Industry experts gathered at the Internet of Things (IoT) Summit Philippines-which was held last March 4 and 5 at SM Megamall's Megatrade Hall 3- to discuss the country's journey into the IoT sphere.
The event-which was organised by Econnext Ideas and Media, together with Red Wizard Events Management in partnership with the Department of Science and Technology-Information and Comunication Technology office (DOST-ICTO)-aims to introduce the IoT ecosystem in the Philippines and prepare the industry in this new disruptive platform.
According to Elaine Cedillo, the project lead of IoT Summit Philippines: "We want to prepare the startups and tech community for Internet of Things and to raise the profile of the Philippines that we are ready for the 'Next Big Thing'."
In an interview before the summit, Monchito Ibrahim, deputy executive director of DOST-ICTO, said that the IoT industry in the Philippines is still emerging, but the use of IoT devices is nothing new.
Ibrahim added that the biggest challenge in the IoT sector is improving the level of understanding of innovators about this new platform. He explained that IoT presents a new opportunity to foster innovation that would create a positive impact not just in the government, private sector and businesses, but also in the education field.
At the plenary of the summit, Marthyn Cuan, CIO of MERALCO and co-founder & vice-president of Ideaspace Foundation, discussed IoT and the connected living. "IoT is here, constantly evolving, and it's going to change our lives forever," he said.
Cuan also encouraged the audience to solve societal problems with the help of IoT, and challenged them to turn their ideas into a reality.
He added that IoT can also help enhance businesses' operating models to drive efficiency and boost revenue.
According to Gio Abaquin, product manager of M2M and Enterprise mobility for Smart Enterprise, businesses in the Philippines will be more present in the web in the age of IoT.
The emergence of technology has resulted in a more mobile-oriented and digitally inclined Filipinos. In line with this, Abaquin noted that there is a growing preference for digital transactions.
Hence, to take advantage of the significant data produced by the advent of IoT, Abaquin suggests businesses to leverage big data and analytics to improve customer experience and understand its customers better.
Aside from big data, Abaquin also explained the importance of leveraging social media to obtain real-time feedbacks from the customers about the business. "Social media provides instantaneous feedback so you have to be more mindful of how you portray yourself as a business and how others view you," he explained.
Overall, there is a positive outlook for the IoT industry in the Philippines.
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