The business world is changing, and in order to stay relevant, you need to keep pace. Nowadays, there are two simple ways to grow a business: 1) Grow new customers at a faster rate than you lose them, or 2) Increase the average worth of each customer by decreasing costs and increasing revenues. Process Automation can help you accomplish both of these goals.

Process automation is an efficient and effective way for companies to work smarter, not harder. It allows employees to focus on more strategic tasks instead of menial ones. And when combined with good project management, it can create a highly efficient team that thrives under pressure as well as chaos. In short: process automation is the future of business productivity, and it’s one that we need to embrace once and for all.

A business process management system (BPMS) enables you to automate business processes. It incorporates software tools, people, and processes to create an automated workflow for the complete fulfillment of a defined business process. The key benefit to business process management is streamlining your system by removing human inputs and increasing speed of delivery, and quality, and reducing costs.

Hopefully, you have a better understanding of what process automation is, as well as its many benefits. It’s clear that process automation streamlines processes and cuts costs, but that doesn’t mean it’s easy or cheap to implement. You will have to invest in both software and hardware, along with training for the people who will be using it. There are also all kinds of obstacles to making your business process automated—you may need working hours that extend into the evening or weekend, you may need more space for equipment, and you may need lots of energy to power your various machines.

In today’s digital age, there is no doubt that process automation has become a popular concept in many aspects of business and software development. In the future, it’s likely that we will see more of it in many different sectors, ranging from government and education to healthcare and more. And with more innovation in this area to build upon, we can expect ever-more impressive results.  If you need more information about BPA, please reach out to us at [email protected]

Sources

  1. https://www.redhat.com/en/topics/automation/what-is-business-process-automation
  2. https://kissflow.com/workflow/bpm/business-process-automation/reasons-why-you-automate-your-business-process/
  3. https://www.creatio.com/page/bpms

Blockchain: What IS it and how can YOU use it? Blockchain is simply a digital ledger of transactions, duplicated and distributed across the entire network of computer systems on the blockchain.


Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Blockchain is most commonly associated with Bitcoin, the oldest and most popular cryptocurrency, but it also has many other potentials uses besides financial transactions.


For example, blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from Amazon. (NOTE: This Amazon example is for illustrative purchases; Amazon sales are not recorded on a blockchain.)


Each block stores a unique code called a “hash” that allows us to tell it apart from every other block. Let’s say you made your splurge purchase on Amazon, but while it’s in transit, you decide you just can’t resist and need a second one. Even though the details of your new transaction would look nearly identical to your earlier purchase, we can still tell the blocks are apart because of their unique codes.


When your computer finishes processing the block, you move on to the next one. A blockchain is like a chain of blocks that contain information. The “chain” part comes from each block being connected to the block before and after it — so as more blocks are added to the chain, it becomes longer and more difficult to tamper with. In fact, tampering with any individual block would.


Blockchain is still a new and emerging technology, but what it has the potential to do—and possibly disrupt in numerous industries—is worth keeping an eye on. Whether you’re running a business or thinking of getting into the world of online advertising, blockchain could be something that you want to familiarize yourself with.


ePATH is investing to create a capability in blockchain through their network of partners who are pioneered in it.

  1. https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain#:~
    :text=Blockchain%20is%20a%20system%20of,computer%20systems%20on%20
    the%20blockchain.
  2. https://www.ibm.com/topics/what-is-blockchain
  3. https://builtin.com/blockchain

Don’t be surprised if you have heard the term “Staff Augmentation” or “Augmentation of Staffing” a few times. But, do you know what it really means? Let’s talk about this for a bit.

Staff augmentation is one of the offshoring techniques that are utilized by many IT organizations throughout the world. Offshoring is an outsourcing technique that helps in delivering projects and products to customers abroad, as it allows companies to hire workers at a cheaper rate and complete projects at a faster pace.

The key strategies for handling business progression as a project manager include implementing solid business progression management, analyzing and responding to risks and threats, and planning for the recovery of all disrupted operations. A successful approach to this project begins with preparation and anticipates possible disruptions that may occur.

Staff augmentation is one of the techniques employed to implement the business progression plan. This approach is used to staff a project and respond to the business objectives while also determining which additional skills are required to ensure that the disruptions do not have an adverse effect on the success of an operation.

The best way to maximize business performance in terms of flexibility, innovation, and customer satisfaction is through effective project management. Effective project management ensures that each organization’s resources are effectively planned and utilized towards meeting the organization’s goals, objectives, and mission statements.

Staff augmentation is one of the most commonly used outsourcing strategies for small businesses. With a focus on current staff skills and previous work experience, companies strategize how to fulfill their staffing needs as well as define the budget to fit their particular project. The future will continue to rely increasingly on outsourcing techniques.

Explore our services now.

Sources:

https://www.toptal.com/insights/future-of-work/what-is-staff-augmentation#:~:text=staff%20augmentation%20work%3F-,Staff%20augmentation%20is%20the%20use%20of%20outside%20personnel%20on%20a,the%20capacity%20of%20an%20organization

https://en.wikipedia.org/wiki/Staff_augmentation

Data mining has a long history. Originally known as knowledge discovery in databases, the term “data mining was coined until the 1990s. Data mining is the process of digging through large sets of data to identify patterns to predict future trends. Data mining is used at the intersection of machine learning, statistics, and database systems.

Database information is doubling every two years developing chaotic and repetitive noise in data. More information does not necessarily mean more knowledge. Unstructured data makes up 90 percent of the digital universe. This is why data mining is important, it allows you to understand what is relevant and how you can use that information to assess likely outcomes.

Data mining consists of four main steps. These steps include setting objectives, collecting and analyzing data, applying data mining algorithms, and evaluating results.

Data is stored in data warehouses, either in-house servers or the cloud. Information technology professionals, business analysts, and management teams then access the data and decide how they want to organize it using application software. The data is then presented in easy-to-understand and share formats, such as a graph or table.

The most common algorithms and techniques used to turn data into useful information include association rules, neural networks, decision trees, and K-nearest neighbor

In sales and marketing companies collect large amounts of data about their customers and prospects. Companies can optimize their marketing efforts by observing their consumer demographics and online user behaviors to increase profits. In educational institutions, data is collected to understand student population and environmental performance for optimal success.

Lately, data mining has gone under criticism due to users being unaware of data mining happening with their personal information. This data is being collected to influence consumer behavior and change their preferences. One way to protect yourself from data mining is to use a secure VPN, remove personal information from social networking sites, and always look at the privacy policy for any website and social media platform.

Sources

Virtual reality (VR) and augmented reality (AR) have made waves in the gaming, marketing, e-commerce, education, and technology industries. According to a research study from Tulane University, by 2022, the VR and AR market is projected to grow to $209.2 billion. Both technologies bring together the virtual world and real world by utilizing elaborate 3-D visuals. Based on the technology used and the experience it provides, there are some significant differences.

Augmented reality (AR) adds digital elements to a live environment by using the camera on a smartphone. AR users can control their presence in the real world while VR users are controlled by the system. Some examples of AR include Snapchat lenses and the game Pokemon Go. 

Virtual reality (VR) shuts out the physical world and submerges the user in a completely virtual experience with a headset. VR devices such as HTC Vive, Oculus Rift, or Google Cardboard allow users to transport into real-world or imagined environments like traveling underwater in a submarine or allowing medical students to practice procedures on virtual patients. 

The headset used for a virtual reality experience is constructed of optics, displays, sensors, and haptics. These components require a seamless connection to create an immersive experience for the user. As technology advances, the waveguides within the optics will grow to be a significant part of augmented reality displays. 

Augmented reality and virtual reality in the information technology field can help developers, researchers, and data scientists by providing educational simulations that enhance their learning experience. It also allows more humans to be involved in monitoring machine learning models to ensure machine’s decisions are ethical, fair, and reasonable.

Sources

https://www.fi.edu/difference-between-ar-vr-and-mr

https://www.prnewswire.com/news-releases/augmented-and-virtual-reality-technology-of-the-future-today-301096195.html

https://sopa.tulane.edu/blog/whats-difference-between-ar-and-vr

https://www.forbes.com/sites/bernardmarr/2021/02/12/using-vr-to-step-inside-your-data-vr-or-ar-enabled-analytics/#:~:text=AR%2FVR%20technology%20opens%20up,ethical%2C%20fair%2C%20and%20reasonable.

The Internet of Things (IoT) refers to the transformation of physical objects around the world that are now connected to the internet. These devices are all collecting and sharing data that help businesses make business decisions as well as automate human lives.

The idea first stemmed throughout the 1980s and 1990s when technologists thought of the idea to add sensors and intelligence to basic objects. They started investing in devices like televisions, cars, and smartphones. Now, these devices have matured to the point where an internet connection is part of the base offering. 

SOME EXAMPLES OF IoT DEVICES INCLUDE, 
  1. A lightbulb that can be switched on by using a smartphone app 
  2. A smart refrigerator that tracks what type of foods you eat
  3. A smart thermostat that analyzes patterns in your household to set the right temperature without human interference 
  4. Self-driving cars
  5. Fitness watch
WHAT ARE THE BENEFITS OF THE INTERNET OF THINGS FOR BUSINESSES?

Businesses use the Internet of Things to learn more about their customers so they can react faster and serve them in advanced ways that add new value and increase revenue. 

For example, manufacturers are adding sensors to parts of their products to record data and track how they are doing. This can help companies see when a certain part is likely to fail and switch it out before it causes any damage. This helps make their supply chain more efficient because they have data that keeps them one step ahead.

WHAT ARE THE BENEFITS OF THE INTERNET OF THINGS FOR CONSUMERS?

The Internet of Things makes our homes, offices, and vehicles smarter and measurable. Smart speakers allow users to play music, set timers, or get on-demand information just by speaking to it. Home security systems allow users to monitor their homes inside and out with little effort and smart thermostats help people heat or cool their homes before they arrive.

However, these connected devices can raise concerns about personal privacy since they contain sensitive data and can be open to hackers.

WHAT NEXT FOR THE IOT?

Tech analyst company IDC predicts that in total there will be 41.6 billion connected IoT devices by 2025. Consumer IoT spending was predicted to hit $108 billion, making it the second-largest industry segment: smart home, personal wellness, and connected vehicle infotainment will see much of the spending. Within the integration of artificial intelligence, the future of IoT is limitless.