We are entering a new era of value creation for the internet − the fourth industrial revolution or Industry 4.0.
It’s an era where a proliferation of new data experiences and ubiquitous connectivity will deliver tremendous value to all. Indeed, Australia’s digital sector is expected to grow to $139b by 2020 and from there it is likely to gain an additional $122b in GDP each year until 2030.
This growth will be brought about by several key elements:
Think about how this could affect businesses from a range of different industries. Take infrastructure for instance. We’ll start to see targeted maintenance, based on actual wear and tear, rather than time scheduled asset management.
Or look at healthcare. We could potentially see new prevention and treatment, customised treatment delivery and evidence-based decision making. Population health data, like many other industries, will bring challenges with data privacy and anonymisation. However, we have already seen a transition from service-delivery based health billing to outcome-based models, which factor in personal health devices into medical treatment and decisions.
Data will become a commodity in and of itself, to the extent that ‘data about an activity or asset’ will likely sell for more than an asset itself. For example, health data could become more valuable than hospitals. In 2016 US firm Truven Health Analytics was sold to IBM for $US2.6billion. Similarly, commuter data from multiple autonomous vehicles is expected to create far more value than the revenue from vehicle sales themselves. The transition from data as an expense to data as an asset has the potential to redefine the enterprise balance sheet.
This transition can only occur if the data produced is meaningful and of a trusted, high quality. Standardisation will be also required to ensure scalability and interoperability, across systems, industries, and over time. To ensure this data is collected without interruption and delivered without manipulation, it will be essential for businesses to take a closer look at their total network security requirements – from fibre, data centre and cloud, to voice and collaboration, and choose solutions that strike a balance between what is needed in terms of network protection and the flexibility and agility they need to operate their business effectively over time.
It’s time to adopt new thinking, to replace historical assumptions and perceptions about protecting data as a cost centre, as data protection can now be weighed against the cost of building and protecting significant new revenue channels.
Vocus is excited to be attending the Gartner IT Symposium on the Gold Coast 28-31 October 2019, to talk about the importance of secure networks and infrastructure. Special guests David Irvine, current chair of the Cyber Security Research Centre and former head of ASIO, and Julian Fay, CTO at leading encryption specialist, Senetas, will join the Vocus team for a discussion on the context for network security, the key risks, and how organisations can create brilliant customer experiences in a highly secure world.
It promises to be a valuable session – if you’re attending the event, come and join us on Wednesday 30 October 2019, 2.45pm-3.30pm in Room 5, Level 1, Gartner IT Symposium | Xpo, Gold Coast Convention and Exhibition Centre.
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