Analytica October 2022

About Us

Organon, the Analytics Club of IIM Rohtak is a student driven initiative whose basic idea is to generate and cultivate student interest in Analytics and technology. Our primary goals and responsibilities include conducting seminars and webinars covering on demand topics, skills and tools that will help students of IIM Rohtak fraternity gain expertise in various analytical tools. These skills will help students apply analytical tools in their respective fields during placements. We conduct Analytics related events, competency builder events, Case Study Competitions, Quiz questions

Is AI, Dopamine of the Digital Era?

Rahul Nain Tata Institute of Social Sciences, Mumbai

Today, there is incredible technical progress being made on several fronts everywhere you look. We encounter or hear about autonomous vehicles, warehouse robots, chatbots, Alexa, Siri, Uber, robotic surgery, Netflix recommendation algorithms, smart factories, smart buildings, and search retargeting in our daily lives Our lives are changing, and what we once believed as just youngsters with their smartphone addictions and gaming is now invading every aspect of our everyday lives.

Technology firms are now among the most valuable corporations on the globe Several enabling technology layers, including cloud computing, computational systems, networks, and sensors, robotics, material sciences, digital manufacturing, and artificial intelligence, are often at the center of them. However, the driving force behind them is AI

Backed by robust demand for intelligent systems to enhance efficiency and productivity, the Indian AI Market is expected to grow by 20 2% to $7 8 bn by 2025

The advent of AI has resulted in the improvement of efficiency and employment scenarios in some sectors, while it turned out to have an adverse effect on others The skills and occupations we currently have will need to change as a result of innovation and technology. Like never before, our frame of reference is being altered, and as a result, the standards and laws are altering, which generates pain, doubt, and anxiety.

If we are unsure if the usual approaches (doing your best, getting a degree, etc ) will lead to a given standard of living, how can we plot the course?

Artificial Intelligence has created a state of exponential growth in various sectors of the economy and society, especially in the education sector AI facilitated technologies like text to speech translations, applications for writing proper research papers (Grammarly), intelligent tutoring technologies, and many more, led to greater education prosperity, much more than research ever could.

Uncertainty reigns because it is changing quickly All of us need to get used to being uncomfortable and learning to adapt to change while continuing our education and upgrading our skills. Millennials are expected to change employment 17 times, according to some statistics, but when the gig economy is taken into account, that number may be low

According to a poll by IBM, there will be a need for retraining for more than 120 million people worldwide in the following three years as a result of the influence of artificial intelligence on employment

The research and various interpretations of it seem to imply that the deployment of AI may cause significant job losses and necessitate significant retraining. This portrays an apocalyptic scenario and fosters doubt and anxiety. We would suggest that the meaning should be changed to reflect that technological improvements and AI would need job retraining and reskilling.

The studies also appear to show that our educational system is training students for employment of today, even though we know that future jobs will be very different and require new skills and resources. Businesses and governments will need to work together on huge reskilling and upskilling projects to assist people to retrain and prepare for new and future employment in order to fully benefit from AI's consumption and productivity improvements.

According to PwC's research, "Will robots truly take our jobs?" 3% of employment might possibly be automated by AI in the next few years

This tendency might be accelerated by more digitization brought on by COVID 19. By the middle of the 2030s, 44% of employees with low levels of education and 30% of jobs would be at danger of automation as AI develops and becomes more autonomous.

If we talk about the healthcare sector, the level of automation that is present and is increasing will positively impact the quality of healthcare available to the public

Countries like India and China made the most use of the supply demand mismatch in PPE and other healthcare equipment during the chaos created by Covid 19 by employing Automation and AI to emerge as leading producers.

AI also helped in Genome Studies, which with general research methodologies will take years to give substantial results, hence delaying the procedure for launching Covid 19 Vaccine The introduction of various Surgical AI Technologies which are bridging the gap between the small medical skilled workforce available and the high demand for quality medical services

India’s Medical Tourism is supposed to grow at a whopping 19% CAGR from 2022 32. This is also evident in the current medical inflation of around 14%, as the majority of the capital expenditure is towards introducing new technologies to improve efficiency and solve the issue of the availability of less skilled labor

Also, with improved education methods and skill set improvement, people in lower income strata are falling much behind others This is increasing the already expansive socio economic gap long prevalent in India

This is the same country that launched a pilot project to make Delhi Metro Run on AI in order to reduce the workforce, where the working conditions are adequate and up to the mark

In contrast, in the same city, manual scavenging is widely used for sewage cleaning, which results in colossal life lost each year, and it could be easily reverted by the use of robotic machines. AI should be used to automate our lives and to bring comfort, but it should not be at the stake of the sustainability of the environment and the current workforce.

Our sole concern is that humans won't be "competent" enough to compete with AI robots in the workforce. We are pessimistic about the future since they are being improved by a great human brain both there and here at every instant

Are we "capable" enough to do this too?

A resounding "Yes" comes in response to it.

"Reskilling" or upgrading those who have already begun their journeys in the world of technological innovations will help them not only to come up with new ideas, thereby developing R&D, but also help them to reduce the degree of "vulnerability" that their job may face someday if they do not equip themselves with the most recent trends and keep up with the most recent events in the field

Automation in Banking

Navneet Kulkarni KLS Gogte Institute of Technology, Belagavi

Did you know that human error in the financial sector results in 25,000 hours of avoidable rework on average per enterprise and costs $878,000 per year?

No wonder financial institutions are wanting to turn things around. One option would be turning to robotic process automation (RPA) development services. Consistent with a study by McKinsey, about 60% of occupations can automate over 30% of activities with RPA So, which tasks are you able to automate in your banking or financial organization? And after deciding on the tasks, how do you get started with RPA in banking?

In recent years, the banking system has been under immense pressure to cut costs and become more efficient One area that has been targeted for cost cutting measures is the human resources (HR) department Many banks have turned to using robotic process automation (RPA) to assist with various HR tasks like onboarding new employees and processing payroll

But can RPA provide an economical substitute for human resources in the banking industry?

What is RPA?

RPA or Robotic Process Automation is the technology that enables organizations to automate repetitive, rules based tasks across their business operations.

RPA is often deployed in a wide range of industries, including banking, to assist streamline processes and achieving efficiencies. In the banking industry, RPA is often used to automate tasks such as customer onboarding, fraud detection, and loan processing.

RPA can provide an economical substitute for HR in the banking industry by freeing up HR resources to focus on more strategic initiatives Additionally, RPA can help to enhance accuracy and consistency in the processing of banking transactions.

History of RPA and Banking

The history of RPA is often traced back to the early days of computing when banks began automating simple tasks like ledgers and data entry However, it wasn’t until the late 1990s that RPA began to be utilized in earnest in the banking industry one of the first major adopters was Citigroup, which used RPA to streamline its loan application process

Since then, RPA has been widely adopted by banks and other financial institutions as how to automate repetitive and time consuming tasks In many cases, RPA can provide an economical substitute for human labor, freeing up employees to specialize in more value added activities.

There is a variety of advantages that RPA can offer banks and other financial institutions. Perhaps most significantly, RPA can help to enhance efficiency and accuracy while reducing costs Additionally, RPA can help to hurry up processes and improve compliance with regulations.

While there are many potential benefits of RPA, it's important to note that there are also some risks associated with its use. For instance, if not implemented properly, RPA can cause errors and may even result in job losses as automated systems begin to replace human workers

How do the stats and the news look?

The Banking and Financial industry is seen to be growing exponentially over the past few years with the implementation of technological advancements leading to faster, safer, and more reliable services To stay competitive in an increasingly saturated market especially with the more widespread adoption of virtual banking banking firms have had to find a way to deliver the best possible user experience to their customers

As per Gartner, the pandemic has catalyzed business initiatives to adapt to the stress of employees and customers and make digital options the future of banking services.

Internally, the challenge to maximize efficiency and keep costs as low as possible while also maintaining maximum security levels has also increased. To answer these demands, Robotic Process Automation (RPA) has become a strong and effective tool

RPA has been significantly adopted in this sector, for creating time consuming banking operations more organized and automated consistent with reports, RPA within the banking sector is expected to reach $1 12 billion by 2025

Robotic process automation has also dramatically streamlined a good variety of back office processes that once bogged down bank workers

By shifting many of those tedious, manual tasks from human to machine, banks can significantly reduce the need for human involvement, which has had an immediate impact on everything from performance and efficiency levels to staffing issues and expenses.

Recently, the most important banks in Japan made news for implementing robotic process automation to save labor costs and gain operational efficiency. Major banks like Axis Bank and Deutsche Bank have also made news for implementing RPA to automate business processes Bank employees cater to voluminous data from customers and manual processes are prone to have errors

Banks around the world are considering RPA to minimize the manual processing of this huge data to avoid errors. Processing data manually is a time consuming task. Simple validation of customer information from 2 systems can take seconds rather than minutes with bots Introducing bots for such manual processes can reduce processing costs by 30% to 70% Several processes within the banks can be automated to free up the manpower to work on more critical tasks

How can RPA replace HR in banking?

The banking system is under pressure to reduce costs and increase efficiency One area that's often targeted for cost savings is the human resources (HR) department. HR functions are often costly and time consuming, and numerous banks are turning to robotic process automation (RPA) to see if it can provide a cost effective substitute for HR

The Good

RPA can provide a variety of benefits for banks, including reduced costs, improved efficiency, and increased accuracy By automating repetitive tasks, RPA can help banks save time and money while reducing the probability of errors. Additionally, RPA can help banks improve customer service by providing faster response times and more accurate information.

One of the most tedious tasks for bank employees is the KYC process, which may be a time consuming process that banks need to perform for every customer. It can eat up to 1000 full time equivalent (FTE) hours and $384 million per annum to perform this process in a compliant manner

RPA may be a form of artificial intelligence (AI) that can be used to automate repetitive tasks. It's the potential to greatly reduce the amount of time and money that banks spend on HR processes such as onboarding new employees, processing payroll, and managing benefits

Banks are still in the early stages of adopting RPA, but some have already seen significant cost savings For instance, one large bank reported saving $8 million per annum by using RPA to automate its onboarding process

If RPA can still prove its worth in the banking industry, more and more banks will likely begin using it to replace HR functions This might lead to significant cost savings for banks and a more efficient HR department

Alert investigation is additionally time consuming, while up to 85% of daily alerts are false positives, and around 25% have to be reviewed by level two senior analysts With all the efforts, banks are losing €50 million per annum on KYC compliance sanctions Incorporating robotic process automation in finance into the KYC process will minimize errors, which might otherwise require unpleasant interactions with customers to resolve the problems Therefore, RPA will accelerate customer onboarding and enhance customer experience

The Bad, The Ugly

Robotic process automation is getting used in different industries, like healthcare, manufacturing, and insurance The worldwide RPA market was valued at $1.57 billion in 2020 and is predicted to rise at a CAGR of 32 8% from 2021 to 2028. There are some potential disadvantages to using RPA in banking One is that RPA is often expensive, especially if you would like to purchase and maintain multiple software licenses Additionally, RPA can require significant training and support to urge started and should not be able to handle more complex tasks. Finally, there's always the potential for errors when using RPA, which could lead on to costly mistakes

Comparing costs of RPA and HR

We often think of RPA (Robotic Process Automation) as a way to automate manual, repetitive tasks. But RPA also can be used to automate more complex processes, like those managed by HR departments in banks So, what are the prices associated with RPA compared to traditional HR methods?

RPA also can be more efficient than traditional HR methods. For instance, an RPA system can work 24 hours each day, 7 days every week, without having breaks This suggests that RPA can help you get your work done faster and with fewer errors

In addition, RPA can facilitate the scale of your operations more easily If you would like to increase or decrease the number of processes being automated, you'll do so quickly and without incurring additional costs Overall, RPA is often a cost effective substitute for traditional HR methods

Conclusion

RPA is often cost effective because it doesn’t require the same level of investment in infrastructure and personnel as traditional HR methods For instance, you don’t have to purchase or maintain a physical space for an RPA system, and you don’t have to hire and train staff to operate it.

The banking system is under pressure to reduce costs, and RPA can help by providing an economical substitute for HR. RPA can automate many of the tasks currently performed by HR, such as onboarding new employees and processing payroll This will free up HR staff to focus on more strategic tasks, like employee retention and training. RPA also can help banks improve their customer service levels by automating tasks such as opening new accounts and processing loan applications. RPA and India are surely a future that is not that hard to predict but subject to lots of resistance given the labor intensive industry and employment market

We hope for the best way out!

Advertising and Marketing in the Metaverse: The Web 3.0 Future C. Sowmya

Jesus and Mary College, University of Delhi, Delhi

Web 2 0 is the second generation web based service that we are in currently. Web

2 0 is focused on online collaboration, socializing, connectivity, and the ability to share and spread content among different users across the world. Digital applications were also included in Web 2.0. Examples of the applications of Web 2 0 are Instagram, YouTube, Amazon, Myntra, WhatsApp, and many more

Web 3 0 will be the next breakthrough Web 3.0 has the potential to cause a significant paradigm shift just like how Web 2.0 did.

The concepts of decentralization, ease, openness, and increased consumer usefulness and comfort form the basis of Web 3 0 It is the next step in the development of the internet. Metaverse is the future iteration of the internet

Metaverse is like a ‘digital universe’ Metaverse is a hypothetical iteration of the Internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets

The metaverse would allow users to do their day to day activities like working, meeting, gaming, and socializing together in these 3D spaces.

The word Meta means beyond, and the word verse comes from the word universe.

The metaverse will be the bridge between the physical and digital worlds. The video gaming industry (using VRs) is the closest to what the metaverse will be like.

How will advertising and marketing work in the metaverse?

In the metaverse, the users will have their own avatars Advertising and marketing will shift to the metaverse too. Earlier when televisions didn’t exist, companies used to allocate their budget to outdoor advertising in the form of big posters and door to door advertising Public transport also had many advertisement brochures and posters. When people started to read the newspapers, advertisements were printed in the newspapers Later, when Televisions came into existence and the companies started their marketing and advertising commercials on TV

Now, in the digital era, many companies use social media as an advertising platform. For example, YouTube advertisements, Instagram marketing, website marketing, and so on This is how e commerce came into existence in web 2.0. The newest form of advertising and marketing is influencer marketing, where a popular social media influencer advertises a certain product of a company Hence, we can understand that the advertising and marketing industry keeps evolving with the world

In the metaverse, the advertising industry will be able to benefit a lot There would be various virtual billboards on the streets, and they would have advertisements for various brands. Just like the YouTube algorithms, the advertisements will be personalized because the platforms would be able to track our movement in the metaverse and see what we are interested in

Unlike in the real world where the billboard is the same for every person. In the metaverse, the billboard will be customized for every user based on her/her interests.

The real estate industry will also have a shift in its advertising. The user has to simply click on the property advertisement, and they would be able to visit the property online in the metaverse before buying in the real life

The marketing tactics would also be different in the metaverse. The clothing brands might have offers like ‘buy one dress in real life and get the same free for your avatar!’. The users can walk into virtual clothing stores like Zara, and H&M and check out the products in detail and then place an order

The advertising industry will have so much information and data about the users and hence, they will be able to recognize their target audience very easily.

The automobile industry will also have a great advantage as customers can visit their car showrooms and get a virtual test drive before they purchase it in real life!

The advertising industries have already started working on their 3 dimensional models of the products The marketing industry will also be able to collect feedback and surveys in a more efficient format

The marketing and advertising industry will be saving a lot of their costs due to the access to the information of the customers

They will recommend their products only to those customers whom they think are interested based on their past movements.

When it comes to influencer or celebrity marketing, the celebrities will also have an avatar of their own

For example, let's take person A who is a fan of Justin Bieber. Person A attended a metaverse concert by Justin Bieber The company and the advertisers will be having this information regarding person A. Consider the situation in which in person A’s metaverse, the avatar of Justin Bieber is seen walking on the street wearing a particular jacket.

Then, the user can simply click on the jacket and get the details of the jacket and purchase it if they want to.

In addition to this, the brand ambassadors of various companies will also be contributing to the marketing in the metaverse with their avatars.

Metaverse advertising would get 100% attention of their potential customers There is a long way to go for the marketing industry in the metaverse. This would be the biggest breakthrough in the digital age

The immersive experience will benefit both the advertisers as well as the users.

Google is pushing the sunset date of Universal Analytics 360 to 2024, giving enterprise users more time to transition to Google Analytics 4 (GA4).

The last day to switch from Universal Analytics 360 to GA4 is changing from October 1, 2023, to July 1, 2024 The extra switch time is to allow enterprise customers to have a smoother transition It will also give Google more time to develop GA4 into a product that is built for enterprises

Global police agency Interpol said it was preparing for the risk that would be brought about by online immersive environments like the metaverse, as it could give rise to new types of cybercrime and also allow the existing crimes to take place in a larger scale.

NEWSBITS

Keebo has announced its fully automated Warehouse Optimization, a hosted capability that will allow businesses to significantly reduce the cost of their cloud warehousing Using this solution, data engineering and data analytics teams can divert their resources from manual optimizations to glean insight from their data and drive growth for their business. This action will also free up significant engineering resources that would otherwise be spent on data ops and cloud infrastructure.

SoundHound AI, Inc. a global leader in voice artificial intelligence, has announced the launch of Intelligent Transcription, a real time voice AI transcription service that goes beyond previous solutions by accurately capturing, identifying, and attributing meaning to conversations SoundHound’s Speech to Meaning system is designed to understand the meaning and intent of the human speech. With Intelligent Transcription, the system not only generates the text of a conversation in real time but simultaneously structures it and tags key topics and entities from which it infers the speaker’s meaning and intent.

According to the "Global Speech Analytics Market Report" of 2022, the growth of Speech Analytics Market is projected to reach Multimillion USD by 2029. Over the next 7 years the Speech Analytics Market will register a magnificent spike in CAGR in terms of revenue.

The Indian Analytics industry is expected to be worth $201 0 billion by 2027, growing at a CAGR of 26.9%. The revenue growth will be attributed to the rise in data generation across individual and organizational levels.

The global Streaming Analytics market size is projected to reach USD 18340 million by 2026, from USD 7916 4 million in 2020, at a CAGR of 15.0% during 2021 2026.

Why

To turn data into

To find reasons to gather more data

To address areas with new

To improve the performance of big data tools

3V's are sufficient in characterizing big data

False

Which of the following best describes the requirement gathering process in data

Collect and analyze data, decide the problem to solve

a need and then collect data

a need and then analyze data to support it

a need, ask questions, define and analyze data, and find connections

A system for managing a single source of truth is called as?

6 Identifying the condition of data comes under which task?

Conducting a data assessment

Performing data audit Performing ETL (Extract, Transform, Load)

Performing data analysis

7 Which of the following is referred to as "data fishing"?

Data booting Data bagging Data merging

Data Lake

data management Facebook

5. The company having the biggest Hadoop cluster is?

None of the above

8. Data mining is used to uncover patterns in

None of the above Data booting Data merging Data dredging Data bagging

9 If we are not able to fix a variable, what should we do?

Non stratify it Generalize it Randomize it

None of the above

10. When analyzing the potential value of a data source, what should you consider first?

How to store data

Which tool should be used in analyzing it The purpose and case for the data Who has access to the data