AI TECH
Article | November 25, 2021
There seems to be no end in sight for the demand for Marketing to amp up its use of analytics. Studies conducted by Gartner and Duke University’s Fuqua School of Business show companies continue to allocate a significant portion of the marketing budget to analytics despite many organizations being unable to effectively use analytics to improve company performance. Gaining insights from data starts with knowing what questions you need answered and what data you need to answer the question .
Study after study reveals that marketers are overwhelmed by data and continue to struggle to convert data into actionable insights. It’s no surprise that organizations are embracing artificial intelligence (AI) as a means to understand the vast amounts of data being generated. The term AI refers to the application of computer systems to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. It encompasses a vast range of technologies such as advanced analytics, machine learning, and robotic process automation.
It is nearly impossible for human beings to consume and make sense of the enormous amounts of data being produced on a daily basis. AI and machine learning make it possible to efficiently analyze this vast trove of data to identify patterns to support better decision making. For example, a McKinsey Global Institute analysis found that when AI combines demographic and past transaction data with information gleaned from social media monitoring, the resulting personalized product recommendations can lead to a doubling of the sales conversion rate.
Being able to make faster and better decisions is a competitive advantage. Hence the sense of urgency to embrace AI, further fueled by studies such as the one by Adobe and Econsultancy, which found that top-performing companies are more than twice as likely to be using AI for Marketing. Success with AI depends on the quality of your data -- see our previous article on the four steps to take before trying to apply AI to your data.
The Skills You Need to Put Your Data to Work
There’s been a great deal written on the value of the soft skills marketers bring to the table, and these are crucial. However, I tend to agree with Colin Lewis that today’s world still prizes and rewards hard skills. Marketers who have the critical hard skills as well as some soft skills will excel in the world of AI Marketing. Take a moment to assess your proficiency in each of the following skills needed in a marketing world powered by AI.
1. Business acumen.
Business acumen is a key factor in achieving credibility. In the insightful words of author Rebecca Solnit, “Credibility is a basic survival tool.” Check out our previous post for four ways to cultivate your business acumen. It’s one thing to answer a question with AI, but it’s another to know which question to ask. Knowing which questions to ask starts with having a solid handle on your business, the market, customers, and competitors. Start by reading analyst reports, joining a professional association, attending relevant conferences that have both subject matter experts and the opportunity to network with peers, and make it a point to connect and talk with customers.
2. Data literacy.
AI is excellent at identifying patterns that rely on quality data. Marketers still need to identify which data sets to apply and how to use the patterns to move the business forward. Here’s a starting point: check out the certificate through the Data Literacy Project.
3. Analytics fluency.
Any data AI delivers needs to be translated by a human. Marketers need to understand analytics and have the skills to interpret the outputs. Digitaldefynd says these are the 10 best marketing analytics courses and certifications.
Whether we like it or not, as marketers we need to embrace AI and keep pace with the changing skill set required to be relevant in an AI-powered world of Marketing. Check in with and bring your hard skills up to speed in order to use AI to your greatest advantage.
Read More
AI TECH
Article | November 24, 2021
So far AI is being used in virtually every sector. Still, its full potential has not been realised.
Like in all sectors, AI technologies are permeating financial services around the world. It seems that following the premise: “maximizing the benefits while minimizing the risks” is not that simple.
Though, banks have continually adapted the latest technology innovations to redefine themselves as the AI-first institutions, there is a long way to go. And it is usually the case that many banks are struggling to move from experimentation around select use cases to scaling AI technologies across the organization. Then, why is this so? Is there a “recipe” for adopting AI technologies as the foundation for new value propositions?
This article portrays the driving forces and challenges to guide bank leaders discover an insight to creatively meet increasing demands for scalability, flexibility and speed that today characterise digital-native companies.
In order to address this core issue, first of all, we will categorise and describe the main “drivers” into three big headings: re-imagining engagement, facilitating cost-efficiency and de-risking risk management.
Drivers
• Re-imaging engagement: “anticipation, personalisation and differentiation”
As digitalisation is advancing in the financial ecosystem, customers are “raising the bar” developing higher expectations in the demand of performance, personalisation, quality and services.
Giving customers a more integrated banking experience across business applications is key. By aggregating data from separate sources, banks will be in a better position to proactively offer personalised products to suit customers’ needs as and when required, also adjusting to the customer’s life stages and, in that way, easy the journey within and beyond bank channels.
Understanding their customers’ behaviour, preferences and product needs banks will raise their competitiveness. Banks will require a clear strategy, that is, to adopt a design-thinking lens as they build experiences within and beyond the bank’s platform.
• Digitalization and virtual banks: Facilitating cost-efficiency
In an ever-changing market competition, it is crucial for banks to adopt a more economical and lower risk approach that will enhance their cost efficiency and overall profitability.
An intelligent infrastructure might be the answer: cloud-based platforms allow for the higher scalability while reducing costs for IT maintenance, which -in turn- enables self-serve models for development teams, which means rapid innovation cycles by providing managed services.
• De-risking Risk management
In a complex and fast-moving environment, banks need to adopt a new approach towards risk management. Build AI models that are consistent with the company’s values and risk appetite might be challenging but also an “enabler”. Early solution-ideation process to understand the potential risks and the controls to mitigate them reduce costly delays by embedding risk identification and assessment. Of course, in practice it means creating a detailed control framework that sufficiently covers all these different risks, which is a granular exercise.
Barriers
Identifying and addressing barriers to the deployment and scalability to become the AI-first will be critical. We will focus only in four threats but there are many more.
• The black -box threat: lack of explainability and poor human judgment
Explainable AI: Turning a “black box” into a “clear box”. The importance of explainability as a concept has been reflected in legal and ethical guidelines for data and ML. Articles 13-15 of the European General Data Protection Regulation (GDPR) require that data subjects have access to “meaningful information about the logic involved, as well as the significance and the envisaged consequences of such processing for the data subject.”
Banks should ensure an appropriate level of explainability of AI models to all relevant parties. Validation and explanation of how the AI arrives at its recommendations or decisions as soon as possible is a must. Still, for financial institutions and the banking system major challenges are precisely when it comes to validating the fairness and accuracy of their AI models.
• Lack of resources translated in “talent gap”
Recruiting talent is not an easy journey. Some banks have chosen to outsource or develop other collaborative models to address the talent gap. Others opted for hiring inexperienced individuals and train them, which, in the end, turns to be risky and time consuming.
Partnerships are the most common approach, which involves external consultants, innovation hubs, incubators and academic institutions. A suitable solution that brings other concerns: proprietary vs. open-source algorithms, cost of maintenance and intellectual property rights.
• Data availability and quality
Financial institutions have a lot to gain from overcoming their information readiness challenges. By creating a complete view across their structured and unstructured data, institutions will be able to analyse, understand and manage their digital ecosystem more efficiently. Achieving this comprehensive view across all their data is the first step. Only then will financial institutions be able to apply advanced AI-powered analytics across their data to extract real-time insights and increase automation to drive operational efficiencies, maximise revenue and create a more personalised customer experience.
• Regulatory framework: Data privacy and protection requirements.
When deciding on automation, everything is subject to regulation. Compliance is a must. Banks are subject to meet regulatory requirements when gathering customer data, classification of customer segments and risk profiling (see EU’s General Data Protection Regulation (GDPR) May 2018). It is crucial to ensure that proper safeguards are in place for the AI model to make objective recommendations.
In addition to privacy, there are ethical concerns to protect individuals’ freedoms and rights in terms of choices. The ‘Ethics Guidelines for Trustworthy AI’ (2019) note that AI should be lawful, ethical and robust.
In the end, ensuring adoption of AI technologies to become an AI-first institution is no longer a choice, but a strategic imperative.
Read More
MOBILE COMPUTING
Article | November 20, 2021
The world is living in a digital era and there’s no stopping the rise in technology in the years to come. While the tech trends are in full-fledged acceleration mode, the current number of mobile users (which is around 7 billion around the globe, according to Statista) is expected to rise with each passing day in 2022.
The journey of mobile phones has been tremendous, from the old mobile phone with attached antennas to today's next-gen smartphones. Whether it is about memory, storage, cameras, sounds, or battery, mobile devices have adopted all the emerging technologies to evolve and ultimately be part of our lives. But what is that x-factor that fueled the mobile phone’s success the most? It’s a mobile application.
Mobile apps are the primary reason phones got powerful enough to reinvent business models, operations landscapes, and marketplaces. As per the data from Statista, the Google Play Store and Apple Store have approximately five billion apps currently, yet the demand for more is still on the rise.
That said, the future of mobile app development will continue flourishing like a green bay tree while the world embraces advanced tech and trends without fail.
Although some of yesteryear’s mobile application trends are now mainstream, some new NEXT BIG THINGS in the mobile app industry have caught the tech universe’s attention.
This blog sheds light on top emerging trends in mobile apps 2022 and their impact on basically everything we do in our personal and professional space.
So without further ado, let’s break down what the future of mobile technology development holds for us!
Future of Mobile App Development
Yes, it’s quite tedious to shortlist just one mega-trend of mobile development in the current era. However, it wouldn’t be wrong to say that there is one — and that is disentangling every possible factor that makes the user experience superlatively organic.
This isn’t just a complex phenomenon to take in; it also comprises some major sub-trends in mobile apps. So let’s have a look at them!
AR and VR in the Future Mobile Apps
Around 4-5 years ago, the mobile development sector recognized the potential of Augmented Reality (AR) and Virtual Reality (VR) for apps. Today, the AR/VR market is booming at around $209 billion (data from Statista). It won’t be an exaggeration to say AR and VR have transformed the way we look at gaming and mobile applications.
A Minnesota-based company, Anderson Corporation, has designed and developed an AR-powered mobile app for selling its multiple windows configurations. With this app, customers can point the phones at their own windows and imagine how Anderson’s windows will look and function in their environment.
Talking about use cases of VR in mobile apps, we know what level of buzz the Pokemon game created around 2016-17. Even today, VR-based mobile apps like Samsung Gear VR, iOnRoad, Google Cardboard, or SkySiege are stealing the global entertainment and gaming industry spotlight.
5G — The Showstopper in Future of Mobile App Development
When it’s about the internet — it’s always the ‘the faster, the better’ mindset of the world.
Nobody likes to use apps or play games that lag. Now that 5G is all set to spread its wings and enable users to transfer millions of data packets anywhere in the world with a blink of an eye, the future of mobile apps is about to be full of sure-shot benefits in 2022. For example,
Enhanced user experience
Lower latency
Faster data transfer
Improved user retention
Beacon Tech
Despite being a relatively new technology, Beacons are drawing significant traction in the mobile app development industry in 2022. And, the indication is, it will gain more and more popularity in the coming years.
This technology bridges the gap between the online and offline world for the users. Users can interact best with beacons with physical entities such as amusement parks, retail stores, etc. In addition, businesses can gain tremendous knowledge of customer expectations, buying cycles, and more through Beacons.
Many retailers today have adopted this technology for interacting with their customers. It enables retailers to monitor buyer shopping patterns and present them with the most suitable adverts.
Blockchain — On Top of All Trends in Mobile Apps 2022
Blockchain is not just about creating a secured cryptosystem. It also has a significant role in future mobile apps because of its ability to birth decentralized databases. This eliminates the need to assign specific gatekeepers for the databases and the possibility of sensitive user data leakage.
As the need for a more secure and safe environment increases in the mobile app development sector, Blockchain will gain more and more importance. For example, Microsoft has already implemented Blockchain technology through its Coco (Confidential Consortium) framework. Similarly, Mobile tech giants like HTC and Samsung are developing Blockchain-powered devices with astonishing features like cryptocurrency mobile wallets and DApps.
Frequently Asked Questions
What kind of mobile apps are emerging in 2022?
If you are a mobile app startup, focus on developing these top 5 types of apps that are in the most demand in 2022:
On-demand health services
On-demand grocery apps
Medicine delivery apps
Courier delivery apps
Fashion apps
What are the biggest trends in mobile apps in 2022?
Several technologies are boosting the mobile app development industry. For example,
Artificial Intelligence and Machine Learning
Augmented Reality & Virtual Reality
Wearables
5G
Blockchain
Internet of Things (IoT)
Cloud
Cross-platform apps
Beacons
Which companies have the potential to define the future of mobile app development?
The following companies are known for implementing the leading techs into their mobile app development process.
Mercury Development
Sidebench
TechAhead
Rightpoint
Cheesecake Labs
PixelCrayons
RnF Technologies
{
"@context": "https://schema.org",
"@type": "FAQPage",
"mainEntity": [{
"@type": "Question",
"name": "What kind of mobile apps are emerging in 2022?",
"acceptedAnswer": {
"@type": "Answer",
"text": "If you are a mobile app startup, focus on developing these top 5 types of apps that are in the most demand in 2022:
On-demand health services
On-demand grocery apps
Medicine delivery apps
Courier delivery apps
Fashion apps"
}
},{
"@type": "Question",
"name": "What are the biggest trends in mobile apps in 2022?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Several technologies are boosting the mobile app development industry. For example,
Artificial Intelligence and Machine Learning
Augmented Reality & Virtual Reality
Wearables
5G
Blockchain
Internet of Things (IoT)
Cloud
Cross-platform apps
Beacons"
}
},{
"@type": "Question",
"name": "Which companies have the potential to define the future of mobile app development?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The following companies are known for implementing the leading techs into their mobile app development process.
Mercury Development
Sidebench
TechAhead
Rightpoint
Cheesecake Labs
PixelCrayons
RnF Technologies"
}
}]
}
Read More
FUTURE TECH
Article | November 20, 2021
Whether it is R&D, payroll management, human resource management, accounts, or finance, technology has considerable benefits for your organization. Whether you run a small, mid-size, or big business, technology is your leading source of knowledge that offers both intangible and tangible advantages to make money and meet customer needs.
Today’s society is already experiencing a total integration of the internet, mobile devices, smart appliances, etc. The current business world is not the same as the last 100 years (that didn’t change much despite the industrial revolution). Now the rate at which technology is adapting, expanding, developing, and mutating, every business will face its effects, whether it's ready for it or not.
The advantages of technology in business are infinite. Its role in organizations is already spreading its wings and will continue to grow in the future. Apart from the operations and employees, companies owe their success to how they utilize modern-day technology.
“Think of digital transformation less as a technology project to be finished than as a state of perpetual agility, always ready to evolve for whatever customers want next, and you’ll be pointed down the right path.”
Amit Zavery, VP and Head of Platform, Google Cloud
The use of technology in business can no longer be devalued as it's the need of the hour. Just like the last couple of decades, technology for business in 2022 will keep enabling businesses to work more effectively, accurately, and productively in many ways. Whether contacting their customers to review the services or conducting meetings with remote employees, technology will continue providing the best solutions to overcome challenges and meet goals. For this reason, businesses should not just utilize technology to automate processes. Instead, they should view technology as a tool that uncovers new ways of running a business.
But what technologies are we talking about? And, how can organizations benefit from them?
Keep reading to explore!
Effective Use of Technology in Business for Growth
Around a decade ago, businesses had the following challenges (and they were severe!):
No availability of voice searches or Internet of Things (IoT)
No centralized work communications
No new marketing platforms (like social media)
No availability of high-speed internet
Situations are (fortunately) different today. The use of technology in business has transformed operations; the pace of this transformation has been excellent.
The following uses of technology in business can change how your organization operates and ultimately result in more efficiency, profits, and growth.
Use of Artificial Intelligence (AI)
Apart from being a mainstream thing of our day-to-day life, AI is reshaping the landscape of the consumer market and businesses of all sizes. From security, CRM, finances, and accounting to buyers tracking, inventory management, and predictive analysis, AI can handle everything and eventually offer a competitive edge to your business.
Many businesses around the world have already implemented AI into their operations. It is pushing those companies in the correct direction while offering their customers the best user experience. For example, Spotify uses AI to recommend music to its users. Uber uses it for route optimization, fraud detection, pairing riders and drivers, risk evaluations, and several other parts of its app.
Use of Robotic Process Automation (RPA)
RPA is being increasingly utilized to carry out time-taking tasks. It can replace employees in manual and repetitive tasks and is thus perfect for industries where such actions are identifiable.
For example, many retail businesses use RPA software for customer support management, business & sales analytics, product categorization, store planning, payment processing, and more. Companies that deal in construction use it for estimate generation, contract generation, resource allocation between construction sites, construction site cost monitoring, etc. Even telecom companies use RPA to simplify customers’ document verification, increase First Call Resolution (FCR) rate, optimize customer onboarding, and boost SIM card allotment processes.
Use of Technology for More Knowledge
In 2022, technology will continue serving as a right hand and source of knowledge for businesses. Technology and knowledge are directly proportional to each other as technology allows producing better decisions, making accurate predictions, and innovating based on the knowledge it generates.
Knowledge, undoubtedly, is one of the biggest benefits of information technology in business. With the right blend of technology and knowledge, companies can effectively make the most of databases, querying & reporting, search engines, CRM, and whatnot.
“CIOs and CISOs have such a unique opportunity right now in driving the enterprise forward. Be that through shaping corporate culture or guiding the company through their digital journey, technology leaders have a strong upper hand . . . it’s a great time for the enterprise but it’s also a great time for technology leaders to position themselves for space in the boardroom. This is a career-defining moment.”
Hunter Muller, President & CEO, HMG Strategy
Frequently Asked Questions
How does technology help businesses?
The use of technology in business can offer many advantages. Here are the top five of them:
Improved data security and customer experience
Better communication means
Time and cost-efficiency
Enhanced business agility
Increased streams of revenue
What technologies will dominate the future?
As a business, you need to keep your finger on the pulse of emerging technologies because the use of technology in business is your ultimate way to achieve the desired growth, efficiency, and profits.
The following are the technologies that will dominate in 2022 and beyond:
Internet of Things (IoT)
5G
Blockchain
Artificial Intelligence (AI)
Customized & Intelligent Management Systems
Automation
Why should SMBs (small & medium size businesses) use technology?
Technology has the power to transform all SMB operations. In any industry, technological advancement can impact aspects of small businesses such as internet capabilities, computers, web-based applications, online storage, etc.
With the right adoption of technology into the environment, entrepreneurs and SMB employees can enjoy the following benefits:
Improved collaboration and data sharing
Instant connection with consumers
Efficient employee training
Flexible work environments
Improved online visibility
{
"@context": "https://schema.org",
"@type": "FAQPage",
"mainEntity": [{
"@type": "Question",
"name": "How does technology help businesses?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The use of technology in business can offer many advantages. Here are the top five of them:
Improved data security and customer experience
Better communication means
Time and cost-efficiency
Enhanced business agility
Increased streams of revenue"
}
},{
"@type": "Question",
"name": "What technologies will dominate the future?",
"acceptedAnswer": {
"@type": "Answer",
"text": "As a business, you need to keep your finger on the pulse of emerging technologies because the use of technology in business is your ultimate way to achieve the desired growth, efficiency, and profits.
The following are the technologies that will dominate in 2022 and beyond:
Internet of Things (IoT)
5G
Blockchain
Artificial Intelligence (AI)
Customized & Intelligent Management Systems
Automation"
}
},{
"@type": "Question",
"name": "Why should SMBs (small & medium size businesses) use technology?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Technology has the power to transform all SMB operations. In any industry, technological advancement can impact aspects of small businesses such as internet capabilities, computers, web-based applications, online storage, etc.
With the right adoption of technology into the environment, entrepreneurs and SMB employees can enjoy the following benefits:
Improved collaboration and data sharing
Instant connection with consumers
Efficient employee training
Flexible work environments
Improved online visibility"
}
}]
}
Read More