One of the biggest myths surrounding the IT world is that only big companies like Facebook and Amazon can make big decisions from big data. However, this isn’t true as a company with the smallest budget can exploit the vast opportunities of data collection and analysis varying from targeting potential data streams, to using the various cloud services.
Gathering and Filtering the Right Data The current generation enterprises despite their sizes and types are burdened with humongous amount of data quantity more than ever. This unfurls chaos along with the advantages as the data needs to be prioritized and filtered befitting your business’s surging demands. Keep that in mind that in order to yield the greatest data insight, big data does not necessarily have to process every available data as it will not only incur extra cost but also will be a total waste of time and resources. For startups and small-scale companies, one must hone in on data streams to accomplish various business objectives. Small-budget companies can better use of their resources by restraining the scope of data projects. This will enable them with the collection of data which is pertinent, relevant, and then take action on it while growing the business. To get started, you can opt for Google Trends to develop a more focused keywords idea and region-specific metrics that benefits your business in unprecedented ways. Read More: How Your Small Business or Startup can Make Big Decisions with Big Data
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With half the year gone, the year 2020 is expected to witness a sharp rise in the adoption of Artificial Intelligence (AI) in sectors other than just scientific sectors. Areas where huge monetary numbers are at play every day needs to be more protected and made robust enough to not fall prey to any financial treachery. Adoption of AI in fintech is therefore, aimed at improving the accuracy, personalisation of payment, lending services, and insurance services along with unveiling new borrower pools. It is interesting to point out that some fintech companies have incorporated AI into their structures already for some time now as financial firms were the early adopters of mainframe computer, relational databases, and has always been at the forefront to espouse next level computational power. Fintech is among the fastest-growing industries, owing to the increasing penetration of internet users. The emergence of digital payment solutions has resulted in a paradigm shift in the usage of mobile devices for financial transactions and related actions. Behind this gigantic boom in the fintech market, several futuristic technologies like AI and ML are the major contributor in making the whole system faster, robust, securer, and scalable. According to Mordor Intelligence, artificial intelligence in fintech market is estimated to touch over USD 35.40 billion by 2025. Here are some pivotal applications of AI in Fintech that have disrupted the traditional methods and operations with some amazing case studies: Fraud Detection and Compliance According to the Alan Turing Institute, with $70 billion USD spent by financial institutes on fraud detection and compliance each year and this is just in the US; the amount of money spent on the world level for fraud is staggering. Between 2015 and 2016, the UK alone witnessed exponential increase of payments-related fraud by 66%, indicating the problem clearly and is obviously much more than a momentary phenomenon. Read More: Revolutionising Fintech with AI: Integrating Chatbots with Intelligence in Business Digital transformation solutions have morphed almost every vertical but healthcare is among those who can’t afford not being digitally updated. Digital transformation of the healthcare sector has and can radically change the entire patient-engagement model, record system, health services, reducing human error, and streamlining physicians’ work. As per PwC reports, surging digital technologies are modernizing the landscape of the healthcare industry to ensure sustainable growth and delivering amazing patient care.
Read More: Digital Transformation Solutions in Healthcare: Pacing Towards Digital and Connected Services Managed IT services have seen a stagnant growth across different verticals, with reportedly 64% of companies using managed IT services of some type or another in 2016. The same report forecasted the market growth rate of 12.5 percent between the years 2017 and 2020, driving this valuable asset all the more compatible and reliable across the board.
When it comes to outsourcing IT services, people across the globe choose top managed IT services in India. In a recent report, 80% of US and European outsourcing firms ranked India as their first choice for IT services. According to NASSCOM, almost half of the Fortune 500 companies prefer to choose the top managed IT services in India. Here are some of the reasons which make India the top destination for managed IT services:
In past decades, by providing seamless and quality services Indian outsourcing companies have proved that they are irreplaceable. The clients leverage the quickest time-to-market and round-the-clock services due to the time zone differences. The Indian managed IT services provide establishments with numerous opportunities for projects to be accomplished prior to expected, leading to increased productivity, greater efficiency, reduced costs while providing more time to focus on the core expertise. Google itself confirms that IT application development services in the UK are the top choices across entire Europe for delivering revenue-rich, business-friendly market, and quality mobile applications. The US brags the number 1 global rank in the technology sector, the United Kingdom is considered to be the second-largest tech leader in the world.
The country enjoys more than a third of total revenues from smartphone software in the entire European continent. And, relishes approximately a fifth of total European smartphone application developers situated in the UK and more than 30% taken by London, Manchester and other southeast parts. “The mobile apps market is continuing to go from strength to strength with consumers spending more on apps each year. Offering an unobtrusive ad experience for free apps is still crucial, however, as app developers risk losing users altogether if ads are not implemented correctly. The solution seems to be to offer more in-app bonuses or rewards for watching ads, which particularly appeals to younger consumers.” ZACH EMMANUEL The IT Application Development Services in the UK are exposed to the following threats and opportunities Needless to say, the number of mobile connections has risen over the past five years not just in the UK but the overall globe. However, the UK has witnessed strong growth in the application sector, directly expanding the potential market for mobile apps. However, over the past decade, the growth rate has slugged down in mobile phone ownership as it has reached a steady level, menacing industry growth. According to IBISWorld, the UK will witness an increase in the number of mobile connections to 84.6 million, soon. As mobile app technology has enhanced and become more sophisticated, enterprises are gradually more interested in the hidden capacity of mobile apps. There are many major companies today invest in mobile application services in conjunction with conventional software packages for different kind of business functions. Also Read: 6 Steps of Software Application Development and Maintenance Process The United Kingdom withdrew itself from European Digital Single Market after its exit, in March 2018. 100 UK tech industry leaders formed a group that discovered the losses by accessing European funds, the loss of access to the Digital Single Market, and the possible loss of EU talent pool, which will massively impact the UK App Development industry. Additionally, the country risks losing access to basic EU data protection laws and cohesive networks. This is the major obstacle for the country’s operator to cope up with all the changes and possible new regulations after exiting from the European Union. According to a Statista report, the speed at which the E-commerce industry is booming, it is estimated to hit $4.5 trillion in 2021. Today, on an average basis, 54% of millennials make online purchases. To amplify customer satisfaction, delivery methods, and better decision making, the E-commerce industry is using big data analytics services. There are several E-commerce companies that are already incorporating the benefits of big data analytics to unveil market trends, customer preferences, and effective marketing campaigns.
Opting for big data analytics services, one can take decisions from useful data and hidden patterns that are examined, analysed, and categorized. This can also companies find new and innovative approaches to enhance customer service delivery and make business operations more competent. Big Data Analytics in E-commerce Safer online payments: Big data and analytics’ centralized system guarantees all online payments to be more safe and confident. The technology helps in detecting doubtful transactions and fraud in a few minutes and keeps the process transparent between both the customer and the vendor. Flexible pricing policy: Big data analytics allow to read, analyse, and categorized a humongous amount of information that helps in developing a flexible pricing policy. The retailer can either make a decrease or an increase in your prices by analysing `real-time market conditions. Improved mobile commerce: Can you even imagine an E-commerce firm without any mobile presence. Today, mobile technology is merging with technologies like big data to accentuate the features to make the experience more user-friendly. Big companies are working vigorously to unlock the features of data analytics to create a platform enabling everything on-the-go while saving time and energy. Enhanced consumer-retailer relationship: Big data helps retailers to penetrate deeper to enhance the customer-vendor relationship. The technology has simplified the complex process of understanding dynamic consumer behaviour and trend at the same time. Personalization: The toughest thing for any vendor is to find its product differentiator to keep him going in the long run. Therefore, to know more about their consumers’ behaviour and choices, companies strictly focus on consumer analysis. And, to do so big data is the ideal business tool that analyses customer’s behaviour and preferences to create tailored products and services. The humongous amount of data sets has resulted in unlocking such possibilities which were once impossible. Today, one can understand the dynamic and complex consumer behaviour and make changes accordingly. This not only helps in making customers happy but also keeps retailers away from uncertain risks. |
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November 2020
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