away. It’s not ten years away. It is five to seven years away. It’s coming much faster than people think,” he said.
Among the eye-popping statistics revealed at Dunn’s presentations are:
- Internet-connected devices are expected to quadruple from 12.1 billion in 2013 to nearly 50 billion by 2025.
- 89% of new cars sold worldwide will have embedded connectivity by 2024
- The global market for IoT solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.
- Among the manufacturers who have implemented IoT solutions, 82 % reported increased efficiencies and 49% experienced few product defects.
TAMI Talks is a series of thought-provoking interviews with leaders in innovative technology presented by the BCW in partnership with Manhattanville College. TAMI, which stands for Technology Advertising Media Information, is one of the fastest-growing economic sectors.