On June 20, McRock Capital hosted its 2018 IIoT Symposium in Montreal. The annual event brought together leading founders, engineers, investors, CEOs, and partners from BASF Ventures, Cisco Investments, Caterpillar Ventures, GM Ventures, Pitney Bowes, the Toronto Argonauts, and others for a day of exchange on the Industrial Internet of Things. Topics included building the internet of things, global investment trends, market leadership, AI and autonomous systems, and case studies on about the transition to IIoT.
Here are three take-aways from the symposium.
1. IIoT: An explosion of connected possibility
"Devices play are driving the digital economy forward, the Internet of things (IoT) will account for a significant part of this growth. Research firm Business Insider predicts there will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015." -Shawn Rogers, Senior Director of Analytics Strategy, TIBCO
2. The new economy is a collaborative economy
IoT guru Maciej Kranz of Cisco describes the new economy as a co-economy—shared and collaborative. The co-economy is inclusive and interconnected and made up of vertical and horizontal partnerships. It features players from other enterprises, regional specialists, start-up companies and employees. Client needs are at the centre.
Infographic source: Maciej Kranz
3. IIoT Recipe for Success: Predictive and Prescriptive
Antonio Pietri, President and CEO of AspenTech says the key inputs for IIoT success are data management, analytics solutions, and domain knowledge and expertise. This cocktail of the predictive and the prescriptive will make for actionable results.
Infographic source: Aspen Technology