Data being the latest trend for achieving digital transformation, companies are striving to gather more and more data and also to make the most out of it. But for everything to fall in place, it is important that companies manage, organize, and also secure the data that is collected. While storing and managing a voluminous amount of data is difficult, securing the same is even more arduous. Besides, the proliferating cyberattacks and data breaches have created a sense of anxiety in companies today. Considering the promise of authenticity, integrity, and immutable storage, the disruptive and revolutionary technology, blockchain, will very well fill the gaps in traditional data management.
Compared to financial advisors, robo-advisors are inexpensive and more accurate in allocating assets, estate planning, and overall financial advice. Robo-advisors help private investors in wealth management with the help of predefined algorithms and trends in the financial market. The utilization of robo-advisors in fintech is not a new phenomenon. Wealth managers have been using robo-advisors behind-the-scenes to gain additional information before offering their final recommendation to clients. As robo-advisors became more advanced, wealth managers were able to focus more on building client relationships and save time spent on data entry and investment management.
Generally, AR and VR are utilized in industry sectors such as finance, healthcare, construction, and retail. But, can augmented reality, along with robotics and virtual reality work together? Yes! Together, augmented reality, robotics, and virtual reality can be the ‘Three Amigos.’ VR and AR can offer an immersive medium to operate robots. With the help of low-latency networks, people can utilize robots remotely using intuitive AR and VR controls. Augmented reality, robotics, and virtual reality can be used together in various industry sectors such as manufacturing, healthcare, and private space research.
The emerging business process automation tool, RPA, is programmed such that it can deal with high-volume transactional tasks, invoice processing, email communication, and other back-office processes. The data that RPA deals with can or cannot be sensitive. The automation tool can even comprise of vital data like credentials, employee details, or customer information. What if hackers access the application platform, implant malicious code, and alter the rule-based processes? Well, if this happens, then businesses will face dire consequences. Let us now check the possible security risks in RPA.
A few barriers to AI adoption have slowed down the mainstream adoption and full-fledged applications of this technology. With time, investment, and continued experimentation, these obstacles will eventually be overcome, giving rise to a whole new generation of advanced AI applications. These barriers to AI adoption, mostly stemming from the rapid and the exponential growth of AI capabilities combined with the lack of preparedness of businesses as well as governments, must be addressed before we transition to an AI-driven future.
Following AI trends and understanding the benefits of technology have become a necessity for business leaders. Early adopters of AI can gain a competitive advantage over other businesses. Also, AI coupled with big data can help business leaders predict market trends and create effective strategies for adapting to changes in the market. Hence, organizations can incorporate AI in sales departments to augment the growth of their business. The integration of AI in sales can help businesses in scoring leads, optimizing product prices, and developing personalized marketing campaigns.
The integration of fog computing for blockchain applications capitalizes on the decentralized structure of blockchain technology. With fog computing, a large number of devices can be incorporated in the blockchain framework, vastly improving the productivity of businesses while reducing operating costs. With fog computing for blockchain, users and businesses can maximize the commercial value of idle digital resources. The use of fog computing for blockchain opens up a whole new dimension for the functioning of the blockchain framework.
With effective data ownership regulations, governments can ensure that businesses utilize confidential data ethically. However, only creating regulations is not enough. Users like us must be aware of the value of our data and avoid simply giving away our confidential data to businesses. In this manner, we can ensure that we own our data and our data doesn’t own us. Therefore, Governments must regulate data ownership to prevent privacy violations and ensure that businesses use modern technologies ethically.
AI in fintech will help firms to streamline customer service, automate manual jobs, detect frauds. All of this will in turn increase accuracy, boost productivity, and increase a company’s bottom line. The groundbreaking technology comes as a life-saver for these firms. Even though leveraging AI will take immense efforts and might eat a lot of money, but it will stand poised to revolutionize the financial services, operate smartly, and make better decisions with time. Most of all, investing in AI for fintechs will bring in handsome ROI.
It won’t be wrong to say that the future of ERP will include big data. The incorporation of big data with ERP should make businesses capable of having a broad perspective over their business operations. However, businesses should ensure that the risks associated with big data are addressed to ensure optimum utilization of the technology. As an additional step, companies need a convergence of multiple advanced technologies with high-speed decision-making capabilities if they want to stay ahead of the competition.