KPMG Australia has launched a new business practice dedicated to the Internet of Things (IoT). The practice is the first of its kind within KPMG across the world and is part of the Australian branch’s management consulting business. It will be led by Piers Hogarth-Scott, who prior to taking on this role was a director in the company’s digital consulting practice.
“The Internet of Things is expected to deliver 50 billion devices and have a US$11 trillion annual impact to the global economy by 2025,” said Ian Hancock, head of management consulting at KPMG Australia.
“Hundreds of KPMG team members have worked on IoT-related projects over the past few years including working with government to develop smart city strategies, developing the IoT economic model and business case and prioritised roadmaps for investment. We strongly believe a focused approach led by a dedicated team of specialists is the optimal right way to help business and government approach the challenges posed by the rise of the Internet of Things.”
Initially, the IoT practice will focus on three main sectors:
- Smart cities, including connected transport and infrastructure
- Smart campuses: recognising universities are largely microcosms of cities
- Smart agriculture
“The transformative and potential economic, social and environmental benefits from effective IoT solutions are vast, and Australia has the potential to become a global leader in the field,” said Hogarth-Scott.
“We believe we can help to unlock the opportunity for our local ecosystem and the economy as a whole by supporting Australian technology companies, industry players, universities and entrepreneurs to develop and execute innovative IoT applications.”
The company intends to grow the practice to over 30 IoT specialists within two years. Particular areas of interest include new markets development, strategy and implementation, security, data analytics, local and international policy, growth plans, revenue and tax compliance.