Tag Archives: Big Data

Simplilearn to Train College Recruits on Digital Economy Skills (India)

Mission-critical skills such as big data, machine learning, artificial intelligence, cloud computing, and digital marketing are ones that enterprises are increasingly turning to fresh graduates to fill

Campus and entry level recruiting is a critical component of every corporate HR strategy but often involves many months of onboarding and mentoring to get these employees productive. Simplilearn offers a New-Hire Training Initiative that significantly shortens this time-to-productivity via a structured training curriculum for campus recruits that they can complete before their first day on the job, or within their first couple of weeks.

Simplilearn focuses exclusively on digital-economy skills such as big data, machine learning, artificial intelligence, cloud computing, and digital marketing. These mission-critical skills are also ones that enterprises are increasingly turning to fresh graduates to fill.

Simplilearn’s new program enables organizations to help their recent on-campus recruits become job-ready (and even certified) with necessary technology skills, gained through Simplilearn’s online training courses prior to onboarding of the new employee.

“Campus hiring has never been more critical. With today’s rapid technology changes, it has become essential to ensure young professionals are up-to-date with the digital skills they will need to have an immediate impact at their new companies,” said Krishna Kumar, Founder and CEO of Simplilearn.

“Offering our vast experience in the latest technologies, Simplilearn is well-suited and proud to help Fortune 500 companies and other organizations bridge the gaps in skills and productivity that often come when onboarding new employees fresh from academia,” he added.

During their final semester in their college or university degree programs, recruits will undertake this training, following predefined learning paths that match their upcoming job roles. In addition to online videos and instructor-led lessons, the courses also include practical applied projects and assessments that are relevant in the high-demand fields such as data analysts, programmers, developers,

Simplilearn has partnered with leading IT/ITes, consulting, internet retail companies and Global System Integrators to support their new hire training initiatives. Also, as part of the company’s core offerings, the Simplilearn Digital Transformation Academy covers all aspects of people, process and technology to help organizations achieve competencies in digital technologies and applications.

The Digital Transformation Academy is designed to be customizable across a wide variety of industries and for all employee and management levels and roles while delivering on Simplilearn’ s outcome-centric, high engagement learning approach.

source: www.dqindia.com

New Vision for A Global Digital Economy Emerges At Smart China Expo (event)

smart china expoIndustry leaders attending the first Smart China Expo (SCE 2018) in China’s western city of Chongqing have articulated a new vision for how the world’s digital economy will evolve at the event’s Global Digital Economy Summit, a forum that brought together 650 participants under the theme “New Digital Economy, New Growth Engine.” Speakers projected a future in which Big Data reshapes the way businesses and governments operate, cooperate, and compete.

New forces being unleashed by current innovations threaten to disrupt the existing economic growth models of many industries, as digital information will rise to the same status as land and capital as a key element of productivity. Meanwhile, governments around the world are building “smart infrastructure” as they seek to use technology to upgrade power grids, railways, ports and toll roads, and seek to integrate everything. Big Data technology also helps build “smart cities,” boost consumption, and improve social welfare programs ranging from education to philanthropy to healthcare.

“Artificial Intelligence (AI) could be a big contributor to healthcare,” said Piero Scaruffi, a cognitive scientist, AI expert and writer of A History of Silicon Valley. Piero, believes that technology will make a better society and that AI will slash the cost of healthcare. “When we talk about machines saving lives, that’s real progress,” he said.

Kate Garman, smart city policy adviser to the Mayor of Seattle, shared insights into smart city management at SCE 2018. “Smart cities have challenged cities to be innovative. It has been the inspiration for cities to jump forward using technology,” she said.

Despite huge progress, China still faces many hurdles in developing a digital economy, said Li Yizhong, former head of China’s Ministry of Industry and Information Technology (MIIT). “Chinese manufacturers lag in the application of smart manufacturing, and businesses need to accelerate their digitalization process.” Li pointed out that “issues like how to balance improving efficiency and protecting jobs, and how to protect commercial secretes in the age of Internet also remain challenging.”

Alibaba Vice President Liu Song predicted that over the next 10 years, AI and the Internet of Thongs (IoT) will replace mobile technologies as the world’s defining digital technologies, which is why Alibaba is heavily investing in three areas: Big Data, network synergy and smart data. Liu’s view was echoed by Cai Yongzhong, Chairman of Deloitte China, who urged traditional businesses to actively embrace innovation in the face of the upcoming digital revolution.

For more information, please visit http://www.ichongqing.info/smart-china-expo/.

About Smart China Expo (SCE)

Held Chongqing, the Smart China Expo (SCE) is a world-class, national-level Expo that supports the development of Big Data and smart technologies in Western China. High-profiled guests joined the event including 4 political heavyweights, 22 national government officials that above ministerial-level, 58 persons who are in charge of institutions under national departments, and 407 senior representatives from top tier global brands such as Siemens, IBM, Microsoft, Qualcomm, Baidu, Alibaba, Tencent, Huawei and more.

source: www.multivu.com

Competition challenges in the digital economy

Competition21-750x400Slow productivity growth and rising income inequality have shaped the world economy in a time of rapid technological change. A variety of explanations have emerged to help us understand these related trends, but one overarching theme is the decline in competition.

The combination of increasingly concentrated markets, rising market power of large firms, and slowing business dynamism suggest that competition among firms is weakening. The concern is that the rise of dominant firms will hinder the diffusion of technology and exacerbate income inequality.

Adding to these concerns are two key features of the digital economy—the potential for scale with digital platforms and the growing importance of intangible capital—that, by their very nature, lend themselves to bigger and more dominant firms.

These characteristics of the digital economy present challenges on how we think about and implement competition policy. Policies aimed at ensuring a level playing field and fostering a dynamic and inclusive economy will therefore need to adjust to better reflect a growing reality.

POTENTIAL FOR SCALE WITH DIGITAL PLATFORMS

First, market concentration is especially high in markets with large returns to scale and network effects. Going digital can come with high capital expenditures, like setting up data centers and other digital infrastructure. But it also comes with the ability to reproduce digital offerings instantly and at low or zero marginal cost, implying large returns to scale and lower prices for consumers. When network effects are involved, the potential returns to scale are even greater.

The argument for bigger firms in these markets is that consumers are the biggest winners. Free digital services and a plethora of user data used to customize and cross-sell products help raise consumer welfare and offer greater choice. (In some cases, firms controlling “big data” can extract more consumer surplus through sophisticated algorithmic pricing and customization of offerings.)

Small businesses and entrepreneurs also benefit, the argument goes. Digital giants like Amazon, Google, and Microsoft, among others, reduce startup costs for small firms by offering cloud services and open-source software, make it easier to reach distant markets through their platforms, and offer venture funding and financing.

Due in part to the potential to scale up quickly, the threat of disruption is higher in the digital economy than in the past. Many argue that this threat strengthens competition among big firms as well as smaller firms who can unseat the giants (see herehere, and here).

However, it is not so clear that these arguments for bigger firms always hold. Less than one percent of startups end up as $1 billion companies and are often acquired or imitated by the giants along the way. In addition, industry lines are increasingly blurred as big firms leverage their user’s data to offer a broader range of goods and services, providing more valuable data on spending habits, and, ultimately, reinforcing the competitive advantage of big firms across industries.

A challenge for policymakers and regulators comes when assessing who indeed the biggest beneficiaries are. Diane Coyle of the University of Manchester points out that although the network effects of digital platforms produce real economic welfare gains, it is unclear how big those gains are or who captures them. Advertisers also place great value on free services and, as Luigi Zingales and Guy Rolnik of the University of Chicago notes, users do pay for these services in the form of very valuable information.

More economic tools are needed to quantify consumer benefits in such markets where traditional pricing does not provide the same kind of signals on market power as in other industries. Such assessments would better help policymakers and regulators ensure a level playing field and better distinguish between competitive and anti-competitive behaviors.

GROWING IMPORTANCE OF INTANGIBLE CAPITAL

A second feature of the digital economy that advantages larger firms is the growing importance of intangible capital.

Unlike tangible capital like buildings and equipment, intangible capital is not physical. It consists of ideas, branding, business processes, software, supplier relationships, licensing agreements, and other immaterial assets that generate value for a firm.

As digitization changes business models, firms are placing greater emphasis on intangibles. In the U.S., U.K., and some European economies, intangible investment already exceeds investment in tangibles.

As Jonathan Haskel and Stian Westlake describe in their book Capitalism Without Capital, there are four key economic properties of intangible assets that differentiate them from tangibles. Those properties are “scalability” (multiple people can use them simultaneously), “sunkenness” (the cost of producing them is mostly sunk), “spillovers” (easy for others to appropriate), and “synergies” (can be combined effectively).

With these properties, firms can achieve much larger scale, go to great lengths to prevent spillovers to competitors who can appropriate their sunk investments, and acquire other firms with intangible assets that offer synergies (like human capital or branding). Haskel and Westlake argue that these properties help explain the rise of superstar firms, more mergers and acquisitions, and higher market concentration in industries with a larger share of intangible investment.

In industries with greater intangible investment, small firms may have a harder time finding financing to invest and boost productivity. Small firms typically rely on bank lending that often require collateral from borrowers. But intangibles cannot offer physical collateral, are hard to measure, and, in the case of investments in knowledge and research and development, can easily be appropriated by others. These characteristics of intangibles make private equity financing more attractive for intangible-heavy firms, not only to undertake investments in assets where the cost is mostly sunk, but also to have an easier time protecting intellectual property when privately held.

In addition, private equity financing and venture capital for small firms can be difficult to scale up. These difficulties are partly due to the importance of social relationships and the large role of public subsidies in supporting a vibrant venture capital industry, which takes a long time to develop.

Large firms, on the other hand, can use their economies of scale (and buying power to acquire firms) to capture spillovers and exploit synergies. They also more easily attract capital.

LOOKING AHEAD

Are we headed into an economy dominated by big firms? Even techno-optimists, who believe that it is only a matter of time before the potential for today’s technological advances drive faster growth, are pessimistic on the implications for distribution. Concentrated markets may become the new normal. Policies would need to adjust to ensure level playing fields. In addition, better intellectual property protections, broad and inclusive financing ecosystems, new measurement standards, and greater investment in skills are examples of policies better suited for an intangible economy that is dynamic and inclusive. The possibilities are limitless, but the promise won’t realize itself.

source: www.brookings.edu

Personalized Medicine: A Culmination Of Everything The Digital Economy Has To Offer

E-health-660x400When thought leaders lay out a vision of revolutionizing health care in the coming years, it’s usually a fusion of medicine and ground-breaking technology that calls to mind sophisticated AI robots performing noninvasive surgery with lasers to cure cancer in a matter of minutes.

Chances are that, sooner or later, that vision of the future of health care will be realized. But right now, in many more subtle and user-friendly ways, personalized medicine is already with us and changing the lives of ordinary people.

What Is Personalized Medicine?

In broad terms, it means that there is enough data and analytic ability to craft a health and medical strategy for an individual that is absolutely uniquely tailored to their body and their way of life.

By collecting data via biometrics and sensors, analyzing that data via AI and machine learning, and relying on immersive digital engagement via smart devices, people and patients have access to always-on, personalized health care solutions.

Most of the progress toward personalized medicine is being delivered in such small, incremental steps that it may not seem like much at the moment. But when an old lady in a small town can use Bluetooth to run a medical strap connected to her smartphone to read and deliver data to her doctor in a neighboring town, that is a game-changer that is revolutionizing health care. And when pregnant women in rural African countries receive notifications about what to expect in the coming days and weeks, the scale of change becomes obvious.

With technology’s pervasiveness in all of our lives, we are beginning to experience what it’s like to live with a mobile doctor on hand.

What’s Driving Innovation?

There are a number of factors driving the digital economy that have combined beautifully over the last decade to provide a perfect window of opportunity for changing the way we manage our health and treat illness.

Cloud computing, mobile technology, and big data have fundamentally changed how information is accessed and managed — and have allowed companies and research units to share vital data in real time and develop incredible breakthroughs. When you add another layer built from sophisticated sensors and the internet of things, then all things start to become possible. Measuring blood pressure, iron for anemia and glucose levels … even tracking food ingestion via mobile is on the brink of being utterly transformative.

It’s hard to overstate how profoundly the ways that we gather data, handle it and analyze the results will change the way medicine operates.

Dramatic change is all around us, and there are so many areas of excitement and intrigue presenting themselves. Technology such as IoT and biometric data, smart containers and dispensers that understand whether patients are following prescribed instructions are tilting the equation toward preventive care with dramatic implications.

Looking ahead, it’s becoming increasingly clear that the future of personalized medicine is being shaped by the advancements in data collection and diagnostics.

Three Areas Of Particular Interest Regarding Data Collection And Diagnostics

• DNA sequencing and the microbiome are the keys to data collection: The Human Genome Project has been one of humanity’s greatest achievements. By mapping and understanding all human genes, known as the genome, scientists laid the foundation for a genetic approach to medicine that is unlike anything the world has ever seen before. The cost of sequencing the genome has been reduced so dramatically that it’s conceivable to begin tailoring treatments based on an individual’s genetic makeup. Closely related is the microbiome. This has an effect on human mood, development, metabolic disorders and gut health. Real-time microbiome analysis could one day give us the ability to instantly diagnose what our body needs and when it needs it.

• Nanotechnology will take data collection even further: The ways in which doctors deliver drugs to patients are about to change forever. In February of 2018, scientists discovered methods of using programmed DNA that could make it “fold itself like origami” in order to starve cancer cells of blood and reduce tumors in mice. It may sound like science fiction, but it’s coming true. Nanotech works alongside ingestible computers that can easily enter the system and monitor what is going on from inside the body. These breakthroughs represent a formidable new weapon in the fight against diseases that have brought people to their knees for centuries.

• Mobile and tricoders are the future of diagnostics: No single device will have a bigger impact on personalized medicine than the devices we carry on our bodies and in our hands. Using incredible computing power, seamless connectivity and sophisticated apps built to gather and transmit a user’s daily health data, mobile devices are at the forefront of preventative medical intervention. Alongside the mobile phone is a new generation of scanning devices called medical tricorders that record basic vital functions and can be used as self-diagnostic tools.

Where Do We Go From Here?

We are at the dawn of a new era, which feels exciting and daunting at the same time. But it’s good to remember that the personalized solutions that medical technology provides are only as good as the data they receive to work with. Is it conceivable that patients should be able to provide their entire DNA sequence to doctors? It is. But will the responsibility to deliver solid health data lie with the patient or external service providers? How is medical data securely stored and delivered?

All of these questions are being asked and debated as the information age begins its transformation of health care. The consequences for all of us will be profound and are set to reshape an industry that is at the core of humanity’s drive for a better quality of life, which is something worth fighting for.

source: www.forbes.com

 

IMF Executive Board Discusses Measuring the Digital Economy

download (1)On March 28, 2018, the IMF Executive Board discussed the staff paper on Measuring the Digital Economy. The paper assesses the current state of play in measurement of the digital sector in macroeconomic and financial statistics, recommending steps to overcome the measurement challenges posed by digitalization. It focuses on a digital sector comprising the producers at the core of digitalization: online platforms, platform-enabled services, and suppliers of Information and Communications Technology goods and services.

“The paper proposes a perimeter for the digital sector, distinguishing it from the broader digital economy” said Gabriel Quirós, Deputy Director of the IMF Statistics Department. “Subsequently, it discusses the inter-related core aspects of GDP, welfare, globalization, and productivity and analyzes the challenges in measuring the economic and financial activity related to the digital sector by systematically reviewing the state of play of statistics on prices, national accounts, external sector, and monetary and financial developments.”

Improving statistics agencies’ access to administrative data and “Big Data” can help overcome the measurement challenges posed by digitalization. For administrative data – data collected by or available in government agencies as an integral part of their regular activities – this entails cooperation of national government agencies, while in the case of Big Data, the cooperation should extend to partnerships between the private and the public sectors, including international organizations.

2018 – IMF – Measuring Digital Economy

source: http://www.imf.org/en/News/Articles/2018/04/03/pr18122-imf-executive-board-discusses-measuring-the-digital-economy