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Business, Law, FinTech, and Operations Research

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(The Golden Gate Bridge, San Francisco, California - Jeff M. Wang)


The Technology Of The Future Is Changing Business Today

 

 

- The Acceleration of Third Platform Innovation

Digital transformation is not just a “phenomenon” and certainly not just a technology. According to IDC, we are even on the verge of entering a true digital transformation economy, the “DX economy.” 

An obvious question: what would such an economy look like, or what would it look like, and what would be its main drivers and characteristics? How do we get there? According to the company, digital transformation is basically built on technology it defines as part of another term it coined: third (3rd) platforms.

 

- AI and Businesses 

Artificial intelligence (AI) and machine learning (ML) are no longer just buzzwords. Emerging technologies are changing our daily lives. It is clear that artificial intelligence and machine learning will play a major role in transforming business in the coming years. Here are 5 ways AI will change business: 

  • AI-powered chips: AI-powered microprocessor chips will support applications that run on AI algorithms. The chips will boost the performance of complex applications used in gaming, healthcare, manufacturing and banking. Qualcomm is at the forefront of the development of these chips.
  • Cybersecurity: With the availability of data, cyberattacks have increased dramatically. Companies are investing in improving their cybersecurity infrastructure. AI will play a key role in advancing corporate cybersecurity. The technology will also reduce the company's response time and expense.
  • Voice search: Google and Amazon have captured the largest market for voice-enabled smart home products. Apple is joining the fray with its own smart speaker. In the future, the company will work on applications that support this voice-based technology.
  • Chatbots for Customer Support: In a digital-driven world, companies use AI-powered chatbots in business communications. These bots are mainly used to increase customer engagement. AI-powered chatbots minimize the need for human intervention.
  • Data Highway: Companies and users have realized the value of data. The generation of data is growing exponentially. AI-based systems and solutions will enable startups to conduct data mining, business data analysis, and predictive analytics implementation.
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[Istanbul, Turkey - istanbulsave]


- Legal Technology

Legal technology, also known as legal tech, refers to the use of technology and software to provide legal services and support the legal industry. Legal tech companies are often startups formed to disrupt the traditionally conservative legal market. 

Different methods and techniques have been used for legal tasks. Traditional software architectures and web technologies have been used for tasks such as providing access to case law. Machine learning methods have been used to help find documents for due diligence or discovery. The work of making contracts easier to use involves all aspects of user experience design.

 

- Financial Technology

Financial technoly (abbreviated fintech or FinTech) is technology and innovation designed to compete with traditional financial methods in providing financial services. It is an emerging industry that utilizes technology to improve financial activities. 

The use of smartphones for mobile banking, investing, lending services and cryptocurrencies are examples of technologies designed to make financial services more accessible to the public. 

Fintech companies include start-ups and established financial institutions and technology companies that seek to replace or enhance the use of financial services provided by existing financial companies. The subset of fintech companies that focus on the insurance industry is collectively referred to as insurtechs or insurtechs.

 

- Operations Research and Analytics

Operations research and analytics enable organizations to turn complex challenges into enormous opportunities. They turn data into information and information into insights for better decisions and improved outcomes.

Operations research, often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences. The term management science is occasionally used as a synonym. 

Employing techniques from other mathematical sciences, such as modeling, statistics, and optimization, operations research arrives at optimal or near-optimal solutions to complex decision-making problems. Because of its emphasis on practical applications, operations research has overlap with many other disciplines, notably industrial engineering. Operations research is often concerned with determining the extreme values of some real-world objective: the maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost). Originating in military efforts before World War II, its techniques have grown to concern problems in a variety of industries.

 

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