The Internet of Things – Promise for the Future?
The Omani French Friendship Association (OFA), established in collaboration with the French Embassy in the Sultanate, hosted a seminar titled ‘The Internet of Things – Promise for the Future?’, on the 16th of October, 2017, at Bank Muscat Hall, Head Office.
The key speakers for the seminar were Mrs. Vanessa Humphrey, Chief Strategy Officer from Internet of Things LLC – mOmkin, Mr. Fadi Nasser, Senior Advisor to CEO, General Manager ICT from Omantel and Mr. Rajesh Pai Fondekar, Head of Alternative Channels & e-Business from Bank Muscat Meethaq.
The Internet of Things is an emerging topic of technical, social, and economic significance. Consumer products, durable goods, cars and trucks, industrial and utility components, sensors, and other everyday objects are being combined with Internet connectivity and powerful data analytic capabilities, which are transforming the way we work, live, and play.
Our speakers took us through a journey into the Internet of Things, where what seemed impossible for us a few years ago, is now happening.
Fadi Nasser enlightened us about the digital transformation that firms are experiencing and how Telco operators are responding to this transformation: from a technology advisor to a solution enabler and finally an end-to-end service provider.
He also explained how IoT is enhancing our day-to-day life by giving the example of smart cities, which are built around users.
Finally, Fadi described how all the substantial information generated by the communication between objects can now be processed in a very short time, thanks to the platforms created and implemented by Telco operators and other IoT operators.
Vanessa Humphrey illustrated Fadi’s testimonial by presenting use cases across different industries (Agriculture & Environment, Smart Building, Industry, Healthcare, Utilities, Smart Cities, and Asset tracking). Vanessa also explained how IoT dedicated networks, such as Sigfox, helped making the communication between objects very simple, reliable and global.
For Rajesh Pai Fondekar, the future of the banking industry is growing, increasingly digital, especially among younger customers who will wield financial influence in the coming decades. Financial institutions need to adapt to these new retail and mobile banking trends and enhance the user experience. Among the actions they need to take toward this goal, Mr. Rajesh Pai Fondekar gave the following:
Be customer centric
Offer simple and scalable solutions, quick to adopt and experiment
Get creative and approach this with a trial-by-error mentality
Have simple and unbundled models to avoid complex regulations
Aggressive usage of big data, digital footprints & algorithms to build learning
With participation from companies both in the private and public sector, the seminar helped organizations better understand the added value of IoT for their business.
The event was supported by Omantel, Bank Muscat, Bank Muscat Meethaq and the Bahwan Cybertek Group.
OFA is a non-profit organization which aims to strengthen the friendly Omani French relationship through the development of trade, economy, social and cultural exchanges.
This was OFA’s first economic seminar and one of the many initiatives in bringing about collaborative change.