The new IT-driven developments in data management are the processing, storage, and analysis of Big Data. This is needed to manage business processes, respond to customer needs, supply chain management and make the organization future-proof. Technologies with a great future are Blockchain, Edge computing, Augmented Analytics, and Biometric authentication.
Processing is a set of basic instructions for anyone working with data management. It saves time by providing an intelligent, iterative, and inclusive way to clean, store, model, and export data. Instead of spending hours cutting, pasting, and reformatting, we can let Processing handle the heavy lifting (McKenna, 2017). Processing is being used by the Munich-based reinsurance company to save time and minimize issues.
An IT-driven development in data management storage is now a critical aspect of the data center. Alwafe and Megdadi (2020) states that the demands on IT are rapidly changing as storage is becoming a strategic enabler to business transformation, where the information in storage becomes a company’s most important asset. Storage systems have advanced to the point where they can be the foundation of a data-driven organization that is truly enterprise in scale. It’s not simply buying enough capacity but putting storage technology into action.
Businesses have some level of data that is growing at a dramatic rate. Data is being generated constantly, and as a result, it is becoming harder to manage. Big data is the solution to this problem. It, however, does not come without its challenges, such as costs for storage and management.
It is required that companies identify the benefits of Big Data and how it can get a competitive advantage over other businesses before they can adopt it. There are a variety of benefits to companies that adopt Big Data. One is the ability for businesses to identify new opportunities and trends quickly, which can lead to increased profits. Another advantage is that Big Data helps companies learn more about their customers and what they like or don’t like about their products or services. This information can be used to create better marketing campaigns, increase customer satisfaction ratings, and improve product sales all of which can result in an improved business environment.
Augmented analytics is a concept in data analytics that employs computer technology and generative language structure processing to automate information processing, insight generation, and insight dividing. Alwafe & Megdadi (2020) mentions that the focus of augmented analytics is to make technology more transparent to users, so they do not require advanced technical skills to use it. From the case, the Munich-based re-insurance company has a global reach, and it is attempting to build services – cyber insurance, for example – that are based on data advanced analytic. Augmented analytics also seeks to incorporate advanced functionality into the full range of emerging business technologies, including artificial intelligence (AI), the internet of things (IoT), and blockchain.
Biometric authentication, particularly fingerprint-based authentication on mobile devices, has become an important technology in recent years and will be one of the key technologies in the future. Data encryption is the most common method to protect information security (Alwafe & Megdadi, 2020). However, if the data is stolen from a mobile device, it can be unlocked with a password. The rise of biometrics, touchscreens, and NFC chips in smartphones revolutionizes online identity verification. For example, 3D facial recognition and touchless fingerprint readers capture more data points and create a more unified picture of the user’s identity than traditional two-factor methods.
Blockchain is expected to greatly impact various industries, from financial services to insurance and even healthcare. Various government agencies are exploring how blockchain can help improve their processes. Blockchain technology is just starting to be used by state and federal governments, and more uses will continue to develop a new pilot program launch. In an example winter describes cyber insurance as a $2.5bn market, encompassing indemnification of losses from malware and hacking.
Edge computing is a key technology for the future. McKenna (n.d.) mentions that computer’s power has increased to the point that we are now able to provide services that were previously unattainable even just five years ago. With more and more data and communication moving to mobile devices, it enables fast, efficient, and cost-effective storage and processing of data directly on the device. While this technology is still in its infancy and strong cloud offerings will continue to be part of any data management solution, all industries need to start using it to ensure readiness for the future.
In financial technology, a person’s success depends on developing new services and products. To help one do that, we offer Intelligent Solutions – a highly versatile family of software applications that will meet the challenges of tomorrow. This includes the market-leading Intelligent Agent, a dynamic framework for building new applications rapidly with minimum risk. Intelligent Agent is a fully modular system, which means one can use as much or as little of its functionality as suits best (McKenna, 2017). People can also benefit from support from our global network of experienced integration partners. New services in the financial industry are tied to recent developments in software. In particular, cloud computing has created new ways for users to connect, store and access data. Data and visualizations are being delivered dynamically, providing a better experience for users on multiple platforms. As a result of these developments, financial firms have seen increased online traffic that contributes to greater overall engagement with customers.
References
Alwafe, S. M. K. A., & Megdadi, Y. A. (2020). The Impact of Using E-Services Application by Mobile Phones in Achieving Competitive Advantage in the Jordanian Commercial Banks. International Journal of Research in Business & Management, 2(1), 20-28. http://www.ijrbmnet.com/uploades/volumes/1575092027.pdf
McKenna, Brian. Computer Weekly. 9/26/2017, p7-8.
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