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Economic slowdown raising concerns
A report says, 50% of companies expect operational data to grow by 15% or more over next 12 months. At the same time, the layoff news is making tech workers across several industries feel skittish, especially those in e-commerce, real estate and businesses tied closely to the stock market, which saw a boom during Covid recovery in 2021 but massive volatility in today’s #economy.
We can’t deny the fact that there could be a 20-30% Productivity gain achieved through #digitalcollaboration. In line with global trends, growth in job openings at Big Tech companies like Facebook, Apple, Amazon, Microsoft, Netflix, Google has steadily slowed reflecting a larger economic slowdown. While most of the layoff news has come from tech companies, the mortgage industry, too, has been slashing away as higher interest rates crush mortgage volume.
Secondly, the continuing effects of Covid-19 around the world have dampened the outlook for the rest of the year. Venture capitalists are warning their portfolio companies to prepare for darker times, and some start-ups are laying people off or closing shops.
#MarkZuckerberg, CEO of Meta Platforms, has said the social media company will cut back on fresh hiring. Sundar Pichai, CEO of Alphabet, the parent of Google, said it will go slow on hiring for the rest of the year. Apple and Microsoft are following suit. Netflix has seen multiple rounds of layoffs after it reported a subscriber loss in Q1.
With the value of bitcoin, ethereum and other popular currencies dropping sharply, startups in the risky cryptocurrency space are at the forefront of layoffs. But the tech downturn is broad — the Nasdaq composite index has lost 30% of its value since January, it shows the biggest drop in the tech-heavy stock index.
Many technology startups that saw tremendous growth in 2020, particularly in the real estate, financial and delivery sectors, are beginning to see a slowdown in users," An expert says. ThereBy VARINDIA| 17 views
5G continues to evolve
Services that we used to see as futuristic, such as e-health, connected vehicles & traffic systems and advanced mobile cloud gaming have arrived. With #5Gtechnology, we can help create a smarter, safer and more sustainable future. #5G runs on the same radio frequencies that are currently being used for your smartphone, on Wi-Fi networks and in satellite communications, but it enables technology to go a lot further.
Beyond being able to download a full-length HD movie to your phone in seconds (even from a crowded stadium), 5G is really about connecting things everywhere – reliably, without lag – so people can measure, understand and manage things in real time. This has enormous potential. The 5G economy is one of incredibly high customer expectations, increasing innovation and competition from unexpected players and new business paradigms enabled by the performance and flexibility of 5G networks.
Wi-Fi communication is currently considered to be the de-facto connectivity technology among organizations for offering on site mobility for employees, connected devices, visitors, and contract-based employees. Advancements and developments in wireless technologies and devices have increased the working efficiency of organizations.
A report from International Data Corporation forecasts worldwide private LTE/5G wireless infrastructure revenues will reach $8.3 billion by 2026, a significant increase from revenues of $1.7 billion in 2021. The market is expected to achieve a five-year compound annual growth rate of 35.7% over the 2022-2026 forecast period.
Heightened demand for dedicated or private wireless solutions that can offer enhanced security, performance, and reliability continue to come to the fore as both current and future applications, particularly those in the industrial sector, require more from their network and edge infrastructure," say experts.
While private LTE/5G infrastructure continues to see more interBy VARINDIA| 38 views
Banking Industry has gone under huge transformation
It is absolutely true that automation is transforming the banking Industry. We are witnessing disruption in the banking industry today, and how institutions are leveraging banking automation to combat to adapt to changes in the financial services landscape. Disruption from players such as digital-only banks, FinTech firms, and Big Tech companies with designs are going to move into the financial services sector all threatened to upend the banking industry, and to encroach on traditional banks’ market share in the process. This clear and present danger has led many traditional banks to offer alternatives to traditional banking products and services — alternatives that are easy to attain, affordable, and better aligned with customers’ needs and preferences. Banks and Financial Institutions often turn to automation to fix this problem, but a fully automated, self-service experience isn’t necessarily optimal for every type of banking activity. Even when technologies can do an adequate job, consumers still want to deal with humans. An ultimate question arises: can the human touch be incorporated on-demand into certain processes or would the option have to be built-in or pre-empted? Customers look for a bank they can trust and banks need to win that trust by leveraging automation to avert and protect against fraud. To start off, building more robust customer profiles to provide definitive insight and also simplifying the Know Your Customer (KYC) process by introducing automated verification services, would help.
Using accounts payable automation to reduce human touchpoints, automatically freezing compromised accounts are some of the ways automation would help. Banks can leverage artificial intelligence and machine learning to monitor and analyze customer spending patterns; using this data, banks can then partner with retail firms to offer customers discounts on frequently purchased products through their banking portal. Another key element to withstanding disruptiBy VARINDIA| 29 views
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Robotic Process Automation is transforming businesses across the world
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