The impact and adoption of Large Language Model (LLM) AI technology in our B2B PropTech and HRTech product lines have been subjects of our consideration over the past two years.
Historically, many of our technology products have embedded AI, such as face identification or fingerprint verification for access control and time attendance, optical character recognition (OCR) for visitor management systems, license plate recognition (LPR) for parking solutions, and various smartphone features. These AIs primarily served organizations rather than end-users. For example, face recognition for time clocking and access is convenient for users but primarily benefits companies by preventing buddy-punching. LPR enhances the parking experience but mainly benefits parking owners through improved traffic flow. OCR translates visitor ID card images into text, streamlining visitor management and aiding building management in quickly identifying visitors, although end-users also benefit to some extent.
Before delving further into the impact of LLM AI on the B2B market, we must understand its overall influence. The launch of LLM in ChatGPT by OpenAI in November 2022 revolutionized the AI landscape. No longer confined to hardware or software applications as supplementary tools, LLM AI directly serves fundamental users. This like Google Search, but LLM AI provides instant and mostly satisfactory answers to any prompt, from simple to sophisticated, in any language, discerning it from search engine. This also marks a significant step towards Artificial General Intelligence (AGI), aiming for human-like intelligence and the ability to self-teach and pass the Turing Test.
Unlike search engines, which function as plug-in tools for specific applications like e-commerce portals with a limited scope, LLM AI can enter the market in various forms, acting as a multitasker depending on the application’s requirements.
While LLM AI demonstrates its potential to transform the B2C market, what about its impact on the B2B market, specifically for the HRTech and PropTech industries? Though it is still early to determine the full integration of AI+ in our solutions, as a forward-looking IT company, we have divided our AI strategy into two parts. First, we adopt it as a development tool or copilot AI to accelerate our work in product design, system requirement specification, coding, and testing, necessitating a reorganization of our R&D and Product Development teams. Second, we integrate AI into our products to enhance user experience, such as adding voice command features to our apps. For instance, in our HR app, users can apply for leave using voice commands, saving numerous steps. This AI trend can tilt the unbalanced benefits towards organizations to favor end users more.
With AI adoption in full swing, we anticipate significant changes in the coming year.
About TimeTec:
TimeTec Group was established in 2000. Over the past 20 years, the Group has developed three homegrown, globally recognized IT brands: FingerTec, TimeTec, and iNeighbour. These brands specialize in workforce management, security, smart parking, smart office, smart residential, and smart township solutions, harnessing the power of biometrics, cloud and edge computing, IoT, and AI technologies. All these solutions connect and reshape the landscape of work life and home life within a larger ecosystem.
Through an extensive network, TimeTec Group distributes its biometric hardware products and 18 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites at TimeTec Cloud, FingerTec, iNeighbour, and TimeTec Building.
Various renowned clients have subscribed to TimeTec’s solutions, including IOI Properties, Putrajaya Holdings, Ibraco, Binastra, Thriven, Hock Seng Lee, QSR Brands, Central Sugars Refinery (CSR), Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract international customers from around the world, including Hong Kong, Dubai, Australia, South Africa, and beyond.
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