The future is now - Future of Business Report 2018 myob.com/futureofbusiness
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The future is now Future of Business Report 2018 myob.com/futureofbusiness
Imagine...
6:00 AM
Waking to your smart-home
6:30 AM 8:00 AM
Eating a ready-made breakfast Being driven to work by
8:28 AM
Scanning your fingerprint to Your colleague appearing as Using facial recognition
reading you the morning news. fresh from your in-home 3D printer. your autonomous vehicle. unlock the door to your office. a hologram in the board room. to unlock your smartphone.
Experiencing tomorrow’s technology, today.
The future
Over the last two decades in particular, The next wave of technological
industry leaders like Microsoft, Google, IBM disruption.
and Apple have crafted some of the world’s
most technologically-advanced systems and There’s no doubt the next three to five years
is now
hardware the world has seen. of technological disruption will impact every
business in New Zealand.
From the advent of the internet and cloud
computing, to the creation of micro-processors While we might think of the key technological
and touch screen tablets and smartphones – the changes of the future as distant – something
technology of the last 15 to 20 years has totally we can deal with later or even leave to the next
transformed the way we live, work and play. generation – the truth is it’s already here.
For more than 50 years, humans have been expanding And nowhere has this proven more valuable,
From humanoid-like robots and AI software, to
autonomous vehicles and quantum computing,
the potential of future technology – designing software, or disruptive, than in business. Today, no matter
what you do, who you sell to, or where you
fantastical ideas once thought impossible are
now, very much becoming a reality.
systems and devices to increase efficiency, solve operate from, your business is – at its core –
a technology business, capable of doing just In business, commerce and trade, this means
problems and ultimately, build better lives. about anything, at any point in time, from embracing, adapting and evolving with the rapid
anywhere in the world. pace of change, or facing the very real risk of
being left behind.
But if we are to compare today’s technology
to that expected in the next three to five years, But are New Zealand businesses truly
the so-called transformative ‘paper to desktop’
ready for the magnitude of change
era of the last 20 years is simply the beginning
expected over the next few years?
of our technology journey.
Are they prepared to ride the next wave
Today, the next wave of disruption – the dawn
of technological disruption? Or will they miss the
of General AI, nanobots, the internet-of-things,
opportunities of an exciting but unpredictable
cryptocurrencies and blockchain – is imminent,
new world?
and is set to change everything we know about
technology and its place in our world. As the future fast approaches – and takes
each of us with it – a combination of investment,
In fact, ideas once coined ‘futuristic’ are already
business preparedness and government support
here – and they’re rapidly changing the face
will make all the difference to the success of our
of business.
economy and the businesses that work to
support it.
The future of technology, business,
and human civilisation is now.
Are you ready?
“Never before in history has innovation offered promise
of so much, to so many, in so short a time.”
Bill Gates.
Ready for
Which of the following technology trends do
you expect to change your industry over the next...
the future?
3 years 5 years
Cloud computing 15% 33%
Improvements in connectivity 23% 32%
INSIGHT FROM THE MYOB BUSINESS MONITOR
The internet-of-things 17% 30%
To be successful in the southern corner of the Pacific From an industry perspective, 10 per cent of the finance
Ocean, Kiwi businesses will need to think laterally and and insurance sector said no future technology will
Artificial intelligence N/A 28%
use technology to their advantage. impact their business, while almost a third (32 per cent)
For the most part, local operators have been doing
of the construction and trade sector said the same. Automation and robotics 14% 23%
Interestingly, just 13 per cent of construction and trade
this for decades – adapting to changes and applying
businesses expect automation and robotics to change
technology to explore new ways of doing things.
their industry – despite early signs of it already doing so
3D printing 6% 22%
And with smartphones in every pocket and internet – while 29 per cent of finance and insurance businesses
in every building, today’s businesses can achieve a lot said the same about their own industry. Virtual Reality N/A 21%
more than they used to – from cutting the time it takes
to reach distant markets in half, to rebuilding fallen Machine-to-machine learning 6% 18%
cities, ready for the future.
But as we consider the technological possibilities of Big data 7% 17%
the next three to five years, few local businesses seem
prepared for the level of change anticipated by futurists
and global leaders.
Autonomous vehicles N/A 17%
According to the latest MYOB Business Monitor, a Blockchain N/A 9%
nationwide survey of over 1000 small and medium sized
businesses, over a fifth (22 per cent) of local operators No technology will
said technology would not have an impact on their impact my business 22% N/A
industry over the next few years. A further 26 per cent
Source: MYOB Business Monitor, Source: MYOB Business Monitor Snapshot,
said they didn’t know if technology would impact their February/March 2018 May 2018
business.
Of those who anticipate technological disruption, only
14 per cent expect automation and robotics to impact From MYOB’s research, it is clear businesses are prepared to accept
their industry, while just 6 per cent expect machine change when looking out just a little further. Research shows attitudes
learning (ML) and 3D printing to impact their industry. towards technological disruption change when operators are asked about
the technology that will impact their industry over the next five years,
In contrast, over a fifth (23 per cent) of local operators
instead of three.
said they expect improvements in connectivity – i.e.
their access to the internet – to change their industry In an MYOB Business Monitor snapshot survey of more than 400 local SMEs,
over the next few years. 28 per cent said they expect artificial intelligence to change their industry
over the next five years, while 23 per cent expect automation and robotics
While internet connectivity and faster, more reliable
to do the same.
broadband might well benefit businesses over the next
few years, it’s questionable whether such technology will However, almost a third (32 per cent) still expect improvements in connectivity
continue to impact New Zealand businesses in the same to alter their industry over the next five years, while just 9 per cent expect
way artificial intelligence, robots, big data and the blockchain – one of the fastest growing tech trends – to do the same.
blockchain will.
However, New Zealand business operators do view some of the
key technologies expected to have a major impact with scepticism.
Which technologies do you believe Investing in the future
are currently the most over-hyped? To succeed in the world of tomorrow, today – and attract
the best talent, investors and consumers – businesses
Of those who do, almost a third (29 per cent)
spend less than 1 per cent of their revenue (or sales)
will need to invest more of their time, money and on research and development.
resources in research and development.
According to the survey, the average amount a Kiwi
Whether you’re looking to use automation to reduce SME spends on R&D is just 1.97 per cent of their revenue,
Artificial labour costs, or use data from the internet-of-things to while the OECD international average is 2.3 per cent. Just
intelligence
scale your business, new technology must be trialled 6 per cent of local operators spend more than 5 per cent
27% and tested to guarantee the best results. of their revenue on research, development and innovation.
Virtual However, few businesses are investing enough in
Reality R&D and innovation. The 2018 New Zealand Business
26% Monitor reveals 36 per cent of small and medium sized
businesses don’t budget for product and service
development or innovation at all.
Autonomous
vehicles
22%
Drones
What percentage of revenue (or sales) does
22% Blockchain
your business spend on research and development?
16%
The internet
-of-things
Greater than 5% 6%
Automation 13%
and robotics 5% 5%
13%
Cloud
Rocket
4% 3%
computing
technology
3D
11% Nano 9% 3% 4%
printing technology
10% Machine 9% 2% 5%
-to-machine
learning
1% 6%
8%
Big
data
Less than 1% 29%
Adv. bio 6% We don’t budget for R&D 36%
engineering
6%
Source: MYOB Business Monitor, February/March 2018
Without significant, country-wide investment in the research and development of new ideas,
Aotearoa – a country known for its innovative thinking – will be left to play catch-up for years to come.
To guide the world towards a new era of technology – and a new era of business – New Zealand’s most
innovative employers will need to take advantage of the government’s R&D initiatives, third-party
funding programmes, and harness the power of their own entrepreneurial spirit.
Source: MYOB Business Monitor Snapshot, May 2018
The big technological How long does it take to
shifts of the last
years integrate technology?
Which of the following are the biggest technological 20
shifts your business has experienced in the last 5 years? 18%
17%
15
16%
14%
39% 29% 10
7%
7%
DESKTOP PC TO DESKTOP/SERVER-BASED 5
MOBILE DEVICES TO CLOUD COMPUTING
2%
33% 27% 0
A few weeks 1-3 months < 6 months < 1 year 1-2 years 2-5 years 5+ years
PAPER-BASED TO EMAIL TO
COMPUTER SYSTEMS MESSAGING APPS
Source: MYOB Business Monitor Snapshot, May 2018
25% 22%
When it comes to integrating new systems, software and devices within an enterprise, New Zealand’s
small-to-medium sized business owners are adopting new technology relatively quickly.
EXCEL SPREADSHEETS TO MANUAL TO
ACCOUNTING SOFTWARE AUTOMATED OPERATIONS
In fact, from the time a business owner first hears of a new technology and decides to use it in their business,
almost one-in-five (18 per cent) will integrate it within a year, while 16 per cent will achieve the same in less
than 6 months, and 14 per cent will have a new device or system fully operational within 3 months.
14% 18% In contrast, only 2 per cent of business owners take five or more years to do the same.
PHYSICAL STORE TO PHYSICAL TO
E-COMMERCE VIRTUAL MEETINGS
6%
HUMAN STAFF TO
HUMAN STAFF TO
ROBOTICS/AI
Source: MYOB Business Monitor Snapshot, May 2018
Embracing
change
The enormous growth in computing power, automation
and connectivity has given rise to fears that technologies like
AI and robotics will take over our jobs, our communities and
even our lives.
However, MYOB futurist in residence Keran McKenzie
says in reality, the next few years are much more likely to
see these developments support and enhance everything
we do – from growing crops for a small community to curing
cancer for the entire human race.
“Thanks to modern technology – like advanced So, what can businesses expect as these
robots, artificial intelligence and the blockchain trends develop?
– we can solve just about anything much faster,
While there are certainly challenges to overcome
with less money, and with less risk than any other
and decisions to be made, the idea of technological
time in human history.
disruption is nothing new. In fact, we’ve experienced
And to some extent, this is a double-edged sword. disruption like this before.
Robots will replace jobs but will also increase Take for example the industrial revolution. Yes, it
workplace efficiency. Artificial intelligence will surpass displaced workers and labourers, but it also laid
human intelligence but will process more information the foundations for today’s modern and profitable
than ever thought possible. Cryptocurrencies will society and created more jobs and opportunities
replace cash but will provide security to businesses in than any time before it.
volatile economies. And the internet-of-things will
The internet also caused mass disruption.
threaten digital privacy but will provide more insight
As did the laptop and the smartphone.
than Google analytics and all social media channels
combined. So, businesses should expect the same level of
disruption – and subsequent success – over the
next few years too. With the right mindset, tools
and resources, technology like this will only
strengthen your ability to solve your
customers’ greatest problems.”
Here are some ideas we’ll need
to grapple with in the next few years:
The technological convergence. Open data, limited privacy.
While, historically, businesses were disrupted by Thanks to technology like the blockchain and the
a single piece of technology – like the internet or the internet-of-things, tomorrow’s data will be open,
“We shouldn’t fear the
future,
smartphone – tomorrow’s businesses will need to available and shareable across multiple platforms.
adopt multiple technologies at once in a relatively
This means the way we engage with our customers
short amount of time.
and clients – especially the conversations we engage
No one device, system or software will change how in online – will be seen and judged by everyone.
a business operates on its own. Instead, an era of This is going to have a tremendous impact on B2B
technological convergence – the coming together and B2C relationships and transparency. nor should we fear the
of new technologies to solve problems – will begin
to disrupt every organisation at every level.
While many will argue for their right to digital changes that come with it.
privacy, they will also struggle to attain it. As a result,
Tomorrow’s businesses will be able to collect businesses will need to be open, honest, genuine
consumer data via the internet-of-things, store it via and inclusive, no matter their size, industry or
the blockchain, and then interpret it using ultra-fast structure. Instead, we should prepare for it’s inevitable You just need to know where to find it and
artificial intelligence and machine learning – all with impact by adopting new technologies before our how to make it happen.
the click of a button. But they will also need to know competitors do. Because it doesn’t matter who you
So, take a curious approach to life and think big.
how to operate, integrate and manage each of these are, what you do or where you come from – today,
Test your ideas, trial your prototypes and continue to
technologies individually in order to successfully the opportunity to do something great, to change
discover new ways of doing things. Because success
integrate them into their business. the world or perhaps your part of it, is there and ripe
will come to those who embrace the future with an
for the taking.
open mind, and will no doubt favour those who are
willing to unleash the power of exponential
technology before anyone else does.”
Digitally capable communities. Fake news and digital manipulation.
The regions and communities thought to have Today – and in the future – it will be very easy for
been left behind in the ‘90s are far more capable hackers, trolls and even industry competitors to harm
today than they were ten or twenty years ago. As a a business on and offline via fake news and digital
result, they’re among the quickest to adopt new manipulation.
technologies and devices.
From basic photoshop editing and fake social
This means they’re bypassing older technologies – media profiles, to more sophisticated CGI
like desktop computers, and even laptops. Instead, technology, absolutely anyone can impersonate a
Keran McKenzie is futurist
they’re using modern smartphones and tablets to business, brand or individual via the internet, and
search the internet, communicate, and make distribute defamatory content on their behalf. And in residence at MYOB
transactions, with fast-growing micro-businesses with so much consumer trust in social media, what and is fascinated by new
running on apps rather than servers. you say – or don’t say – could cost your business
technology and how it is
everything.
If you’re selling to customers in regions like this, transforming the way we
your digital presence needs to be responsive and Thankfully, blockchain technology will be there
interactive. There’s no point designing a website for to support every business as it becomes open live, work and play. His role
desktop users, if your customers view content on and transparent with its customers and stakeholders. involves looking at the current
six-inch screens. As a result, consumers will begin to place more trust and future trends in
in the organisations they support and buy from.
technology, and how they
can be developed to benefit
Australasia’s businesses,
both small and large.
1
Science fiction
or reality?
future technologies
that already exist today.
Narrow AI Narrow AI (or weak AI) exists today and is already changing the way we
01
do business. This type of AI is built to accomplish one specific and narrow
task, like a chatbot or a self-driving car.
General AI General AI is when a device, system or software applies previous
experiences to solve new problems. This type of AI is capable of performing
intellectual, human-level tasks and learns from its mistakes and memories in
order to improve.
Super AI/Advanced AI Super AI goes one step further than General AI and is
in its early infancy. In this stage, artificial intelligent beings
will surpass human intellect. This is often referred to as
technological singularity and will ultimately change the way
we live and work forever.
Artificial Intelligence
“The theory and development of computer systems able to perform tasks normally
requiring human intelligence, such as visual perception, speech recognition, decision-
making and translation between languages.”
When we talk about the future of artificial These devices are known as ‘narrow AI’ because
intelligence (AI), we often picture sensational, they lack autonomy and struggle to self-learn. In
hyper-intelligent and independent beings capable business, narrow AI comes in the form of automation
of achieving absolutely anything – like Iron Man, – computers and devices that advise best practice
J.A.R.V.I.S and even Skynet. And while such and suggest things to improve our overall efficiency,
technology is yet to be built and utilised in the like accounting software and automated media
workplace, artificial intelligence in its simplest form monitoring software. These systems are extremely
already exists today – think chatbots, self-driving beneficial to businesses because they can complete
cars, Siri and smart-home devices like Alexa. the manual, grunt and discovery work on our behalf.
MYOB Advisor Soul Machines Vulcan Steel
28%
Harnessing the power of AI, This Auckland-based business Local steel supplier Vulcan
the software provides advisory is re-imagining the way humans Steel partnered with Datacom
services with automated connect with machines. Their to develop a workplace safety
management reports, cutting ground-breaking AI technology solution to filter through
the time spent digging through creates life-like and emotionally thousands of pieces of footage
of SMEs expect AI data from hours, to minutes responsive artificial humans a day to find potential risks
and expressing the results in with personalities and unique using AI and ML.
to change their industry ‘human’ language. characters.
over the next five years.Known as Ohmio, the company’s pilot vehicle is fully electric, features innovative
CASE STUDY safety technology, and uses artificial intelligence to ensure continuous machine-
learning and navigational improvements.
CEO Dean Zabrieszach says Ohmio is a modern mobility solution capable
of transporting both people and freight in a safe and controllable way.
“Our intelligent, self-learning driving system is modular, configurable, safe
and environmentally friendly,” Dean says.
Designed to operate at low speeds, the vehicle is currently best suited to run
in controlled transport environments like airports, hospitals, retirement villages,
golf courses and universities.
“However, the product can also be tailored to meet the needs of any customer
in any industry,” he says.
While HMI Technologies is best known for its intelligent transport systems – like
electronic road signs and large motorway LED screens – in 2015, the company
chose to move into the development of autonomous vehicle technology.
“A while ago, we realised that artificial intelligence would disrupt the transport
industry significantly,” Dean says. “So three years ago, we decided to put our
expertise to use and dove into the world of artificial intelligence to be part of the
disruption – rather than a victim of it. By that decision, Ohmio became a reality”
he says.
Today, the company employs thirty Auckland-based researchers – nine of whom
are PhD graduates – and has an entire range of autonomous vehicles, including
the Ohmio Hop, Lift, Ride and XT.
“The Ohmio Hop can carry up to six people, while the Ohmio Lift can carry
up to 20, and the Ohmio Ride up to 30,” he says. “And our XT models join two
vehicles to carry up to 40 passengers.”
With an order from Christchurch International Airport already, and interest
from Christchurch City Council, the autonomous shuttles are set to transform
the public transport sector in New Zealand and across the globe.
“We have also signed an MoU to manufacture 150 vehicles for Solaseado, a
“smart city” in South Korea”, Dean says. “This will double the number of such
electric autonomous shuttle vehicles in use around the world in one go.”
Despite some scepticism from the media – especially regarding their safety
and potential to displace jobs – Dean says the mood from customers has been
overwhelmingly positive.
“We’ve found New Zealand businesses are quite keen to try new things,” he says.
“And the country’s regulatory environment really allows for initiatives like Ohmio
to come to life in less time than anywhere else in the world.”
He says Kiwi businesses shouldn’t avoid future technologies because they’re only
Driving Kiwi’s into the future
there to help them do more with less.
“I don’t think they will reduce the number of jobs in this country either,” he says.
“Instead, they will create an opportunity for people to learn new skills.”
Late last year, global technology company and leading intelligent
transport systems provider HMI Technologies launched New Zealand’s
first self-driving and artificially intelligent autonomous vehicle in
Christchurch.02
Augmented Reality
“A technology that superimposes a computer-generated image
on a user’s view of the real world, thus providing a composite view.”
Like AI, augmented reality (AR) and virtual reality (VR) experiences have been
around for several decades. In fact, Ivan Sutherland developed the first ‘over-the-head’
display system to show users simple wireframe drawings in 1968. It wasn’t until 1990
Internet-of-Things
and Big Data
“The interconnection via the internet of computing
devices embedded in everyday objects, enabling
them to send and receive data.”
21%
that the term ‘Augmented Reality’ was first coined by Tom Caudell from Boeing,
and the industry began to take shape.
By 2020, it’s estimated every one of us will generate over of SMEs said IoT
Since then, augmented reality has been used to train staff, sell products and create
1.5GB of personal data per day. This includes everything
from our foot and vehicle movements, to the hours spent has already changed
personal ‘real-life’ experiences for different users – particularly in the gaming sector.
Today, AR is estimated to be worth more than USD $60 billion, but it’s likely to reach
watching TV or scrolling through social media. By the
same measure, smart-homes will generate close to 50GB
their industry.
more than USD $160 billion by 2020 – just two years away. of data a day, and smart-buildings will generate up to
30%
150GB of data a day.*
As AR technology enters new industries – from medical and engineering to trade
and construction – this exciting and rapidly growing technology is set to transform
everything from complex heart surgery to in-home plumbing and electrical procedures. So where will this data come from?
It will be created, collected and stored via the internet-of-
things – the interconnected and interwoven network of of SMEs expect IoT
21%
smart devices, buildings, objects and vehicles that we will
use every single day to make our lives that little bit easier. to change their industry
The internet-of-things will be so massive, that by the end over the next five years.
of the next decade, everything from refrigerators, ovens
of SMEs expect VR to and microwaves, to doors, TVs, cars, traffic lights and
even footpaths will be connected to the internet –
change their industry over fundamentally shifting the way we live and work.
the next five years.
Daqri
This American AR company has created
a wearable device that incorporates digital
and holographic data into the user’s physical
environment to streamline existing business
processes. With their wearable device, a bike
racing company was able to help their drivers
visualise 3D content in the context of their
actual motorcycles. Pavegen Systems
This British technology company has developed
special paving slabs that convert energy from people’s
8i footsteps to electricity to power the adjacent street
With offices in Wellington, Los Angeles lights. Using IoT, each tile has a data transmitter that
and Seattle, this world-leading volumetric captures wireless information from every footstep –
video technology company is enabling people measuring foot traffic and capturing digital footprints
to interact through human holograms that look on busy streets.
and feel like they’re in the same room.
*Microsoft Build Conference, May 2018CASE STUDY
Under the guidance of engineering graduate and Craig says lots of farmers don’t believe it’s real
entrepreneur Craig Piggott, the Auckland/Waikato- until he shows them a video of Halter technology
based company has developed the world’s first in practice and explains how it’s no different to a
GPS-enabled, smartphone operated and solar dog herding sheep, albeit a lot less stressful on
powered collar for cows. the animals.
Using Internet-of-Things technology, “Once they’re on board, the first thing they ask is
‘when is it going to be ready?,” he says.
artificial intelligence (AI) and machine
“Because they know their industry needs to change,
learning (ML) the device helps farmers and unlike other industries they’re ready for the
direct cows around pastures and into future. They know their work needs to be more
milking sheds, reducing labour costs, sustainable and it needs to be better for the animals.”
removing the need for fences and Craig says Halter will roll out a soft launch of the
device next year, but is currently in the pre-commercial
improving animal welfare.
stage. They’re also taking applications for the first
“The device is based upon the Pavlovian Theory,” round of trial farms.
says CEO and founder Craig Piggott.
“We recently raised $8 million from US venture
“We train each cow to respond to audio and vibratory capital firm Data Collective, with participation
cues to give time back to farmers, improve the overall from Founders Fund, Ubiquity Ventures as well as
efficiency and decrease the costs of on-farm processes.” existing investors. The funds will be used to scale
Craig says the concept of training animals for up the Halter team and support the commercial
fenceless farming has been around for years, rollout to farms across New Zealand.”
but that limited attempts have been made to With technology like this on the horizon – and
integrate the technology within a farming context. businesses like Halter paving the way – the future
“So we took it a step further and created a development of agriculture in New Zealand is truly unpredictable,
The future of farming farm, or R&D block, out in Waikato to trial our device
on-farm.”
but exciting.
“From a market point-of-view, there’s no shortage
Growing up on a dairy farm, Craig says he knows what of cows in the world. But this technology could be
applied to all types of agribusinesses,” Craig says.
In ten years’ time, dairy farming in New Zealand local farmers want and understands their challenges,
which has helped his team develop a modern “For now however, it’s about dairy farming – and
could look very different than it does today. solution they know will have a lasting impact. that’s why we’re in New Zealand.”
In fact, farmers could soon look back on the “Everything we do has to make sense from a farmer’s
industry and wonder why 4am starts and 80 hour point-of-view – there needs to be very obvious ROIs
and it needs to be financially viable,” he says.
working weeks were the norm.
“So we developed a monthly subscription model
to avoid upfront payments and third-party loans
At least that’s what the team at agritech startup Halter and their Silicon – because farmers are under enough stress as it is.”
Valley investors believe – that’s Data Collective, Founders Fund and Ubiquity
Ventures – the same investors who backed Facebook, Spotify, SpaceX, Airbnb
and New Zealand’s own, Rocket Lab.04
Robots and automation
“A machine capable of carrying out a complex series of actions automatically,
especially one programmable by a computer.”
Robots too have been around for some time. In fact, Leonardo da Vinci sketched plans for a humanoid robot
more than 500 years ago. While the concept has evolved over the past half millennium, the idea of automation
6%
of SMEs said automation
to minimise inefficiency remains a key driver – especially in business. and robotics have already
But as the technology becomes widespread, robots are developing more quickly. They’re getting a lot smaller,
smarter, faster and more impressive. They’re also entering new markets. No longer just responsible for the heavy
changed their industry.
lifting in the manufacturing industry, robotics is becoming integrated into a broad range of sectors, like medical,
retail, hospitality and marketing and communications.
While they’re yet to fit the classic image of a humanoid shape with human abilities, their existing capabilities do
allow them to complete automated tasks on a human’s behalf – from stacking shelves and delivering goods, to
building furniture and even constructing housing.
Cambridge Medical Robots
This company’s latest bot, Versius, mimics a
human arm to help surgeons safely access all
surgical quadrants of laparoscopic surgery.
23%
of SMEs expect
automation and robotics
Microsurgeons
Researchers from the US, Switzerland and South
to change their industry
Korea are currently working to create microsurgeons
– magnetically charged nanobots that band
over the next five years.
together to break up clogs in arteries.
Hospitality
The robot-staffed Henn-na Hotel (or Weird Hotel),
which opened in 2015, has a robot staff of 140,
including raptors at the front desk, robot porters
and a receptionist right out of the Uncanny Valley.CASE STUDY
Acuris Systems, founded by close friends Nicholos “We’re also partnering with other agricultural
Woon and Matthew Warner, is an Auckland-based businesses to develop robotic and AI solutions for
agritech startup that uses the power of artificial similar industries.”
intelligence (AI), robotics and machine-learning (ML)
Nick says the feedback has been overwhelmingly
to accurately count crops and collect other important
positive from farmers who were impressed with the
data for fruit farmers.
accuracy of the data.
“Our system provides an industry-first, “This has made it a lot easier to secure funding and
100 per cent population count of fruit attract pilot programme customers,” he says. “We’ve
even had new customers reach out despite our pilot
crops to give orchard growers a full and programme reaching full capacity.”
Small robot, big solution accurate picture of their potential yield,”
says co-founder Nick Woon.
Nick believes modern technology systems like Acuris
– despite their disruptive nature – are necessary in
“They can then use this information to make data- New Zealand, especially as the country faces a skills
Growing kiwifruit in New Zealand just took a giant leap into the driven decisions about their orchard.” and labour shortage.
future thanks to the brilliance of two young tech entrepreneurs Following a conversation with a local kiwifruit grower “We expect our business to disrupt the market in a
good way,” he says. “Because we’re not only
and their small, artificially-intelligent three-wheeled robot. in 2016, Nick and Matt decided to use their
improving productivity and mitigating risks, but we’re
technology and engineering backgrounds to create
an on-orchard automated solution that counts crops helping to optimise labour amidst New Zealand’s
cheaply and quickly. unprecedented labour shortage.”
“Human labour is expensive and prone to error,” Nick Nick says farmers are some of the easiest to
says. “So our technology uses the power of AI, ML persuade about the added benefits of new
and robotics to autonomously capture fruit data in a technology like AI and robots – a reflection of the
matter of hours – improving yield estimation and a country’s famous no.8 wire ingenuity and 2 degrees
farmer’s bottom-line.” of separation.
The robot uses smart algorithms and SLaM (or “Acuris Systems is in a unique position, whereby
simultaneous localisation and mapping) to capture the technology we’re developing is being asked
images of the fruit as it crawls beneath the fruit for by the industry. As a result, we’ve seen very little
crops. It then sends the photos to AI software that pushback from farmers and supply chain managers,
processes the data to create a report. who are instead, really keen to adopt systems
like ours.”
“And our solution is completely scalable too. A single
robot can scan about 1 hectare every 30 minutes –
so with multiple robots we could scan a large
orchard in hours,” Nick says.
Earlier this year, the tech duo completed the
Sprout Agritech Accelerator programme – a five
month startup initiative for agritech entrepreneurs
– where they further validated their solution and
formed networks. They’ve now launched their pilot
programme, servicing 200ha of fruit crops.05
06
Biometric identification
“The application of statistical analysis to biological data.”
We’ve seen biometric identification play out in Hollywood for years. It seems relatively simple:
walk up to a biometric scanner and unlock something with your fingerprint, iris or entire face.
However, the technology behind biometric identification is anything but simple to design. Medical 3D printers
3D Printing
Some finger print scanners for example, work by measuring electrical signals sent from your finger
Brisbane’s Princess Alexandra
to the scanner, while facial recognition technology uses more than 30,000 infrared dots to map
Hospital recently printed an
out a user’s entire face.
artificial tibia bone for a transplant
As biometric identification technology progresses, we can expect to see it become part of the – the first of its kind. “The process in which material is joined or solidified
internet-of-things, using our faces and bodies to unlock our homes and offices. For businesses under computer control to create a three-dimensional object.”
that bill by the hour, fingerprint scanners and facial recognition technology will be used to clock
Natural Machines
the billable hours from each individual employee as they use their computer or smartphone.
This Spanish company has 3D printing technology has come a long way in a short amount
already launched the first of time. We’ve now reached a point where we can, more or less,
commercially available 3D food 3D print anything – from human and animal skin to titanium
printer. It’s called Foodini, and bones, and even food.
uses real, fresh ingredients to
In fact, the industry is so massive, it’s expected to reach $21
create savory or sweet cuisine.
billion in total global revenue by the end of 2020. Manufacturing
as we know it will never be the same.
But it’s not just disrupting the manufacturing and construction
sectors. 3D printers are becoming common tools in hospitals
and research centres too. They’re even found in restaurants,
3%
printing foods like ravioli. They’re also getting faster at what they
do. Things that used to take 24 hours to print, can now be
printed in less than 15 minutes.
of SMEs said 3D
printing has already
changed their industry.
22%
of SMEs expect
Smartphones and laptops Airport Smartgates 3D printing to change
Today, this technology can be found in Airports also use it to identify their industry over the
our smartphones, laptops and tablets. travellers at check-in kiosks. Even
CCTV cameras use this technology to next five years.
identify criminals and terrorists.07
Alternative foods
“Food that has been altered or prepared differently
to produce a desired characteristic or quality.”
Over the last three years, alternative foods – like alternative
proteins and plant-based ‘meat’ products – have taken the
world by storm. And with animal welfare awareness on the
rise, some producers have even started growing ‘real’ meat
Sunfed Foods
This Kiwi startup launched
New Zealand’s first ‘chicken free
chicken’ in July last year, and
now has plans to create Sunfed
beef and Sunfed bacon. Using
yellow pea-protein, pea-fibre,
water, oil and other ingredients,
the Auckland company has been
08
Blockchain
“A digital ledger in which transactions made in bitcoin or
other cryptocurrencies are recorded chronologically
and publicly.”
If 1994 was the birth of the internet, then 2018 will be known
as the birth of the blockchain. Contrary to popular belief,
Alibaba and Fonterra
Fonterra has partnered with
global trading juggernaut
Alibaba to improve the
traceability and transparency
blockchain technology is very much real, in production, and
products from in vitro cells. able to create a completely vegan of its supply chain. Using
being used by businesses all over the world – including
and environmentally friendly blockchain technology,
Also known as cultured meat, clean meat or in vitro meat, New Zealand.
meat-like protein. Fonterra will give its Chinese
lab-grown animal protein is the food of the future – especially
This shared database of agreements, contracts and transactions customers greater assurance
as society looks to new ways of growing environmentally and
is removing a lot of power from centralised institutions and is they’re buying New Zealand
animal-friendly food to feed the world’s growing population.
fundamentally shifting the way businesses use the internet to made dairy products.
Anteater
As alternative foods become more popular, it’s possible these store and collect information.
products will even replace common foods like farmed meat Kiwi founded edible insects
company Anteater launched in It’s share-ability and gridlock-like system also fosters a greater
and other animal products. While this technology will disrupt
Christchurch two years ago, and level of transparency between businesses and consumers, third
the local agricultural sector, it also provides the opportunity for
now provides edible insects like parties and stakeholders. And because the blockchain can’t
local businesses to reconsider how they grow, produce
ants and locusts to high-end food theoretically be broken or manipulated, consumers can trust
and sell food for human consumption.
producers around New Zealand. the information they’re given from retailers is true and correct.
As the blockchain expands, there’s no question this amazing
technological breakthrough will impact every business –
especially those that trade with customers overseas.
of SMEs expect the
9%
blockchain to change
their industry over the
next five years.09
Cryptocurrencies
and the future of money
“A digital currency in which encryption techniques are used to regulate the generation
of units of currency and verify the transfer of funds, operating independently of a central bank.”
10 IBM
The tech giant already offers
researchers the chance to use
a 5-qubit quantum computer
The way the world trades and transacts is As cryptocurrency technology evolves and security via the cloud.
Quantum
fundamentally shifting. Today, the number of features improve, business owners will need to
people using hard cash (like coins and paper notes) consider how they plan to trade with the modern
to purchase goods and services is considerably less consumer and contemplate the real possibility of
than just ten years ago. And with cryptocurrencies
like Bitcoin, Ethereum and NEO popping up left, right
and centre, the idea of a ‘cashless society’ is slowly
operating in a cashless society in the near-to-
immediate future. Computing
becoming a reality.
“The development of computer
In fact, experts in the field of currency and blockchain
technology expect the world’s largest economies
technology based on the principles
Navcoin
and organisations to use digital currencies – like of quantum theory.”
This cryptocurrency network is working
Bitcoin, Litecoin or cryptocurrencies of their own –
to simplify cryptocurrency technology for
within the next 36 months. Some countries, like
everyday consumers. Using peer-to-peer
Norway and even India have already considered While quantum computers are yet to exist in
technology, Navcoin is able to operate
replacing their fiat currencies with cryptocurrencies, the physical world, developers of these super-
without any central authority or bank,
while Venezuela launched the world’s first fiat intelligent computers (big-time players like IBM and
making it easier to manage simple
cryptocurrency earlier this year. Google) suggest commercially viable devices will be
transactions – like buying milk or
ready in less than five years.
But it’s not just cryptocurrencies driving governments bread from a dairy.
towards cashless systems – tax is also a key factor. If these predictions prove correct, no business,
In Australia for example, the Government has just community, or country will be left untouched by their
made it illegal to trade in cash for transactions over exponential, and irreversible, impact. This is because
AUD$10,000 to minimise tax evasion. They’re also Centrality quantum computers can solve just about anything, in As this technology unfolds – whether over
seriously considering the removal of the AUD$100 bill. Centrality is one of the leading blockchain a fraction of the time, using a fraction of the energy. the next five years, or three decades – the basic
venture studios in the world – with an Take for example Public Key Cryptography (the principles and theories of computing, coding
office in Auckland. They’re working to help system used to keep our online passwords safe and software development will, ultimately,
transition the world to a blockchain-enabled and secure). Our private keys could be unlocked need to be rewritten.
cashless future. in a matter of minutes, perhaps even seconds, But while it all seems very ominous, it’s nothing we
by a quantum computer. Today, it would take haven’t seen before. Businesses all over the world
a traditional computer more than 200 years to have had to overcome a myriad of similar challenges
do the same. for decades – from adopting the fax machine, to
How do they work? They use quantum physics – adjusting to email communication. It’s a matter of
and the strange behaviour of subatomic particles – knowing when the technology will arrive, how it
so that qubits (or quantum bits) can exist in more will work, and how to best take advantage of its
than one state at a time. This means they can store capabilities before it’s too late.
and process much more information than traditional
bits (which can only exist in one of two states –
either a 1 or 0).How to get there
3
Tips to keep your business future-focused.
Embrace change
Don’t fear change – embrace it. Look for the opportunities that lie
ahead and take advantage of new technology before your competitors
do. Sometimes technology-driven decisions are hard to make –
1
disrupting your own workplace or industry – however disruption is
inevitable, so stay one step ahead if you can.
4
Be curious
Ask the hard questions, be creative and continue to find new Find your ‘A’ players
ways of doing things. Remember, it’s not all about your bottom Surround yourself with motivated, creative and talented people.
line, so keep your customers, clients and employees in mind when You can’t achieve greatness on your own – in fact, very few people
you’re investing in new technology, software and applications. manage to solve the world’s greatest problems without a team of
Ask yourself: will it improve my customers’ experience? Will it people. Remember, if you’re the smartest person in the room, you’re
enhance my B2B relationships? Will it increase my efficiency in in the wrong room. And diversity matters too, because a variety of
the workplace? And don’t forget to ask ‘will this technology
2
genders, cultures and backgrounds allow for a variety of different
allow someone else to disrupt me?’ perspectives, opinions and skills.
5
Get stuff done
Don’t forget to go out and do things. Take matters into your
own hands if you have to and keep going when you make
a mistake. Too often, businesses get caught up in the ‘what if?’
Fall in love with the problem
and forget to take action. It doesn’t have to be perfect the first Businesses solve problems. If you’re not in love with yours, then
time around – so get out there and do something with technology all of the technology in the world won’t help you to solve it. You need
that will change the world. If you want to understand how AR/VR to believe in your abilities and use technology as an enabler of success.
might impact your business, get along to AR/VR meetups, or talk
to the team at AR/VR Garage. Curiosity will keep you on the edge,
testing things and taking action.About MYOB MYOB is a leading provider of online business management solutions. MYOB makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. We also provide ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. We are committed to ongoing innovation, particularly through our Connected Practice Strategy and through the development of the MYOB Platform. For more information, visit myob.co.nz or follow @MYOB on Twitter.
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