The period post the pandemic is characterised by a number of changes. A majority of the experts think that there will be a number of changes that will sweep across the society making lives difficult for many as authoritarianism increases, inequality spreads its wings.
The Nature of the Pandemics
When pandemics hit our societies, they tend to create a heavy impact over the critical structures for instance the health sector, the economic life, and also the mundane life. Experts are of the saying that the roots of relation of the people with technology shall deepen as the majority percentage of the society become heavily dependent on digitisation which is gaining ground in the workplaces, in the healthcare as well as the education sector and also in the various platforms associated with social interactions and daily transactions. This world which is completely digitised is referred to as the ‘tele-everything’ world by a number.
The Positive Side
Changes have been foreseen that are expected to worsen the situation revolving around economic inequality as that elite section of the society who have access to digital tools shall outpace the section that do not have access to the technologies that are required to keep up with the fast-paced process of digitisation. On a positive note, the entire process shall lead to the enhancement of the quality of life for a number of families as well as workers. It would also lead to advancements in technology.
As per predictions, there shall be a rise in the occupations in the IT industry which includes developers and designers with the analysts bagging in the highest position. The technologies of virtual reality, quantum computing, artificial intelligence shall bring about significant transformations in the world.
The Factor of Digital Divide
The main goal should revolve around bridging the gaps that exist pertaining to the access of digital tools by the majority percentage of the population. In the US, steps are being taken to ensure that everyone gets a proper connection to the internet. Things should be kept in check to ensure that digital divide does not usher its impact over the real life scenario. People who do not have the facilities of broadband services might be neglected from opportunities like remote work, distant learning, and civic engagement that goes about on the online platforms.
A recent survey was suggestive of the fact that the post-pandemic era would give rise to changes that would lead to social inequalities with more big corporations gaining control over the information technologies. Some say that the pandemic has led to yet another problem where the social order has got disrupted. With digitisation taking over the entire world, and more people are taking it to the online platforms to serve various needs like healthcare, education, work, the road to social isolation is easily getting paved. On the other hand, advances in technology like in the field of artificial intelligence, virtual reality, and smart cities are improving and making systems more productive.
The ‘Internet of Medical Things’
‘Internet of Medical Things’ was one of the many digital changes that had emerged as a result of what is known as ‘Tele-everything’. This brought with it new sensors as well as devices that showed new ways to monitor health. The industry of telemedicine witnessed immense growth post pandemic period in the era of the tele-everything world.
Brand New Patterns
As per predictions, the year 2025 shall see a greater number of people opting to work from home, the number of social interactions would increase but that would be virtual ones. The pandemic has increased the thirst among people to acquire smart gadgets and apps as well as systems. This shall create scope for the creation of new platforms for education and learning, a complete transformation in the patterns of work as well as the workplaces.
The tele-everything world is becoming the new normal post the pandemic period. The era will see new advancements in technology in the field of artificial intelligence, machine learning, virtual reality and many more to add to the list. The developments shall see marked changes in the lifestyle of people and there are both advantages and disadvantages to it.
Programmatic ads are creating all the buzz in the digital world. The shift from the traditional way of advertising to programmatic is quite prominent considering the report where it shows a steep rise in the spend on programmatic display advertising in the US from a $106 billion dollar in the year 2021 to a whooping expected $142 billion dollar in the year 2023.
The brand new way of advertising
Programmatic advertising refers to a system where the processes as well as transactions associated with the purchasing and dynamic placement of advertisements on websites are automated. The entire process of purchase and placement of ads takes place in less than a second.
An auction system known as real-time bidding is used to place the advertisements. Transactions are managed between the publisher or the supply side and the advertiser or the demand side. A criteria is set for buying the advertisements by the advertiser through a software interface or the demand-side platform. The publisher makes use of the supply-side platforms. When the software associated with the publisher sends out notification revolving the availability of ad inventory or ad spaces, the spaces so available are given out for real-time bidding.
As per the set criteria, the process of bidding begins for the ‘impression’ which is a single view of an advertisement by a single individual and the entire process is automated. The advertisers do the bidding based on the perceived value of the ‘impression’. The time taken for the entire process is the time taken for the web page that has been requested to load.
Programmatic advertising makes use of algorithmic software for carrying out the entire procedure within a fraction of a second. The whole idea is to buy the best ad space available at the best price and it should be able to target the right audience at the right time. A lot of factors are considered while targeting the right audience which includes behaviour of the user, location, online activity and demographics.
The benefits involved
Programmatic advertising offers a whole lot of benefits that probably were unimaginable just a decade ago. It is getting finer every day as technology advances. A number of ad exchanges as well as networks are supported by Programmatic Advertising. This provides advertisers the access to a large number of ad spaces on some thousands of websites at a single go. This kind of advertising provides real-time data about the placements of ads and the entire activity. This in turn helps in the maximisation of transparency.
There are several platforms that play their significant roles in carrying out the activities involved in programmatic advertising. Platforms associated with programmatic advertising constitute a part of the entire system. Each part of the system works in unison to ensure that both the publishers and the advertisers are benefitted. Google Ads or Google Adwords is a demand-side platform. However the inventory associated with this demand-side platform is only limited to Google’s inventory. As an advertiser it is desirable to fetch access to as much of inventory so as to bring about an increase in the chances of getting placements that bring in more profit.
Digital advertising and programmatic advertising
Digital advertising on one hand hopes to reach out to a wide network of audience and find the potential ones among that, programmatic advertising on the other hand brings together the best elements of technology and the knowledge and expertise of humans for the perfect purchase and placement of advertisements.
Programmatic is continuously evolving and new changes are being ingrained to this form of advertising. New advancements in machine learning and artificial intelligence can be used for the purpose of prediction. Artificial intelligence can be used for a more accurate placement of advertisements. This in turn leads to lowering of costs.
Programmatic advertising is gaining popularity in the marketing world as it helps to reach out to the right audience at the right time and uses algorithmic software for the entire process. It is a more cost-effective approach. As time elapses and technology advances, programmatic advertising also gets finer in its unique way of functioning.
ONDC or Open Network For Digital Commerce has been set up as a non-profit company and its network shall make way for products and services being displayed belonging to all ecommerce platforms that are part of the network in the results of the search and they would be displayed across all apps that are present on the network.
The main objective of ONDC is to increase the e-commerce penetration in the Indian market by the next two years. Backed by the Indian government, this initiative has plans to bring in some billions of buyers and also sellers on the network that is a shared one within the next few years.
As per the government, small players are kept out of the field by the bigger ones who exert greater control in the e-commerce market. It holds enough expectation from ONDC and hopes to have an increase in the competition and give a chance to startups to bring about innovation. The logistics firms shall also be included who will collaborate with the sellers for the purpose of delivering products to customers.
Small merchants would be the main focus of ONDC and also the rural consumers shall top the list. There would be applications designed specifically in Indian languages.
ONDC shall open the gates to all and act as a solution to the accusation that only a few selected players in the e-commerce sector receive special attention. Service providers shall receive ratings from the users and the result will be made visible across the entire network.
ONDC shall put a full-stop to the so-called ‘predatory pricing’ associated with products that have high-value and also are high-margin products.
However a limitation of ONDC lies in the fact that the small businesses which happen to be the main focus of the entire program might fall back due to lack of expertise associated with technology. The need shall arise for the government to conduct campaigns that would spread awareness among the businesses that need it to be on board.
ONDC can be seen as a stepping stone to democratise the economy that is moved by digitization. The motive is to have equal opportunities for all who will be part of ONDC and that will also include the customers. The open network of ONDC shall ensure that both the buyer as well as the seller makes use of the same network to be online and carry on with business activities.
ONDC is expected to increase the number as well as value of the operations of e-commerce. As per the estimates of the government, the value of Indian business surrounding ecommerce is to reach a whooping US$350 billion by the time this decade ends. The goal seems achievable with ONDC in action.
The current situation in the ecommerce market is such that the smaller businesses do not get a chance to carry on with their business operations. Amazon and Flipkart have taken up a good percentage of the e-commerce market. This situation is expected to cease with the commencement of ONDC.
The exposure of consumers shall increase and a wider range of options will be available to them while making purchases. ONDC is expected to bring in new scope for businesses. The functioning of ONDC had been tried out in five cities, Delhi-NCR, Shillong, Coimbatore, Bhopal and Bangalore.
Open Network for Digital Commerce was launched by the government of India to enable the small businesses to operate easily without any kind of hindrance in the ecommerce sector. Though there are some limitations of this program, ONDC is expected to bring in new opportunities as well as scope for all businesses.
The industry today enters a stage where revolutionary changes have begun to occur. The ways in which goods get manufactured, undergo improvements or are distributed are facing new changes for a better and technologically advanced tomorrow. New technologies are being integrated by manufacturers which includes cloud computing, machine learning, internet of things and so on into the processes of production and also through the various stages of operation.
The story about smart factories
Sensors that are embedded and machines that are interconnected produce quite a bit of data when manufacturing companies are considered. With the help of data analytics, manufacturers can look through the past trends and make effective decisions. Industry 4.0 revolves around mass customization. Smart factories hold the capacity to produce goods that are customised and that which meets the needs of individual customers in a more cost effective way.
This revolution marks the phase where connection and communication of computers enable making of decisions and the entire process does not demand any intervention of the humans. Smart factories have even got smarter with the introduction of smart machines which have made the factories more efficient and into something where generation of waste is minimal. The actual scenario is that the network of the machines are connected digitally and the information created as well as shared between them constitutes the actual power of Industry 4.0.
The technologies that are driving Industry 4.0
Machines that are connected are capable of collecting huge amounts of data that can bring about intelligent changes in performance and also help in the analysis of data for the purpose of identification of various patterns as well as insights which would not have been possible for any human to achieve within some desired timeframe. Optimization of operations is now possible and Industry 4.0 has made it possible for manufacturers to devote their attention to the situation that demands most of the attention. For instance, an African gold mine had identified a problem by means of the sensors of the equipment and the problem was affecting the yield of the company. However as the problem got fixed, it led to a major increase in the production.
A supply chain that is connected holds great capacity of adjustment as well as accommodation when new information becomes available. Robots are yet another gift of Industry 4.0 to mankind as they help in several tasks for instance fetching products at a warehouse and preparing them for the purpose of shipment. In this way and through several others, autonomous robots help manufacturers in a quick and secure manner.
The technology of the Internet of Things has a lot to give to Industry 4.0. It involves the use of devices that are connected which aids in internal operations. With the help of algorithms of machine learning, errors can be easily detected by manufacturers in an earlier stage and this saves costs to a great extent. The concepts of Industry 4.0 can be applied across various sectors which includes mining, oil and gas and many more.
Machine learning and artificial intelligence provide new scope to businesses and is an answer while making predictions revolving various processes of business and operations. Cybersecurity issues should be kept in mind while switching over digitally to the transformation phase of Industry 4.0. The concept of digital twin can be applied which involves the use of virtual replicas of lines of production, and processes. By using this technology, manufacturers can get to see potential problems that might be there before building the physical system. In this way, workflows can be improved and production can be increased.
Industry 4.0 is taking over the industry with special mention of the logistics and the manufacturing sector. It is aided by different technologies like artificial intelligence, machine learning, internet of things and many more. A large number of benefits is offered by this revolutionising change which is impacting all who are operating out in the industry today.
The world is abiding by the rule of digitization. The new trend is revolving around the evolution of apps and that is where the story of super-apps begins. The main idea that is associated with super-apps is that they hold the capacity to perform almost everything unlike regular apps which perform only a specific function.
Uber, Paypal, Spotify all are in support of the concept of Super-app. It has been predicted that more than 50% of the population of the world will be using multiple super-apps on a regular basis by the year 2027.
Super-apps provide all-in-one services so long as mobile apps are concerned. Super-apps are so designed that they help in assembling all the different apps that are needed for the mundane activities. It gets much easier for users as all the much needed information becomes available in one particular place. The need to download different apps for performing different tasks does not arise. Consolidation of services together with features as well as functions of different mobile applications into a single app is the underlying idea that drives the development of super-apps.
Super-apps are built out of mini programs which are actually lightweight apps. They run inside the main application. The mini programs need not be downloaded from the app store. This is precisely the reason as to why the super-apps can individually perform multiple tasks. Also to add to the benefits of supperapps, users prefer a single over a number of individual apps to save the storage space in their smartphones.
Most of the super-apps in use offer a number of facilities like delivery services, transportation services, financial services, messaging options, ecommerce services. Yet some other super-apps are adding services like booking an appointment with the doctor, making an application for the visa and the list of the mini programs goes on. All of these services are provided in a single platform and users get to have a frictionless experience while they are switching from one option to another.
Super-apps are a perfect fit for the growing nation that is endorsing digitization. Super-apps resemble swiss army knives that serve several purposes and help in the creation of user experience that is better and more tailored. A study reveals the fact that 15 super-apps that have gained popularity have been downloaded for more than 4.6 billion times round the globe and the number of active users on a monthly basis have reached a total of 2.68 billion.
Big corporations like Walmart have already begun their work on the development of super-apps especially for their workforce after consolidation and replacement of processes that have become outdated. Super-apps were preferred over the normal apps as the degree of complexity is more in case of normal apps and also various issues are faced associated with the adoption of the apps. However in case of super-apps, an experience is gathered which is streamlined and the process of using it is simpler, efficient as well as effective.
Revolut, a financial technology company, with its headquarters in London has developed a super-app that is already providing banking services to around 20 million users. Users as well as corporations have expressed their interest in the concept of super-apps. Today companies are on the lookout for new ways for the purpose of leveraging mobile experiences to meet up with the various needs of the user.
The IT Scenario
In the field of Information Technology, Super-apps have bagged in the place it deserves. They are being used to create a more engaging experience. The use of Super-apps leads to the enhancement of the functioning of the mobile operating system where the time required for the completion of specific tasks can be reduced which in turn increases the net productivity.
It is one of those rare circumstances where the West has become a follower of the East. Uber has shown its inclination to become a super-app with its acquisition of Careem. Airbnb is also following the same suit.
The Global Story
Statistical study shows that on a global basis, one in three people are users of super-app. 72% of users across the United Kingdom, United States, Germany and Australia have shown keen interest in the usage of super-apps. Around 90% of the people who were surveyed were motivated by the convenience that the supe-rapp offers. In the United Kingdom, users are inclined more towards using the super-app of PayPal instead of the banking apps. Consumers are preferring the integration of the services of travel, entertainment and shopping into a super-app. However, the concerns of the consumers revolving around the security of data while using a super-app should not be avoided.
The very concept of a super-app has been able to create enough impact on a worldwide basis. Big corporations are gradually giving way to the development of super-apps. A good percentage of people around the globe are preferring to use super-app and are desiring that various services like that of travel, entertainment, shopping and lots more be added to a super-app. Hence the worth of super-app is proven.
Personalised marketing goes beyond insertion of customer name into the same marketing email that is sent to all the customers. It is all about reaching out to the right person with the most appropriate message at the apt time and with the correct suggestions.
It is a strategy that makes use of data for the purpose of connecting with the target audience and also the current customers where it seeks to offer an optimised experience of marketing. By collection and making use of data, businesses get an opportunity for pattern identification which enables them to target potential customers in an effective way. This form of marketing helps drive in revenue. Personalising the tactics of marketing saves money that are otherwise spent on inappropriate methods of marketing and also those methods never reach the right audience.
Data gets extracted from the contacts and it is associated with the interests, preferences of shopping, purchasing history and so on of customers and when it is used for the purpose of customization of the content that contacts receive by means of emails, advertisements and also other platforms, it implies that personalised marketing is being used.
It has been seen that emails that contain subject lines that are personalised have some chances of being opened. With the trend shifting towards personalization, generic advertisements are not being accepted in the same way like it happened previously. Customization of marketing strategies as per the interests of customers have become the new means of receiving response from customers. The situation is such that consumers tend to make a purchase only after they receive personalised recommendations.
When a customer feels that the opposite side understands their needs, they become more inclined to share their problems. A personalised approach implies the fact that the pain points of the customers are taken care of and this simplifies the entire journey of the customers. In addition to this, the trust that gets developed helps in the creation of healthy relationships. Such relationships foster the willingness of customers to turn to the business providing the services in times of need.
The Loyalty Factor
A big percentage of profit is earned from customers who keep coming around again and again. Personalization helps earn the loyalty of customers. Majority of the customers tend to get back to businesses that offer personalised experiences of shopping.
ROI and Sales
Personalised marketing is more efficient and effective as compared to the traditional marketing strategies. The return on investment is also less or even limited when it comes to traditional ways of marketing. When recommendations are personalised, it directs the customers to spend more. Brand suggestions and recommendations have paved the way following which customers have made purchases and they were happy after they had made the purchase. As per leaders of marketing, a good percentage of sales and return on investment are obtained by personalised marketing as compared to the traditional marketing tactics which render a lesser percentage of ROI and sales.
A Few Drawbacks
Like all other marketing strategies, personalised marketing too has its own drawbacks. One of the biggest challenges that comes with personalised marketing is that the technology that is used for driving the activities is often outdated. Apart from the software, another major requirement revolves around having a dedicated team who shall be inclined to carry out the processes of personalised marketing. For the purpose of delivering an experience that is truly personalised, accurate predictions are required that would be able to give a clear picture as to how each person would react to a particular product. This implies to the fact that data needs to be collected revolving the contacts, which can be a difficult task. Sufficient amount of funds, time and skilled staff are required to carry out the various activities associated with personalised marketing.
In spite of the drawbacks, the significance of personalised marketing cannot be overlooked. The strategies of this marketing enable marketers to reach to the specific group of audience who are in actual need of the services or products. This way a lot of funds get saved which otherwise would have been spent to reach out to a broader audience who may not serve the purpose of business well.
When it comes to creation of long-lasting relationships with customers, personalised marketing is the best option. It has often been seen that customers keep coming back to businesses which render them a feeling of connectedness. They tend to spread the word and expand the customer base of the business. This way personalised marketing helps to create fruitful connections which in turn fosters the growth of the business.
Personalised marketing if used correctly shall deliver results which shall help create customer relations that are to be valued all life. There are some challenges but still it shines out because of the benefits it offers. Happy customers, enhanced brand loyalty, maximisation of profits are some of the many benefits that personalised marketing has to offer to a business.
The fact that Big Data has been the force behind the success story of many technology giants is no longer a secret. However the problem arises when companies try to process and extract information from the huge amount of collected or stored data. Efficient management of the data that is collected is the big challenge that companies today are facing.
Data and Machine Learning
This is exactly the place where machine learning comes in handy. For machine learning, data is considered to be a boon. The more the data, the better it is for the machine or system as it learns and gets trained to function in a more refined manner for the businesses. Hence it is logical for companies to use machine learning for big data analytics.
Big Data, Analytics and Machine Learning
Big Data is all about large sets of data that may be structured or unstructured and which cannot be handled by using traditional methods. Big data analytics refers to the processes that help uncover the trends, correlations as well as patterns in the huge amounts of data to help make decisions that are driven by data. This process gets accelerated by machine learning with the help of algorithms that foster the process of decision making. Categorization of incoming data, recognition of patterns and translation of data into proper insights can be done by the machine learning algorithms.
The Target Audience
The target audience happens to be the fundament of any business. Every business needs to understand the market and the audience which it should target and this is important for its success. Hence market research holds enough importance. This shall enable businesses to understand the current demands of the market and the target audience and also help in providing useful data. Supervised and unsupervised algorithms can be used by machine learning for the purpose of interpretation of the behaviour of consumers. The tactics of machine learning are used by the entertainment industry for the purpose of understanding the likes as well as the dislikes of the audience and this helps them to reach out to the audience with the right content.
Suggesting the Best out of the Rest
Machine learning does not draw a full stop after getting a picture of the audience. It helps in the exploration of the behaviour of the target audience. This process of machine learning is involved with the mining of data that helps to get a better understanding of the minds of the user which in turn helps to make significant decisions revolving the use of the product or the services. Tech giants like Google, Facebook and Twitter make use of this particular process of machine learning which is known by the name of user modelling to get to know their users thoroughly and provide appropriate suggestions.
Personalization has become an important facet of all business operations and it is extremely important to provide the same to customers. The business could be associated with any product or service like that of a smartphone or any entertainment service, establishment of strong connections with customers is an important aspect of any business which facilitates the rendering of the correct service by the business. The combination of machine learning and big data can be put to use in the development of recommendation engines. Such a technology is used to give users an assistance in selecting the best option out of the many that the service provides and that is based on the online activities of the users. The likes and dislikes are taken into consideration and the appropriate recommendations to the user are made. This way suggestions are made as per the interests of the users.
Learning the Trends and giving Forecasts
The algorithms of machine learning make use of big data to learn the different trends that might occur in the future and accordingly provide appropriate forecasts for businesses. The interconnectedness of computers enables the algorithms of machine learning to learn new things on their own and this brings about an improvement in their analytical skills. This makes them more efficient and they just not perform calculations but also helps in giving a shape to the future by making use of the experiences of the past.
Known by the name of time-series analysis, machine learning makes use of this technique for the analysis of an array of data taken together. It happens to be a great tool when it comes to aggregation and making an analysis of data which makes it easier for the management to make future decisions. Retailers in particular can benefit from this method and make future predictions with laudable accuracy.
A Boon to the Industries
Data deciphered can prove to be of immense help especially in industries like that of healthcare which have to deal with huge amounts of data and demand proper analysis. Machine learning techniques help in the identification of diseases in the initial stages. Better management of various patient services is obtained by machine learning by several functions like analysis of past reports which could be pathological reports or other health reports and also disease histories. Machine Learning can help improve the processes of diagnoses and also give a boost to medical research and development.
The combination of big data and machine learning shall continue to create their success stories in the different fields like healthcare, retail and so on. When applied in the correct manner, they can give results that can drive development to boundaries never thought or imagined of. Thus it is now essential to make judicious use of the dual technologies of big data and machine learning.
It is that which is becoming increasingly prominent among all sectors of the industry and hence businesses should watch out as it keeps updating itself. A hot trend like it is, blockchain technology is helping businesses out in a number of ways. Be it the banking sector or healthcare industry, blockchain has something to give it to all. This technology is giving way to new advancements and also creating new opportunities for more or less every industry and everyone is keen to know more about it.
The Digital Ledger
The best part about blockchain lies in the fact that it does not permit hacking or forced alterations to the records that it stores. Being a digital ledger, it is the job of blockchain to store various records of transactions and in a way so that they can be verified and also recognized.
The Finance Industry
Transference of money through conventional banking system demands some amount of money to be paid for the service being provided. The entire process of transaction consumes a lot of time and is also quite expensive. The degree of security cannot be expected to be 100% one. Blockchain provides a payment system which follows a peer-to-peer system and is highly secure and the funds demanded for services provided is also considerably less. There is no central authority that plays a part in this payment system. A transaction using cryptocurrency, for instance Bitcoin or others, can be done without a third party acting in between.
Blockchain and its Security
Cyberattacks are a big threat and with digitization taking over the world it is becoming an even more serious problem. Blockchain can act as an efficient solution to problems like these. It holds the ability to provide security to data and protect them from unauthorised uses. With it being a decentralised system, blockchain could be the apt choice for cases which demand high security. The information that is stored in any part of the blockchain network is verifiable and undergoes encryption by a cryptographic algorithm and this system acts as a prevention for wide scale attacks. Malicious acts can easily be identified due to the peer-to-peer system and the data there cannot undergo any kind of tampering or alterations. The problem of private information getting disclosed is not there. This is achieved as blockchain provides a transparent and secure way of transaction recording without having a centralised authority in between.
The Logistics Industry
Traceability of the different steps involved in the supply chain is possible with the help of this technology of blockchain. Permanent transparency of transactions is provided and the different transactions are also subject to validation that are shared by multiple partners involved in the supply chain process. The transactions involved are permanent and also verifiable and this makes things simpler for both the customer as well as the owner to track every record involved.
The Healthcare Sector
The healthcare sector is associated with a great number of problems when it comes to the storage of health data. It is possible that anyone could gain access to the sensitive information that is stored in the files located centrally. During the process of retrieving some specific information it could be that long hours are wasted in searching the information. Hence blockchain technology holds immense importance for this sector. This technology removes the need of a central authority and ensures quick access to data. The entire system is designed to make it difficult for hackers to serve their purpose of data corruption.
Blockchain and the Government
In the case of the traditional voting system, voters cast their votes either by mail or after waiting in a queue. The local authority counts the votes. Even in case of online voting, cases of fraud arise as in both situations the involvement of a central authority is there. Making use of the technology of blockchain is thus the wisest choice. Here voters can cast their votes online and they need not reveal their identities. Accurate counting of votes is possible as a single ID refers to a single vote only and once the addition of the vote has taken place in the ledger, alteration of it is next to impossible.
In matters of transportation also, blockchain technology can be used for easy tracking of the shipment of goods. Blockchain technology is all set to foster positive changes in the different industries. It is a technology which prevents malicious attackers from causing damage to sensitive information. Blockchain is and shall continue to impact the different industries like healthcare, logistics and supply chain and so on. The future can expect a lot more from this technology.
Wrapping it up
Whether it is the crypto-enthusiasts or the business minds, blockchain has something incredible to offer to all. The concern may revolve around the data transfer in a smart way or around the security issues, blockchain has the solution for all.
It is extremely crucial given today’s scenario of extreme competition to select the right career path. It is a difficult process which requires a thorough assessment of the skills, abilities, potential and also the aspirations to move ahead. Sustaining in the industry that is growing every second is a challenging task and with competition becoming fiercer everyday it is altogether a tough process where taking the right step at the right time shall take one to the zenith whereas a wrong move could lead one into immense trouble. Possessing the apt skills is not enough to stay on the right track. Instead, applying the same is a necessary skill that is a must to have a firm ground in the industry.
The Decisive Factor
It is essential for job seekers to learn about the jobs that are in demand in the industry. This is an important factor that governs the decisions taken in one’s career. Now perhaps it has become even more important than ever. The pandemic has had enough impact over the job market worldwide and this has led to massive layoffs taking place. It is important to make a note of the jobs that are still occupying a fair enough position in the market.
The Job Market
The ongoing tough situation of the job market of IT has made it tougher for candidates to land on to their dream jobs. The ups and downs of the market conditions affect employability to a great extent. There are some positions that enjoy high demands in the market. However it is necessary to have the right skills and knowledge to occupy a high position and retain it for longer periods given the current scenario of the job market. When it comes to IT jobs, keeping oneself upgraded to the technological advancements that keeps going on is an essentiality.
The Job Roles in Demand
Today finding skilled professionals is a challenging task in areas which involves working with software and development of specific applications, automation of various technological processes and also cloud architecture and various other operations associated with it. Companies have become more competitive than ever for the purpose of placement of the right talent in areas which are high-demanding such as these.
The responsibility of cloud engineers revolves around overseeing the cloud-based system of the organisation, development and implementation of various applications of the cloud, and migration of the existing applications to the cloud. The role of database developers revolves around development and maintenance of new servers, identifying the various needs of business in order to understand the requirements of technology in a better way, and also troubleshooting servers. Coding, designing, maintenance as well as editing of various web and mobile applications are the overall responsibilities of front-end developers. The job of software engineers involves creation of software programs as well as applications to suit various business requirements. These and there are several other demanding roles in the industry today for which competition is becoming tougher everyday.
A full stack developer is in heavy demand in the industry today. A full stack developer is one who has knowledge about different technologies which are associated with database management, frontend and backend development. Another important position is that of a data scientist that is gaining importance in the industry. Data scientists help in the collection and analysis of various data which further help in making decisions that are driven by data. This in turn plays an important role in the enhancement of the corporate performance of the company. Evaluation of data from the data pool that impacts the strategic as well as operational decision-making process is an important skill that is valued today by the industry.
A job role that is in high demand can be closely related to the security that it offers. Going beyond security, a job that has considerable demand is expected to also provide higher salaries. These are some of the many benefits that a job on high demand offers.
In order to get placed in one such job role where the demand is high, it is important to get a grasp over the technologies that are driving the industry today. It is equally important to have effective communication skills to carry on with various technological projects. Teamwork is also a significant aspect that is associated with building a successful career.
Wrapping It Up
Technology is advancing everyday and the demand for enhanced skills and knowledge holders pertaining to those advancements is also increasing. Careful demonstration of the skills at the time of interview is extremely important given this scenario of extreme competition in the market.
The Reserve Bank of India has launched the pilot project revolving India’s first digital rupee. Digital rupee or Central Bank Digital Currency is issued by the central bank or the Reserve Bank of India and it represents the currency notes in the digitised form. There are no major differences between the Central Bank Digital Currency and the bank notes. However, the digitised form of the currency notes is likely to make the entire process of transaction cheaper, faster as well as easier. There are several other benefits associated with the process of transaction of the digital rupee.
The digital currency and the payment system
Central Bank Digital Currency involves transactions which are carried out in the digital mode unlike the physical rupee which is physically tangible. The generation of the digital rupee, an initiative of the Reserve Bank of India for strengthening the digital economy of India, will be through an advanced payment system which will be affordable, safe and secure and also accessible.
However, the whole idea of a digital currency system found its way out in order to complement the financial transaction system that already exists instead of replacing it. An additional option shall be provided to users for making payments and at the time the existing payment system shall continue to remain in its own place. This clearly states the fact that the general usage of the currency system shall not be affected by the digital currency system.
Cryptocurrency vs digital currency
Unlike the cryptocurrencies, the digital currency shall not be decentralised. The regulation of the digital currencies shall be in the hands of the Reserve Bank of India. The digital currency shall be acceptable to the Indian Government and shall also be legal.
Cryptocurrencies are not exactly money unlike the digital currencies. The digital currency which has been ideated by the Reserve Bank of India can be exchanged for cash which is equivalent to the banknotes that are issued by the Reserve Bank of India in the form of paper. The Central Bank Digital Currency shall continue to be issued by the Reserve Bank of India and they shall continue to serve the function as the bank notes.
Both the digital currency and the cryptocurrency use the online transaction modes. There are slight differences between the two. Digital currency is regulated by the government and the central bank and the value of the currencies are set by them. The value of cryptocurrencies on the other hand is not regulated by the authorities of the central bank and is completely independent. The process of transaction is a transparent one right from mining to ownership and asset transfer.
Taking the first step
The main motive of the Reserve Bank of India in launching the project of digital currencies is to help India in its race for the virtual currencies. Using a digital rupee shall speed up the process of cross-border transactions and the need to open a bank account shall not arise. The use of digital currency shall foster the growth process of the digital economy of the country. The very first phase of the project on digital currency shall cover four major cities which includes New Delhi, Mumbai, Bhubaneswar and Bengaluru. The banks that will be participating in the first phase are State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Transactions can be carried out through a digital wallet that will be offered by the banks who are participating.
The use of digital currency hopes to quell the disadvantages that are faced while using the cryptocurrencies. It hopes to cut down on the costs involved in the operation while handling physical cash and bring about efficiency in the payment system. It also aims to innovate the processes associated with cross-border transactions.« Previous PageNext Page »