Author: admin

Top 10 Business Tycoons in the World for 2022

Business tycoons in the world have not emerged in a single day; their efforts and dedication help them to reach their position. Your passion and hard work are the fundamental ingredients in the recipe of your success story; wealth and money are outcomes of it. Billionaires are helping to shape the country’s economy and charity in society. Becoming a business tycoon is not an easy thing; it requires genuine work towards your goal. Different points of view towards solving any problem with new innovation is the unique quality seen in these business tycoons. So, let us discuss short stories of various business tycoons worldwide.

  • Elon Musk

Elon is the most opulent person in the world today. He is the founder of Tesla and CEO of SpaceX company which has become famous worldwide. Elon Musk is known for his mysterious thoughts about the future and space. And the dreams which ordinary people can’t imagine. He believes in things that are not possible today but will be present in the future related to space technology, the moon, and mars. He is the founder of Tesla, one of the most famous EV brands globally. Elon musk is also a successful investor and entrepreneur in the world, his investing tricks become famous on social media sometimes. He believes that the future of energy is sustainable and clean energy.

His total Net Worth is about $219B. Elon Musk is now the first richest person in the world on the Billionaires list of Forbes.

  • Gautam Adani

Gautam Adani is an Indian businessman and founder of the Adani group and one of the wealthiest persons in Asia. Adani group proved its identity by establishing enterprises in significant sectors like Adani transmission, ports, green energy, and Adani Total Gas. In his teenage years, Ambani worked as a diamond sorter in the Mahendra group and later worked in his brother’s plastic company. His total net worth is about $141 Billion Gautam Adani is now the second number as the richest person in the world in the Billionaires list published by Forbes. 

  • Jeff Bezos

Jeff Bezos is the founder and CEO of the E-Commerce giant Amazon, which put forth the worldwide market in a single click. He is the richest person from 217-2021 in the world. Jeff is a well-known computer engineer and commercial astronaut in America. Jeff is a leading American investor, media proprietor, and also commercial astronaut. One thing we can acquire from Jeff Bezos is to recognize the need and wants of people in the market and work on it.  He is also counted among the famous investors in the world. His net worth is about $151 Billion. Jeff Bezos is the fourth richest person in the world for 2022.

  • Bill Gates

Up to 2017, Bill Gates was the richest person in the world. He served as the CEO and founder of the world-famous software company Microsoft. He is incredibly passionate about software and coding at a young age. At the age of 21, he is a Billionaire with absolute intelligence and passion for his work. His net worth is $114 Billion. He is also known for his philanthropic personality in the world. Bill gates is the 5th richest person in the world in 2022 according to Forbes Magazine. His infinite love is in reading books. One thing we can learn from him is how rich we are; social awareness is the most important thing. Bill gates donate billions in charity work.

  • Warren Buffet

Warren Buffet is a living legend in the ocean of world-famous investors. He took his first share at the age of 14. His famous saying is to start as early as possible in the journey of investing in your life. The net worth of Warren Buffet is $101 Billion. One thing we can acquire from him is to stay consistent and disciplined in our work, whatever may it be. One of the best quotes is ‘By far the best investment you can make is in yourself.

  • Larry Ellison

Larry Ellison is a famous investor and business magnate in America. After completing his degree in university, he started his journey as a computer programmer and established a well-known computer programming company, Oracle corporation. His Net worth is $92.2 Billion. He is now the seventh richest person in the world according to the Forbes list.

  • Mukesh Ambani 

Mukesh Ambani is the second richest person in Asia. He expanded his father’s company, Reliance, by establishing it in various industries like petroleum, electronics, power, energy, and many more. He acquired his degree in chemical engineering and then completed MBA at Stanford University in the U.S. He started his first petrochemical refinery in Jamnagar, Gujarat. Ambani has net worth in 2022 is about  $90B. Mukesh Ambani is the 8th richest person in the world on the Forbes Real Time Billionaires List.

  • Sergey Brin

Sergey Brin is the Co-founder of Google with Larry Page and the founder of Alphabet company which is the parent company of google. Sergey Brin is the 10th richest person in the world. He is a famous entrepreneur and computer scientist in the United States. He entirely focused on Alphabet company in 2019. His total net worth is about $107.

  • Michael Bloomberg

Michael Bloomberg is a successful businessman, politician, author, and CEO of Bloomberg company which is a software and media company. Michael Bloomberg is the 12th richest person in the world according to the Forbes Billionaires list. His total net worth of about $82B. He is also known for his philanthropic nature in the United States. 

  • Francoise Bettencourt Meyers

Francoise is the top women’s business tycoon in the world. She is the 14th richest person in the world in the list published by Forbes Magazine. She is the founder and CEO of L’Oreal, one of the largest companies in France and the world of cosmetics companies. Her net worth is $75 Billion.  Other than business she also worked as a philanthropist and as a writer.

These business tycoons inspire every single person who wanted to start their journey as an entrepreneur today. There is no other way for hard work if your goals are high. Success is not achieved at once it is a prize for your steady and consistent work forwards toward your goal. So keep going on your path by taking inspiration from these successful people.

 

Helping Businesses Navigate Through Supply Chain Disruptions with Digitalization

The global supply chain is faced with ongoing obstacles, including labor shortages, delays, winnowing resources, and increasing consumer demands and expectations. Digitalization is a viable solution for all parties in the supply chain to create more efficient processes

Digital transformation is sweeping through industries, including logistics. Digitalizing the supply chain with technologies like robotics, IoT, data analytics, and digital thread help businesses overcome supply chain obstacles and develop more efficient and reliable processes.

What Is Supply Chain Digitalization?

Supply chain digitalization is an answer to the ongoing disruptions and delays that are continuing to impact businesses. As the industry faces increased pressure, rising consumer demand, and disruptions that create a ripple effect through the supply chain, new technologies ensure that logistics companies can keep processes streamlined and effective.

What Technologies Are Necessary for Digitalization?

Smart Technology

Smart technology refers to the use of IoT devices and applications. Industries of all types have been increasingly adopting smart technology and finding new use cases, including logistics.

In this industry, smart technology can be used for cargo tracking, automation, robotics, and more. These technologies gather vital data to give logistics companies a transparent and comprehensive view of the entire supply chain – end-to-end – to find areas for improvement.

Using automation increases the efficiency of logistics companies by relieving the burden on human workers. With robotics and other automation devices, logistics companies can complete mundane and repeatable work, giving employees the time to focus on creative processes that only humans can tackle. Automation is also useful for reducing human error, a common source of delays and lost revenue.

Business intelligence technology is another vital part of optimizing the supply chain. Using data collected from IoT devices, logistics companies can take immediate action to improve processes or navigate delays and disruptions.

Cloud-enabled GPS and RFID technologies also fall under the umbrella of smart technology. These technologies are used to improve the accuracy and transparency of supply chains, such as the products stored in a warehouse or vehicles with goods in transit.

Demand-Driven Supply Chain Management

Supply chain flexibility is necessary to adapt to the continued disruptions and delays impacting the global supply chain. Demand-driven supply chain management isn’t new, but with the power of data analytics, logistics companies can become more agile in the face of changing expectations and market shifts.

Machine learning and predictive analytics can be used to gather massive amounts of data and process it in real-time. Logistics companies then have the insights necessary for rapid action, ensuring they can serve customers effectively and address market changes that could have an impact on the business.

Cyber Security

Though not a new technology, cyber security should be included in digital transformation for supply chains. Technology can be beneficial for virtually all industries, but it also exposes them to new risks and vulnerabilities that can be disastrous.

Logistics is at heightened risk from the multiple parties involved in the process. If any party has weaknesses in their cyber security, a hacker or cyber criminal can exploit their vulnerabilities to gain access to the entire network and compromise sensitive business and client data across multiple companies.

Cyber security needs to be at the forefront of operations across manufacturers, suppliers, and other parties. Everyone needs to be on the same page with cyber security protocols and procedures across every point in the supply chain to ensure the entire network is secure. Partnerships need to be built on a shared dedication to cyber security monitoring, risk evaluation, and intervention.

Supply Chain Customization

Rising consumer demands and expectations are an ongoing challenge for supply chains. Cargo space is at a premium, compounded by disruptions in the supplychain that limit it further, but consumers still expect fast fulfillment and shipping with minimal delays or mistakes.

Because of this, consumers aren’t accepting of lengthy processing times, extensive delays, or mistakes in the delivery process that add to the shipping time frame. Consumers have a lot of choices in the current market, giving them options to turn to if one company’s shipping and fulfillment process doesn’t hold up.

Centralized distribution is a solution that includes real-time inventory management to reduce errors and expedite processes. Customization options and supply chain transparency also streamline processes and keep companies agile in the face of growing demands from consumers.

Digital Thread

The digital thread is the use of digital tools to design, evaluate, and manage the lifecycle. It’s essentially a closed loop between the digital and physical worlds. Manufacturers, suppliers, and consumers can share information openly to ensure a responsive supplychain.

Despite its many benefits, the digital thread can’t be implemented on its own. The parties involved need to collaborate to form an integrated value chain that improves transparency and communication.

Embrace Digitalization for Supply Chain Agility

Port congestion, limited cargo space, labor shortages, rising consumer demands, and other challenges are significantly impacting the logistics industry across the globe. Implementing supply chain technology like IoT, data analytics, and cloud-based GPS can keep logistics companies flexible and capable of serving consumer needs

Europe Smart Lighting Market: Top 3 trends boosting the industry growth through 2028

According to a recent study from market research firm Graphical Research, the Europe smart lighting market size is projected to reach a valuation of US$ 6.43 billion by 2028.

Europe’s smart lighting market will showcase notable growth in the future as the demand for these solutions is increasing across the commercial, residential, and government sectors. Factors, such as improvement in the overall standard of living and rising disposable income of the regional population will further amplify the product demand.

The COVID-19 pandemic has positively influenced the deployment of smart lighting products due to an appreciable rise in research activities to find sustainable solutions to conventional lighting systems. Smart lights have also gained prominence across the region’s pharmaceutical sector due to their ability to eliminate harmful bacteria through light therapy.

These lights are an innovative and cost-effective solution to mitigate the risk of infections because they are easy to install in different public settings. Since more organizations are opting for affordable yet eco-friendly lighting devices, the demand for smart lights will rise.

Here is a list of the prominent trends accelerating the industry progress:

  • Wireless smart lighting technology gains traction:

The wireless technology segment will capture a sizeable share of Europe smart lighting market by 2028. Advanced wireless modalities, such as Wi-Fi, IoT, and Bluetooth are being widely used in smart lighting infrastructures. Many companies are introducing cutting-edge technologies to develop internet-based lighting systems.

They are also creating state-of-the-art applications and programs that are equipped with features, such as effective control over light color and brightness. IoT-ready light fixtures are also becoming popular among customers, further enhancing the demand for wireless lighting technologies.

  • Indoor smart lighting systems offer energy efficiency:

Europe indoor smart lighting industry revenue is set to exceed USD 5.05 billion by 2028 as companies across the region are increasingly focusing on creating unique lighting solutions for commercial and residential interior spaces.

The demand for energy-efficient lights has grown considerably as end-users are striving to reduce their energy consumption cost. Governments across the region are preventing the installation of low energy-efficient lights, such as incandescent and halogen lamps across commercial spaces, thereby fueling the adoption of LED lights.

  • Demand for smart lighting hardware grows:

Europe smart lighting market value from the hardware segment will reach USD 5.29 billion by 2028. This can be attributed to the rollout of new regulatory policies in the region. For example, in September 2021, the EU enforced new rules, which resulted in a ban on fluorescent and halogen light bulbs. These regulations brought important changes for producers and consumers, while saving nearly 7 million tons of CO2 every year till 2030, thereby boosting the use of smart lighting products.

Europe smart lighting market forecast will be positively affected by concerns regarding the rising carbon emission levels across the region. With regional governments introducing stringent policies to promote the benefits of cost-effective and sustainable lighting products like LED lights, the need for smart lighting solutions will grow.

Honeywell, Digital Lumens, Acuity Brands, Philips Lighting, Bridgelux, Silver Spring Networks, Hubbell, Echelon, and Cooper Industries (Eaton), among others, are the top manufacturers of smart lighting systems across Europe.

Tropical Storm ‘Hurricane Ian’ Devastates Florida

Hurricane Ian, after destruction in the Florida storm, moves to South Carolina. More than two million people are woke up without any power supply in the early morning of Friday, taking the lives of 12 people in Florida. According to the weather service, life-threatening Storms will result in flooding rains and stormy winds, which can be an intimation alert to the people of South Carolina and Georgia. Massive destruction and the situation in Florida appear in many videos on social media by which we can imagine the threat to those people who are suffering from this disaster. At the time of reporting weather news, one reporter flies away due to wind speed. He was literally thrown away by wind speed, and fortunately, he found a branch of a tree by which he saved himself from a further dangerous situations. All these scary situations and incidents are becoming challenges for citizens and the government to get control over this natural calamity in Florida and in other states of the United States.

Weather reports regarding the United States specified that Hurricane Ian Storm is upgraded to category one storm on Thursday afternoon, which turned into the second landfall in Florida, Georgia, and South Carolina. The intensity of a cyclone is indicated in the category of that Storm. There are five categories of hurricanes through which weather forecasters conclude their speed, type of destruction, and damage in a particular area. Though category one storm’s speed is minimal, it can turn into flood rainfall and landfall, creating a high risk for people’s lives. In South Carolina, it is reported that the Storm is in its Category 1, which has a speed of 75-95 mph, and the storm surge is between 4-5 feet tall with minimal landfall damage. 

As Ian storm entered into its Category 1, it spread to many states and cities of the United States, so the government is facing challenges while controlling the situation in states like Florida, South Carolina, Georgia, and. The communities located in the coastal region face more damage and destruction after calming down from the Storm in Florida. Meyer beach’s first look is full of destruction of boats and trees due to flooding and tall storm surge in the sea while storming. 

Category 4 storms have about 130-156 mph of wind speed at an extreme level, and Storm surge going up to 13-18 feet in height which is highly destructive. 

When Hurricane Ian hit Florida’s Gulf Coast, its category was 4, so it became one of the strongest and deadliest stormy cyclones that which the US ever faced.

 

Top 10 Best Document Management Systems

Have you ever imagined how much paper-based documents every organization in the world has produced, even though there is a digital solution to document management software and apps? According to statistics, the world annually produces over 300 million tons of paper, and the demand for paper has increased by 400% in the last 40 years. The misuse of paper leads to the harm of our Mother Nature and the trees from which paper we use is output.

Many industries, companies, and organizations in the world create tons of future paper waste. However, the Coved 19 pandemic enabled the use of digital methods instead of paper to create documents for companies and other industries. The best digital way to create and design your documents is through document management systems, which handle everything from collaborations to creating and designing documents. 

The document management system is nothing but a system that develops and manages electronic documents. These document systems help import, export, and manage the storage, editing, and security of documents for any organization. So, this article includes the best Document Managing Systems which surely help you to manage your documents easily.

  • Rube

Rube is e-File Cabinet software used for document management systems. Its focus is on improving OCR, cloud storage, and file sharing solution that helps organizations and enterprises go paperless and organize their files and important documents. It is not easy to manage and run workflow if you are working at any organization, so these e-File Cabinet systems are the solution for this heavy workload.  

Only Office is the most useful and convenient document system. It was primarily organized and designed for internal team collaboration, but later on, it got successful by gaining a large audience and users. This system allows you to store and access documents from anywhere, which leads to handling all records in one place. Another important use of Only Office is that finding documents is accessible and easier. 

  • Panadol

Panadol is a cloud-based management system that helps to create documents, quotes, proposals, contracts, and many more workloads for organizations. It is an American software company that offers this document management services by taking some charges. This document software has updated technology and advanced e-services like e-signature, Robust document creator, document tracking, and automation. 

  • Paper Tracer

Paper Tracer is the most versatile document management system because of its qualities like ease to use, accessibility, and sharing of data is so convenient. This system protects your confidential data, images, and files by developing an advanced digital routing system. It can easily retrieve documents, images, and other data anytime. So this is one of the user-friendly systems which gives ease and convenience to managing large amounts of data.

  • Adobe document cloud standard

Adobe document cloud software is generally used to handle and manage pdf files. It works efficiently when dealing with legal documents and pdf files. It contains all the files and documents properly. One added benefit of this software is that it supports mobile, so it becomes accessible to use, and there is no need to save every pdf file in different folders, which task is quite lengthy, and this system manages it all. 

  • M Files

M Files is a comprehensive documentation system that can multitask using advanced features that enable users to handle documents and data neatly. This system gathered some advanced tools that help organizations manage their large volume of physical data and papers and documents by using workflow automation systems. M Files provides three different types of cloud and storage systems, which allows users to choose one according to the needs and requirements of their work.

  • Case box

The case box is used to extend content documents and Human Resource Management Projects. It has various useful tools like a full search box, task management, and monitoring. It is also used to store multiple files simultaneously in one place. Case box gives proper security to users’ data with VPN networks which store users’ confidential data.

  • Click up 

The click-up document manager system has unique editing features which give more accessibility to users while dealing with the documents of respective work. It collaborates with multiplayer software and allows users to share files more easily. Click up also helpful software for university students for creating projects and storage of data. Due to the availability of templates, it becomes easy to arrange data and create certain types of documents.

  • Smart sheet

The smart sheet is one of the project management software which manages projects, programs, and tasks using dynamic portfolio management systems. It helps handle documents with an automotive repetitive management system and tracks schedules to complete projects and plans on time. Smart sheets for your tasks and projects save time more than any other software.

  •  Hub Spot

Hub Spot is a software system that allows you to manage Email schedules, tracking, automation in tasks, live chat, and reporting and also allows sharing of documents and files from G-mail and Outlook systems. Hub Spot offers you totally free CRM Management tools for your employees and office work. So it is one of the best management systems for sales work.

These are the top 10 best Document management systems or software which can make your tedious and lengthy tasks easy and within your scheduled time. These kinds of software systems don’t only make your benefit but also save thousands and millions of paper which can cause harm to our mother nature.

 

Shefiq Abdulla: Helping Clients with Award-Winning ICT Solutions and Services

Meet Shefiq Abdulla, the CEO of Dubai-based Telephony Group of Companies, an ICT solutions and services leader with over two decades of experience serving the private and public sectors of UAE and the region. Currently, Telephony’s team has over 600 employees in the UAE, with over 300 employees spread across other regions, entirely committed to delivering state-of-the-art telecom technology. 

Shefiq started his career in Sales as an entry-level junior sales representative selling the company’s ideas, innovations, and excellence to the customers. However, he gradually succeeded on the way up and soon became the Chief Executive Officer of the Group Businesses.  

“A lot of people consider me lucky for achieving a lot at a young age and becoming a CEO for the whole group. If you look at it from my perspective, you realize that it means that I had to take a lot at a young age and mature early. Everything I do now and with every struggle I face, I feel more determined to continue the path. I hear a lot of whispers about me being a workaholic and so committed to this journey that it might consume me.“- Asserts Shefiq. “But the truth is I find pleasure in what I am currently doing, and this is what gives me power, focus, and a good sense of direction. When you do things out of pleasure, you simply immunize yourself against all the criticism and negativity that you hear now and then.“

A Diverse Portfolio

Telephony Group of Company offers a diverse portfolio for its clients, which is reflected in the number of projects it undertakes and its expansions to other countries worldwide. Telephony treats its clients as partners and offers all the possible guidance to help them choose the solutions that best serve their businesses most effectively. Instead of chasing revenues like many other companies, Telephony Group of Company wants to ensure repeat businesses and a lifetime relationship with its clients. 

Shefiq believes that when a company understands its partner’s business needs and offers advice on the right solution and guidance through implementation, it can easily create a win-win situation and profitable business relationship for both. 

Success and Failure

“My greatest accomplishment is getting the chance to spread what I know to the world. Knowledge is wasted when not shared. Maybe my audience is small today, but at least now I have a voice and people to read, interact and comment on my thoughts. That is by itself an accomplishment for me.“- says Shefiq.

Shefiq prefers to measure success differently as he doesn’t link it to achievement or growth. Instead, he links it to the positive influence that he leaves on people’s lives. 

Around five years ago, Shefiq decided to take a different path and start to effect change, so he started with himself and went on a personal transformational journey to learn from the wise and the giver, to get enriched with knowledge. Shefiq immersed himself in readings and took a vow to spread that knowledge. One day he plans to write all that journey down for the benefit of others and to encourage people to be less selfish and more human.

Although he failed in various situations and times, every time, Shefiq chose to clear his head, review his mistakes, and start over again. 

Shefiq states, “Perhaps the most important one to mention here is when I happened to expect everyone around to be of the same drive and understanding of the importance of transformation to the sustainability of any business, including my own. Now, I am more mindful of how I want to achieve my objective and will hopefully soon share that vision out loud.“

Implementing New Ideas

Shefiq believes new ideas require a welcoming attitude and an open mindset. He says, “If we don’t first start with that, we are likely to fail in our attempts or suffer to reach our goals. I am against the idea that change requires time, not when you are in technology, and you are demanded to innovate consistently.“

He wants to convince people regarding the necessity of new ideas instead of enforcing them. With everyone onboard, things mostly go efficiently and smoothly. Shefiq wants to start first by developing a work culture that helps support innovation, quality, and sustainability which are the primary growth driver for any company.

Future Plans

Telephony Group of Companies has a strong vision, with high moral values and dedication, customer-centric innovations, and business ethics. The organization is built on three core pillars- People, Purpose, and Peace. Under Shefiq’s leadership, it further intends to grow, expand, and innovate while maintaining and spreading these values to everyone it works with. 

Additionally, the organization plans to offer digital services to improve efficiency, transform, and grow businesses in the future. It also wants to empower communities to pursue ultra-digital transformation and use technology and innovation to change people’s lives, especially youth and women. 

To enable 3000 women entrepreneurs globally by 2025, the organization is also planning to guide and help ten women in 2022 to start their entrepreneurial journey with it.

Richard Liao: Helping with Most Sustainable Packaging Materials

Born in Springfield, Illinois., Richard Liao moved back to Hsinchu, Taiwan, at the tender age of two and again returned to the U.S. in 1999. During his second stint in the country, Richard completed his high school in C.A. and finished his college degree from Cornell University with a B.A. in ORIE and a Master of Engineering in Financial Engineering. Soon after completing his education, Richard landed a job at JP Morgan, a corporate & Investment bank on Wall Street. He worked for the investment bank for three years, but due to the subprime mortgage financial crisis, times were not good, so Richard left the organization to complete his MBA from NYU Stern. 

Soon after completing his MBA in 2012, Richard got a call from his dad, as he needed some help with the family business. So, Richard returned to Taiwan and relearned his philosophy on work and what to do with the business. After identifying several critical areas of improvement, Richard could transform the company from a gross margin of 7%, doubling to 14% by 2021 while reducing the total headcount from 1200 to 650. 

Presently, Richard serves as the CEO of his family business Hwa-Hsia Glass, the only glass manufacturing facility specializing in ‘small quantities with a vast variety’ strategy in Asia-Pacific. The organization annually produces nearly 400k tonnes of glass containers, including food, milk, alcoholic beverage, medical-use, light bulb, and cosmetic containers. 

Besides the traditional B2B businesses, Richard helped the company to launch a B2C brand named ‘Aqua-Soul,’ targeting lifestyle-driven consumer segments in daily storage glass products, including decanters, wine, and whiskey glasses, tea sets, etc., to introduce glass in a much more elegant way. 

“We also focus on B2B2C clients with our “total solution strategy”- for small retailers who want to open new restaurants, shops we can provide end-to-end solutions for any glass-related packaging needs, and we launched on our e-commerce platforms such as Alibaba or Amazon, Shoppee, etc.“- states Richard.

Reviving the Brand

Once Richard decided to help his family run H.H. Glass, he realized the company was facing three primary problems, firstly, it had no new business model; secondly, it failed to attract employees; and thirdly, the image of the industry.

  • Solving the old problem: The Aquasoul brand and total solution were Richard’s ideas, so the company could create a new business model and improve its gross margin. Richard demanded that the team must give H.H. glass 30% of the gross margin, which resulted in a gradual improvement of the overall gross margin to 14%, and with the new brand, the firm was able to launch as many as 200 products with cross creativities from several industry leaders and designers. 
  • Attracting Employees: Under Richard’s leadership, H.H. Glass launched its digital transformation strategy and invested in SAP ERP to identify bottlenecks in its value chain. It also introduced 15 robotic arms to increase productivity. This eventually freed up 25% of labor times, which helped to do more high-value work and decreased headcount by 45%. With this level of digital transformation, H.H. Glass could compete in talent recruiting in the harsh environment of Hsinchu, Taiwan.
  • Solving the Sunset Industry Problem: Richard launched ESG initiatives, through which he was able to guide the company against GRI and SDGs set by the U.N. Although the brand was not required to do so, in August 2022, it issued its first-ever ESG sustainability report. In this report, the firm has identified several important ‘stakeholders’ with respect to shareholders, workers, clients, suppliers, etc. The firm also reduced 17425 tonnes of CO2 emission in 2021. Richard says, “We believe that making glass from recycled, reused, and reduced is sustainable, and as we keep doing this business, we are doing our earth good; that’s our mission.”   

Tackling Daily Challenges

Richard finds it challenging to assess whether the level of tasks is easy or hard because each day is different. He says, “To cover all areas of the business and discuss with a meeting on important issues to look into can be challenging yet rewarding once you can identify insights of next step. Different from a department perspective, and it is more of a global perspective.”  

Under Richard’s leadership, H.H. Glass aspires to provide the most sustainable packaging materials globally to avoid harmful packaging materials to the earth, such as plastics or PET. He believes the firm is following its mission and vision with its new branding strategy, digital transformation, and ESG initiatives. It is a matter of time when people will understand the usage of 100% recyclable products like glass packaging needs to be increased to reduce our waste and damage to the already fragile ecosystem. 

Picture of the Future

Richard believes it’s very tough to predict the political and economic outcome of our world, and as a company leader, it isn’t easy to understand a lot of things happening across the planet, which can affect business strategy. 

He says, “As the Ukraine-Russian war goes on, the oil price is skyrocketing; also, living in Taiwan, you are not sure when we will become like Ukraine! So to continue our operations, we are investigating other options such as relocating factories to other southeast countries- but I admit these days running a business, we do face more political and economic risks compared to first-generation leaders.“

 

Role of AI and ML in changing Modern Healthcare

Artificial Learning and Machine Learning have already captured many important sectors worldwide, and healthcare is no exception. In the US a well-developed medical and healthcare system allows them to make more inventions. But many countries in Asia and Africa need to develop and enhance their healthcare system. During the pandemic, AI devices worked in the medical industry and helped doctors and nurses treat patients. Many doctors benefited from virtual meetings with patients, monitoring, and keeping electronic medical records of patients, which could consume too much time for medical staff during that period. 

AI and ML play their role in the predictions and symptoms of diseases in patients. ML uses NLP (Natural Language Processing), which can make clinical notes and decisions by giving doctors time to look for patients. Though there are some challenges regarding the use of AI and ML in healthcare, there are solutions too. Below are some applications and roles of AI and ML in healthcare sectors. 

  • Help in Clinical Diagnosis

Diagnosis of patients is one of the time-consuming and challenging processes for doctors. So specialist doctors sometimes take the help of AI to detect and diagnose a patient’s disease to help them recover faster. ML is the subcategory of Artificial Intelligence. It uses software like NLP to memorize large quantities of data and make analyses on it quickly. In some conditions, doctors try to detect the disease in patients when the patient is in the serious phase, so at that time, these AI smart devices and applications can help to predict symptoms, and doctors also can take fast actions. 

  • AI Chatbots Will Give Primary Care Tips

AI Chatbots are previously trained and defined chatbots that help in different fields to communicate with people by using intelligence regarding that service. AI chatbots are used in business on websites and even in medicine now. Medical Chatbots using AI respond to customers’ queries and schedule appointments easily. If there is a contagious disease like Covid 19, these medical AI Chatbots help to give guidelines regarding disease to people in any language. So it’s accessible to medical staff to use these AI chatbots to light down their workload and give more attention to patients. 

  • Virtual interaction of Doctors and patients

Doctors can treat patients who are in severe health conditions online. Virtual meetings are possible due to AI-based apps and software that take clinical notes regarding a patient’s symptoms and condition. Emergency patients will surely thank this technology because doctors can be available in time to treat them.

  • Help to Keep EHRs

 The medical field and hospital have lots of data regarding patients’ history and registers of information which is quite time-consuming work. EHRs are E-registers that keep medical records in digital form. There is no longer a need to hold hospital registers about a patient’s medical history. More than keeping records, a more difficult task is to find and search for people in physical registers. But these EHRs help to summarize all data properly and medical staff.

  • Prognosis of Disease

The prognosis of a disease is one of the important steps in treating a patient’s disease. Prognosis refers to the prediction of the progress of the disease in the future. And the Machine Learning system is also run on these predictions using artificial intelligence. So ML is used in medical science to accurately predict and detect that disease’s steps. Disease like Tuberculosis and cancers includes steps of infection. Early diagnosis is a good way to recover patients easily for doctors. So this prognosis process is very important in the medical field.

  • Helps Healthcare Professionals

As a part of the medical staff, you need to work 24/7 for patients. But repeated tasks like keeping records and patient’s medical history are a little hard to bear. AI and machine learning focus on these tasks and accurately complete them within time. Electronic Health Records, like software and other healthcare management applications, help nurses and doctors give more time to patients than this lengthy work. 

  • Robotic Surgery

AI combines with robotics to rise to intelligent robots. During the surgery of patients, it is hard to take fine and delicate incisions. Robots don’t get tired while working, which is beneficial during surgery. Precise decisions are essential in surgery, so robots are trained with ML and have the intelligence to carry out target work properly. So in the future, there will be robots doing our surgeries in hospitals under doctors.

  • Inventions in Drugs Industry using AI 

AI is now not only for arranging gene sequencing, but it is used for inventions in the drug industry. AI can assist pharma companies in generating medicines and all the other drugs faster. AI devices can identify efficiencies and side effects of any drug used for treating patients. The Drug industry has to do clinical trials after any new pharmaceutical product, but using AI reduces the cost of clinical trials for many pharma companies.

  • AI supports Radiology

Image analysis regarding a patient’s disease is one of the main parts of detecting the exact cause of any disease. Radiologists, cardiologists, and Roth specialists types of doctors do image analysis regularly to check out the body’s inner system and find out the exact affected region inside the body. So, AI-based devices are trained by thousands of images for learning and to get the best results after their training. This innovation in image analysis in medical science will surely help professionals and doctors to make conclusions. 

  •   Use of AI and ML in Medical Emergency

Every time it is not easy for doctors and other medical staff to reach the right time on the patient’s door, and the same case with patients. So, in this situation, AI devices and applications play an important part till the doctor is not treating patients. AI and Ml use their intelligence to predict and analyze the disease, making it easy for doctors to treat patients immediately. 

Challenges Ahead of AI & ML in Healthcare

  • Risk of errors while doing surgery and diagnosis
  • Less availability of AI and ML experts 
  • Sufficient data for training of AI devices
  • Robots may cause injuries
  • Privacy of data 
  • Reduction of employment in healthcare

Conclusion

Though AI and ML technology show its benefits and usage in many sectors, and also in the case of healthcare, it should be improved and optimized more to reduce the risk of injury to patients. But technology like EHR is more convenient and useful in healthcare sectors. If other improvements and changes are made in the future in this tech, then AI will become a transformative journey for medical staff and every single patient.

How Fintech is changing the Banking industry

Fintech is a combination of Financial Technology associated with financial services. Fintech is nothing but the most accepted technological change to carry out financial management in the form of mobile payments, online banking services, mobile banking, and many more. All banking institutions and financial management use Fintech technology wisely for their consumers and customers. So, the Fintech banking industry is improved traditional banking systems. It makes banking systems more accessible and streamlined to use for customers. During the pandemic, these online banking services played a vital role for people to make transactions online within a few minutes. Lengthy banking processes like taking loans and transaction processes are becoming easy due to the use of Fintech. 

The banking industry has changed from physical to digital with the help of digitalization Fintech helps consumers make their own financial decisions and made them financially literate. In short, Fintech combines both traditional and digital services and gives more ease to customers while handling their financial issues. So, let’s discuss the latest financial trends in banking!

Latest Trends in Fintech Related to Banking Industry 

  • Digital wallets

Digital wallets are in the form of mobile apps to carry out user payment processes. It helps to store payment and password information on the mobile of that user. Customers use digital wallets like Amazon pay, Google pay, and other payment apps to handle their finances and transactions, and it helps them to store records of their payments and the history of transactions on mobile. Digital wallets not only handle payments but also help to book plane tickets and help to make hotel reservations also.

  • Virtual cards

Virtual cards are customers’ primary choice for making payments digitally and physically. It is the safest and most guaranteed method for making payments online. These virtual cards can get easily blocked without losing access to the main card. Virtual cards reduce fraud risks and make payment easy and safe.

  • IOT

IoT means the Internet of Things. It includes smartwatches, smartphones, and other online gadgets, which are widely used to make payments online instead of bank cards. Many Fintech companies try connecting with those devices to gather customer insights. 

  • Biometric authentication

Due to Fintech methods, everyone goes towards online payments. And every digital wallet and online transaction method needs passwords to store personal financial information. But currently, users like to use biometric authentication rather than the number of passwords and PINs for verification. So this biometric authentication has become the priority system for all Fintech companies. Your confidential and personal information will remain safe if your device gets stolen or lost. 

  • AI Chatbots

Artificial intelligence shows its ability in every technology sector by making useful and revolutionary changes. And Fintech is also not unaware of AI. Proper customer service is one of the important parts to play for every financial institution. So, AI chatbots help financial systems to contact their customers and inform them about their services and account details on time.

  • Voice payments

Already there are many methods to carry out banking and payment processes for people. But there is also one easier method than a digital wallet voice payments. Voice payments is a technology used in the banking sector which runs on Artificial Intelligence technology. Artificial intelligence is technology in which smart machines and software can be made using human intelligence. With the help of voice payments, we can do our transitions within a minute only by giving a command to that application or device. Only we have to link our credit card no. and other bank details to that device. Generally, the new generation attracts technology easily for their ease and convenience in life, so there are more chances that the future of banking and payments will be voice payments. 

  • Blockchain

Blockchain is the concept involved in cryptocurrency which stores data and helps to make out transaction process digitally. Cryptocurrency is a type of digital banking where no physical method; all transactions and payments are made digitally. So cryptocurrency is wholly based on financial technology because the currency is also in the form of digital coins like Bitcoin. The Fintech industry has a large impact on it. Because the concept of blockchain refers to storing financial data in digital format, which generates more revenue and gives a great user experience and fast financial transactions. The benefits of crypto and blockchain help Fintech to develop and grow more efficiently.

  • Embedded Finance

Embedded finance is also known as embedded banking. Embedded finance is a term that deals with integrating traditional banking or financial services into non-financial services. A few examples of Embedded Finance are Embedded payments, cards, and lending, which bring ease to customers to deal with their money. This technology offers safe and secure payments, loans, and investments without any interference from financial institutions. Its key advantage is that it gives all financial services in one place with safety and security in case of your assets and data. 

Challenges ahead of the Fintech Industry

  • Lack of Data security

The increasing use of digital services and technology leads to the creation of big data, which should be managed and handled correctly. Because data contains confidential payment information of users, physical banks have their CCTVs, and security guards to keep data safe. But virtual security is not that simple; it requires highly efficient cyber security applications or software to do these things.

  • Government Regulations

Finance is the chief factor for every government, so they are customary laws. The government regulates rules to protect every citizen’s data. There is always interference by the government in technology which is related to the financial process. But it is necessary to apply rules and legal terms to any technology to protect it from cyber attackers. If you create any software or application for financial services, you make sure that there is any legal compliance on this tech by the government and then proceed to your work.

  • Increasing Cyber-threats

Technology modification leads to cyber attackers who can track and misuse our data without permission. So, people sometimes see the risk of using technology for financial convenience, which is unsuitable for Fintech companies. The solution for this is to increase the number of cyber security experts to gain security and confidentiality of our confidential data. Cyber security experts can help the Fintech industry to gain customers’ trust issues in their data security. 

Conclusion

We are now on the starting edge of financial technology. Many modified and unbelievable technologies will be waiting for us in the future. As our population increases, there is more need for fast and easy service without any physical contact, which can be possible with Fintech. There is a need to enhance financial tech literacy in the people, which can bring more ease to everyone’s life while banking and payments. We have to find out the solutions for challenges in digital financial services, through which Fintech becomes more accessible to users.

How AI Will Change Your Future!

Evolution and modification are important terms to bring change in technology now.  Technological evolution comes with extraordinary changes, and day by day, it assists human beings in making life better. The primary purpose of machines and technology is to simplify complicated and time-consuming tasks for humans. In the evolution of technology, there is most interesting and advanced term is arrived known as Artificial Intelligence. In 1950, Minsky and McCarthy developed the first AI-based technology, which proved as a great initiative. Firstly, we will try to know what intelligence is. Intelligence is not a skill or any god-gifted thing, but it is the art of learning new things easily, in the case of humans as well as machines, but intelligence in machines is known as Artificial Intelligence. 

AI is not now only a wish for the future; it is established in the present also. In the form of self-driving vehicles, automation in public transport, automotive semiconductors, and many more things are examples that Artificial intelligence tech has entered our life. AI tech is adapted to some human behaviors like problem-solving, reasoning, working speed, manipulation, and gaining knowledge; these are some demonstrations that tell us that artificial intelligence is a replication of human intelligence. In AI-based technology, input data is given to a system or machine to do work, resulting in the output of that AI-based device. Smart devices like Amazon’s Alexa and Apple’s Siri are the best examples of AI tech today. 

As AI is becoming a vast technology field, many software engineers and developers are continuously researching in innovating AI technology. AI technology tools help many businesses to handle their data and workload within a few minutes. So along with the company, other sectors like the governmental, educational, and transport facilities are adapting these AI features. As AI is trying to walk in every field, there are certain types of Artificial intelligence, which are given below. Some of these types of AI aren’t possible in the present situation. It will be possible in the future if engineers will able to develop specific algorithms and software.

Types of AI

  • Reactive AI Devices

In this type, data or information is provided to the respective device to perform certain actions and give output as results. Reactive AI devices only use current data to perform any action and don’t have capabilities like advanced AI. Reactive AI devices don’t remember past details and don’t use any experience for future activities. These types of devices are worked and processed for that given data, and this action makes them limited in the AI field. But this type acts as a foundation for the next inventions in AI.

Examples of Reactive AI: IBM, Chess playing supercomputers, Spam filters, 

  •  Limited Memory AI

This type of AI has the capability to use past data and experience for the prediction of future actions. Historical observations with pre-programmed data help to make and predict decisions. But all this past information is stored in that device’s memory for a short time. For example, Self-driven cars observe other cars on the road, store that information and use it during automotive driving. This understanding and interpreting of observed information are stored in their limited memory.

There are several types of Limited Memory AI:

  1. Reinforcement Learning: Reinforcement learning deals with teaching computers or machines with the help of a particular programming language. This learning helps machines learn and do things—for example, many advanced games Like chess on computers. 
  2. Long-short term Memory(LSTM): In this type, machines can store information in the form of memory like human behavior. Using recent information or memory, machines can predict things to do complex tasks. 
  3. Evolutionary generative adversarial networks(E-GAN): E-GAN is an advanced type of limited-memory AI. According to this type, machines will evolve in every specific generation and do modifications and mutations in their systems. If any previous generation system had an error, it would be modified by the next generation because certain types of programming system models would be fixed in machines. Therefore, E-GAN is quite an interesting part of machine learning and AI. 

Examples of Limited Memory AI: Apple’s chatbot Siri, Self-driven cars.

  • Theory of Mind AI

Up to the 19th century, no one imagined that one-day machines would have emotions too. But the magical and revolutionary changes happening in humans’ technology and intelligence power make it possible today. Theory of Mind in Artificial intelligence is the most advanced type of it. In this type, scientists try to build emotional intelligence and psychological knowledge in machines that will think like humans. Basically, machines will have emotions and feedback on every action. We know it might be hard to digest, but much research is going on to make it happen. Currently, this technology is not established by anyone, but many scientists make efforts towards it.

  • Self-aware AI

Many scientists and engineers predict that the future of AI is Self-aware AI. This type will make machines think and be aware of themselves. There are mainly two terms, self-aware AI and robotics. Sometimes many people think that AI technology and robotics concepts are the same, but these two are completely different concepts. AI technology is used as a programming language or system in robots; robots are entirely machines that improve themselves with AI. In the case of Self-aware AI, many people think this type will dominate human power and intelligence. So can’t predict anything, but what do you think about this type, and what will happen if it becomes reality? 

Advantages and Disadvantages of AI

Advantages OF AI :

  • Help to reduce human error in challenging work.
  • AI is proven as the digital assistance of humans. The use of AI makes human life more manageable.
  • Speed of working is faster than any human power.
  • AI is available at any time to humans.

Disadvantages of AI :

  • AI technology and machines make humans lazy.
  • AI devices do not have any emotional intelligence yet.
  • AI systems don’t have creativity and out-of-the-box thinking like humans.
  • Establishing any AI technology costs higher.
  • Unemployment is the thing that makes us rethink the research on this technology
Exit mobile version