Scales operations and expands memberships globally
Go through the most exhaustive set of high-quality research, strategy as well as academic
papers and sectoral reports that you will find informative and helpful.
A comprehensive set of statistics and its analysis that reveal the hidden value
behind data and uncomplicates business jargon.
In-depth analysis of Industries and companies and how they manage complex and demanding business environment.
Stories that have an impact on our world of Choices and help us
see the changing environment in a new light
• 74% of executives and 58% of non-supervisory employees believe that EI will become a
– 61% of executives and 41% of non-supervisory employees believe that it will become so in the next
one to five years
• On average, demand for EI is expected to increase by as much as six times:
– The financial services sector will see the highest increase in demand for EI skills
– Displacement of routine tasks, evolving job roles, and the inability to automate certain tasks will be
key reasons for an increase in demand for EI skills
• Although automation and AI will impact all career levels, organizations currently focus more on building
EI skills at senior levels than at non-supervisory levels:
– Organizations do not adequately assess or hire non-supervisory employees based on their EI skills
– Only 26% of organizations provide feedback to non-supervisory employees based on their EI skills
– Organizations do not conduct enough training in building EI skills for employees across grades, and
particularly for those in non-supervisory roles
• Organizations benefit from employees who display a high EI quotient:
– Top benefits for organizations include enhanced productivity, high employee satisfaction, increased
market share, and reduced attrition
– Employee benefits include greater wellbeing, reduced fear of job loss, more openness to change, and
the safeguarding of human jobs from machines
– Organizations can achieve returns up to four times higher by investing in EI skills
• Roadmap for organizations to develop a more emotionally intelligent workforce:
– Customize existing learning programs to integrate EI and make them accessible to all
– Modify recruitment processes to include the evaluation of EI
– Apply an EI lens when promoting and rewarding talent
– Use technology and data for building a high EI culture.
Despite the hype around Blockchain in the past few years, a 2018 Gartner survey indicates Blockchain adoption rates are still as low as 1%. Within that 1%, the doubt is how operationally effective and efficient it is. This blog also explores the inherent risks with Blockchain and therefore why Blockchain may not be the magic cure as it is made out to be!
Blockchain is surely a fantastic technology as it has already been proven by cryptocurrency like Bitcoin. Cryptocurrency has been a trend since the Bitcoin prices soared suddenly in 2017, to reach an all-time high of $19,783 the same year.1 Ever since, Blockchain, which is the underlying technology of crypto has been the talk of the town. Various large global financial institutions were quick to analyze and explore various possibilities of using Blockchain.
However, despite the hype, many institutions are still wary to adopt Blockchain. In fact, Ripple, a prominent Blockchain company, decided not to use Blockchain for its cryptocurrency! Unlike Bitcoin, Ethereum or other cryptocurrencies, Ripple developed its own patented technology; Ripple Protocol Consensus Algorithm (RPCA).2
Let’s explore why despite the fad, Blockchain adoption has not picked up and whether it is the right decision for your organization.What Actually Is The Value Of Blockchain?
A Blockchain is an open distributed ledger that records transactions between two parties efficiently and in a verifiable and permanent way. It contains a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, which cannot be altered without affecting subsequent blocks. To understand more, read: http://hexanika.com/Blockchain-s-disruptive-technology/
Courtesy of Yevgeniy Brikman
Blockchain is not a recent technology innovation as it is made out to be. It was invented by Satoshi Nakamoto, who published a paper on the same in 2008. The concept of Blockchain or cryptographically secured chain of blocks goes further back, being first conceptualized by Stuart Haber and Scott Stornetta in 1991.3
The only key benefit of blockchain or distributed ledgers is that a central authority currently used for monitoring and processing such as stock exchanges (NYSE, BSE, etc.) payment processors (SWIFT, VISA, central banks, FED, RBI, BOE, etc.) can be replaced with a technology because of its automated consensus mechanism.
While organizations want to adopt new technology, it is important to understand the value of reliability, controls and risk management functions these authorities provide that typically can’t be managed by technology alone, especially if we simply consider Blockchain or distributed ledger.Is Blockchain Really 100% Secure?
If Blockchain enthusiasts are to be believed, one of the biggest reasons to adopt Blockchain is the enhanced security it offers. Blockchain is most promoted as an alternative to prevent fraud and unauthorized activities. However, in reality, that is not the case.
According to Bitcoin.com, $9 million a day are lost due to cryptocurrency scams and this number includes activities like phishing, fraud, theft and hacking. The very same activities Blockchain use cases propose to eradicate! Blockchains hacks are not unique. In 2019, between January and April, a total of eight hacks have been recorded which resulted in the loss of $729.03 million for the cryptocurrency ecosystem; according to MEDICI estimates, the number of hacks will increase to 16, resulting in a loss of approximately $1 billion.
Not only that, cryptocurrency being lost altogether is one of the biggest worries of the modern day, as was seen recently with investors in QuadrigaCX, Canada’s largest cryptocurrency exchange. After the death of its founder, Gerald Cotton, about $190 million in cryptocurrency has been locked away, and recovering the passwords or security keys has proved to be futile.4
Bernie Doyle, CEO of Refine Labs and head of the Toronto chapter of the Government Blockchain Association, calls what’s happening at Quadriga a “seismic event” in the industry.5
The repercussions of cryptocurrency freezing and being lost altogether can become dire on the economy as the number keeps rising. By completely bypassing systems, regulators and processes meant to keep the flow of money is harmony, is Blockchain really a solution that can add more value to financial institutions? The small benefits Blockchain may offer can be overruled with the serious implications of its misuse, scams and loss altogether.Digital Transaction > Cryptocurrency
Current market systems provide risks and controls required to regulate and protect global institutions and individuals. Cryptocurrency is said to be faster as it bypasses rules and leverages a shared ledger as opposed to individual copies. In comparison to paper-heavy traditional processes, Blockchain may provide benefits like the elimination of human errors and faster speed. However, compared to digital transactions, the streamlining and automation offered is not very radical.
Digital transactions offer almost similar benefits with the added protection offered by regulatory frameworks that is completely absent in cryptocurrency. Although cryptocurrency is highly transparent, it offers masking of personal identity with no institutional control, making is a safe platform for transactions of illicit activities like drugs, illegal weapons, etc.
While innovators like Elon Musk agree paper money is going away, it is also a fact that entrepreneur, investor and founder and CEO of Tesla himself owns ‘zero cryptocurrency’ other than .25 BTC that someone gave him years ago.6Performance Vs Operational Cost
The primary strengths that Blockchain has are immutability in transaction mainly because of automated consensus without need of manual management. However, these strengths are essentially it’s weaknesses as well!
Blockchain is a good concept that is waiting for the right use case to leverage its true potential.
For most use cases, Blockchain is:
In summary, Blockchain is a good concept that is waiting for the right use case to leverage its true potential. However, in most cases, it is neither faster nor cheaper than current technology. Blockchain designs have also been proposed by over 200 governments for use in various applications including voting, property records, and digital identity. But can this technology really provide significant benefits and insights that something like AI, Big Data or IoT can? That is a big question still waiting to be answered.9
Note: These are my personal views. After studying the various proposed implementations for Blockchain, I believe that it is a technology still waiting for a truly innovative use case that can add value to those adopting it.
Contributor: Vedvrat Shikarpur
Feature Image: freepik
The post Blockchain: A Technology Fad That’s Fading Away! appeared first on NASSCOM Community |The Official Community of Indian IT Industry.
Making Digital Payments easier in India.
The post Building Digital Payments appeared first on NASSCOM Community |The Official Community of Indian IT Industry.
In the past decade, supply chain management has skyrocketed across verticals. With e-commerce becoming a critical economy booster, its success depends heavily on an efficient decision-making platform.
With advanced technology solutions making steady inroads into businesses every day, the era of supply chain management has evolved. Several companies are thriving today as they capitalize on a robust technology architecture to support large-scale supply chain operations, and are providing analytical insights on route optimization freight tracking and analytics, sales beat optimization.
Locus is a state-of-the-art decision-making platform for logistics, optimizing a range of operations to provide consistency, efficiency & transparency. The company works with several entities that include Blue Dart, Urban Ladder, TATA Group, and KOEL, among others. It factors various business rules and methods using technologies for multiple variable elements like SLAs, traffic delays, and capacity constraints while planning and dispatching orders in areas like FMCG, retail, 3PL, e-commerce and home services to name a few.
The company recently did projects for logistics major Blue Dart, home service player Droplet and e-commerce player, Myntra.
They identified manual shipment processing as a challenging area, which can significantly increase error rates, with higher processing time and human resource cost. Manual shipment sorting attributes to reduced time on the field to deliver and lack of accurate checks for mis-routes. Conventional operational methods can lead to additional overhead costs, adversely affecting delivery efficiency and compromise on agreed service levels with end customers.
For Blue Dart, Locus automated the sorting process at last-mile delivery hubs per predefined routes and optimized resources at the hub. Currently, sorting methods for shipments are automated, enabling Blue Dart to save a sizeable portion of their sorting time. For Myntra, the company leveraged data-driven insights to create the best possible routes to visit vendors. Routes were designed to ensure that time slots for individual vendors are met, and the time taken to return to the mini-hubs is kept to a minimum.
Droplet, on the other hand, is using Locus’ route optimization – an intelligent route planning suite that generates optimal & profitable delivery routes along with an efficient resource utilization plan.
The Use of AI to Map Out Efficient Routes
Locus has developed geocodes for each address with high precision, found the region the address is in, and assigned the route number or delivery boy who will serve that region.
Geocoding requires a combination of techniques like Natural Language Processing (NLP) and LSTM models to understand the Indian addresses. They also built a context-aware confidence scoring model that informs if geocoding is accurate or if more information is needed. Prototyping was done in Python with libraries like NLTK and Sklearn, among others. Keras was used for neural networks and LSTM. Java was used in the production environment.
Locus provided the following solutions:
● Geocoding: Efficient geocoding of addresses to ensure they are mapped against the corresponding route number irrespective of the quality of address, leaving no room for error.
● Automated Route Allocation: Routes provided by Intellisort can be printed on the shipping label to eliminate the local intelligence & manual dependence.
● Route Optimization: Factors in real-time traffic, dynamic business constraints that help increase the execution of deliveries at a reduced cost. Traditional approaches depend on human intelligence, which can lead to an increase in sorting time and expenses.
Tangible & Profitable Impact Thanks To AI
For Blue Dart, sorting time was reduced significantly. There was a reduction in the number of people deployed for the entire sorting process while delivering a high route mapping accuracy. In addition, accurate detection of misrouted shipments allowed the team to take necessary corrective steps.
For Droplet, cost of operations reduced by 30%, while SLA compliance improved by 13.5%.
“Traditionally, organizations tend to rely on human intelligence for decision making, believing it to be their best resort. However, we found out that a lot of times, human decisions can be intuitive and not backed by any proper data or logic. We realized that automating the process via data-driven technology can not only help in improving efficiency; it can also help the persons involved in the process of making decisions.”
– Shantanu Bhattacharyya, Data Scientist, Locus
This is part of our ongoing series Innovate2Transform, where we bring to you the leaders of the industry talk about the latest in innovation, technology and trends in their industry sectors.
If you want to contribute, write to email@example.com.
The ever-growing relationship between technology and financial services has brought significant changes to the financial industry. Shifting market conditions, customer needs, entry of new players, ever changing innovative technologies and changing regulations is impacting the whole industry. Find out how FinTechs play a pivotal role in the financial industry by leveraging innovative technologies.
RegTech is already having an impact on the financial industry, with the Financial Conduct Authority (FCA) describing it as “The adoption of new technologies to facilitate the delivery of regulatory requirements.”
Over the past few years, regulatory requirements are evolving globally, to keep pace with the speed and growing complexity of the financial markets. As financial services firms seek to keep pace with regulatory compliance requirements, they are turning to new and innovative regulatory technology tools to assist them in meeting their obligations in an effective and efficient manner. These innovative tools may facilitate the ability of firms to strengthen their compliance programs, which in turn has the potential to save time & cost.Regulatory Compliance Trends: AI Is The Front Runner
Artificial Intelligence (AI) and Machine Learning (ML) are being increasingly leveraged by FinTech companies as well as banks in the financial services industry. The use of AI for the automation of processes in revenue & billing, cybersecurity, fraud and prevention, reconciliation, AML, and other use cases is rising.
Increased automation of compliance processes is one of the most widely used forms of RegTech which offers many potential benefits. For example, the use of AI allows firms to minimize the need to perform repetitive tasks (such as data cleansing/consolidation, coding and analyzing information across systems). These innovative technologies help to reduce errors and speeding up processes, freeing up resources to perform higher level functions such as reviewing alerts and developing responses. Using innovative new technology solutions, financial institutions make their processes Simple, Smart & Efficient, which can reduce the time, cost and resources required for regulatory compliance.
In fact, the use of AI in global financial industries has increased so rapidly that it is estimated to grow from a $41.1-billion business to $300 billion by 2030.Why Is Regulatory Compliance Complex?
While high cost of compliance is a burden on large institutions, for smaller entities it is a threat to sustainability; as they don’t have the economies of scale to spread the costs. Below are some challenges face by financial institutions:
1. Complex Processes:
a. Multiple resources for data management & reliance on vendor providers with varying degrees of reliability, quality, and presentation.
b. Manual, unscalable processes, and outdated technologies
2. Data Quality & Management:
a. Fragmented reporting due to the requirement of multiple systems and software
b. Inadequate data standards and management control resulting in weaknesses in governance and oversight
c. The data quality in many companies is poor & a lot of time and efforts are spent to improve it.
3. Data Lineage & Audit
a. Financial institutions have to showcase full audit trail both internally and to the regulators across the financial, actuarial, investment and risk management systems and processes. This single view of all the transformation and rules that have gone in to create a report is hard to get currently.Top Regulatory Compliance Use Cases
Increased data volume, costly regulatory obligations, and technology adoption cannot be addressed solely with traditional manual processes and people-based approaches. Using an automated solution in place will help to save time & cost to increase profitability. Some of the ways in which banks can adopt AI for regulatory compliance are:Anti-Money Laundering (AML) Detection
Over the past several years, money laundering has become a major issue. Both financial institutions and governments are constantly looking for new ways to fight money launderers. To solve this problem several anti-money laundering policies have been put in place to help this effort.
The term “anti-money laundering” specifically refers to set of laws, policies, procedures and pieces of regulation that force financial institutions to proactively monitor their clients in order to prevent money laundering and corruption. AML Lookback is typically a regulator mandated exercise wherein a firm / financial institution would have to review historical transactions (usually via a third party) for potentially suspicious activity that might have gone undiscovered / unreported
1. Data Ingestion: Unstructured data from multiple data sources
2. Rules: Manual and complex rule building on wire transaction and unstructured teller data
3. Analytics: Extract output data and integrate with company’s case management tool takes time and leads to loss of lineage
1. Sourcing data from disparate sources, mapping it to a common data model
2. Creating AML Lookback Rules based on parameterization which can be reused
3. Automate rules building process and allow easy extraction of reports for further investigation
1. Smart Ingestion algorithm to filter / clean datasets from defined data sources in any format
2. Diagnose and minimize false positives using AI-enabled business rules engine to organize, normalize and format data
3. Ability to create lookback rules with appropriate parameters to get desired results
4. End to end data lineageRegulatory Reporting & Analytics
‘Regulatory reporting’ is the processes of extracting reports using data from multiple sources as per regulatory mandate. The regulators use this to evaluate a bank’s operations and its overall health, thereby determining the status of compliance with applicable regulatory provisions.
1. Regulatory process is multi-step requiring multiple software and systems
2. Requires frequent manual interventions at various stages
3. Due to the use of multiple solutions and processes, hard to track data lineage that is mandated by regulators
1. Source data from various sources into a single data lake or warehouse
2. Create rules on data sets on the fly and ability to reuse
2. Generate sample management report and regulatory report as per schedule
3. Use of AI to understand patterns in rules, file formats and data sets to suggest automation
4. Consolidated solution for data management, regulatory reporting and analytics to streamline processes
1. Data reusability: Data once mapped can be used for generating multiple reports
2. Standardized industry-specific data model enables easy creation of rules and data cleansing
3. 40% time & cost saving to generate reports by using automation and consolidation of processesRegulatory Compliance Using AI: Simple, Smart & Efficient
1. Simple: Easy To Adopt & Use
Regulatory compliance processes are largely focused on collecting data from various source systems, cleansing the data and checking it for accuracy before submitting to the regulator in the mandated format. A platform-driven approach can simplify this process and using UI-based rules creation, the dependency on technical teams is eliminated.
Additionally, easy adoption models like Software as a Service (SaaS) and/or implementation working directly with existing systems within the institution. This flexibility along with the benefits derived by AI automated solutions are making regulatory processes simpler and value-driven.
2. Smart: Better Decision-making
The biggest value of using AI is its ability to understand and predict patterns in risk, management data and gain insights on their data. AI can enable financial institutions to identify data types, formats and also rules or transformation implemented on each data set, providing easy access to 100% data lineage and traceability with ability to generate insights on the data.
3. Efficient: Significant Savings
Advancements in Big Data, AI, and Cloud have enabled institutions to automate processes and solution workflows that previously required dedicated human intervention. These manual and repetitive processes can be automated using the power of AI.
Automation and consolidation can significantly bring down the time and effort required for compliance while also minimizing manual errors.
Video: How FinTech/HEXANIKA is redefining the technological creation process to bring the efficiencies and effectiveness that banks really need right now
HEXANIKA’s innovative end to end solution automate and consolidate inefficient and ineffective manual processes in Regulatory Compliance, Reporting, Risk Management and Transaction Monitoring. This enables institutions to achieve 100% data and lineage and up to 40% cost saving to not just get higher ROI but also free up resources for customer-centric activities and make the processes simple, smart and efficient.
Co-author: Shailesh Karia
Feature Image: Freepik.com
Blog Image: Pixabay.com
As the representative of the information technology industry, we thank the Ministry of Health and Family Welfare (MoHFW) for this opportunity to present our views and suggestions on the Draft notification to notify all the medical devices under sub-section (b) of section 3 of the Drugs and Cosmetics Act, 1940 to regulate them as per the provisions of the said Act and Medical Devices Rules, 2017 framed thereunder (draft notification).
We appreciate the intent of MoHFW to adopt a new definition of medical devices, which would help align the Indian regulatory regime with the global practices.
NASSCOM organized a policy roundtable on the issue of regulation of medical devices and received feedback from the industry. Based on inputs from our members and other stakeholders, we have prepared our response, which reviews the various aspects of the draft notification along with our comments and suggestions.
The detailed submission has been attached with this blog. Please download the attachment.
In case of any further clarification or suggestion, please write to firstname.lastname@example.org and email@example.com
The post NASSCOM’s feedback on MoHFW’s ‘Draft notification to notify all the medical devices under sub-section (b) of section 3 of the Drugs and Cosmetics Act, 1940’ appeared first on NASSCOM Community |The Official Community of Indian IT Industry.
In the 21st century, it has become important for every professional, marketer, brand manager, people who are searching for a job, etc. to have a LinkedIn account. Because with the help of this platform the people can share their expertise by sharing the blogs which are written by them and also to add all the information related to the career, achievements, goals, interest, etc. on LinkedIn profile so that people who are searching that skills, can search you easily, in other words, the future of jobs will be dependent on LinkedIn rather than walking in the companies for jobs, this will be called as a digital transformation of jobs because traditionally searching for the job is nowadays is converting into digitally searching for the jobs. It is the platform that helps you to stay connected with all types of companies and also with your dream company, with all the latest updates about the companies you follow on LinkedIn.
This is the best platform to tell professionals about your skills, talent, etc. they may contact you on LinkedIn through messages on LinkedIn, people can easily connect with their community by linking up with brand pages and groups on LinkedIn. This is the platform which helps the people in increasing their networking with professional and with their dream companies; on the other hand, with the help of this platform, a company can also increase their business connections more than that from Facebook, Twitter, etc.
There are certain reasons which make important for every professional, job seeker to be on LinkedIn are: –
The post Digital Transformation in Searching Jobs appeared first on NASSCOM Community |The Official Community of Indian IT Industry.
"Digital disruption is already halfway through and VVDN helps customers embrace these new technologies with a smile"
Puneet Agarwal- President, Global Sales at VVDN Technologies is also the founding member of VVDN Technologies, a technology innovation company founded in 2007 which provides broad spectrum of embedded design services and ODM capabilities of Automotive, Industrial, Networking, Wireless, IOT and Cameras. An Engineer by education, he possess a diverse set of Business skills including Strategy, Marketing, Sales, Team Building and Business Development. His passion lies in growing businesses and organizations and developing partnerships across the globe.
As an entrepreneur with more than a decade of experience in hyper-growth environments, he has managed multi-million dollar technology businesses using his skills of Business Leadership, Sales and General Management.
At VVDN, he drives the end to end strategy and manages the R& D, go-to-market strategy execution and competitive client analysis. Also oversees global customer support.
Personally he wants to make an impact socially and take the technology to different scales of opportunity.
His personal priorities are his family and friends.
He stays in Gurugram with his wife and two sons.
Subscribe to NASSCOM Research Newsletter
Trending topics, event news and other key highlights happening in the industry
that are going to shape the future.