The Benefits Of Artificial Intelligence In The Workplace

Artificial Intelligence is quite a trending topic in modern technology with many businesses adopting its use in their daily operations while others are skeptical about its relevance in the workplace. Let me show you the various benefits of AI to the workplace and how it can make your business grow as well as save time and money.

Simplification Of The Recruitment Process

Human Resource Departments are faced with the task of hiring staff which is quite daunting, frustrating and equally expensive, with personnel having to shift through a large number jobs applications for a relatively few vacancies, but this scenario is gradually becoming a thing of the past with the use of machine intelligence i.e. Artificial intelligence.

AI reduces the stress related to the hiring process through the use of the following ways:

Interesting job descriptions are written by recruiters through the use software known as Textio. This augmented writing platform compiles various job postings and puts forward to consideration suitable content to encourage the submission of more applications from job seekers.

Candidates for various job vacancies can schedule their interviews, allowing them to choose a time must suitable for them and also provides a chance to reschedule. All these are possible through the use of the Montage software.

AI powered software such as Stella match suitable candidates to jobs through the tracking of experiences, credentials and qualities sought for by employers.

Removal Of Repetitive Tasks In Daily Business Operations

Scheduling, rescheduling and cancelling meetings are quite stressful to administrative staff but the use of tools such as X.ai helps by performing these tasks diligently.

Recording, transcribing and sharing notes during meetings are also tasks which can be handled by artificial intelligence.

Improvement In Handling Issues Related To Sales, Marketing and Customer Service

Chatbots are forms of artificial intelligence that can help with support outside the company.They gain experience from real sales and customer reps and use this to assist customers in purchasing goods and services. Questions regarding marketing and customer relationship management (CRM) can also be handled by GrowthBot through the mining of data, both of the public and the company.

The Identification Of Security Risks And Protection Of Data

Financial institutions such as banks apply AI based technology to point out security risks and protect data. Examples of software which make the use of Ai in such cases include Darktrace, Exabeam and SparkCognition.

Increased Productivity

With AI handling most of the mundane and repetitive tasks at the workplace, workers are free to channel their efforts to more important tasks thus increasing productivity.

Productivity could also be boosted and monitored by machine intelligence by helping them discover areas that have high labour costs and other obstacles to increased efficiency.

Will Artificial Intelligence Replace Humans In The Workplace?

With the above examples, some individuals might be tempted to think about losing their jobs to AI powered tools since most tasks in the workplace are getting automated gradually, but their fears are unfounded as human input is indispensable despite the presence of artificial intelligence.

Artificial Intelligence basically handles tasks which could affect productivity and allows workers to be action-oriented and gives them the chance to be more creative.

How FinTech Is Seeing A Major Growth in India

With a population of more than a billion, India is definitely a promising sector for the FinTech. Before we move ahead, let us first explain what FinTech is. In simple terms, FinTech is the industry that comprises of the companies that use the technology to offer financial services. These companies work in different areas of finance management, insurance, electronic payments etc.

In the past decade, FinTech has taken over globally and is expected to rise in the future as well. India isn’t behind in this global trend. With over half a billion invested in the Indian FinTech over the last three years, the segment only shoes promising future of growth.

In 2015, around 12,000 FinTech came up globally making up the total investment of $19 billion. It is expected that by 2020, the global investment by FinTech will be $45 billion, which is a steep rise of 7.1%. According to the NASSCOM reports, India has around 400 FinTech companies with the investment of around $420 million. Reports also suggest that by year 2020, the investment of the FinTech companies in India will increase to $2.4 billion.

With the help of government regulations, banks and other financial companies, India has formed a favorable ecosystem for the growth of FinTech. FinTech is helping bring about the change in the personal financial management through e-payments and e-wallets, in the country that is predominantly cash- driven.

Number of reason contributes towards the growth of Financial Technology in India. The number of internet users in India reached to 465 million in June 2017. With more and more number of people depending on the internet for varied reasons, the digitalisation has taken a new turn. Government’s effort in bringing the digital revolution through ‘Digital India’ campaign is opening many opportunities for the existing FinTechs and start-ups.

Government Regulations:
Government has realised the potential of Financial Technology in India and is constantly making efforts to make the regulations friendlier. In 2014, government relaxed the rule of KYC process for customers making online transactions and payments up to Rs 20,000 per month. It is expected that the government will lay out new set of norms to revamp the P2P lending market.

To promote cashless transactions, government is now offering tax rebates to the merchants for accepting at least 50% of electronic payment.

‘Jan Dhan Yojana’ aims at providing a bank account to every citizen of India. Since the launch of the scheme in 2014, 240 million bank accounts have been opened. FinTech start-ups can use the opportunities to provide easy and seamless transaction service.

Incubator and Accelerators:
The role of incubators and accelerators are not limited to funding but also strengthening the financial industry. The incubators provide the obligation free environment for the start-ups. India is among the top five countries that show promising results for the start-ups. The initiatives ‘smart city’ and ‘digital India’ are set to strengthen the technological infrastructure of the country. To show the support to FinTech start-ups, banks and financial institutes have partnered with incubators and accelerators.

Online Political Election Voting System Based On Blockchain Technology

We hear about Blockchain and Bitcoin every day; however, it should be noted that Blockchain is way beyond Bitcoin and cryptocurrencies. It is a platform which is being used for carrying out economic transactions in the most incorruptible way. As a matter of fact, this technology can be used not only for economic transactions but for anything of value in a virtual way. Blockchain is being used in the pharmaceutical industry, fashion and accessory industry, food safety industry, airlines industry and many more.

In a world where technology has reached a point where scientists are coming up with flying cars, why is one of the essential systems that form the government of a country still unsecured and rigged? With the advancement of technology, everything has become a lot more transparent and convenient, then why is this technology not being used to carry out easy and fair elections? In most countries, voting is a right for every adult. Then why doesn’t the entire adult population of a country go ahead to vote on the Election Day? Maybe because the voting center is too far. People have to go and stand in huge lines just to cast a single vote. Some even believe that their vote doesn’t count because of unfair election results.

The solution to this huge problem has finally arrived. A platform that allows blending the perfect combination of technology and politics into one. This results in the invention of Blockchain Voting. If this technology can be used for so many other purposes, why can it not be used for the most important function that is voting? Blockchain voting is an online voting platform that allows a secure, hassle-free, reliable and quick method for the sole purpose of voting for an election. Blockchain voting can completely change the way we vote for the best. It will leave no scope of doubt or question in the voter’s mind.

In the modern day and age of technology, there are certain things that work best through the old ways only. However, voting is not one of those things. Voting is the process by which the citizens of a country choose their leaders. This process should be highly secure, fair and absolutely accurate; all which are the characteristics of blockchain. Blockchain Voting is immutable, transparent and cannot be hacked into in order to change the results. Blockchain Voting is an effective means to conduct elections. This will ensure that there is no voter fraud and no repetition of votes leading to a fair election. Blockchain Voting is the need of today’s democratic and adult population who believes that they can bring a change in this world.

The stakeholders involved in Blockchain Voting would be same as the stakeholders in the conventional method of voting. This revolutionary change can encourage a lot of people of the vote. Anyone who has an internet connection and is an adult which means they have the right to vote is eligible to be a part of this process of Blockchain Voting.The use of this technology from a voter’s point of view is very simple.

Anyone with a phone and internet access will easily be able to understand the specifications of the platform. The citizens who are voting don’t have to wait in long lines and don’t have to travel a lot to go and vote. This quick and hassle-free method of voting will engage more and more people to participate in the voting process and be a part of a more democratic world. This is definitely a cheaper and simpler method of conducting elections. As soon as various governments realize the importance of introducing this technology into their political environment, the better it will for nations to have easy and fair elections.