Article | December 8, 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 | December 8, 2020
Storytelling is an art. It brings out the best of the teller and the listener. For centuries storytelling has been proved to be a successful way to reach out to the masses. However, a myth about storytelling is that it is considered only as a subject of literature. Well, we are here to break this myth.
The art of telling a story belongs to every field. Be it literature or science, electronics or computers, every field has its own story, even astronomy. Likewise, every little particle has a story to tell.
There is a story in every line of code written by software developers. The user tells a story, and the software developer writes it in a computer code language. Read further to understand more about storytelling in software development.
The Art of Storytelling in Software Development
When a user comes across a problem that needs to be simplified digitally, he explains the problem to the developer or salesperson.
For example, a shopkeeper needs to digitalize his inventory; he will talk about the problems he is facing while manually managing the inventory. This manual management could be handwritten or a basic excel sheet.
Now, when he tells his issue, he says that “I need software that easily tells me about the things I have in my inventory, goods that are to be stocked and also the goods that have and do not have demand.”
When the shopkeeper elaborates his problem and tells them in a story-like manner, the concerned person understands it better. Now imagine if they would say that, “I need software to know about the goods in the inventory.” Unfortunately, this simple sentence does not convey what exactly they are looking for. As a result, the salesperson would not be able to give them appropriate solutions.
Once the story behind the work is understood, the entire team puts in the effort and comes up with perfect solutions. From coding to the visuals of the software, everything works in synchronization. Thus, the story behind the work is of great importance.
Storytelling in software development has a structure. It has a beginning, middle part, climax, end, visuals, and imagination. The only difference in the storytelling tool is that it is known as understanding the need of the user (beginning), designing the solution (middle part), CTAs and ways to reach the target audience (climax), visually appealing and adequately working software delivery (end).
The success of storytelling in software development depends on how well the developer connects with the user’s problem. Once the entire team is on the same page, emotionally and practically, they deliver the most reliable solutions.
The Process of Storytelling in Software Development
Storyteller software is a tool that listens to the thoughts and ideas of the customer, understands their audience, and then transforms them into concrete solutions. Storytelling software uses the following steps.
● Understanding the user story
● Implementation of the story
Understanding the Story
As described earlier, understanding the story is learning the background of why the solution is being developed. Once the digital storytelling software is understood, the implementation of the solution becomes more apparent.
When the user tells his problem, there is always a story in it. When this story is told to the team, they give a set of solutions to the user. It is like giving them the menu to select the dish they like to be served.
Once they select the dish, it becomes an easy job to make it. But you need to ask the user why he is selecting the particular solution. Because the ‘why’ will answer almost every question that is needed to design the appropriate solution.
Implementation of the Story
The implementation of the story is the ‘show, don’t tell’ part. You need to display the solution on the screen for the user to understand. The user does not know the coding language, but he will understand that if I click this, this happens. And that understanding for the user is the implementation of the story.
We can also say that the implementation of the story is the architecture of the software. A well-built architecture will convey the story to the users. For example, when HRIS software is developed, the HR departments will know that the story behind the development was to ease out their tasks. These tasks could be anything from attendance to salary management.
Always remember, only a well-understood story can be implemented most dependably.
The conclusion of the story is the delivery and installation of the visual storytelling software. The user should be able to find all the answers to his problems in the best possible way. Their story that started with ‘once upon a time’ should end happily ever after’. And this is possible only when the entire team is connected emotionally and practically while working towards the solution.
The conclusion should also convey the climax of the story. The climax implies the CTAs or the final work that the software does after getting the desired data.
Only after you have reached a conclusion and the user is satisfied you will know that you have written an excellent story. This good story is the incredible software you built by gathering the plot, characters, problems, and other raw material from the user!
Benefits of Storytelling in Software Development
We know the process of storytelling in software development, but what do we gain from it? You must be thinking, can’t we listen to the demands, design a solution, and give the user what he wants? So, what is the need to understand the story behind the software?
Well, software delivered without understanding the story is merely a puzzle created. In the future, the software would not be able to answer the most important question -WHY? And that could prove that the software is a failure.
Here are some benefits of storytelling in software development.
● Straightforward Approach
Instead of beating around the bush or designing complicated solutions you will deliver the solutions in simpler steps. And this is because you have well understood the story behind creating the software.
● Understand the Big Picture
The user's story will let you understand what outcomes or expectations the user has from the software. The vision of the user and their expectations from the product can be understood only when the whole team has clarity on what and why they are working.
● Emotional Attachment
When software is developed practically and empathetically, the user also connects well with the software. People have to be given an emotion to get clicks on CTAs or use the software.
A survey was taken wherein people had to donate to a cause. As a result, two types of causes were created. One group was asked to donate food for an underdeveloped country, and the other group was asked to donate for a hungry child. The second group donated more, and many of them stated why they felt emotionally connected to the child.
Thus, the emotional connection of the team to design software is essential.
● Give Better Outcomes
Stories assure better results and excellent outcomes. They make sure that the team works best and the customers are motivated to take action. The story behind the software helps build the software in precisely the way it is asked for.
Thus, You Need to Tell a Story
Building a great story and connecting it with the user’s pain points is the best way to develop a creative solution. This helps paint a picture in the team's minds as to what is being built and why.
Storytelling in software development is essential as each software should convey an incredible story.
Frequently Asked Questions
What is storytelling in software development?
Storytelling in software development understands the story as a tool to design the software more accurately. The thoughts and requirements of the user are used as raw materials and utilized to create an efficient solution.
The story also helps in understanding the audience for whom the software is being developed.
What is the importance of storytelling in software?
Stories create better solutions and excellent outcomes. They motivate the audience to react in a certain way. They connect with the user and the audience on an emotional level. They are impactful and even let developers learn a lot.
They help create better software by keeping the team connected through the story.
What are the software storytelling tools?
Software storytelling tools are the elements that help implement the solution most productively. These are the user's point of view, emotionally connect, purpose, and the answers to the questions- what and why.
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"text": "Storytelling in software development understands the story as a tool to design the software more accurately. The thoughts and requirements of the user are used as raw materials and utilized to create an efficient solution.
The story also helps in understanding the audience for whom the software is being developed."
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They help create better software by keeping the team connected through the story."
"name": "What are the software storytelling tools?",
"text": "Software storytelling tools are the elements that help implement the solution most productively. These are the user's point of view, emotionally connect, purpose, and the answers to the questions- what and why."
Article | December 8, 2020
A few years ago, the team at Gartner came up with a useful framework designed to help IT asset managers compare different Software Asset Management tools based on “six critical activities” of SAM. Known as the DINROS framework, it outlined the following activities: Discovery: the act of interrogating TCP/IP networks to identify network-attached physical and virtualized platforms upon which software executes Inventory: the process of capturing platform configuration information and extracting a complete list of all its software. Normalize: the consolidation of discovered inventory datasets to remove duplicated or conflicting information
Article | December 8, 2020
AI should not be applied to every business in the same manner, according to Chris Meyer, professor of practice and the director of undergraduate education at the Lally School of Management at Rensselaer Polytechnic Institute. He details his research on the subject in a new conceptual paper published today in a special issue of the Journal of Service Management on "AI and Machine Learning in Service Management." "AI has the potential to upend our ideas about what tasks are uniquely suited to humans, but poorly implemented or strategically inappropriate service automation can alienate customers, and that will hurt businesses in the long term," Meyer said.