Leadership on Vin Patel

An Indispensable Idea to Building an AI-Powered Organization

Vin Patel — Tue, 22 Nov 2022 17:17:11 +0000

Key takeaways

***An insight-driven organization - It’s been ten years since this phrase found its way into active business vocabulary, and yet most companies have fallen short of truly being one.
Successful implementers of AI spend almost half of the analytic budget on activities that drove adoption.
This culture shift enables the speed of innovation as the rest of the organization adopts the test-and-learn approach that successfully drove the pilot AI initiatives.

An insight-driven organization - It’s been ten years since this phrase found its way into active business vocabulary, and yet most companies have fallen short of truly being one. Why? ‘Cultural barrier’ might be to blame.

Helping leaders make more informed, effective and intelligent business decisions is the core idea behind analytic. Yet, entrenching data, evaluation, and evidence-based reasoning into the organizations decision-making processes has fallen short of mainstream application in a wide variety of cases. In a report published by Deloitte on Becoming a Data-Driven Organization, surveyors found that “fewer than four in 10 (37 percent) place their companies in the top two categories of the IDO (Insight Driven Organization) Maturity Scale, and of those, only 10 percent fall into the highest category. The remaining 63 percent were aware of analytic but lacked infrastructure, found themselves still working in silos, or were expanding ad hoc analytic capabilities beyond silos”.

Reasons for this vast discrepancy ranged from lack of leadership direction to even a lack of trust in a machines interpretation of happenings. This would result in falling back onto traditional working mechanics and failure to expand on AI’s value proposition. In each of these cases, the organizations culture has played a significant role in accepting and successfully implementing deep data analytic."

As most executives eventually realize, embedding AI-based decision-making into an organization involves re-wiring the business at a fundamental level. While the initial work might seem substantial, the rewards are to be leveraged well into the future.

Here are some relatively simple ways to help employees become active participants in charting a path towards truly being an Insight Driven Organization (IDO).

Taking the Leap of Faith and Setting the Tone #

Analytic is already mainstream. However, most businesses still rely on structured data that fits into rows and columns, missing out on critical insights that are to be gained from product images, customer interaction recordings and social media messaging. Herein lies the argument for adopting technologically advanced AI-driven software that can sift, consolidate and show appropriate recommendations from troves of data. To make the shift, it’s essential organizations give due consideration to these four avenues-

Data Science is a Team Effort – Traditional working mindsets are often the most significant resistance to the adoption of AI, making it imperative that welcoming data-driven decision-making starts right from the top.
Cultivate the Talent- It’s essential to nurture a diverse team that is curious, numerally proficient, and capable of walking the median line between analytic and business requirements. This progressively creates a shift in the right direction.
Go experiential to Data-Driven– Augmenting human decision making with data-driven insights means trusting the algorithms suggestions. It also entails building the autonomy to act on those insights without higher-level authority. If every proposal generated by the systems has to be approved, then the purpose gets defeated.
Start with a Minimum Viable Product– While a business system with all bells and whistles may seem ideal, striving for one from the get-go is a fundamental mistake. Instead, look towards speeding up development and achieving gains within weeks with minimum viable products that can iteratively be scaled up.

Demystify Artificial Intelligence #

As the first line of defense towards building a data-powered organization is taken down, the attention now needs to swing towards setting up the required mindsets for success.

Explain the why’s - People often have qualms about adopting newer technology in the workplace, mainly because the need is never understood. Why break something that is working? But by demystifying data analytic and explaining the competitive edge the company is seeking to gain, executives can rapidly help in creating a unanimous acceptance of AI-driven insights
Bolster morale and highlight common ground – From the fear of obsolescence to strict reliance on the human rationale to build customer-driven relationships, an organization usually has a lot to contend with when taking basic calls suggested by algorithms. In such cases, making a good story, investing in building the correct information around new systems, and even encouraging adoption through scorecards and perks, can significantly help break down mental barriers.
Bridging the gap between technical and business – Much like translating software for languages, a new class of experts are now coming to the fore. Known as ‘Analytic Translators’, they play a crucial role in identifying roadblocks and streamlining business requirements while ensuring adoption goes smoothly.
Equal Budgeting for integration and adoption – It’s easy to sidestep this critical element. Companies are often found to allocate most of the budget towards developing the systems, forgetting that workflow redesign, communications, and training are equally vital. Successful implementers of AI spend almost half of the analytic budget on activities that drove adoption.

Expanding Acceptance with Organization Learning (OL) #

Once the basic machinations are in place, it’s time to develop acceptance. Facilitating AI implementation with Organization Learning has been shown to increase adoption exponentially. A top-down approach to educating teams works best and helps align priorities across the board.

Aim to target leadership with broader, higher-level educative content. OL should make executives understand the impact on workers’ roles, barriers to adoption, and talent development. Furthermore, offering guidance on instilling the underlying cultural changes required goes a long way toward a smooth implementation.

For those at the core of the business, the ‘Insight-Driven Decision-Makers’, OL should help bring them up to speed with sessions that incorporate real business scenarios. This focus enables staff to derive maximum advantage from AI’s insight capabilities and take effective business calls on product features and launches.

Once a model is securely up and running, an oft-forgotten faction is the analytic and translators (those who act as the intermediaries between IT and Business). Here, the organization needs to up their game by continually focusing on sharpening the hard and soft skills of those directly involved in creating reports and summaries. This will ensure that the algorithms being used are established on the most cutting-edge innovations in data science and that analytical reasoning is aptly applied to solve business problems.

Culture as a Catalyst #

Most AI transformations take up to 18-36 months to complete, with larger projects taking a few years. Herein lies the biggest challenges for most organizations – loss of momentum in the light of growing cost and negligible results. Address these challenges by targeting smaller gains in development and enforce adoption by

Incorporating learning and pushing aside misgivings – A key focus area for leadership, who need to walk the talk, steadfast commitment to AI needs to get highlighted even considering failed experiments. By highlighting what was learned in the pilots and reiterating the need for more significant data, organizations can rapidly scale up implementation and adoption efforts
Making business accountable and not the analytic team – Analytic teams are simply owners of AI products. It is the business factions that need to own products and see them to successful completion. A scorecard that effectively captures performance metrics is usually an excellent way to align analytic and business goals.
Retaining an eye on With vs Without - Comparing the results of decisions made with and without AI can encourage employees to embrace the generated reports. For instance, if on further investigation, executives learn that non-AI-supported forecasts are typically accurate, say about 50% of the times, that immediately bolsters the case for relying on something far more tangible than just intuition.

Creating a Virtuous Circle #

As is evident, successfully establishing a data-driven culture is the key driver that helps companies scale from carrying out analytic projects in silos to a fully insight-driven organization. Given the research, the willingness to act on analytically derived insights, make decisions, change processes, and adapt behaviors is best achieved when the organization in its entirety decides to take the leap of faith and encourage a unanimous move to the future of data-driven business.

Such actions create a favorable cycle of events. Interdisciplinary teams bring together the diverse skills and perspectives needed to build new and practical tools. With time, this leads to workers absorbing more collaborative and synergistic practices. Their vision expands as they work more closely with colleagues in other functions and geographies. Workforces move from trying to solve discrete problems in their departments to completely reimagining business and operating models. This culture shift enables the speed of innovation as the rest of the organization adopts the test-and-learn approach that successfully drove the pilot AI initiatives.

Related reading

8 Mistakes You Must Avoid in Your Content Marketing

Vin Patel — Tue, 22 Nov 2022 17:05:52 +0000

Key takeaways

Content being the king of all marketing activities worldwide, content marketing has gained popularity over time as one of the best investments a brand can make.
Here are some content promotion strategies you can follow: - Share your posts on social media in different formats.
Rushing in implementing your strategy or being a part of the rat race makes a brand prone to these mistakes.

Content being the king of all marketing activities worldwide, content marketing has gained popularity over time as one of the best investments a brand can make. It’s great to generate leads and build thought leadership in the industry- both of which make for a great brand. Seth Odin calls content marketing ’the only marketing left,’ given its authenticity and adaptability with new age media and the online generation.

But, as more people realize the importance of content marketing, the competition is rising, and the market is being saturated. As a result, user attention is diminishing. Your marketing efforts should be exceptionally calculated and in line with your business goals and vision.

This also means that you can’t afford mistakes. But, given the race for content marketing and the excessive amount of money companies keep aside for it, these mistakes are bound to happen. But if you’re in it to win it, then there’s a way to avoid those mistakes: by learning from them.

Let’s explore some common content marketing mistakes and how you can work your way around it for maximized results.

Content Table #

Not having a strong content strategy
Not understanding your audience
Not creating goal-oriented content
Not experimenting with content formats
Not promoting content effectively
Not keeping up with trends
Not paying attention to CTAs
Not tracking performance

Not Having A Strong Content Strategy #

More than 60% of businesses don’t have a documented content marketing strategy according to the Content Marketing Institute. This means that a majority of the businesses use content marketing with the ‘hope’ of making it work.

Content marketing is more than content creation and distribution. It uses a much strategic approach to understand the audience, align the audience’s needs and brand needs, and then establish a plan of action keeping in mind the analytic that needs to be tracked.

If you don’t have a documented strategy in place, your team will always be confused, and you would be investing a lot of time, effort, and money on things that may or may not yield the desired result. This is because you don’t know what you’re doing, how you will track it, and if it’s necessary to do it. It’s like shooting arrows blindly. Are you willing to take that risk? Probably not.

Consider following these steps to draft a content marketing strategy for your brand backed by an effective action plan:

Define your goals and objectives.
Understand your audience and their buying habits.
Do competitor research, understand where you stand in the market.
Based on research, decide on the channels you want to create content on and where your audience is present the most.
Decide what type of content you’re going to create.
Divide the work among your team. Content marketing is a team effort, and transparency always wins.
Start creating content after establishing an editorial calendar for efficiency.
Promote content.
Analyze your efforts by tracking metrics.

And there you have it, an elaborate content marketing strategy that defines your plan of action every step of the way. Documenting this process will help prevent gaps, give a better idea to the team, ensure efficiency in execution, and provide results. You can use team collaboration tools which immensely help in this area by coordinating everything in one place and avoiding any kind of confusion.

You can use this infographic by BlueHost as a checklist while creating your strategy and tweak it as per your brand goals and objectives.

You should focus on preparing a strategy because it lays out clear fundamentals useful in the long run to track progress and introduce changes for better results. Moreover, following a strategy can lead to the achievement of the larger goal because small wins lead to the big ones, and makes the process easier.

Pro tip: If you’re an individual or agency providing content marketing services to a client, you may want to use a proposal template to display an outline of your strategy for better conversions.

Not Understanding Your Audience #

Original diagram for Techfastly by Vin Patel.

While content is the glue that holds a content marketing strategy together, you cannot just brainstorm content ideas or create content on the first 5 things you see online. Even though it may reside with your industry and niche, it may not cater to the audience- and that’s the biggest mistake you can make.

If you want to generate leads, build a relationship with your customers, and nurture them, you need to understand them first. The more you know your audience, the better your content marketing results will be.

But how can you understand your audience? Consider starting by doing these things: Ask yourself some questions Before you understand them, understand who you want to serve first. Try defining their demographics, buying capacities, habits, daily activities, and things that would be ideal for ‘your’ customer.

Carry a market research Once you’ve understood who you want to target, try to see where you can find these people. What platforms are they present on, how do they communicate with each other, what language they use, what type of content they consume, how much they are willing to spend every month, etc. This will help give you a clearer idea about your audience and set a course for realistic expectations.

Look over to your competitors Your competitors, the ones who have a similar target audience as yours, are probably ahead of the game. They’ve been doing all of this and assessing their moves. You can see how their strategies have worked out and how the audience is responding to them. This will help you identify gaps that you can fill through your plan.

Carry a survey Once you’ve defined your audience, assessed your competitors, and gathered a fair amount of information about your audience, it’s good to fact-check. There’s nothing better than directly surveying your audience through a questionnaire, asking them essential questions that will help you create and execute your content marketing strategy better. Keep the survey crisp, and to the point; if it’s never-ending, no one is going to fill it.

If you’ve missed out on these points, then you’ve been making this mistake. But it’s never too late to reform it. Because the last thing you want is wasting your resources or watching your efforts yield minimum to no results.

After you’ve done your target audience research, it’s ideal to create a buyer persona- a semi-fictional representation of your ideal customer, which will help guide all your marketing strategies, especially your content such that it’s targeted directly at helping your audience.

Better be safe than sorry!

Not Creating Goal-oriented Content #

Every piece of content you create as a part of your content marketing strategy has a goal. This can be for SEO, for lead generation, to get contact details, to nurture your customers, and so on. But if you don’t know why you’re creating a particular piece of content, then you’re just wasting your resources.

Being specific on your goals and creating content around it ensures that you’re walking in the right direction, and your content will yield the desired results.

There are numerous stages of a buyer’s journey, and creating content, especially around it, is so important because it caters to a specific goal.

Here are the different stages of a buyer’s journey and the type of content you can create at each stage: Awareness stage Your prospect is aware of the problem they are facing at this stage, but don’t know if it is important enough to seek a solution. Here, they need to be targeted with content that can help them troubleshoot the problem and understand it better. The main goal here is to educate the customers, only then will they be able to understand properly.

The content for the awareness stage of the buyer’s journey can be:

Blog posts
Social media posts
White papers
eBooks
Webinar
How-to videos

ConsiderationAt this stage, they’ve gathered a brief idea about the problem they’re facing and contemplate if you’re the right solution for their problem. Here, they need to be targeted with content that portrays you as the best solution for their problem and a perfect fit for their requirements. This content needs to be backed by data and social proof that displays your expertise.

This stage is crucial because it’s only here that they decide if they should go forward with you or move on and choose someone else. It determines whether they will turn from a prospect to a paying customer, so the approach needs to be convincing.

The content for the consideration stage of the buyer’s journey can be:

Comparison videos
Case studies
Free Samples
Buying guides

Decision stageThey have decided that they want to be your customer at this stage, so they think what it takes to be your customer. Here, you need to present content that tells them they have made the right decision and can fully invest their faith in you and leave their problems at your disposal.

This stage is important because they’re on the edge of being converted, and the way you respond now also sets the course for future collaborations, and if they will continue purchasing from you.

The content for the decision and beyond stages of the buyer’s journey can be:

Free trials
Testimonials
Coupon and discount
Upgrades

Original diagram for Techfastly by Vin Patel.

Creating tailor-made content as per the stage at which your buyer stands is crucial because it’s meant for a specific goal. Without this, you could be showing educational content to a buyer in the decision stage when they’re fully aware of the problem but need to be convinced that you’re the end and ultimate solution to their problem.

This will also make your content marketing strategy much more specific and achievable, ensuring that your customers are targeted the right content at the right time.

Not Experimenting with Content Formats #

Content marketing is not defined by nor is restricted to just blogs and social media posts. There are ample content formats that should be included in your content marketing strategy. Why?

Because it prevents your content on multiple channels from being monotonous. Have you ever thought of using letterhead and graphics in your email instead of just a text newsletter?

You can always experiment and combine different content formats to make your content more appealing and engaging for the audience.

Content formats and including multimedia in content is an essential part of user experience which cannot be missed out on.

Let’s explore some content formats you can include in your content marketing strategy:

Blogs

Your good old-fashioned blogs are an important part of your content strategy because they account for a significant part of SEO and help establish thought leadership by catering to the target audience’s pain points and major struggles.

With blogs, remember to optimize it for SEO while writing for humans by including white spaces, using short sentences, and using storytelling to evoke emotion. For content topics, you can use Quota and Answer the public to find important yet less-answered questions.

Infographics

Infographics help relay important information in a detailed format through visual aid. It attractively communicates the message to help the audience understand the topic much better. You can find plenty of templates on Venngage and Canvas, and tweak them to create your infographics.

If you’re answering an important question, it can also be used as a lead magnet to get email sign-ups.

eBooks

eBooks have recently taken momentum as one of the most popular lead magnets and free resources, with brands using eBooks to educate their audience in a more profound sense by providing extensive value. These can be a mix of text and multimedia, addressing an important topic in your industry, which would help many people solve their problems. Since an eBook can be downloaded and read later, people are slowly prioritizing them over other forms of content to educate themselves on relevant topics.

Videos

With the rise in video marketing, more and more companies are now including videos in their content marketing strategy because they help establish a one-on-one connection with the audience. These can be bite-sized videos on social media or long videos embedded in blogs and uploaded on YouTube.

You can also repurpose your blogs and social media posts into videos to provide better reach to your content.

You can incorporate many other formats in your content marketing strategy like podcast, checklists, cheat sheets, and email newsletters, giving a significant edge to your strategy. It’s inevitable for your audience to be everywhere and like all your content. To give your content greater reach and provide added value to your audience, adapting and using these formats is a great way to get ahead in the game.

Not Promoting Content Effectively #

Original diagram for Techfastly by Vin Patel.

Many people think that the execution part of a content marketing strategy ends after you hit the ‘publish’ button, but that’s where the real work starts.

If the content is king, then engagement is queen- and for people to engage with your content, you need to promote it excessively and through different strategies to refresh your content and introduce it to newer audiences.

It’s ideal to have a content promotion strategy in place to know the first few steps you can take to ensure that a published piece of content doesn’t die soon.

With so much content creation and consumption online, it’s easy for your content to get lost, so it would be best if you promote your post the right way within 24 hours of it getting published.

Here are some content promotion strategies you can follow:

Share your posts on social media in different formats. A tweet on Twitter, a carousel post on Instagram, and a video on Facebook are some ways you can begin promoting your content.
Send out an email blast to your email list as soon as you hit ‘publish.’
Include the link to your latest post(s) in your email signature. Since we send many emails every day, there’s a high chance, someone or the other would be curious enough to click on the link in the signature.
Leverage your community and share your content on social media groups, since these groups comprise like-minded people, they will definitely share it with their network if your content is good.
Connect with influences and talk to them about promoting your content or endorsing your product.
Leverage guest posting. It allows you to publish content on niche-specific websites that help your content reach their audience, thus expanding the reach.

There are numerous other ways to promote your content, but these top the list. You can always get innovative with your approach and brainstorm how you can ensure a wider reach for your content.

This is an important part and impossible to miss out on because creating awesome content won’t make a difference if it’s not in front of the audience. For your efforts to yield results, your content needs to be visible, and so content promotion needs to be prioritized as much as content creation.

Not Keeping Up With Trends #

While creating evergreen content that helps your target audience solve their problems is ideal, keeping up with trends is also essential to stay relevant. The audience participates in trends, and keeping up with them means that you’re listening to them and adopting new strategies.

You cannot use the same strategy repeatedly, because content marketing is always evolving. It requires you to assess gaps, make peace with new technologies, and keep up with trends to stay relevant along with being result-driven.

Not keeping up with these trends would give your competitors an edge over you. Every customer you come across will want to associate themselves with brands working on themselves in new and improved ways. You can help customers all you want, but you won’t stick for long unless you listen to them and form your brand on those values.

Let’s look at some emerging content marketing trends that you can include in your strategy:

Videos are taking the front seat #

It’s no surprise that the most prominent brands are now allocating their budget to videos, both shot, and stock. This is because of one very simple reason- videos keep the audience hooked and engaged for a more extended period than any other form of content. You can publish your content on various platforms like social media, YouTube, your website, and Video.

Moreover, you don’t always have to shoot videos. You can interview an expert on a live stream, host webinar and workshops, and do Q&A to interact with the audience. When you show your face on a screen, the audience gets to know about the person behind the brand.

So, to engage with your audience more and humanize your brand, videos are a must! Rand Fishkin, the founder of Moz is doing a great job at videos.

User-generated content is becoming a hit #

User-Generated Content or UGC is the content created by your customers and fans about your brand without paying them. According to research, over 83% of people trust other customers’ content than the brand itself.

When you share their content, they feel special, and it starts a loop for word of mouth as a result of which more people start creating this content. Moreover, it invites new customers because it acts as social proof and what’s better than customers showing their satisfaction on social media. The most significant part about it is that it creates a community, and turns followers into customers.

Original diagram for Techfastly by Vin Patel.

Conversational marketing is evolving What’s better to understand your audience and customers than talking to them directly?

We live in an age where chatbots are ruling but with robotic answers that do not give customers a personalized experience even though it helps them.

Today, when there’s a lot of competition around, the need to understand your audience’s concerns about your brand, product, or service is greater than ever. You can practice conversational marketing by using human scripts or real-time conversations in chatbots to assist customers.

Original diagram for Techfastly by Vin Patel.

Influence marketing is making strides on social media In 2020, there’s been a massive increase in the number of influences online. There has also been a corresponding rise in their fan following, given the unique content creation these influences from diverse fields are bringing to the table.

Moreover, 73% of marketers have a budget allocated for influence marketing, which tells us how much potential it holds.

Influences have the power to show people certain products and brands by endorsing them so that their massive audience is convinced to buy or at least give the product a chance. This acts as social proof, and everyone wants to use the brand that a social media influence is using, right?

It’s a win-win situation. Various other trends are gearing to take the front seat in content marketing like voice search, interactive content, automated content etc. Adapting to these trends means being updated, and there’s always brownie points for that!

Not Paying Attention to CTAs #

One of the most common content marketing mistakes is not paying attention to your lead generation auto-machine, your Call-to-Action buttons.

You can create the most awesome content in your industry, but if you don’t tell the audience what to do after reading the content, you’re making a blunder, but don’t worry, we can fix that!

Wherever you are creating content, be it on social media, emails, your website, or podcast- you need to tell your audience what they should do very clearly.

Do you want them to share your content?
Do you want them to subscribe to your newsletter or sign up for your course?
Do you want them to book a call with you?

Whatever is your end goal, it needs to be communicated very clearly and explicitly.

Here are some things to keep in mind when it comes to CTAs:

Use contrasting colors for CTA on your website to make them very evident.
Highlight CTAs multiple times across the course of your website and content.
Don’t turn around words. Make it straight cut.
Use an innovative approach for CTA copy like ‘Sign up for awesomeness’ instead of ‘Sign up now.’
Repeat your offer in different ways across channels.
Strategically place your CTA along the reader’s natural reading path.
Make the buttons optimized for both mobile and laptop.
Practice A/B testing because, with CTA, a slight change can bring a higher click-through rate if only you pay attention to it and keep experimenting.

CTAs can never be perfect, but paying attention to them and tweaking them in between courses can generate a lot of difference.

ReferralCandy Blog has a great list of CTA examples you can look up to for inspiration.

Not Tracking Performance #

Every strategy requires analysis, and content marketing is no different. Imagine spending months executing a plan and not analyzing what results it brought you or if the strategy was right for your brand.

Analyzing your performance tells you about the gaps or challenges you faced in execution or strategy to determine how you can fill them up next time.

Data plays an important role here, and if you hate numbers, you may want to fall in love with them for this part because this data determines your brand position in the market.

Say, you find that Instagram is performing well in terms of carousel content while videos are performing well on LinkedIn, you can tweak your strategy to focus on these platforms more and create more of this content. If you don’t analyze it, you could be focusing on Facebook when it hasn’t been working all this while.

Therefore, it’s imperative that your team reviews your marketing performance in intervals to ensure you’re going in the right direction.

Here’s what you should analyze: Website traffic The amount of traffic you’re driving to your website says a lot about how your content performs. You can use Google Analytic to track the source of your website traffic.

This will help you understand which platform generates the most traffic and what type of content or optimization supports the increase in traffic. This is important because the more people visit your website, the higher your chances are at converting them.

Social shares Social media accounts for a significant part of your content marketing strategy. Analyzing the number of shares your audience is making tells you if they like your content and if it’s relatable enough for them to share it with their network.

This will also give you an idea about what type of content is performing better on which platform so you can create more or less of that after tweaking your strategy. You can use Hootsuite to analyze social shares.

Conversions and sales You can analyze conversions by looking at the number of people who respond to your CTA and buy your product/service, book your call or sign up to your email list. This measure is important to track as it says a lot about how you’ve been performing collectively as a brand, irrespective of your digital presence or marketing efforts. You can use Google Analytic and as per the analysis, you can reform certain things to increase the conversion rate.

If you start analyzing everything in your strategy execution, it will take a lot of time. So, it’s best to define your KPIs beforehand to know what you need to focus on for achieving your goals.

Failing to measure results will not bring you growth, because then you’ll be following a stagnant content strategy. Results come when you analyze results, acknowledge success and failure, and reform gaps to make the plan better and your campaigns more effective.

At the end of the day, everyone wants to focus on how many conversions did you generate and where did those conversions come from. This makes it one of the most important reasons to analyze your efforts.

Wrapping It Up #

If you’re investing your resources in a timeless marketing strategy like content marketing, you cannot afford to make mistakes. The key is planning!

Plan for your worst-case scenarios and maintain agility to include spontaneous campaigns and content buckets if need be for trend jacking and moment marketing. When you’ve carefully planned your strategy, there’s no chance of messing it up.

Keep these 8 mistakes in mind while formulating your strategy and take notes from content marketing resources to be up to date with trends. With content marketing, consistency and patience are important because it’s a long-term game, and you cannot expect overnight results.

Rushing in implementing your strategy or being a part of the rat race makes a brand prone to these mistakes.

Don’t run; content marketing is here to stay.

Related reading

Artificial Intelligence, Making its way in the Aviation

Vin Patel — Fri, 18 Nov 2022 11:38:48 +0000

Key takeaways

Passengers should anticipate greater touchless check-in and security processing, symptom screening, heat maps to preserve social separation, and other automated standards and new functions of the airport in the post-Covid-19 crisis.
Using this data, AI systems may recognize dangers in a variety of contexts.
The aviation sector has great potential to grow and become safer thanks to artificial intelligence.

Passengers should anticipate greater touchless check-in and security processing, symptom screening, heat maps to preserve social separation, and other automated standards and new functions of the airport in the post-Covid-19 crisis. In other words, they will encounter more robots and fewer people.

Smart technologies will be crucial in helping airports, and airlines get through this crisis, which is expected to hasten the use of automation and AI in the aviation industry.

Whether you’re ready or not, artificial intelligence (AI) and machine learning (ML) is being used in aviation. According to experts in the field, the usage of AI/ML can boost productivity, safety, workload, and speed to enable more advanced technology like data ecosystems and autonomous vision-based navigation.

AI in the Aviation Sector #

AI technologies and their computational abilities for data interpretation may be useful in a wide range of processes and activities, including analytic, software configuration, customer support, and many more. A number of industries, including finance, marketing, retail, and health, continue to show potential for AI.

Artificial intelligence (AI) can help businesses in the aerospace industry speed up production while also addressing safety problems. In addition, AI systems process massive amounts of data considerably faster than humans by examining data from several sources.

This allows aerospace companies to examine various elements more effectively and efficiently. AI in airplanes also helps with creating applications that monitor and conserve fuel, pinpoint problem areas, and support air traffic control. For corporate executives, understanding and utilizing the applications of AI have become essential.

Applications of Artificial Intelligence in the Aerospace Industry #

The applications that employ AI technology to disrupt the aviation industry are listed below:

Better Fuel Economy

Aerospace industries place a premium on fuel quality, and even a slight decrease in aircraft fuel consumption can significantly impact a business’s profitability and sustainability.

The deployment of AI-powered devices may result in a reduction in fuel use. For instance, a French startup, Safety Line’s machine learning application, can help pilots improve their climbing trajectories before each flight. The ascending process uses the most gasoline, so enhancing this stage results in significant financial savings.

2. Practices & Training #

AI can be used to construct flight training. AI simulations can be combined with interactive virtual frameworks to give pilots a complete simulation environment.

Simulators with artificial intelligence capabilities may also be used to collect and assess academic data, such as biometrics, to develop customized training regimens based on students’ academic performance.

The next significant application of AI will be to help pilots while they are flying. AI-powered cockpit changes can gradually improve a flight path by monitoring and alerting the pilot to crucial conditions such as fuel levels, aircraft conditions, weather, and other factors.

In the future, aircraft may be supplied with stunning cameras that are powered by image processing techniques, expanding the pilots’ field of vision and improving the quality of their performance.

3. Using AI To Enhance Air Traffic Management (ATM) #

The ATM becomes one of the most important factors when it comes to air safety because there are so many flights taking off, flying, and landing at the altitude that these planes can travel. In areas like flight planning, conflict prediction, and safety evaluations, the ATM can profit from AI.

In addition to minimizing delays, AI technologies can enhance trajectory prediction and safety. This trajectory prediction can aid in creating safer air travel routes in congested airspace. To prevent deadly incidents, researchers are creating conflict and complexity prediction technologies that can foresee unsafe circumstances based on the historical data that is supplied to them. By reducing the occurrences of ionosphere mistakes, where the atmospheric shift might impact the satellite navigation system’s signals, AI will also aid in improving the prediction.

4. Improved Client Experience #

Commercial aviation places a specific emphasis on client satisfaction and service excellence. AI is one way for airlines to increase consumer engagement and provide first-rate customer service. For instance, AI-based automated platforms called chatbots can react to customer inquiries in real time and in a manner resembling human interaction. Online chatbots can save clients time and effort by automating customer care. There are several ways to do this, including:

Personalized and accurate advice on the customer’s purchase choices
Chatbots with AI assistance provide quick and helpful support
24-hour automated assistance simplify client interactions

5. Identification of Travelers #

Security is a critical responsibility for commercial airlines, and AI can offer effective safeguards to ensure passenger safety. Smart cameras with AI capabilities may use facial recognition to detect suspicious people at airports.

To train AI systems for this, images of people with criminal records can be employed. Smart cameras with AI capabilities could be deployed in airports to spot criminal activity.

6. Threat Identification #

Using computer vision systems, advanced analytic, and geospatial signal processing, AI can discover and classify hazards and dangers. AI systems can be trained for this purpose using images and videos from a range of aerial vehicles and satellites.

The images and videos taken could be categorized as normal or suspicious. Using this data, AI systems may recognize dangers in a variety of contexts. AI-based solutions can be useful for business, civic, and commercial purposes.

Corporate leaders may help pilots make informed decisions based on spatial and situational information by integrating AI into the aircraft industry.

7. Fraud Prevention #

Airlines reportedly lose about $1 billion a year as a result of payment fraud, according to IATA estimates. Several fraudulent tactics include:

Using stolen credit cards.
Requesting compensation for “lost” luggage.
Setting up phony online travel companies, and so forth.

Both fraud management strategies and fraud cases are becoming increasingly sophisticated. Airlines use sophisticated, machine learning (ML)-based analytic tools to evaluate data from numerous sources, identify fraudulent transactions, and improve passenger authentication and payment security.

8. Automated Messaging #

Travellers become anxious when a disruption like a flight delay or a luggage loss happens. Customers will probably not choose this airline for their subsequent journey if they don’t receive a response or explanation of an issue from an airline representative in a timely manner. It is important to respond to consumer inquiries quickly, even more so than the actual procedures done to resolve a problem.

By applying algorithms for interpreting natural language or unstructured text, AI software accelerates and streamlines the operations of customer support representatives.

Creating chatbots is another method to automate and enhance customer care. Today, several airlines use AI-powered chatbots to improve customer service by assisting travellers with flight booking and management, luggage tracking, queries, and other needs. Bots can update flight information, lead consumers to certain services or outlets, and more, freeing up humans to focus on more worthwhile tasks and minimizing human contact.

Customer service automation, such as chatbots, can understand basic inquiries and answer in a conversational, informal manner. Airports may offer 24/7 customer support and lessen the human touch by using chatbots.

Famous Airlines using AI to Improve Operations #

As you can see, there are many ways that airlines may employ artificial intelligence (AI) and data science to automate their processes, cut costs, and improve customer happiness. Here, we’ll merely briefly discuss a few actual instances.

Alaska Airlines

According to numerous industry-recognized rating systems, including the American Customer Satisfaction Index and JD Power North America Airline Satisfaction, Alaska Airlines has consistently ranked among the top carriers for customer satisfaction (ACSI). Since the 1990s, it has also been a leader in innovation, beginning with the introduction of self-service kiosks, GPS technology, and online ticket sales. And it continues to pave the path.

Alaska Airlines inked the agreement for the usage of the Flyways AI technology in May 2021. A flight monitoring and routing application help dispatchers create fresh, effective routes and make informed judgments. The technology generates predictions based on data and offers aircraft operations and routing suggestions. Flyways helped the airline cut miles, conserve 480,000 gallons of fuel, and avoid producing 4,600 tonnes of carbon emissions during the course of the six-month trial period.

2. Delta Airlines #

In May 2017, Delta revealed that it would invest an estimated $600,000 in four automated self-service bag-checking kiosks, one of which would use facial recognition software. The airline said facial recognition technology would be used to authenticate customer identity by matching customer faces to passport images and choosing Minneapolis-St. Paul International Airport to debut the four self-service kiosks.

3. United Airlines #

A partnership between United Airlines and Amazon Alex, dubbed “United skill,” was revealed in September 2017. According to reports, the app enables Alex users to converse in natural language to obtain answers to the most typical questions concerning United flights.

4. Southwest Airlines #

Southwest Airlines, based in Dallas, is the biggest domestic airline in the US and the biggest low-cost airline worldwide. TripAdvisor’s 2020 Travelers’ Choice Awards named Southwest the top US airline.

Achieving high-level customer service requires you to listen to your consumers and make adjustments to your operations in response to their feedback. In its 2014-opened Listening Center, Southwest does precisely that. Forty professionals from the Customer Relations, Marketing, and Communication divisions keep an eye on social media feeds to help the airline address new problems as soon as they arise.

The team can monitor social media sentiment regarding Southwest, its rivals, and the airline industry as a whole, analyze the most frequently discussed business-related topics on social media and keep up with news from traditional media thanks to sophisticated software that collects relevant keywords from across the web. The airline uses social media insights to stay up to date on trends and offer consumers tailored promotions.

Summary #

AI and machine intelligence can deliver the best client experience imaginable through automation and self-service apes. Utilizing data also enables aircraft companies to contemplate larger discounts and competitive positioning.

One of the most important issues facing the aviation sector is air safety. It may be the only situation in which individuals are willing to compromise their privacy to ensure the highest level of air safety. AI is advancing aviation safety and assisting airlines to enhance their customer service, lessen the enormous problem of delays, enhance the environment of the airspace, and enhance passenger security. The aviation sector has great potential to grow and become safer thanks to artificial intelligence.

Related reading

How Is Web 3.0 Blockchain Technology Fuelling a Six Trillion

Vin Patel — Wed, 16 Nov 2022 12:21:28 +0000

Key takeaways

Web 3.0, as its name implies, is the most recent or developing phase of the interne’s evolution.
According to insiders in the industry, as the Web3 ecosystem matures, demand for Web3 developers will rise.
Web 3.0 blockchain will significantly impact both old and new businesses.

Web 3.0, as its name implies, is the most recent or developing phase of the interne’s evolution. The foundation of Web 3, or Web 3.0, is the idea of building a completely decentralized environment. This emerging field of technology thinks that the power of artificial intelligence, machine learning, and cutting-edge technologies like blockchain can resolve the issues facing the modern internet and online ecosystem.

What Drives The Growth of Web3.0? #

As per Market Research Future, the market for Web3.0 blockchain technology will be valued at more than $6 trillion in 2023. From 2023 to 2030, Web3.0 is expected to increase at a CAGR of 44.6%. Consequently, the market for Web3.0 blockchain technology will be worth more than $6 trillion. Almost every industry is anticipated to use Web3.0 blockchain, including financial services, retail and e-commerce, media and entertainment, healthcare, IT, government, and energy.

Many people think Web3.0’s fate is inseparably related to the tumultuous market of cryptocurrency. The reason behind this is that it depends heavily on the blockchain. However, that is not the case. Cryptocurrencies are only one aspect of the emerging sector.

Gartner reports that although the value of cryptocurrencies fell in the first few months of 2022, decision-makers cannot assume that the same is true for Web3.0 technologies. The research and consultancy business claims that Web3.0 technology will soon pass the threshold of maximum acceptance, and sectors ranging from food safety to aviation maintenance will tokenize their apps. The study suggests that CEOs, decision-makers, and IT executives should consider themes like the metaverse, the decentralized app market, artificial intelligence, video games, and machine learning. These technologies will accelerate Web3.0’s development.

How is Web 3.0 Essential for The Financial World? #

Understanding human emotions and thoughts will be one of Web 3.0’s key characteristics. Artificial intelligence, also known as AI, will be heavily utilized to filter data and information and customize search results based on user preferences. Integrating blockchain with IoT for logistics, supply chains, and manufacturing line operations is attracting the attention of the industrial sector.

The banking, financial operations, and insurance industries are some significant proponents of Web3.0 blockchain technology. The weight of the global economy is propelling Web3.0 into a new age as the new technology is anticipated to overhaul the established financial institutions.

Web 3.0 will further broaden the scope of engagement, including secure data transfers, richer information flows, and frictionless payments. This will occur due to web3, allowing us to communicate directly with any machine without using intermediaries who charge fees. From the widespread use of NFTs and cryptocurrencies to the expansion of decentralized autonomous organizations and blockchain-based infrastructure and storage, rapid Web3.0 innovations are taking place everywhere.

Web 3.0 Blockchain Teach #

The blockchain’s advantages are intriguing. It increases customer acceptance because it is simple to use, extremely inexpensive, and far quicker than conventional decentralized operations. Decentralized networks are deemed safer by the cybersecurity industry because it takes coordinated efforts to compromise a blockchain operation.

Blockchain is one of the technologies driving web 3.0, along with others like IoT and AI. More specifically, because it redefines the data structures in the semantic web’s backend, blockchain is the basis of web3. Since there is a historical increase in the demand for Web3 developers, 2021 will witness a rise in Web3 development. According to insiders in the industry, as the Web3 ecosystem matures, demand for Web3 developers will rise.

Blockchain-based Web 3.0 has the potential to be highly beneficial in many ways. With the help of blockchain technology, transaction speeds can increase surprisingly. Blockchain technology has enough potential to drastically change how the internet will function in the future, from the first seven transactions per second (TPS) of Bitcoin to the current 50000 TPS of Solano. Blockchain technology can significantly enhance several key industry sectors, including supply chains, digital health care, and digital transactions in general. Blockchain technology has enough potential to ultimately alter how we view social media platforms today.

Different Blockchain Applications and Innovations in Web 3.0 #

The primary end users of this new technology are anticipated to be the retail and e-commerce industries. They will gain from safer transactions, new services and apes, and innovative purchasing and selling methods. Developers are promoting blockchain as a remedy for privacy worries, rising as more users worldwide refuse to divulge their personal information to significant internet firms.

The blockchain is being used in various ways by other businesses. Healthcare, for instance, is rethinking how to maintain and store electronic health records. A significant element of web 3.0, speech recognition software, is exemplified by Sir.

Web3 is now used by the artificial intelligence platform Wolfram Alpha. An excellent illustration of a web 3.0 social network website is Steemit. It is a decentralized rewards system that exclusively utilizes the social media platform of the Seem Blockchain. IDEX is a well-known decentralized marketplace for selling web 3.0 compatible ERC-20 tokens.

Users can build their addresses or even engage with the network because everyone has access to the blockchain. One cannot exclude users from this network because of their social makeup, gender, income, or geography. Thanks to this capability, users will find it much simpler to move their wealth or assets anywhere in the world quickly.

Conclusion #

The world of developers is presenting Web 3.0 as a movement that will take back internet control from the five major teach giants. This is because blockchain has a lot of use cases for cryptocurrency, blockchain, and the metaverse. Web 3.0 would see our data reside on blockchain networks, where people rather than centralized organizations would hold it as it is today.

Web 3.0’s impact on businesses will make them more transparent and user-centric. There will be a radical transformation in everything wrong with how corporations handled customer data in the past. Web 3.0 will fundamentally transform the way we communicate and collaborate online, and this transition will affect everyone. Web 3.0 blockchain will significantly impact both old and new businesses.

Related reading

What Drives The Growth of Web3.0? #

As per Market Research Future, the market for Web3.0 blockchain technology will be valued at more than $6 trillion in 2023. From 2023 to 2030, Web3.0 is expected to increase at a CAGR of 44.6%.

How is Web 3.0 Essential for The Financial World? #

Using the NIST Cybersecurity Framework to address

Vin Patel — Tue, 15 Nov 2022 12:43:04 +0000

Key takeaways

S has been very active, especially with regard to the Cybersecurity Executive Order (EO) and activities in line with its goals.
NIST has published guidance to foster greater CSF adoption, including NISTIR 8170, Federal Agencies’ Approach to Using the Cybersecurity Framework and NISTIR 8286 Integrating Cybersecurity and Enterprise Risk Management (ERM).
As organizations continue to develop their security systems, a dynamic and integrated framework that is mapped at existing levels is important, and this is where the NIST’s CSF comes in.

Since last year, the federal government of the U. S has been very active, especially with regard to the Cybersecurity Executive Order (EO) and activities in line with its goals. Another industry framework and source that has received more attention is the NIST Cybersecurity Framework (CSF).

The CSF proposed another EO,?13636, beginning in 2013, and directed NIST to work with stakeholders to develop a voluntary risk mitigation framework for critical infrastructure. It arose through joint efforts with government and industry, both of which have widely embraced the framework.

What is CSF? #

The Cybersecurity Framework (CSF) is a set of best practices that organizations can use to protect their data. The framework is designed for national standards and technology centers to provide affordable security for both big and small organizations.

In 2013, the CSF came into force with President Obama’s Executive Order on Cybersecurity (EO13636). Under the guidance of NIST, it worked with stakeholders to develop a voluntary risk mitigation framework for critical infrastructure. It does this by focusing on three key areas:

Information Sharing,
Privacy, and;
Adopt cybersecurity procedures

Here’s how the CSF is structured, how its capabilities can help achieve some of the latest cybersecurity EO goals, and how any organization can better map risk threats.

What are the Components of a Cybersecurity Framework? #

The core of CSF consists of three components:

The key is a desirable set of cybersecurity activities and outcomes.

Hosting organizations use startup categories to provide context when it comes to how organizations view cybersecurity risk management.

Framework profiles help provide customized alignment with organizational needs and goals in achieving outcomes and reducing risk to the organization and the industry as a whole.

Within these three categories, additional areas correspond to the effectiveness of the cybersecurity program, such as sections and subsections of activities. NIST has produced many examples of framework profiles, such as production, selection, and smart grid.

One of the most notable features of CSF is the ability to split functions: identity, protect, detect, recover, and respond. What makes these works so popular is their practicality and logic. They align with the activities and cycles of cybersecurity and risk management within an organization’s security system. These capabilities also apply to organizations across all industries and job verticals, making CSF flexible and adaptable.

Original diagram for Techfastly by Vin Patel.

How a Cybersecurity Framework Helps Enhance EO Compliance? #

CSF is not explicitly mentioned in the latest cybersecurity EO, but NIST is referenced extensively. Since the CSF is its primary risk management framework, it will be linked to the many tasks and activities that NIST performs as part of the EO. All cybersecurity activities and tasks described in the EO can be mapped to all of the CSF operational categories discussed above.

NIST has published guidance to foster greater CSF adoption, including NISTIR 8170, Federal Agencies’ Approach to Using the Cybersecurity Framework and NISTIR 8286 Integrating Cybersecurity and Enterprise Risk Management (ERM). Combining this guidance with EO-related activities will enable federal agencies to address their existing risks and security gaps.

Aligning Cybersecurity Framework Objectives to Threats #

Organizations, governments, and industries can take additional steps to address CSF objectives and threats. Another good method is to use MITRE’s ATT & CK assessment, which mimics conflict strategies and methods for the best cybersecurity products. End-users can then use this information in the industry to understand how products are manufactured and how they meet the organization’s security objectives. Another excellent resource for MITRE comes from the Threat Informed Defense Center Map MITRE ATT & CK and NIST 800-53. Organizations can use this map layout to convert the map from the center to a reference in CSF, which corresponds to specific functions and categories.

Regarding real threats, self-assessments and CSF ratings can also be used to improve decision-making on investment priorities. Regardless of industry, all security leaders face limited resources and support. Identifying vulnerabilities in security systems and facilitating investment in high-risk areas can bring significant benefits. This is why security leaders must ensure that security controls and operations are linked to organizational outcomes and business objectives. Doing so ensures compliance with business leadership, enhances the procurement of security systems and assists in the safe operation of the business.

NIST CSF is a flexible framework for managing the maturity of an organization’s risk and security systems. Its operating conditions include managing online demands, reporting cybersecurity threats, and integrating and coordinating caber processes and discoveries. All of these operating conditions apply to meeting the set of tasks and objectives that emerge from the 2021 Cybersecurity EO.

Learning about the CSF #

NIST’s CSF can be an important tool for organizations developing the maturity of their security programs and seeking to reduce organizational risk and cover important security functions. There are many resources to get started with CSF, especially NIST itself. They offer online readings, presentations, and detailed documentation of the framework. There is also a book dedicated to NIST CSF. As organizations continue to develop their security systems, a dynamic and integrated framework that is mapped at existing levels is important, and this is where the NIST’s CSF comes in.

Related reading

Questions and answers

What is CSF? #

What are the Components of a Cybersecurity Framework? #

The core of CSF consists of three components: - The key is a desirable set of cybersecurity activities and outcomes. - Hosting organizations use startup categories to provide context when it comes to how organizations view cybersecurity risk management.

How a Cybersecurity Framework Helps Enhance EO Compliance? #

Crypt Exchanges Face "Fork In The Road" Over Russia

Vin Patel — Fri, 11 Nov 2022 09:48:14 +0000

Key takeaways

London Stock Exchange Group plc (LSEG) was established in the United Kingdom and is a stock exchange and a monetary data corporation based in the town of London, England.
A cryptocurrency exchange could be a demand creator that generally seizes the proposal requests dissipates as a transaction delegation for its assistance or, as a similar program, it just charges taxes.
The FIA had asserted that it thinks its typical members are accountable for 80% or more of the consumer enterprise transacted on US futures trades.

London Stock Exchange Group plc (LSEG) was established in the United Kingdom and is a stock exchange and a monetary data corporation based in the town of London, England. It possesses the London Stock Exchange (also, it is listed on the same), Refinitiv, LSEG teach, FTSE Russell, as well as other prevalence stakes in LCH and Tradeweb.

In the month of April 2018, past Goldman Sachs banker David Schwimmer was employed for the position of chief executive officer of the London Stock Exchange Group (also known as LSEG), superseding Xavier Role. The latter was dismissed in the month of November 2017. David Schwimmer’s current function at Goldman Sachs is to administer as “global chief of the market system and global chief of steel and mining in investment banking”.

LSEG Technology: LSEG teach was possessed by LSEG in the year 2009 as their teach service corporation. The firm was initially recognized as Millennium IT and renamed LSEG Technology after that. It delivers an exchange program recognized as Millennium Exchange and is accessible for employment at nearly all the prominent stock markets across the globe.

Cryptocurrency exchanges are hazarding bigger-image harm to their business for continuing in Russia as Western administrations strive to cut off Moscow; the chief of the London Stock Exchange Group stated this earlier on Wednesday, implying it as a “watershed moment.”

What is Cryptocurrency Exchange? #

A cryptocurrency trade, or a virtual currency exchange (also known as Digital Currency Exchange), is an enterprise that enables consumers to exchange cryptocurrencies or virtual assets for different bargains, for instance, conventional proclamation money or different digital currencies. Trades might approve credit card transactions, cord transfers, or additional modes of transaction in trade for virtual assets or cryptocurrencies. A cryptocurrency exchange could be a demand creator that generally seizes the proposal requests dissipates as a transaction delegation for its assistance or, as a similar program, it just charges taxes.

Few brokerages who even concentrate on additional possession, for instance, stocks, like Robinhood as well as eToro, allow consumers to buy, however, not withdraw this digital currency to cryptocurrency wallets. Earmarked cryptocurrency trades, for instance, Finance as well as Coinbase, do permit cryptocurrency withdrawals, nonetheless.

The trades could deliver cryptocurrency to a consumer’s private cryptocurrency wallet. Few can reclaim virtual currency balances into unidentified prepaid cards that could be utilized to withdraw reserves from ATMs across the globe, whereas additional virtual assets are supported by actual-world products, for instance, gold.

On the contrary, transaction corporations, many crypt traders have dismissed warnings to prohibit each and every Russian consumer, spurring questions in European administrators and the United States legislators that virtual possession could be utilized to evade embargoes the United States, as well as Europe, have imposed on Moscow as a result of its incursion of its neighbor, Ukraine.

Crypt traders confront a “fork in the road” when you talk about either adopting a philosophy of liberation from restriction or orienting further tightly with the worldwide monetary system, which demands the requirement for restriction and apparent frameworks; David Schwimmer, the LSEG’s CEO stated earlier in an interview.

He further added that in case that enterprise is recognized as a poor performer on the enactment of, or the getaway of, sanctions in terms with what’s currently transpiring with Russia, he reckons that would have a not have a short-term but long-term consequence in terms of how that business is anticipated, he added in an interview conducted by the Futures Industry Association (also known as FIA) in Bona Ration, Florida.

The Futures Industry Association (also known as FIA) is a business federation in the United States of America which comprises futures council traders. A futures commission trader is similar to a broker; they are elements that approve orders as well as payments for product futures for enactment on a futures trade. The FIA had asserted that it thinks its typical members are accountable for 80% or more of the consumer enterprise transacted on US futures trades.

Related reading

Book Review: The Future Is Faster Than You Think

Vin Patel — Fri, 11 Nov 2022 09:24:14 +0000

Key takeaways

“The Future Is Faster Than You Think” is not only a bestseller but also a reality that might be daunting for a few of us.
The first part has emphasized the overreaching trends of how various independent lines of accelerating technologies are converging to form disruptive innovations.
The future where our brains could be connecting to the cloud would mean a massive boost in processing power and memory and, at least theoretically, could give us access to all the other minds online.

“The Future Is Faster Than You Think” is not only a bestseller but also a reality that might be daunting for a few of us. In the next 10 years, you will probably be commuting to work by flying taxis, going on vacations through rockets, 3D printing your lunch, living on Mars, and much more.

How will all this take place? The technicalities that might occur, the insights into how various advances will affect us as a society, and the analysis required to bring out an accurate extrapolation have been well cared for by the authors’ Peter Diamandis and Steven Kotler.

Peter H. Diamandis was recently named by Fortune as one of the “World’s 50 Greatest Leaders”. He is the founder and executive chairman of the XPRIZE Foundation, which leads the world in designing and operating large-scale incentive competitions. He is also an executive founder of Singularity University, a graduate-level Silicon Valley institution that counsels the world’s leaders on exponentially growing technologies.

Steven Kotler is an American author, journalist, and entrepreneur. His articles have appeared in over 70 publications, including Wired, The New York Times Magazine, LA Times, Time magazine, GQ, Discover, Popular Science, Outside, Man’s Journal, Details, and National Geographic Adventure.

Their latest book is well structured and divided into three major parts. The first part has emphasized the overreaching trends of how various independent lines of accelerating technologies are converging to form disruptive innovations. For instance, take smartphones, which combines the functionality of a camera, a music player, a telephone, and a digital personal assistant (among other things) into one device, and this convergence is not just limited to technology; it extends to almost every element of the society. Blockchain-the exponential technology of record-keeping, AI, Gene Sequencing, Augmented and Virtual Reality, 3D printing-a single exponential technology that threatens the entire $12 trillion manufacturing sector, and many more such technologies converge to bring about Disruptive Innovation.

The second part of the book helps to visualize and make sense of the impacts and secondary effects that most of the converging exponential belonging to the top 10 economic contributors and the ones with the most significant impact on our everyday lives will make.

We know that global warming caused due to emissions, detritus of carbonized coal, oil, and natural gas, necessitates the shifting of the world towards a more sustainable way of energy generation and, looking at renewable power that has been riding exponential growth curves for decades, dropping in price and rising in performance on an incredibly consistent basis “This price-performance curve is like nothing we’ve ever seen in energy,” explains Ramen Nam, the head of Energy, Climate and Innovation for Singularity University. “The explosion of solar is almost like a digital transformation in the most fundamental category of infrastructure.”, Hence, it will not be wrong to think that there might be a complete inversion in the traditional power paradigm as the poorest countries in the world are also the sunniest. It’s theories like these backed by research and quantification that make the book worth its weight in gold, or should I say bitcoin.

In part three, we broaden our horizons and discuss a series of dangers heading our way, like environmental, economic, and existential risks that threaten the progress we have made. We will also look at a more comprehensive picture, extending our focus from the coming decade to the century ahead, exploring five great teach-driven migrations: economic relocation, climate change migrations, virtual world explorations, outer space colonization, and hive-mind collaborations, all of which are equivalent to fishes living on land.

It might seem like a lot expected out of such a short time frame as most of us haven’t seen such tremendous amounts of development during our lifetime, but the book gives very valid points as to why this is what will occur. “Ray Kurzweil did the math and found that we’re going to experience twenty thousand years of technological change over the next one hundred years.” Firstly, technology has shrunk the time it takes for innovative development and what this means is that saved time isn’t just a benefit of technology; it’s also a driver of innovation- another force accelerating our acceleration. Secondly, according to the Stanford-Bidet scale, 1 percent of the population qualifies as geniuses; this makes for 75 million people worldwide. Until now, most of this genius was either squandered or unable to unlock its potential due to not being born wealthy, third-grade education, not being recognized, and so on. Now, thanks to the future of a hyper-connected world and the exponential explosion of networks, these intellectuals will no longer be casualties of class, country, or culture and hold knowledge at their fingertips, eventually leading to hive-minded communities sharing ideas and accelerating the rate at which we develop.

If we consider our development of exponential technologies to be among the leading examples of human intelligence, then Brain-Computer Interface (BCI) is the crowning achievement of those examples. BCI’s may also be our only way to survive the AI-dominated world filled with robots, machines that have the ability to compute with significantly greater processing power when compared to a normal human brain. Facebook has plans for neurotech that replaces the need to type with the mind as the ultimate social media interface, and Defense Advanced Research Projects Agency (DARPA) has gotten involved as it sees potential for next-gen battlefield teach that can record a million neurons simultaneously while stimulating a hundred thousand.

The future where our brains could be connecting to the cloud would mean a massive boost in processing power and memory and, at least theoretically, could give us access to all the other minds online. And this begs to differ towards a society where our ordinary brain-based singular consciousness converts into a cloud-based collective consciousness, both a hive mind and a reminder that “the most remarkable journeys are often inward toward our psyche rather than outward toward the stars.”

The book gives you several variables to prognosticate the possibilities the future holds in a very systematic way with a lot of context and examples of incredible developments that are taking place in every significant industry, hence being an excellent read for anyone and everyone, especially entrepreneurs, business owners, researchers, and students, to prepare for what to expect from the future and to thrive over it.

Related reading

Competing in the Age of AI: Strategy and Leadership When Algorithms and Networks Run the World eBook: Iansiti, Marco, Lakhani, Karin R.: Amazon.in: Kindle Store

Top Five AI-ML Books For Business Leaders

Vin Patel — Fri, 11 Nov 2022 09:23:21 +0000

Key takeaways

Lakhani Released: 2020 The central idea of the whole book is to provide information about AI and how it has been changing the business industries.
It would be helpful for readers to use these codes as references and develop new codes.
After reviewing all these books, I want to conclude that these are fantastic resources to understand AI power and how we can use it in business transformations.

According to a recent new forecast by Gartner, Inc., the worldwide hyper-automation would enable the software market up to $596.6 billion by 2022. The prediction is enough to say that technologies become a dire need for the highly competitive market. Among emerging technologies, Artificial Intelligence (AI) and Machine Learning (ML) are positioned at the top to bring automation to businesses. Business leaders are seeking to implement AI & ML to transform their traditional business processes. They are looking for resources to understand how it works. Here is a list of books that would help understand how AI and ML could be game-changers for their business. #

(1) Competing in The Age of AI: Strategy & Leadership When Algorithms And Networks Run The World #

Author: Marco Lansiti & Karin R. Lakhani

Released: 2020

Review & Features: #

The central idea of the whole book is to provide information about AI and how it has been changing the business industries. The authors have explained that AI, networks, and data analytic can remove traditional business constraints like scope, scale, and learning and support companies to design new business models.

The book has covered the concept “Age of AI” to point out that AI has been transforming businesses’ working styles and changing economic models. Authors urged that “AI is becoming the universal engine of execution”. AI is bringing new companies operating execution models by integrating different software, algorithms, and operating systems. The authors used the example of “Amazon” to articulate this concept and compared it with Walmart.

The transformation in competition is possible through the emergence of various digital operating models. The book has provided examples of some companies competing with each other. Snapchat, Facebook, Tencent (WeChat), and TikTok have adopted scalable digital operating models to stay in the competition.

The explanation about other concepts like AI factory, Strong and Weak AI, Framework, Strategic Collisions, and Ethics has been described with real-life examples. The authors took three industries, including entertainment: YouTube, Netflix; banking: Ant financial; and hospitality: Airbnb, to explain the recurring pattern. The author pointed out that Weak AI is more impactful to enhance business growth.

The book is perfect for every business leader who is thinking of transforming the business to compete in the market.

Amazon Link: #

(2) The Algorithmic Leader: How to Be Smart When Machines Are Smarter Than You #

Author: Mike Walsh

Released: 2019

Review & Features: #

The book is not like a traditional book. It has been considered a practical approach to learning AI, automation, and algorithms to transform everyday operations. According to the author, we live in a world where wonders happen every day because of technology. Still, we assume that robots are replacing human jobs. The author argues that it is not true; the fact is that human beings are unwilling to adopt the changes.

The author has extensively researched, interviewed business leaders, industry experts, and scientists to explore the potential of human intelligence in the future. He provided a simple definition of algorithm leader, “An algorithm leader is someone who has successfully adapted their decision making, management style, and creative output to the complexities of the machine age.”

To encourage human beings and push them to become ‘smart’, the author developed the “10 Principle” shown in the picture. The author explored varied industries, cultures, and history to understand how to get success using AI. His principles are surrounded by futuristic ideas such as machine learning, probabilistic thinking, disruptive innovation, decentralization, and digital ethics.

Through this practical knowledge, the author pointed out that first, change your mind, change the work style, and then you can change the world. This change is not stuck for business purposes only but also applicable to personal life.

The book articulated the power of algorithms and how it plays a vital role in every aspect of the business. This book is best for anyone who wants to learn from real-life experiences and those who want to learn only specific principles.

Amazon Link: #

The Algorithmic Leader: How to Be Smart When Machines Are Smarter Than You eBook: Walsh, Mike: Amazon.in: Kindle Store

(3) Business Data Science: Combining Machine Learning and Economics to Optimize, Automate, and Accelerate Business Decisions #

Author: Matt Daddy

Released: 2019

Review & Features: #

“Business data science refers to a modern standard for data analysis to implement it for businesses”. The book aims to provide an essential concept of machine learning for solving business problems and help grow the business economy. The author has provided a toolset for business data science by integrating machine learning, statistics, and economics concepts.

The uncertainty, regression, regularization, validation, classification, controls, and factorizations are building blocks of machine learning. All of these concepts have been explained with various examples.

According to the author, “Machine learning is the field that thinks about how to automatically build robust predictions from complex data”. It has been pointed out that ML and statistics are closely related to each other, which is inspiring new ideas for designing new ML algorithms to solve any business problems.

Another feature of the book is snippet codes of R language to explain the data analysis methods. It would be helpful for readers to use these codes as references and develop new codes. Technologies have been changing everything, and it is forcing business leaders to make wise decisions. Applying the prediction concept and developing a system would help understand the future risk and make better decisions.

Henceforth, the book is an excellent resource for learning the principles, applications, and practices to explore business data sciences.

Amazon Link: #

Business Data Science: Combining Machine Learning and Economics to Optimize, Automate, and Accelerate Business Decisions eBook: Daddy, Matt: Amazon.in: Kindle Store

(4) Artificial Intelligence for Business Leaders #

Author: Ait K Jha

Released: 2020

Review & Features: #

Readers do not require prior knowledge of AI and relevant topics. They do not need to learn complex algorithms and code to apply AI to drive their business. The book has covered all essential theoretical concepts to explain AI and how it can change every business. The author has provided a lucid definition of all concepts. For instance, “Machine Learning is a kind of Artificial Intelligence that provides computers the ability to learn without being explicitly programmed.” This simple definition of Machine Learning is easily understandable by anyone.

Another exciting feature of the book is that the author explained AI use-cases and practical examples to find out how AI makes business operations easy. Strategy formation before technology implementation is challenging for every business leader. The book has covered “Enterprise and Economic strategy” to help business leaders create effective business strategies.

Apart from this, most business leaders try to find other details about the technology, such as how disruptive it is, how it generated results in the past, where it failed, and what would be the future, or who is providing the services. The author has used examples of big companies like Amazon, Apple, Microsoft, and Google to describe all these.

All this information would be beneficial for readers to make a wise decision before adopting AI. In my opinion, the book is best not only for business encaustics but also for technology leaders to get the updated information in one place.

Amazon Link: #

Artificial Intelligence for Business Leaders: ARTIFICIAL INTELLIGENCE and MACHINE LEARNING BOOK FOR MANAGERS, LEADERS || ZERO CODING WITH SIMPLE Explanation… Intelligence for managers and leaders 1) eBook: Jha, Ait K: Amazon.in: Kindle Store

(5) The AI-First Company: How to Compete and Win with Artificial Intelligence #

Author: Ash Montana

Released: 2021

Review & Features: #

The author wrote this book to encourage the formation of AI-First companies with capabilities of data gathering, processing, and using it in the required place. The author himself founded, The AI-First Company to support this encouragement.

The author highlighted that AI-First companies are trillion-dollar companies that would take top place among all industries. These companies follow the design principle to develop predictive models which perform prediction and automation of business functions. And, the book would help them to understand the practical implementation of AI.

The cornerstone of the book is its framework which consists of eight parts. The author explained each part through a single chapter. For instance, the first part brought a new concept, “Data Learning Effects (DLE)” designed using network, scale, and learning effects. The author has designed the following formula:

DLE = Economics of scale to data + data processing capabilities + data network effects #

Also,

Output = function (data, data processing capabilities, and data network effects) #

Besides this part, the next parts are related to lean AI, strategy formation, team building, execution, and advantages. All these parts would help readers to integrate AI with existing business processes to automate it. The recent conversation of Author Christian Lute, founder of Crate.io) has also pointed out the importance of AI and ML in business.

The book is unique to find out the systematic steps of AI implementation in the existing business.

Amazon Link: #

The AI-First Company: How to Compete and Win with Artificial Intelligence eBook: Montana, Ash: Amazon.in: Books

#

Final Thoughts #

The availability of thousands of books always gets us confused, especially those who do not have a strong background in technology. I have recommended five AI and ML books for business leaders, executive managers, data scientists, and engineers through this article. All these five books cover theoretical concepts, original use-cases, original principles, and real examples related to ML and AI. After reviewing all these books, I want to conclude that these are fantastic resources to understand AI power and how we can use it in business transformations.

Related reading

How Bot as a Service (BaaS) Will Impact the Future

Vin Patel — Thu, 10 Nov 2022 11:20:10 +0000

Key takeaways

The evolution of bots is one of the most significant trends observed in the field of automation.
RPA as a service ensures that the robots will function only when needed and only to carry out the required tasks, thereby ensuring maximum utilization.
With an increasing number of customers demanding automated services, bot as a service is likely to create a transformational impact in the future.

The evolution of bots is one of the most significant trends observed in the field of automation. With automated systems becoming more and more mainstream, bots are now the go-to solution for companies to deliver immersive and highly sophisticated services to their customers. The last decade, in particular, has witnessed quite a massive influx of bots in industrial operations, making bot as a service (BaaS) one of the most sought-after automated tools.

The spectrum of bots is quite diverse, so to say. it includes robots, chatbots, and, more famously, personal/virtual assistants such as Sir, Alex, etc. In layman’s parlance, bots are simply automated programs that help people perform repetitive tasks. In the early years, bots were used for financial gains, for creating fake accounts on money transfer platforms for fund exfiltration. Today, bots have evolved into tools that can be suitably customized to target specific applications. In consequence, bot as a service (BaaS) is witnessing a steady rise, with consumers using these conversational interfaces more and more to interact with companies.

The Difference Between Bots, Robots, & Chatbots #

One might wonder whether there is any difference between bots, robots, and chatbots. For an amateur, these words may be used interchangeably. However, there is a vast difference between the three.

A robot is basically a device/machine used in core industries such as manufacturing and FMCG. Robots are used to automate heavy machinery and other tasks that may help reduce human intervention with efficient AI-based solutions.
A bot is a computer program designed to perform repetitive, redundant tasks. It is also designed to automate customer interactions and helps facilitate website engagement. Search engines have used bots for a long time in the form of web crawlers for content analysis and indexing sites.
A chatbot is an automated tool used specifically for conversational interactions. Companies like Amazon have been using chatbots extensively to interact with their customers and directly enrich the buyer experience. It is more like a sub-genre of bots.

Chatbot as a Service #

According to a Forbes Insights survey conducted in 2018 with 700 C-suite executives, 86% of companies use chatbots for customer service.

Although chatbot as a service has gained momentum in the last decade, it has been around for a considerably long time. History reveals that the first chatbot to have ever been developed was called ‘ELIZA’, in 1966 at MIT. ELIZA was designed to answer simple questions on decision support tools. With time, chatbots evolved to be sophisticated consumer interaction tools, and today, they contribute immensely to simplifying the purchase research for buyers. Designed in the form of intricate FAQs, chatbots provide responses to common and specific queries for buyers, making it easier for retail companies and the like to provide enriching customer services. In the future, chatbots are expected to play a major role in customer acquisition, engagement, and retention.

Chatbot as a service is also getting popular due to the thriving e-commerce industry. In an era where online shopping is the rage, customers pose various questions about the products they buy. This, in turn, drives the need for well-designed chatbots that deliver quick, automated responses to customer queries, effectively eliminating repetitive tasks for human employees.

The airline industry has adapted to using chatbots as a service as well. SpiceJet, for instance, has leveraged Nuance’s conversational AI technology to launch ‘Pepper’ which helps customers undergo a smooth and seamless experience, right from booking tickets to web check-ins and refunds to seat selections.

Come ahead; chatbot as a service is only bound to get bigger as teach companies continue to break barriers with cutting-edge products. For instance, the cloud-based app-building platform Happy Pie recently launched a new conversational AI-enabled chatbot. This virtual assistant can be suitably customized as required by the industry vertical in question, such as HR management, healthcare, BFSI, etc.

RPA bot as a Service #

according to Gartner, robotic process automation (RPA) software valuation depicted an increase of 63% in 2018, hitting USD 846 million. Research firm MarketsAndMarkets predicts that the market size is likely to reach USD 12 billion by 2025.

Robotic process automation works a little differently from the other bot-based tools. Note that there is a difference between RPA and RPA as a service. The former includes using robots for automating business operations and reducing human intervention. On the other hand, RPA as a service indicates that businesses will be able to leverage the many benefits of RPA without having to pay upfront for the technology, which is quite expensive.

At its core, RPA as a service delivers extreme flexibility. With RPA, companies will not require to purchase their own licensing or professional services. It has been quite a challenge for companies to implement RPA at scale; that’s where RPA as a service comes to the rescue.

RPA as a service ensures that the robots will function only when needed and only to carry out the required tasks, thereby ensuring maximum utilization. It helps to optimize the features of RPA so that companies can manage their investments in the software as they continue to bring in more processes in the business operations.

RPA as a service finds extensive applications in the financial realm. HPA, for instance, has adopted RPA as a service and has been able to enable its lenders to automate 85% of the loan cycle process, thereby reducing risk and saving time and money. This, in turn, has also allowed the company to focus more on loan officer retention and business expansion.

Web Scraper as a Service #

According to SeedScientific, #

At the onset of 2020, the amount of worldwide data was predicted to be 44 zettabytes.
Facebook, Amazon, Google, and Microsoft have at least 1,200 petabytes of information stored.
The daily data generation is expected to hit 463 exabytes globally by 2025.

Let’s get introduced to the notion of web scrapers to begin with. The snippet above clearly depicts how data-centric the world is going to be in the next few years. The reliability of data generated by companies to be used in core applications is only going to increase with time. However, when professionals require large amounts of data from the web, obtaining the same through manual methods becomes a mammoth, time-consuming task. Here’s where web scraping comes in. It refers to an automated process that helps obtain a huge chunk of data from various websites. Initially, the data is unstructured and is later converted into structured data stored in a database.

Web scrapping is undertaken using varied ways, specific APIs, customized code, and online services. Web scraping as a service finds tremendous end-uses today across major industries as well as one-time customers. The process is done using automated tools and requires two parts; the crawler, an AI algorithm that assists in web browsing, and the scraper, the tool that helps extract data from the website in question.

Web scraping as a service is deployed majorly in marketing, such as:

SEO practices
Monitoring social media channels
Competitor analysis
Financial statistics
Real-time analytic
Talent acquisition (Recruitment)
Equity Research
Lead Generation
Automation
Consumer analysis
Price point comparison
Market Research
News aggregation
Email marketing

Although a little less popular than its counterparts, web scrapping as a service is one of the most vital technologies used today. Most web scrapping services are reliable, quick, affordable, and quite accurate. It does come with its challenges, especially if the websites are quite complex or the data to be scrapped is humongous. Nonetheless, web scraper as a service is expected to moderately disrupt the automation industry in the future.

Benefits of Implementing BaaS #

There is no limit to the incredible benefits that BaaS provides to companies. Some of them are enlisted below:

Surge in sales #

Given that they are available 24X7 and are quicker, smarter, and respond appropriately, bot as a service is bound to boost sales for companies. A well-designed bot helps improve the company’s image and brand name worldwide as more awareness pertaining to its products, services, and processes comes to light.

Customer acquisition and retention #

Deploying a bot as a service will help customers get answers to their queries much faster, especially during peak hours. According to a survey carried out by the teams at Salesforce, myclever, SurveyMonkey Audience, and Drift, around 64% of customers reported that the main benefit of bot as a service is that it is available 24X7, while 55% of customers reported that the main advantage according to them was getting an instant response to their queries. This automatically translates to companies being able to acquire and retain more customers.

Customer engagement #

Bots help to substantially increase customer interaction. As they continue to resolve queries quickly, more and more customers will prefer getting their questions answered through bots, majorly increasing customer engagement.

Cost savings #

Companies will be able to save tremendously with bot implementation. The presence of bot as a service helps reduce the need to hire more customer service executives. Lesser labor results in considerable savings on customer service agent salaries, infrastructure, and so on.

Challenges of BaaS #

Lack of direct conversation with humans #

While most customers may be comfortable with a bot, a section of them may still prefer the human touch. At the end of the day, a bot is but a mechanized tool and may not offer the convenience one may have with actual customer service executives.

Maintenance

Although installing and implementing bots does not require a huge investment, maintaining and optimizing them periodically as per user requests may result in considerable costs.

Loss of jobs #

While it may be advantageous for companies to reduce their workforce, implementing bots in the long run, on a huge scale, may have a massive impact on the job market. Many customer service agents are likely to lose their jobs, triggering a major imbalance.

Future Thoughts #

Despite the listed challenges, bot as a service market size is anticipated to depict a commendable surge in the years ahead. The latest trend making waves in this industry is the cloud BaaS. In this case, automation is delivered as a service in the cloud. That is to say, it does not run in a company’s server room, but instead runs on a network of remote servers. How ingenious is that?

Recently, Microsoft announced the launch of the Azure Bot Service; the company’s first public cloud bot service built using Azure Functions and the Microsoft Bot Framework. This cloud bot service deploys Microsoft Azure and provides a platform to build and manage intelligent bots. With an increasing number of customers demanding automated services, bot as a service is likely to create a transformational impact in the future.

Related reading

Balancing Work, Life, and Executive MBA

Vin Patel — Thu, 20 Oct 2022 11:25:17 +0000

Key takeaways

Working full-time and managing an executive MBA program is not an easy task.
You just need to get creative and use online resources and technology to help you complete assignments and connect with classmates.
Learn more about how you can make the most of your time with our balancing work, life, and executive MBA tips.

Working full-time and managing an executive MBA program is not an easy task. It’s challenging and requires a lot of planning and hard work to achieve a work-life balance. EMBA or Executive MBA is a master’s degree in business administration specifically designed for working professionals. The program typically takes two years to complete and offers courses in business-related topics such as accounting, finance, marketing, and strategy. The benefits of an executive MBA include:

The ability to earn a higher salary.
The ability to network with other business professionals.
The ability to learn new business skills.

Many EMBA students juggle between studies, tight schedules, family responsibilities, physical well-being, and mental peace. Most of the learners who enroll for executive MBAs have family responsibilities. Of course, support from family and friends is a must, but what else can encourage the students to maintain a healthy balance between different aspects of life?

Despite all these challenges, an EMBA is an excellent way to advance your career without taking a break for two years from work. Let’s go through some of the tips that would help students balance their work, life, and executive MBA program:

Communication is the key. #

Balancing work, life, and executive MBA can feel downright impossible on some days; however, with the proper communication and organization, you can make it work.

EMBA students should openly communicate with their employers about their commitment to the program and how it will benefit their job. You can talk in detail about the value it will add to your career and to the company’s growth. Sharing your schedule with coworkers to lend their support would benefit you a lot.

Your boss is probably your biggest ally in this process. They want you to succeed in your program and will likely understand the time commitment required. Talk to them about your schedule and see if there are any ways they can help you manage your time.

Block out time in your schedule for classwork and assignments. #

The online executive MBA or an on-campus executive MBA allows flexibility, but it is essential to dedicate time to your classwork. Prioritize your time commitment to your education. You can plan your class schedules, sessions, other activities, practical excursions, etc, in advance. Block your time with the groups you work with to maximize your time’s efficiency.

Scheduling is an important aspect that is not discussed enough but plays a significant role in a student’s life.

Work Hard, Play Hard: Your executive MBA program will be demanding, but the advantages of pursuing an MBA at this stage in your career will make it worth the sacrifice.
Make the Most of It: Plan to take advantage of your time off from work by participating in professional development activities and getting to know your fellow students.
Get Involved: Participate actively in class discussions and network with classmates. The connections you make during your executive MBA program will last a lifetime.
Find Your Balance: Pursuing an executive MBA is a big commitment, but it is essential to find a balance between work, school, and your personal life to be successful.

Find a support system that can help with childcare or other responsibilities. #

It is crucial to have a support system in place when pursuing an executive MBA. This support system can include family, friends, and others who can help with your responsibilities, including child care, cooking, cleaning, and other household tasks. They can also help you with your schoolwork by providing moral support, helping you stay organized, and providing feedback on your work. They can help you focus on your studies and still have a successful personal and professional life.

Your family is an integral part of your life. They need to be on board with your decision to pursue an Executive MBA and understand the time commitment required. Talk to them about your schedule and see if there are any ways they can help you manage your time.

Use online resources and technology to complete assignments and connect with classmates. #

It is not impossible to balance work, life, and your EMBA. You just need to get creative and use online resources and technology to help you complete assignments and connect with classmates. Several online resources can help you complete your assignments, such as online libraries, databases, and journals. You can also use online forums to ask questions and get help from classmates.

You can also use technology to connect with classmates, such as video conferencing, instant messaging, and email. You can also join online study groups and collaborate on projects. Technology has improved a lot, and making use of technology can lead you to higher success and maximize your efficiency during EMBA.

Take advantage of your EMBA network to find mentors and colleagues who can advise and support you. #

Building a strong network is critical to success in any field, but it is imperative in corporate and executive roles. An effective network can provide access to mentors, colleagues, and other resources to help you balance work and life while pursuing your executive MBA.

Some tips for building a solid network include: #

Get involved in your school’s alum association.
Attend networking events and meetups related to your industry.
Use social media to connect with other business professionals.
Join professional organizations in your field.
Attend industry conferences and events.
Get involved in business networking groups.
Volunteer for committees and boards related to your industry.
Connect with other executives through executive search firms or coaching programs.
Meet with other business professionals for coffee or lunch.
Ask for introductions to people you want to meet.

Get ready for the sacrifices you need to make #

While doing an Executive MBA program, you might need to keep aside a few of your habits or hobbies that are not essential and take most of your time. As time is crucial, you need to allocate it to the activities that make sense and align with your commitments.

Take care of physical and mental health. #

Because executive MBAs can be very exhausting, one needs to ensure they care for their mental and physical health. Make schedules for Gym, swimming, Yoga, or any activity that can keep you sane in your busy life schedules. Take breaks and include some fun in your life for mental stability.

Choose the Program that Fits your Goals #

There are several Executive MBA programs available, but you need to make sure you choose the one that matches your goals. It would be best if you considered numerous factors, such as the format of the program, timings of the classes, accommodation facilities, degree or certification, specialization, and so on.

PES Executive MBA program is one of the most brilliantly designed executive MBA programs that offer specialization in 2 domains, such as Data Science and Analytic and Operations Management. The program is designed by PES University, ranked #1 in Karnataka, India. It is also on the list of India’s most trusted educational institutes.

Features of the program #

The program runs for 2.5 years.
It is a weekend classroom program, giving sufficient time to learners for their working schedules.
Offers specialization in 2 current age domains.
Project-Based Learning Pedagogy.
Executive MBA degree from PES University.
Dedicated career assistance.

To Sum Up #

The blog discusses how students who want to pursue Executive MBAs can balance their workload with their personal and professional obligations. If you are struggling to manage your busy life while making progress on your Executive MBA, you are not alone! Learn more about how you can make the most of your time with our balancing work, life, and executive MBA tips.

Related reading

What is Financial Management?

Vin Patel — Wed, 31 Aug 2022 05:59:25 +0000

Key takeaways

What is Financial Management Funds are obtained from a variety of sources in this competitive period.
- Surplus disposal: The finance manager is responsible for deciding on net earnings.
As every business or organization sees financial management as essential, the scope for such professionals is wide.

What is Financial Management

Funds are obtained from a variety of sources in this competitive period. The acquisition of these monies has always been seen as a roadblock. In terms of cost, risk, management, and control, monies obtained from various sources are classified differently. A wise manager will recognize that the money should be obtained at the lowest possible cost, with a balanced risk and control element. This ability to acquire funds at a low cost and invest them in getting better returns requires certain skills, which you can get by joining one of the various management courses.

Meaning of Financial Management

The strategic planning, organizing, directing, and managing financial endeavors in an organization or institute is referred to as financial management. It also entails applying management principles to an organization’s financial assets and playing a significant role in fiscal management. Take a look at the following goals:

Ensuring that the organization has a sufficient source of funds;
Assuring that the organization’s shareholders get a good return on their investment;
Optimal and efficient use of resources;
Creating genuine and secure investment possibilities.

Example of Financial Management

You want to take out a business loan to buy new office space for your company. – It is essential to consult a real estate professional in this case, and you must determine whether the value of the property after 20 years or longer will be higher than the cost of renting it. You should also contact your financial department to see whether putting 20% of your assets in down payment and taking out an 80 per cent company loan will provide a reasonable return on investment. Whether you’re leasing a residence, software, or a vehicle, there are many instances where renting is more cost-effective than purchasing.

Types of Financial Management

The aforementioned functions can be classified into three types of financial management:

Capital budgeting is the process of determining what financial events must occur for a corporation to meet its short- and long-term objectives. What should be done with capital funds to boost growth?
The capital structure of a company determines how it will fund operations and/or expansion. Taking on debt may be the best option if interest rates are low. A company may also seek finance from a private equity firm, sell assets such as real estate, or sell equity, if applicable.
Working capital management ensures that there is enough cash on hand for day-to-day operations, such as paying employees and purchasing raw materials for production.

Financial Management’s Functions

Estimation of capital requirements: A finance manager is responsible for estimating the company’s capital requirements. This will be determined by a company’s predicted costs and profits and its future programmed and policies. Estimations must be made in a way that increases the enterprise’s earning capacity.
Capital composition determination: Following the estimation, the capital structure must be determined. This entails a debt-equity analysis for both the short and long term. This will be determined by the amount of equity capital a company has and any additional funds raised from outside sources.
Sources of additional cash: A corporation has various options for obtaining more funds, including
The issuance of shares and debentures
Bank and financial institution loans are to be obtained.
Deposits from the general public are to be drawn in the form of bonds.?
The choice of factor will be based on the relative strengths and drawbacks of each source and the duration of funding.
Investment of funds: The finance manager must decide whether or not to invest funds in successful ventures to ensure that the investment is safe and that regular returns are attainable.
Surplus disposal: The finance manager is responsible for deciding on net earnings. This can be accomplished in one of two ways:
Dividend declaration includes determining the dividend rate as well as other advantages such as bonuses.
Retained earnings - A volume must be determined, which will be determined by the company’s expansion, innovation, and diversification objectives.
Cash management: The finance manager is responsible for making cash management decisions. Wages and salaries must be paid, electricity and water bills must be paid, creditors must be paid, current liabilities must be met, an adequate stock must be maintained, and raw materials must be purchased, among other things.
Financial controls: The finance manager is responsible for planning, procuring, and utilizing funds and maintaining financial control. Many strategies, such as ratio analysis, financial forecasting, cost and profit control, and so on, can be used to accomplish this.

Importance of Financial Management

This type of management is crucial for a variety of reasons. Take a look at a few of the reasons for this:

Aids in the financial planning of organizations;
Aids in the planning and procurement of money for organizations;
Aids organizations in making the best use of and allocating cash obtained or gained;
Aids businesses in making important financial decisions;
Aids in increasing the profitability of businesses;
Increases the firm’s or organization’s total value;
Ensures economic security;
Employees are encouraged to save money, which aids in personal financial planning.

Therefore companies are increasingly looking for potential employees with an Executive MBA who can understand and handle these domains for better management of their resources.

Financial Management’s Purpose

Financial management is divided into four categories:

Planning: The financial manager forecasts how much money the company will require to sustain positive cash flow, allocate funds for growth or the addition of new products or services, and deal with unforeseen events, and distributes this information with colleagues. Capital expenses, T&E and workforce, and indirect and operational expenses can all be split into planning categories.
Budgeting: The company’s available money are allocated by the financial manager to cover costs such as mortgages or rents, salaries, raw supplies, employee T&E, and other obligations. There will be enough money left over to save for emergencies and fund new company ventures in an ideal world. Companies usually have a master budget and may have sub-budgets for cash flow and operations. For example, budgets can be static or variable.
Risk management and assessment: Financial managers are trusted by line-of-business executives to assess and offer compensating measures for several risks, including:
Market risk has an impact on a company’s investments, as well as its reporting and stock performance if it is a public company. Financial risk specific to the industry, such as a pandemic affecting restaurants or the move in retail to a direct-to-consumer model, may also be reflected.
Credit risk: The consequences of customers not paying their invoices on time, resulting in the business’s inability to meet obligations, which can harm creditworthiness and valuation, which determines the ability to borrow at favorable rates.
Liquidity risk: Finance departments must keep track of current cash flow, forecast future cash requirements, and be ready to free up working capital as needed.
Operational risk is a catch-all term that several financial departments are unfamiliar with. It could address topics such as the danger of a caber-attack and whether or not to obtain cybersecurity insurance and what disaster recovery and business continuity strategies are in place, and what crisis management procedures are in place if a senior executive is accused of fraud or misbehavior.

Procedures: The financial manager establishes protocols for how the finance team will securely and accurately collect and communicate financial data such as invoices, payments, and reports. These written processes also spell out who is in charge of making financial decisions within the organization and who approves those decisions. Therefore organizations hire financial managers with a business management degree to manage their finances. Companies don’t have to start from scratch; policy and procedure templates, are available for various organizations.

The Bottom Line #

After reading the definition and examples of financial management, it is clear that financial management is an important element of an organization. As every business or organization sees financial management as essential, the scope for such professionals is wide.

Reference

Related reading

How Green Teach Will Affect the Upcoming Industrial

Vin Patel — Wed, 03 Aug 2022 17:25:31 +0000

Key takeaways

Mechanisms monitored and controlled by ‘computer-based algorithms’ are known as intelligent systems or Cyber-Physical Systems (CPS).
There are several ways how technology can join hands with environmentalism.
Another reason corporations are focused on green technology is because a clean and safe future must support environmental goals and sustainable practices using the newest technical breakthroughs.

The German government coined the term Industry 4.0 (Industries 4.0 originally) while working on a project to digitize the manufacturing industry. In 2011, this term was made public, describing the potential paradigm shift in the industrial automation sector caused by the caber-physical systems responsible for the evolution of new business models. #

Mechanisms monitored and controlled by ‘computer-based algorithms’ are known as intelligent systems or Cyber-Physical Systems (CPS).

Industry 4.0 is often used interchangeably with ‘Fourth Industrial Revolution. Although one might think that they are two names with the same meaning, their origins are different.

The term ‘The Fourth Industrial Revolution’ was coined by the founder and executive chairman of the World Economic Forum (WEF), Klaus Schwa, in 2016. In Klaus Schwa’s words, the Fourth Industrial Revolution is “characterized by a fusion of technologies blurring the lines between the digital, physical, and biological spheres.

A Brief History About The Industrial Revolution #

Back in the 1700s, the invention of the steam engine in Europe brought major changes in the manufacturing sector. Machines powered by the steam engine replaced several sorts of work done by factory workers. This replacement was done for better efficiency, increased production and reduced production time, i.e., faster manufacturing. This resulted in new manufacturing processes, the boom in the textile industry and the formation of more and more factories—this new revolution in the manufacturing processes spread across North America during the early 1800s. By the late 1800s, manufacturing sectors saw another industrial revolution, the second one. The major inventions that caused this revolution were the internal combustion engine, the lightbulb, the telephone to name a few. The main features of this second industrial revolution were mass production and the rise of steel, electricity and oil industries. The Digital Revolution during the late 1900s is said to be the third industrial revolution. We are best informed about this revolution as most of the changes occurred only a few decades ago. This revolution is also the most prompt one so far. The world witnessed the invention of the internet and personal computers. We are living in the third industrial revolution era, but the fourth industrial revolution is closer than we can think.

Original diagram for Techfastly by Vin Patel.

What would be the major changes that the fourth industrial revolution will bring? What will be the next unimaginable invention? Understanding the fourth industrial revolution might take time as we are only making calculated predictions based on the technology already in use. However, the main idea that separates the third industrial revolution from the fourth industrial revolution is that technology is merging more and more with human lives. Synthetic biology, genome, bioprinting etc., are a few subjects with great potential to bring major changes in the biological domain.

Industry 4.0 comes from the German Government-led project to expand Germany’s leading position in the manufacturing industry around the globe. The information and communication technology that causes the intelligent networking of machines was the most important initiative of this project. This project formed partnerships with both national and international alliances. Similar initiatives taken up by other countries include Japan’s ‘Robot Revolution and Industrial IoT Initiative, France’s (AIF) Alliance Industry of the future (Industries-dufutur), Italy’s Piano Industrial 4.0 China’s Made in China 2025 and Australia’s industry 4.0.

Even with separate origins, both the Fourth Industrial Revolution and Industry 4.0 have the same motive. They are about smart manufacturing, automation and increased productivity.

Green Technology and Industry 4.0 #

The term Green Technology, being very self-explanatory itself, refers to the use of technology in environmentalism. Global warming is becoming a deadly issue; people are inclined towards the sustainability of the environment. From manufacturing reusable straws and banning plastic straws at restaurants to wastewater treatment plants, technology is also playing a major role in saving our world. Products that reduce energy consumption, wastage and any other adverse effect on the environment are undeniably a part of the Green Teach umbrella. The conservation of the earth’s natural resources is the motive of this green technology. During the early 19th century, scientists started discovering the impact of industries like coal-burning plants and manufacturing factories on nature. Soon it was understood that the manufacturing processes must be altered if or else this modernization will eventually end the world. The government slowly acknowledged the protection and preservation of natural resources worldwide.

There are several ways how technology can join hands with environmentalism. A few of them are:

Alternative energy, such as solar and wind power.
Electric vehicles to decrease the usage of fossil fuels like coal, oil, natural gases, etc.
Sustainable agriculture, for example, organic farming techniques.
Recycling.
Carbon capture and many more.

Solar Power is the cheapest form of alternative energy that can be used instead of burning all the fossil fuels. Photovoltaic solar energy is consistently cheaper than new coal- or gas-fired power plants in most countries.

The Impact of Green Technologies on Industry 4.0 #

Industry 4.0 provides complete usage of green technological processes to gain sustainability. Green technological processes use technologies that are already in use to create innovations and social and technical conditions for people working in factories. This can also include maintenance and eco-design. Eco-design of the products makes in recyclable and reusable. This reduces the chemicals and energy used in the manufacturing process. Green manufacturing, the process of manufacturing products using decreased energy-intensive pieces of equipment to minimize the negative impact on the environment.

Original diagram for Techfastly by Vin Patel.

Organizational and technical sustainability is a sort of internal sustainability that focuses on a company’s internal operations. It is concerned with the most efficient utilization of resources. It entails the employment of human labor, the upkeep of technical equipment and machinery, and IT infrastructure implementation.

Sustainable manufacturing refers to the long-term viability of manufacturing processes in the manufacture of environmentally friendly products in compliance with the conditions imposed by environmental protection and cost-cutting demands.

Sustainable supply chain and logistics refer to the long-term viability of supply chains and logistics networks based on the need for continuous supply security and waste management. The key to managing and optimizing supplier networks is a collaboration between businesses involved in distribution, warehousing, transportation, and other logistics services. In the field of logistics, it’s all about long-term sustainability as a result of transportation’s negative environmental impact.

The Triple Bottom Line is a fundamental notion of sustainability based on the 3P model (People, Planet and Profit). Meeting human needs and achieving a satisfactory quality of life while efficiently allocating resources (economically), conserving natural resources, including ecosystems and biodiversity (ecologically), and making social resources accessible to all while preserving cultural diversity (socially) are all part of the triple bottom line (socially).

Circular Economy (circularity) is an economic strategy that aims to reduce waste by allowing unrestricted resource utilization. The SGI 4.0 framework unifies the utilization of technology and resources through environmentally friendly processes, ensuring long-term viability.

Sustainability outcomes are characterized by the most commonly found advantages for each category and are separated into three groups (economic, environmental, and social).

End Note #

New research based on our SGI 4.0 paradigm should attempt to demonstrate empirical results of green process sustainability outcomes in relation to Industry 4.0. In the context of Industry 4.0, the SGI 4.0 framework enables the development of assessment tools for evaluating the sustainability of green processes. The framework identifies which sustainability outcomes should be considered when developing these techniques. This research creates a framework for companies using Industry 4.0 technology to adopt and facilitate sustainability through green operations. It provides a conceptual and theoretical framework for empirically testing the link between these variables.

According to reports, our world will change dramatically in 2024, with solar becoming 35% cheaper, wind energy capacity increasing by 57%, hydroelectric capacity increasing by 9%, and geothermal capacity increasing by 28%. This is demonstrated by the fact that India is the world’s second-largest renewable energy generator, trailing only China and the United States.

Green technology is unavoidably the way of the future. Many investors have been focusing on start-ups that create a sense of security in reaction to the anticipation and worry surrounding climate change and a growing scarcity of natural resources. As a result, a significant number of firms have begun to revolve around the new trend of embracing green technology. Another reason corporations are focused on green technology is because a clean and safe future must support environmental goals and sustainable practices using the newest technical breakthroughs.

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How Technology can be used to Empower Leadership- 21st

Vin Patel — Fri, 29 Jul 2022 19:50:01 +0000

Key takeaways

***“Management is doing things right; leadership is doing the right things.” – Peter F.
Effective cooperation is critical to long-term success, as wise leaders have long recognized.
It should result in enhanced decision-making and people management results.

“Management is doing things right; leadership is doing the right things.” – Peter F. Trucker

Introduction

The COVID-19 epidemic has wreaked havoc on both the public and private sectors worldwide. It has compelled businesses to embark on digital transformations that the majority of them would have ignored for several years had it not been for the epidemic.

It is all about doing the right things at the appropriate moment that defines leadership. It’s about encouraging people to perform at their best and work toward a shared goal despite obstacles. It entails fostering a climate in which people feel empowered to produce solutions in the most effective manner possible. Over the last decade, a variety of leadership styles and methods have developed. Delegating, recognizing, and encouraging others has become the new credo for all leaders and managers.

Technology leadership will continue to be critical as this crisis evolves, particularly as organizations and associations grapple with the significant income loss associated with in-person conventions and other events. While virtual event technology has been around for some time, just a few businesses have adopted it.

At the executive level, technology may be one of the most beneficial tools for developing into a stronger leader. Without a doubt, technology is the driving factor behind the new leadership style, particularly in these strange times. This leadership style embraces change and places a premium on increased productivity, communication, and cooperation in order to build effective teams, all while developing a robust learning process for continual skill development in response to changing market demands.

Leadership and Technology #

No sector of business has been left unscathed by ever-evolving technology. Technology has now permeated all spheres of existence, transcending all boundaries. Regardless of the organization’s size, technology may be seen cheerfully waving at us from all directions. Technology has also enabled bosses to govern from a distance. Leaders can monitor the number of tasks completed by team members in real-time with the use of technology. Additionally, it enables them to express any changes in the duties they are performing regardless of their location. It has altered the way leaders communicate with and interact with their workforce significantly. Leaders’ social media presence also elevates their appeal to unprecedented heights.

In sum, technology has spawned a new leadership style, one that enables and motivates individuals to seize the most compelling business prospects through the use of the most advanced technology.

Empowering the Workforce with the help of technology #

With remote employment, there has been a sea change in how we work, and employees are more linked to their bosses digitally than they have ever been. Expectations of individuals have never been greater, as they must balance a plethora of factors, including health problems, caring for children and the elderly at home, and domestic duties, in addition to professional deliverable at work. Leaders bear a greater obligation to comprehend these issues and navigate this scenario more prudently and carefully through the use of intelligent technologies. The capacity to use technology is contingent upon people’s willingness to accept it and their understanding of how it might improve their lives.

This is where leaders can shine by proving that technology is a critical resource, not just a tactical solution to a problem. This perspective creates an infinite number of options for how technology may be a strong enabler of transformation for every single employee across the firm. When multiple companies offer similar benefits packages to their employees, what truly differentiates them is the work/life balance they can expect. The commercial environment of the present day is decentralized. Teams no longer need to be confined to the same office building or meeting place. Whatever innovative technology you use, at the end of the day, people are the most valuable asset your business can have.

Optimizing the Productivity with changing nature of Technology #

A practical asset in technology is assisting businesses in maximizing their advantages since this strategy enables leaders to train their employees to accept and feel comfortable with technology, resulting in technology becoming organically integrated at a basic level in an organization. We have successfully adapted to working with minimal interruption thanks to the proactive investments we made many years ago, whether in secure virtual platforms or AI-driven due diligence procedures that assist in automating how we finish our contracts.

The most significant asset has been our people’s spontaneity in adapting to this transformed scenario of working from home, as a result of their prior high level of familiarity with using technology platforms and processes at work over the last several years, ensuring our ability to optimize productivity. Connected gadgets, artificial intelligence, and secure cloud business solutions comprise the new corporate environment. This enables teams to collaborate more effectively than ever before and businesses to expand their reach into new areas throughout the world.

Enhanced Teamwork Through Collaborative Platforms #

Effective cooperation is critical to long-term success, as wise leaders have long recognized. The difficulty caused by the COVID-19 epidemic was the fast and widespread move to work from home. This is likely to have taken many individuals by surprise, as they are not accustomed to working from home. Apart from any physical pain that people may have working from home as a result of their dependency on the office environment and its conveniences, such a change can also result in mental confusion as a result of being unable to engage physically with coworkers. This has made a significant difference in terms of facilitating the formation of successful teams.

With technology making virtual engagement simpler than ever, it enables continuous communication between team members and lets them stay on the same page, preventing them from becoming disengaged and less accountable. Not only can online chat tools and virtual meeting platforms facilitate the transmission of critical information, but they can also foster camaraderie, which remote-based teams sometimes struggle to establish and maintain. We’ve seen a high level of participation among our employees in using virtual collaboration platforms such as Microsoft Teams, which has not only helped foster strong collaboration among colleagues and has also enabled seamless work with clients and other external stakeholders. Technology is not limited to modern computing and information technology solutions.

Additionally, it refers to social media and the emerging notion of social leadership. A leader today has the most extensive communication channels possible. They may use social media to influence their workers, encourage their sales teams, establish consumer loyalty, and connect with peers. Only in retrospect can a dramatic movement toward a new way of doing things be rightly described as a revolution. Technology’s penetration of our environment is a matter of progression.

21 st Century Perspective #

Technology advancements are enabling us to communicate more rapidly, cooperate more effectively, and be more productive in our daily lives. Individuals and corporations, meanwhile, continue to struggle to keep up with the rapid rate of change—and at times, actively fight it. Consider the case of artificial intelligence (AI). Employees may use machine learning to automate routine processes and swiftly mine and evaluate data in order to make better-educated decisions. However, many individuals continue to struggle to comprehend how AI will assist them and their teams. Human resources have a chance to advance the discourse and emphasize the potential advantages of AI and other disruptive technologies. CHROs and other human resource professionals may alleviate tensions by demonstrating how technology can benefit—not hurt—employees.

Cloud computing offers the potential to automate and standardize company operations, resulting in increased worker productivity. However, even the greatest instruments are incapable of repairing faulty processes. To enable individuals to accomplish their best work with technology, the processes that support work habits must serve employees without impeding them.

While CEOs may have the last say on whether tools are appropriate for certain teams and people, human resources play a critical role in these decisions. By analyzing and exploiting data, human resource directors may connect more capable workers with cutting-edge technologies and empower these individuals to establish standards and best practices for the use of technology in specific jobs and processes. Thus, users gain not just essential technological tools but also the skills necessary to use these technologies to enhance their daily job.

Today’s organizations face a number of challenges. Employees are expected to work more efficiently while still contributing to the business’s differentiation and growth. Disparate teams and systems, on the other hand, impede employees from gaining access to the tools, knowledge, and people needed to perform at their best and find these new prospects.

By moving HR and other critical activities to the cloud, firms can break down these walls and rethink and reinvent how they work and interact. This is where cloud-based reasoning comes into play. For instance, integrating human resources and finance enables team members in both domains to have a more thorough understanding of the organization. This single view of data enables teams to better plan for and prepare for new business trends and disruptions, as well as facilitates cross-departmental communication and cooperation. Organizations may begin to reap the growth and other benefits of the cloud with more agility and insight.

Conclusion

Technology has a big influence on leadership, and the positives are numerous. However, one thing that continues to be a difficulty for leaders worldwide is utilizing the appropriate technology at the appropriate time and in the appropriate manner. The goal should be to deploy technology for the appropriate activities and to minimize human effort. The deployment of technology should enhance rather than completely replace human interaction. It should result in enhanced decision-making and people management results.

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Leadership Lessons to learn from Mark Zuckerberg

Vin Patel — Fri, 29 Jul 2022 19:41:18 +0000

Key takeaways

The iconic leader and media magnate, on his 36th birthday, spoke about finding one’s purpose and working toward it, in a video compilation by StartUp Stories.
Secondly, he is someone who adapts to situations very quickly.
Nonetheless, irrespective of whether Meta succeeds or not, Zuckerberg will continue to remain a force to reckon with.

“The greatest success comes from the freedom to fail. The challenge of our generation is to create a world where everyone has a sense of purpose.” – Mark Zuckerberg

The Facebook founders train of thought about dealing with failure and finding a higher sense of purpose in life certainly rings a bell. The iconic leader and media magnate, on his 36th birthday, spoke about finding one’s purpose and working toward it, in a video compilation by StartUp Stories.

A true millennial and one of the unparalleled leaders of Gen Y, Mark Zuckerberg has been a remarkable success and inspiration story over and over again. Zuckerberg started Facebook in the beginning of 2004, and within a month, more than half the undergraduates in Harvard had registered on the site. By the end of March, the website expanded to include members across most universities in the U. S. and Canada. With merely a few members in tow, Zuckerberg confidently led his team to success, as Facebook received its first investment in June 2004 from PayPal co-founder Peter Thief. Then began a journey filled with remarkable successes and occasional failures and Zuckerberg’s ardor to deal with them with determination and dignity.

The Beginning #

By the end of 2004, Facebook already had the makings of a success. Since its inception, Zuckerberg insisted that members be transparent about their identities. He believed that refraining from adopting false identities and being honest and open is what will form strong social relationships and encourage sharing of ideas and information. Zuckerberg’s insistence to remain transparent is a notable quality that has hugely contributed to Facebook’s success.

Another factor that has made Zuckerberg an outstanding leader is his excellent vision and far-sightedness. By 2006, Facebook opened up to everybody above the age of 13 having a valid email address. By next year, the site had hundreds of pages where various companies started promoting themselves actively. As Zuckerberg had predicted, advertisers were able to increase their social network and forge new customer relationships. His life’s goal is thus, to create a more connected world and his commitment to the same is steadfast.

The Facebook Era – From 2006-2014 #

Up until 2012, Facebook enjoyed a string of successes, from winning the ‘People’s Voice Award’ from the Webby Awards and the Scrunchie ‘Best Overall Startup Or Product’ award for the third year in a row to surpassing Myspace as the most-visited social media website and becoming the third largest web company in America after Amazon and Google.

The company had its first IPO in May 2012 and was valued at USD 104 billion. Although remarkably famous ever since the inception of FB, Zuckerberg became a household name after the IPO, which at the time, was the biggest in the technology domain and one of the biggest in Internet history. The success of the IPO proved that he was indeed a transformational leader, one that encourages and motivates employees and has a very clear idea of his goals. More than just setting up a vision, Zuckerberg demonstrated that it is essential to define every step along the road to success, with infectious confidence and disruptive ideas that encouraged his team to happily follow his lead.

“Move fast and break things. Unless you are breaking stuff, you are not moving fast enough.” — Mark Zuckerberg

As is evident from the aforementioned statement, he also demonstrates a level of aggressiveness in his leadership style, a trait that has made him who he is. Reportedly, he is someone who dislikes monotony; consistent innovation and growth are what define him. He loves debates and challenges and always expects people around him to deliver more than what is required. He is also stubborn – in the sense that he knows what his ideas are worth and he is unafraid to stand up for them. Take the IPO for example; instead of mispricing his shares, Zuckerberg priced his shares correctly, scoring a home run over other known Internet billionaires, who had underpriced their IPOs, costing their firms enormous amounts of money.

A rather forgettable yet significant trait to be noted about the iconic FB CEO is that he focuses on things that are more important for the success of the company, rather than encouraging pointless traditions. At an investors’ meeting post the IPO, he raised controversy for having worn a goodie, as opposed to regular formal attire. But that’s what he is popular for – through these actions, he proves that it is the work and the ideas that matter, not attire or otherwise. Zuckerberg encourages a similar attitude at his workplace; he measures the quality of work his employees are engaged in, rather than focusing on what they wear or how their desks are decorated.

The next couple of years post the IPO was a period of rapid change and new projects, as Facebook launched the Facebook Graph Search, Facebook Home, and clickable hashtags to encourage users to follow trending discussions. A setback that the company faced during this time was the withdrawal of 15 major advertisers, including Nationwide UK, Nissan UK, and House of Burlesque, on account of a campaign that highlighted content promoting sexual and domestic violence against women. In response, the company immediately agreed to update its policy on hate speech.

It is pivotal to mention here Zuckerberg leads his company with a sense of extreme responsibility. Many young entrepreneurs usually fade away in the face of criticism, but Zuckerberg held his head high, took ownership of his mistakes, and went on to correct them, proving that user experience is valuable and above all else.

The Period between 2015 and 2020 – A Time of Constant Setbacks #

The period between 2015 and 2020 saw Facebook witnessing a series of consistent fluctuations and accusations. With the popularity of social networking websites increasing by the day, circulation of fake news became a major issue. Accordingly, Zuckerberg had Facebook revise its algorithm to filter out misleading content and fake stories. However, accusations poured in about the algorithm maintaining a ‘filter bubble’, where posts with few likes and the material users disagree with were deprioritized.

The year 2016 saw the company face one of its biggest controversies – the U. S. Presidential Election. Post Trumps win, a company executive alleged that he became President only because of Facebook. The internal memo also noted many of the company’s high-profile scandals, including Russian interference in the election. Massive accusations began to pour forth against Zuckerberg, alleging the company’s influence on the election, as the social media site was noted to disseminate fake news stories, specifically in support of Donald Trump, in the weeks leading up to the election.

“Of all the content on Facebook, more than 99% of what people see is authentic. Only a very small amount is fake news and hoaxes. The hoaxes that do exist are not limited to one partisan view, or even to politics. Overall, this makes it extremely unlikely hoaxes changed the outcome of this election in one direction or the other.” - Mark Zuckerberg

At the time, the Facebook CEO confidently announced that under no circumstances is the company involved in spreading fake stories. He was also quoted to state that the company’s fake stories problem was a minor issue and not specific to any political party.

Within a few months however, in the middle of 2017, Zuckerberg expressed regret about the aforementioned comment, and stated that he shouldn’t have dismissed public concerns about Facebook impacting the Presidential campaign as crazy. His post came sometime after Trump tweeted that Facebook has always been against him. Claiming that he only intends to bring people together and build a community as a whole via Facebook, Zuckerberg said that the greatest role the company played in the election was to give a voice to each and every U. S. citizen.

The 2016 Presidential scandal and its aftermath brought to light several of the FB CEO’s admirable qualities – the ones that make him a transformational leader. Firstly, he is not afraid to fight for what he believes is right. Whether the social media site was actually involved in the election or not, defending his company against bad press was of utmost importance in the face of that situation, and that is what he did, he believed in his vision and ideas and attempted his best to safeguard his entrepreneurial venture, no matter what it cost. Leading his team with this tough-as-nails personality is what has made him so popular among this generation.

Secondly, he is someone who adapts to situations very quickly. He was at the receiving end of criticism since 2015 regarding privacy allegations and hoax media stories, but he took it all with a pinch of salt and adapted his decisions to suit the public opinion while also taking a stand for his company.

Thirdly, and most importantly, he takes accountability. It takes a true leader to hold ownership of what they have done, try to resolve it, and then move on. Even as the company received a barrage of criticism from all sides, Zuckerberg led his team with panache, and accepted that he regretted his initial statement pertaining to Facebook influencing the election. Despite having to backtrack on his actions several times, he kept his enthusiasm alive and was consistently eager about taking risks and innovating to the best of his ability.

Alongside the U. S. Presidential Election scandal, the company also faced heat for several other similar controversies for the next few years, including the hate speech on Facebook, the Russian meddling, and the mishandling of user data by Cambridge Analytical. Additionally, it was under scrutiny for poor handling of the Christchurch mosque shootings episode in New Zealand and its role in vaccine hesitancy. Juggling several major controversies within the span of a few years would’ve been nightmarish for most leaders; Zuckerberg however, is known to be extremely solution-oriented. In the middle of 2019, at F8, Facebook announced its new vision with the tagline – ‘the future is private’. Alongside, a website redesign and a mobile app were introduced as well.

Zuckerberg’s quest for looking up and implementing new projects consistently is one of the key reasons he is popular as a leader that many aspire to follow. He is consistently aiming for newer innovations and encourages his employees to do the same. As he led his team at Facebook to deal with widespread controversies, he has also brought forth new ideas and experimented with them fearlessly.

This is evident from the fact that through 2019 and 2020, the company was involved in several projects – it signed a partnership with the University of California, San Francisco for building a wearable, non-invasive device. It launched Facebook Dating in the United States that enabled users to integrate their Instagram posts in their dating profile. It also launched Facebook News that featured selected stories from news organizations. In September 2020, Facebook announced the launch of a climate science information center to promote authoritative voices on climate change.

Enter Metaverse – From 2021 and Beyond #

The year 2021 also witnessed a few more appreciable moves by the company, such as the Facebook BARS app for rappers and the Facebook Bulletin, a new platform for independent writers. In November 2021, the company claimed that it plans to stop targeting ads based on data related to race, ethnicity, sexual orientation, religion, health, and political beliefs.

Being open to change and implementing it in actionable steps is something Mark Zuckerberg has been popular for. To that end, toward the end of 2021, he announced that as a part of a major rebranding strategy, Facebook’s parent company name has now been changed to Meta. The name represents Facebook’s move into the metaverse – a virtual world where people will be able to experience a parallel life alongside their real-world existence. Under the Meta umbrella, the firm will now try to create a platform where users can ‘work, learn, socialize, shop, and create’, across various applications. What’s more, Meta users will be able to connect with others virtually and use products sans a Facebook account.

Facebook’s move seems to be a part of a major revamp in response to the continuous spate of criticisms it has been facing since a few years. In the face of what happened in the past, Zuckerberg’s idea for the relaunch may be quite a refreshing move. While unveiling plans to build the metaverse, Zuckerberg announced that the current brand was not totally capable of representing everything the company is doing presently, let alone the future, which is the reason for this massive change. Once again, he proved that he is truly a visionary leader – one that motivates his team to build a vision and do what it takes to make it a reality.

There is more to Mark Zuckerberg than meets the eye. Time Magazine, in 2010, named him as one of the most influential personalities in the world, and rightly so. It isn’t every day that a young whiz starts a company from nothing and turns it into a billion-dollar business within a few years. By and large, he is known to use 3 styles of leadership as and when required – democratic, autocratic, and laissez-fire. He commands his employees to work hard and consistently innovate, but also treats them equally and asks for their feedback. Part of why he is so loved by his team is because he’s broken conventional workplace norms and hires people because they are talented, not because they fit into a specific group of age or experience.

Zuckerberg’s resilience to handling the failures of Facebook can be credited to his larger-than-life, unwavering vision for the company, on the grounds of which he has constantly pushed himself and his team to pour their creativity into their work. Having said that, he cares deeply about his employees – as per reports, post training at Facebook, employees are not assigned projects, but are encouraged to choose them on their own. This gives them the freedom to choose what they are interested in and the courage to complete the project with complete determination and confidence.

Zuckerberg also ensures that the company’s workplace culture remains friendly and comfortable. He is known to give out excellent perks – Facebook interns apparently make a lot more than their peers. Once a year, the company organizes a collective birthday party for their employees. The firms café provides excellent meals worthy of a four-star hotel. In addition, Facebook ensures that there’s an on-site doctor, physical therapist, and chiropractor on the premises. Having understood that employee happiness is paramount for them to work creatively, Zuckerberg has pushed the envelope when it comes to providing a comfortable work environment.

Despite adopting autocracy when needed, Zuckerberg is not a control freak and does not micromanage anything. This autonomy is the reason why his team remains happy and motivated – he gives his employees all the right to voice out improvements for the company. Another trait his team may have imbibed from him is his unfailing intention to build strong relationships and maintain the right connections. Indeed, even when he was just starting the company, he worked to forge good relationships with the Who’s Who of Silicon Valley. His tries his best to effectively communicate with his subordinates and encourages interaction within the team, placing himself in a situation closer to his employees than above them.

Over the years, Mark Zuckerberg has led his team at Facebook with pride, courage, confidence, and perseverance. With every success and failure, he has attempted to learn something and move on, while encouraging his team to do so as well. His transformational leadership style will continue to push Meta to great heights. Nonetheless, irrespective of whether Meta succeeds or not, Zuckerberg will continue to remain a force to reckon with.

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The Man Who Brought Back Microsoft's Lost Charm

Vin Patel — Fri, 29 Jul 2022 19:28:11 +0000

Key takeaways

From hot-headed company leaders and disgruntled employees, not to mention the profits being at an all-time low, Microsoft was a sinking ship.
Nadella’s endeavors have yielded exceedingly extraordinary results.
The new culture of humility, an attitude of embracing change, and openness to unique ideas was what permitted these tremendous transformations at Microsoft under Satyr Nadella.

Microsoft, in the run-up to 2014, was dying on its tracks. From hot-headed company leaders and disgruntled employees, not to mention the profits being at an all-time low, Microsoft was a sinking ship. However, with Satyr Nadella on board, everything started changing from Day 1.

One of Nadella’s first moves as Microsoft’s third designated CEO was to encourage every one of the company’s senior managers to go through author Marshall Rosenberg’s Nonviolent Communication, a book on how to communicate and work successfully using empathy and understanding rather than rivalry and criticism.

What were the reasons behind Microsoft’s downward spiral? #

Any business which fails to grasp its spirit or essence, finds itself struggling and stalling. The company will be struggling since there is a lack of understanding about the customers it supports and the distinct service it provides. When they lack a shared vision or relevant aspirations, this leads to uncertainty within the ranks of the company’s executives. A similar thing happened at Microsoft, in the pre-Nadella era.

Bill Gates, the company’s long-serving CEO, had a long-standing reputation for heavily criticizing Microsoft’s employees. With his on-stage screams and sweaty-faced theatrics at business product debuts, Steve Ballier, who replaced Gates, became a cringe-worthy YouTube clickbait. Both of these previous Microsoft CEOs advocated for tough commercial techniques that rivals dreaded and appreciated, but customers despised.

This practice began raising doubts about where to invest and where to concentrate innovative efforts. And this internal lack of clarity about the company’s heart or soul leads to consumer and market misunderstanding. Customers find themselves unsure where to place the company in their minds. They stop trusting the company because they fail to understand what you’re talking about or the reason behind your actions.

Satyr Nadella’s strategy that helped in bringing Microsoft back on track #

Nadella began by establishing a clear vision focused on recognizing and reinforcing what made Microsoft renowned in the first place. In an internal memo, he stated, “We will reinvent productivity to empower every person and every organization on the planet to do more and achieve more.”

With his ‘mobile-first and cloud-first’ approach, Satyr Nadella had a difficult time turning around Microsoft’s fortunes. The proof came in the form of the findings. Microsoft’s market capitalization has risen from a little over $300 billion when he took charge to $2 trillion.

Nadella had to make some difficult but necessary decisions to shut down operations that were diverting Microsoft’s attention away from its primary business. For instance, he declared a $7.6 billion write-off on Nokia, Steve Balder’s ill-fated endeavor to expand Microsoft’s stand-alone Windows-based cell phone technology.

Microsoft’s acquisition of LinkedIn for $26 billion in 2016 demonstrates the refocus on corporate productivity. Under Microsoft’s leadership, this firm has continued to develop, with sales rising 37% to almost $400 million in the most recent quarter.

The Values That Redefined Microsoft’s outlook #

Nadella made it plain as a boss and a leader that the previous, confrontational practices were no longer acceptable. Without ever raising his voice or expressing open displeasure at employees or managers, Nadella worked tirelessly to make the workplace more pleasant. He never sent heated emails and would not allow screaming or hostility in corporate meetings.

Simultaneously, he created a culture of inquiry and learning. In contrast to Microsoft’s conventional ‘know-it-all’ attitude, he encouraged the company’s 120,000+ employees to embrace a ‘learn-it-all’ curiosity.

The soul of a corporation reflects its ideals. Inclusion is one of Satyr’s key beliefs.

This philosophy is mirrored in Microsoft’s culture. When it comes down to it, a business’s environment embodies its ideals. These ideals reflect the values of the leader at the company’s helm.

Nadella’s endeavors have yielded exceedingly extraordinary results. Microsoft’s market valuation has increased by a significant order since Nadella’s appointment as the company’s CEO. It has risen from around $300 billion to around $2.5 trillion today, making it the leading corporation in the world, outshining Apple and Google. Numerous breakthroughs have contributed to this economic approval.

Initially, Microsoft has become extremely prosperous in transforming desktop Office and Windows licenses to subscription services to the Office365 suite of online productivity products.

This move has helped the company in adequately discarding the financially rewarding license model in favor of the much more financially rewarding and reliable Software-as-a-Service (SaaS) business model.

Furthermore, Microsoft Azure is progressing nicely against Amazon’s cloud assets. Microsoft is also seeing an excellent spike in business of a variety of more valuable SaaS solutions, such as its CRM and business analytic tools.
At last, despite all of this, the sales of Windows operating systems for PCs and Windows Server keep on increasing modestly but profitably.

This clearly suggests that diverting money away from older products with long development timeframes may not have had a significant impact on their revenues.

Refreshing Microsoft’s core and diversifying its distribution #

There is a driving force behind all the software that binds Softies together under the canopy of Microsoft. It’s all about empowering individuals. And there, in a nutshell, is Microsoft’s essence.

Microsoft has updated its Office suite of productivity tools by switching from distributing software licenses to offering a cloud-based subscription plan. This reduces immediate earnings but ensures a continuous stream of revenue in the long term. It also offers the advantage of establishing a long-term client connection, ensuring that the user receives the most recent software. This strategy appears to be working, as Office Commercial profits were up 10% to $598 million attributable mostly to an increased number of subscribers.

By boosting up distribution, Microsoft has increased the availability of its goods. After failing to establish its own mobile platform and being trapped in a specialization, Nadella shifted gears by releasing Office for Android and Apple iOS. His key emphasis was once again on Microsoft’s productivity gains. “I’d like to call it the ‘iPhone Pro,’ since it has all of the Microsoft software and applications on it,” he remarked during a 2015 demo.

The Final Milestone Achieved #

It was in March 2018, approximately four years since Nadella took over as CEO, that he made his biggest visible and most crucial move. Nadella addressed the division of the former Windows Development Group into two new technical organizations, one dubbed “Experiences and Devices” and the other called “Cloud + A. I. Platform”. He stated this in an email to all his employees under the headline “Embracing our future: Intelligent Cloud and Intelligent Edge.”

This action solidified the company’s determination to shift away from Windows and invest the majority of its resources in programs that promote innovation rather than stagnation. This was a risky decision that drew a lot of criticism from insiders and former Windows team members. Nevertheless, Nadella was convinced that this was the right course for Microsoft. In fact, it was the last crucial milestone in Nadella’s reorganization plan, freeing him and the rest of Microsoft to confront the future.

Microsoft’s mindset has effectively flipped 180 degrees. It not only accepted open source software, but enthusiastically proceeded to embrace it, to the point that Nadella’s acquisition of GitHub was one of his most noteworthy gestures.

At first glance, even when everyone is ready to applaud Satyr Nadella for economic gains that he may or may not have had a hand in, we should acknowledge his most glorific contribution: converting decades of competitive aggressiveness into a collaborative approach.

The new culture of humility, an attitude of embracing change, and openness to unique ideas was what permitted these tremendous transformations at Microsoft under Satyr Nadella.

Related reading

How Sunday Pichai Leads Google?

Vin Patel — Fri, 29 Jul 2022 19:08:42 +0000

Key takeaways

*" People of every generation underestimate the potential of following one, but the progress of one generation becomes the foundation premises for the next".
“I’d like to see more young people focusing on creativity and taking risks”, he added.
However, as the new company grows, they know that they will always have Google as a steady source of profits with Pichai at the helm.

" People of every generation underestimate the potential of following one, but the progress of one generation becomes the foundation premises for the next". - Sunday Pichai

Sunday Pichai, a computer engineer, is the current CEO of Google’s parent company, Alphabet Inc. In 2015, Google, a technology company specializing in Internet-related services and products, underwent a major reorganization, with Alphabet Inc as its parent company, Larry Page as CEO, and Serge Bring as President. Pichai, a former Google vice president of products and engineering, was appointed as the company’s new CEO.

Pichai joined Google in 2004 as a product manager and oversaw the launch of several successful Google products, including Google Chrome and Chrome OS. He later moved on to Google lists, eventually assuming control of other Google products like Mail and Google Docs. Pichai, who was born in Chennai, India, has always been a bright and resourceful youngster. Before joining Google, he worked at Applied Materials in engineering and product management, as well as consulting with McKinsey & Company. He received his education at one of the most prestigious universities in the world, the University of Pennsylvania. Pichai is well-liked by his coworkers, who refer to him as “the man behind Google’s most important products.”

HIGHLIGHTS

· Sunday Pichai was born into a middle-class family in Madurai, India. He once revealed that he received a’ C’ grade in one of his papers at IIT Kharagpur.

· In 2004, Pichai joined Google. He was appointed as Google’s CEO in 2015.

· Pichai was named the CEO of Alphabet Inc., the parent company of Google, in 2019.

Google’s Sunday Pichai’s Leadership Qualities #

Before we get into how Pichai used this pivotal moment in Google’s history to propel Google into completely new markets—and himself up the corporate ladder—let’s take a look at a few qualities he possesses:

Developing Successful Teams

Pichai recruited, mentored, and retained a fantastic team that produced great products. His team is regarded as the best among all Google employees. One former Google employee said, “He encourages very good people rather than the most political and opportunistic people” while talking about Pichai.

2. Hard Work

To reach where he is today, Pichai worked extremely hard. A leader should have the quality not to ignore hard work. It’s a way that makes you grow, just like it did with Pichai.

Compassion

He is known for being compassionate and concerned about the people he works alongside. He became one of Google’s most popular seniors as a result of this quality. Caesar Sengupta, Google’s VP and general manager for payments, said, “I would challenge you to find anyone at Google who doesn’t like Sunday.”

Empowering Youths

Another thing that Pichai values is empowering young people. He thinks that there is a lot of pressure on today’s youth; he discovered that 8th graders are working hard to get into IIT – Indian Institute of Technology. Pichai revealed in an interview that he hasn’t been at the top of his class in school, he was a brilliant student, but history and geography used to let him down.

“Focus on education is a big strength,” says Pichai. “I’d like to see more young people focusing on creativity and taking risks”, he added.

Pichai recognizes the hard work that young people put in and the dream that drives every action they take; additionally, Google provides numerous opportunities to empower school students.

Good Listener

He’s known for sitting during meetings and then offering suggestions after everyone has finished speaking. He listened to everyone’s point of view before putting his foot forward.

Avoid Damages and Enemies

Google, like any other large corporation, has internal politics. Pichai handled the politics in such a way that his team’s success was ensured while causing the least amount of harm to the opposing team.

Be Hopeful For Tomorrow

Life’s greatest sword is hope. This will help you stay motivated to pursue your dream. He didn’t have a phone until he was ten years old and didn’t use a computer until he moved to America for graduate school. But there’s always hope for him; he’ll get what he wants one day.

The Indian-born Alphabet CEO drew from personal experience and the challenges he faced during his early years in the US. He said that he grew up with minimal access to technology and his first time on an airplane was when he came for higher education to Stanford.

“My father spent the equivalent of a year’s salary on my plane ticket to the US, so I could attend Stanford. It was my first time ever on a plane,” Pichai said, adding that a bright spot for him during that time was computing.

It is not an option to lose hope; always be hopeful. Even though his love for technology was undeniable, he didn’t lose hope because he lacked all the necessities.

Taking the Risk

There are many opportunities for you to reinvent yourself. Make an effort to do something you enjoy and are enthusiastic about.

Sometimes the circumstances aren’t in your favor, whether it’s the risk you’re taking or the outcome. If it doesn’t work out in your favor, it’ll be a disaster, but who knows what the future holds?

Pichai simplifies, “if you believe you can do it, you must be willing to take a chance and remember that the universe is not so cruel that it will not reward you for your efforts.

“Focus on education is a big strength. I want to see young people focus on creativity and take more risks” ― Sunder Pichai

Communicator

Emotional intelligence is reflected in one’s ability to communicate. Emotional intelligence is not widely regarded as a dominant quality in science or engineering (or many other fields, if we are honest).

Pichai clearly possesses this in his leadership skill set, making him an excellent choice to lead the science company known as Google into a future in which they advance every life, from the billionaire to the rural farmer.

Wrapping Up

Sunday Pichai was set up for great success as the leader of the new Google by founders Bring and Page, but only time will tell how successful Pichai will be in this role in the long run. If history is any guide, Google is in good hands and will perform well in years to come.

Bring and Page took a risk by transforming Google from a traditional teach company into a diverse holding company with lofty ambitions. However, as the new company grows, they know that they will always have Google as a steady source of profits with Pichai at the helm.

Related reading

Principles, responsibilities, and challenges

Vin Patel — Fri, 29 Jul 2022 18:26:57 +0000

Key takeaways

Most firm transformations involve digitization and technology, from entirely new innovation modes to the changing nature of business procedures resulting from the pandemic.
One of the first skills that a leader must possess is a thorough understanding of his field.
Having said that, in such a working environment, a curious hard worker with a passion for education is sure to become a wonderful head.

#

Information technology is breaking Most firm transformations involve down barriers between sectors and industries, allowing new technology- based businesses to rise, such as Airbnb in the rental sector and Amazon in the e-commerce sector. In addition to external disruptions, technology breakthroughs are causing internal disruptions by dismantling functional silos and forcing companies to operate end-to-end.

Most firm transformations involve digitization and technology, from entirely new innovation modes to the changing nature of business procedures resulting from the pandemic. Today, technology is at the forefront of the agility and flexibility agenda, and it is driving business objectives. Executives and strategists face a difficult task in achieving perfect alignment between technology and company strategy.

Amidst all this, there was a realization that for technology to prosper and set its feet in the growing market trend, there is one essential thing, and that’s how we got introduced to the term “Technical Leadership.”

Technology Leader #

A teach leader is a person in the technical world who knows how to delegate support functions aimed at shaping people, recruiting them according to projects, and shaping the skills of people around them. Their mission is to act as a collector of the team’s thoughts in order to reach a unified understanding. Problems will inevitably develop if a team does not work towards a common goal. The leadership that is exerted must be diverse; each subject and event necessitate distinct positions. As a result, Emanuel talked about “situational leadership,” or the ability to overcome obstacles as quickly as feasible.

Typically, a teach leader delegates support activities such as learning and development (L&D), hiring and subcontracting individuals, and mapping people’s abilities and competencies. However, because of the rapid pace and scope of technological change and scarcity of skilled workers, teach leaders are stepping up to “in-source” these.

Technical leadership is often confused with a similar term called technology stewardship. But they are not identical; technical stewardship is an entirely different term altogether.

Technical Stewardship #

Technical data stewards are IT professionals who play a critical role in data governance. They provide support and are associated with specific systems, applications, data stores, and technical processes such as Identity Resolution (for Master Data Management), data quality rule enforcement, and extract, transform, and load (ETL) jobs. In contrast, business data stewards are associated with data domains or specific data elements and represent a particular function of the business. When it comes to an understanding of how data is created, manipulated, stored, and transported in technical systems, technical data stewards are the individuals to consult. They can provide answers to questions regarding how data came to be in the format it is now. The IT application or technical processes that the Technical Data Stewards help connect Technical Data Stewards and Business Data Stewards.

Principles of Technical Leadership #

To successfully perform the new role of teach leader, there are seven fundamental criteria for taking control of the operational requirements.

Make a list IT staff is more than just a number on a spreadsheet. This information is valuable, but it does not tell the whole story. We’ll also need to know about your team’s project history, current (non-hired) CV, and the skills and positions they have—and want to have.

If we are to obtain this degree of information on our employees, they must be sufficiently involved in the idea of improving their abilities. They must be given the time and resources to do so.

When we can see a path—a role—that we can follow and grow into, we respond well. Assist your employees in moving in the right direction by requiring at least one unique path for each individual to ease skill growth. Make them aware of the new opportunities that will become available to them once they have acquired new talents.

Boost your self-assurance Have you ever encountered someone who claims to be an expert and wondered, “How can I be sure they’re right?” One of the reasons relationships are so crucial is because of this. We earn trust through time and then pass it on to others by endorsing them.

However, the inability to scale relationships in large companies, open recruiting markets, or gig economies prompts us to wonder, “How can we acquire confidence in the capacity of others when we don’t know them?”

The most reliable strategy to gain confidence in somebody is to endorse and test their abilities. For social skills, endorsements are appropriate; testing is a preferable option for distinct technical skills.

Technical expertise Technical leadership encompasses a wide range of roles and responsibilities. One of the first skills that a leader must possess is a thorough understanding of his field. Every member of the team looks to the leader for help when they have a problem thus, the teach lead should always be ready to analyze the code, scrutinize the associated papers, and finally, code - because one learns best by doing. Knowledge of PHP, JavaScript, and C++ is also essential.

Because the technical leader is also active in the organization’s hiring process, he should consider introducing diversity and inclusion into the team while simultaneously employing the best minds.

Proactiveness As the team’s leader, you’re responsible for a lot of the work’s clearance and progression. As a result, leadership must be highly responsive and quick to make decisions.

The current condition of the project should ideally be available to you at all times, i.e., you should always be informed of each small step taken by your team. Any potential stumbling block should be brought to your attention ahead of time.

Techniques of distinction The teach lead should set an example for everyone on the team because everyone looks up to them. Part of the work includes providing incentives in the form of utilitarian approaches and acting as a guide to any resources that require assistance.

Responsibilities of a Technical Leader #

The following are the responsibilities of a technical leader:

Recruiting and training technical staff
Delegating tasks and responsibilities to team members
Working together with their team to discover and resolve technical issues
Identifying the needs of consumers and then developing applications to meet those needs
Creating long-term objectives for their group
Verifying that all software and applications are updated
Monitoring changes to the system
Conducting security audits to identify places that can be improved

Challenges in Technical Leadership #

While a position of such responsibility may appear to be problematic in every way, it is vital to be aware of the most pressing issues from the start.

Team building

Finding and retaining talent that is appropriate to one’s needs is a challenge that any technical leader will face. Technology evolves at a breakneck pace, yet relevant skills and a workforce do not arise out of anywhere. As a result, the team should include personnel who are at least proficient in areas where fast change is expected in the near future, such as AI, data science, analytic, or software engineering. Members of the team must be kept motivated and engaged for reasons other than monetary gain.

The Transition

Although the change may appear natural, being in the role of a technical leader is certain to overwhelm someone who has previously worked as a team member. The shift from travelling alone to leading the way, from being responsible for yourself to shouldering a large amount of responsibility, is anything but natural.

Managing virtual teams

Managing remote teams has become more relevant than ever, and it has proven to be quite a puzzle. Even the most seasoned players will find it difficult to persuade the team to move together when each member is set up in a different area. As a result, a technical leader plays a more evolutionary role, requiring the individual to be able to adapt to and implement changes regularly.

Project management

Short project cycles and rushed schedules are well-known in the teach industry. The teach lead must be prepared to deal with serious burnout among the team on a frequent basis. In the case of severe workloads, outlets for letting stress out must also be properly discussed and practiced. As a result, a technical leader must also possess a certain level of emotional intelligence in order to keep the team’s spirits high during these trying times.

Conclusion #

Because of how dynamic the work of a technical leader is, it’s nearly hard to describe everything that might be required to fully comprehend it. Having said that, in such a working environment, a curious hard worker with a passion for education is sure to become a wonderful head.

Related reading

Use of RPA in Quality Up-gradation of Products

Vin Patel — Tue, 30 Nov 2021 11:21:00 +0000

Key takeaways

When it comes to process automation, as the name suggests, RPA (Robotic Process Automation) takes it a step further than solutions such as BPM, Workflow, or Case Management.
" In short and at a minimum, the robot clicks and enters the information for the employee.
It remains to be seen whether RPA is the first step in the transition to implementing artificial intelligence in companies (Machine Learning).

When it comes to process automation, as the name suggests, RPA (Robotic Process Automation) takes it a step further than solutions such as BPM, Workflow, or Case Management.

Indeed, with RPA, it is a question of automating business processes via robots, also called “bots,” to eliminate the repetitive tasks, with low added value and tedious, common to all sectors of activity.

The potentials of RPA are numerous:

Streamlining of daily tasks

Reducing costs

Improving performance and productivity

Enhancing know-how and human expertise within the company

Beyond the productivity benefit, the elimination of repetitive tasks contributes to better employee satisfaction and fulfillment, allowing them to focus on value-added activities within the company.

Now mature, this robotic succession is all the more timely in a context where bureaucratic tasks increase in proportion to data, technological innovations, and their appropriation within companies through their digital transformation.

So what is RPA for? What activities does it apply to? What are its opportunities, and for what benefits for the company?

The Basic Principles #

Entering basic information in forms, copying and pasting this information in several software packages are all administrative tasks that take much time. Repetitive and laborious, these tasks, now anchored in the company’s digital activity, are all the more subject to “human error,” typos, inaccuracies, and typing in the wrong places.

The fundamental goal of RPA is, therefore, to automate manual, tedious, and bulky tasks, such as data entry or information retrieval. Thus, the robot software reproduces human interventions, thanks to the processing of data produced in quantity.

Therefore, the concept of RPA is to replace human intervention, with the risks of errors and the loss of time that it implies, by robots.

Robots are software that operates automatically and autonomously on employees’ workstations and company servers or in the back office.

By being predefined with precision and automated, these business processes are accomplished in an ultra-responsive way and with precision by software robots.

In short: RPA automates manual and tedious tasks, such as data entry or information retrieval, in large volumes.

Owing to the processing of data produced in quantity, the software solution that is RPA reproduces human interventions, assuring speed, accuracy, and permanent availability in accomplishing these tasks for the benefit of business productivity.

What activities are involved within the company? #

The tasks involved have in common that they are predictable, repetitive, and present in high volume, mainly through increased company data.

These tasks are typically performed manually and are time-consuming.

Some application cases can be cited in different sectors: automatic responses to an e-mail, processing of customer orders, processing of requests by e-mail, processing of salaries, updates of customer profiles, processing of exceptions, payment litigation, patient registration, verification of supplier identification information, processing of customer orders.

How Does RPA Work? #

RPA facilitates the interaction between systems by using software robots, which perform actions such as copying and pasting data between screens, typing, clicking, opening, and closing applications and dialogs. Each of these actions is monitored and recorded in an audit report.

The robot performs the clicks or the entry and processing of information with a speed and relevance unmatched by any human intervention.

The Gartner thus defines RPA in its dedicated survey dated 2020:

“Robotic process automation (RPA) typically uses a combination of user interface (UI) and API interactions to integrate and perform data transcription jobs between different business and productivity applications. RPA automates repetitive human tasks by emulating the same human transaction steps primarily through orchestrated user interface interactions. "

In short and at a minimum, the robot clicks and enters the information for the employee.

For example, when a banker inboard a new customer, they will no longer need to enter a quantity of information about that customer in various software databases or information systems.

He will no longer have to switch from one system to another or duplicate the same information from one screen to another. Once the basic information has been entered, the robot will feed all the information in its integrity and the necessary locations. The robot, therefore, assists the banker, who can then spend time advising his client rather than completing these successive entries.

Business processes are automated and accelerated for the benefit of the employee, the customer, and the business in general.

What are the opportunities for the company? #

Like humans, RPA-configured robot software interprets data, initiates actions on it, and interacts with other information systems.
The only difference is that robot software can run these processes around the clock, 24/7, with unprecedented speed and flawlessly.
The need for employees to navigate between multiple systems is reduced to a minimum. The need for manual tasks is eliminated.
Not only is the productivity gain immense, allowing the company to accomplish these tasks in unprecedented quantities, but it also improves the quality of business processes. The consequence is direct on the significant improvement of the performance of the company while reducing its costs.

The opportunity also lies in valuing human expertise. Human intervention can therefore focus on the relationship with the customer and on exceptions and activities with high added value, which do not fall within the framework of routine and repetitive tasks of the company.

Benefits we can cite, among others:

Reduced execution times

Reduction or even elimination of manual errors

Increased productivity

Promotion of human know-how and expertise

Employee satisfaction/fulfillment

Improving the quality of business processes and work in general

Improved quality of service

Cost reduction

Permanent availability

Automation of interactions between business applications

Resolving compliance and audit issues

Traceability of each action during a process

Increased security

Speed of development and adaptation to the IS

What is The Link between RPA and Artificial Intelligence (AI)? #

RPA deals with simple tasks that obey predefined rules that the “robot” follows. No notions of understanding or simulation of human intelligence are involved.

On the contrary, artificial intelligence is related to human knowledge. Through contextualization, AI can process the cognitive attributes specific to humans, such as language, interpretation, and judgment. It remains to be seen whether RPA is the first step in the transition to implementing artificial intelligence in companies (Machine Learning).

In all cases, the RPA is intended to assist employees in accomplishing the most repetitive, lapped, and tedious tasks of the company, those which obstruct its performance and the quality of the work provided, as well as to the satisfaction of its employees.

Related reading

Questions and answers

What activities are involved within the company? #

The tasks involved have in common that they are predictable, repetitive, and present in high volume, mainly through increased company data. These tasks are typically performed manually and are time-consuming.

How Does RPA Work? #

What are the opportunities for the company? #

Like humans, RPA-configured robot software interprets data, initiates actions on it, and interacts with other information systems. - The only difference is that robot software can run these processes around the clock, 24/7, with unprecedented speed and flawlessly.

What is The Link between RPA and Artificial Intelligence (AI)? #

RPA deals with simple tasks that obey predefined rules that the “robot” follows. No notions of understanding or simulation of human intelligence are involved.

How Artificial Intelligence is transforming the Retail

Vin Patel — Thu, 04 Nov 2021 19:25:00 +0000

Key takeaways

For years, the retail business has been undergoing a digital change.
In addition, AI can create rich metadata for any product, avoiding human fatigue and error.
Automation alone can increase efficiency, give retail units time to think creatively, and provide great online and offline experiences.

For years, the retail business has been undergoing a digital change. It has improved speed, efficiency, and accuracy across the board. The primary asset to run the business efficiently is analytic, and digital will provide the data, using which all retail businesses can draw innovative strategies.

Without artificial intelligence, none of these insights would be feasible. AI in retail has given firms access to high-level data and information, which they can use to improve retail operations and create new business prospects. In fact, over three years, AI in retail is predicted to have generated $40 billion in increased revenue. According to a KPMG report, 90 percent of retail industry leaders believe their personnel are ready for AI adoption and have the necessary capabilities. Furthermore, 53% of retail executives indicated the COVID-19 pandemic had accelerated their company’s implementation. Simultaneously, 49% say AI adoption in their industry is growing faster than it should. Let us know in brief how artificial intelligence transformed the retail sector.

Helps to make better business decisions: #

The data collected, labeled, and organized may now be analyzed to find trends and patterns to help retailers make better decisions. AI provides performance insights of their target audience to retailers and helps create personalized experiences for every customer. The simple thing that can be done with the data available to find trends is exploratory analytic. While this is straightforward, it cannot be used to automate decision-making processes.

Retailers can use AI to generate data models and, as a result, build prescriptive or predictive decision engines. This can aid demand forecasting and enable them to make more data-driven decisions. In addition, these predictive models can learn to make better decisions over time by incorporating more and more data, allowing them to make better conclusions.

Data structuring: #

Data structuring is a very hectic process. The bulk data received from the manufacturer should be analyzed, structured, and then transformed into valuable data, which requires enormous effort and a time-taking approach. For example, Brand A puts up a crop top on their platform with a festive sale label, and Brand B puts up another crop top for the Diwali sale. While searching for offers, only Brand A’s will appear, and Brand B will not get so much traction and visibility.

AI helps with structuring raw data into valuable insights. As a result, Algorithm helps in identifying potential customers. Moreover, AI helps in identifying patterns of target audience and boosts your platform accordingly. With AI, structuring data can be done easily.

Data creation: #

AI can solve inaccurate and inconsistent data problems. Creating and labeling AI-supported data can be done at the beginning of the digitization process. In addition, AI can create rich metadata for any product, avoiding human fatigue and error.

This can be done using a computer vision algorithm that can automatically identify and accurately label various attributes of the product. You can also use the same Algorithm

to generate product titles and descriptions, making it easy to search for rich SEO-enabled metadata.

SEO-ready tags, titles, and descriptions make finding products on search engines such as Google and Being. In addition, digitization of image recognition products improves search, browsing, and SEO, achieving 90? accuracy and over 20% conversion.

Boost visibility: #

Finding a product is the first and most crucial step in a buyer’s journey. A straightforward discovery process can help retailers earn the trust of their buyers. Shoppers who find exactly what they are looking for are much more likely to return to the same retail store for their next purchase. On a website, discovery begins with a site search. According to research, 58% of web visitors often use internal search engines to navigate their website.

Search engine users are aspiring buyers and an essential segment of e-commerce sites. Therefore, search results on your website should capture the intent of your search query and display products that match the items you searched for as closely as possible.

For accurate, consistent, and structured data, the relevance of each individual’s results is more important than the relevance of the results. In other words, are the search results tailored to each individual’s style preferences?

AI-powered personalized retail search helps adjust search results by increasing the specific affinity of each shopper. Each time you click, you can see the buyer’s preferences and go to the relevant search bar to understand your customers.

Increase in sales: #

Few people add their favorite items to the cart but never make a purchase. This is known as ‘Cart Abandonment.? To help recover this situation, emails are sent to the respective user to purchase as a reminder. According to research, the retailers have lost almost $4 trillion through abandoned sales. Cart recovery emails are the best way to cope up with the loss. More than 60% of retailers utilize it, and it’s shown to be the most effective approach to engage with customers and recoup their losses.

Since the shopper’s inbox is constantly bombarded with many emails, you need to drop mail creatively to stand out from the rest. AI-powered emails help recover loss and build customer relationships, which again helps in conversions and sales.

Conclusion #

Retailers today need automation to collect data; they also need to consolidate that data to speak to the buyer in a single voice. Shoppers should be able to switch from online to offline effortlessly and back online again. This means that the data collected on your website should be made available to store sellers, and your website’s recommendations should be improved with products purchased by your store’s customers. Once a complete story about each buyer has been created, the data cannot be separated.

Retail and e-commerce AI can completely change the way teams work. Automation alone can increase efficiency, give retail units time to think creatively, and provide great online and offline experiences.

Related reading

Why Is Cloud Security Important? How Does Remote Work Need

Vin Patel — Fri, 08 Oct 2021 10:32:00 +0000

Key takeaways

Cloud security is the crucial thing you want to ensure your data hosted on cloud platforms are secured.
Disaster can not be controlled; however, you can minimize its effects on your business.
Hence they can stay competitive, and also their remote workers can safely execute the given task.

Cloud security is the crucial thing you want to ensure your data hosted on cloud platforms are secured. The high number of hacking cases on cloud storage of companies and personal data has increased the need for a highly secured cloud security option. Many business owners and self-employed professionals are now willing to use the ideal cloud storage that provides high-level security. And now, it has become one of the critical things in today’s cloud storage services.

What Is Cloud Security? #

Cloud security is the set of technologies, theories, guidelines, methodologies, and other essential things developed to ensure and control the cloud environment for its users and their crucial data. It conducts a strict system audit, implements the global security guidelines and frameworks and robust access controls. It also measures other things to prevent any caber attack and loss of essential data or access to users.

Currently, leading companies like Google Cloud, Amazon Web Services, and Microsoft Azure provide cloud service. And when you go for their cloud service, it is less about setting your profile but more about using such service safely for your requirements. These companies have invested millions of dollars in building their platform and keeping it secure. There might be only a thin layer of the loophole with their highly encrypted, protected infrastructure, disaster backup, connection, and many other features. That can affect your stored data and become the reason for unauthorized access. Thus, in this case, cloud security technology helps you to keep your data secure by implementing internationally regulated security guidelines like GDPR.

Why Is Cloud Security Important? #

In a report presented by Cisco, it was mentioned that almost 94% of the workload is dependent on the company’s cloud storage. That’s why companies stay more curious to find the methods to secure their virtual databases or cloud storage. It is essential to look for because Statista showed in its report that the hackers attack the company’s databases every 39 seconds in the USA.

Below are some key points that will highlight the need for an ideal cloud security solution.

#1. Centralized Security Control #

By using the cloud security solution, the company can centralize the security control and ensure high-level protection. Most of the businesses that use cloud systems have various sources and devices to use. And it creates difficulty to manage the platform and its crucial data. However, with a cloud-based security system, these processes can become centralized and easy to manage for various purposes. It also increases the efficiency to filter the traffic analysis process and streamline the same for better output.

#2. Cost-Efficient #

Many businesses look for solid reasons to implement any of the technology. These reasons mostly run around the cost of acquiring such technology. Implementing cloud security is a cost-efficient decision for the management to ensure security about the company’s crucial data. It does not require a heavy investment and also reduces the cost involved in placing physical hardware components. These technologies reduce the company’s capital expenses and save a considerable amount from the other overheads. Here you get a 24/7 cloud security service that does not require human attention. You save capital expenditure that can be spent on paying IT professionals.

#3. Disaster Recovery Facility #

Disaster can not be controlled; however, you can minimize its effects on your business. Hence by looking for the perfect cloud-based security provider, you can ensure that your customers’ stored data and other essential business insights stay with you. And it does not move anywhere with flooding, fire, or unwanted strikes in your organization. Hence if you want to keep retaining the trust and confidence of your customers, then it is always better to use a cloud security system.

#4. A Reliable Approach To Implement #

As cloud technology holds 94% of the work of businesses hence it needs to be secure. And by ensuring the security for the same, the cloud security solutions are the option on which the company can rely entirely. It ensures only authorized persons get access to the information and users can use the available data safely without any data breach.

#5. Minimize The Administrative Workload #

Once the company finds a reliable and reputable cloud service provider, it can help minimize its administrative work. Now they do not need to look for the manual security configurations and do not require updating their system quickly. The physical hardware store also has a massive drain that can be reduced by taking it to the cloud. Because this security administration can be done on behalf of the company without putting hard effort into the physical storage devices. Moreover, it also ensures to keep the cloud-based data access activity with the strict security process.

How Remote Work Needs An Increase To The Cloud Security System? #

Nowadays, most businesses are trying to implement the work from home or remote work culture in their organization. As it saves their capital expenditure and other overheads that they need to pay to a regular employee. But on the other hand, it also has increased the importance of using caber security solutions.

#1. The Massive Increase In Caber Attacks #

As per the report, hackers attack a company’s database every 39 seconds only in America. And hence the organizations need to ensure their data security, moreover with the remote worker, the risk of data the chances of hacking increases. Thus, these days the businesses also need to secure the endpoints from where their remote workers have access to such crucial data.

#2. Seamless Accessibility #

With the cloud-based solution, businesses can keep their data in a virtual database. And hence even if they are online, their remote workers can also access the data and execute the assigned work. Moreover, if the company has its physical database, it may need to stop the working process from monitoring the stored data. But if they have stored data in virtual form, it will not require any physical audit, and hence the workers can smoothly perform the assigned task.

#3. It Solves The Data Leaking Issues #

Generally, the cloud-based storage of the companies holds the vast data of targeted customers, data-driven solutions, and much other essential information. And if it gets continuous access by another professional, it can become the reason for leaking crucial data. At remote work, the professional may be using an unorganized structure to perform the work. And hence the malware or other harmful tools can access the same data from their devices. But cloud security adds an added layer of data security to the company’s data.

Conclusion #

Caber security is one of the crucial aspects needed for every business with an online presence and holds essential data. By using caber security solutions, businesses can save much time and prompt the working process. Hence they can stay competitive, and also their remote workers can safely execute the given task.

Related reading

Questions and answers

What Is Cloud Security? #

Cloud security is the set of technologies, theories, guidelines, methodologies, and other essential things developed to ensure and control the cloud environment for its users and their crucial data.

Why Is Cloud Security Important? #

How Remote Work Needs An Increase To The Cloud Security System? #

How AI-Enabled Robots Are Reshaping The World

Vin Patel — Mon, 02 Aug 2021 22:01:18 +0000

Key takeaways

You select the movie, get pillows and blanket on your couch, and order your favorite food from an online food delivery app.
- The use of machines eliminates human error and provides total efficiency.
The changes that take place with the developing technology can have both positive and negative impacts, for which we should be prepared.

? The intertwining of Robotics and Artificial Intelligence will lead us to the next generation.?

Overview #

It’s a weekend, and you have planned a movie night home. You select the movie, get pillows and blanket on your couch, and order your favorite food from an online food delivery app.

But when you open the parcel, it turns out to be cold and stale. You reopen the app from which you had placed your order and talk to the customer executive, complaining about the quality of food delivered. You manage to get a refund or credits to your account.

When you talked thinking it was a customer executive, you might or might not have noticed that it was a virtual assistant. The AI-powered chatbot responded immediately to your issue and acted as your problem-solver for the inconvenient matter.

What we had only imagined twenty years ago has already taken shape into a new reality. AI Robots are used everywhere now, from grocery buying and self-driving cars to smart speakers like Alex and Sir.

What is Artificial Intelligence? #

In simple terms, Artificial intelligence (AI) is the imitation of human intelligence by computers. The machines with AI are capable of problem-solving, copy human actions, display cognitive behavior and emotions.

The use of AI has begun in almost every industry. The most common examples include Facebook’s recommendation engine and Google’s AI-powered search predictions.

What is Robotics? #

It is a branch of engineering and technology that aims at the construction and functioning of robots. Robots are artificial agents programmed to perform tasks in the real world. They are the first automated technology known to man. They were designed to perform fixed tasks, but now the scenario is different.

Linking of Robotics and AI #

Artificial Intelligence has empowered modern robotics. Together, they are a powerful combination for task automation.

Now, instead of programming robots to perform specific or repetitive tasks, they are stippled with AI algorithms. They now exhibit human characteristics like recognizing scenarios, grasping, and objects. They can perform multiple tasks and learn new things.

How AI-Enabled Robots Influence Different Sectors #

We cannot argue the statement that AI robots will have a significant impact on humanity soon. They have raised vital questions like what they can do, what we should do with them, how they can be dangerous, and how we can control them.

The adaptability of robotics and AI has made them ideal in defense, healthcare, and education to manufacturing, locomotives, and gaming. Together, they have made rigid tasks flexible.

Let’s have a look at how AI and robotics affect the different sectors.

Impact on Workplaces #

A robot-integrated workforce means no vacations, illness, conflicts, or personal time. They can work day and night that will prove fruitful for the employers. However, it creates fears for employees since it can impact their employment.

However, there are two sides to this. While AI and robots will take over several jobs, they will also create new professions. Emerging automation doesn’t aim to eliminate jobs and advance the processes and make them more efficient.

According to a report, only 5% of jobs can get fully automated. The rest of the jobs will require human supervision, involvement, and participation.

Developing technologies might seem frightening, but it does create new jobs. Since machines cannot function independently, new types of careers with new skill requirements will emerge. People will shift from repetitive tasks to creativity. It will create new possibilities and innovations.

Impact on Industries #

Robotics in the manufacturing industry stepped around a half-century ago. Now, thinking about this industry without them is almost impossible. Few benefits of AI robots in manufacturing are:

The AI robots enhance productivity. They produce more in a shorter time and without breaks. They can also be customized, flexibly switched between tasks, and made to fix issues.
The use of machines eliminates human error and provides total efficiency. It increases customer satisfaction since it reduces defective products.
Some work environments are hazardous for humans. Using robots will ensure the safety of the workers and minimize physical injuries.
Using robots reduces the cost of manufacturing.

Robots in Healthcare #

Robotics fuelled with AI have rapidly advanced medical care and continues to grow.

Robotic machines have become a surgeon’s friend. They improve the accuracy of the process, which helps the patient recover quicker.
AI-enabled chatbots in consultancy platforms improve the field of medicine.

Besides the above applications, there are new advancements like medical wearable, analyzing diagnostics and medical history, 3D printing, and developing new drugs in a lesser amount of time.

Although medicine and healthcare have surpassed spheres that we could only imagine, there is still room for advancement.

In Farming and Agriculture #

Surprisingly, robotics and AI have greatly impacted agriculture and farming. Automation of agricultural tasks has enhanced productivity and boosted crop yield.

Robots designed to perform agricultural tasks handle watering, spraying, and harvesting better than humans. They also detect and effectively remove unwanted weeds and pests. AI algorithms analyze weather, crop, soil, and other conditions to predict the yield. Since the population keeps growing, automation of agricultural processes combats the challenge of food provision for the globe.

In the Automotive Industry #

Original diagram for Techfastly by Vin Patel.

The automotive industry widely uses AI-enabled robots. Robots perform most of the tasks, from lining up vehicles to the assembly of the parts.

This significantly reduces the cost of production. Also, when they are trained to perform tasks, they do it with full efficiency and better precision.

AI-Robots in Gaming #

AI and Robots have brought a new revolution in the gaming sector. It has transformed the designing and playing techniques of games.

With the help of AI and robotics, game developers have got their hands on incredible graphics, creating realistic environments, and creating characters that mimic the players.

It also helps collect data about the gamers, helping the developers create games that meet their expectations.

Apart from the course of computer games, online gambling has benefited from AI algorithms. It helps in predictions and provides gratification to the gamblers.

Sophia: The World’s First Robot Citizen #

Yes, humanoids are hitting the headlines now, out of which one of them is particularly famous. Hanson Robotics created Sophia, the world’s first humanoid citizen who can express emotions and exhibits social behaviors like a living being.

Sophia was unveiled in 2016, and she immediately gained prominence. She has interacted with distinguished personalities across the world and attended several conferences. She appointed the first humanoid innovation champion of the United Nations. She also holds citizenship from the Kingdom of Saudi Arabia, making her the first in line.

Conclusion #

With major advancements using the combination of artificial intelligence and robotics, the future is already there. Automating processes will not only make our lives easier and comfortable, but create scopes for further advancements, inventiveness, and the creation of innovative careers.

The changes that take place with the developing technology can have both positive and negative impacts, for which we should be prepared. Few questions remain unresolved until technology reaches its peak- will we control the AI-powered robots or will they empower us?

Related reading

Questions and answers

What is Artificial Intelligence? #

What is Robotics? #

It is a branch of engineering and technology that aims at the construction and functioning of robots. Robots are artificial agents programmed to perform tasks in the real world.

How AI-Enabled Robots Influence Different Sectors? #

Melon Musk Warned By The World-famous Hacker Group

Vin Patel — Tue, 06 Jul 2021 23:11:32 +0000

Key takeaways

Melon Musk, the CEO of Tesla and SpaceX, received a warning from the hacker community ‘Anonymous’ on Sunday, accusing him of having “liquidated ideas” and “destroyed livelihoods” with his tweets about cryptocurrency.
Bitcoin prices have been roiled by Musk’s social media posts, notably his decision to withhold Bitcoin payments to Tesla Inc.
Hannah Montana is actually Miles Cyrus," he said, taking a shot at the hackers’ organization.

Overview #

Melon Musk, the CEO of Tesla and SpaceX, received a warning from the hacker community ‘Anonymous’ on Sunday, accusing him of having “liquidated ideas” and “destroyed livelihoods” with his tweets about cryptocurrency. A single tweet from a tycoon in the United States can send the value of a coin surging or bring it to the surface.

As a cryptocurrency aficionado, Melon Musk shares his thoughts on digital assets practically daily via Twitter and has even called himself the “Dogefather” of cryptocurrencies in the past. Recently, the billionaire has been tweeting more and more about Dogecoin, a digital currency based on the Shiva Inu dog that began as a joke on the internet.

‘Bitcoin as a form of payment’. The reaction to Musk’s tweets has become increasingly harsh in recent weeks? people simply blame him for rising or dropping prices, telling them it costs them a loss and manipulating the markets. Some even went so far as to launch ($StopElon), a cryptocurrency dedicated solely to dethroning Musk.

Melon Musk Has Influenced The Price of Bitcoin #

For more than a year, Melon Musk has tweeted about cryptocurrencies multiple times, all of which have garnered attention for triggering price changes in cryptocurrencies. Most of his tweets, of course, focused on Bitcoin and Dogecoin in particular.

In response to Tesla CEO Melon Musk’s announcement that the electric carmaker will resume cryptocurrency transactions once mining starts with more environmentally friendly options, bitcoin surged above $39,000.

After Sygnia’s executive chairman accused Musk of “controlling the bitcoin market,” the famous CEO reacted. Tesla will resume allowing Bitcoin transactions once it has received confirmation that miners are using acceptable (50 %) energy production and that the future trend is good.

Bitcoin’s market valuation has risen to $733 billion, accounting for more than 45 percent of the overall crypt market capitalization, following the latest increase.

Melon Musk made the first public reference to bitcoin in 2014, stating that it was ‘probably a positive thing. It wasn’t long before rumors began to circulate that he was Satoshi Nakamoto himself (pseudonym of the Bitcoin founder).

After committing himself to a more serious cryptocurrency adventure in 2019, Felon’s skepticism about cryptocurrencies began to change for the better. Considering its technology and usability as a prospective element of his business model, he began to investigate it.

Bitcoin’s Price Has Dropped #

After a Twitter post from Melon Musk implying a possible split with the largest cryptocurrency, bitcoin prices fell more than 3 percent to roughly $37,809 on Friday, the latest posting from the businessman to have an impact on the token’s price.

Users can spend money anonymously with Bitcoin because it is not connected to a bank or financial institution. There is no physical counterpart to a virtual currency. The currencies is created by users who “mine” them by granting computing power to other users in order to verify their activities.

Also available for purchase and sale on exchanges are coins, which can be exchanged for United States dollars or other currencies. The cryptocurrency Bitcoin is accepted by a few businesses that accept payments, as well as several commercial banks, allow it to held in customer portfolios, but its widespread popularity is still limited.

Bitcoin prices have been roiled by Musk’s social media posts, notably his decision to withhold Bitcoin payments to Tesla Inc. because of concerns about the environment.

A World-famous Hacker Group Warned Melon Musk #

The anonymous group has expressed in the clip that Melon Musk’s reputation is not one that he deserves, and they have also included their viewpoints in the video. According to them, he has lost control of his public image, which has led to his being perceived as a selfish, wealthy jerk who seeks attention.

The group also addressed Melon Musk’s Twitter tweets, expressing their belief that he had been able to gain a large number of followers and generate a frenzy by insulting one another on social media platforms. They said that all his Twitter messages were nothing but trolls.

They have added that the hunt to save humanity, which Melon Musk claim, is stupid and not an actual concern he holds for humanity. They said that the corporation had generated money by storing bitcoin and blamed Melon Musk for dabbling with crypt-monetary games that damaged people’s lives.

Melon Musk’s tweets about bitcoin are believed to be one of the primary reasons for the video’s release. It is widely believed that Melon Musk massively boosted the value of bitcoin by convincing a large number of his followers that bitcoin was valuable and that they should invest in it.

A video posted by Anonymous claims that Melon was already aware of the environmental damage done by Bitcoin and that he took this action when it became clear that the government subsidy provided to Tesla was causing environmental damage. Musk has denied this claim, saying that the video was scripted by Anonymous.

Melon Musk Replies To The Anonymous Video #

As a relatively solid corporation, Tesla appears to have been thrown to the side by the hacker group’s recent charges against Melon Musk. The stock price of Tesla has grown by 3 percent since the clip popped up, indicating that the hacking group’s allegations have been brushed aside.

Instead of receiving vitriol from all corners of the internet, Tessa’s CEO received messages of encouragement and affection from his fans. In the middle of the claims leveled against him, the hashtag #WeLoveYouElon became a trend on Twitter.

The post comes after an unnamed hacker group ’threatened’ Musk to influence the Bitcoin market through its tweets.

His response to the hacker mask meme seems to be no unexpected, and he received negative feedback from the hackers in response to it. After going viral, the video sparked the creation of numerous memos, which Musk, a self-proclaimed fan of dank memos, joined in on. Hannah Montana is actually Miles Cyrus," he said, taking a shot at the hackers’ organization. "

Related reading

Business Process Management

Vin Patel — Tue, 15 Jun 2021 23:13:07 +0000

Key takeaways

Almost every business has a feature that could be improved or optimized, they all have something that could be made smoother, more streamlined, more effective, or more productive.
Re-engineering This stage is not always included in the business process management lifecycle.
With all of these advantages, it’s no surprise that more and more businesses are looking to BPM apes to help them excel.

Businesses will always improve. Almost every business has a feature that could be improved or optimized, they all have something that could be made smoother, more streamlined, more effective, or more productive. As a result, businesses are constantly looking for new ways to improve their internal processes. They’re always on the lookout for the latest technology or methodologies that might help make things run better and more smoothly. In this way, business process management (BPM) is something of a “baggy” term? it covers everything from the mundane to the extremely complex, and everything in between. But every BPM initiative has one thing in common: they’re all intended to make existing tasks easier and/or more efficient.

To comprehend business process management, you must first define what exactly represents a ‘process.’ The word can seem hazy and is often confused with other terms, such as ‘projects’ or ’tasks,’ but there are certain main components that differentiate it from the other two.

Size and consistency are the primary characteristics that distinguish systems from programs and activities. A procedure is repeated regularly, while a project is more like a one-time deliverable. And activities are the smaller, more human acts that include all processes and programs.

Business process management, as a technique, illustrates the two defining characteristics: it is regularly executed to optimize operations daily, and it typically refers to processes that have significant consequences for how a business works.

Business Process Management Lifecycle #

Design

Design is the first step of every business process management development cycle. This is the stage at which market analysts get a sense of the current process and begin to sketch out what an optimal, productive new process would look like.

Acquiring data is critical at this time. People in charge of a business process management initiative should investigate aspects such as basic policies and procedures, protocols, alerts, and the process flow to fully understand where the existing process stands and how it can be changed.

Modeling

A design created in the previous phase is validated and scrutinized with tougher figures and predictive data in the modeling stage, making it less conceptual and more directly applicable.

This may include adding variables such as future increases in expenses, fluctuations in market conditions, or any other considerations that may modify the circumstances under which the mechanism works.

Execution

The execution stage is also known as the implementation stage, is when the modifications to the method that have been planned and modeled are implemented. It frequently necessitates putting in significant effort and training everyone who leverages or engages in the process about how to carry it out correctly. Depending on the design of the operation, this stage is normally assisted by human action, robotics, or a mixture of the two.

Monitoring

The BPM does not end with implementation. When done correctly, it shouldn’t end in general, it should be a continuing endeavor. To shed light on a process’s configuration and efficiency, it must be continuously monitored and observed. An organization must have a complete insight into how a procedure works to detect and correct any glitches, mishaps, or outright shortcomings.

Optimization

The bugs discovered during the monitoring stage are solved during the optimization stage. It is the mechanism by which companies implement the data they have gathered by making changes to the configuration of a process. It is normally a continuing effort, similar to the previous stage.

Re-engineering

This stage is not always included in the business process management lifecycle. That only happens when a process design is so deeply faulty that a company can’t expect to repair it with small tweaks. In such situations, an organization may decide to fully redesign and re-engineer the process at hand.

Original diagram for Techfastly by Vin Patel.

Benefits of Business Process Management #

Improved Business Agility #

Adopting BPM will improve a company’s speed and capacity to fulfill demands A well-integrated BPM enables an organization to halt its business processes at the first indication of a challenge, make changes to the procedure, and then rapidly and efficiently resume operations. The modular designs of BPM enable customers to monitor improvements in business processes and adapt them to meet the needs of the enterprise. As the systems adapt, detailed reporting allows management to see and forecast the impact of improvements on the overall business structure.

More Complete Visibility #

BPM employs sophisticated tools to map and control company operations from start to finish. BPM allows for an ongoing database of automatic procedures, allowing for real-time evaluation of the effectiveness of each phase. Without focusing on labor-intensive manual procedures, automated testing shows the success of and business operation. Management can achieve a greater view of the overall market operation by analyzing the results of each phase in the process, allowing them to adjust or change the flow of each business process.

Increased Opportunities for Continuous Improvement #

Process improvement programs are based around the premise that companies can be more competitive by implementing a sequence of incremental, continuous changes rather than a large, top-to-bottom overhaul. The details that BPM provides an organization on its different business processes facilitate process refinement and adaptation. BPM should ensure that the judgments governing these gradual improvements are supported by the facts and data required to ensure progress.

Cost-Effective

Business process management removes an amount of weight from the organization’s activities, including extra manpower and infrastructure maintenance, and that lean productivity will result in substantial financial benefits. That is, in reality, why many businesses embrace business process management in the first place.

End-User Experience #

One of the biggest benefits associated with BPM software is that it focuses on the end-user experience. This means that a company can be more efficient without having to see any noticeable changes in its operations. The end result is saved time and money for all involved.

Easy Communication #

Another benefit of using BPM software is the ability to share information about each process among team members. This makes it easier for team members to communicate and learn from each other, which creates a more unified effort in the long run.

Affordable BPM Tools: #

Business process management tools enables the management to look within their organization and consider how each business process operates. This improved understanding will result in cost cuts, sales growth, and increased business productivity. With all of these advantages, it’s no surprise that more and more businesses are looking to BPM apes to help them excel.

Related reading

Also, other recent caber-attacks such as those on a SolarWinds software provider and a Florida Water Plant emphasize that the success of these events will depend on the shortcomings of the measures in place to mitigate such caber threats.

Caber Attack Leads to Shut Down of the US Fuel Pipeline

Vin Patel — Mon, 17 May 2021 22:08:13 +0000

Key takeaways

All About the Caber-attack on the US Oil and Gas Pipeline A caber-attack on May 7 involving ransomware has led to the top US oil and gas pipeline operator; Colonial Pipeline shut its entire network.
Meanwhile, DarkSide has acknowledged the incident in a public statement after they took a major US fuel pipeline offline over the weekend.
This incident contributed to the tight supplies and gasoline price hikes in the United States after the hurricane forced several Gulf refineries to shut down.

All About the Caber-attack on the US Oil and Gas Pipeline

A caber-attack on May 7 involving ransomware has led to the top US oil and gas pipeline operator; Colonial Pipeline shut its entire network. The Colonial Pipeline fuels through 5,500 miles of pipelines that connect their refiners on the Gulf Coast to the east and south of the US. This is one of the most disruptive digital ransom operations ever reported that sheds light on the vulnerability of the US energy infrastructure to hackers.

Managing director of the Climate Policy Lab and Research Professor, Amy Myers Jaffa says,?This is as close as you can get to the jugular of infrastructure in the United States and it is not a major pipeline, and just the pipeline.?

This ransomware attack on the major US fuel pipeline could be one of the most expensive attacks on an economy. It is the latest reminder of the increasing frequency and severity of the catastrophic digital shocks on critical infrastructure.

The growing digitalization in critical infrastructures such as water, oil, and gas increases the risks of caber threats and attacks. With digitalization driving the growth and transition to net-zero emissions, the ecosystem of the energy sector has become increasingly decentralized and complex.

As per the 2021 Global Risks Report, cybersecurity failures are among the top mid-term threats for the world. According to a recent survey run by The World Economic Forum among the Cybersecurity Leadership Community members, about 80% of senior cybersecurity leaders view ransomware as a dangerous growing threat to public safety. Also, 97% of them have expressed that continuity in business is a major risk when it comes to ransomware attacks.

As the Colonial Pipeline, a US fuel pipeline operator, is shut down post a ransomware attack, it is estimated that a prolonged shutdown would cause prices to rise at the gasoline pumps across the country. This could be a potential blow to US consumers and the economy.

This caber incident has shown how essential service providers are more vulnerable to widespread caber threats. That’s why cybersecurity is becoming a corporate strategic challenge that requires the highest level of oversight in the complex global industrial environment.

About Colonial Pipeline #

It is a privately held, Georgia-based company that is owned by the CDPQ Colonial Partners L. P., IFM (US) Colonial Pipeline 2 LLC, Koch Capital Investments Company LLC, KKR- Keats Pipeline Investors L. P., and Shell Midstream Operating LLC. The firm serves some of the country’s largest airports, including Atlanta’s Hartsfield Jackson Airport, the world’s busiest by passenger traffic.

Update After Caber Attacks on The Pipeline #

Colonial Pipeline is taking steps to understand and resolve this issue so they can efficiently and safely restore their services to normal.

A former official says that the US government investigators are looking at a professional cybercriminal group dubbed ‘DarkSide?, which is renowned for deploying ransomware and extorting the victims while avoiding targets in post-Soviet states. Ransomware is a type of malware that’s designed to lock down the systems by encrypting data and demanding payment to regain access.

Colonial states that a cybersecurity firm is helping them with the investigation and contacted the law enforcement and federal agencies. Sources from the cybersecurity industry say that FireEye?, a cybersecurity firm headquartered in California, was brought in to respond to this caber-attack.

President Joe Biden was briefed on this ransomware attack, and the government has been working to help the Colonial to restore its operations and prevent their supply disruptions. Mr. Biden said that the government agencies acted promptly to lessen any impact on the fuel supply caused by this attack. Further, they are actively preparing extra steps depending on how quickly the firm restores its normal operations.

Three days later after the incident, the Federal Bureau of Investigation (FBI) officially confirmed that a caber-criminal gang, ‘DarkSide?, was responsible for compromising Colonial Pipeline’s networks.

The Department of Energy said it was monitoring the potential impacts on the nation’s energy supply, while both the US Cybersecurity and Infrastructure Security Agency (CISA) and the Transportation Security Administration were working on the situation. Executive Assistant Director of the Cybersecurity Division at CISA, Eric Goldstein said,?We are engaged with the firm and our interagency partners regarding the incidence that emphasizes the ransomware threat to businesses and organizations irrespective of the size or sector.?

Colonial did not say how long its pipeline would be shut or did not give further details about the situation.

Caber Strategy Lead of the Center for Cybersecurity at the World Economic Forum, Algirde Pipikaite said,?Cybersecurity vulnerabilities have become a systemic issue. Unless embedding the cybersecurity measures during technology’s development phase, there is a higher risk to see such frequent attacks on the industrial systems.?

How Did The Caber-attack Occur? #

Cybersecurity sources said this ransomware attack was likely caused by a cybercriminal gang called DarkSide. They infiltrated the network of this operator and locked the data on some of their computers and servers, and are now demanding a ransom from the Colonial Pipeline.

Digital Shadows, a cybersecurity firm in England thinks the Colonial attack was helped by the coronavirus pandemic, as more engineers remotely access the control systems for the pipeline from their homes. The co-founder of this cybersecurity firm, James Chappell believes that DarkSide could have bought account login details from remote working software such as Microsoft Remote Desktop and TeamViewer.

He adds anyone can look up the login portals for the computers connected to the internet on search engines like Shoran, and then have hackers try username and passwords until they get some to work. Mr. Chappell said there is an increase in the number of cybercrime victims and the number of small businesses falling prey to cybercrimes is becoming a big problem for the economy worldwide.

The research by Digital Shadows shows that DarkSide is probably be based in a Russian-speaking country because it avoids attacking companies in Ukraine, Russia, Armenia, Azerbaijan, Belarus, Kyrgyzstan, Georgia, Turkmenistan, Kazakhstan, Uzbekistan, and Tajikistan.

More Details On This Incident #

Meanwhile, DarkSide has acknowledged the incident in a public statement after they took a major US fuel pipeline offline over the weekend. Colonial pipeline carries about 45% of the East Coast’s supply of gasoline and other fuels. After the caber-attack, the fuel operator took itself offline and is working to restore its service.

Their website shows, ‘Our goal is to make money, and not create any issues for society. From today, we introduce moderation and check each company that our partners want to encrypt for evading any social consequences in the future.?

How Did They Deal With This Ransomware Attack? #

The FBI and other government agencies worked with private cybersecurity firms to respond to this caber-attack. They took down the cloud computing system the hackers used for collecting the stolen data on Saturday. Colonial stated that although its four main pipelines remained offline, some smaller lines between terminals and delivery points were now operational.

They said after learning of the attack, they took certain systems offline which temporarily stopped all the pipeline operations. It also affected some of their IT systems that are being in the process of restoring. They further said they will bring its full system back online only when they believe it is safe to do so, and in full compliance with the approval of all federal regulations.

Ransomware as a Service #

This incident highlights the risk of ransomware to not just the businesses but critical national industrial infrastructure. The victims of a caber-attack by DarkSide receive an information pack notifying their servers and computers are encrypted.

This cybercriminal gang has listed all the types of data they have stolen and sends the URL of a ‘personal leak page? to the victims, where the data is locked and waiting to be automatically published if the organization or company doesn’t pay before the deadline. They also inform their victims sharing the proof of the data it has obtained, and they are prepared to delete all of it from the target’s network.

According to Digital Shadows, this cybercriminal gang operates as a business- develop the software used for encrypting and steal data from the companies. Then provides ransomware to affiliates who pay them a percentage of their earnings from any successful attacks.

After releasing a new software in March this year, the gang issue a press release and invited journalists to interview them about how this program could encrypt data faster than before. DarkSide has a website on the dark web listing all the companies they have hacked, details of what was stolen, and has an ’ethics? page stating which organizations they will not attack.

Worries on the Increasing Pump Prices #

As per the American Automobile Association, a prolonged outage of the line could trigger increases in gas prices at the pumps, which is worrying for consumers ahead of the summer driving season. Andrew Lipow, President of Consultancy, Lipow Oil Associates said, ‘A shutdown lasting four or five days could lead to sporadic outages at the fuel terminals along the US East Coast that depends on the pipelines for deliveries.?

Post shutdown, the gasoline futures on the New York Mercantile Exchange gained 0.6% while diesel futures rose 1.1%, both overtaking gains in crude oil. Gulf Coast cash prices for both gasoline and diesel edged lower on the prospects that the supplies could accrue in the region. Oil refining companies said that their operations had not yet been impacted by this caber-attack and remain in full service.

How to Increase Cybersecurity? #

Businesses and governments must reimagine how we use and manage our critical infrastructure to harness the value offered by digitalization and mitigate potential risks. They should understand the effects of our individual actions to establish frameworks for shared responsibility. We are more likely to see such frequent attacks on industrial sectors like the water treatment plants or the oil and gas pipelines unless we embed cybersecurity into the corporate or industrial sectors.

Based on the recommendations developed by the World Economic Forum and a mufti-stakeholder oil and gas community, here are the six principles to guide the critical infrastructure and industry stakeholders to improve their cybersecurity:

Create a comprehensive cybersecurity governance model
Promote security and resilience-by design culture
Increase the visibility of risk position by the third parties and consider broader ecosystem model
Implement holistic risk management and defense mechanisms with effective prevention, monitoring, response, and recovering capabilities.
Prepare and tests resilience plan based on a list of pre-defined scenarios to mitigate the impact of an attack
Reinforce international public-private collaboration between all stakeholders in the industry

Wrap Up #

The American Petroleum Institute, a top oil and gas industry trade group in the US is monitoring the situation. This cyberattack is a wake-up call for US lawmakers as it shows our lack of preparedness to deal against caber-attacks on critical infrastructures.

In 2017, Colonial Pipeline had to shut down its gasoline and distillate lines when Hurricane Harvey hit the Gulf Coast. This incident contributed to the tight supplies and gasoline price hikes in the United States after the hurricane forced several Gulf refineries to shut down.

Related reading

Questions and answers

How Did The Caber-attack Occur? #

How Did They Deal With This Ransomware Attack? #

How to Increase Cybersecurity? #

How to Prepare Your Business for Remote Work Effectively

Vin Patel — Fri, 04 Sep 2020 18:38:42 +0000

Key takeaways

Tens and thousands of workers around the world have been told to work from home as governments take action to prevent the spread of COVID-19, aka Coronavirus.
The enforced work from home culture due to COVID-19 has made most organizations worldwide embrace it and continue to experiment with new ways of working post-crisis.
Though they could feel liberating, they’ll find themselves lonely and isolated.

Tens and thousands of workers around the world have been told to work from home as governments take action to prevent the spread of COVID-19, aka Coronavirus. This means most office-based employees are now remote working for the foreseeable future. It is up to the organizations and companies to ensure that their employees feel supported during this unprecedented situation.

Remote working has now taken over approximately all employees by enabling them with the technology and flexibility to do their best work from home. As quoted by the Head of Digital Transformation for Public Health England, Mr. Harvey Never, ‘Remote working is an opportunity for people to embrace the way life is nowadays. There isn’t just work and life; there is life, and the outcomes you’re on the hook for at work are part of your life as well.?

However, if you are planning to prepare your business for remote working effectively, a lifetime of sharing memos isn’t enough to qualify your employees are ready to embrace the change. Let us now discuss how to prepare your business for remote working effectively.

Changes in the Workplace Due to Coronavirus #

Each day we all learn ways to adapt to the work from home culture, as we are practicing social distance and self-isolation in response to the COVID-19 pandemic. Here in the US, while most of us are speculating on the length of this shutdown and when we return to everyday work lives, the reality is that the virus has changed how we work by forcing us to adapt to working from home.

This pandemic has shown more employees working from home by relying on chats, emails, videoconferencing, and phone calls to communicate with colleagues quickly, instead of meeting face-to-face physically at the workplace. Being online all the time has changed the typical workday of eight-hours with employees setting up clear boundaries, apportioning their leisure time, family time, and sleeping hours. Otherwise, they risk a tiring day and spending reduced quality of life.

Original diagram for Techfastly by Vin Patel.

Kevin Roose, a work-from-home evangelist, told everyone within earshot about the benefits of avoiding the office- no commute, no futile meetings every day, and no distracting co-workers. While researching the pros and cons of remote work for his upcoming book about human survival in this age of automation and artificial intelligence, he has now come to a very different conclusion: ‘Most people should work in an office, or near other people, and at any cost avoid solitary work-from-home arrangements. Except for new parents, people who aren’t well-served by the traditional office set-up, and those with disabilities for whom remote working is a good option.’ [1]

Now we should abide by the health guidelines and not force our employees to work at the office during this pandemic. We should also remember that there are millions of professionals for whom remote working is never a viable option. Working from home offers creative ways to form work communities and build friendlier relationships with colleagues. The comfortable one-on-one video meetings, virtual happy hours, and blurred work versus personal identities increase the employees’ ability to be authentic and bring them together virtually while everyone is practicing social distancing.

With the changes in the employees’ work lives brought by the pandemic, companies and organizations have been shown how to operate their business more effectively through remote working.

Are These Changes Permanent or Temporary? #

As per the world leaders across many countries fighting with Coronavirus, we have to learn to live with this virus. Lockdown forever isn’t an option as economies of many countries are reeling under the current pandemic situation. However, work from home is not always a feasible option for some businesses and organizations that need physically present employees to get their manufacturing and construction work up and running. Many fields of work lack their workers to continue with the unfinished work, which has been stalled due to the government’s order of implementing a nation-wide lockdown across many countries worldwide.

Also, employees who are currently working from home, fully wired on their smartphones, laptops, and other devices, seem to have jumbled up their schedule altogether. This happens as they have to take up the responsibility of both their home and work while working from home. It involves juggling between scheduling a virtual meeting with their colleagues, booking groceries online, doing household chores, and spending quality time with their family. Moreover, some of them are complaining of fatigue and tiredness due to increased screen time with binge-watching and irregular sleep hours during their self-isolation time at home. [2]

Adam Grant, American Psychologist, Professor at the University of Pennsylvania, and the best-selling author and host of the podcast, WorkLife, studied how to make work better. In a recent interview for the Podcast of ‘World Versus Virus’ with the World Economic Forum, he said that owing to the current pandemic environment redesigning the jobs seems a necessary step to be taken as a change in the workplace.[3] Now that means you have to make the workplace more motivating, try to build cultures of creativity and generosity in teams, or even try to make the entire organization more productive.

As leaders in the industry, you should grab this opportunity to give your employees more control over their jobs and hopefully discover that you can trust them to manage their schedules. You may want to become more hands-on in learning about your employees’ strengths, interests, values, and motivations. The enforced work from home culture due to COVID-19 has made most organizations worldwide embrace it and continue to experiment with new ways of working post-crisis.

Though it may seem like some employees won’t return to their workplace even after the pandemic gets under control, it is too early to come to any conclusion regarding whether these changes are permanent or temporary.

How Can A Company Help Its Employees with Remote Working? #

As the workforce is now more distributed than ever, teams and workers become more flexible and agile. As per the statistics, about 50% of the US population works remotely. Also, around 80% of remote workers have reported experiencing less work-related stress. So, you should ensure to help your employees with remote working using the right tools and imparting proper training to support your team during such hard times.

There are video conferencing tools that bring close to an in-person experience with excellent video and audio quality that’s user friendly. Some video conferencing tools include Zoom, Google Meet, Appear.in, Google Hangouts, and Join.me. The number of online chatting applications has revolutionized today’s companies’ working standards, as these have created an enormous shift in their internal communication. Some of the best chat apes include Slack, Chanty, Yammer, and Workplace, by Facebook.

The most critical areas you should consider when looking to invest heavily in remote working solutions include the file storage tools while making sure it reduces the onboarding time with the software. The best file storage tools include Google Drive, Microsoft OneDrive, and Dropbox. Productivity or Project Management tools will provide you with stats that prove your employees are more productive when working remotely. Todoist and Trello are the best project management tools out there. [4]

How Can Employees Set Themselves Up for Success in A Remote Working Environment? #

Setting up a calendar and scheduling management can help your employees set themselves up for success in a remote working environment. Collaborating with others while working remotely through project management tools and software is another way to keep track of the work completed by your employees and reward them appropriately for their efforts.

Suppose you are looking for employee engagement with remote working. In that case, you should invest in rewards and recognition software that will effectively recognize your workers’ outstanding efforts without leaving your table. Vantage Circle is the best option to consider when it comes to rewards and recognition. It is a fun and engaging way to reform your company cultures and employee engagement.

Vantage Circle is an easy to use software to help you engage with your employees, which will eventually improve your company’s culture.[5] It provides your workers with features to appreciate each other that appears on everyone’s feed. This public appreciation will empower your employees for success, even when they are in a remote working environment. Vantage Circle is an employee engagement on the go software that ensures every effort of your remote workers gets recognized.

Learning from The Best #

Though we have been provided numerous benefits of remote working that help get back on the hours lost in transit, the real challenges involve making this option a viable solution for all kinds of business, especially during a pandemic. On the upside, work from home makes the employee feel happier and thus more productive. But the downsides include your employees not having fewer distractions but a different one, it can negatively impact their work-life balance. Though they could feel liberating, they’ll find themselves lonely and isolated.

Related reading

Questions and answers

Are These Changes Permanent or Temporary? #

How Can A Company Help Its Employees with Remote Working? #

As the workforce is now more distributed than ever, teams and workers become more flexible and agile. As per the statistics, about 50% of the US population works remotely.

How Can Employees Set Themselves Up for Success in A Remote Working Environment? #

Setting up a calendar and scheduling management can help your employees set themselves up for success in a remote working environment.

Ditch Your Rule-Based Chatbot Strategy for Conversational AI

Vin Patel — Tue, 26 May 2020 08:23:00 +0000

Key takeaways

Marketing Executives around the globe have a view to automating customer service using chatbots.
Think like you are running an image recognization like algorithm on natural conversations on chat to map the primary intent of the customer.
The challenges with rule-based bots get addressed by engaging the customers with an intent oriented conversation and engaging humans to perform validated tasks.

Marketing Executives around the globe have a view to automating customer service using chatbots. 91% of CEOs think about automating customer service, but only 52% can implement, and chatbot effectiveness is still questionable. Chatbots as a trend picked up in 2017 and 2018. 2017 had 84 tech startups whose primary focus area was chatbots. In 2018 the number decreased to 42 and in 2019 to 12. Gartner had predicted that 80% of enterprises would use chatbots in their applications by 2020. The fact in 2020 is that chatbots, in general, have failed to impress executives because of low Return of Investment (ROI) and the end-users on lack of providing relevant service. Most of the available chatbot engines have some rule-based engine combined with Artificial Intelligence (AI) working on the customer data of the enterprise. With the current trend, the best practice for Rules-based chatbot implementation is:

The CEO/CTO has to cultivate a data engineering culture first, meaning the enterprise should be ready to mine insights from the data assets they have collected over several years. The process involves collecting, consolidating, cleaning, and making the data available for analytic. The data that is capable of generating insights is the data that you need to input in the chatbots.
Start with a small proof of concept or a trial with long term strategic vision or business objective in mind. Making the objective clear makes you win half the battle. Example: " We need to increase our cross-sells by x% by reaching our customers on mobile apes by a chatbot in 3 months."
Embed the chatbot on the right delivery channel in your organization. The right digital channel is where your customers are engaged the most. Depending on your business, it can we web, mobile, or both.
Integration of proper authorization and data security. For example, you will like to authorize your existing customer by capturing his account number or his unique identifier and also encrypt his personally identifiable information so that it is not visible to all.

Original diagram for Techfastly by Vin Patel.

Most of the chatbot companies that currently provide a solution have a rule-based AI Mechanism to handle the responses, and they become efficient when customer data is leveraged. This process is quite time consuming and the reason why chatbots become a controversial topic in executive meetings. With the progress of deep machine learning technologies in the past two years, automated conversational chatbots are leading over rule-based chatbots. These chatbots, instead of being rule based on consumer data, they use the conversational data of entire social media to find the intent of the consumer. Matching with customer data is not required, as in the case with the rule-based chatbot. Think like you are running an image recognization like algorithm on natural conversations on chat to map the primary intent of the customer. The image recognition algorithms match an image rapidly with billions of mapped images to find the type of image. Similarly, a conversational chatbot map outlines a natural conversation to make it contextual based on conversations sets in social media.

Facebook is a pioneer of discussions on social media, and they have recently open-sourced their deep conversational machine learning intelligence. Facebook has pre-trained 9.4 billion neural networks on massive conversational data. It uses 1.5 billion existing open domain natural conversations to train conversations. The conversation seems like human interactions in a very contextual fashion. The algorithm( ) can handle a terabyte of conversation data sets quite quickly. The approach to bring your organization’s data to work will be to do speech to text conversation of your entire call center historical data set and include that as a training set on top of already available intelligent pre-trained neural network. The algorithm uses skills like knowledge, empathy & personality to engage a consumer in a natural conversation based on billions of trained conversations. It then blends all three skillets to keep the consumer more engaged in the conversation. This blending is known as blended skill talk. An example of a blended skill talk is as below:

Original diagram for Techfastly by Vin Patel.

The conversational chatbots can handle conversations like negotiations, chitchats, question and answer, empathetic dialogs, booking reservations, quizzes, and so on. This powerful conversational AI can be easily integrated into Facebook messenger to acquire customers, perform transactions, brand awareness, and excellent customer service.

This technology is easy to implement as compared to the enormous time, effort, and money required for rule-based custom chatbots. The key is to use powerful, open-sourced AI with an already available and integrable chat platform like Facebook messenger. The difference between rule-based chatbots and conversational chatbots is a faster time to market with better customer experience and engaging conversations. Also, Python is the language for this open-sourced framework, which is the preferred language for machine learning, and the skillet is easy to cultivate in your enterprise, large or small.

The library also provides seamless integration with Amazon Mechanical Turk so that human workers can do data collection, training, and evaluation. The human Turks and chatbots can all communicate in the same conversation. The group chat can have humans and bots talking to each other in a single chat thread. The challenges with rule-based bots get addressed by engaging the customers with an intent oriented conversation and engaging humans to perform validated tasks.

Original diagram for Techfastly by Vin Patel.

If conversational chatbots when used effectively, can

Provide detailed and expert level knowledgeable answers to complex questions
Enable 24x7 always-on customer service
Get your customer added to an email mailing list or subscribe to a newsletter
Make your customers agree on making a purchase or doing a cross-sell
Make and manage reservations
Resolve customer complaints with empathy

and many more use cases based on your industry.

Tweet to @parlay_parley

Related reading

How to Leverage Haggle to Hire Top Data Scientists

Vin Patel — Tue, 05 May 2020 18:46:20 +0000

Key takeaways

!Diagram: Kaggle is where good Data Scientists showcase their skills.
Not only do notebooks serve as a comment field for Data Scientists to share comments about their approach, but they also host the settings of the cloud computational environment that enables reproducible and collaborative data science work.
If a company or an individual has a profile on Haggle, they can view the rankings board at and reach out to someone from within the Haggle platform.

Haggle is where good Data Scientists showcase their skills. #

Original diagram for Techfastly by Vin Patel.

Data can be considered as a new vital business asset as operationally, and it becomes easier to manage vast amounts of it. While the operational aspect of data management and data science is more comfortable due to off the shelf cloud computing and machine learning algorithms, the availability of great Data Scientists remains a challenge.

Original diagram for Techfastly by Vin Patel.

The chart above is from a Reddit post showing the shortage of Data Scientists at the world’s top 2,500 corporations. Faced with this competition, you should ask yourself: Do I stand a chance of hiring these prospective data scientists if I take the usual HR approaches?

Why are Data Scientists needed? #

Data are abundant today. Each visit by a prospect to a store- physical or virtual leaves a trail of data elements that companies can easily access. A 2018 article in Forbes estimated that 90% of the data in the world was generated in the preceding two years- 2016 to 2018.

To find valuable trends and insights, you need experts- ‘data scientists? to handle data with care. This kind of expertise is hard to find, keep, and grow. So, how are some corporations staying ahead of these issues? Many corporations use platforms like Haggle.

So what is Haggle?

It is the most significant data science community in the world that was born in 2010 and bought by Google in 2017.

Original diagram for Techfastly by Vin Patel.

In this platform, companies post anonymized data sets asking the Community of data scientists and machine learning practitioners, from over the world, to compete and proposing best-performing algorithms/analysis in a contest.

In this way, companies can leverage and discover the best scientists and researchers available to bring their insights. Work on Haggle has also given birth to new software like Eras (an open-source neural network library written in Python), Xgboost (an open-source software library that provides a gradient boosting framework for multiple programming languages) and LightGBM (a gradient expanding framework that uses tree-based learning algorithms). In all three cases, the initial genesis of these came from work done on Haggle.

How does Haggle work? #

Haggle is organized into four main sections.

A. Contests

The main focus area of Haggle is, of course, the contests space where companies make anonymized real-world datasets available on the platform. The anonymized data sets split into two - training sets and test sets. Algorithms learn on the training set. The public leaderboard feeds on the success of the test set of data.

B. Notebooks #

We can think of ’notebooks? as code editors. Using ’notebooks?, data scientists can share and run machine learning code written in R, Python, Julia, or SQLite.

Not only do notebooks serve as a comment field for Data Scientists to share comments about their approach, but they also host the settings of the cloud computational environment that enables reproducible and collaborative data science work. This helps organizations decide on the physical computing resources they may need to apply an approach that a data scientist has outlined, at scale.

C. Discussion #

The ‘Discussion? space splits into various fields, where data scientists can exchange opinions on every topic of interest about the Community.

D. Datasets

Haggle also has a Datasets area, which allows data scientists to collaborate and build a data set collection in Haggle’s public data platform to share with other enthusiasts.

Participants that are regular contributors here are the kind of Data Scientists that corporations would benefit from where cross-functional teams rely on or collaborate to move forward.

E. Data Science Education #

Another critical section is ‘Faster Data Science Education?. This is where Data Science enthusiasts can practice or improve data skills learned in free micro-courses.

So is mining Haggle for potential hires worth it? #

Undoubtedly, it is. Haggle is a platform suitable for every data scientist at all levels. The key is not to focus on those who win various contests.

A caveat is that people involved in Haggle are more focused on machine learning activities, including part of data cleaning, explorative data analysis, pre-processing as well as modeling, compared with the definition of the problem and the collection of data.

These are critical tasks given that most data exist in different raw formats and comes from different environments. When data sets are provided, they gather data mostly formatted, reducing the data cleaning activity before applying Machine Learning algorithms, so one of the hard parts of what a Data Scientist does has already been accounted for.

So how do companies reach out to interested job applicants on Haggle? #

Great unicorns like Airbnb and established brick and mortar corporations like Walmart have opened samples of their data to the Data Science community. Along with bragging rights, the Haggle contests also come with monetary prizes. One can view a current list of the contests at.

Once a competition is over, a company can ask the entrants for their resumes. Candidates can also mention their Haggle profiles as a critical component of their resumes when applying for a job. If a company or an individual has a profile on Haggle, they can view the rankings board at and reach out to someone from within the Haggle platform.

Happy Data Science sourcing at Haggle!

Related reading

Questions and answers

Why are Data Scientists needed? #

Each visit by a prospect to a store- physical or virtual leaves a trail of data elements that companies can easily access. A 2018 article in Forbes estimated that 90% of the data in the world was generated in the preceding two years- 2016 to 2018.

How does Haggle work? #

Haggle is organized into four main sections. Contests The main focus area of Haggle is, of course, the contests space where companies make anonymized real-world datasets available on the platform.

So is mining Haggle for potential hires worth it? #

Haggle is a platform suitable for every data scientist at all levels. The key is not to focus on those who win various contests.

So how do companies reach out to interested job applicants on Haggle? #

What does Attribution mean in Digital Marketing

Vin Patel — Sun, 12 Apr 2020 03:12:08 +0000

Key takeaways

Mufti-channel and mufti-screen browsing is the nature of the current digital economy.
These new tendencies have affected the way marketers measure the effectiveness of marketing and advertising.
It articulates the need to make customer-centric journey’s the center of your digital transformation.

Mufti-channel and mufti-screen browsing is the nature of the current digital economy. Consumers are likely to have engaged with your marketing initiatives on several channels and devices before they commit to a purchase.

Attribution models that contribute towards the dynamics between channels and devices allow analyzing the full journey to purchase or a call to action and attribute the right credit to each event, making marketing spend decisions for digital leaders, far more accurate and financially viable. Digital attribution is one of the core fundamentals for a successful digital marketing transformation Digital attribution is the set of events based on user actions. These events or set of actions contribute in some manner to the desired digital marketing results. Each of these events is assigned values according to its importance in marketing and its impact on consumers. Digital attribution specifies what combination of events involves users in the desired behavior, mostly referred to as conversions. Leveraging Digital Attribution and make data-driven decisions is foundational to digital transformation.

This article covers the basics of digital attribution from a marketing angle as a quick read for executives and digital transformation leaders.

The current application of attribution marketing has emerged from the transition of marketing from traditional to digital ways. The field is highly affected by large data collected through digital channels such as online surveys, social media data, conversion, emails etc. Its main purpose is to quantify and study the effects each advertising impression leaves on the purchase decision of the user. Subsequent to analyzing and studying what influences customers more, marketers optimize media for conversions and compare the importance of different media channels for marketing, such as E-mail, affiliate marketing, social media networks, display ads, and others. Analyzing the whole conversion path across the whole marketing mix eliminates the accuracy challenges of analyzing data from isolated marketing means. Usually, attribution statistics is utilized by marketers to map future ad promotions and campaigns by evaluating which media assignments (ads) were the most cost-efficient as shown by metrics like CPA (effective cost per action).

Models of attribution #

Rapid growth and popularity of digital advertisement and online marketing have concluded in a large amount of user data for tracking, ROI and effectiveness of conversions. These new tendencies have affected the way marketers measure the effectiveness of marketing and advertising. The trends have also opened a new door to development of new marketing metrics that are CPI (cost per impression), CPC (Cost per click), CPA (cost per acquisition/action), and click-through conversion. For this reason, a number of attribution models have emerged with time since the explosion of data and devices have boosted up the creation of attribution technology. Digital attribution is very important because it assists advertisers in analyzing behaviors and responses of customers.

The types of attributions are:

Single source attribution Also known as single touch attribution, allocates all credit to the single event or action, for instance, the last channel used to show the ad, last click or initial click. Single attribution model does not justify and contribute to all elements involved in creating results. This is the reason model isn’t considered verified and accurate especially by Google. Fractional attribution This attribution model comprises of consumer credit, U-curve models, and equal weights. Here equal weight based models assign the same amount of credit to all media channels and media mix, consumer credit involves studying guesswork or past experiences of customers to assign credits, and whole credit is allocated to first and final click in U-curve where idle actions are ignored across conversion path. Algorithmic attribution This model of attribution utilizes proprietary algorithms to allocate conversion among all touch points before conversions with the help of auto scripts to locate where credit is unpaid. Model is started from very first event level and assesses converting and non-converting paths crosswise all media channels. After that weights are combined to figure out hidden associations and correlations inside marketing.

These are the high-level attribution models that can make your marketing data more meaningful and useful in your digital transformation journey.

Our last article covers on How to build a digital transformation culture in your organization leveraging data. It articulates the need to make customer-centric journey’s the center of your digital transformation.

Related reading

Building a digital transformation culture

Vin Patel — Sat, 11 Apr 2020 20:55:00 +0000

Key takeaways

If you feel that your digital transformation initiatives are stuck in the planning phases, you are not alone.
These solutions are Free, don’t cost anything rather than to prove a business case.
If these steps are done correctly, make your employee’s responsibility to move the needle.

If you feel that your digital transformation initiatives are stuck in the planning phases, you are not alone. Digital transformation is not a one-off project on an executive’s roadmap but is a constantly evolving culture. So let’s make digital transformation possible in your organization.

Cultivating an agile mindset

Culture is the game and it is the most difficult thing to change. Culture maintenance is as strenuous as culture change. For an executive who is leading a digital transformation in the organization, culture change, should become an agenda item forever and maintain it forever. An executive needs to monitor culture like any other metrics 24 x 7 x ‘Every Minute?. Companies often fall into the trap on not investing time effort and money on changing the culture and this happens when the leadership is focused on quantifiable ROI based metrics. This happens because ROI based metrics are easy to quantify. CEO’S, CMO’S, COO’S, CFO’S all should believe and invest time and money in changing the culture and make the organization ready for an agile mindset and when they all stop speaking the language of finance is when the digital transformation actually starts happening. Finance metrics are equally important but they have to be measured separately. Management commitment to drive digital transformation with a secured investment will kickstart innovation at a much faster rate than waiting for your employees to build a business case around digital economy adaption. Paying emphasis to build people talent and digital competencies should be a focus area for a digital transformation leader.

Communicate, Communicate & Communicate and then launch

Communication to the employees why digital transformation is required in an organization and how will it be done is also important. Putting big posters and innovative messages of digital revolution across an organization are proven to be effective for many companies. Creating a digital transformation playbook and making it available openly in the organization can help as well. The ideal place for it is the internal employee portal or the global communications platform for the organization. Setup a launch date and encourage all employees to be a part of it. Launch digital transformation as a lighthouse project. The term lighthouse project refers to a model project that aims, besides its original purpose, to have a signal effect for numerous follow-up projects as they look towards it for inspiration and guidance. In companies, this term is used for projects intending to change direction or restructure. This project has to be always on and the road map of this project should influence the rest of the projects in the organization. Build a cross-function team across the organization to deliver this project. Make the employees with the longest duration in the organization as change agents and advocates.

Adapt Open Source Technologies

The new breed of innovative startups uses new agile business models and modern technologies like cloud computing, Blockchain, Real-time analytic, Deep Machine Learning. Most of these technologies are based on open source and that is the way the organization should start the digital transformation. These solutions are Free, don’t cost anything rather than to prove a business case. Some organization will need enterprise support but leading open source technologies to provide support element and is cheaper than monolithic software licensing agreements. I do agree that maintaining the status quo for business operation and keeping the lights on should be the top priority for executives but to balance out the budget between operations and innovation will drive transformation.

Data-Driven Culture to build personalized customer experience

Keeping Customer at the center of every decision you make in the organization and using data as a vehicle quadruples digital transformation in an organization. Amazon, Google, Airbnb and Netflix and many startups that grow exponentially are pioneers in transforming insights into data-driven action. Airbnb leverages data to improve their search and services but also to improve their hiring processes. Airbnb characterized data by giving it a human touch: Voice of customers. They translated data coming out of customer interactions as the voice of customers and made this as part of their culture. They invented a term — Datum. A datum is a record of an action or event, which in most cases reflects a decision made by a person. They build customer journey’s leading to a decision to say ‘make a booking? and then learn from. It is a metric that actually tells you what your customer like and don’t like. This is a perfect example of how you can make a direct connection of your customer with the data you generate in your organization. The organizations that connect their data with customers and then make the voice of the customers as the key metric, as well as a culture, wins Just wins. Another example, Amazon uses data to automatically personalize user experience by leveraging customers past purchases. This will lead to a definite outcome for Amazon, that is increased sales. Netflix leverages customer interaction data from their app to present them with movies and show that they like and this will again lead to a definite business outcome that is increased user engagement. In recent years Netflix has become a giant in the creation of original content and data is a key ingredient in deciding what type of content they generate based on user engagement metrics. Leveraging the organization data to make a business decision is easier said than done. 1?2?3 of data to achieve maximum value is: Make an inventory of your organization’s data. It is a difficult task but has to be done once only. Doing it correctly with all stakeholders involved is critical ( again a culture thing to achieve ) Leverage on ’low hanging fruits? first. Take the datasets which are most easy to get hold of and can create the most impact. The example is clickstream data. This data can be acquired easily but can make the most value to a business, as described earlier. Make data transparent in your organization. This is the most difficult thing to achieve especially if you are in a regulated industry like healthcare, finance etc. But if you have your employee’s sign all proper agreements that most of the organizations do, there is not too much to worry about. If these steps are done correctly, make your employee’s responsibility to move the needle. Gain insights and leverage data to make business decisions.

Kickstart your digital transformation journey today.

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