Blog: System Restructuring to Meet the Future
Data-based technology is permeating every aspect of our society, breaking down traditional industry boundaries and accelerating value creation in a super-connected environment. Accordingly, system and regulatory framework are constantly being designed and revised to gently embrace the transition shock. With all these data super-connected and ever-increasing, Big Data and AI are now shaping a new future that was never to be imagined in the “silo era.” Comprehensive data analysis and management is the key to creating new business opportunity, building social institution and infrastructure, and solving intractable problems in almost all areas. Now that we are upon the 5G world, Big Data and AI are the two most essential powers that we would not want to lose to be ahead of the competition.
Unfortunately, we have been so indolent preparing for this new chapter, and the existing system is ending up being an unexpected hindrance to the progress. They were complacent, busy chasing habituated goals, and not aware of market trend and dynamics. That is how they became more and more distanced from the reality. And we all know that limited perception is not the most successful bedrock for a far-reaching reform. Not one legacy institution would be willing to volunteer for an unverified risk, and moreover, our community lacks the social trust to let the system access and use personal information and data.
So here is our challenge: We need to infuse a future-oriented perspective in the restructuring scheme. This is not easy because our legacy system and government organizations heavily depend on institution rating and are strict to regulations. That is, they have very little elbowroom to prepare for the real future. Even worse, supervisory regulation guidelines are inconsistent and interpretations of related laws are ambiguous. While it is obvious that we need Big Data and AI for a prosperous future, relevant authorities are only after short-term achievements if not mute and indifferent. Players who could turn the tide are in fact trapped in current time and space that prioritize the interest of existing system.
Thinking about the super-connected environment, economic activity will mainly be carried out in an open platform which inheres the multifaceted feature of digital market. And in order to completely acknowledge its nature, we need to approach system restructuring with a corresponding perspective. We need to identify what disturbs value creation from various angles than to cling to conventional accounting standards. Modelling a new mechanism is indeed an obligatory cost, but at the same time, a rewarding investment.
If we could just ingest a little bit of future when cracking problems, Big Data and AI will pretty much solve everything that has long been conundrums. In the end, future-oriented restructuring is not a write-off or downward adjustment, but a re-connecting process of virtual space and IoT that leads to the expansion of opportunity to all people. New tools with AI will definitely be useful in mediating the conflict between market and system from a long-term and holistic approach. In addition, especially in an aging society like our community, the human-robot ecosystem should well serve as great help and support.
In short, the government should strategically foster an ecosystem where humans and robots integrate in a whole new manner. Needless to say, the more we interact with the vast market tide, the more we become competitive and bring in market participation.