PwC Herald Talks: Ulrich Frerk says businesses need to connect to IoT or risk being left behind

Ulrich Frerk, founder and chief executive of Adroit.

Adroit founder Ulrich Frerk says businesses need to connect to the Internet of Things or risk being left behind as consumers seek more convenience.

"If you don't connect your company and products to the internet and make them smarter then you're going to be left behind," Frerk says.

"The IoT [Internet of Things] is more than using your smartphone as a remote control, its a data collection ability, artificial intelligence."

In his keynote at PwC Herald Talks, Frerk will discuss the importance of the Internet of Things [IoT], the uptake of technology and why businesses should be connected to the internet.

Frerk, who started his technology development company in 2014 and converts everyday items to smart products, says consumers want flexibility.

"The IoT can learn and help you better service and connective with your customers; you can find the pain-point and solve problems."

It can also help and assist companies with growth, he says.

"Don't be scared of technology," Frerk says. "Technology and IoT help can you grow your business, it will allow companies to make smarter products by the real-world data and information products collect, this can be used to make the world a smarter place."

Frerk says a huge amount of businesses were still not connected to the internet.

An example of this being with some stores and gas stations that don't offer customers the option to make purchases by Paywave.

"IoT can be applied to things like transportation networks: 'smart cities' which can help us reduce waste and improve efficiency for things such as ener tgy use; helping us understand and improve how we work and live," he says. "The reality is the IoT allows for virtually endless opportunities and connections to take place, many of which we can't even think of or fully understand the impact today.

"It's not hard to see how and why the IoT is such a hot topic today; it certainly opens the door to a lot of opportunities but also many challenges.

The PwC Herald Talks - Internet of Things breakfast event is in Auckland and Wellington next month and Christchurch on November 1. Tickets are available from iticket.co.nz.