Article | July 30, 2020
In this article we will together answer some key questions around product thinking and share some thinking tools and actionable steps to help you consider when and how to apply Product Thinking in your organisation.
Article | July 30, 2020
Imagine an age where you can read the thoughts of a person via telepathy like Professor X of X-Men comics and uncover their anarchical plans or a tech that reads the thoughts of a mute person or your pets and helps you have better communication. Well, a team at the University of California, San Francisco, performed this experiment and put us a step closer to the dream. Joseph Makin, co-author of the research team says, “We are not there yet, but we think this could be the basis of a speech prosthesis.” The university developed the AI to decipher up to 250 words in real-time from a set of between 30 and 50 sentences. The university recruited four women participants with a history of epilepsy and already had electrode arrays implanted in their brain to monitor epileptic seizures. These participants were asked to read aloud from 50 set sentences multiple times as the team tracked their neural using electrodes while they were speaking. The sample included “Tina Turner is a pop singer”, “the oasis was a mirage”, “part of the cake was eaten by the dog”, “Those thieves stole 30 jewels”, “how did the man get stuck in the tree” and “the ladder was used to rescue the cat and the man.” The largest group of sentences contained 250 unique words.
Article | July 30, 2020
This article explores why AI is the highest ROI opportunity.
How revolutionary the technology is as Artificial Intelligence (AI) progresses with each passing day, its implementations are massive and almost every magazine and report has covered it. However, explaining its particular facets and how AI and its subsets of Machine Learning and Deep Learning can transform the way we view life has become imperative.
Both businesses are or will be implementing AI in one way or another, the future of the corporate world. Investing in the right AI will deliver a really high ROI if you know what you’re doing.
Entrepreneurs have nothing to do without their senses and the need for testing. Fortunately, the early stage of AI presents financial investors with a more advanced and profitable strategy and provides valuable strategic perspectives when building a new company.
And small companies now generate reliable data from basic market fluctuations in stock to corporate announcements, and this is just the beginning. It is very difficult to select the important one when transmitting data. What do you intend to invest as a long-term investor? Any finance analysts have worked out how to deal with crucial data over time. At that point, they have stable tools that complement their portfolio of investments.
AI can assess how early-stage start-ups perform for investors and capture the start-up opportunity for success by forecasting sales growth, market size, business expertise over all variables. It will evaluate the details in order to see if the statistics will actually make improvements. This means that investment-worthy startups can afford to start raising funds.
Most investors use AI to make important investment choices. By integrating algorithms, data mining, and language processing, AI can create relationships and models to render proposals based on investor bends. As AI continuously absorbs new data, it will grow as it analyses new information and eventually becomes reliable and far-reaching.
MotherBrain, the Machine Learning system developed by EQT Ventures to classify potential start-ups, applies its algorithm to historical data so as to potentially distinguish investment applicants. The platform uses details such as financial statistics, site rankings, device placement, and social media features that most businesses can physically test and evaluate. Surprisingly, if the invention of Motherbrain has already been accessed as it comes to seed and angel finance for businesses.
Small investors, including angel investors, can also leverage the expertise and services accessible exclusively to historically significant firms. Another real downside for venture capitalists and angel investors is seeking pleasant investment targets before. This is a consistently strong and travel-intensive challenge. However, Machine Learning and Predictive Analytics are starting to shift the strategy.
For other users, there are goods, such as Allegro, an intellectual algorithmic investment focused on AI that is absolutely free from human prejudice. This is a great investing product, but when the market is low on the promise, turn to an equity fund and a debt fund when the market is strong, meaning that the investments are safe.
Indeed, finance managers who are compliant with the implications of the industry are often in a tough position where erroneous data exist or where market flaws occur. These defects may be rumors, financial theft, or innocent relationship slip-ups. Owing to the fact that financial markets are in touch with a constant flow of data, the vulnerability or interruption in the flow appears to be worse than the bad news.
So, what is restricting the implementation of AI in conventional businesses following the pattern of hedge funds? The most important problems arise from massive financial and human capital investment.
Probably the most commonly known inhibitor is the scarcity of available talent pools. As another field, there is a pool of detainees with expertise and experience in the field. The same happens to data scientists and AI practitioners, who usually expect a summary of observations into critical company behavior and goals. Pesa reports that more than 10,000 AI vacancies are available in the United States alone.
Apart from a lack of expertise, investment companies need to respond to the priorities and desires of this unique pool of potential that binds the world of academics, academics, and Ph.D. students. Many of these people do not partake in conventional investing jobs and are motivated by capital and financial security. This talent pool is very common and involves their preference. Instead, investment firms need to build a situation where talent demands are fulfilled, placing a high premium on having a positive impression, taking a shot, and seeking game-changing growth.
When it comes to worrying about money, investors are still trusting in the person behind the idea. This leaves a lot of space for personal inclination and emotional misconduct. Emotional investment is at stake. AI is balancing this out. AI helps investors to rely more easily on research and statistics. We can not empty our current senses, however, we can use AI to circumvent our existence.
The growth estimated for AI is huge and shows that it will rise by billions in the coming years. AI may be much larger, analysts say that this sector would rise 30 percent annually. AI has tremendous potential because it can go from engineering to tech in any field and can affect everything in between.
Applications of AI are massive and it would not be possible to show only a few facets of it. But if you are an entrepreneur and you have a particular interest in getting to know the industry, then you can look at and evaluate it properly. Opportunities are massive, and technology is just going to grow because the world economies have been struck by a pandemic, one area that has exploded is technology.
Article | July 30, 2020
When the Covid 19 Pandemic hit the world in March 2020, little did we know that it would bring the world to a standstill. When the trials of eliminating the pandemic seemed to be in vain, people started adapting to the “new normal.” Organizations from all sectors bought the best minds together to resume their functioning. Digitalization became compulsory. Thus, instead of waiting for the pandemic to end, people started finding out innovative ways to begin functioning with it.
When organizations resumed their functions, they started building flexible ways for the work to continue immaculately. From managing work from home to flexible working hours for individuals, everything was tried. Technologies in pandemic management emerged to support the changing functionalities.
1. Technology Adoption During Covid - 19
It was noted that;
● There was a 775% rise in cloud services.
● 58% of companies adopted digitalization by July 2020 (It was 36% in December 2019).
● 93% of organizations adapted remote working or collaborative technologies.
● 52% of educational institutions are operational remotely.
The above statistics are proof that technology in Covid 19 has emerged and is a catalyst for organizations to work remotely.
Let us look at some of the digital transformations and technologies that have been there for some time, but their use has been accelerated in the post covid world. And also at the emerging technologies that are here to stay for long.
2. Technologies In The Post Covid World
2.1 Generative Design
Generative Design is a manufacturing technology wherein AI & ML come together and create algorithms to produce a design and multiple iterations based on the specific requirements. When a particular design of the part is generated, an idea is fed into the system. Then the algorithm works out the best permutations and combinations of materials to be used, different designs, and specifications of the part. This assists the designers in choosing the best time and cost-saving combination.
Airbus has used generative design to build partition parts for A320 passenger aircraft. The generative design feature resulted in delivering a partition design that was 45% lighter than the previous ones.
2.2 Cloud Computing
With more and more organizations working remotely, cloud computing is on the rise. Of course, this technology has been there for a long time, but it is an accelerated technology in Covid 19.
As organizations adopted remote working, flexibility and reliability became important. Cloud services promised both at the best costs. Even small-scale businesses adopted cloud services to implement applications. Cloud services are cost-effective and easy to implement. Conferences, meetings, teaching, LMS, and work from home can be easily managed by cloud computing.
This technology in Covid 19 has seen a sky-touching rise and is here to stay for a long time.
2.3 Collaborative Tools
With work from home being so active, security of data, ease of communication, and resource management are the challenges to be handled. Organizations need tools that provide ease of access, communications, and coordination between all the departments. This is where collaborative tools play an important role in technology in Covid.
Collaborative tools assure that all the employees work on one platform. For example, communication, meetings, sales, HR, and all the departments work on one system. These tools synchronize the work of the company and make management effortless.
Microsoft has introduced Fluid Components to support their hybrid working system. Creating a one-of-a-kind meeting room experience to seamlessly streamlining all processes, fluid components will assist them in all possible ways.
2.4 Digitization of Businesses
As said earlier, the stats portray an impeccable increase in the digitization of organizations in the initial 6-month phase of the pandemic. And it increased every day. Businesses in the post coronavirus realize that an online presence is the most efficient and easy way to reach their target audience. Also, it requires limited resources.
The digital conversion of business happened in the post-Covid world, but it will not be a conversion for new companies but a compulsion for new businesses. For businesses to run profitable, technology-driven solutions are a must. This shift of businesses is guaranteed profitable and customer-centric. Digitization helps in removing geographical barriers and cater customers on a broader scale.
With the comprehensive support of AI, automation has gained momentum and promises a bright future for companies. From customer retention to generating sales, the software is developed to give an automated process. Even industries are employing AI and ML to automate their processes from manufacturing to delivery.
The automation industry was developing rapidly in the pre-Covid world but this technology in Covid 19 has seen a boom. Examples of automation are planting sensors, 3D printers, embedded metrology, etc.
China is the world leader in manufacturing due to its low labor charges, but things could change and are changing in the post-Covid world. Japanese companies have been into automation for a long time. These companies can mark their global footprints in these changing times.
IoT (Internet of Things) is a technology in Covid 19 that has gained tremendous momentum. As a result, the prices for sensors, software, and internet-connected things have gone down reasonably. IoT assists with endless possibilities to collect, transfer, and store data for a seamless working environment with minimal or no human intervention.
From home appliances to fleet management, each and everything can be managed remotely. The devices can be controlled remotely when the engineer at the other end has accurate information. IoT has proved to be a success in all sectors.
IoT has played an important role in recovering businesses while fighting the pandemic. In addition, IoT technology in Covid 19 has been implemented for smart homes, smart buildings and is paving the way for a brighter future by implementation in smart cities.
3. Advantages Of Adopting Technology In Covid 19
If you want to be a part of an industrial revolution, you need to adapt to the new ways of doing business. As the human race adapts to the ‘new normal,’ so do the businesses.
The technologies that have emerged in the post covid world promise the answer to most of the challenges. These new technologies promise a more innovative and profitable business with minimum flaws.
Here are some of the advantages of introducing the technologies in your business.
● Cost reduction, speed, and resilience
● Top-notch crisis management
● Top graded data security
● 100% customer satisfaction
● Unprecedented revenue growth
It sounds unbelievable but adopting emerging technologies does deliver more than it asks. For example, the pandemic tried to bring life to a standstill, but the alternate routes to survive proved more fruitful.
4. To Sum It All Up
Technology in Covid 19 addresses all the challenges from planning to execution. Employees are adapting quickly to the new trends as they are employee-centric. These technologies provide the necessary transparency and comfort for employees. Employers benefit as they have the best ROI, and the management of employees is no more an issue.
The adoption of technology in Covid 19 promises a brighter and more innovative future. These post covid technologies already have a host of success stories.
Thanks to the innovation of the above technologies, functions of collaboration, communication, and interconnectedness of devices are stable, continuous, and consistent. However, when all the sectors are required to work simultaneously, which is critical in moving forward, specific changes have to be implemented.
It is high time that companies accelerate their digitization process and implement the required technologies to benefit the employer and the employees.
5. Frequently Asked Questions
5.1 What technologies are used in business?
Businesses use technology depending on their operations and uses. But collaborative tools with implementation of IoT, AI, and other productivity tools are used in collaboration.
Every sector has its set of technologies to be used. So there are technologies for computers, software, networking, manufacturing systems, and more.
5.2 Why should businesses use technology?
Businesses should use technology to accelerate ROI and improve operations. Technology eases the day-to-day operations of the organization and promises minimum errors. In addition, there is productivity, transparent communication, and guaranteed security.
5.3 What are the most important types of technology?
AI is the most crucial type of technology that is groundbreaking and promising in challenging times. AI & ML, combined, can create wonders for any organization.
"name": "What technologies are used in business?",
"text": "Businesses use technology depending on their operations and uses. But collaborative tools with implementation of IoT, AI, and other productivity tools are used in collaboration.
Every sector has its set of technologies to be used. So there are technologies for computers, software, networking, manufacturing systems, and more."
"name": "Why should businesses use technology?",
"text": "Businesses should use technology to accelerate ROI and improve operations. Technology eases the day-to-day operations of the organization and promises minimum errors. In addition, there is productivity, transparent communication, and guaranteed security."
"name": "What are the most important types of technology?",
"text": "AI is the most crucial type of technology that is groundbreaking and promising in challenging times. AI & ML, combined, can create wonders for any organization."