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It is a time in history when devices that rove around the globe is empowered with a plethora of multi-functional technologies that can capture gestures, show clear readings to proximity temperature, etc. the list just goes on.

Internet of things is to be held accountable for such versatility, in bits and pieces, but does that clearly throw light upon the importance of this technology? With the ‘Big Bang’ of data and connected devices (the key foundation of IoT), the business sector is all warmed up.

However, the point of discussion over here is that in the absence of understanding to interpret data, and comprehend which one should take a lower priority, IoT is nothing but an unstructured flow of ineffective data.

The absence of AI deployment in IoT enabled devices stands as a ball and chain towards the blistering development of technology that put a veil on the real prize of humankind the astonishing transformation prospects, which IoT offers.

In support of this argument, market survey reports state that more and more organizations have turned to AI to not only improve but also change their business operations.

AI boosts IoT enabled devices

If a company has picked up pace in recent years, it is quite obvious to say that the business organization has inculcated rightful amalgamation of AI and IoT. For instance, Uber uses AI to connect the right passenger with the driver, thanks to customer behavior recognition and autonomous driving approach of data science.

For a highly operated IoT device, in order to comprehend what’s really taking place around a device and to respond dynamically, AI is the key tool. For this, AI needs to be deployed in the right manner, in a bid to realize the IoT offered benefits.

Key Considerations for using AI in IoT

To incorporate AI and derive maximum value from the data IoT makes available, business needs to consider some key steps.

  1. Consider how to incorporate AI training into the process
  2. Ensure the AI systems are constantly refined and enhanced

To conclude with AI in IoT

AI training is as crucial as algorithmic coding for traditional systems, however, in the present scenario that is a worldwide challenge.

With the right training model, IoT models can balance a pragmatic approach toward devices that have human intervention and contribution at the forefront.

If your business has IoT enabled devices, it is quite likely that you will aim to upgrade it with AI, but only with the helping hand of a professional.

SPIN is that professional you seek. Contact today!

The unremitting expansion of data with time has compelled businesses to place data at the very center of any strategic business decision to safeguard a bright lucrative future.

In a bid to stay ahead of the pack in the days to come, businesses are using Predictive Analytics to make use of unending growth opportunities.

Over time, Predictive Analytics has gained its glory, thanks to its multiple applications.

Time and again, the concept of Predictive Analytics (which is also called as Advanced Analytics) has been linked with one of the most popular trends-business intelligence.

Whether they are linked or not, is a different story altogether, but their motto is unanimous: provide benefit to the company and its clients.

So what is Predictive Analytics?

It refers to the effective amalgamation of ML, historical data along with AI to take the most feasible hunch about the business possibilities of the future.

The historical data collected is added in a mathematical model that gives assent to key patterns and trends in the data.

In the next step, the model is used for the current data to figure out what will happen in the future.

Here is the workflow of Predictive Analytics for a better understanding.

Access and explore data- Process the data-Develop Predictive models-Merge analytics with systems

Prescriptive Analytics – commonly used terms with Predictive Analytics

Companies that have effectively integrated Predictive Analytics tag Prescriptive Analytics as the next lucrative frontier to approach.

Questions may arise as to how both the terms are inter-linked.

The answer to this lies in the fact that while Predictive Analytics gives a vivid picture of the possible future.

While Prescriptive Analytics reels off how to respond in the best way possible, in tune with the prediction.

How Predictive Analytics exercises its duty?

  1. The first and foremost step of Predictive Analytics is to figure out what are the questions you wish to be answered, based on the past data.
  2. The second step includes figuring out if you have the right data to answer the questions you asked.
  3. The third step includes training your business system to learn everything from your data to forecast outcomes.
  4. Plan your modules
  5. Use your forecasts and insights in your line of business applications for priceless outcomes.

Does your business need Predictive Analytics?

Irrespective of the fact that there are numerous aspects in a business, that needs special attention, Predictive Analytics finds its fit in almost every bit of an organization.

Here are few pointers to start-off with:

  • Customer Relationship Management (CRM) – Predictive Analytics models can be applied to enterprise applications like CRM, to figure out proper messages to target the customers in the days to come. By predicting the next likely move of the customer, you can spend your messaging dollars effectively.
  • Marketing- Using Predictive Analytics it is possible to determine the preferences of the customers based on past data and previous history. This will help to predict the future course of action for the company to retain more customers and increase productivity tenfold.
  • Manage risks- Using Predictive Analytics effectively can help businesses to sketch a roadmap for the company. By predicting future outcomes and possibilities, Predictive Analytics can help organizations to cut down risks significantly.

Let’s start predicting

Companies that have deployed Predictive Analytics in their business operations have flourished beyond expectations, in comparison to the ones who still playing with the thought of it.

Comprehending customers better by tapping on their requirements, and customizing the content as per the needs does wonder for a business, and Predictive Analytics is the key to it.

Well-informed use of Predictive Analytics helps organizations to be aware of market forces and secure their dominance in today’s competitive world.

All in all, predicting the future outcomes guarantees one important fact- substantial gain for the business and its clients.

Still, think Predictive Analytics is a bit confusing for you? SPIN is here to clear all your doubts.

 

Let’s get down straight down to business- the potential of Artificial Intelligence has toppled human imagination, and for most of the organizations, it has been the real game changer. That’s given!

In this competitive era, when surpassing your industry peers in the rat race is the need of the hour, Artificial Intelligence and Machine Learning can really seal the deal.  Be it using Artificial Intelligence to figure out the buying trends, comprehend personalization, customize supply, comprehend customer behavior or conduct financial trading, embracing Artificial Intelligence has no other alternative.

So, to use Artificial Intelligence algorithms as the perfect Competitive Differentiator and up the game for your business, it goes without saying that one needs to harness this technology to line up the strategies, join forces and come up with potential opportunities.

Here is the Do’s a business needs to take on to leverage Artificial Intelligence and acquire that competitive edge, among its peers.

Executive sponsorship is vital for ARTIFICIAL INTELLIGENCE

The importance of the term ‘Executive Sponsorship’ has further garnered momentum with the introduction of Artificial Intelligence and Machine Learning. Why?

The explanation is simple- the more engaged the C-suite members are with this technology, the chances to implement and going down the line with Analytics and Artificial Intelligence application across the organization steps up.

As per market reports, enterprises that have successfully implemented Artificial Intelligence and Machine Learning at a large scale confirm the staggering contribution of C-suite executives, as compared to the organizations where Artificial Intelligence is not prevalent.

Align investments, assets, and business plans with ARTIFICIAL INTELLIGENCE strategy

If a business intends to be one step ahead of its adversaries then it needs to be on its toes. In tune with this, a business needs to set the tone of the organization’s investment, assets, and resources with the Artificial Intelligence application strategy.

To cut the long story short- to increase the pace of growth, it is imperative for a business to align enterprise priorities with Artificial Intelligence projects, and voila! Victory.

Implement Agile Methodology to boost the growth of ARTIFICIAL INTELLIGENCE and Analytics

It is a known fact that traditional IT development, often, takes longer than expected and sometimes yields unsatisfactory outcomes. To be precise, less business wins for your company.

Enters Agile methodology, which enables a business to access all data from the data warehouse and open doors for analytics insights, giving your business the competitive edge it needs.

ARTIFICIAL INTELLIGENCE to help your competitive future

Businesses these days are adapting and are open to ideas and technological advancements that can turn the tables for them.  The promising future of Artificial Intelligence and Analytics makes it a preferred choice among business leaders to incorporate it in the company operations.

Bottom line- business organizations that will give Artificial Intelligence applications a strategic priority is most likely to acquire a competitive advantage in the marketplace.

If you are motivated to leverage Artificial Intelligence for your business, get in touch with SPIN and it team members today, who can help you with your journey.

Blockchain

Boundaries explored! That’s the attribute that seems to suit best to the ‘banking Sector’ of the world where the technological potential is calling the shots.

And ‘Blockchain technology is no exception. Thanks to the wide dissemination of this industrial science in the last few years, added with the breathtaking popularity of cryptocurrencies, blockchain technology for banks has turned out to be an open and shut case.

True to the core, there is no denying of the fact that banks stand as the very foundation of a financial system. Yet clients cannot bet their bottom dollar on such institutions when it comes to loyalty. The reason being the frequent scandals that can be attested to banks and only the shoulders of simple clients and the entire economy is there to bear the burden.

However, with the advent of blockchain-based solutions traditional banking has received a major facelift.

Decentralization, transparency, and immutability are some of the magnetic aspects of this technology that makes it a hot favorite among business sectors and banks are no exception.

Blockchain can help financial institutions

The list of blockchain benefits for banks is a never-ending one, yet there are few pointers that need a special mention. For starters, blockchain solutions:

  •  Allow real-time payments processing on a sanctioned payment network
  • Can automate trade process along with payments to increase business transactions speed
  • Can enhance operational efficiencies
  • Reduce customer risks
  • Can glue cryptography and shared databases to provide access to a digital ledger that cannot be changed

From an analyst’s point of view, adapting this technology is nothing short of a lucrative move for banks when it comes to trimming down the processing and transaction costs. This adds up to the list of appealing factors of blockchain technology.

Blockchain can help in certain banking areas

Here is a quick look at how blockchain based solutions can help banking and financial industries turn over new leaf.

Fewer frauds
Out of all the sectors functioning in the global economy, the financial world is deemed to be the most vulnerable one and more prone to fraudulent endeavors. In a sector where more than 50% of the transactions are in the form of stock exchanges and money transfers, financial crime is a button-down fact.  Thanks to blockchain technology for banks, that secures the centralized database systems for banks, which is the primary target for hackers, no more cyber attacks.

Restructuring clearing and settlement
Maintaining the clearing and settlement records for banks that run into billions of dollars is a messy job indeed, especially when it is done by manual reconciliation.

With the help of blockchain for banks, this messy task in-hand can be given a systematic makeover. This will help banks and financial institutions snap out of possible record-keeping complications.

Avoid repetition of the KYC process

Like it or not, financial institutions spend more than $100 million every year on KYC regulations (like identifying and verifying the clients), in a bid to keep money laundering and terrorism at bay. But does money meets its purpose? No! Only with the introduction of blockchain technology for banks can a client be verified by another organization to avoid repetition of the KYC process.

This will also lower administrative costs to staggering levels.

Improve payment process
Introduction of blockchain in the payment process can give it a new look altogether. Not only it will bid farewell to intermediaries in the payment process, but will also reward the organizations with low-cost processing expenses coupled with high security.

Enhanced trading platforms

Financial organizations will witness a humongous change in their trading platforms like minimal operational errors and less number of frauds, with the introduction of blockchain technology.

When it comes to cutting costs and shooting up efficiencies, this technology is a reliable agent. This will also lower administrative costs to staggering levels.

What the future holds in its kitty

The reason Investment Bankers and Financial Analysts swear by blockchain technology for banks is that the list of benefits is far-fetching.

From smooth conducting of transactions, cash management, asset optimization to a plethora of business process that cost more than billions of dollars for banks, this technology has diversified its generous impact everywhere.

It is for this reason that recently Finacle has partnered with R3 to maximize blockchain benefits for banks.

If the banking sector could tap into the potential of this technology in its right sense, the benefits of such a move will sustain for generations.

Riding on the back of this technology- increase in speed, security, efficiency, and minimal costs will add to the pride factor of organizations. If that’s not all, blockchain technology, in all its likelihood, is sure to enhance the quality of service to the end-users several notches up.

Do you too wish to make the most of blockchain based solutions for your organizations and keep up with the changing business environment? Sign Up with SPIN Strategy and witness your dream changing into reality.