Consumer education is key to success 
Ulmart, Russia’s leading online retailer, has brought together a number of top international and Russian experts at the St. Petersburg International Economic Forum (SPIEF) to discuss ways of how to make the Internet of Things (IoT), one of the hottest concepts of today’s tech world, work effectively for the benefit of all market participants.
The panellists of ‘Internet of Things: Overcoming Obstacles’, a designated session organised by Ulmart and the Roscongress Foundation and moderated by Mike Butcher, Editor-at-Large of TechCrunch, agreed that the interconnection of products will soon become an integral part of our daily lives and the global economy. However, they admitted that there are a number of obstacles that may prevent the Internet of Things from flourishing and benefiting the consumer and businesses alike.
Dmitry Kostygin, Chairman of the Board of Directors, Ulmart (PRNewsfoto/Ulmart)
Opportunities:
Dmitry Kostygin, Chairman of the Board of Directors of Ulmart, commented: “It is no doubt that the Internet of Things is the future, with its own risks and benefits. We can call the concept the ‘Things of Internet’ as fewer and fewer items remain non-digitalized nowadays. Ulmart as one of the pioneers of the digital revolution in Russia and a market leader in the country’s e-commerce sector understands that with vast opportunity comes strict responsibility. Technology is evolving faster than any legal and moral frameworks that would be required to manage it, and we need to be able to use Big Data and other tools effectively to protect the consumer while focusing on further growth potential.”
“In ten years the Internet of Things may create a market that would be the size of China’s economy, with the commercial segment accounting for two thirds of its value.” said Vladimir Cernavskis , Partner, Head of Telecom, Media and Technology Practice in Russia , McKinsey & Company.
“The Internet of Things is much more than just the communication of things. It combines technology and platforms that ensure the collection and storage of information. It is realistic to develop the Internet of Things without waiting for a specific standard to be developed, simply by adjusting technology to customer needs,” said Andrey Kuzyaev, President and Chairman of the Management Board, Member of the Board of Directors, ER-Telecom Holding.
“Devices are fast and smart, and artificial intelligence is developing quickly, so it is possible that devices will create their own protocol and language,” commented Mark Gazit , CEO of ThetaRay.
Mike Butcher, Editor-at-Large, TechCrunch (PRNewsfoto/Ulmart)
Obstacles:
Cybersecurity, regulation and lack of consumer education were named the key challenges for the successful growth of the IoT. A number of technological and operational barriers will also need to be eliminated to ensure smooth integration and interconnection of things, according to the panelists.
“People use the Internet, social media and electronic payment systems without the fear of a hacker attack because the opportunities are often greater than the risks. It is important to start educating people about cybersecurity. When devices start talking to each other, the vulnerability is not in the devices, it’s with the human beings that use them,” noted Mike Butcher .
“The moral and legal issues revolving around the IoT perhaps don’t seem so obvious today, in 2017, but in the next five-seven years we will be so deep into the IoT that it will be too late to act. We must at least begin now by asking these questions,” commented Brian Kean , Chief International Officer of Ulmart.
“There are issues related to the security of data, cyberattacks and privacy of communication, while the consumer is not necessarily informed of potential risks,” said Irmgard Glasmacher , Managing Director, Lead of Accenture Strategy in Middle East , Africa , Russia , Turkey .
“It is important to be able to properly analyze and use Big Data, as well as ensuring the technical compatibility of devices to develop the full potential of the Internet of Things,” commented Vladimir Cernavskis . “Devices need to be able to speak the same language with each other.”
“As a user of Internet systems, I provide my data to such systems and am no longer able to control it. People need to be educated about cybersecurity and new technology as early as at school,” said Sven Wagenknecht , Editor-in-Chief, BTC-ECHO.
“I believe that only evolution will help provide an adequate level of cybersecurity,” said Andrey Kuzyaev. “Excessive regulation can stop the Internet of Things from developing, therefore ensuring proper balance between security and progress is key. Humans and computers need to be trained to communicate effectively with each other.”
About ULMART
Ulmart is Russia’s largest privately held Internet company specializing in e-commerce. The company was founded in 2008, and its headquarters are located in St. Petersburg. Ulmart has over 450 infrastructure facilities (fulfilment centres and pick-up points) in more than 240 cities and towns across Russia.
http://www.ulmart.ru
Services
Stakeholder mapping, analysis, engagement and communication needs to be detailed to avoid business losses or even worse, a crisis. How can you do this effectively to prevent failure? ...
Data-driven business decisions have never been as crucial, especially in this era. MGBF leverages off, technology, experience and market presence to aid businesses in making accurate decisions. ...
MGBF provides comprehensive strategic advice and results-focused solutions to solve clients' problems in business-government relations so they can focus on their core business. ...
A critical business challenge is meeting the right decision-makers and potential buyers through the best channel and platform. How will you improve your business competency? ...
Upcoming Events
MGBF founding chairman Nordin Abdullah and UMW Toyota president Datuk Ravindran K. will delve into the convergence of automotive innovation and environmental sustainability in Penang, Sarawak, Johor and Pahang.
Hosted by menumiz™ – an end-to-end restaurant management system – this roundtable will feature a case study presentation and a panel session to discuss the latest digital trends, challenges, and opportunities within the food and beverage sector.
In this episode of 'A Working Lunch with Nordin', MGBF's founding chairman, Nordin Abdullah, will host this discussion focusing on the biggest threats and opportunities for businesses as we look to manage change in the South China Sea.
This MGBF Roundtable will focus on regional food security issues and trends in the regional supply chain, and trade regulations and policies, including a new geopolitical tool i.e., weaponisation of supply chains.
MGBF In The News
Planet QEOS, KIS BlOCNG San Bhd, and the Sarawak Land Consolidation and Rehabilitation Authority (SALCRA) have officially signed a tripartite memorandum of understanding (MoU) to establish a collaborative framework aimed at producing bio-hydrogen via the Steam Biomethane Reforming (SBMR) Process. The MoU was signed by Planet QEOS executive chairman Dino […]
Planet QEOS and China Machinery Engineering Corporation (CMEC) are interested in investing RM10 billion to co-develop advanced Megawatt peak (MWp) agrovoltaic in Baram, to further boost Sarawak’s green energy initiative and food security. Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg was briefed on Friday by both the […]
Last week SPM results came out, 373,974 aspirants who have been waiting patiently over the last few months would now know their fate. Some 10,109 have received all A’s, the golden standard of academic success and the ticket to those looking to study the “more advanced” subjects in university. Proudly, […]
The classic knee-jerk reaction is to say, fire the coach, change the leadership of associations, and reduce the funding till they start performing better. This kind of negative reinforcement may work for kindergarten children, but we are dealing with high-performance adults – individuals much further along in their psychological and […]
Since its earliest tea plantations in 1929, Cameron Highlands has grown to become a key player in the agricultural landscape of Malaysia, producing 40 per cent of all vegetables grown. Despite Malaysia shifting its economic focus away from agriculture, the industry remains imperative for food security and the livelihoods of […]
Although at first glance the travel industry and the agricultural sector appear to have nothing in common, they actually share more than meets the eye. The economic benefits of tourism to the agricultural sector can be multiplied several times over. “Tourism brings the end consumers closer to the source, which […]
The Malaysia Global Business Forum (MGBF) recently held a high-level roundtable themed ‘Designing the Future of the Digital Economy’, attended by industry leaders and business associations. The guest of honour was Yang Berhormat Syerleena Abdul Rashid, the Member of Parliament (MP) for Bukit Bendera in Penang. The MP’s Special Session […]
The Malaysia Global Business Forum (MGBF) will be hosting a roundtable on ‘Designing the Future of the Digital Economy’ on 23 February 2023. It is the culmination of the first three MGBF Exclusive Roundtable Series titled ‘The Evolving Threat Matrix in the Digital Economy’ held throughout 2022. According to the […]
The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy. Nordin said, “The first thing that it […]
More than 1,100 years ago, Muhammad ibn Musa al-Khwarizmi was developing the mathematical formulas that we know today as algorithms which now have become so intertwined with the business fortunes of global media giants and the very fabric of geopolitics. A series of recent high level international reports have revealed […]
KSK Land has been recognised by the Malaysia Global Business Forum (MGBF) for its role in attracting high net-worth individuals to Malaysia post-pandemic. The first challenge in investor attraction is “selling” the country. In the context of Asia, Malaysia is competing with some very established investment destinations. The second […]
Malaysia, in particular Kuala Lumpur, continues to position itself as a regional centre to do business, educate a family and enjoy a global lifestyle. One company, KSK Land, has taken the lead in positioning itself and the city of Kuala Lumpur as a property investment destination for the global citizen […]
The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
Malaysia Global Business Forum (MGBF) has moved to support the creative economy as the overall economy moves into a recovery phase following the COVID19 pandemic. As a step in the direction of normalcy, the MGBF has agreed to host the art exhibition “I Know You’re Somewhere So Far” by one […]
Congratulations to Datuk Seri Ismail Sabri Yaakob for taking up the mantle of the ninth prime minister of Malaysia. There is nothing normal about the situation; it could not have been scripted but it has kept the spectrum of media, mainstream and social, gripped. The first order of business for […]
In a stirring speech to the nation, President Joseph R. Biden, Jr. stamped his brand of leadership on the presidency, in his first act as the 46th president of the United State of America, it signaled several shifts. Perhaps the weather was foreboding with snow falling before the ceremony that […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
