Let's create a custom AI roadmap for your business - no cost, no catch.

Importance of Datasets in Machine Learning and AI Research

Most of us nowadays are focused on building machine learning models and solving problems with the existing datasets. But we need to first understand what a dataset is, its importance, and its role in building robust machine learning solutions. Today we have an abundance of open-source datasets to do research on or build an application to solve real-world problems in many fields. However, the lack of quality and quantitative datasets are a cause of concern. Data has grown tremendously and will continue to grow at a higher pace in the future. So, how do we use the huge volumes of data in AI research? Here we will discuss ways to smartly leverage the existing dataset or generate the right datasets for the given requirements. What is a Dataset in Machine Learning? Dataset is a collection of various types of data stored in a digital format. Data is the key component of any Machine Learning project. Datasets primarily consist of images, texts, audio, videos, numerical data points, etc., for solving various Artificial Intelligence challenges such as  Why is Dataset Important? We can not have an Artificial Intelligence system with data. Deep Learning models are data-hungry and require a lot of data to create the best model or a system with high fidelity. The quality of data is as important as the quantity even if you have implemented great algorithms for machine learning models. The following quote best explains the working of a machine learning model.  Garbage In Garbage Out (GIGO): If we feed low-quality data to ML Model it will deliver a similar result. According to The State of Data Science 2020 report, data preparation and understanding is one of the most important and time-consuming tasks of the Machine Learning project lifecycle. Survey shows that most Data Scientists and AI developers spend nearly 70% of their time analyzing datasets. The remaining time is spent on other processes such as model selection, training, testing, and deployment. Limitation of Datasets Finding a quality dataset is a fundamental requirement to build the foundation of any real-world AI application. However, the real-world datasets are complex, messier, and unstructured. The performance of any Machine Learning or Deep Learning model depends on the quantity, quality, and relevancy of the dataset. It’s not an easy task to find the right balance.  We are privileged to have a large corpus of open-source datasets in the last decade which has motivated the AI community and researchers to do state-of-the-art research and work on AI-enabled products. Despite the abundance of datasets, it is always a challenge to solve a new problem statement. The following are the prominent challenges of datasets that limit data scientists from building better AI applications. How to Build Datasets for Your Machine Learning Projects? An Artificial Intelligence application flow is depicted in the diagram below. The first two components are the dataset acquisitions & data annotation section which are crucial to understanding for building a good Machine Learning application. Nowadays, we have ample resources where we can get datasets on the internet either open-source or paid. As you know data collection and preparation is the crux of any Machine Learning project, and most of our precious time is spent on this phase. To solve the problem statements using Machine Learning, we have two choices. Either we use the existing datasets or create a new one. For a highly specific problem statement, you have to create a dataset for a domain, clean it, visualize it, and understand the relevance to get the result. However, if the problem statement is common, you can use the following dataset platforms for research and gather data that best suits your requirements. Actionable Advice for Data-Driven Leaders Struggling to reap the right kind of insights from your business data? Get expert tips, latest trends, insights, case studies, recommendations and more in your inbox. Best Dataset Search Engine Platforms for a Machine Learning Challenge Below is the list of a few dataset platforms, that allow us to search and download data for Machine Learning projects and experiments. Most of the datasets are already cleaned and segregated for ML and AI project pipeline. However, we have to filter and utilize them according to our specifications. Custom Dataset can be created by collecting multiple datasets. For example, if we want to build an app to detect kitchen equipment, we need to collect and label images of relevant kitchen equipment. For labeling the images, we can run a campaign to collect data by encouraging users to submit or label images on a platform. They can be paid or rewarded for the task. Here are a few options that can be used to get data quickly for your requirements. A synthetic dataset is created using computer algorithms that mimic real-world datasets. This type of dataset has shown promising results in the experiments conducted to build Deep Learning models to create more generalized AI systems. Different techniques can be leveraged to generate a dataset.  Nowadays, researchers and developers utilize game technology to render realistic scenarios. Game framework unity is used to create datasets of particular interest and then used in the production of real-world data. Unity report shows that the synthesized dataset can be used to improve models’ performance. For instance,  computer vision models use synthetic images to iterate fast experiments and enhance accuracy. Generative Adversarial Networks (GANs) are also used to create synthetic datasets. These are neural network-based model architectures used for generating realistic datasets. Most use case requires data privacy and confidentiality. Hence, these networks are utilized to generate a sensitive dataset that is hard to acquire or collect from public sources. Data Augmentation is widely used by altering the existing dataset with minor changes to its pixels or orientations. It’s helpful when we are out of data to feed our Neural Network. However, we cannot apply the augmentation technique to every use case as it may alter the real result output. For instance, in the medical domain dataset, we cannot augment more data from the

Read More

Role Of Artificial Intelligence In Web Development

Artificial Intelligence (AI) has evolved into a promising field in recent years, and now it’s an indispensable part of the web development world. Web development is an industry where user experience is everything. Any challenges regarding customized user experience can be easily solved using AI. The end question still remains, is hiring an AI/ML development company worth your web development needs? Around 38% of people will stop engaging with a website if the content or layout is unattractive. It means that you only get 0.5 seconds to make an impression on your visitor. Also, 90% of users leave a website because it is poorly designed. These are just a few stats that emphasizes the importance of having a website that has got everything from layout & design to loading speed right. AI/ML can make it much easier for web developers to deliver high-quality results faster. By using AI, you can improve the user experience of your website with chatbots, web design, marketing strategy, etc. How Artificial Intelligence Is Used In Web Development 1. For Faster Coding Coding is considered a problematic or challenging task, which it is. With AI, coding is way quicker and manageable. Artificial Intelligence in web development automates multiple tasks that help developers to create code more efficiently. Automated coding has massively cut down processing times and has allowed developers to build more intuitive apps in a short timeframe. 2. For More Personalized User Experience (UX) The whole fuss about getting everything right is about this one thing, providing a personalized and best user experience to all the visitors. AI-powered websites offer a personalized experience to all visitors, making the experience better for them and encouraging participation. 3. In Chatbots For 24*7 Support & Better Reply Predictions Not all businesses can afford to have support staff that work round the clock. Instead, you can hire a machine learning engineer to develop a chatbot for your website. Chatbots provide faster customer service and help manage customer requests better. On average, chatbots have increased sales by 67% for the companies who use them on their website. This is because chatbots make the customer experience better for every customer. 4. For Better Voice Search Optimization 58% of consumers are using voice search features to find information on local businesses. For a business website, voice search adaptability is an essential accessory if you want to gather more traffic and provide an easier way for your customers to find you. Virtual assistants such as Google Home, Siri, Cortana, and Alexa use AI to recognize and react to voice commands. Many people prefer to use voice search instead of typing their searches as this is a more convenient way. The Future of Artificial Intelligence In Web Development Even with all these benefits of AI in web development, in the end, it’s a machine. And a machine works best with human intervention every now and then. With AI, web developers can create better websites in terms of design and performance in a shorter period of time. But on the other hand, AI can provide better results with human intervention wherever possible. Creativity is something that only a human mind can have. This is the main reason why human intervention is necessary with AI to generate the best results, especially in a creative field like web development. Final Thoughts Artificial Intelligence and machine learning have evolved a lot since their initial discovery, but there’s still huge potential yet to be discovered. With the increase in the demand for AI in several aspects of human society, we will further see even more major developments and progress in this field. It still needs human intervention on a large scale to produce the best results, but it may be possible in the near future that AI alone will be enough. This technology will provide benefits to both businesses and their customers due to its fast learning abilities and speedy results. Would you use AI to help your web development team deliver better results?

Read More

Data Analytics in FMCG: Its Meaning, Importance & Use Cases

Data analytics help the FMCG industry to reduce costs, streamline production and supply chain, and take the products to the right target market at the right time. It provides companies with the necessary insights to adopt the data-driven model for decision-making. Let’s understand the effective role of data analytics in the FMCG sector. Data analytics is the practice of analyzing datasets to derive meaningful insights. It answers questions, gives patterns, and helps in making decisions based on proper evidence/ context. During the last few years, many establishments from various industries have adopted new technology to process data and derive insights. The FMCG (Fast Moving Consumer Goods) industry too followed suit to streamline its manufacturing, supplying, and customer care services. The FMCG industry is also known as Consumer Packed Goods (CPG) industry and happens to be the largest market internationally. The MENA (Middle East and North Africa) region saw high demand for consumer goods before the Covid-19 pandemic pushed things into turmoil. Statistics show that Saudi Arabia has a total retail consumer spending of $271919.41 million. Though there has been a 64% decrease in customers who went to supermarkets, the demand for goods hasn’t gone down. The market shifted from brick-and-mortar stores to online retailing. Moreover, the consumer trends in GCC (Gulf Corporation Council) have begun to resemble the trends in the US.There has been a polarization of consumers based on price, branding, quality, and convenience. In fact, the changes started after 2015, when major developments took place in the GCC, be it the introduction of VAT or an increase in working hours. A research report shows that 69% of UAE and 63% of Saudi Arabia consumers prefer to pay more if a brand guarantees quality products. Furthermore, modern trade is continuing to become famous in the region. In such instances, an FMCG manufacturer/seller needs to understand the market/ consumer requirements to become successful and gain a competitive edge over other players. This is possible when the establishment makes use of big data analytics to gather accurate and meaningful insights for decision-making. The Significance of Big Data Analytics in FMCG Data analytics in FMCG companies helps improve the scalability, flexibility, and value creation of the business. It is a dynamic industry that requires an equally dynamic approach to stay ahead of the trends and provide consumers with valuable services. For example, the omnichannel shopping experience can be best delivered when the enterprise leverages big data analytics.  Running data analytics requires making changes to the existing business systems. Outdated technologies and legacy systems cannot work efficiently with advanced analytical tools. Businesses should first work on digital transformation and invest in data management solutions to build a streamlined data flow within the establishment. Knowing which tools and technology to use is vital to successfully implementing the data-driven model in the business. That’s where offshore solution providers step into the picture and offer end-to-end services to set up, integrate, implement, and manage big data analytical tools.  The main purpose of using data analytics in the FMCG industry is to increase sales and profits by providing consumers with what they want. This requires flexibility, adaptability, and agility to align and realign the goals with the market demands. Understanding customers and working on real-time customer engagement will lead to an increase in customer loyalty. Why Data Analytics Is Important in FMCG Be it inventory, supply chain, or consumer experience, data analytics can help the FMCG industry use predictive intelligence in real-time to make the right decisions. Here, we’ll focus solely on how big data analytics companies assist businesses in dealing with consumer preferences and understanding the target market.   Analyzing Target Customers  There’s no denying the pressure of a competitive market. It’s hard to have loyal customers in the FMCG industry with new brands, products, and companies entering the market every day. Data analytics help you to understand your target audience.  Who are your target customers? What do you know about them? What are the demographics? Such questions can be answered using data analytics. It helps identify potential customers for a long-term relationship with the business.  Better Targeting  Marketing and promotions play a significant role in today’s world. Businesses need to grab customers’ attention with marketing and wow them with their products. For that, the business should know which type of marketing and advertising strategies will deliver results.  For example, having a business website and optimizing it for search engines has become compulsory to reach internet users. TV ads work for brands whose target customers spend more time watching the telly. Data analytics will give the necessary insights to plan marketing campaigns.  Reduce the Risk of Fraud  If attracting customers is one aspect, identifying fraudsters is another crucial issue. How does a business know that the person is a genuine customer and not a fraudster? The advent of online retailing and eCommerce has increased the rate of fraudulent transactions. Many businesses face losses due to a lack of awareness and control over such incidents.  Data analytics can help define the weak spots and analyze a customer to determine the chances of a fraudulent transaction. Such transactions can be blocked, rejected, or prevented to avoid losses.  Anticipate Customer Needs One way to inspire consumer loyalty is by anticipating their needs and delivering the products/ services. If a customer wants to go digital and make online purchases, an eCommerce website will help keep the customer instead of losing them to a competitor who offers this service.  Data analytics in FMGC uses data from multiple sources and processes this data in real-time to anticipate what customer wants through predictive analytics.  Plan Innovations  What kind of products will the customers buy? What changes does a brand need to make to the existing products to drive sales? How can you redesign the store to make customers spend more time because of the attractive atmosphere and not because they can’t find what they want?  Data analytics will help the business read the market trends accurately and be ready to grab opportunities before the competitors. Moreover,

Read More

How Can AI Transform Wealth Management?

A Gartner report suggests that by the end of 2024, nearly three-quarters of companies will shift from pilot to operational AI. Artificial Intelligence has been changing the dynamics of different industries. And the finance industry is no exception here. AI is also fast becoming an integral part of wealth and asset management companies. Financial advisors or wealth managers have been providing effective investment solutions to the wealthiest individuals and businesses for ages now. Yet, according to eMarketer: 37% of clients worldwide prefer their fund managers to choose hybrid advisory engagement for leveraging automation in wealth management. Thus, managers are adopting artificial intelligence in wealth management for advanced projects. It also helps them provide enhanced customer experience, investment decisions, and risk management.  How Does AI Help in Asset Management? Several financial institutions and wealth managers are discussing AI and its soaring benefits. Yet, a lot are reluctant to invest in AI for asset management. As asset means large holdings, it also means significant responsibility. This is where AI asset management can support managers in many facets. Automating Task Artificial intelligence is becoming a valuable addition to wealth management. It can help identify trends in market performance and suggest portfolio composition. Furthermore, AI can help automate tasks such as investment research and portfolio management. This analysis helps to reduce costs for clients. It also increases the accuracy and timeliness of the advice provided.  AI asset management can result in tremendous innovations which would not happen otherwise. It can also encourage tech-savvy strategies for managers to deliver value. Thus, wealth managers can make a client’s financial journey more successful.  Improved Decision Making Wealth management is a complex and challenging task. It requires the manager’s ability to make sound judgments about financial investments. This is where AI comes to their rescue. It offers immense potential to automate and streamline processes for advisors. It also supports them with insights that may not be able to detect. For example, an AI-powered platform can scan large data sets and identify trends. These custom-made platforms are particularly designed by AI companies to provide greater efficiency and accuracy in investment decisions. Thus, improving decision-making. Identifying Risk The use of artificial intelligence is gaining much popularity. This is because AI in investment management can identify risk in a portfolio. Also, it helps in offering suggestions for improvement. With this, advisors can ensure that a client’s money is being managed responsibly. And also avoid putting them at risk for financial instability or loss. It also provides guidance on best practices for saving and effective investment strategy.  Data Insights  AI can support managers identify integral data points. These include account balances and transactions. Further, advisors can manage their client’s data, identify patterns, and predict future behavior. This allows advisors to provide better service and recommendations. Also, make better investment decisions and stay ahead of the competition. It also helps advisors find new customer segments and identify fraudsters. Can AI Replace Fund Managers? There is no doubt that the incorporation of AI is revolutionary and it accelerates the overall functioning of asset management. It also makes data processing and investment strategizing proficient. However, a complete replacement of manual labor with machine learning might not be the future. The reason is, that artificial intelligence needs to undergo certain scrutiny and security assessment to make these solutions reliable. We also need businesses to develop a sturdy infrastructure that welcomes innovations for optimum usage. Regardless of AI’s advantages like higher efficiency, and reduced speed, complete replacement wouldn’t take place. Where and How to Adopt AI in Wealth Management? If you want to get started with artificial intelligence in wealth management, there are a few things that every manager must analyze before starting. Hence, by automating tasks and providing personalized recommendations, AI can support managers in providing efficient portfolio management with wiser recommendations. Advisors who embrace AI will be in a competitive position and offer quality services. 

Read More

How Computer Vision is Transforming the Global Transportation Industry?

Technology has played a critical role in transforming the way individuals interact with each other over the past few decades. The changes may have started with communication, the technological advancements have quickly moved into other areas like manufacturing, after-sales service, and logistics, among others. For instance, mobility is one of the most important pillars that contribute to economic activity in any economy. Modern technological solutions combined with the power of artificial intelligence and machine learning are transforming the global transportation industry. One of the critical components of this tech machine is computer vision. Experts believe that computer vision in transportation is a necessity that has multi-pronged benefits and applications across many use cases. The level of success of computer vision is increasingly playing a big role in changing the status quo in the transportation industry. What is Computer Vision? Computer vision is a part of artificial intelligence solutions that helps computers to derive actionable meaningful information from various input sources like images, videos, etc. In other words, if AI systems allow computers to think like humans, computer vision enables computers to see, observe and understand visuals like humans. The benefits of computer vision capabilities are not only limited to the transportation industry. Computer vision systems are already playing a big role in transforming many other functions like healthcare, manufacturing, agriculture, retail, etc. Benefits of Computer Vision Computer vision can help in a variety of ways. Some important benefits of computer vision are as follows:  Computer Vision in Transportation Industry Computer vision or vision transport tracking is critical to the future of the transportation industry mainly because of its multi-use-cases across areas like self-driving cars, traffic management, parking management, road condition monitoring, and more. For instance, according to a CDC report, around 1.35 million people across the world are killed on roadways each year. In fact, crash injuries are the 8th leading cause of death globally.  Computer vision is at the center of driving intelligent transportation systems across markets. Computer vision is playing a critical role in the following areas in the transportation industry: Self-Driving Cars We are living in an era where self-driving driving or autonomous vehicles are a reality. As companies are working on improving the capability, reliability, and safety of self-driving cars, computer vision is driving this change from the front. As vision transportation tracking helps in identifying and classifying static and moving objects, computer vision has played an integral role in making self-driving cars a reality. Traffic Management The advancement in the field of computer vision has paved the way for efficient traffic management and flow analysis. As computer vision helps in providing accurate information like traffic density, freeway traffic count, etc., it results in better traffic management and improved road safety. Computer vision is also expected to play an integral role in futuristic public transportation going forward. Parking Management Computer vision is widely used as the solution for parking management in place of costly sensor technology that requires regular maintenance. It is expected that the parking management solution would soon be used along with the license plate recognition solution to identify which vehicle is occupying which parking spot.  Road Condition Monitoring Computer vision has been found useful in monitoring road conditions. This helps in decreasing safety risks for vehicles and pedestrians and improving road maintenance efficiency. Many countries are using computer vision to trace, track and improve road conditions for improved mobility. Governments usually hire computer vision as a service for road condition monitoring.  To sum up Computer vision has provided several groundbreaking innovations to the transportation industry. It is expected to play an increasingly important role in coming up with solutions that are expected to decide the roadmap for how transportation will change in the future. 

Read More

Artificial Intelligence in HR: Human Resources Reinvented

A company’s success depends upon how effectively and efficiently it manages its 3Ts, time, talent, and technology. Given the plethora of jobs today, it is humanely impossible to find the right candidate at the right time. That’s where the third ‘T,’ technology comes to the rescue. Artificial intelligence is one such advanced technology that constantly changes the HR domain. From hunting to onboarding, artificial intelligence is now playing a significant role. But before we understand how AI is transforming human resource management, let’s first understand why and what is Artificial intelligence in hr or the human resources department. AI refers to the ability of machines to interpret and process information like humans. In HR, AI can not only manage the recruitment process but can also help onboard candidates smoothly. Why AI in HR? With the changing dynamics of the business environment, there is a need to manage the organizational workforce. We, as humans, have a limited capacity to do everything, and doing routine tasks might become tedious. This eventually affects the overall productivity and efficiency. That’s where the magic of Artificial Intelligence works the best. Here’s how AI and human resources go hand-in-hand: 24*7 Access With the 24*7 availability of AI Chatbots, any potential talent can easily understand the procedure and other relevant details about the company or particular topic. The use of conversational AI in human resources promotes connection and relationship building. Enhances Efficiency The repetitive task can be shifted from manual mode to automation. This shift gives the workforce more time to concentrate on additional tasks, eventually boosting the overall productivity and efficiency. Personalized Communications AI can ensure personalized communication, especially with the newly recruited talent. With AI tools like Talmundo, where the talent can break the ice through a chatbot.  Analytics AI can use real-time data to identify emerging problems when employees raise similar concerns and address them before escalating. Role of Artificial Intelligence in Transforming Human Resource Management The role of artificial intelligence in HR functions is endless, as it is constantly changing the HR working dynamics. The following explains how is AI being used in HR and recruitment: Screening Out Potential Candidates As soon as any company calls for an application, a large number of applicants start forwarding their application to the respective HR. Here, scanning the resumes manually may overlook the best potential candidates, given the number of applicants. However, artificial intelligence HR software like HireLakeAI can be leveraged to manage the hiring process. From shortlisting the resume of candidates to the final round of interviews, this AI-based solution helps HR in making ideal recruiting decisions. Creating a Diverse Work Environment While scanning and shortlisting profiles, HR may unknowingly be biased based on age, gender, etc., making the recruitment process unfair. But AI is trained and programmed to filter out any kind of bias during the screening process, making the procedure fair, unbiased and equal. This emerging role of artificial intelligence in HR functions like screening and finalizing potential candidates helps build a diverse team, leading to a better and more productive work environment. Building an Interactive Candidate Experience Usually, it is pretty difficult for HR to communicate with all the candidates. This leads to a bad impression of the company. But AI chatbots are now used to build an interactive candidate experience.  For example, chatbots can guide the candidate for further process, schedule interviews, etc., ensuring a smooth and interactive recruitment procedure. Smooth Onboarding Traditionally, the onboarding process was time-consuming once a candidate was recruited, as the candidate had to manage documentation. However, AI has made this process easier by digitizing and automating documents. They also help properly organize the documents and store them in zip files. Moreover, AI can also track when the hired candidate has gone through these documents and remind them to provide a digital signature. Application of AI in HR Hunting Ideal Candidates Artificial intelligence in HR can help in attracting potential candidates by analyzing the user’s search patterns and advertising companies that are open to recruiting such specific job roles. For example, LinkedIn uses simple AI to target the potential candidate. It attracts them using some recommendation algorithms, that is “related jobs for you” feature.  Effective Communication Not having proper communication might lead to a stressful work environment. Therefore, a better communication process is important to have clarity on the job responsibilities. Using AI solutions, the HR department can streamline proper and productive communication in the company, efficiently comprehending texts and voice messages and detecting their tone.  Moreover, this AI solution in HR can highlight the present tone so that the person communicates professionally, without any bias, and in a non-offensive tone. Data Collection There is more to a candidate than what his resume displays. Therefore, it is equally important to dive more into the candidate’s profile by digging the social media, past company reviews, etc., to look out for any scope of concern. Artificial Intelligence tools provide efficient data aggregation techniques to collect information.  For example, eBay and IBM use AI-powered data aggregation to extract data from a variety of sources, store them and analyze them to conclude the work experience and market value of the potential candidate. Talent Management Hiring a candidate through resume shortlisting and interviews is just one of the many ways a company acquires a candidate. However, the candidate is more likely to join a company if he sees the potential for growth and advancement in his career by working in the company. Artificial intelligence for HR can benefit here by streamlining the process of connecting him/her to someone in the company who already has proficiency in that skill.  Why Should You Opt For AI-Based HR Solutions? Enhances Productivity  Managing the human workforce of the company can be a nerve-wracking task. But using AI-based solutions in HR, the HR team can easily plan out a proper workflow from start to end rather than shifting a task to a particular day. This will eventually lead to a faster process without compromising on the

Read More

Business Intelligence in Manufacturing: Transforming the Industry

Data-driven manufacturing is the need of the day. Digital transformation has entered the manufacturing industry and is changing the sector through data analytics. Business intelligence is the key to revamping manufacturing and improving quality, production, and returns.  The manufacturing industry has been looking at business intelligence with renewed interest. Data is usually scattered in the factory and manually fed into the system; it’s also offline until it is entered into the database.  Business intelligence provides a solution to bring the data together with minimum effort. It promises data collection, cleaning, and analytics to improve the manufacturing processes and increase returns. The manufacturing industry contributed 18% of the GDP in the Middle East in 2018. The countries have marked manufacturing as an integral part of their economic strategies to achieve their 2030 visions.  The ME region has the necessary infrastructure and connectivity to boost the manufacturing industry. Oxford Economics said that UAE’s industrial sector grew more than a third during the 2007-17 decade. Innovations and technological adaptations have been game-changers. Artificial intelligence, business intelligence, data analytics, etc., are said to take the manufacturing industry in the Middle East to newer heights.  The Gulf countries are using business intelligence services offered by offshore companies to revamp their existing systems and make the necessary changes to stay active in the competitive market. Let’s read in detail about the role of business intelligence in manufacturing and how data analytics can help manufacturing industries fulfill their role in contributing to the 2030 economic vision of the Middle East.  Types of Manufacturing Processes In simple terms, manufacturing is the process of producing products/goods using raw materials and tools. Biological or chemical processing may also be used to obtain the final product. Be it the production of a tiny toy, household appliances, or an automobile, converting raw materials into finished goods by following a systematic and pre-defined procedure is known as manufacturing.  However, the reality is much more complicated and involves a range of factors such as quality, cost, production cycle, duration, supply chain, and more. The path from acquiring raw materials to supplying finished goods to the market is filled with various elements that are not always under our control. Furthermore, the manufacturing processes are classified into three types:  Make to Stock MTS is where the finished goods are made in large numbers and held as stock in stores. These are widely used and always in demand. That said, manufacturing too much in surplus can lead to blocked capital and losses.  Make to Order MTO is where the manufacturer waits for an order to start the production process. The clients/ customers have to wait until the production cycle is complete and the end product is handed over to them.  Make to Assemble MTA is a combination of MTS and MTO. The manufacturer has a stock of the parts required to assemble the final product. The assembling will be done only when an order is placed. This not only reduces the time to deliver the product to the customers but can leave the manufacturer with excess parts if there are no orders.  How a manufacturer manages the processes and stock determines the success of the business. Business intelligence helps manufacturers use historical and real-time data to correctly anticipate the market demands and adjust production accordingly. What is Business Intelligence? Business intelligence is a set of procedures, techniques, and software used to convert raw data into meaningful insights. BI allows manufacturers and enterprises to increase their business efficiency by making required changes to their systems and processes.  Every industry requires business intelligence to analyze data and derive actionable insights. These insights help businesses to make better decisions in a quick time and stay relevant in the competitive markets. Business intelligence is the use of data and data analytics to gather valuable information. BI for the manufacturing industry is also called manufacturing intelligence or manufacturing analytics.  Business Intelligence in Manufacturing Industry The manufacturing industry needs to streamline and balance machine operations, supply chain, and logistics to get the desired results. The main aim of the manufacturing industry will be to reduce production costs without compromising the quality standards or delaying the production cycle. To achieve the goal of reducing costs and increasing production, the manufacturer needs to rely on the data-driven model to make decisions.  This is possible when the data flow is aligned within the manufacturing unit and bridges the gap between data, systems, and employees. BI and data analytics give manufacturers the necessary tools and insights to use data effectively and make the right decisions for the business.  How is Business Intelligence Used in Manufacturing? The use of business intelligence in manufacturing can be seen at every stage, from sourcing raw materials to supplying the final goods to end-users. Since most manufacturers already have the ERP system in place, adopting a BI and data-driven model is not too complicated.  Hiring the services of a business intelligence developer will help manufacturers understand the ways to implement BI and data analytics to derive accurate insights.  Improve Operational Efficiency  Operational efficiency is a must for a manufacturer to survive the competition in the markets. However, it is possible only when a business knows what changes to make and which processes to continue.  While data is available in abundance, using the data efficiently to gain in-depth insights into the existing operations of the manufacturer can be achieved through business intelligence. BI reduces the time taken to analyze data and derive reports, thus providing the management with the necessary information to make changes on time.  Manage and Streamline Supply Chain  A manufacturer works with various third-party vendors, suppliers, carriers, distributors, etc. A delay at any point in the supply chain will lead to disruptions, postponements, and losses throughout the production cycle. It could lead to product failure or put the manufacturer at a disadvantage.  Business intelligence gives insights into suppliers, transporters, deliveries, expenses incurred during distribution, and so on. The reports can be used to choose reliable suppliers and freight partners and plan the production

Read More

How to Assure Data Security in Internal Business Communications

Digital security has become of utmost importance to most companies, especially those who operate online or have large transactions. Cyber attackers and hackers lurk behind every unsafe click and untrusted network or website. This is crucial for employee internal communication as they often send and receive confidential information. So, if the hackers are so powerful, how can you make sure your data is safe? Impact of Insecure Communications With each email or text message you receive from a risky sender, you’re putting your entire organization at risk. Some of the most common and prominent risks include identity and account theft, exploitability, fraud, or any similar means of data abuse. You can’t predict when the next cyberattack is going to happen. However, you can implement certain safety procedures that will keep your employees, data, and transactions safe. Since, communication is usually the least protected, unlike banks and codes, you need to strengthen security in that field. 1. Write Clear Policies Many may think that cyber security policies are unnecessary since most people know how to properly use a computer. However, we don’t live in the 2000s anymore, as cyber threats have advanced. So, if you run a business with employees, create a policy that will help your workers understand the importance of data and information preservation. So, what should one policy include? Firstly, you need to set password requirements and help employees create stronger passwords that are harder to breakthrough. If you have IT experts, you need to ensure each employee has a unique password for their email. Since email is the channel most employees use to communicate, outline email security protocols, and help them detect spam, unsafe, and junk mail. On top of that, don’t forget to include assessment in the policy. IT experts should evaluate security levels daily to keep the organization safe.  2. Train Your Employees The importance of safe digital interactions can’t be fitted into a single manual. To highlight the true dangers of cyber attacks, you need to organize training where employees will see the consequences in person. It will help them understand the severity of the issue and make them aware of their role in it. How can training help in communication? It will help employees utilize technology in communication safely. Teach them how to handle sensitive data and when it’s appropriate to share information with others. Also, show them the uses of machine learning in communication which will, with proper training, make things easier for them. Lastly, educate them on what to do during an incident. Even though you can do everything in your willpower to prevent it, you can’t predict it! 3. Implement Encryption In business communication with little to no security, information and sensitive data can leak quite easily. Therefore, encryption is necessary. Even though some may think that encrypting every single communication channel is excessive, it can save you a lot of struggles later on. So, how does encryption work in business communication? Encryption is locking data from anyone who doesn’t have the key to access it. It ensures that two entities can communicate freely, without having a third party intervening or listening in. This sounds great and safe for businesses, but it has its downsides. True and effective encryption requires a lot of resources many companies don’t have, which makes them sustainable to cyber attacks. 4. Multi-Factor Authentication In digital communication, you can’t be sure who’s sitting on the other end of the line, especially if you’ve never met this individual in person. This is especially common in remote teams. Therefore, employers usually limit who access sensitive data by using two or multi-factor authentication. What does that mean and how does that improve business communication? With these types of authentications users can’t access sensitive data and conversations without presenting two or more pieces of evidence it’s truly them. For instance, the password can be one, while fingerprint, face, and code sent directly to the phone can be other types of verification. It’s a complex method companies use in only extreme cases. 5. Use Safe Tools Instead of wasting resources on expensive and complicated tools and solutions, you can simply use safer tools for business communication. As you’ve probably noticed, not all apps and platforms offer the same quality of data security. That’s why you need to be careful when choosing technology for your internal communication strategy. Depending on the strategy you’ve tailored for your business, a wide variety of apps are suitable for your business. Check out internal communication examples that will help you create the best strategy and choose the best solution for your business and employees. Prioritize safety, usability, and effectiveness over price. 6. Create Backups In times when cyberattacks are becoming more frequent and you never know when they might happen, having clouds and backups are vital for business communication. It’s one of the last lines of defense and data preservation. How do they work? During conversations, data is automatically backed up on an online cloud. Only the chosen people have access to it. This prevents hackers and malware from stealing your data as it adds another layer of protection. Even though clouds aren’t unhackable, breaking through all the security systems is sometimes not worth it. Final Thoughts Cyber security has become one of the top priorities in every company. With skillful hackers, negligent employees, and unsafe networks and systems, you’re making it too easy for attackers to get what they want. So, implement these tips to ensure safety in your organization and communication.

Read More

What is Big Data Analytics in Finance?

Big data has been a hot topic over the past few years, and for good reasons. The amount of data available to businesses is staggering, and this presents a massive opportunity for companies that can effectively use big data analytics to gain an edge over their competitors. In this blog, we will explore what big data analytics in finance is, its usage in the world of finance, and whether or not it is beneficial for businesses in this industry.  “Big data in finance” refers to the vast amount of daily data that financial institutions generate. This data can come from various sources, such as customer transactions, stock market data, and even social media data. The big challenge for businesses is collecting this data, making sense of it, and extracting valuable insights. This is where big data analytics comes in. How Is Big Data Being Used in Finance? These are all pertinent questions that need to be answered when discussing big data analytics in finance. Big data analytics uses advanced analytical techniques to make sense of large data sets and extract valuable insights from them. This can be done for various purposes, such as identifying trends, detecting fraudulent activities, or predicting customer behavior. Big data analytics has been used extensively in other industries, such as retail and healthcare, and is now starting to gain traction in the world of finance. There are a few key reasons big data analytics is becoming more popular in finance. Volume of Data The sheer volume of data that financial institutions generate has increased exponentially in recent years. This is thanks to the growth of digital channels such as online banking and mobile banking, which have resulted in a considerable increase in customer transactions. Risk Management big data analytics can help financial institutions understand and manage risk better. Managing risk has become more critical than ever for banks and other financial institutions with the current economic climate. Big data analytics can help these organizations to identify risks early on and take steps to mitigate them. Detection of Fraud Third, big data analytics can be used to detect fraudulent activities. With the increase in digital transactions, there has also been an increase in the number of fraud cases. Big data analytics can help financial institutions to identify fraudulent activities and take steps to prevent them. Finally, big data analytics can be used to predict customer behavior. This is important for financial institutions as it can help them target their marketing efforts more effectively and sell the right products to the right customers. What Are the Benefits of Big Data in Finance? As one of the most data-sensitive sectors in business, they present a unique set of opportunities and challenges for big data analytics. On the one hand, financial institutions have enormous data at their disposal. On the other hand, this data is often sensitive in nature and subject to strict regulations. In the last two decades, humans have left the task of analyzing large amounts of data to computers. And no sector other than the finance industry presents a promising opportunity for big data technologies to process large amounts of data and interpret them for better decision-making. Big data analytics can help financial institutions overcome these challenges and capitalize on the opportunities. Stocks Can Be Tracked Real-Time For example, big data can monitor the stock market for early indications of stock price movements. This can give financial institutions a significant advantage in trading. Big data can also be used to develop better financial products and services. Off-Beat Financial Modeling Using big data, companies can develop predictive models that can identify which customers will default on their loans. Better lending products that are less risky for financial institutions can be developed using this information. Analyzing Customer Behavior Big data can also be systematically used to analyze customer behavior. This information can be used to develop targeted marketing campaigns and improve customer service. Regulatory Compliance Lastly, big data can help ensure compliance with government regulations. For example, banks can use big data to monitor transactions for suspicious activity. This information can be used to prevent fraud and money laundering. In conclusion, big data analytics is a robust process that can be used to transform the finance sector. By capitalizing on the opportunities and overcoming the challenges, financial institutions can use big data to their advantage. How Does Big Data Analytics Improve Financial Decision Making? The primary goal of big data analytics is to help organizations make better decisions by uncovering patterns and trends that would otherwise be hidden in the data. As fascinating as this is, there are several ways that big data analytics can be used to improve financial decision-making processes. First, big data can develop better financial products and services. For example, big data can be used to develop predictive models that help identify which customers are most likely to default on a loan. This information can be used to develop better lending products that are less risky for financial institutions. Identifying Potential Customers Financial institutions are always trying to introduce several products to their customers. However, they face significant challenges in detecting the potential customer base for a new product and developing a market strategy. Big data analytics can help here as well. It can help create market segments based on customer behavior and then target these segments with specific products. Ruling Out the Traditional Processes Data integration solutions at large can speed up the process for businesses trying to consolidate their data from various big data sources. This is crucial for financial institutions because they need to be able to access data quickly to make decisions. Spotting Fraudulent Activities Fraudulent activities are a big problem for financial institutions. Big data analytics can help detect fraud by identifying patterns in the data that are indicative of it. Structuring Workflow and a Reliable System As big data analytics is still a relatively new field, financial institutions need to be careful when implementing it. They need to

Read More

AI in Gaming: Smarter and Intelligent Gaming Experience

With an estimate to hit the CAGR of 12% by 2025, the gaming industry is growing significantly. According to the reports, Artificial Intelligence (AI) and Virtual Reality (VR) are an integral part of the global gaming industry. Moreover, it is assumed that almost $4.5 billion were spent by immersive gaming (a game with a real-like world) players in 2020 alone. Though gaming is one such industry where AI set its footsteps a long time ago, let’s understand what is the role of AI in gaming. What is AI in Gaming? Since AI inculcates human intelligence into machines, making them function like humans and carry out actions like humans have changed the gaming industry drastically. With the application of artificial intelligence in gaming, now players encounter a realistic gaming experience on a virtual platform and showcase their skills to their full potential against an AI-based worthy opponent. For example, Mortal Kombat is a duo fighting game where the AI-based opponent learns your fighting skills and defends itself by foreseeing them beforehand, giving you a much more challenging environment to play in, underlining why AI is used in games. However, AI in the gaming industry had existed even before the gaming industry gained its recognition. It was in the 1950s when the MiniMax algorithm was used to develop the chess game; it was the first example of how artificial intelligence is used in gaming. This algorithm worked on choosing the best possible move based on the contemporary board setting. ‘Donkey Kong’ was another example that used AI to enhance players’ difficulty levels. Nevertheless, the use of AI in the gaming industry was still underdeveloped back then since the opponents repeated the same mistakes and were incapable of self-learning the gamer’s tactics. But things changed when AI gaming examples like GTA, Need for speed, etc., gave a new dimension to the gaming world. Today, with more advanced features and attributes, artificial intelligence in gaming has completely revolutionized the gaming experience. Advantages of AI in Gaming Here are a few advantages of AI in gaming: Stimulates interest Gaming is a pervasive recreational activity and a getaway from stressful and hectic life. After all, playing games helps in creating a sense of satisfaction and achievement. However, now the AI-based opponents are trained with a variety of styles and techniques, giving you a tough fight.  As a result, you start getting involved in strategy building and brainstorming new tactics to defeat the opponent, who is way too powerful for predictive and straightforward gameplay styles. Moreover, it gives a realistic approach to the game. Hence, artificial intelligence in the gaming industry is giving an open and challenging platform for enthusiastic gamers to play at their full potential, therefore, stimulating emotions. Developing smarter games A new range of smarter games across a variety of genres is giving rise with the help of Artificial Intelligence. AI-based Voice Intelligence is one of the significant uses of artificial intelligence in game development. Also, AI can assist in planning and building a strong framework of gameplay.  An excellent example of this would be, using the reinforcement learning technique of AI to make the game characters self-learn and function as per the designed surroundings. For instance, in ‘Assassin’s Creed’, the enemies self-learn the gamers attacking and defending strategies and attack back strategically when you as a player would be vulnerable or prone to damage. More realistic games The advancement of artificial intelligence and gaming has led to gameplays having interactive 3D visualizations and merging games with Augmented and Virtual Realities.  It gives a realistic feeling, especially when games follow the laws of physics. Moreover, such gameplay is not only visually appealing, but they also give the gamers a feeling of living in a parallel world where they have the freedom to do what they want. For example, ‘Grand Theft Auto’ is a widely popular game where the user experiences living in a whole new virtual city where you can roam, drive luxurious cars, go shopping, etc. Ways to Implement AI in Games Decision Trees Decision Trees are the primary AI methods for designing games. These supervised learning models are used to predict and classify outcomes. They predict the outcome of the desired action done by the user by following simple decision-making rules based on the data that it gets, unlike the Narrative-based games that use DTs to proceed with one among their various alternative narratives depending on the actions of the gamer.  With AI, it is easy to interpret results from Decision Trees (DTs) and display them with interactive visualizations. In AI-based gaming, for example, the game ‘Star Wars Jedi: Fallen Order’ uses DTs to display hints of the past and future outcomes of the protagonist, given the specific circumstances you are in. So, you can now make a reasonable choice among the available options and direct the gameplay’s narrative in the way you want. Neural Networks Neural Networks can model a reality-based world and create complex gaming scenarios. Moreover, they cover up the limitations of basic AI techniques, self-learn, and adapt to the constantly changing gaming environments.  The Neural Network algorithm interprets data in two ways. They are either manually trained through vast data and then launched in the game or learned in real-time during the gameplay through the live generated data. The latter helps in improving the gaming agents even while the game is played. They also help in controlling Non-Playable Characters (NPCs) and gaming environments. Reinforcement Learning This Machine Learning method functions based on trial and error. The model is trained by letting itself act on certain scenarios and self-learning based on good or bad outcomes from those actions. Then, the algorithm remembers the bad results and finds a way to avoid them in further steps. This technique is quite beneficial in designing Non-Playable Characters (NPCs) and enhancing their decision-making skills when they are put in new environments. Games are the primary targets for testing reinforcement training because this technique has been in practice for a long time. Many computer

Read More
DMCA.com Protection Status