IoT technology to ‘thrive’ in the future
With the help of GPS navigation, technology based on the Internet of Things (IOT), a self-driving car will no longer be a pipe dream, and there are many more possibilities, according to technology and management scholars.
The industry is expecting countless possibilities in the wake of the development of the IoT. Scholars gathered to talk about prospects for the IoT and its dim development status in Taiwan at a forum held by Hong Kong-based consulting firm Bellwether International Group (
), yesterday. They expect that in the future, the financial services industry may be taken over by the IoT and that applications on high-tech gadgets may replace banks functions. However, the banking industry is increasing its workforce with digital expertise to reverse the trend.
By then a company’s competitiveness and interest will depend largely on a wide customer group and big data, said Huang Chun-yao ( ), chair of the National Taiwan University’s ( ) School of Management.
The Internet serves as a channel, through which transactions are made and revenues created, said Lu Hsi-peng ( ), an information management professor at the National Taiwan University of Science and Technology ( ). Taiwan is currently left behind in IoT technology developments compared with the rest of the world, because businesses are failing to take action at the right time, re- searchers said.
Lu explained this problem by drawing a comparison with a missile launch. Businesses tend to launch a missile after taking a precise aim, which is not a bad idea, but the problem is the target is constantly changing in the capricious market. Businesses should just launch a plan that is able to change its trajectory and track down the changing target like a cruise missile, to meet the market’s demand, Lu said.
There are now two predominant Internet systems in the world and only Taiwan can connect with them both, said Huang, who tried to bring people to see the bright side of Taiwan’s situation in the IoT development. One Internet system belongs to the Western world, and the other belongs to mainland China.