IoT tech­nol­ogy to ‘thrive’ in the fu­ture

The China Post - - LOCAL - BY LAURA LIN

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.

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