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Top 4 Applications of Cognitive Robotic Process Automation

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Top 4 Applications of Cognitive Robotic Process Automation

With the dawn of automation, industries all over the world are depending on robots to carry out tasks, such as product designing and manufacturing. It optimizes repetitive processes and improves cost efficiency. Incorporation of cognitive capabilities, like natural language processing and speech recognition into robotic process automation has resulted in the birth of Cognitive Robotic Process Automation (CRPA). Let’s delve into the current applications of this revolutionary technology.

Finance and banking sector:

Customers are demanding expedient methods to transfer money and make investments.  Also, the volumes of customer data are increasing rapidly. Hence, banks need to improve the speed of information processing. To achieve this, they have turned to process automation. Many banks are adopting AI-powered technology to automate regular processes.

According to a survey conducted by BIS Research, Banking and Finance sector is likely to become the largest revenue generator in the world for CRPA industry. For example, Bank SEB in Sweden bought cognitive robotic process automation software from IPsoft, a foremost company of CRPA industry. This technology is actually a software robot named Amelia that has knowledge of 20 different languages and is aware of semantics, including English and Swedish. In case Amelia fails to solve the problem at hand, it transfers the same to a human operator, and studies the interaction to hone its skills and apply it to similar cases in future.

U.K.’s KPMG has collaborated with Automation Anywhere to provide digital staff for clients.

Insurance:

Task like manual inputs, data gathering and retrieval, legacy applications and system updating is very time consuming. Hence, the insurance industry is welcoming automation in its processes. This help with the following tasks:

  • Automates fraud detection, policy renewal and premium calculation
  • Improves customer service
  • Enhances employee engagement
  • Upgrades business productivity as software robots can work for hours at a stretch
  • Frees employees for important tasks that need manual handling

Developed economies, including U.S. and the European nations are extensively employing RPA/CRPA bots. AXA Group, one of the chief French insurance companies using smart automation services to improve its bankroll, reported that France has the fifth highest insurance premiums in the world.

Leading IT service provider of Australia, DXC Technology, has partnered with Blue Prism, one of the best companies providing RPA solutions, to improve the RPA capabilities for key insurance clients, like Australia and New Zealand Banking Group (ANZ). Fukoku Mutual Life Insurance, top insurance firm of Japan, has replaced 30 human workers with IBM’s latest AI tech, Watson Explorer. The tech’s deployment has boosted company savings and enhanced productivity by 30%.

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Telecom and IT Industry:

Business process outsourcing (BPO) services are facing problems like increased operational costs and low profit margins. RPA/CRPA software bots can be one of the ways to tackle this problem. Hexaware Technologies, a topnotch company in this field, has partnered with Workfusion to evolve IT infrastructure, combat the aforementioned problems and boost overall productivity.

Healthcare:

Some of the challenges of the healthcare industry are:

  • Maintaining paper records of patients’ medical documents.
  • Transferring these records to digital databases
  • Manually updating databases
  • Maintain an inventory database for medicinal supplies
  • Systematic management of unstructured data
  • Innovation in healthcare encounter regulatory and reporting challenges when launching new drugs.

These tasks are repetitive and increase chances of errors when done manually. Automation helps tackle these problems and also provide safe and good quality drugs to the market. Blue Prism is one of the principal providers of RPA for healthcare.

Future Scope:

Competition in the global capital markets is increasing. New contestants are bringing in ‘’disruptive technologies’’ that are pressurizing existing institutes to increase their efficiency and cut down costs. Hence, the need to embrace cognitive automated technology.

Australia and Japan are among the top countries adopting process automation. Leading countries embracing RPA for financial services include India, China and Singapore. It is expected that Fintechs will mainly disrupt three areas of financial sector-consumer banking, investment handling, fund and payment transfer.

It is about time that all businesses and organizations integrate machine learning and artificial intelligence in their processes for competitive advantage.

How can you take advantage of this tech-driven era? Enroll for machine learning training in Delhi at DexLab Analytics. Many top companies look for expertise in this budding technology while recruiting employees. DexLab’s Machine learning course in Delhi offers superior guidance that will help you develop crucial knowledge needed to stay ahead of competition.

 

Reference link: https://www.techemergence.com/cognitive-robotic-process-automation-current-applications-and-future-possibilities

 

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Transforming Society with Blockchain and Its Potential Applications Worldwide

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Transforming Society with Blockchain and Its Potential Applications Worldwide

According to Google Search, ‘blockchain’ is defined as “a digital ledger in which transactions made in bitcoin or in other cryptocurrency is recorded chronologically and publicly.”

Speaking in a way of cryptocurrency, a block is a record of new transactions that could mean the actual location of cryptocurrency. Once each block has completed its transaction, it’s added to the chain, creating a chain of blocks known as blockchain.

Suppose a Google spreadsheet is shared by each and every computer which is connected to the internet in this world. When a transaction happens, it will be recorded in a row of this spreadsheet. Just like a spreadsheet has rows, Blockchain consists of Blocks for each transaction.

Whoever has access to a computer or mobile can connect to the internet and can have access to the spreadsheet and add a transaction, but the spreadsheet doesn’t permit anyone to edit the information which is already available. No third party can interfere into its transactions, therefore saves time and conflict.

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Types of Blockchains:

  • Open and permission-less: Public and permissionless blockchains look like bitcoin, the first blockchain. All exchanges in these blockchains are open and no authorizations are required to join these circulated elements.
  • Private and permission: These blockchains are constrained to assigned individuals, exchanges are private, and authorization from a proprietor or supervisor substance is required to join this system. These are frequently utilized by private consortia to oversee industry esteem chain openings.
  • Hybrid blockchains: An extra region is a developing idea of sidechain, which takes into consideration distinctive blockchains (open or private) to speak with each other, empowering exchanges between members crosswise over blockchain systems.

Various Applications Of Blockchain Are As Follows:

a) Smart Contracts:

Smart Contracts eases the way we exchange money, property, shares and avoids third person/party conflicts. Smart keys access can only be permitted to the authorized party. Basically, computers are given the command to control the contracts and to release or hold the funds by giving the keys to the permitted persons.

For example, if I want to rent an office space from you, we can do this in blockchain using cryptocurrency.  You will get a receipt which is saved in the virtual contract and I will get the digital entry key which will reach me by a specified date. If you send the key before the specified date, the function holds it and releases both receipt and the key when the date arrives.

If I receive the key I surely should pay you. And this contract will be canceled when the time gets complete, and it cannot interfere as all the participants will be alerted. The Smart contracts can be used for insurance premiums, financial derivatives, financial services, legal processes etc.

b) Digital Identity:

The future of blockchain will be blooming in the coming years. Blockchain technologies make both managing and tracking digital identities reliable and systematic, resulting in easy registering and minimizing fraud.

Be it national security, citizenship documentation, banking, online retailing or healthcare, identity authentication and authorization is a process entangled in between commerce and culture, worldwide.  Introducing blockchain into identity-based mechanisms can really bring captivating solutions to the security problems we have online.

Blockchain technology is known to offer a solution to many digital identity issues, where identity can be uniquely validated in an undeniable, unchangeable, and secured manner.

Present-day methods involve problematic password-based systems of known secrets which are exchanged and stored on insecure computer systems. Blockchain-based certified systems are actually built on undeniable identity verification for using digital signatures based on the public key related cryptography.

In blockchain identity confirmation, the only check that is performed is to know if the transaction was signed by the authorized private key. It is implied to whoever has access to the private key is the owner and the exact identity of the owner is deemed unrelated.

c) Insurance:

Claims dealing can be disappointing and unrewarding. Insurance agents need to go through deceitful cases and deserted approaches, or divided information sources for clients to express a few – and process these documents manually. Space for mistake is enormous. The blockchain gives an ultimate framework for hazard-free administration and clarity. Its encryption properties enable insurers to represent the ownership to be protected.

“This will be the toughest on the portions of the industry that are least differentiated, where consumers often decide based on price: auto, life, and homeowner’s insurance.” — Harvard Business Review

d) Supply-Chain Communications and Proof-of-Provenance:

The majority of the things we purchase aren’t made by a single organization, yet by a chain of providers who offer their ingredients (e.g., graphite for pencils) to an organization that gathers and markets the final commodity. On the off chance that any of those commodities flops, in any case, the brand takes the brunt of the backfire — it holds most of the duty regarding its supply chain network.

However, consider the possibility that an organization could proactively give carefully perpetual, auditable records that show stakeholders the condition of the item at each esteem included process.

This is not a little task: The worldwide supply chain network is evaluated to be worth $40 trillion; and from a business-process point of view, it’s a fabulously incapable chaos. As a related issue, blockchain can be utilized to track diamonds, creative skill, real estate, and practically any other resources.

e) Music Industry:

While music lovers have hailed digitization as the popular government of the music business, 15.7 billion dollar music industry is confusingly continuing as before. Music piracy through unlawfully downloaded, duplicated and shared content eats into the artist’s sovereignties and music labels’ income. Added to this, is the absence of a vigorous rights administration framework, which prompts loss of income to the artist.

Also, the income, when it really achieves the artist, can take up to two years! Another region of concern is unpaid sovereignties, which are frequently suspended in different stages because of missing data or rights possession. There is additionally an absence of access to continuous advanced sales information, which if accessible can be utilized to strategize advertising efforts more successfully.

These very zones are the place Blockchain can have stunning effects. As a publically accessible and decentralized database that is distributed over the web, Blockchain keeps up lasting and undeletable records in cryptographic format. Exchanges happen over a peer to peer system and are figured, confirmed and recorded utilizing a computerized agreement strategy, disposing of the requirement for an intermediator or outsider to oversee or control data.

The very engineering of Blockchain being unchanging, dispersed and distributed conveys enormous potential to manage the present troubles influencing the music business.

An essential region in which Blockchain can bring out positive change is in the formation of a digital rights database. Digital rights articulation is one of the basic issues distressing the present music industry. Recognizing copyright of a melody and characterizing how sovereignties ought to be part of musicians, entertainers, distributors, and makers are troublesome in digital space. Regularly artists miss out on sovereignties because of complicated copyright condition.

Blockchain’s changeless distributed ledger framework, which guarantees that no single organization can assert proprietorship, ensures an ideal arrangement. Secure documents with all applicable data, for example, structure, versus, straight notes, cover craftsmanship, permitting, and so on, can be encoded onto the Blockchain making a changeless and inerasable record.

f) Government and Public records:

The administration of public services is yet another region, where blockchain can help diminish paper-based procedures, limit fraud, and increment responsibility amongst specialists and those they serve.

Some US states are volunteering to understand the advantages of blockchain: the Delaware Blockchain Initiative propelled in 2016, expects to make a proper legitimate foundation for distributed ledger shares to increase productivity and speed of consolidation administrations.

Illinois, Vermont, and different states have since reported comparative activities. Startup companies are sponsoring in the effort also: in Eastern Europe, the BitFury Group is presently working with the Georgian government to secure and track government records.

Conclusion:

This article focused on the blockchain and its applications in various industries explains challenges and potentials and how people can secure their information digitally without any issues and increasing their ability. As these applications are still under development and yet to be untangled in the future, blockchain could become a powerful tool conducting fair trade, improving business and supporting the society.

To never miss a beat of technology related news and feeds – follow DexLab Analytics. We are a team of experts offering state of the art business analyst training courses in Gurgaon. Not only that, we provide a plethora of machine learning and Hadoop courses too for all the data-hungry candidates. So, drop by and quench your thirst for data from us!

About the Author:

K.Maneesha is an SEO Developer At Mindmajix.com. She holds a masters degree in Marketing from Alliance University, Bangalore. Maneesha is a dog-lover and enjoys traveling with friends on trips. You can reach her at manisha.m4353@gmail.com. Her LinkedIn profile Maneesha Kakulapati.

 

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How Conversational AI and Chatbots are Revolutionizing Indian banking Industry

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Thanks to the advancements in AI and ML, bank work can now be done with the click of a phone button! Innovations in the field of customer services form an important part of the technology overhaul. The banking sector is making hefty investments on AI technology to simplify user experience and enhance overall performance of financial institutes.

Let’s take a look at how conversational AI and chatbots are revolutionizing the Indian banking industry.

  • Keya by Kotak Mahindra Bank

Keya is the first AI-powered chatbot in Indian banking sector. It is incorporated in Kotak’s phone-banking helpline to improve its long-established interactive voice response (IVR) system.

‘’Voice commands form a significant share of search online. In addition, the nature of the call is changing with customers using voice as an escalation channel. Keya is an intelligent voicebot developed keeping in mind the customers’ changing preference for voice over text. It is built on a technology that understands a customer’s query and steers the conversation to provide a quick and relevant response”, says Puneet Kapoor, Senior Executive Vice President, Kotak Mahindra Bank.

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  • Bank of Baroda chatbot

Akhil Handa, Head of Fintech Initiatives, Bank of Baroda said that their chatbot will manage product-related queries. He believes that the services of the chatbot will result in better customer satisfaction, speedy responses and cost minimization.

  • Citi Union Bank’s Lakshmi Bot

Lakshmi, India’s first humanoid banker is a responsive robot powered by AI. It can converse with customers on more than 125 topics, including balance, interest rates and transactional history.

  • IBM Watson by SBI

Digital platforms of SBI, like SBI inTouch, are utilizing AI-powered bots, such as IBM Watson, to enhance customer experience. SBI stated that modern times will witness the coexistence of men and machines in banks.

  • AI-driven digital initiatives by YES Bank in partnership with Payjo

Payjo is a top AI Banking platform based out of Silicon Valley in California. YES Bank has partnered with Payjo to launch YES Pay Bot, its first Bot using AI, which improves already popular wallet services. The YES Pay wallet service is trusted by more than half-a-million customers.

  • YES TAG chatbot

YES TAG chatbot has been launched by YES Bank and enables transactions through 5 messaging apps. Customers can carry out a wide range of activities, such as check balance, FD details, status of cheque, transfer money, etc. It is currently used in Android and will soon be available on Apple App Store.

  • Digibank

Asia’s largest bank, DBS Bank, has developed Digibank, which is India’s first mobile bank that is ‘chatbot staffed’. It provides real-time solution to banking related issues. This chatbot employs a trained AI platform, called KAI, which is a product of New York startup- Kasisto.

  • Axis Bank launches intelligent chatbot in association with Active.ai

Axis Bank facilitates smart banking with the launch of a chatbot that employs conversational interface to offer interactive mobile banking solutions. This intelligent chatbot was developed in association with Singapore based AI company- Active AI.

  • HDFC Bank launches OnChat in partnership with Niki.ai

To enable smooth ecommerce and banking transactions, HDFC in partnership with Niki.ai has launched a conversational chatbot, called OnChat. It is available on Facebook messenger even to people who aren’t HDFC customers. Users can recharge phone, book cabs and pay utility bills through this chatbot.

  • EVA by HDFC Bank

EVA is exclusively for the customers of HDFC Bank. It is an electronic virtual assistant developed in partnership with Senseforth, an AI startup based in Bengaluru.

  • mPower by YES Bank

mPower is a chatbot for loan products that has been developed by YES Bank in association with Gupshup-a leading bot company. It assists customers on a variety of loan related topics like personal loans, car loans and loan against securities.

In the future, there will be three kinds of bots- speech-based bot, textbots and video chatbots. Conversational bots work in harmony with human employees to enrich customer experience.

Thus, AI-powered technology is the way forward. To be industry-ready in this AI-era, enroll for the Machine Learning course in Gurgaon at Dexlab Analytics. It is a premier Analytics training institute in Delhi.

 

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How Artificial Intelligence is Boosting the Design of Smarter Bionics

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How Artificial Intelligence is Boosting the Design of Smarter Bionics

Artificial Intelligence and Machine Learning are a set of technologies that empower machines and computers to learn and evolve upon their own learning through constant reiteration and consistent data bank upgrades. The entire chain of mechanism stands on recursive experiments and human intervention.

Bionics

Advances in technology have greatly benefited the field of prosthetics in the last few years. Today’s prosthetic limbs are made using space-age materials that provide increased durability and function. In addition, many prosthetics make use of bionic technology. These types of prosthetics are called myoelectric prosthetics.

Let’s Take Your Data Dreams to the Next Level

Myoelectric prosthetics picks up the electrical action potential from the residual muscles in the amputated limb. Upon receiving the action potentials, the prosthetic amplifies the signal using a rechargeable battery. Detected signal can be used further into usable information to drive a control system. Artificial Intelligence helps to identify motion commands for the control of a prosthetic arm by evidence accumulation. It is able to accommodate inter-individual differences and requires little computing time in the pattern recognition. This allows more freedom and doesn’t require the person to perform frequent, strenuous muscle contractions. The inclusion of AI technology in prosthetics has helped thousands of amputees return to daily activities. While technologies that make bionic implants possible are still in infancy stage, many bionic items already exist.

The Bionic Woman

 Angel Giuffria is an amputee actress and Ottobock Healthcare’s Brand Champion who has been wearing electromechanical devices since she was four months old. Following are excerpts of an interview with her.

“I wear currently the bebionic 3 small-size hand which sounds like a car. But at this point, that’s where we’re getting with technology. It’s a multi-articulating device. That small-size hand is really amazing… this technology wasn’t available to them previously”

She further added, “..The new designs that look more tech are able to showcase the technology. I’ve really become attached to and I think a lot of other people have really clung onto as well because it just gives off the impression of showing people how capable we are in society now.”

 She also spoke about prosthetics like the Michelangelo Hand which is stronger, faster and has multiple hook options. Modern additions to prosthetics such as lights and cameras are added advantages. She describes her hand to be able to do multiple functions like change grip patterns and control wrist movements which enable her to hold small items like keys and credit cards.

angelgiuffriaottobokbebionichand

I-limb

Bertolt Meyer’s amazing bionic hand controlled via an iPhone app is another glimpse at the advances being made in prosthetics.

In 2009, Meyer, a social psychologist at the University of Zurich was fitted with an i-limb, a state-of-the-art bionic prosthesis developed by a Scottish company, Touch Bionics, which comes with an aluminum chassis and 24 different grip patterns. To select a new suite of gestures, Meyer simply taps an app on his iPhone. He describes his i-limb to be the first, where aesthetics match engineering.

Bertolt-Meyer-who-has-an--010

In the world of prosthetics, function is the key. Most amputees are constantly searching for the same level of functionality that they enjoyed before they lost their limb. With the introduction of artificial intelligence in prosthetic limbs, amputees are closer to their goals than ever before. Bionics having access to the relevant databases are capable of learning new things in a programmed manner which improves their performance.

For more such interesting blogs follow Dexlab Analytics. Also take a look at the Machine Learning courses being offered by Dexlab Analytics– a premier analytics training institute in Gurgaon.

 

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Quantum Computing Going Commercial: IBM and Google Leading the Trail

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Quantum computing is all set to make a debut in the commercial world – tech bigwigs, like IBM and Google are making an attempt to commercialize quantum computing. Julian Kelly, a top notch research scientist at Google’s Quantum AI Lab announced with a joint collaboration with Bristlecone, a quantum processor that offers a testbed for various research activities on quantum technology and machine learning, quantum supremacy can be achieved and this could be a great stepping stone for building larger scale quantum computers.

QUANTUM COMPUTING GOING COMMERCIAL: IBM AND GOOGLE LEADING THE TRAIL

After Google, IBM is also making significant progress in commercializing quantum computing technology by taking it to the cloud in 2016 with a 5 qubit quantum computer. Also, last year, November they raised the bar by declaring that they are going to launch third generation quantum computer equipped with a 50 quibit prototype, but they were not sure if it will be launched on commercial platforms, as well. However, they created another 20 qubit system available on its cloud computing platform.  

Reasons Behind Making Quantum Computing Commercialized:

Might lead to fourth industrial revolution

Quantum computing has seeped in to an engineering development phase from just a mere theoretical research – with significant technological power and constant R&D efforts it can develop the ability to trigger a fourth industrial revolution.

Beyond classic computing technology

Areas where conventional computers fail to work, quantum computing will instill a profound impact – such as in industrial processes where innovative steps in machine learning or novel cryptography are involved.

Higher revenue

Revenues from quantum computing are expected to increase from US$1.9 billion in 2023 to US$8.0 billion by 2027 – as forecasted by Communications Industry Researchers (CIR).

Market expansion

The scopes of quantum computing have broadened beyond expectations – it has expanded to drug discovery, health care, power and energy, financial services and aerospace industry.

From cloud to on-premise quantum technology

To incorporate quantum computing into the heart of the business operations’ computing strategy, the companies are contemplating to add a new stream of revenue by implementing quantum computing via cloud. In the future, it’s expected to see a rise in on-premise quantum computing – because the technology is already gaining a lot of accolades.

Better growth forecasts

In the current scenario, the quantum enterprise market is still at a nascent stage with a large user base in the R&D space. But by 2024, it has been forecasted that this share would be somewhere around 30% and the powerful revenue drivers will be industries, like defense, banking, aerospace, pharmaceutical and chemical.

IBM or Google? Who is a clear winner?

In the race to win quantum supremacy, IBM is a sure winner and has made stunning progress in this arena, even though it is receiving stiff competition by Google recently. Google’s new quantum processor Bristlecone has the ability to become a “compelling proof-of-principle for building larger scale quantum computers”. For this, Julian Kelly suggested, “operating a device such as Bristlecone at low system error requires harmony between a full stack of technology ranging from software and control electronics to the processor itself. Getting this right requires careful systems engineering over several iterations.”

 

As last notes, quantum computing has come out from being a fundamental scientific research to a structural engineering concept. Follow a full-stack approach, coupled with rapid testing and innovative practices and establish winning control over this future tool of success.

In this endeavor, DexLab Analytics can for sure be of help! Their business analytics certification online courses are mindblowing. They also offer machine learning using python courses and market risk training – all of them are student-friendly and prepared after thorough research and fact-finding.

 

The article has been sourced from – https://analyticsindiamag.com/why-are-big-tech-giants-like-google-ibm-rushing-to-commercialize-quantum-computing

 

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How Algorithms Shape Public Discourse and Opinions?

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The rapid evolution of today’s communication mediums has brought about a radical change in how public opinions are framed and public discourse is conducted. In general, the conventional boundary between public and personal communication has somewhat disappeared.

 
How Algorithms Shape Public Discourse and Opinions?
 

Incredible global platforms, like Google allow us all gain access to information in a blink of an eye. In order to do so, they use computer algorithms that weigh “relevance”, but sometimes the standards do not correspond to the expectation of the users.

 

Custom-fit Relevance

Algorithms function distinctly and descriptively. For an instance, the technology alters “relevance” for a user based on what links he or she has clicked in the past. But still, many users think the results are normative (‘higher’ up in Google results). In several cases, Google’s algorithms determine a massive divergence between content quality and “relevance”.

 

Not only that, owing to their encompassing database, Google and Facebook play a strong role in forming public opinions. 57% of German internet users get access to information about social affairs and politics through Google and other social networks. The researchers from Hamburg-based Hans Bredow Institute quoted in 2016, “the formation of public opinion is no longer conceivable without intermediaries, such as Google and Facebook”.

Keep Engaged

The design elements that Google and other intermediaries use are leading to a structural change in public discourse. Today, publishing is a piece of cake. Anyone can publish anything on the web, but everyone might not find an audience – for the latter, decision-making algorithms are needed. They garner the needed attention. They also determine the relevance of each content piece that goes through various social networks, like Facebook and filter the items that should be displayed for each user. In making an individual’s feed attractive, Facebook runs a detailed analysis and determines which content the user and his or her friends’ likes or prefers to hide. Both signals are important to perform a fairly straightforward analysis.

 

Moreover, Facebook deploys signals that users have no idea about, such as the amount of time they take to look into a single entry in the feed. In other areas too, algorithmic decision-making plays a crucial role, like offering help in legal matters or assessing where and when the police officers are on duty.

Diversity Rules

To guarantee a diversity of media in the public, make sure the algorithmic decision-making processes that determine relevance are diverse in the same manner. The digital discourse is supported by the robust algorithms that constantly ranks and personalize content.

 

To instill transparency to algorithmic decision-making methodologies, follow the steps below:

 

  • Back external researchers, and open platforms and their impacts
  • Support diversity among algorithms
  • Develop and maintain a strong code of ethics among developers
  • Educate users about the importance of the mechanisms used to influence public opinions

 

Coupled with strong industry self-regulation and legislative measures, a true and impartial notion of social and political influences on algorithmic ranking is established, which carries the potential to discover and combat dangers early on.

 

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Are you still craving for more information on algorithms? Yes? Then satiate your data hunger with Machine Learning Using Python courses from DexLab Analytics. Arm yourself with a Machine Learning course online, and hit the notes of success through life!

 

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How VC Firms Are Using Machine Learning to Make Robust Investment Decisions

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How VC Firms Are Using Machine Learning to Make Robust Investment Decisions

Venture capital companies find it hard to pool in interesting investment options – the task is laborious and travel-intensive. But, thanks to machine learning and predictive analytics – they have now started to transform the entire procedure of how an investor builds up a portfolio altogether.

Considering the power of AI’s utility in determining the most fabulous startup investments, InReach Ventures co-founder Roberto Bonanzinga has decided to invest $7 million on respective software that deploys machine learning to identify significant European startups to invest capital into. Following its footsteps, several other VC firms have started doing this, already just to thrive in.

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Rightfully so, AI is an incredible tool that is capable enough to filter out all the unnecessary noise and pull up VCs with potential candidates for sound investment. This makes it easier for entrepreneurs to hit the optimal level of funding and appeal to strong VCs.

AI: An Investment Ally

According to a Social Science Research Network Study, there lies an inherent risk with investing on newbie entrepreneurs, and just only 18% tastes success on their feats. Brand new business owners are ambiguous, they need some scrutiny before investment – for that, AI framework is armed with the required tools and information – it can internalize data to easily derive at conclusions and fasten a success rate to a company on the basis of past industry performance, revenue growth, profit ratios and market size.

As a result, entrepreneurs can tweak their pitches and alter company profiles to better tally with AI, and this how they can start:

Get Deeper

Who doesn’t dream of owning a company that’s a market leader?! However, raising such adequate amount of capital becomes the real challenge. The challenge intensifies when budding entrepreneurs need to attract funds.

For such minority-fronted startups, Alice, a formidable AI platform uses data to decide which businesses are worth funding. Entrepreneurs should implement AI platforms, like Alice to take a deeper look into the key metrics to get a larger picture how their startups are staking up to their tailing rivals who received funding and how well they are functioning.

Tracking Investor Trends Helps

Age-old methods of tracking investment trends are things from the past, because AI and machine learning is changing the entire ball-game. A Berlin-based VC firm Fly Venture plans to target European startups in the seed stage and pre-Series A startups and finally closed its first fund at $41 million. It aims to use machine learning to generate deal flow. This type of technology helps entrepreneurs meet the right investors at right time. After keeping a close eye on the market, it’s about time to utilize the AI-sought information to make sure your company is line with what investors are seeking in a veritable startup partner. This will bear more fruits and less frustration.

Never stop evolving

The best thing about AI is that it never stops improving. Constantly, machine learning is on the move – it analyzes information 24/7 so that entrepreneurs gain access to non-stop updates to tweak their businesses, while pitching for investors.

In a nutshell, to have better insights and cleaner access to data, entrepreneurs need to harness the relentless power of AI. The technology isn’t eating away our jobs, instead its bringing a new change in the data-inspired environment. And if you are already working with it, you’ll understand how it’s reshaping and guiding venture capital to startups that AI finds worthwhile.

To grasp emerging trends, newer solutions, robust techniques and real-life case studies, take up Machine Learning Using Python courses from DexLab Analytics. Their Machine Learning Training Gurgaon simply gives an out of the world experience, thus need to be tried on.

 

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How Machine Learning Coupled With Data Science Improves Retail Scenario (Part II)

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This blog is a continuation of the previous blog that talked about how data science is improving retail – through cutting edge machine learning training models. For sure, retail and ecommerce churns out a humongous amount of data, but with no proper tool of analysis, the vast pool of data lies unutilized, unearthed and you end up knowing what you already know.

How Machine Learning Coupled With Data Science Improves Retail Scenario (Part II)

In this blog, we will delve into a few common uses of data science in retail – which demands absolute attention, before we start automating procedures.

Product Recommendations

In a traditional shop setup, retailers would have consultants who would understand customer requirements and use their own judgments to help them find a suitable product. In an online scenario, this would be based on past performance and revenue generation and the sole aim would be to pitch the highest selling product. Not only historical purchases and recent online activity, but consumer’s social media and online sharing would give more idea about their interests, preferences and designer they like.

Sometimes, we also come across ghost clients – clients about whom we have no information, in fact, we don’t even know from where they are browsing. In this case, your recommendations would be based on intuition and might not be 100% accurate.  The deal becomes trickier here. On the other hand, there are clients about whom who know everything – and thus tailor our offerings.

Product Assortment

No wonder, we have to keep products to satisfy our niche customers, but on a wider scale, we have to introspect what stuffs to keep in stock. A proper analysis of our product demands and the kinds of products our clients swear by, we can ascertain what items to restock again and again. Also, we can take a cue or inspiration from our vying competitors, as they are a good source of information for a perfect assortment of products you want to include. A full account of their inventory will enlighten you about a few blind spots you had, and devise how to correct them before it’s too late. 

Pricing

The people will pay whatever rates the market supports. The price of the product is still subject to change, depending on the country of origin, taste and preferences and market scenario. But these are more of a supply side changes, so what about the demand side? Interested customers are keen to buy products even at varying prices, but the products should be truly good enough. The scale also plays an important role in deciding prices. The best pricing decisions take into account data regarding weather, day of purchase, several economic factors, location and more.

Customized branding/marketing

It is mostly curated for large retailers. For example, how about some doing some routine advertising – it applies to both digital and offline branding, though much easier for digital. A monthly newsletter carrying all the needful information about discounts, new product launch and promotions always will keep your customers’ updated about everything that’s going around the company. But, make sure they have some sort of personal touch – personalized marketing helps!

Summary

While the sky is the limit for data science, the blog above sheds light on the benefits of data science and the true impact of having trust on data. After all, it is of no use to keep data and not take advantage of it!

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How Machine Learning Coupled With Data Science Improves Retail Scenario (Part 1)

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The mammoth growth in ecommerce signifies an entire paradigm shift in retail sector. Figures say, ecommerce accounts for $2 trillion dollars in sales and more. Though traversing through both the offline and online market seems a rather challenging task, but when we finally concentrate on each customer and their purchasing manner, it feels easier to break up the analysis into a few different paths.

How Machine Learning Coupled With Data Science Improves Retail Scenario (Part 1)

In this blog, we will take into account a few interesting ways, in which data science increases your sales, online and offline, alike. But before that, understand whom are you selling your products? Hoarding information about your clients is crucial, and of course there are many ways to do this.  Amazon is one of the biggest examples of this. They predict future purchases of customers, based on the past behavior. Companies lose valuable customers if they don’t look at the data with a wider scope and search for insights. But Amazon is definitely not one of them, and their technique is clearly working for them with over $2 billion profits made last year.

The Mechanism Behind

At Amazon, products are shipped even before customers have ordered them. This means, when the products are shipped, there’s no one to receive them. But, does it really matter! The main logic behind such steps is that once the products are taken out of the warehouse and transported to a particular area, they can easily be marketed to other dealers at discounted rates or kept inside the final hub. This is more like a logistic marvel than an ecommerce miracle – but it definitely makes us believe in the concept of forward thinking to lead the change.

 

amazon-distribution

 

The working principle in here is the most innovative concept of machine learning that helps in predicting future client behavior pattern. It works on data to train a formidable model. Training is a notable process of pouring data into the model so that it can employ statistical weights to automatically identify future purchase trends. For example, Mr. A purchases a new item every two or three weeks, so it’s expected that he will make a purchase within that time limit. For this, we don’t have to use data, but just divide it into train and test data. However, this is a very simple example – in reality these trends are juxtaposed with other millions of clients to differentiate clients into numerous cohorts that overlap and vary. Machine learning techniques are used in a plethora of different use cases, like product recommendations, churn predictions, logistics planning and automatic personalized marketing. We will discuss deeply about them in our next blog section.

 

supervised-machine-learning

 

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Make Flexibility Your Bae

While working on data science, it is important to focus on flexibility – the whole structure of data warehouse will start changing once you start trying something new. At times it may seem to be amusing, but on the long run, you will come across several significant insights.

 

 

With all these on point, scoring high on retail is no more a distant dream. Data science and machine learning methods have made everything so easy, and so manageable. To give a robust push to your career in data science, take up data science online training from DexLab Analytics. Apart from data science, they also offer excellent Machine Learning Certification for all data-hungry candidates – go take a look at their course structure.

 

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