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Best strategies for Cloud Cost Optimization

Cloud services have revolutionized how organizations store, manage, and access their data, offering unparalleled flexibility and scalability. However, as with any resource, it’s essential to optimize costs and maximize savings in this virtual realm. A cloud cost-saving strategy involves optimizing the usage of cloud computing resources to reduce overall cloud expenses while maintaining or even improving operational efficiency and performance.

 

When it comes to cloud costs, there are several components that need to be understood in order to effectively manage and save money. One key component is the cost of computing resources, which includes virtual machines, storage, and networking. These costs can vary depending on factors such as usage patterns, data transfer rates, and storage capacity.

 

Another important factor in cloud costs is data transfer fees. Transferring data between different regions or zones within a cloud provider’s infrastructure can incur additional charges. It’s essential to have a clear understanding of how these fees are calculated and consider strategies such as optimizing data placement to minimize these costs.

 

Additionally, many cloud providers charge for outbound bandwidth usage. This means that any traffic leaving your cloud environment will be subject to additional fees. By monitoring and analyzing your outbound traffic patterns, you can identify opportunities for optimization and potential cost savings.

 

One often overlooked aspect of cloud costs is idle resources. It’s not uncommon for organizations to provision more resources than they actually need or forget about those no longer in use. By regularly reviewing your resource utilization and implementing automation tools like auto-scaling or scheduling shutdowns during off-peak hours, you can reduce waste and optimize spending.

 

Licensing plays a crucial role in determining overall cloud costs. Some software licenses may require additional fees when deployed in a virtualized environment or across multiple instances within the same region. Understanding these licensing implications upfront can help avoid unexpected expenses down the line.

Develop a Cloud Cost-Saving Strategy

 

When it comes to managing cloud costs, having a well-defined strategy in place is essential. A cloud cost-saving strategy should not only focus on reducing expenses but also ensure optimal resource utilization and performance.

 

The first step in developing your strategy is to understand your current cloud spend and identify areas of potential optimization. This can be done by analyzing usage patterns, identifying idle resources, and evaluating the performance of different service tiers or instance types. Once you have identified areas for improvement, it’s important to set clear goals for cost reduction. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART). For example, you might aim to reduce overall cloud costs by 20% within six months.

 

Next, consider leveraging automation tools to streamline cost optimization processes. These tools can help automate tasks such as scheduling instances based on workload demands or rightsizing resources based on actual usage data. By automating these processes, you can free up valuable time and resources while ensuring cost savings are consistently achieved.

 

Implementing best practices for cloud cost management is another key aspect of your strategy. This may include regularly monitoring and optimizing storage costs by deleting unused data or implementing lifecycle policies. It could also involve leveraging spot instances or reserved capacity options when appropriate to take advantage of discounted pricing models.

 

To further enhance your approach to cloud cost-saving strategies implementation:

  • Track and analyze spending trends over time
  • Implement tagging mechanisms for better visibility into resource allocation
  • Set up cloud monitoring and alerting to track resource utilization and costs in real time.
  • Assign meaningful tags to resources and use cost allocation tools to track spending by team, project, or department. This helps identify areas where cost optimization is needed.
  • Choose the most cost-effective region and availability zone for your workload. Leverage multi-region redundancy only when necessary for high availability.
  • Regularly review your cloud bills from various providers, analyze usage patterns, and forecast future costs to make informed decisions
  • Evaluate the use of specialized third-party tools that offer more granular insights into spending patterns
  • Ensure your team is knowledgeable about cloud cost management best practices. Training and awareness can go a long way in reducing wasteful spending.
  • Cloud cost optimization is an ongoing process. Continuously monitor and refine your strategies based on changing business needs and technology advancements.

 

Implementing a successful cost-saving strategy in the cloud requires a combination of monitoring, automation, and a commitment to optimizing resources. By developing a comprehensive cloud cost-saving strategy that encompasses all these elements – understanding current costs; setting SMART goals; utilizing automation tools; and implementing best practices – businesses can achieve significant savings while maintaining operational efficiency in their cloud environments.

Maximizing Efficiency and Profits with Big Data: The Role of Advanced Analytics in Driving Data-Driven Decisions

In the world of big data and advanced analytics, insights are no longer just numbers on a screen, but powerful tools that can drive real action and propel businesses forward. In today’s fast-paced digital landscape, big data and advanced analytics have become the secret weapons for businesses looking to make informed decisions that drive success. As every click, swipe, and transaction generates a wealth of information, businesses have an unprecedented opportunity to transform raw data into actionable insights. From predicting consumer behavior to optimizing operational strategies, the power of leveraging big data is simply mind-boggling. In this blog post, we’ll explore how organizations can harness the power of big data and advanced analytics by combining cutting-edge technology with strategic decision-making.

 

In business, the term “big data” generally refers to data sets so large and complex that traditional data processing applications are inadequate. Advanced analytics is the process of extracting value from big data through the use of techniques such as artificial intelligence (AI), machine learning, and predictive modeling. When used together, big data and advanced analytics can help organizations make better-informed decisions by providing insights that would otherwise be hidden in huge data sets. For example, a retail organization might use big data and advanced analytics to identify patterns in customer behavior in order to make recommendations about product stocking and pricing.

Organizations that are able to effectively leverage big data and advanced analytics will have a significant competitive advantage in today’s marketplace.

 

Understanding the Benefits of Leveraging Big Data and Advanced Analytics

 

As organizations face increasing pressure to compete in today’s digital economy, they are turning to big data and advanced analytics to help them make better, faster decisions. By leveraging the power of big data and advanced analytics, organizations can gain a competitive edge by understanding their customers better, improving operational efficiency, and making better decisions.

Big data is often described as high-volume, high-velocity, and/or high-variety information assets that require new forms of processing to enable enhanced insights and decision-making. Advanced analytics is a term used to describe a range of analytical techniques that can be applied to big data sets to uncover hidden patterns, correlations, and other insights.

 

Organizations can use big data and advanced analytics to improve their understanding of customers and markets, optimize their operations, and make better decisions. For example, by analyzing customer purchase history data, organizations can identify trends and develop targeted marketing campaigns. By analyzing manufacturing data, organizations can identify process improvements that will lead to increased efficiency and quality.

The benefits of leveraging big data and advanced analytics are many, but there are some challenges that need to be considered as well. These challenges include ensuring data quality and governance, managing organizational change, and developing the necessary skillsets. Despite these challenges, the benefits of using big data and advanced analytics far outweigh the challenges.

 

Identifying the Right Questions to Ask When Leveraging Big Data and Advanced Analytics

 

Organizations are sitting on a wealth of data, but often struggle to make sense of it and drive actionable insights. Big data and advanced analytics can help turn this data into insights that inform decision-making, but only if organizations ask the right questions, such as:

  • What business problem are we trying to solve?
  • What are our goals?
  • What metric will we use to measure success?
  • Who is the target audience?
  • What type of insights are we looking for?
  • What data do we have available?
  • How can we best visualize the data?
  • What analytical methods will we use?

 

Asking these questions can help organizations better understand their data and what they want to achieve with it. With a clear understanding of their goals, they can then develop a plan to turn their data into actionable insights.

 

Strategies for Collecting Data to Support Decision-Making

 

There are a variety of data collection strategies that can be employed to support decision-making, and the most appropriate strategy will depend on the specific situation and data requirements. Some common strategies for collecting data include surveys, interviews, focus groups, observations, and secondary data sources.

 

Analyzing the Data to Generate Insights

 

Big data and advanced analytics are increasingly being used to drive data-driven decisions. However, before insights can be gleaned from data, it must be properly analyzed. This process begins with understanding the business problem that needs to be solved and then determining which data sets can provide the most relevant information. Once the data has been collected, it must be cleaned and organized so that it can be effectively analyzed.

 

There are a variety of methods that can be used to analyze data, including statistical analysis, machine learning, and text mining. The most appropriate method will depend on the nature of the data and the business problem that needs to be solved. However, no matter which method is used, the goal is always to generate insights that can help inform decision-making.

 

 Statistical analysis is often used to identify relationships between different variables in a data set. For example, if sales of a particular product are being analyzed, statistical analysis could be used to identify whether there is a relationship between sales of the product and other factors such as advertising spend or changes in consumer behavior.

Machine learning is a more advanced form of data analysis that can be used to identify patterns in data sets too large for humans to discern. This technique is often used in fraud detection or identifying customer churn risk.

Text mining is a type of data analysis that focuses on extracting information from unstructured text data. This could include things like social media posts or customer reviews.

 

Taking Action Based on the Insights

 

Organizations are under constant pressure to improve performance and achieve their desired outcomes. To meet these goals, they rely on data-driven decision-making. In fact, a recent study by McKinsey Global Institute found that data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain them, and 19 times as likely to be profitable as compared to their less data-driven counterparts.

Despite the clear advantages of being data-driven, many organizations struggle to leverage big data and advanced analytics to drive their decision-making. This is often due to a lack of understanding of how to best use these tools. As a result, organizations either don’t use them at all or only use them for narrow tasks such as marketing campaigns or fraud detection.

To truly reap the benefits of big data and advanced analytics, organizations need to take a holistic approach that encompasses the entire organization from top to bottom. Only then can they make decisions that are based on insights gleaned from all of their data. Once an organization has decided to take a holistic approach to data-driven decision-making, it needs to put in place the necessary infrastructure. This includes ensuring that there is clean and accurate data, setting up the right governance framework, and establishing processes and tools for analyzing the data.

 

With the right infrastructure in place, organizations can then start using their big data and advanced analytics capabilities to drive real business results.  Businesses should take steps to ensure they have the right systems in place to collect and analyze their big data so they can capitalize on all of its potential benefits. We at Xorlogics, help companies to embark on their digital journey so they can unlock new opportunities for growth and innovation within their organization!

 

Emerging technologies that are reshaping the Digital World

The digital world is constantly evolving, and with each passing day, new technologies emerge that have the potential to reshape the way we live, work, and interact. These emerging technologies, driven by innovation and research, are revolutionizing various aspects of our lives. Below are some of the key technologies that are currently reshaping the digital world and the incredible possibilities they offer.

Artificial Intelligence (AI)

Artificial Intelligence, or AI, is a branch of computer science that focuses on the development of intelligent machines capable of performing tasks that typically require human intelligence. AI systems can learn, reason, and adapt, enabling them to process vast amounts of data and make intelligent decisions.

  • Applications in the Digital World: AI has found numerous applications in the digital world, transforming various industries. In e-commerce, AI-powered recommendation systems analyze customer preferences and behavior to provide personalized product suggestions. AI also plays a significant role in healthcare, where it aids in diagnosis, drug discovery, and personalized medicine. Additionally, AI is revolutionizing customer service, data analysis, and cybersecurity, among many other fields.

AInternet of Things (IoT)

The Internet of Things, or IoT, refers to the network of physical devices embedded with sensors, software, and connectivity that enables them to collect and exchange data. These interconnected devices can communicate with each other and perform tasks without human intervention.

  • Impact on the Digital World: The IoT has brought about a new era of connectivity, where everyday objects, from household appliances to industrial machinery, are interconnected. This technology has immense potential in areas such as smart homes, smart cities, and industrial automation. With IoT devices, individuals can remotely control and monitor their homes, while businesses can optimize operations, increase efficiency, and gather valuable data for analysis.

ABlockchain Technology

Blockchain technology is a decentralized, distributed ledger system that securely records and verifies transactions. It enables participants to make peer-to-peer transactions without the need for intermediaries, providing transparency, immutability, and security.

  • Applications in the Digital World: Blockchain technology has gained significant attention due to its potential to revolutionize various industries. In finance, blockchain enables secure and transparent transactions, reducing the need for intermediaries like banks. It also finds applications in supply chain management, healthcare, voting systems, and intellectual property protection. By eliminating intermediaries and ensuring data integrity, blockchain technology is reshaping the digital world’s trust and security landscape.

Augmented Reality (AR) and Virtual Reality (VR)

Augmented Reality (AR) is a technology that overlays digital information, such as images and sounds, onto the real world. Virtual Reality (VR), on the other hand, immerses users in a simulated environment through the use of headsets and controllers.

  • Influence on the Digital World: AR and VR technologies are transforming various industries, including gaming, entertainment, education, and healthcare. AR enhances user experiences by providing additional information and interactivity in real-time. VR, on the other hand, transports users to virtual worlds, enabling them to explore and interact with digital environments. These technologies offer new possibilities for training simulations, virtual travel experiences, immersive storytelling, and collaborative work environments.

5G Technology

5G technology is the fifth generation of wireless communication technology, offering significantly faster data transfer speeds, lower latency, and increased network capacity compared to its predecessors.

  • Transforming the Digital World: 5G technology is a game-changer in the digital world, enabling faster and more reliable connections. It paves the way for innovations such as autonomous vehicles, smart cities, and the Internet of Things. With its low latency and high bandwidth, 5G technology has the potential to revolutionize industries like healthcare, transportation, and manufacturing.

Conclusion

The digital world is experiencing a rapid transformation driven by emerging technologies. Artificial Intelligence, the Internet of Things, Blockchain, Augmented Reality, Virtual Reality, and 5G are just a few examples of technologies reshaping our lives. These advancements offer unprecedented possibilities, revolutionizing industries, improving connectivity, and enhancing user experiences.  As these technologies continue to evolve, they hold the potential to reshape our digital future. The adoption of these technologies often requires human expertise for implementation, management, and maintenance. At Xorlogics we have a strong understanding of business needs and technology.  Contact us for your next digital project !

 

Data as a Service: Enterprise search benefits from Artificial Intelligence and Machine Learning

According to IDC, data as a service, voice-controlled apps, and AI-based services are the most important IT trends of the coming years. Data marketing and data analysis are among the most important challenges for companies. IDC expects that the amount of data created in 2023 will reach over 100ZB, one trillion gigabytes), most organizations also need to turn to external data in order to execute a variety of business processes. This translates into more than 90% of large companies generating their revenue from data as a service.

Digital Era ARTIFICIAL INTELLIGENCE MACHINE LEARNING

This is the provision of information and distribution of data for customers. AI-based services and machine learning methods help to interpret data and are therefore becoming increasingly important. In the future, digital services or apps will hardly be able to keep up with the market without the support of artificial intelligence. Artificial intelligence (AI) is a driving force behind digital transformation, encompassing innovations such as machine learning, natural language processing (NLP), data labeling platforms, and predictive analytics. According to IBM 35% of companies report using AI in their business, and an additional 42% of respondents say they are exploring AI.

 

The latest report by Research and Markets also shows that AI is expected to achieve a compound annual growth rate of 52% by 2025, indicating its rapid adoption by global businesses. The global AI spending reached over $55 billion in 2021 (IDC) and the AI market is expected to grow to $1.81 trillion by 2030 (GrandViewResearch). By 2023, 60% of all digitization projects will be supported by artificial intelligence functions and almost half of all apps will be voice controlled. One survey also found that 87% of global organizations believe that AI technologies will give them a competitive edge.

 

The majority of companies are using machine learning processes in marketing & sales, healthcare, banking, manufacturing, and retail sectors. The machine processing of language is becoming increasingly important. Self-learning systems that process complex amounts of data in real time are also gaining importance. AI-based systems are expected to take on more and more tasks and relieve entire departments.

 

The benefits from artificial intelligence and machine learning are numerous:

  • 42% of companies stated that the profitability of their ML and AI initiatives exceeded their expectations, while only 1% said it didn’t meet expectations. (Accenture)
  • By 2025, 50% of companies will have devised AI orchestration platforms to operationalize AI, up from fewer than 10% in 2020.Gartner 
  • Global machine learning as a service (MLaaS) is currently used mostly in healthcare and life sciences, but it is expected to grow in industries including manufacturing, retail, telecom, finance, energy and utilities, education, and the government.
  • 92.1% of companies state they are achieving returns on their data and AI investments. (NewVantage Partners)
  • AI-powered enterprises will be able to respond 50% faster to customers, competitors, regulators, and partners than their peers. (Oracle)
  • AI and machine learning will contribute to the labor productivity increase by up to 37% by 2025.  Industry, Research and Energy (ITRE),
  • 27% of the respondents of the latest McKinsey Global Survey on AI report at least 5% of earnings before interest and taxes attributable to machine learning-based AI.
  • PwC research shows that the global GDP could be up to 14% higher in 2030 (up to $15.7 trillion1 to the global economy) as a result of the ML and AI accelerated development and take-up. (PwC)
  • According to PwC research, 45% of total economic gains by 2030 will be the result of AI-driven product enhancement, stimulating consumer demand.
  • IBM’s new cognitive phishing detection capability uses machine learning to help businesses detect a phishing site up to 250% faster than traditional methods.

IT automation – Top Technology trends to look for Business Transformation

IT automation is one of the biggest IT trend terms in recent years. This involves a wide variety of solutions that give IT specialists more freedom in their day-to-day business. “IT automation is certainly a worthwhile goal because it saves a lot of money through lower personnel costs” – Tony Iams, Managing Vice President at Gartner. Yet IT teams in small and medium-sized companies often struggle with budget constraints and a shortage of skilled workers. When the demand for IT services increases, they are therefore heavily overloaded and look for ways to increase efficiency.

The 2020 IT Operations & Strategic Priorities for IT Executives report from Kaseya shows that IT automation is a critical need for SBMs, 60% of IT executives worldwide plan to invest in IT automation in 2021. IT automation is their primary strategy for doing more with less. With IT automation being a top priority for businesses today, IT teams are now applying it to a wider range of business and IT functions. Here below technologies are particularly efficient:

IT Automation Technologies for Business Transformation

 

Robotic Process Automation (RPA)

Robotic process automation (RPA) is changing the way companies operate around the world. It is well known that with Robotic Process Automation (RPA) you can optimize many processes and save time and money. An immense number of processes are still carried out manually in companies and authorities, although this is actually not necessary. RPA tools use software bots that simulate human-computer interaction to automate routine tasks. RPA is rapidly growing thanks to the benefits it has to offer such as lower labour costs and less human error. RPA bots usually do not require any software customization or deep system integration. According to Gartner, global RPA software revenue is projected to reach $ 1.89 billion in 2021, up 19.5% from 2020. It goes without a doubt that RPA is accelerating digital transformation.

 

Implementation of RPA

Despite the numerous advantages this technology has to offer, most businesses struggle with successful RPA implementation. The use of Robotic Process Automation (RPA) promises a high increase in process efficiency but also brings huge implementation challenges if it’s not seen as a central building block on the way to hyper-automation but just another technology. According to a study by Deloitte, many companies have found that scaling RPA is more difficult than expected. Larger RPA implementations, when the number of bots is more than 50, often take longer and are more complex and costly than companies originally expected. Particularly when introducing Robotic Process Automation, attention must be paid to a strong strategy, right expertise, and communication with employees for the realistic expectations of Robotic Process Automation, because the software robot should automate entire processes or at least make work easier through partial automation. A lack of acceptance makes the implementation of corresponding RPA projects more difficult and leads to distrust and displeasure among employees. Rather, if the employees actively participate in the development of the robot, particularities in the processing of the process can be emphasized. Positive communication also creates trust and motivates the workforce to contribute their own ideas.

 

Predictive analysis

As the name suggests predictive analysis techniques include machine learning, data mining, and predictive statistical modelling to use historical data from various operational sources to predict the likelihood of future events. It’s an emerging technology that is helping companies acquire and retain their most profitable customers and grow the customer base to improve operations. They also help companies predict future customer needs, business needs, human resource requirements, and process improvements that they should make to their operations. It’s being used by multiple companies to improve the efficiency of production and operations, reduce risk and fraud, and create better customer experiences by mapping the likely journey of customers and the expected touchpoints. It can also improve the accuracy of supply chain management, and help organizations create marketing plans with more precision, knowledge and confidence. This technology is also helping IT security experts to identify potential vulnerabilities, determine the likelihood of cyber-attacks and work on improving the company’s security structure.

 

Artificial Intelligence (AI)

AI refers to the ability of a machine to display human-like capabilities such as reasoning, problem solving, learning, planning and creativity. By using machines are programmed to think like humans and mimic their actions. The AI ​​system is fed by sensors in machines, ERP systems, customer relationship management systems and even Internet data. Alexa, Siri, Cortana – the chatbots from Amazon, Apple and Microsoft are examples of how artificial intelligence makes the interaction between humans and computers easier and more efficient. Business software manufacturers are increasingly using intelligent algorithms to make life easier for their employees and customers.

 

Hyper automation

Basically, the term hyper-automation covers the combination of different technologies. From a global perspective, the focus is still on the automation of simple and complex tasks, but the combination of different technologies such as PRA, ML, and IBPMS ensures more efficient processes. In addition, there is no need for human action. Hyper-automation contributes to higher productivity in the company. According to Gartner’s, List of Top Strategic Technology Trends for 2021 – Hyper automation is a key trend that digital strategy teams should consider.

 

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Business Automation & Multi-Cloud Management: Micro and Maxi trends for 2021 and Beyond

iot IoB covid gartner xorlogics

The year 2021 is all about transformation processes, primarily resulted by the exceptional situation we’ve witnessed in 2020. As 2020 caused a major shift in how business and IT teams operate, the development around COVID-19 was and still is a great challenge for all organizations. In addition to classic customer service, IT service, in particular, is confronted with more tasks and service requests. So that the workforce can work productively and quickly, the IT service needs intelligent tools for automation. Many changes have been on the agendas of IT departments for several years and vary from micro changes that affect the big picture to maxi changes that will affect future generations of employees.

 

In this continuously changing environment, organizations are exploring new ways to operate and drive growth. Each year, Gartner, Inc. releases a series of studies mentioning trends/predictions that will impact the business environment, IT, and technology in the coming years. Here below, we’ve gathered the most relevant trends to the IT automation market to help IT, professionals.

 

“Hyper automation is irreversible and inevitable. Everything that can and should be automated will be automated.” Brian Burke, Research Vice President, Gartner

 

  • By year-end 2025, over half of the world’s population will be subject to at least one internet of behaviors (IoB) program (private, commercial or governmental).
  • By 2025, 50% of enterprises will have devised artificial intelligence (AI) orchestration platforms to operationalize AI, up from fewer than 10% in 2020.
  • By 2025, 40% of physical experience-based businesses will improve financial results and outperform competitors by extending into paid virtual experiences.
  • By 2025, half of the large organizations will implement privacy-enhancing computation for processing data in untrusted environments and multiparty data analytics use cases. 
  • By 2024, organizations with IT teams that understand the needs of customers will outperform other organizations’ customer experience metrics by 20%.
  • 2023, 40% of all enterprise workloads will be deployed in cloud infrastructure and platform services, up from 20% in 2020.
  • By 2025, traditional computing technologies will hit a digital wall, forcing the shift to new computing paradigms such as neuromorphic computing.
  • By 2025, most cloud service platforms will provide at least some distributed cloud services that execute at the point of need.
  • By 2025, customers will be the first humans to touch more than 20% of all products and produce.
  • By 2024, organizations will lower operational costs by 30% by combining hyper-automation technologies with redesigned operational processes.
  • By 2024, 80% of hyper-automation offerings will have limited industry-specific depth mandating additional investment for IP, curated data, architecture, integration, and development.
  • By 2024, more than 70% of the large global enterprises will have over 70 concurrent hyper-automation initiatives mandating governance or facing significant instability.

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COVID19: Digitization Recovery Plan for 2021

 

To help repair the economic and social damage caused by the coronavirus pandemic, digitization will continue to boost in 2021. All those lock-down measures in response to the coronavirus outbreak have frozen the economic activity in certain sectors and harshly disrupted others, which resulted in worldwide unemployment and bankruptcies. In order to overcome all restrictions in the contactless world, citizens and businesses are relying on the internet and connectivity as social and economic activities became more digital.

 

What is now very clear, is that COVID-19 has accelerated digitalization. IT decision-makers are under pressure with using new technologies to modernize legacy processes and recognize and implement new business model innovation opportunities, more than ever before. All digital business transformations must begin and end with a crisis recovery plan and must reinforce companies’ foundations for a modern and more sustainable future. Additionally, as customers are getting more used to doing things digitally. This opens up opportunities for businesses to introduce new products and to reduce costs. The Belgian government has also agreed on an investment package of 4,3 billion EUR in digitalization, sustainability, education, health care, R&D, 5G, mobility.

 

Here below are the top digital transformation trends that will shape 2021.

 

  • Businesses’ journey to the cloud will accelerate in order to digitize quickly and effectively in the response of COVID-19. Across industries, this acceleration will result in their digital business transformation for long-term growth and profitability. This migration of infrastructure and applications to the cloud will enable leaders to innovate quickly, by significantly reducing development and solution delivery cycles, empowering operational efficiency through cost optimization, and benefiting from real-time accessibility of data.

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  • Companies will invest in 5G in order to enhance the experience of workforce mobility (remote work), videoconferencing, and digital collaboration. This adoption is motivated by the need for more bandwidth, faster speeds, reliable and resilient connectivity as businesses cannot afford to be disconnected. 5G will boost the company’s existing network by providing diverse connectivity, to ensure scalability for growth and business continuity with a faster response time, delivering a quality user experience subsequently increasing productivity and customer service. The IEEE 2020 Global Survey of CIOs and CTOs surveyed 350 CIOs or CTOs in the US, China, UK, India, and Brazil from Sept. 21-Oct. 9, 2020, revealed that 52% have accelerated 5G adoption. Doubtlessly, with all these earlier mentioned benefits, the value and adoption of 5G will become increasingly mainstream in 2021.  Additionally, by 2030, 5G modules are expected to account for almost 30 percent of total B2B 5G IoT module revenues.
  • Worldwide industries will turn their attention to robot resilience in 2021. Organizations will accelerate automation projects more critically. With intelligent automation projects, ROI is realized instantaneously, offsetting the upfront investment. Automation (RPA) allows organizations to automate certain types of work processes to reduce the time spent on costly manual tasks and reallocate resources elsewhere. Software robots will automate the work of most people by taking the unpredictable, dreary, and monotonous tasks, faster and with fewer mistakes, while human capital resources will be assigned to higher-value tasks or to fill critical gaps.
  • COVID-19 has forced companies all over the world to adapt to and embrace remote work. With the safety concerns that continue to grow, companies are negotiating remote work policies as their business strategy for the long term. Even though many companies succeeded in the rapid transitions to remote work, they are realizing that remote work is here to stay. Companies and employees are realizing the significant benefits of remote work, such as increased flexibility, autonomy and productivity, better work and life balance, lowered business expenses, etc. according to a Gartner study, 74% of CFOs and Finance Leaders say that they will move at least 5% of their employees to remote working permanently post-pandemic, another 25% of the participants say they will move 10% of their workforce to remote working permanently.
  • Countries around the world are working on more comprehensive and accessible electronic health records. The access of the patient to his medical record by electronic means is part of the eHealth Action Plan validated by all the Belgian ministers of health. By simply asking your healthcare provider to activate the option, you can access to the contents of your documents. The online medical record allows the patient to have their health record at any time. Additionally, the AI healthcare market is expected to exceed $34 billion by 2025 as artificial intelligence is already playing a huge role in the digital transformation of healthcare. In fact, AI is being used currently for AI-assisted robotic surgery, assist pathologists in making more accurate diagnoses and treat illness, detect cancer in its earliest stages and subsequently develop new treatments, and doctors are using AI-enhanced microscopes to scan for harmful bacteria’s in blood samples at a faster rate than is possible using manual scanning.

 

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The Most Common Myths About Cybersecurity

cybersecurity

Cybersecurity issues are becoming a day-to-day struggle for businesses. cybersecurity statistics reveal a huge increase in hacked and breached data from sources in 2019. according to the Ninth Annual Cost of Cybercrime global study by Accenture, security breaches have increased over the past year with 11% and over the past five years, security breaches have increased by 67%, according to Accenture’s global survey. But even in the age of digitalization, there are still numerous myths surrounding the topic of cybersecurity. This article underlines few common myths around cybersecurity.

 

Myth 1: Nobody wants to hack me! I’m not anybody important!

Reporting on cyber attacks often gives the impression that it only hits the big ones. Small business must pay attention to cyber security and stop thinking they’re not even worth being attacked, and their size doesn’t make them the perfect target. Even those who often have fewer resources for security solutions or who are targeted by criminals in the event of mass attacks are a worthwhile goal. Hackers will be focusing to gain access to the data of SME in order to steal consumer information along with their credit card details. According to Accenture research, forty-three percent of cyberattacks are aimed at small businesses, but only 14% of them are prepared to defend themselves. Small businesses make up to 13% of the entire cyber security market, surprisingly small businesses invest less than $500 in cyber security.

 

Myth 2: Cybersecurity is only IT department’s problem

Most organizations are approaching cybersecurity totally wrong. Of course, the IT department is primarily responsible for the implementation of security standards and the implementation of protective measures. However, business leaders, either they run a small-medium company or an international corporation, they can’t just leave everything at their IT department and technology systems, instead to make a safer workplace and to protect their valuable assets, they need to make IT department work in collaboration with the rest of trained employees and give their management support to identify key risks, imagine potential threats and develop a plan for safe work environment.

 

Myth 3: My Antivirus software is enough to protect me

Your antivirus software is helpful and to fight against malicious software and viruses but they don’t stop the attack from happening. But the “threat landscape,” is changing and today’s hackers are way more sophisticated than you may think. They are finding new ways around antivirus software and to go mostly undetected to circumvent privacy. Even with antivirus software installed, you still need to be careful and wary of your online activities. Therefore, it is very important to take security measures that match your business requirements and your risk situation.

 

Myth 4: I have a Mac computer, they don’t get viruses

It’s true that Macs don’t get as much malware as PCs. However, it’s a BIG lie that they are 100% safe, they do get viruses, and beyond that, they’re getting more than ever. During the first quarter of 2019 alone Mac malware jumps more than 20% in three months, massive uptick in adware. A report from Malwarebytes claims, with detected threats up by more than 60% from the fourth quarter of 2018 to the first quarter of 2019, and adware becoming more prevalent with an increase of over 200% for the same period. The threat of malware has increased for Mac users in a short space of time.

 

Myth 5: Hacker attacks can be detected instantly

Did you know that the average time to identify a breach in 2019 was 206 days (IBM)? The average time to contain a breach was 73 days (IBM). It represents a great danger for business as longer hackers can access your systems undetected, the further they can go in their attack and cause some major damages is therefore all the more important in order to be able to react quickly in an emergency.

By conducting routine assessments and Continuous monitoring of potential vulnerabilities in your organization, you can save money, mitigate the damage of breaches, and perhaps even identify vulnerabilities before a breach takes place.

 

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RPA – Robotics Process Automation Trends and Statistics for 2020

RPA Robotic Process Automation XORLOGICS

 

This year, many companies found their business growth through the smart interaction between human resources and supporting software robots as the direction is set towards digitalization and automation. The combination of RPA with artificial intelligence (AI) and machine learning (ML) is playing a huge role in the global economic environment.

According to a new report by Grand View Research, Inc. the global robotic process automation market size is expected to reach USD 10.7 billion by 2027, expanding at a CAGR of 33.6% from 2020 to 2027. In addition to that, in Gartner Top 10 Strategic Technology Trends for 2020, hyper-automation, autonomous things and AI security were at the top 3.

 

RPA is a type of IT solution that allows organizations to automate many of their tasks through the use of specialized software programs. Many business executives believe that RPA enables their companies to automate structured tasks that take just a few work steps and repeat themselves frequently – like transferring data from one IT system to another. RPA can relieve employees of tasks that consume a lot of time but do little to add value and are prone to errors – keyword typing errors. It also helps to automate routine jobs on the computer and processes to increase efficiency, improve service and save costs.

 

One should not think that RPA is similar to BPM. RPA only simulates human data entry and helps with simple and recurring tasks, to save time because the software does things in parallel that an employee can only work through one after the other. Such an application needs simple rules with few exceptions – and the biggest advantage is that, unlike humans, it runs around the clock. Unlike BPM which stands for describing, contolling, modeling, and optimizing the processes that are present in an organization.

 

Here below are the statists and trends of RPA that shows it’s worth:

 

    • RPA as an industry is growing exponentially– the global robotic process automation market size is expected to reach USD 10.7 billion by 2027, expanding at a CAGR of 33.6% from 2020 to 2027 – Grand View Research

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    • The RPA industry will grow from $250 million in 2016 to $2.9 billion in 2021. This is one industry that is growing at a lightning speed. It was already worth $1.7 billion in 2018 – Forrester

 

    • RPA will achieve “near universal adoption” in the next 5 years – Deloitte

 

    • By 2025, the market for collaborative robotics is expected to reach $12 billion – MarketsAndMarkets

 

    • By 2024, organizations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes. Gartner

 

    • The RPA fast adoption is helping business to reduce the operational costs and enhance overall customer satisfaction, improve transparency and visibility for service functions and reduce of manual efforts – Reportlinker

 

    • 11,214 results This is the number of open positions produced by a recent search for “robotic process automation”on LinkedIn’s jobs site. Titles vary within this growing IT jobs category, but “RPA developer” (and variations of the same) is an increasingly common one – reflecting the need for IT pros who can build the bots that enable organizations to offload repetitive, time-consuming tasks – LinkedIn

 

    • RPA deals with the application of advanced technologies including artificial intelligence (AI) and machine learning (ML), to increasingly automate processes and augment humans – Gartner

 

    • RPA is offering a lot of benefits to the business by giving access to collaborative intelligence where humans and technology works side by side so that they can perform their roles optimally. As employees don’t need to perform repetitive tedious tasks, they can be educated to work with automation tools and learn the latest business and marketplace information through machine learning – Xorlogics

 

    • The market for RPA in Healthcare is driven by the increasing demand to automate claims and process management. RPA vendors are focusing on developing best-in-class intelligent process automation bots – Research and Markets

 

Is a Chatbot right for your business?

 

Chatbots, either it’s the one structured by hard coded questions/answers or the one that are able to learn through AI and Machine Learning, are like robot and use to provide excellent customer service but are also well known in marketing & sales.

With the integration of chatbot via website, Facebook messenger or via a voice assistant such as Amazon Alexa, Siri or Google Assistant, companies want to offer their customers a unique customer experience. Chatbots are having a significant impact on the way businesses connect with their customers, manage their marketing campaigns for lead generation, and automate payments. That is why more and more companies are trying to differentiate themselves from the competition with voice assistants and chatbots (so-called conversational interfaces). Multiple surveys also show that chatbots are well received by users.

 

The chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%. Worldwide, chatbots will generate over $8 billion in savings by 2022 and 80% of enterprises will use chatbots as they have the potential to transform businesses in two ways, by delivering radical efficiencies, and by helping businesses meet ever-increasing consumer demands. Nowadays, some of the advanced chatbots are powered by AI, that are able to solve problems, send personalized messages and improve interactions with customers.

 

According to a survey conducted in April 2019 by Ada and Forrester Consulting, 89% of customer service decision-makers in Canada, the UK and the US believe chatbots and virtual agents are useful technologies for personalizing customer interactions. Another study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

 

Even though chatbot first appeared in 1950 by Alan Turing under the name of Turing test to check a machine’s ability to exhibit intelligent behaviour equivalent to, or indistinguishable from, that of a human, chatbot ecosystem is only expanding since few years in companies’ robust ecosystems that currently exists. Chatbots are on the rise thanks to increasing demand from consumers to have a 24/7 digital experience. Therefore, more and more major companies continue to deploy channels such as messaging apps, cloud networks, SMS, and email clients where chatbots live and interact with users.

 

Here below are some useful stats to know on chatbots for 2020:

 

Is a Chatbot right for your business

 

      • In 2019, chatbots became more AI-driven, capable of handling complex human interaction with ease and are now taking over traditional conversational services – Grand View Research report.

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    • 265 billion customer requests are recorded per year and businesses spent nearly $1.3 trillion to address them. Using chatbots could help save up to 30% of this cost – IBM

 

    • Around 40% of millennials say they chat with Chatbots on a daily basis – Mobile Marketer research

 

    • 53% of companies identify AI as a tool for creating ‘customer-first culture’ – CX Network

 

    • The top industries profiting from chatbots are real estate, travel, education, healthcare, and finance – Chatbots Life, 2019

 

    • Up to 73% of healthcare admin tasks could be automated by AI, and the adoption of chatbots could save the healthcare, banking, and retail sectors $11 billionannually by 2023 – Business Insider Intelligence

 

    • By using chatbots, businesses and consumers will save a combined 2.5 billion hours by 2023 – Juniper Research

 

    • 70% of chatbots accessed will be retail-based by 2023 – Juniper Research

 

    • 61% of executives say that conversational bots enhance employee productivity via automatic follow up of scheduled tasks – Accenture

 

    • 60% of executives say that chatbots improve their agents’ ability to handle client queries by networking with other bots – Accenture

 

    • 53% of companies use AI chatbots in their IT department. 23% use them for administrative tasks – Spiceworks

 

    • Top chatbot uses are for getting a quick answer in an emergency (37%) and resolving a complaint (35%) – Oracle

 

    • Chatbots not only help to reduce cost but they also drive more revenue by upselling as they can remember customer’s preferences, they are able to provide advice, tips and recommendations. All of this is possible if the chatbot is intelligent enough to know the customer’s buying journey.

 

Sources:

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