Covid-19 crisis has dramatically accelerated the pace of digital transformation
By 2025, millennials will account for three-quarters of the global workforce. As organisations increasingly work with a digital-native pool of candidates, they must modernise recruitment.
Edge AI transplants brains to factory tools and machinery
Edge AI or AI on the edge is a network infrastructure that makes it possible for algorithms to run on the edge of a network or even on the devices collecting the data. The dramatic changes in network traffic that have accompanied Covid-19 lockdowns and the shift to working from home are likely to accelerate this.
Benefits of edge computing include preserving bandwidth and increasing efficiency by processing information closer to source of data, rather than sending that data for processing in central locations or in the cloud.
5G revolutionises manufacturing
The World Economic Forum (WEF) expects 5G, to reach a global economic output of $13.2 trillion and generate 22.3 million jobs by 2035. Up to 100 times faster than 4G, 5G offers drastically reduced latency that makes it possible to share data extremely quickly, erase processing delays and ensure factory systems can react in real time.
The reliability of 5G connectivity guarantees a stable and constant network connection anywhere, ensuring the continuous and unhindered execution of mission-critical operations.
Smartphone data powers usage-based auto insurance while improving driver safety
The market for usage-based insurance (UBI) is projected to reach $126bn by 2027. Developments in telematics, defined by Gartner as “the use of wireless devices and ‘black box’ technologies to transmit data in real time back to an organisation,” have fuelled one example of UBI.
UBI allows insurers to use sensors and tracking technologies in smartphones to collect real-time data and understand their customers’ driving habits.
Automated and explainable AI makes financial organisations smarter
Banks and insurance companies expect an 86 percent increase in AI investments by 2025, according to The Economist Intelligence Unit. For companies to exploit the full potential of AI, employees with little or no computer science background need to be able to use it to increase their operational performance.
For this reason, user-friendly AI platforms that allow business employees to quickly build models, easily understand and trust their output, and confidently make decisions will be critical in the deployment of AI at a larger scale.
In cybersecurity, authentication and network access get their due
According to Interpol, the Covid-19 crisis has created an unprecedented opportunity for cybercriminals to increase their attacks. Yet most companies overestimate their cybersecurity performance, with only 24 percent actually meeting the bar, according to a 2020 Bain study. Identifying common IT security weaknesses and developing cybersecurity maturity is central to building truly resilient digital organisations.
One approach hackers take is to compromise a company’s active directory (AD) infrastructure, which controls user authentication rights and company network access. Companies should tailor security to their AD, invest in monitoring to detect attacks in real time and investigate all AD breaches.
Workforce technologies boost agility and profitability
Globally, absenteeism costs companies hundreds of billions of dollars per year. Retail is particularly dependent on face-to-face interactions. Some 88 percent of global retailers would rather overschedule or add additional labour than risk being understaffed, an approach that leads to high labour costs and lower profits.
Workforce management technologies, however, can help retailers substantially enhance workforce agility by quickly responding to activity peaks and employee absenteeism, improving operational performance and profitability.
Health data is gold
The rapid acceleration of health data collection gives the industry an unprecedented opportunity to leverage and deploy groundbreaking digital capabilities, such as AI, to improve treatment.
Smart use of health data has the potential to dramatically improve patient care. A leading distributor of medical supplies has applied AI to the treatment of wounds by developing an app for healthcare professionals.
The app uses image recognition to identify whether a wound is infected or inflamed. Its use has led to a substantial decrease in unnecessary antibiotics and cut healing time from years to months.
In HR, cognitive science and gamification win the war for talent
By 2025, millennials will account for three-quarters of the global workforce. As organisations increasingly work with a digital-native pool of candidates, they must modernise recruitment.
Using technology to develop recruiting processes can enable faster identification of promising candidates. Companies need to utilise software that evaluates experience, skills and multiple other factors that will foster objectivity and diversity.
