ITTS Lists Shares on OTC Market
Information Technology Total Services Co., Ltd. (ITTS), a subsidiary of TECO Group, listed its shares on the over-the-counter market in Taiwan (Gre Tai Securities Market) on Dec. 26, at IOP price of NT$42.6, a step which will give the company a strong boost in its foray into the emerging AIoT market.
With the backing of public fund following the share listing, ITTS will step up its AIoT initiative, taking advantage of its expertise in ERP (enterprise resource planning), notably in the manufacturing sector, and the experience of TECO Group in digitalized operation for multinational. In fact, in the AIoT (AI + IoT) field, ITTS has provided smart-factory service to a number of local enterprises in such lines as auto parts and machinery.
Markets and Markets, a market information body, predicts that the market scale of smart factory will top US$244 billion and the output value of AIoT will expand at 26% CAGR (compound average growth rate) by 2024, with the growth rate of the Asia-Pacific higher than the average level, especially in the MES (manufacturing execution system) sector. To cash in on the handsome potential, ITTS will help parent company TECO Electric & Machinery in transforming its factories worldwide into smart ones gradually, with the aim of cutting delivery time by 30% and raising capacity utilization rate by 10%. In addition, it will help a Chinese lens manufacturer headquartered in Zhejiang attain real-time visualized management, via integration of ERP, MES, and manufacturing equipment, thereby boosting market competitiveness. It has also applied AR (augmented reality) technology in smart warehousing, helping TECO's Wuxi plant cut warehousing flow to merely two days, from original five days. Moreover, it has helped some Taiwanese factories in Vietnam establish smart monitoring system, enabling their Taiwan headquarters to have a firm grip on the production status of the Vietnamese factories real time.
ITTS points out that ERP, such as that provided by international giant SAP, can assist Taiwanese manufacturers in making inroads into the highly competitive Southeast Asian market. With its abundant experience in electromechanics, auto parts, and traditional lines, ITTS will team up with SAP and Advantech Co., Ltd., an industrial-computer manufacturer, in offering enterprises AIoT-based smart manufacturing solution, enabling them to have a firm grip on the status of manufacturing, materials, and quality and giving them real-time support in decision making.
ITTS has helped a major auto-parts manufacturer introduce ERP for application in its Changchun headquarters and other Chinese factories install smart-manufacturing flow, scheduled for completion in 2020. Assisted by ITTS, many Taiwanese manufacturers, in such fields as traditional lines, R&D, assembly, industrial control, and medical displays, have also embraced smart-manufacturing technologies, such as RFID-based automatic work reporting and OCR image-based quality control. Smart manufacturing will be a major growth driver for ITTS in 2020.
In 2020, on top of its niche ERP service, ITTS will develop and provide autonomous ERP platform, for serving members on the basis of usage charge. It will provide local manufacturers smart solution for repair and maintenance work, including forecast and labor dispatch, for manufacturing equipment and modes, as well as IoT WMS (warehouse management system). Under the lead of TECO Group, ITTS will set up offices in Vietnam and India for serving local Taiwanese firms.