KPMG Australia is looking to get the jump on its peers on the Internet of Things caper with the professional services firm lifting the lid on a dedicated practice for the network.
The practice, part of KPMG’s management consulting business, will be headed by Piers Hogarth-Scott.
He told The Australian it was time to turn the IoT buzzword into something more tangible.
“Things are certainly coming to a head,” Mr Hogarth-Scott said.
“We reckon the Australian economy has the opportunity to drive about $120 billion of additional economic value out of the development in IoT.”
However, converting the potential of a sensor-filled hyper-connected environment will require bringing numerous stakeholders together and getting them talking.
With telcos, equipment suppliers, business and policymakers all set to play a crucial role, Mr Hogarth-Scott said that his aim was to make KPMG the key connector.
“There’s no one player that’s going to make this happen and that’s where we have an opportunity to come in as a trusted, independent adviser to help the different players jell.”
The KPMG practice will focus on three sectors — smart cities, smart campus (education) and smart agriculture — and Mr Hogarth-Scott said that all three areas were closely aligned to the broader national reform agenda.
The agriculture sector has been largely neglected in the innovation conversation and Mr Hogarth-Scott said the IoT trend could have a dramatic impact on farms and farmers.
“This is a sector that’s ripe for disruption and IoT really lends itself to precision farming and allowing farmers to make hyperlocal decisions,” he said.
“It’s immensely exciting to be the first major consultancy in Australia to stand up a dedicated IoT practice to help our clients capitalise on this opportunity.”
With the firm’s deep industry, technology, policy and analytics insights, as well as a global network of specialists, KPMG intends to expand the practice to more than 30 IoT professionals within two years.
Mr Hogarth-Scott said harnessing the existing in-house expertise more effectively had been a key driver of setting up a dedicated IoT practice.
“As a firm we have been doing a number of things in IoT for a while and really drawing on the multiple arms of the firm to help deliver solutions,” he said.
“We got to a point where we had generated enough momentum in the market to warrant the existence of a dedicated practice.”