We are pretty sure you have heard of the ‘Fourth Industrial Revolution’. But are you aware of the forces behind it – the emerging technologies? And are you aware of the rather profound implications these forces have for professionals, industries and businesses?
If you aren’t, or if your knowledge on emerging technologies is patchy, you would benefit from reading this blog. For we just don’t scratch the surface. We go deeper below to uncover more knowledge and gain valuable insights on the various aspects of breakthroughs in the advanced technologies. We also discuss the business benefits of advanced technologies, and benefits of advanced technologies for professionals.
The ‘Fourth Industrial Revolution’ is the technological revolution unleashed by the emerging technologies like – IoT, Artificial Intelligence, Data Analysis, Machine Learning, Blockchain et al. It is increasingly disrupting the operations in an organisation – across industries to bring them huge, unprecedented benefits. To gain benefits of emerging technologies, you need to learn advanced technologies and acquire the skills related to them. A good advanced digital training programme will help you in this regard.
Advanced digital technologies have become the essential weapons in the arsenals of giant corporations like Google, Amazon, Facebook and Netflix, contributing to their enormous growth. Surely, you do not want to be left behind!
We have chosen to throw light on 4 leading cutting-edge technologies – Data Analytics, Blockchain, Machine Learning and Salesforce.
So without further wait, let’s begin.
Data analytics has today become the backbone for the various operations of corporate and government organizations, worldwide. Its critical importance lies in risk mitigation, seizing opportunities, and enabling and bringing fulfilment processes together on a global scale. Business benefits of data analytics and professional benefits of data analytics are several.
What is Data Analytics?
To understand data analytics, let’s first dig into its definition.
In simple words, data analytics can be defined as the process of examining data sets for drawing meaningful conclusions from the information contained in them. Raw data requires inspection, data cleaning, transformation and data modelling to gain meaningful insights from it..
How does Data Analytics work?
With the cyber world inundated with data, data analytics dabbles with Big Data and hence, involves an assortment of methods, tools, techniques and applications. Getting training on data analytics through a data analytics training programme will help you understand each aspect of the technology in an in-depth way.
Broadly speaking, there are 2 types of data analytics applications that are designed to accomplish two varying sets of tasks. Exploratory Data Analytics (EDA) is that type of data analytics that deals with finding patterns and relationships in data. Confirmatory Data Analytics (CDA), on the other hand, working with statistical techniques tests hypothesis on a data set. Getting oneself grounded to this knowledge is essential so that you can understand the applications of data analytics in business.
Data analytics deals both with quantifiable variables as well as with qualitative data like images, audio, video and texts. Data scientist perform a wide range of operations on the raw data that include: Prescriptive Analytics – to provide a prescription for a certain analytical path, Predictive Analytics to predict the path for the future course of action, Diagnostic Analytics – to determine why a certain action or event occurred in the past and Descriptive Analytics – to mine data and provide a detailed description of it.
Popular software operating systems like Hadoop, SQL, Data Warehouse, Python, Scala and R task themselves with accomplishing them. A well-designed data training programme on data analytics will make you adept in using these software.
Business Benefits from Big Data Analytics
Data analytics is evolving rapidly. Applications of data analytics can be seen in multiple sectors such as – Energy, Healthcare, Banking, Technology, Manufacturing and Consumer, upending corporate operations and giving phenomenal upshot to profits. Business benefits from data analytics, undoubtedly, are immense. Take for instance, Uber – the secret behind its growth of $51 billion is its huge data collection and how it leverages it for intelligent decision-making employing Data Analytics.
The disruptive effect and benefits from data analytics are being witnessed across sectors. The diagram below it in the Banking industry is telling:
Helps develop a data-driven culture:
Using it also helps promote a data-driven culture, wherein decisions are taken not on the basis of assumptions, but verifiable data.
Offers deeper insights:
In combination with ML, Data Analytics finds a relationship between different data points. This helps an organisation gain deeper insights that can be used for its activities like product development and market expansion.
More effective decision-making:
Decisions made with the help of Data Analytics applications are driven by analysed data and predictive and prescribed strategies and not mere assumptions are better and more effective.
Helps develop better customer relations:
With the right tools, employees can leverage customer data to understand the customer better in relation to their products, and assess new market avenues. Thus, for professionals to learn Data Analytics from Data Analytics training programme will prove beneficial for their career.
Helps save time and resources:
Data analytics technology tools like Hadoop contribute towards reducing the cost of storage, quick, effective and reliable analysis and prediction, thus expediting decision-making, problem-solving and production processes. In this way, organisations can derive myriad business benefits from data analytics.
Data Analytics – Its benefits for Professionals and Job Seekers
It is no secret that corporate companies are making a huge investment in Big Data technologies. They are constantly on the hunt for professionals carrying the skills of big data analytics. If you learn data analytics and get Data Analytics certifications after a Data Analytics training programme, you could earn attractive pay packages and incentives as a qualified professional.
In recent times, the technology that has captured the public’s attention the most is – blockchain. Thanks to bitcoins and the latest – Facebook’s Libra which has consistently been in the news for the past several months.
Blockchain technology, the brainchild of Satoshi Nakamoto introduced it in 2008, has driven far-reaching changes in the financial sector. It has significantly impacted other sectors too. Business benefits of blockchain are enormous, while the benefits of blockchain for professionals are hard to ignore. While a blockchain training programme is mandatory to learn blockchain technology, let us get acquainted with some of its important concepts.
What is blockchain?
You can visualise blockchain as a ‘chain of blocks’, which actually it is. Only that these ‘blocks’, using blockchain technology are digital blocks containing encrypted data or algorithms. And the ‘chain’ refers to the public database containing information regarding value transactions.
The blocks are strung together in a particular order to eventually form a ledger. This ledger provides several business benefits of blockchain to organizations and individuals.
Blockchain is also referred to as ‘internet of value’, wherein value includes items like money, ownership rights and intellectual property. Hence, the blockchain ledger is broad-based, containing new transactions that can be a contract, sale or anything else that a ledger contains.
What is unique about this ledger developed and devised from the application of data analytics is that it is public. At the same time, it safeguards an individual’s or a company’s sensitive details. Security to the data is ensured by making it encrypted and by providing users with unique ‘private’ keys.
IT professionals or those in the field of finance, apart from organisations can gain a good knowledge on blockchain technology through a comprehensive blockchain training programme, which are available online too.
Big 4 advantages of Blockchain
Blockchain has assumed a marked presence in the world economy and is gaining growing importance across sectors, especially the financial. Business benefits from blockchain and benefits from blockchain for professionals are noteworthy. The diagram below gives us a peek into the vital role it is playing today.
Let us now in detail understand blockchain’s importance for individuals, companies and at large, the global economy.
The faster and simpler payment process
In an intriguing way, the blockchain technology takes over the role of the traditional financial services offered by banks, government agencies and even online payment platforms like PayPal that also get linked to bank accounts. The absence of the ‘middleman’ is a real kicker. Individuals or organisations can ‘add’, and ‘verify’ transactions instantaneously. Thus, for the ease and security it provides, several organisations and individuals opt for it, thus gaining unique benefits of blockchain technology.
Ensures greater transparency
Blockchain believes in the decentralised style of dealings. Applications of blockchain technology enables transactions to be recorded and shared with the concerned party or parties. All the details of the value transfer are meticulously maintained and updated in the ledger. These records are not easy to be tampered with because even a slight change in them requires consensus and collusion of the entire network.
Provides enhanced security
Blockchain is more secure than any other financial record-keeping forum. All the approved transactions, upon their approval, are stored in encrypted form and can be accessed by the user with the help of a ‘private key’. A blockchain training programme will help you understand all the essential nitty-gritties of blockchain technology. To make information further secured, blockchain stores records are kept in a network of computers and not in a single server.
A reliable record-keeping system
All the details of a value transfer are recorded in the blockchain and shared with the public. Distribution through a time-stamping and peer-to-peer-based network makes blockchain technology excellent for recording events – that include medical records, identity management etc. Among the several blockchain applications and business benefits from blockchain technology, record-keeping is an important one.
Benefits for professionals:
Since, organisations are always in the hunt of qualified IT professionals, if you have blockchain certifications, you could earn attractive pay packages and incentives. In this way, benefits of blockchain for professionals are many, too.
In the age of Big Data wherein data pours limitlessly, Machine Learning is an indispensable tool for data management. Use of Machine Learning technology is growing astonishingly while it’s disrupting operations across industries and businesses – large and small. Corporate behemoths like Google, Amazon and Target leverage it for gaining unprecedented benefits. As such, business benefits from Machine Learning are impressive.
Amazon, for instance, serving more than 250 million active customers has reaped phenomenal benefits out of making Machine Learning driven product recommendation features. Google revolutionary driverless cars and IBM Watson’s have been possible with the combined power of ML and Artificial Intelligence.
What is Machine Learning?
Machine Learning technology actually is a subfield of Artificial Intelligence. As its name suggests, Machine Learning works on the premise that a machine can be made to learn in ways humans can. The machine, on exposure to data, learns things multifarious tasks that humans perform. As its exposure increases, so does its learning and in turn, its performance. A Machine Learning training programme can help you learn all these aspects of this advanced digital technology.
With AI, applications of Machine Learning extracts the desired data, studies its structure and develops models that can be utilised for a given task or a set of operations. All this is done automatically and in a fraction of a second – something that indeed is beyond human abilities. Organisations thus, derive myriad benefits from Machine Learning.
How does Machine Learning work?
Learning of machines can happen in either ‘supervised’ or ‘unsupervised’ manner. In the former method, through algorithms are derived from the example of input and output data. The labelling is done manually. Unsupervised learning involves learning from unlabelled algorithms. The machine, on its own finds structure by analysing input data. To learn different aspects and applications of Machine Learning, you need to go for a Machine Learning training programme.
Why is Machine Learning Important?
Helps increase sales
After developing a trained model, a machine can identify and work with highly relevant variables. This ability of the machine is tremendously helpful for companies in increasing their sales – the business benefits from Machine Learning are, no doubt, impressive. Machine Learning applications can extract customer-related data from browser history, literally, at a lightning speed which then can be automatically reviewed for sales and marketing strategies.
Automates data entry and filters spam
Data entry when done manually is cumbersome, time-consuming and prone to error. While Machine Learning automates data entry, besides saving time, it takes care of one of the biggest worries of a company – data duplication and inaccuracy. Machine Learning also filters spam emails with the new rules created by using neural networks to detect spam and phishing messages. Benefits of Machine Learning for professionals who deal with data-related work are also many.
Performs critical finance functions
In the field of finance, Machine Learning applications provides critical help in tasks like algorithm training, portfolio management, long underwriting and, most importantly fraud detection. Machine Learning undertakes continual data assessment for detection and analysis. Financial models and rules acquire more precision with its application.
Helps in predictive management
Machines and equipment on the shop floor require regular maintenance for uninterrupted and quality production. Machine Learning software provides managers with real-time data on the machine’s performance that reflect their current condition. With the help of applications of Machine Learning, organisations can make effective predictive plans, and take timely action to prevent machine failures and consequent downtime.
Also going by the name – computer vision, image recognition is an important function of Machine Learning technology. With the help of AI, machines have the capability to churn out numeric and symbolic information from images and different types of high-dimensional data. The process entails data mining, Machine Learning, pattern recognition, and knowledge discovery. Image recognition is finding effective usage by companies in fields such as automobile, healthcare, banking etc. Among the emerging technologies, Machine Learning is definitely an important one.
Benefits for professionals:
If you have Machine Learning certifications, you could earn pay attractive packages and incentives as a qualified and skilful professional. In this way, professional benefits from Machine Learning are worth noting.
Salesforce is a cloud-based CRM solution with over 100,000 users on its platform. Among the advanced technologies, it has carved a unique niche for itself. It made big news when in 2018, between Black Friday and Cyber Monday, it executed a whopping 20 million e-commerce orders.
What does Salesforce do?
In a combined way, Salesforce applications tasks themselves with bringing together companies and customers. On its integrative platform companies can view their customer details that are related to various departments in the organisation.
Like other emerging technologies, the story of Salesforce technology is about digital transformation. With the help of Data Analytics, Salesforce has made businesses rethink their traditional CRM models.
Business houses deal with mammoth data on a daily basis and understandably, there’s a constant scramble to derive maximum benefits from them. This scenario compels CRM to act quickly and effectively. To help companies achieve this, Salesforce serves hundreds of enterprises of all sizes. Amazon, Proctor & Gambler and Toyota are some of its leading users. Undoubtedly, the business benefits from Salesforce are remarkable.
The CRM’s functionality can be divided into 4 segments which include:
- Customer care and Support
- Digital commerce
Salesforce applications help organisations in multiple ways through – Contact management, Opportunity management, Sales collaboration etc.
Beyond offering services on customer relations, Salesforce also serves as a storage and management tool for information related to seller organizations etc.
Salesforce Lightning Platform
Also called PaaS or Platform as a service, the Lightning platform allows third-party applications. Developers can create or add on applications to the Salesforce application infrastructure. Salesforce Lightning uses complex programmes like XML. Its users can receive updates on their every single development.
Salesforce has also come up with a mobile app which brings together all the activities of the platform on a single app.
Get Trained on Technologies
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