With Digital Twin Technology, Financial Sector can Reimagine Itself for Globalized Future. ✓ What is Digital Twin Technology in Banking and Financial Services? ✓ Pros and Cons of Digital Twin.
89% of consumers switch to a competitor after a poor CX Abhishek Sood
89% of consumers switch to a competitor following a poor customer experience, according to an Oracle study. But how can you use digital technology to improve your customers' experience?
Uncover how several prominent businesses embraced digital technologies to retain customers and increase profits. For example, Domino's Pizza had a 23% growth in profit after it allowed customers to track their deliveries online.
Discover the 4 factors that can make a digital transformation project profitable and worthwhile.
"70% of surveyed executives said the pandemic is likely to accelerate the pace of their digital transformations"
The COVID-19 crisis seemingly provides a sudden glimpse into a future world.
- A world in which digital channels become the primary customer engagement model
- Automated processes become a primary driver of productivity
- Flexible, transparent and stable supply chains
In this unique moment, companies can learn and progress more quickly than ever before!
89% of consumers switch to a competitor after a poor CX Abhishek Sood
89% of consumers switch to a competitor following a poor customer experience, according to an Oracle study. But how can you use digital technology to improve your customers' experience?
Uncover how several prominent businesses embraced digital technologies to retain customers and increase profits. For example, Domino's Pizza had a 23% growth in profit after it allowed customers to track their deliveries online.
Discover the 4 factors that can make a digital transformation project profitable and worthwhile.
"70% of surveyed executives said the pandemic is likely to accelerate the pace of their digital transformations"
The COVID-19 crisis seemingly provides a sudden glimpse into a future world.
- A world in which digital channels become the primary customer engagement model
- Automated processes become a primary driver of productivity
- Flexible, transparent and stable supply chains
In this unique moment, companies can learn and progress more quickly than ever before!
Maybe you can already recite the sales pitch for cloud computing in your sleep—how it’s faster, more flexible, and economical than amassing your own servers on site. But, as Joe Weinman argues in “Rethinking the Benefits of Cloud,” that’s just scratching the surface. In this exclusive white paper, Weinman, author of Cloudonomics: The Business Value of Cloud Computing, explores some of the overlooked—and more nuanced—business benefits of moving workloads to the cloud, such as faster innovation, global expansion, and customer satisfaction.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
Employing Telematics to Transform Workers' CompensationCognizant
Various pressures like heightened competition, rising costs and tougher regulations are compelling workers' compensation insurers to automate their systems, connect their people, processes and devices, and distill accurate, real-time information from the digital data that that encircles people, processes, organizations and devices. Telematics - technologies that integrate telecommunications and information can be the key to achieving these goals, all through a proactive, smarter, tightly connected environment.
How Insurers Can Tame Data to Drive InnovationCognizant
To thrive among entrenched rivals and compete more effectively with digital natives, insurers will need to get their data right. That will mean moving to more responsive, AI-enabled architectures that accelerate data management and deliver insights that drive business performance.
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
How do you think the use of cloud computing can affect individuals, a.pdfPRATIKSINHA7304
Heat is conducted through a slab of thickness 3.1 cm . The temperature varies linearly from 650
K on the left face to 360 K on the right face. The rate of heat transfer is 1.5 kW .
Part A
Determine the rate of entropy transfer (magnitude only) at the left face.
Express your answer to three significant figures.
Sleft= _____ kW/K
Part B
Determine the rate of entropy transfer dS/dt (magnitude only) at the right face.
Express your answer to three significant figures.
Sright= _____ kW/K
Solution
Part A
The rate of entropy transfer (magnitude only) at the left face:
Sleft= dQ/T = 1.5/650 = 0.002308 kW/K
Part B
The rate of entropy transfer dS/dt (magnitude only) at the right face:
Sright= 1.5/360 = 0.004167 kW/K.
Modernizing the Insurance Value Chain: Top Three Digital ImperativesCognizant
As nontraditional companies enter the insurance scene and insurtechs launch novel products, incumbents need to accelerate innovation and differentiate the customer journey to remain in the game. Here are three strategies to achieve these goals, with a brief look at a few companies well on their way.
Building a Code Halo Economy for InsuranceCognizant
By finding meaning in the digital data that accumulates around people, processes, organizations and things, insurers can simultaneously reinvent how they operate and reshape their customers' experience.
How Insurers Bring Focus to Digital Initiatives through a Maturity Looking GlassCognizant
When planning a digital initiative, it’s critical to understand where your company stands today and how it can get to where it needs to go. A new framework lets insurers assess their digital maturity, identify how best to move ahead, and gain insight into the practices of industry digital leaders to guide their own efforts.
What is Going Global, Think Local? ✓ How Localization & Globalization Teams can help create Transparency & Visibility in Performance Across Company? Benefits of Standardization Across Regions.
Maybe you can already recite the sales pitch for cloud computing in your sleep—how it’s faster, more flexible, and economical than amassing your own servers on site. But, as Joe Weinman argues in “Rethinking the Benefits of Cloud,” that’s just scratching the surface. In this exclusive white paper, Weinman, author of Cloudonomics: The Business Value of Cloud Computing, explores some of the overlooked—and more nuanced—business benefits of moving workloads to the cloud, such as faster innovation, global expansion, and customer satisfaction.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
Employing Telematics to Transform Workers' CompensationCognizant
Various pressures like heightened competition, rising costs and tougher regulations are compelling workers' compensation insurers to automate their systems, connect their people, processes and devices, and distill accurate, real-time information from the digital data that that encircles people, processes, organizations and devices. Telematics - technologies that integrate telecommunications and information can be the key to achieving these goals, all through a proactive, smarter, tightly connected environment.
How Insurers Can Tame Data to Drive InnovationCognizant
To thrive among entrenched rivals and compete more effectively with digital natives, insurers will need to get their data right. That will mean moving to more responsive, AI-enabled architectures that accelerate data management and deliver insights that drive business performance.
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
How do you think the use of cloud computing can affect individuals, a.pdfPRATIKSINHA7304
Heat is conducted through a slab of thickness 3.1 cm . The temperature varies linearly from 650
K on the left face to 360 K on the right face. The rate of heat transfer is 1.5 kW .
Part A
Determine the rate of entropy transfer (magnitude only) at the left face.
Express your answer to three significant figures.
Sleft= _____ kW/K
Part B
Determine the rate of entropy transfer dS/dt (magnitude only) at the right face.
Express your answer to three significant figures.
Sright= _____ kW/K
Solution
Part A
The rate of entropy transfer (magnitude only) at the left face:
Sleft= dQ/T = 1.5/650 = 0.002308 kW/K
Part B
The rate of entropy transfer dS/dt (magnitude only) at the right face:
Sright= 1.5/360 = 0.004167 kW/K.
Modernizing the Insurance Value Chain: Top Three Digital ImperativesCognizant
As nontraditional companies enter the insurance scene and insurtechs launch novel products, incumbents need to accelerate innovation and differentiate the customer journey to remain in the game. Here are three strategies to achieve these goals, with a brief look at a few companies well on their way.
Building a Code Halo Economy for InsuranceCognizant
By finding meaning in the digital data that accumulates around people, processes, organizations and things, insurers can simultaneously reinvent how they operate and reshape their customers' experience.
How Insurers Bring Focus to Digital Initiatives through a Maturity Looking GlassCognizant
When planning a digital initiative, it’s critical to understand where your company stands today and how it can get to where it needs to go. A new framework lets insurers assess their digital maturity, identify how best to move ahead, and gain insight into the practices of industry digital leaders to guide their own efforts.
What is Going Global, Think Local? ✓ How Localization & Globalization Teams can help create Transparency & Visibility in Performance Across Company? Benefits of Standardization Across Regions.
BI Governance Framework : Making it a reality. ✓ What changes does the new “Normal” require of older governance frameworks? ✓ Who should run BI governance?
Thought-provoking best technology podcasts, talks, and discussions on Leadership, Innovation, AI, Big Data, Staffing, IoT, Cloud, and Management by Global IT Leaders.
Digital Enabled CIO Wealth Manager and Management. ✓ How are financial intuitions leveraging digital to provide organizational support for quality research?
IT and Technology Challenges in the Retail IndustryCIO Talk Network
IT and Technology Challenges in Retail Industry. ✓ Learn about unique challenges faced and corresponding strategies implemented to effectively address them.
Would you Recommend Our Company to Your Friends? ✓ What mix of team inspiration, process, technology innovation & caring leadership? ✓ Customer response.
What is your security score? ✓ CIS Controls & CIS Benchmarks tools for companies to assess security posture ✓ Security controls at Maturity & Automation.
BI Governance: Making it a reality. ✓ What changes does the new “Normal” require of older governance frameworks? ✓ Who should own or run BI governance?
3 Steps to Better IT-Business Alignment. ✓ How to build organization? ✓ Achieved first & irreducible step in IT-business alignment ✓ Priority Setting Process.
Part of going global actually means staying local. Focusing on local markets, giving freedom to local leaders to innovate and creating a dialogue between local and global teams can help create transparency and visibility in performance across your company.
A successful leader needs to offer direction and vision that goes beyond what is said and what is needed among the team. A leader must know a team’s wants and needs before they do. He or she must know when to prod, when to coax and when to do nothing at all. A leader needs that Sixth Sense to help their team succeed. So just how do you tap into and hone that sense?
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Maruthi Prithivirajan, Head of ASEAN & IN Solution Architecture, Neo4j
Get an inside look at the latest Neo4j innovations that enable relationship-driven intelligence at scale. Learn more about the newest cloud integrations and product enhancements that make Neo4j an essential choice for developers building apps with interconnected data and generative AI.
GraphSummit Singapore | The Future of Agility: Supercharging Digital Transfor...Neo4j
Leonard Jayamohan, Partner & Generative AI Lead, Deloitte
This keynote will reveal how Deloitte leverages Neo4j’s graph power for groundbreaking digital twin solutions, achieving a staggering 100x performance boost. Discover the essential role knowledge graphs play in successful generative AI implementations. Plus, get an exclusive look at an innovative Neo4j + Generative AI solution Deloitte is developing in-house.
Communications Mining Series - Zero to Hero - Session 1DianaGray10
This session provides introduction to UiPath Communication Mining, importance and platform overview. You will acquire a good understand of the phases in Communication Mining as we go over the platform with you. Topics covered:
• Communication Mining Overview
• Why is it important?
• How can it help today’s business and the benefits
• Phases in Communication Mining
• Demo on Platform overview
• Q/A
Full-RAG: A modern architecture for hyper-personalizationZilliz
Mike Del Balso, CEO & Co-Founder at Tecton, presents "Full RAG," a novel approach to AI recommendation systems, aiming to push beyond the limitations of traditional models through a deep integration of contextual insights and real-time data, leveraging the Retrieval-Augmented Generation architecture. This talk will outline Full RAG's potential to significantly enhance personalization, address engineering challenges such as data management and model training, and introduce data enrichment with reranking as a key solution. Attendees will gain crucial insights into the importance of hyperpersonalization in AI, the capabilities of Full RAG for advanced personalization, and strategies for managing complex data integrations for deploying cutting-edge AI solutions.
In the rapidly evolving landscape of technologies, XML continues to play a vital role in structuring, storing, and transporting data across diverse systems. The recent advancements in artificial intelligence (AI) present new methodologies for enhancing XML development workflows, introducing efficiency, automation, and intelligent capabilities. This presentation will outline the scope and perspective of utilizing AI in XML development. The potential benefits and the possible pitfalls will be highlighted, providing a balanced view of the subject.
We will explore the capabilities of AI in understanding XML markup languages and autonomously creating structured XML content. Additionally, we will examine the capacity of AI to enrich plain text with appropriate XML markup. Practical examples and methodological guidelines will be provided to elucidate how AI can be effectively prompted to interpret and generate accurate XML markup.
Further emphasis will be placed on the role of AI in developing XSLT, or schemas such as XSD and Schematron. We will address the techniques and strategies adopted to create prompts for generating code, explaining code, or refactoring the code, and the results achieved.
The discussion will extend to how AI can be used to transform XML content. In particular, the focus will be on the use of AI XPath extension functions in XSLT, Schematron, Schematron Quick Fixes, or for XML content refactoring.
The presentation aims to deliver a comprehensive overview of AI usage in XML development, providing attendees with the necessary knowledge to make informed decisions. Whether you’re at the early stages of adopting AI or considering integrating it in advanced XML development, this presentation will cover all levels of expertise.
By highlighting the potential advantages and challenges of integrating AI with XML development tools and languages, the presentation seeks to inspire thoughtful conversation around the future of XML development. We’ll not only delve into the technical aspects of AI-powered XML development but also discuss practical implications and possible future directions.
Unlock the Future of Search with MongoDB Atlas_ Vector Search Unleashed.pdfMalak Abu Hammad
Discover how MongoDB Atlas and vector search technology can revolutionize your application's search capabilities. This comprehensive presentation covers:
* What is Vector Search?
* Importance and benefits of vector search
* Practical use cases across various industries
* Step-by-step implementation guide
* Live demos with code snippets
* Enhancing LLM capabilities with vector search
* Best practices and optimization strategies
Perfect for developers, AI enthusiasts, and tech leaders. Learn how to leverage MongoDB Atlas to deliver highly relevant, context-aware search results, transforming your data retrieval process. Stay ahead in tech innovation and maximize the potential of your applications.
#MongoDB #VectorSearch #AI #SemanticSearch #TechInnovation #DataScience #LLM #MachineLearning #SearchTechnology
20 Comprehensive Checklist of Designing and Developing a WebsitePixlogix Infotech
Dive into the world of Website Designing and Developing with Pixlogix! Looking to create a stunning online presence? Look no further! Our comprehensive checklist covers everything you need to know to craft a website that stands out. From user-friendly design to seamless functionality, we've got you covered. Don't miss out on this invaluable resource! Check out our checklist now at Pixlogix and start your journey towards a captivating online presence today.
UiPath Test Automation using UiPath Test Suite series, part 5DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 5. In this session, we will cover CI/CD with devops.
Topics covered:
CI/CD with in UiPath
End-to-end overview of CI/CD pipeline with Azure devops
Speaker:
Lyndsey Byblow, Test Suite Sales Engineer @ UiPath, Inc.
Removing Uninteresting Bytes in Software FuzzingAftab Hussain
Imagine a world where software fuzzing, the process of mutating bytes in test seeds to uncover hidden and erroneous program behaviors, becomes faster and more effective. A lot depends on the initial seeds, which can significantly dictate the trajectory of a fuzzing campaign, particularly in terms of how long it takes to uncover interesting behaviour in your code. We introduce DIAR, a technique designed to speedup fuzzing campaigns by pinpointing and eliminating those uninteresting bytes in the seeds. Picture this: instead of wasting valuable resources on meaningless mutations in large, bloated seeds, DIAR removes the unnecessary bytes, streamlining the entire process.
In this work, we equipped AFL, a popular fuzzer, with DIAR and examined two critical Linux libraries -- Libxml's xmllint, a tool for parsing xml documents, and Binutil's readelf, an essential debugging and security analysis command-line tool used to display detailed information about ELF (Executable and Linkable Format). Our preliminary results show that AFL+DIAR does not only discover new paths more quickly but also achieves higher coverage overall. This work thus showcases how starting with lean and optimized seeds can lead to faster, more comprehensive fuzzing campaigns -- and DIAR helps you find such seeds.
- These are slides of the talk given at IEEE International Conference on Software Testing Verification and Validation Workshop, ICSTW 2022.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Dr. Sean Tan, Head of Data Science, Changi Airport Group
Discover how Changi Airport Group (CAG) leverages graph technologies and generative AI to revolutionize their search capabilities. This session delves into the unique search needs of CAG’s diverse passengers and customers, showcasing how graph data structures enhance the accuracy and relevance of AI-generated search results, mitigating the risk of “hallucinations” and improving the overall customer journey.
Essentials of Automations: The Art of Triggers and Actions in FMESafe Software
In this second installment of our Essentials of Automations webinar series, we’ll explore the landscape of triggers and actions, guiding you through the nuances of authoring and adapting workspaces for seamless automations. Gain an understanding of the full spectrum of triggers and actions available in FME, empowering you to enhance your workspaces for efficient automation.
We’ll kick things off by showcasing the most commonly used event-based triggers, introducing you to various automation workflows like manual triggers, schedules, directory watchers, and more. Plus, see how these elements play out in real scenarios.
Whether you’re tweaking your current setup or building from the ground up, this session will arm you with the tools and insights needed to transform your FME usage into a powerhouse of productivity. Join us to discover effective strategies that simplify complex processes, enhancing your productivity and transforming your data management practices with FME. Let’s turn complexity into clarity and make your workspaces work wonders!
A tale of scale & speed: How the US Navy is enabling software delivery from l...sonjaschweigert1
Rapid and secure feature delivery is a goal across every application team and every branch of the DoD. The Navy’s DevSecOps platform, Party Barge, has achieved:
- Reduction in onboarding time from 5 weeks to 1 day
- Improved developer experience and productivity through actionable findings and reduction of false positives
- Maintenance of superior security standards and inherent policy enforcement with Authorization to Operate (ATO)
Development teams can ship efficiently and ensure applications are cyber ready for Navy Authorizing Officials (AOs). In this webinar, Sigma Defense and Anchore will give attendees a look behind the scenes and demo secure pipeline automation and security artifacts that speed up application ATO and time to production.
We will cover:
- How to remove silos in DevSecOps
- How to build efficient development pipeline roles and component templates
- How to deliver security artifacts that matter for ATO’s (SBOMs, vulnerability reports, and policy evidence)
- How to streamline operations with automated policy checks on container images
Why You Should Replace Windows 11 with Nitrux Linux 3.5.0 for enhanced perfor...SOFTTECHHUB
The choice of an operating system plays a pivotal role in shaping our computing experience. For decades, Microsoft's Windows has dominated the market, offering a familiar and widely adopted platform for personal and professional use. However, as technological advancements continue to push the boundaries of innovation, alternative operating systems have emerged, challenging the status quo and offering users a fresh perspective on computing.
One such alternative that has garnered significant attention and acclaim is Nitrux Linux 3.5.0, a sleek, powerful, and user-friendly Linux distribution that promises to redefine the way we interact with our devices. With its focus on performance, security, and customization, Nitrux Linux presents a compelling case for those seeking to break free from the constraints of proprietary software and embrace the freedom and flexibility of open-source computing.
1. With Digital Twin Technology, Financial Sector can Reimagine Itself for Globalized
Future. ✓ What is Digital Twin Technology in Banking and Financial Services? ✓ Pros
and Cons of Digital Twin.
For more information please visit
https://www.ciotalknetwork.com/with-digital-twin-technology-the-financial-sector-can-rei
magine-itself-for-an-uncertain-globalized-future/
Digital Twin Technology
At its simplest, it’s a replica of your business, a digital doppelganger, a carbon copy.
Why is that useful? Because if you can model an opportunity, external risk, or internal
change using a digital twin, you can harness the results to shape policy, anticipate
chances for growth, or even sidestep disaster.
Digital twinning is different from predictive analytics. With predictive analytics, limited
inputs and a narrow focus result in individual outcomes. But because digital twins take
diverse variables into account, it’s possible to generate multiple outcomes, and to
continue to manipulate them by changing variables, like you would on a spreadsheet. A
2. digital twin can give you not just oversight of your business, but hitherto unforeseen
insights into it.
Cons of Digital Twin Technology
1. Digital Twin in Banking
Digital banking channels like apps and online banking have a digital facsimile of a
customer’s financial life and enable customers to transact remotely, and all without
having to interact with currency, checks, or other physical stores or representations of
value.
If a single digital twin has value for a financial institution, imagine the value as a
predictive, regulatory, and security mechanism of having tens of thousands. The
interactions of each would help increase the detail and accuracy of models based upon
them.
Twins also have a role to play in eliminating counterfeits like fake cards, or any other
object that can be duplicated. By adding blockchain technology to the mix, the
authenticity of both physical and digital assets, products, or other wares can be
guaranteed and their provenance proven.
Using a mirrored environment also allows for more appropriate and precise contingency
and incident response plans. And if changes are made to parts of those plans, the other
constituent parts can adapt and reconfigure accordingly. This can also make it easier to
coordinate responses across interlinked business units, or with third parties as
necessary.
2. Digital Twin in Business
For businesses, digital twins can provide a 360-degree view of how an enterprise
operates, and how it might do so in the future while factoring in massive numbers of
variables.
The idea isn’t new, but the applications are. Digital twins have been used by NASA for
years to plan launches, coordinate interactions with the International Space Station, and
test theories on Earth before replicating them in orbit. Similarly, Formula 1 (and the
Mercedes-Benz AMG team in particular) has used digital twinning to build intricate
simulations of every part of its cars to assess their performance and digitally prototype
upgrades.
3. Digital twins can provide valuable insights not just for businesses as a whole, but for
individual business units within them, or those being considered for development, or
even those that may be acquired, assuming sufficient collections of data are available.
And it’s not just banking that can benefit — numerous other industries are already
implementing digital twinning to great effect. By being a virtual replica of a digital
environment, or a digital replica of something in the physical world, digital twins can
provide a more holistic view than conventional analytic or prognostication tools.
3. Digital Twin in Financial Services
Conventional models with conventional inputs generate conventional outputs. But what
happens when challenges are unprecedented? Conventional predictive tools fall apart.
Let’s consider, for instance, the challenges that climate change presents for credit risk.
For financial institutions, climate change presents two overarching categories of risk:
physical risks and transition risks. Physical risks include natural phenomena that affect
the energy sector, change demand for resources, or damage infrastructure. Transition
risks are more ephemeral; they involve the friction that arises from transitioning to
sustainable energy and other climate change-reducing solutions. This category also
includes policy, legislation, changing technology, and the reputational risks that come
with accounting for each.
But climate change can also translate into credit risk. Customers previously considered
low risk may suddenly find themselves unable to generate sufficient income to service
their debt, or the collateral backing that debt may be eroded by seismic environmental
changes. In other words, existing models for assessing risk may no longer be adequate
or sufficiently accurate.
At the same time, failure to understand this risk could result in financial institutions
failing to take sufficient precautionary measures, or not being correctly positioned to
transition themselves to adapt to the new operating environment they find themselves
in.
What’s needed is more data for decision making. But transitional risk is hard to quantify.
To do so, you need data from the public sector, economic data, and information from
social organizations, customers, and those in the affected industries. You can also
leverage historical data on, for instance, the cost of repairs to properties damaged by
extreme weather events. These events may include water scarcity and droughts, or
their anthesis, extreme precipitation, flooding, and rising sea levels. Predictions about
4. the likelihood and economic impact of wildfires, hurricanes, tsunamis, cyclones,
earthquakes, and other natural disasters also need to be factored into calculations,
depending on the region in question.
Combine climate-related data with macro-economic data, sectoral data, and financial
data (like the recalibrated risk assessment calculations outlined above), and a base
from which to make data-driven decisions starts to form. But leveraging data is not
enough. It needs to do more than tell an institution where it is, or what might be coming.
It needs to tell a more complete story of the business and the context surrounding it.
This is where digital twins can help.
4. Marketing and Customer Acquisition
If you can create a replica of your customer with enough historical data and enough
behavioral inferences from other customers’ behavior, you not only can tell what they
might need in the future, but you can incentivize them with the right offers, and unlock
possibilities to serve their needs more comprehensively across different verticals.
A recent study by Grand View Research suggests that the revenue for markets from
digital twin initiatives could reach $26 billion by 2025. A digital twin isn’t merely helpful
for upselling, it can be a driver of innovation by pointing to the direction a company
should take to make improvements for that twin, and in turn for the customer it
represents.
Ahead of a new product or service launch, a digital twin could be used to assess market
viability and consumer demand. It could speed up time to market by enabling an
enterprise to prioritize initiatives that will generate the sorts of return to outlay ratios
required of a specific division. Twinning can also be massively valuable in terms of
security and compliance.
Twinning is also extremely valuable when it comes to taking prescriptive analytics to the
next level. Online retailers, for instance, can decide where to house stock to minimize
the cost of delivery based on the propensity of people in certain areas to purchase
specific items.
The companies delivering those items, meanwhile, can optimize their routes based on
historic and live traffic data, the weather, and other metrics. UPS, for instance, has said
that reducing the distance each of its delivery drivers must cover per day by a single
mile translates into $50 million saved each year. Each such optimization translates into
greater efficiency and cost savings, and twinning only increases these opportunities.
5. 5. Digital Customer Engagement and the Customer Experience
Customer relationship management is increasingly complex, because customers’
expectations and demands are constantly evolving. Longer-term, fruitful relationships
now involve analyzing customer journeys — not simply transactions and recognizing
that the route of the journey depends on life stage, market trends, and other outside
influences.
By replicating products, systems, or processes, digital twins provide a sort of X-ray
vision whereby businesses can monitor their products. For retailers, that might mean
everything from collating purchases to tracking store visits with sensors. For banks, it
might mean how a user interacts with a banking channel like an app, how their use of it
changes after a major life event, or which features they gravitate to more when cosmetic
changes are made.
6. Improving Infrastructure
Similarly, virtual assistants like chatbots or interactive voice recordings for customer
care can evolve based on information gleaned from digital twinning, in turn helping to
preempt customer requests or alleviate pain points, rather than being reactive. This
might mean involving third-party data for maximum benefit.
One of the challenges for support staff in call centers or online is pinpointing the
customer’s problem, particularly because service offerings are becoming ever more
nuanced and intricate. Digital twins can alleviate this by providing responses from the
product itself, based on a constantly growing and refining data set of other interactions
combined with what the company has on record about the customer’s profile and
previous interactions. At the same time, twinning can empower companies to
troubleshoot likely problems with new services and create fixes before making them
public.
7. Compliance and Risk Management
Cybersecurity and fraud are constant challenges for financial services providers, and
the move to remote work and life has only compounded the problem. But digital
twinning is especially well suited to help combat it. Say, for instance, a digital twin of a
verified customer is created. If someone attempts a fake transaction that doesn’t match
the expectation of the behavior of that twin, flags can be raised.
6. 8. Cyber Risk Management
By being able to simulate security breaches or cyberattack scenarios, artificial
intelligence solutions can be trained to recognize threats they may not yet have
encountered. This is crucial, considering cyber threats continue to adapt to the
technologies designed to thwart them — something the financial sector probably can
attest to more than any other.
Moreover, because customers are becoming more comfortable confining their financial
activities to remote or digital channels, those channels will only become more attractive
to nefarious actors looking to identify and exploit any loopholes. A virtual twin can be
attacked from multiple angles, simultaneously training defense mechanisms and
highlighting any weaknesses in them, so they can be resolved for an actual attack.
Benefits of Digital Twin Technology
Digital twins are the most useful when they are able to tap into as many sources of data
as possible. Similarly, the benefits of digital twins for an organization are most acutely
felt when the insights gleaned are shared across divisions. Creating standards for digital
twinning exercises makes it easier to apply them across disparate parts of a business
and makes it more likely they’ll remain interoperable down the road as needs and
contexts change. The right investments upfront, both financial and in terms of planning,
can reap dividends later.
In the UK, for instance, digital twins are being used to help public utilities like water and
sanitation monitor sewer networks using smart infrastructure. Improved intelligence is
seen as the primary means of ensuring not only regulatory compliance but managing
pollution and ensuring network capacity is able to match increasing demand, even if
portions of the network need maintenance or other attention.
Globally, it’s hoped that the move towards more connected, smarter cities will help meet
the challenges of aging infrastructure, increased urbanization, and climate change head
on. What’s needed is predicting and planning for problems, rather than reacting to try
and resolve them.
For example, flash floods and other weather-related incidents in 2018 caused an
estimated $166 billion in economic losses and almost 7,000 fatalities. Climate change
means such events are only going to become more common. Growing urban density
exacerbates the problem. But digital twins can help, for example by proactively warning
citizens in areas likely to flood that they’re at risk via a message to their cellphones.
7. Sensors and technology like LiDAR can be used to map flood routes with
unprecedented precision, while the massive computing power available today can turn
that data into virtualized flood models. By enacting floods or other natural disasters on a
virtual twin environment, the actual one it represents can be assessed and, if necessary,
altered proactively by city planners or other stakeholders.
Doubles Mean Fewer Troubles
Digital twins aren’t just about making event predictions or trying to guess what a
customer wants before even they know they want it. They’re about enabling a collective
understanding of a whole domain, including all the interactions, actors, events, and
outside influences that affect it, and being able to adjust variables whose impact ripples
out through the entire network of connections like synapses firing in a brain. Digital
twins, effectively implemented, are about being positioned to make informed decisions
based on actual interactions of complex systems, rather than relying on mere educated
guesses.