TOP 5 TIPS FOR ADOPTING ENTERPRISE MACHINE LEARNING

EVAN SAKRISON | June 18, 2020

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When you first got your business off the ground, you may or may not have paid much attention to the technologies that would be available to you in the years to come—like machine learning. Machine learning was the stuff of science fiction just decades ago; now it’s practically everywhere.  So, what is machine learning? Simply put, machine learning is a subset of artificial intelligence in which computer algorithms learn from large datasets in order to make more accurate predictions over time. Obviously, it’s a lot more complicated than that, but it poses numerous benefits to business owners—assuming it’s used the right way. Here are five tips for successfully adopting machine learning technologies in your day-to-day operations.

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Ebix is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.

OTHER ARTICLES

How Artificial Intelligence Is Transforming Businesses

Article | February 12, 2020

Whilst there are many people that associate AI with sci-fi novels and films, its reputation as an antagonist to fictional dystopic worlds is now becoming a thing of the past, as the technology becomes more and more integrated into our everyday lives. AI technologies have become increasingly more present in our daily lives, not just with Alexa’s in the home, but also throughout businesses everywhere, disrupting a variety of different industries with often tremendous results. The technology has helped to streamline even the most mundane of tasks whilst having a breath-taking impact on a company’s efficiency and productivity

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Predictions on Software Development Trends of 2022

Article | February 12, 2020

The world has started stepping into the “new normal” era. With the boost in vaccine inventions and countries rapidly vaccinating their citizens, we will be back to living a ‘new normal’ life. We keep mentioning normal as the ‘new normal’ because things will never be the same as before the pandemic. A majority of changes have happened for the best. Nevertheless, challenges emerged in the pandemic, and these were answered by innovations. Let us precisely talk about the innovations in software development trends. Digitalization played a vital role in transforming society and overcoming the hurdles created by the pandemic. Hybrid working style, chatbots, IoT, AI, and development in applications to improve performance and customer experience are the key software development trends that are on the rise. Growth Predictions Post Pandemic ● 63.3% of companies consider accelerated digital transformation. ● IaaS market solutions will be worth $64 billion. ● Online sales will account for 22% of global retail (currently it is 14%) ● The utilization of low code products will reach 50%. ● The outsourcing services industry is estimated to reach more than $66 billion. Software development trends have led to a boom in the software industry. As a result, all the sectors have turned towards software for solutions. Observing this change of scenario, here are some of the predictions on software development trends that will rule the industry by 2022. Software Development Trends IoT The combination of AI and Big Data with IoT has led to significant changes in the IoT industry. IoT has profoundly incorporated its way into daily human life. It eases everyday chores by connecting all the devices with sensors and syncs them automatically. The machines understand our timely needs and act subsequently. IoT has come a long way from just connecting the phone and the laptop. Instead, the day starts with Alexa, Siri, or Google. From telling them to turn on your coffee maker to adjusting your AC temperature, every little thing is manageable by the internet of things! As a result, more and more devices are built with sensors to simplify everyday processes. Thus, IoT is one of the software development trends to be utilized in various sectors by 2022. IoT has groundbreaking potential and has been adapted in smart cities. The smart cities project is a possibility only because of IoT. Progressive Web Apps (PWA) Progressive Web Apps are a trend in software development that is gaining popularity in these challenging times. PWA are apps that combine the functions of native apps and website accessibility. They provide the same user experience as native apps without having the hassle of upgrading and installing for web or mobile devices. Easy maintenance, one codebase, easily searchable, lightweight, and operating offline are some of the advantages of progressive web apps. PWA is here to stay and is the latest in software development. It is progressive, responsive, connectivity-independent, secure, easily installable, and linkable. As a result, many companies are switching their websites and apps to PWA for hassle-free code development and a great user experience. Low-Code Development Be it software developers, web developers, or users, low-code development is a hit amongst all. This new technology in software development saves time, is fast and intuitive. The long hours spent in coding every line are held by low code development. Herein the code is sketched like a flowchart and fed into the machine. As a result, a lot of manual effort is saved. Low-code development is one of the latest technologies in software and the future of the software industry. Traditional developers thought that this process did not have much potential, but the pandemic changed this thought. Low-code development will allow people with little digital skills to digitalize their ideas. Building apps quickly is the need of the hour, and low code development helps achieve that. This trend will also help in bridging the gap between the supply and demand of software engineers. AR (Augmented Reality) Augmented reality has appallingly changed the marketplace. Customers can virtually try new makeup or beauty products without even touching the product. The beauty industry has seen incredible conversion while using AR for its marketing. Similarly gone are the days of 2D mapping. AR has managed to bring 3D mapping into our lives. Be it gaming or navigation; augmented reality has strongly made things attractive. AR is a hit in advertisements. Companies are luring customers by adding filters or creating environments in apps. This has shown great conversion numbers to the businesses. This is because AR is software that is more than visually appealing. It improves functionality, enhances effectiveness, and creates brand value. As a result, we are going to see more from this technology in 2022. Big Data Using Big Data is building credibility. Security has a whole new meaning post-Covid-19. The public has become aware of the information that it will allow access to. This has led to a boost in the use of Big Data. By 2022 Big Data can be used as DaaS (Data as a Service). This will allow companies to access the required data, and thus redundancy is avoided. The use of Big Data has proven to provide data-driven solutions. It is giving the customers exactly what they are looking for. And this can be achieved only when you have proper segregation and security of a large amount of data. Netflix has proven its popularity by utilizing Big Data and giving the viewers the exact content they are looking for. Thus, Big Data is a software trend that will be a compulsion for companies to adapt in the future. AI (Artificial Intelligence) This list would be incomplete without mentioning the hottest software trend in the market these days. In the last five years, AI is one industry that has gained tremendous momentum. This is because machines are trained to think and perform tasks that were possible only for humans. The combination of machine learning, deep learning, neural networks, and machine control has already enhanced customer experience in various sectors. The improved user experience, better efficiency, less prone to errors, reduced costs, and increase in ROI have made AI a dominant trend in the technology world. By 2022 there will hardly be a sector that has not implemented AI. From the demand and supply chain industry to predicting stock markets, we will see a lot of AI everywhere. Conclusion: Be Ready for 2022! These are some of the predictions of software development trends 2022. There will be enormous changes in the lifestyle, working style, and adaptive measures taken by humans. And in this changing era, technology trends will guarantee maximum productivity along with comfort. As the pandemic unfolds and most of the population gets vaccinated, there will be turning points in the latest software trends and the IT industry. There will be minor glitches and fluctuations, but these newest software development trends will help overcome them all. They assure an increase in revenues and adding value to the brand of the company. Software development is not just a trend in software engineering but a process of continuous innovation. Of course, the predictions of technological processes are pretty unpredictable as inventions surge. But one predictable thing is that game-changing technology trends will keep emerging, and there are no stopping innovations in these fields. Frequently Asked Questions What are the top 3 emerging technologies in software? AI (Artificial Intelligence) dominates the emerging technology industry, followed by IoT (Internet of Things) and then AR (Augmented Reality), VR (Virtual Reality), and MR (Mixed Reality). These play a predominant role in changing the face of technology. What is trending in software development nowadays? The current trends in software development are AI chatbots, powerful programming languages, and active incorporation of IaaS, PaaS, SaaS, DaaS to provide flexibility and improve productivity. These effective solutions are implemented to build apps, websites, manage hybrid working culture, and ease communication processes between teams. Why should you track trends in software development? It is the need of the hour to digitalize the business. If you keep up with the rapidly changing software trends, you can be distinguished from your competitors, and it will help you stay ahead of the race. Your products/services will be productive, efficient, and trusted by the customers. If you do not digitalize your businesses and incorporate the required technology, your business will cease to exist. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the top 3 emerging technologies in software?", "acceptedAnswer": { "@type": "Answer", "text": "AI (Artificial Intelligence) dominates the emerging technology industry, followed by IoT (Internet of Things) and then AR (Augmented Reality), VR (Virtual Reality), and MR (Mixed Reality). These play a predominant role in changing the face of technology." } },{ "@type": "Question", "name": "What is trending in software development nowadays?", "acceptedAnswer": { "@type": "Answer", "text": "The current trends in software development are AI chatbots, powerful programming languages, and active incorporation of IaaS, PaaS, SaaS, DaaS to provide flexibility and improve productivity. 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DIGITAL TRANSFORMATION

Five Things Companies Need to Get Better at about Digital Transformation

Article | February 12, 2020

According to reports shared by Harvard Business Review, McKinsey, EY and the like, up to 70-80% of digital transformational and innovation programs failed to deliver the intended benefits and outcomes. But if we are referring to true innovation, 10-20% success rate is actually quite high considering it took Thomas Edison 10,000 experiments to invest the world’s first light bulb. His success rate was 0.01%. Thomas was undeterred, when asked about his missteps, he once said, “I have not failed 10,000 times – I’ve successfully found 10,000 ways that will not work.” Broadly speaking, there are four types of digital transformation: the most common type is process transformation. It’s the easiest and also the most straight-forward type because it has the least unknown. Digital transformation can also be related to business model, NetFlix used to be a DVD rental company focusing on mail-orders before it became a software-as-a-service (SaaS) company like how it is today, providing licensed videos on demand. There’s also business domain transformation which is the hardest out of the four. It’s an area for companies to discover blue-ocean and break-through their current red-ocean. Schneider Electric uses big data, industrial internet of things (IIoT) and AI to offer predictive maintenance intelligence to their customers to improve transparency and overall service reliability and asset life management. The last one is organizational / cultural transformation, it’s about putting people at the centre of all changes. I was recently asked to cite the common reasons for digital transformation failures at a business forum with about a hundred Malaysian business owners. When I reflected my experience leading and working through others on different organizational changes who had varying degrees of success, I have observed five key areas which underpin the program’s destiny. Asking the wrong questions When you start from the wrong place, you will end up at the wrong place. “How do I increase revenue?” “How do I cross-sell and upsell my products and services?” Customers don’t care about your revenue and they get frustrated when you bombard them with irrelevant information. Companies exist to solve customer’s pain-point. A better place to start is to reframe these questions and put yourself in their shoes. Why would anyone buy your product and pay you? Not my job Transformation is an evolving journey. To make it sustainable, you need top-down and bottom-up cadence within an organization. It requires everyone from top to bottom to be on the same wavelength, to speak the same language. There are different ways to introduce and structure digital function within an organization, and you can do that internally by centralizing or decentralizing and cascading the function and/or externally. That being said, companies who task the change responsibilities to a siloed team without collectively owning the change journey are seriously at their peril. Destructive innovation culture The quickest way to kill any type of creativity and innovation within a company, is by blaming and fault-finding. What companies need to focus on instead, is to create a culture whereby people want to challenge the status quo because it is the right thing to do, they feel psychologically safe to voice out and try something new. Not only should companies need to encourage failures, mistakes, we should celebrate it and reward people for trying. Failure is part of discovery and a way forward. Imagine Thomas Edison was reprimanded for his earlier experiments. In a meeting held by Reed Hastings, CEO of Netflix, he expressed his concerns with his team that the success ratio was too high. The cancellation show ratio should be higher if they are taking risks coming up with new shows and new contents. James Quincey invited his managers to look past the stigma of the failed ‘New Coca-Cola’ campaign which has haunted the company for more than thirty-years. “If we don’t make mistakes, we are not trying hard enough”. Lack of clarity and measurements FOMO or fear-of-missing-out is a common phenomenon whenever companies do pulse-check with their competition. “Our competitors are rolling out a new CRM, ERP, a new loyalty program, let’s look into it and create our own”. Instead, I think companies should be thinking about why they want to change, their transformative purpose. Once they know the why, they can then think about the ecosystem, the hardwares and the softwares they need to support the change (the how) and what needs to be done. Never do it the other way around. It’s also important for organizations to track their impact scientifically and test their hypotheses. If I assume a better digital experience will lead to a more sticky customer cohort and spend more with us, how do I need to set up metrics to prove my hypothesis? More importantly, how can I prove my hypothesis with the least amount of time, money and resources spent to scale what I do? Lack of representation for innovation, data, people and geopolitics at top leadership. The fifth element which sometimes goes missing is related to transparency and alignment at the top leadership. Innovation, data, people and geopolitical risks should not just hide underneath IT, HR (or People and Culture) or Compliance. In this day and age, they are all interconnected and need to work with one another. As the number of connected devices grows, companies need to evolve and handle cybersecurity risks and train up their people. To transition our workforce to the post pandemic world, we need a more mobile and digital workforce. Companies like EY are transitioning their 300,000 workforce globally through offering badges, democratizing training and learning like offering free tech-MBA partnering up with online learning platform such as Udemy and Hult university. The average lifespan of the companies listed on Standard and Poor 500’s used to be 61 years. Today, it is sitting at around 18 years. By 2027, 3 out of four companies from the list will likely disappear. I think we should stop looking at digital transformation as the antidote for disruption and focus on how to create a digital twin by using technologies to enable our once-analog company. Digital transformation is not one-off. It’s not one person’s job.

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The 2020 CIO Cloud Data Management initiatives

Article | February 12, 2020

CIOs have been tasked with many of the same issues for decades. Cost concerns, generating revenue growth, supporting the digital business, and managing cyberthreats, all while navigating skills shortages, have been a way of life for CIOs. And then 2020 presented additional challenges for data centers. Let’s examine in more detail the top CIO priorities, and examine how Veeam can help.

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Spotlight

Ebix

Ebix is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.

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