An AI-enabled World post Covid-19

An AI-enabled World post Covid-19

AI has been changing and transforming all facets of modern businesses and creating great convenience for individuals through its applications. Both Artificial Intelligence and automation have been playing crucial roles in the new wave of digitalization. Though Covid-19 has generated havoc in people’s lives, it will be interesting to see how AI will reshape our world and our daily lives?  

We are already witnessing the adoption of Artificial Intelligence Technology in various businesses, which is exactly what is expected to be proliferating. We already know that the post Covid-19 era won’t be the same; however, it is evident to uplift the ‘New Normal’ and regenerate our economies. Big Innovation Centre India is all about building Emerging Technology induced ecosystems that help society. So, let’s find out what would the AI-enabled World for the post Covid-19 period look like. 

  • Education and Business Communication 

It can’t be denied that we have been quite accustomed to the new form of communication. Virtual Meetings, Webinars and Webcasts is the new venue for business gatherings. Even creating Smart Campaigns by analyzing and forecasting the value per click of individual ads based on its copy and its target parameters. The emergence of smart call centres that uses Voice-Over Internet Protocol Technology in order to model a wireless customer service experience. 

If we talk about Education, academia has already transformed in the past two years, and AI is paving its way to streamline other peripherals of the industry like automating administration, providing personalized guidance to students, creating smart content over the web etc.  

  • Virtual Assistants 

According to the report by Statista, From the year 2020, there has been a significant increase in the deployment of virtual assistants. There were around 4.2 billion digital voice assistants that were being used in various devices around the globe. It is speculated that by the year 2024, the number of digital voice assistants will rise to 8.4 billion units.  

AI-based Digital Assistants use Natural Language Processing Technology (NLP) to convert human communication into algorithms and replies. The post-Covid period looks promising for Virtual Assistants to enter various other segments of industries like healthcare for data exploration etc.  

  • AI and IoT 

Emerging Technologies are making a better world for us, and the integration of AI and IoT has provided the world with a higher sense of accessibility, availability and interoperability. AI will strengthen the core of IoT, eliminated cyber-attack risks. Since the post Covid-19 period, it is inclined towards a digital frontier, detecting such cyber threats is crucial for the protection of digital information and identity.  

  • Tracking and Security  

A smart environment requires various emerging technology applications and thus building a safe and secure environment with Artificial Intelligence. Interoperability is a significant aspect that provides accessibility to individuals, industries and even government, like Security, Surveillance etc. Computer vision-based tools are used to track and identify individuals wearing masks and maintain social distancing in public places like gyms, malls, parks, etc.    

It can also help to curb the spread of Covid-19 by tracking an individual’s footprint through a Digital HealthMap. These Health Maps can be used while travelling as a health passport. Various countries are implementing stricter measures to avoid severe situations, and thus, these Digital Health maps are an ideal way to keep track of an entire population. 

  • Robots and Automation 

Sanitation is a staggering issue that needs immediate attention for the health and safety of people. Businesses are investing a great some of their revenue in maintaining the sanitation of offices, factories, warehouses etc. It also involves human labour along with capita; thus, the rise in automation and robots will be becoming quite popular in recent times. UV sanitation robots can be deployed to sanitize rooms, conference halls by programming a schedule. It is AI-enabled and would be an excellent addition, even called an asset to any business or organization.  

 

Robotics and Automation, Virtual Assistants, chatbots, AI-based surveillance systems and communication methods would soon be a normal part of our lives and a parcel of this data-driven economy. It would just not help us battle this covid situation but also drive our economy into a prosperous future. The phenomenal advancements in AI are helping various industries survive and overcome the most prominent health crisis. The Future of Artificial Intelligence is bright as I will prepare ourselves to develop strategies that will mitigate further risks and avert any impending disasters like the Covid-19. 

How is AI advancing Healthcare and Medical Science?

How is AI advancing Healthcare and Medical Science?

Remaining as a fact in history, Artificial Intelligence has influenced all our lives in one way or the other, by becoming an office companion or a home assistant. However, among all this, AI has been a blessing to the Healthcare Industry. The Adoption of AI in the Healthcare and Medical Science is growing rapidly as according to a report by Sage Growth, 90% of the hospitals have provided a solid nod to the AI culture in making developments in their medical infrastructures and also support their employees in performing their jobs more diligently.  

Though that being said, it also raises the privacy concern for the authorities that could threaten the security and privacy of patient data. Several Medical Institutions and hospitals are trying to find a solution to avoid such situations by putting up stringent policies and structures, mainly focusing on the rights to patient data.  

How does AI work in improving Healthcare? 

The Artificial Intelligence system is inspired by the Brain’s Neural Network of managing, processing, storing and release information. Here, AI begins with a massive amount of data, and then it employs machine-learning algorithms to extract information. This information is then utilized to generate meaningful results to solve a complex problem that is fed into the medical system.  

AI Models identify meaningful patterns and translate into clinical imagery through deep convolutional neural network. This helps in patient diagnosis, prognosis, treatment and caregiving. Though we have only scratched the surface to find out this, there is much more that AI could achieve in the future. At present, the recently built modern algorithms can easily solve complex medical problems by using binary classification of data. It can review, interpret and also recommend solutions to be later carried out by a medical practitioner.    

Applications of AI in Medical Science and Healthcare 

There are numerous ways how Artificial Intelligence has helped the medical field. It is bringing about a transformation that is and will be going to be remembered as the time for a change. So, where is AI being used to help the medical industry? Let’s find out. 

1. Clinical Support for Decision Making 

 AI is a powerful tool that helps medical professionals make quick and accurate decisions. Through Pattern recognition system, Artificial Intelligence can make room for better diagnosis and treatment in case of emergency. At times, it can also be used as a second opinion to the medical practitioner to avoid complications and miss any unruled circumstances that could occur.  

2. Patient Information Management 

Artificial Intelligence has proved excellent for diagnosis but also great for patent information management. Automated information updation and interoperability etc., are considered great for both the medical institution and the patient. Telemedicine is also becoming popular that is the remote delivery of healthcare services and medicine. AI detects and evaluates the patient condition and helps in outpatient care for hospitals.  

3. Drug Discovery 

Though you have already observed how AI has elevated the situation and provided the needful for Drug Discovery and Development in the times of Covid-19, but if you haven’t read our article, read it here ‘How is Artificial Intelligence winning the Covid-19 situation’. Artificial Intelligence has saved humankind by its efficient and accurate testing/identification of combinations. Accelerating the entire process, AI has produces an innovative approach to medicine and medical science sphere.  

4. Improve Research and Development  

By the focused adoption of AI in medical science, we can control or manage the budget spend on R&D. Since R&D is a great part of medical science, governments and private institutions are spending a colossal amount of money on its part. However, with the deployment of AI in the field, there will be a significant change in the nature of research as it will be fast-tracked and have accurate results, simply saving time and money. 

5. AI-assisted surgery 

This might look like something from your favourite sci-fi movie; however, this is being practised in different parts of the world. AI-enabled Robots helping the surgical procedure with a surgent. There has been much evidence that proves the fact the Artificial Intelligence has the ability to provide acute care management like surgery to its patients. Advanced Analytics and Machine Learning, along with Robotics have made it possible in time.  

6. Prevent a Pandemic/Epidemic 

Though it may seem quite far-fetched, it will soon be a common enactment. Artificial Intelligence, along with Machine Learning are great to provide insights on early detection of a spread. It processes massive information of patients without any human help, thus maintaining confidentiality and detect early symptoms of a group of patients in a locality. This application can also be incredibly beneficial for the government to take immediate action.  

7. Reinforcing Life Insurance and Medical Covers 

Artificial Intelligence is also used in Finance and banking industry. It is interesting to know that Financial Institutions are using Artificial Intelligence to help people find out the appropriate amount that they need to cover their medical insurance and even life insurance. The AI works through the medical history of the applicant by applying advanced analytics and thus make a balanced document that will be accurate for the individual. This saves money and time for any patient. Some hospitals provide this facility as an overall management or healthcare package. 

 

Thus, AI looks well-positioned to transform the healthcare industry as a whole. AI systems can help in multiple ways other than the ones listed above, like transcribing notes, send healthcare alerts, managing and updating patient data into EMR portals and also help in diagnosing patients. Artificially intelligent systems are great to help patients with inpatient, outpatient and follow-up care. The future of AI in the healthcare industry is promising, and yet there is so much that remains to be done. If you want to know more about AI and its role, you must be a part of our latest webinar, Role of AI: From Vaccine Development to Distribution on 25th June 2021.  

India representing Innovation for Higher Education

India representing Innovation for Higher Education

The Economic Growth of a country majorly depends on its education system. The rise of a generation can be predicted easily with the quality of education and how it prepares its young minds for the future. While India’s higher education system is known to be the third-largest in the world, just next to the US and China, it can be said that there is a lot that the country can lend from its frontrunners in terms of growing up to be a Knowledge Economy.  

With an abundance of resources and being the largest pool of scientific and knowledge workers, India is emerging to be a hub of Higher and Technical Education. As per The National Education Policy, 2020, every education institution must encourage its students to foster creativity and critical thinking to develop logical decision-making and innovation. 

Big Innovation Centre India is a Think-Tank, and our aim is quite aligned with the present objective of the country’s Government. To create a knowledge-based Ecosystem that delivers to the ever-changing societal demands and raise their country’s innovation capabilities. We help institutions and organizations build Research, Entrepreneurship and Incubation Centres for students, as well as professionals to contribute to their field of interest. Visit our Website and know more about us.  

Let’s take a look at How Innovation is helping the Higher Education Sector: 

Reforms in Course and Curriculum in Higher Education

There was an absolute need for the reformation of course and curriculums of the Higher Education Institutions. The changing times have ruled off the theories of the past and thus The National Education Policy 2020 focuses on more modern learning that is Student-centric. Student Centric Learning is well defined as educational programs, instructional approaches, learning experiences, and academic strategies that address the distinct learning needs, aspirations, interests and values cultural backgrounds of each student or a group of students. This creates a space for the students to be matured learners. The higher education system must include the availability of flexible curricula models and educational policies that emphasizes open-ended systems, inter-generational, open-ended systems and inter-professional relationships and sustainability.  

 

Creating Digital Knowledge Transfusion Infrastructure 

The Pandemic has cleared every cloud that we had on investing in Digital Infrastructure for Higher and Technical Education Institutions. The corridor for development in making the Digital Learning Space safe and secure for its students still exists and the government has emphasized on the vertical by creating a National Repository Digital Infrastructure for Knowledge Sharing (DIKSHA). This is a great initiative that would be beneficial for both teachers and students. We need to boost our e-governance infrastructures so it incorporates Management Information Systems within our inclusive teaching-learning process as well as provide a direction in the governance of higher education institutions. 

 

Request to add Emerging Technology in the existing curriculum 

Adding Emerging Technology to the syllabus can be proved as a great addition to make the students future-ready. These once futuristic concepts that students used to learn post their education, should be introduced to have a better grasp of these advanced innovations and technologies. The Government of India has previously expressed the need to implement skill-based education for all, and even then, only a few universities had included Emerging Technologies as a subject. However, 2020’s digital revolution is one that is making the academia adopt subjects like Artificial Intelligence and Machine Learning, Robotics and Blockchain.  

 

Setting up of Innovation and Incubation Centres 

There is a staggering need to advance science and technology innovation and its application in our universities and thus create favourable conditions for growth and forming of an environment for innovations to occur. Higher Education Institutions and Universities must build Innovation as well as Incubation centres that aim at promoting the economic de­velopment of various regions. These incubation centres are great for students as well as research professionals to utilize their creativity and help solve the complex societal problems. These Innovation Platforms should be encouraged to facilitate multi-disciplinary research projects in dynamic areas of science and technology such as IoT, robotics, big data analysis, cybersecurity, ethical hacking, forensic etc.  

 

So, the Indian Higher Education System is trying to transform its framework right from the foundation and adapt to changes needed to impart high-quality education. The level of excellence in higher education will be a key factor in determining the role that India will play globally. Thus, Innovation in Higher Education is the absolute pathway that will lead India to become a knowledge hub among other countries and these factors like skills to create, innovate, crisis management, problem-solve, design thinking, critically think, cognitive recognition and teamwork are taken into account to leverage the growth of economy and society as a whole.  

How is Artificial Intelligence winning this COVID-19 Situation?

How is Artificial Intelligence winning this COVID-19 Situation?

The grave situation of Covid-19 just doesn’t display the dismay and horrifying nature of the virus but also puts up a relevant question how has advanced technology been a shield against these effects?  When tons of data accumulated for months are put under the microscope to help the global population, it is not just a matter of accuracy but also efficiency. Here technologies such as artificial intelligence, natural language processing, machine learning etc., are being deployed to save humankindWhile iinitiated with the use of AI to have a check upon the spread of the virus to control the number of positive cases, it later spread out to vaccine development and distribution 

At present, AIalong with other digital tools are being used to oversee complex supply chains for vaccination, and also collect massive amount of data to track any severe symptoms that can affect individuals after one has received it. 

 

Vaccine Development 

Vaccine development is a time consuming and laborious process. It takes years to develop a vaccine that has managed to pass all the tests and trials. However, with advances in computing and artificial intelligence, machine learning, genome sequencing, systems biology, modelling, and bioinformatics, the world has witnessed rapid vaccine development for countries.   

Researchers belonging to the department of immunology and machine learning have been occupied studying and modelling various properties of viruses. One major characteristic is to know how antibodies can target a virus. Artificial intelligence that was once promised to solve complex human problems was put to use in this time of emergency to speed the analysis of vaccines and figure out the best available preventive medical therapy. 

AI also helped design a self-learning platform that deals with combining historical clinical and pharma data and providing information in real-time. Research labs are using AI and Machine Learning to predict potential targets. This is a great way to create clusters of people who already are exclusively prone to the virus from the comparatively healthier population. The method is flexible and adaptable to test potential mutations of the virus  

The immediate need to identify the best possible vaccines are also addressed by emerging technologies like AI and Machine Learning which is confirming a big advantage. These machine-learning models can achieve dynamic vaccine design cycles. 

 

How can the USC-developed method counter COVID-19 mutations? 

 

As the virus is seen to mutate in populations around the world, the USC’s AI-assisted method is said to be especially useful. As per engineers, this computer model works uniquely and makes their job efficiently. In this case of SARC – CoV-2, it has the potential to eliminate 95% of the compounds that have possibly treated the pathogen and brings the best options to find potential vaccines.  

 

So how does an AI system help in drug discovery? 

AI involves various method domains, such as reasoning, solution search, knowledge representation and other fundamentals of machine learning. So, by utilizes tools and software that can identify patterns, interpret and learn from the previous input data, it makes independent decisions to yield final resultsSimilarly, AI is being used in the field of drug discovery. Let’s find out various peripherals that are being benefited by Artificial Intelligence.  

  • Use of AI in Exploratory/pre-clinical trials 

The initial phase of drug designing involves a tedious filtering process that highlights vaccine candidates based on previously accumulated dataAt this instance, researchers used AI to process vast digital libraries of databases with absolute more accuracy than manual processing to finally arrive at potential treatment candidates. AI can also be used in DNA sequencing based on abstract human data, allowing clinicians to conduct exams in genetic matching etc. 

  • AI in Manufacturing and QA 

Once the regulatory approval of vaccine products is receivedit is time to develop and distribute the drug across a vast stretch of hospitals, diagnostic centres, camps and clinics. This is a rather massive job if taken into serious account and consists of significant operational implications that fall upon the shoulder of the manufacturers. It just doesn’t involve making the products but also rapid decision-makingAI streamlines the whole process by automating many steps that traditionally require human efforts like managing output capacity, the quality of the product, and packaging solutions.  

  • AI in prediction & tracking 

AI is lauded for predicting the nature of the virus, its spread and helping to developing early warning systems by drawing information from various social media platforms, official communication calls and news channels. AI has helped systemize the system and deliver useful information about the highly affected regions. There are various AI-based tools and softwares that have been of great use to identify and focus of badly struck regions having an outbreak and helps governing bodies to take precaution at an early stage.  

  • AI in early diagnosis 

AI is being used to detect and quantify COVID-19 cases received from chest x-ray and CT scan images. Recently researchers have taken up the initiative and developed a deep learning model called COVID-19 detection neural network (COVNet), that provides insight on the differentiating characteristic of COVID-19 and community-acquired pneumonia. This software displays a 2D and 3D model extracted from chest CT scan. It has been of great use to treat patients differently for medical professionals.  

  • AI in development of therapeutics 

AI techniques can leverage traditional technologies. It reduces the time required in developing a drug from bench to the bed by speeding up the entire process. Discovery, Screening and validation processes are some the areas where AI has excelled. AI can also accelerate pace by analyzing useful data for drug repurposing by screening compositions of already approved and validated drugs based on its molecular descriptors and properties.  

 

The continuous effort of each person will be making a great difference in the society today and adopting a pre-approved approach of testing, isolation and contact tracing is the only way to combat COVID-19. It is absolutely necessary to exploit the available knowledge available over the web to gather new information about the virus and be aware of its behaviour in general.  

AI is a boon to the world and it doesn’t need a second thought that this technology is saving millions of lives. From tracking the footprint of the virus to early symptom detection, drug discovery to vaccine distribution, Artificial Intelligence has proved to cater to humankindIt’s clear that AI – when deployed responsibly will be able to help is surpass this COVID-19 pandemic. It is only a matter of time when business and organizations that were previously hesitant to adopt AI in the functioning will try to make the best use of it.  

Understanding why Predictive Analytics is an asset to the Healthcare Sector

Understanding why Predictive Analytics is an asset to the Healthcare Sector

The COVID-19 setting has depicted a clear idea of the potential of the healthcare industry. Holding up as the backbone of a country, the health and wellness sector has had provided in abundance. However, there have been scenarios that have made countries reform their health sector with the sole aim of improving performance and quality of caregiving. In this, Technological innovations are the attributes that keep transforming healthcare improving access to medicines, vaccines and medical devices 

One technological solution that is proving to a boon to medical science is Predictive Analysis. Yes, when you think about Predictive Analytics you think of businesses trying to presume the temperament of the market and upsell their product or service. However, Predictive Analysis is recently broadening its spectrum to heap the healthcare industry.  

How is Predictive Analysis being useful to the Healthcare Industry? 

Since people are much familiar with the words Prognosis and research in the medical literature, Prediction is no different. Your Doctors and Healthcare Professionals have always penetrated deep into your medical history to find our underlying causes of your illness. So, Predictive Analysis is one solution that does the same for your medical professional through processing your existing medical data (history) available and fed into EHR and EMR systems. It takes the evidence-based approach and assesses your data by value and volume.  

Potential Application of Predictive Analysis throughout the Healthcare Sector   

Predictive Analysis is showing impressive outcomes across the spectrum. The adoption of PD is picking up pace around the world proving the industry is ready to invest in quality careThe global healthcare PA market size grew from USD 1.806 Billion in the year 2017 and expected to reach USD 8.464 Billion from 2018 to 2025, with a CAGR of 21.2 per cent. So, how does Predictive Analytics help the Healthcare Industry? 

  • Accurate Diagnosis- PA helps doctors and medical practitioners improve the diagnosis of an individual and also works for the early detection of diseases. It converts patient’s data into algorithms and multiplies the success rate of treatment. 
  • Health Research of a Population- Not just individuals, but Predictive Analytics helps researchers to prevent the spread of infectious diseases. Not just individuals but it a boon for the population of a city or country.   
  • Increase insights for better disease management- Predictive Analysis also helps in disease management, not just for inpatient care but also considers outpatient management by examining patient vitals and indicating the need for changed medication or treatments.  
  • Improving Emergency Care- Receiving real-time data on which wards/units may need more support in emergency care, allowing the medical professionals to make quick decisions.  
  • Effective use of Healthcare Resources- Predictive analysis inherits the potential to boost healthcare resource utilization. It results in fewer waits for individuals and improved outcomes 

These are some of the applications that ensure the healthcare industry is benefitting from Predictive Analytics. So, if you plan to take up advancing in caregiving, yet choose to incline towards technology, a predictive analytics course will an appropriate choice. Big Innovation Centre India believes to not just offer its services, but also help individuals design a career out of passion. So, enrol on our Membership Programme and gain the most out of our Initiative. Also, join our Knowledge Exchange Platform ‘Pavilion. 

Don’t forget to be a part of the Digital Health World Congress 2021 presented by our CEO, Big Innovation Centre, Prof Birgitte Andersen 

Why can Financial Modelling be a big move for your career?

The Global Financial Market keeps pointing out to strengthen the core of revenue generation is to build a flexible financial model for any business. Be it startups or Medium Enterprises, organizations are gravitating to invest in profitable Financial Models to thrive. The Data-driven economy has changed the matrix of functioning. It is no more about having just a unique idea, but the accurate mathematical construction of a Financial Model that would run the show.

Financial Modelling is an abstract representation, a tool that predicts/forecasts a company’s economic performance based on accumulated data. It aids the decision-making process, helping any business to undergo calculative risks with predictive formulas. The high dependency on emerging technology has made way for businesses to employ advanced techniques to improve their success rate. Thus, you can say Financial Modelling has appeared to be one of the best career choices you can opt for.

Financial Modelling as a career

The dynamic nature of the business market is catering to a variety of career opportunities like data science, business intelligence, data analytics etc. So, what should make Financial Modelling your first choice is an answer to a rather elaborative subject that talks about you get a window of opportunity to upskill, resting upon the present formal degree you have. So, it does not narrow your prospects but widens them. An irresistible factor is that it can be implied to Marketing, investment banking, corporate development, equity research, accounting and many other fields.

Financial Modelling is an excellent skill that will look great on your resume only if you back it up with a proper learning course that helps you gain training to build effective financial models. Big Innovation Centre India’s Premium Membership Programmes offers you Financial Modelling and Valuation course and similar other courses to upgrade your skillset and become a better fit for your next job.

Why should you learn Financial Modelling?

There are several reasons why you should be taking up this course:

  1. You get to take part in the business’s decision-making process and create a position that would influence the business’s future. A financial modelist plays a vital role in helping the decision-makers understand the fundamentals of the business factually and not merely on blind trends.
  2. The competition in Financial Modelling as a career is comparatively low as to its demand. This is rather a newer career option for all who like the financial aspect of a business.
  3. It helps you represent a clear idea of prospective mergers, acquisitions, and other business development opportunities with other companies, giving you an upper hand in understanding how things fall back.
  4. It also helps you contribute to the capital of the business by eliminating the risks and adding value.

Career Opportunities in Financial Modelling

The job role and opportunities of a Financial Modelist extends in various directions like Business Analyst, Financial Analyst, Financial Manager, Equity Analyst, Market Research Analyst, Associate Analyst etc. It creates a ground for you to explore finance as a domain. Financial Modelling provides a position that directly influences the future of any business. Though to pursue any of these careers, to have an analytical mindset dedicatedly.

If you wish to know more about Financial Modelling, you can read this research paper on ‘The art of company financial modelling’. Visit our website and know more about many similar courses that will help you extend your knowledge base.

Upgrade your career now with Ernst and Young (E&Y) Certifications

Big Innovation Centre India is providing exclusive memberships for all. Explore courses on Emerging Technologies, Data Science, Cybersecurity, Management, and Finance brought to you by Ernst and Young (E&Y). Look what interests you here.

How is Business Intelligence Transforming Businesses to be Future-Ready?

How is Business Intelligence Transforming Businesses to be Future-Ready?

The Digital Revolution is having a roaring good time, and the market is subject to trade places as per the very demanding nature of consumers. While Data has become a powerful thing, every industry is diving into the unknown, taking risks to place themselvein an advantageous position. However, the rapid development of technology and innovation has guided us through a tough time and equipped us to provide the right. At this time, businesses need a thorough, insightful model of functioning processed through Business Intelligence.  

A report by Zion Research predicts that the global Business Intelligence market is accounted for US$16.33 billion in the year 2015 and is expected to expand to a whopping US$26.50 billion by 2021. This makes Business Intelligence one of the best career option for the year 2021. In this blog, we will find out how the worth of Data is directly propositional to the growth of Business Intelligence in the Job Market? 

Why do Companies need Business Intelligence?  

Customer Engagement is a massive subject and companies are working tremendously to extract quality data from their customers to provide the best suitable services, products or solutions. So, what is the role of Business Intelligence, and how is it transforming businesses? Business Intelligence is a combination of strategy, technology and tools that helps or influences strategic discission for any organization.    

Data Mining, business analytics, data visualization, and implementation of tools and infrastructure help improve efficiency, productivity and all in all the revenue of any business. Thus, Business Intelligence processes data and provides actionable insights to look into. BI displays a clear picture of what is trending and what is affecting the business’s performance in the market or even predicts the future to capitalize on the opportunity.   

What are the trends that are providing BI with an Edge? 

Just like the growing technological developments around the globe, the future of Modern BI looks promising. A better customer engagement and retention is the goal for every business and the following trends are boosting its relevance with each passing day.  

1.Data Governance

According to ForbesStrong Data Governance will help Business Intelligence have a new perspective. In the present time, Data Governance and Management has become the key priority for businessesOrganizations emphasize just any data but useful quality data curated by classifying it into categories like its source, accessibility, and how it will help them achieve the desired goal? With proper Data Governance, they will improve data quality, privacy and security and thus help BI. 

2. Prescriptive Analysis

After much research on Descriptive and Diagnostic Analysis, future trends suggest that businesses will invest in the prescriptive analysis. A great deal of time and effort is put into the strategic planning of the approach, and Prescriptive Analysis is about creating a model that will highlight any market’s future. This determines a well-thought-out outcome than rushing into discussions.

3. Collaborative and Integrative BI

Collaborative BI is the combination of business intelligence software and collaborative tools, as well as social and web technologies, to enhance data-driven decision making. It explores data in real-time, where systems will be able to send automatic alerts to users and update them about needful changes that must be made in the data to operate better.

4. Natural Language Processing (NLP)

Along with AI and Machine Learning, NLP has been helping BI to indicate a plan for future business strategies. Chatbots and virtual assistants are dealing with humans since some time now. It is only through NLP, they will help address human concerns (your customers) preferably human-like by analyzing customer sentiments and response, abstract information from statements through conversational AI and registering appropriate data to act upon and also to add personalization to consumer needs.    

 To conclude, the BI landscape is shifting only to adapt to the market’s current needs only to increase the business’s competitivity structure. If you think this is the right time to switch careers and step into the world of Business Intelligence, enrol yourself in Big Innovation Centre, India’ e-learning Course on Power BICheck out our Membership Options and Sign in Today.  

Will AI be the Next Big-Thing in Education?

AI and Education in the Future

The influence of Artificial Intelligence on our daily lives have put us to crossroads. It is somewhat debatable how technology is a boon or a curse. Nevertheless, we could never deny its potential to reign our lives. Artificial Intelligence is growing at a tremendous pace, and it’s difficult to predict the ever-changing dynamics of the market outlining numerous Industries. While it is evident there are no resources that point out how the market will react to AI in the future, the present is a significant example of its excellence, especially in the field of Education.  

The recent research and developments have presented that two types of AI have contributed to the elevation of the education spectrum. While previously, AI used Knowledge representation and reasoning (KR, KRR) to solve complex tasks, it has altered to data-driven machine learning. This subset of AI helps in various sections of Education like Adaptive assessment and Grading, Improve Student Retention and Performance Predication.  

1. Artificial Intelligence for Grading 

While Grading can be a timeconsuming and rather meticulous job, AI Grading has transformed how the entire process works. The new advanced data-driven AI and Deep Learning learns from the available data and replicates how humans grade papers and assignments. It is considered accurate and is said to manage large volumes of critical work like assessment. 

2. Improving Students Retention  

There are varying reasons that indicate the early dropping out of Students pursuing higher education around the world and dissatisfaction with academic performances, or course content is one that needs to be addressedAI and Machine Learning together can solve this issue by scanning tons of data and analyzing the chances of students dropping out of courses. It can also help provide personalized solutions for such cases and improve the academic experience of students.  

3. Performance Prediction 

Academic Support and Guidance have always been the prime importance for educational institutions and their curriculum plan. While teachers and instructors were appointed previously to look into the matter and help students, technology has taken over this sphere of performance analysis and prediction by examining a student’s academic level. AI, along with Machine Learning, Data Mining, Collaborative Filtering and Artificial Neural Networking take into account different types of data and identifies a pattern to provide predictions and recommendations. 

Forecasting of Artificial Intelligence in Education 

A market study by Markets And Markets suggests ‘The global AI in education market is projected to reach USD 3.68 billion by 2023, at a CAGR of 47% during the forecast period 2018 till 2023.’ 

While we have already discussed how AI is changing the education landscape through e-learning, providing real-time feedback and pressing on Smart Content for flexible and adaptable Education Planning, the future of AI in Education is leading rapidly towards Collaborative Learning. Emphasizing on developing computational thinking, cognitive and soft skill abilities among groups having similar academic pace and reflective practices. The future also predicts the rise of Global Digital Literacy that prepare students to work alongside AI and be comfortable in a digital workspace.  

Thus, AI is facilitating quality learning and persistently upgrading to provide better learning, as well as a teaching experience to students and teachers. In no time AI is becoming the backbone of Education. Will AI be the next big thing in education? We say it is a colossal thing that is going to stay with us and help us refine what we learn, and how we learn. Big Innovation Centre India is devoted to design such transformations for the society, and our efforts have just begun to give in. Since AI is emerging as pathbreaking solutions to complex contemporary problems, we need to understand the depths of this Emerging Technology. Come learn the science behind Artificial Intelligence and how it works with us. Register for our Artificial Intelligence Programme to know more.   

Understanding RegTech and why it is needed to maintain Data Privacy and Compliance Regulations

We are constantly on the internet, reading articles, downloading apps, accepting cookies and thus privacy has been a significant issue these days. According to a RiskBased Security Report, there is a substantial growth of Data Breaches in 2020. The number of valuable data that was exposed in the first quarter of 2020 spiked to 8.4 billion. It is about a 273% increase in numbers as compared to the first quarter of 2019.  

However, as we step up by using technology as a saviour to such incidencesRegTech as a framework follows the laterals of data protection and legal compliance. But how does it prevent such cyberattacks and threatsThis blog will help you understand how RegTech is ensuring data protection and eliminating privacy concerns for banks, businesses and enterprises? 

What is Cyberattack? Is it this common? 

cyberattack is known to be a malicious act that steals data or disrupt any digital life for businesses or institutions. It includes threats like computer viruses, Denial of Service (DoS) and data breaches. To answer the question, cyberattacks have become common in these present times. While there are various reasons that contribute to this factor. Let’s look at the most known reasons. 

1. Lack of awareness about cybersecurity  

There is a serious need a cybersecurity awareness in businesses, even people. The understanding of data privacy security is an issue that must be dealt with immediate effect.  Prioritize security over other factors. Invest in tools, technology and software that provide premium security to your data. Improve governance and design data management strategies that narrow down such risks.  

2. System Vulnerabilities 

To detect system vulnerabilities, businesses must identify the patterns of Cybercriminals. These hackers are prone to spot blind spots and outline its faultline, thus crawling to the core of the flaw. There is no better way to intercept such occurrences than to precast policy that acts against it. Update your software, explore data surveillance tools, hire professionals to keep a check on activities etc.  

3.  The inability of Assessing cyber-risk 

Check out the best Risk Assessment Methodologies suitable for your business. Implementing quantitative measures is ideal for sustenance and maintenance.  

In 2020, breaches are the digital pandemic proving to be just as insidious and difficult to stop as Covid-19. Cyberattacks on healthcare facilities alone in the U.S.  for the year 2020 have affected 17.3 million people in 436 breaches tracked by the U.S. Department of Health and Human Services (HHS) Breach Portal.”– Forbes 

It is an alarming situation and according to the predictions by Forbes, “55% of businesses are planning to increase their cybersecurity budgets in the year 2021, and around 51% are investing on full-time cyber staff in 2021.  

 

How will RegTech combat this situation? 

Cyber Interactions are becoming more complex daily; we need more stringed laws and regulations to smoothen this process of transactionHowever, keeping up with this ever-changing compliance is not an easy task. Thus, RegTech lends help from Emerging Technologies to identify greater risks, strategize according to risk tolerance and govern regulatory requirements 

 

Features of RegTech to provide Cybersecurity 

 

  1. Compliance- RegTech reviews all prevalent regulations and reports, tracks the potential impact of these regulations over the use rand implements data privacy laws. 
  2. Protection against Fraud– It standardized a process that authenticates user ids and details. Having a meticulous process called Identity Management and Control helps filter unwanted or suspicious ids through KYC etc.   
  3. Monitoring and Surveillance– It keeps a close eye on any financial transactions and checks against money laundering and terrorist financing through Blockchain.  
  4. Analysis for Future Risks– It combines various information through its records to analyze the scenario and strategize against the risk of any unpleasant occurrences. This process is known as Risk Management.  
  5. Reporting– RegTech is utilized to generate and distribute real-time reports and information required by regulators. This entitles regulators to share data within a secure space. 

Irrespective being the nascent stage, it is established that there is a lot that RegTech qualifies to deliver. The way in which RegTech is helping to support integration into the current regulatory structure, it indeed will play a vital role in navigating both expansion and implementation stages. Big Innovation Centre, India is just a medium to help you understand the importance of RegTech, and we are doing so through our regular webinars. If you have missed our webinar on ‘Road to RegTech’ you can surely watch it here 

The demand for RegTech Professionals is at an all-time high and this might be great to select a RegTech Course that provides a comprehensive understanding of the subject. So, we have launched our ‘RegTech Programme’ for all who wishes to explore this Regulatory Technology up and close, making it a career choiceMake the best use of this time and learn something new. Be a Cybersecurity Professional today.  

Changing the Matrix of Procurement with Blockchain

In argument to the absence of trust that was previously determined to state Blockchain Technology, it is actually elevated various business platforms to express transparency, security and accountability. The undeniable abuse of information and communications technologies at organisations split paths and concluded to loss of trust over third parties. However, for trust literature Blockchain eliminates various intermediaries’ risk to create a safe and secured framework for all. Since 2008, Blockchain has emerged as a solution for multiple industries like Banking, Healthcare, Government or Retail and Consumer goods.  

 

Procurement 

This blog focuses on the revolutionary changes that Blockchain is bringing into Procurement. So, among many other ways, it helps in the accumulation of records as a digital ledger for processes involving one or multiple parties. It automatically adds a very new record for every new party leaving behind a digital footprint for every new transaction revisiting the Procurement Process. 

The Procurement Process Involves: 

Stabilised Procurement is essential for any business. It is the procedure of acquiring products and services from suppliers and vendors by emphasising on costeffectivenessBut what are the steps that consist in this process of Procurement? 

  1. Distinguishing Requirements 
  1. Determine Specifics of the Requirement 
  1. Sourcing and Scheduling 
  1. Negotiation & Finalisation of Cost and Terms 
  1. Purchase Requisition and Placing Order 
  1. Delivery of the Purchased Order 
  1. Dispatching for Evaluation  
  1. Product/Service Inspection 
  1. Processing Payment 
  1. Keeping Record and Review 

 

When do you restructure your Strategic Sourcing and Procurement organisation?  

Be it globalisation or technological advancements around us; these have frequently impacted how businesses operate. A successful business is a product of labour and toil, and the synchronised evolution and seamless moving of all the departments in one particular direction. Procurement has played a critical role in advancing your business; however, it is most neglected and misaligned with the rest of the departments. You know you need to realign your Sourcing and Procurement Process and ensure business growth. In the absence of which, the organisation might suffer inefficiency and misconduct.  

 

Where Blockchain and Procurement Meet 

As discussed before, we had long passed the day when it was considered that Blockchain was meant for cryptocurrencies. The needful utilization of Blockchain is well interpreted for business, and organisations have started to acknowledge its benefit in leveraging company needs. In 2019, IBM partnered with Blockchain developer Chain yard for a Trust Your Supplier Blockchain.  

Since Procurement is a labourintensive and expensive process, businesses are digitizing the ins and around this arrangement. Blockchain is one such Emerging Technology that is benefiting the Procurement ProcessAs per the World Economic Forum, streamlining information with the help of blockchain has the ability to increase trade by 15%. 

 

Analysing the use of Blockchain in Procurement 

There are various benefits of using blockchain in your business. However, there are some that sourcing and procurement are utilising for leading the horizon as well.  

  1. Smart Contracts– Smart contracts are self-executing contracts having the terms of an agreement between buyers and sellers been directly written into lines of code. The code lays across a well-distributed, decentralised Blockchain network. The code helps in controlling the dispatch, and transactions, which are trackable and irreversible. 

 

  1. Building Trust– Business is all about trust, and a long-term business relationship is based on faith and confidence in the other parties. As said by Robin Sharma- “The Business of Business is relationship; the business of life is human connection”. Blockchain enhances diligence in Procurement. It helps keeps transparency for both parties, whether buyers or sellers. It creates a network that is easily accessible to partiers for looking into transaction logs– Eliminating the risk of delay and duplication.  

 

  1. Heightening Security– A business involves various aspects of interaction and transaction. For a more secure idea, blockchain creates a decentralised ledger that is shared among a particular network to fill in sensitive data protection as well as maintain privacy.  

 

  1. Automation and Standardization– The manual process of keeping ledger or records is inefficient and timeconsuming. It also adds the risk of loss of data and errors. Blockchain, as a solution backs up the entire procurement process by digitizing and streamlining the procedure, untangling the complex, detailed documentation.  

Apart from these Blockchain has still a lot to offer for the procurement function, which is the reason why procurement professionals should start considering its use at the earliest. Integrating this tech to a company’s processes will result in sift pay-outs to vendors, precise invoicing and save a lot of paperwork. If you are considering to implement Blockchain in your business and need help in familiarising your employees with the Blockchain Technology, visit us at biginnovationcentre.in and enrol to our Membership Programme to receive a greater understanding of various Emerging Technology