A Good Strategy – To Scale up your Business

 Data has become an invaluable asset for businesses of any type and size or industry. To put this data to use and yield value for a business, requires developing a Data Strategy. Businesses across the globe invest heavily in gathering, analyzing, organizing data, and churning it for multiple uses, which can be quite challenging. Developing a Data Strategy assists organizations to utilize the data extensively without compromising on resources.

Organized data gives clarity to making important decisions and other strategic actions for the business. Since Data has become a precious resource, security becomes the highest priority. As more and more businesses are shifting towards digital transformation, staying on par with business trends is essential while also protecting the business data from hacking and cyber-attacks is equally crucial.

To Implement a Data Strategy

Importance of Data Strategy – Why your business needs a (modernized) data strategy?

• Un-organized and steady moving organizational processes
• Un-structured and duplicated data with quality issues
• Capability issue to analyze business workings to churn the data for the right use
• Unable to identify the business’s growing needs and market trends
• Lack of clarity in terms of segregating the data at hand
• Work repetition and errors waste resource time

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A Guide to Cloud Storage and The Best Cloud Storage for You

Do you know that you can store data in your device without it actually being there? You certainly can with the help of cloud storage! 

Storing data on your devices (computers, laptops, and smartphones) may slow down your system and lower its performance. You can save your data on external devices, but what if the devices fall short or get corrupt? Storing data on an external device is even worse than poor device performance.

The ultimate solution to keep your data safe and handy is cloud storage. Cloud storage offers reliability, security, scalability, and affordability for your data.

What is Cloud Storage?

Cloud storage is a storage type offering space for your data on the remote server that can be accessed via devices with internet connectivity. Users typically pay a monthly or per-consumption cost for the data to be handled, maintained, and backed up remotely.

Cloud storage uses enormous computer servers housed in data centers that physically store data and make it accessible to customers via the internet. Users can upload, save, and retrieve data from their computers globally. You no longer need to buy servers, external hard drives, or memory sticks to move your data from one location to another because of the cloud.

An enterprise can access scalable storage resources provided by cloud storage through a highly virtualized, multi-tenant platform that can be dynamically provisioned as needed.

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Applications & Benefits of AI in Banking

AI is a technology that has impacted every industry vertical including the banking and finance sector. AI in banking reduces expenses by boosting productivity and making the decision process fast, and accurate. According to a report by Business Insider, almost 80%of banks are aware of the potential benefits of AI in the banking sector. It also says that by 2023, banks are estimated to save roughly $447 billion by deploying AI applications. The applications of AI in banking are many and so does the benefits of AI in banking.  Let’s take a look at some of them.

Applications of AI in Banking and Finance

Initially, AI was majorly used for increasing operational efficiency. This has changed post-pandemic where AI is used for automating processes and deriving insights. Here are the 8 major applications of AI in banking.

Cybersecurity & Fraud Detection

AI along with machine learning is capable of easily identifying fraudulent activities and alerting customers and banks. In 2019, the financial sector was the most targeted industry for cyberattacks accounting for 29% of the total. AI can be a game-changer in the finance sector to stop cyberattacks. 

AI Chatbots

By combining chatbots with banking apps, the banks will be available for the customers round the clock 24*7. Chatbots’ capability to comprehend customer behavior helps in offering personalized customer support and recommending the right financial services and products accordingly.

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