The internet of things (IoT) refers to networked physical objects rooted in software, sensors, and other technologies. The technology is connected, and information collected is exchanged with multiple systems and devices across the internet. IoT has become an essential technology of the 21st century. Ultimately, IoT led to inventions such as Google Home and Amazon’s Echo. General Electric made a big bet on the industrial internet which converges machines, the internet, and data. The company utilizes sensors on its jet engines, gas turbines, as well as other machines connected to the cloud allowing the analysis of data. The main goal of investing in IoT was to improve machine reliability and productivity. General Electric developed operation technology that monitors and controls machines. As a result, it established itself as a leader in redefining automation in industrial processes.
Define and discuss the significance of data, big data, and 5Vs.
Data means information that has been transformed to make it efficient for processing or movement. In contrast, big data refers to a term used to describe large data volumes that are hard to manage and are collected by organizations. It is essential to understand that big data is highly complex and cannot be processed utilizing traditional methods. Big data has several innate characteristics collectively known as the 5Vs. They include veracity, variety, value, volume, and velocity. Comprehending the 5Vs allows companies to derive increased value from collected data. Volume refers to the data amounts that organizations have collected. In contrast, velocity refers to the speed of data generation and collection. Variety is the various data types generated by users, whereas veracity is the accuracy and quality of information collected by corporations. Value refers to the usefulness of generated data.
Big data is vital to organizations depending on how they use it. It helps streamline the management of resources and enhance operational efficiencies. In addition, big data allows firms to optimize the development of products, increase opportunities for growth and development, and enhance intelligent decision-making. Using big data, companies can quickly identify the root causes of business problems and failures, ensuring anomalies are detected accurately.
What is FinTech? Why is there currently such rapid growth in this space?
FinTech is a term that refers to mobile applications, software, and other technologies established to automate and improve traditional finance forms for consumers and businesses. FinTech may include simple mobile payment applications and complex blockchain technologies for encrypted transactions. Generally, FinTech aims to simplify financial transactions, making them more affordable and accessible than traditional banking. There are several factors behind the rapid growth in FinTech, which include technology and customers’ expectations. Technology is the primary reason for the growth of FinTech since algorithms and machines have allowed traditional banking to automate processes previously assigned to humans. It has the operations of financial institutions more productive, accessible, and cheaper than traditional banking. It allows FinTech firms to save on staffing and office spaces. Customer expectations are another reason for FinTech’s rapid growth. Consumers enjoy the lower fees associated with FinTech companies. Furthermore, consumers expect great accessibility and faster services easily achieved by FinTech companies, encouraging their rapid growth.
What actions should organizations take to prevent security breaches? How would you advise Target to avoid the next hack?
Data or security breaches are costly and damage the reputation of the affected company. There are several actions that organizations can take to prevent data breaches. First, organizations should limit access to a firm’s valuable information. If fewer employees have access to customer information, the risk of a data breach is reduced compared to when all firm’s employees have access to sensitive customer data. Second, it is vital to ensure third-party vendors comply with a firm’s policies related to the security of sensitive information. Third, employees should be trained on security awareness to reduce the chances of falling prey to phishing emails. Fourth, it is critical to update security software regularly. Target’s security problem was caused by the weak security software, lack of security awareness by employees, and carelessness of third-party vendors. Thus, Target should monitor and ensure that third-party vendors adhere to security protocols to prevent leaks of essential customer data. Furthermore, Target should update its security software regularly to keep up with the changing nature of cyber-attacks. Finally, Target must educate its employees and suppliers on security awareness.
Why is consciousness critical to the future of A.I.? In your opinion, would Evie pass the Turing test?
Machine consciousness refers to the awareness of a machine’s external and internal environments. For instance, most researchers question whether artificial intelligence will ever have subjective feelings or consciousness. Such consciousness may refer to the quality inherent in a person’s or machine’s environment. For example, will programmable computers notice the passage of time when bored, or can they take actions that they have not been programmed to perform like humans? Consciousness is essential to artificial intelligence’s future because if machines with human-like intelligence are created, artificial intelligence will be able to perform essential tasks that require human thinking and rationalization.
Evie would not have passed the Turing test because it could not prove it possesses human-level intelligence. For instance, since it relied on cloud calendars, it would be challenging to execute commands if the calendar was unavailable. Evie would not have turned to search online to set the meeting based on the instructed time if there was no written command. Furthermore, if the occurrence happens first, it would be impossible for Evie to schedule the meeting because it does not have human-level thinking.
Rule of the Robots by Martin Ford (2021)— What problems remain to be overcome to construct machines that can perform as promised?
Machines powered by artificial intelligence face several challenges because they do not function as originally intended. Every major technology company is interested in making machines more human. However, making complex machines can have detrimental effects on the economy and environment. For example, supervised learning of machines destroys the environment. Complex deep learning systems can potentially emit more carbon dioxide than five cars emit over their lifetime. In addition, scaling large neural networks necessary for artificial intelligence projects is vastly expensive and thus unsustainable.
What’s Your Digital Business Model? by Peter Weill & Stephanie L. Woerner (2018)— According to the authors, where can one gain a digital competitive advantage? What are the three sources?
Competitive advantage can originate from content, platforms, and customer experience. Content refers to a firm’s information and products offered to consumers, whereas customer experience describes the quality of a customer’s interaction with a firm’s content, including products and services. Customer experience also means the amount of influence a company’s content has regarding presentation and ease of use. Platforms refer to how a corporation’s content is delivered to consumers using internal digitized data, infrastructure, processes, and external services across various channels.
Build Your Fortune in the Fifth Era: How Angel Investors, VCs, and Entrepreneurs Prosper in an Age of Unprecedented Innovation by Matthew C. Le Merle and Alison Davis (2017)— What are at least 5 of the 15 characteristics of the Fifth Era?
The fifth era is characterized by unprecedented innovation and has several characteristics. First, the fifth era is associated with developing a digital world where information, collaboration, and communication are instantaneous and comprehensive. Second, there will be an invention of incredible innovations which drive the biotechnology and digital revolution. In addition, the constant flow of multiple disruptive innovations will feed off knowledge availability around the globe and fresh approaches for collaborative innovation. Third, target markets addressed by companies become increasingly global, paving the way for widespread adoption of disruptive innovations by billions of persons. Fourth, there will be a dramatic productivity increase, especially in labor markets. In addition, the productivity of physical assets will significantly improve, and unproductive assets will be available for people to use. Fifth, sustainability must become a vital part of conducting business in the fifth era. The focus of businesses will be on the societal effects of a firm’s strategies, including job quality and the impacts of services and products on society.
Digital Transformation: Survive in the Era of Mass Extinction by Thomas M. Siebel (2019)— According to the author, why is the era of mass corporate extinction upon us?
The era of mass extinction of significant corporations is caused by technological evolution, which has created changes in the way businesses operate. Ultimately, punctuated equilibriums in business cause economic disruptions that create rapid evolutions. An example of punctuated equilibriums is the change from watching movies on DVDs to primary streaming services such as Netflix and Disney Plus, which have disrupted the entire entertainment industry.
Existing scholarship shows that the world is undergoing evolutionary punctuation as major corporations become extinct in the 21st century. Fifty-two percent of the Fortune 500 firms have either merged or announced bankruptcy since 2000. Approximately forty percent of existing firms will cease operating in the following ten years. Due to mass corporate extinctions, specialized and innovative corporate entities such as Google, Square, Zappos, Axios, Shopify, Lyft, Amazon, and Twilio have invented new business models. Companies that want to exist in the contemporary business world continually must develop innovative processes to increase scalability and production and reduce lead times.
Metaverse for Beginners: A Complete Guide on How to Invest in the Metaverse | Learn All About Land Investing, NFT, and Virtual Reality | 5 Crypto Projects that Are Going to Explode Soon by John Russel (2021)— What are some reasons why people are buying virtual land? Be specific in your answer.
The metaverse has introduced the concept of virtual real estate, and many people are investing in virtual land for several reasons. First, virtual land is a new class of assets whose value is increasing exponentially and can be a great financial asset. Second, people fear missing out on the opportunity to invest in what could be a critical technology in the future. Their desire stems from the fact that they want to be part of the metaverse movement. Third, virtual land can produce exceptional profits as opposed to cryptocurrency. Fourth, virtual real estate provides an opportunity to earn additional returns if buyers buy land and hold it for future transactions. Fifth, virtual land has a low entry barrier since it costs about one percent of the actual real estate in the physical world. The high cost of physical land prevents people from purchasing; however, virtual land costs are significantly lower.