Tuesday, 5 March 2024
Empowering the digital-first business professional in the foundation model era
Tuesday, 25 April 2023
Why companies need to accelerate data warehousing solution modernization
Unexpected situations like the COVID-19 pandemic and the ongoing macroeconomic atmosphere are wake-up calls for companies worldwide to exponentially accelerate digital transformation. During the pandemic, when lockdowns and social-distancing restrictions transformed business operations, it quickly became apparent that digital innovation was vital to the survival of any organization.
The dependence on remote internet access for business, personal, and educational use elevated the data demand and boosted global data consumption. Additionally, the increase in online transactions and web traffic generated mountains of data. Enter the modernization of data warehousing solutions.
Companies realized that their legacy or enterprise data warehousing solutions could not manage the huge workload. Innovative organizations sought modern solutions to manage larger data capacities and attain secure storage solutions, helping them meet consumer demands. One of these advances included the accelerated adoption of modernized data warehousing technologies. Business success and the ability to remain competitive depended on it.
Why data warehousing is critical to a company’s success
Data warehousing is the secure electronic information storage by a company or organization. It creates a trove of historical data that can be retrieved, analyzed, and reported to provide insight or predictive analysis into an organization’s performance and operations.
Data warehousing solutions drive business efficiency, build future analysis and predictions, enhance productivity, and improve business success. These solutions categorize and convert data into readable dashboards that anyone in a company can analyze. Data is reported from one central repository, enabling management to draw more meaningful business insights and make faster, better decisions.
By running reports on historical data, a data warehouse can clarify what systems and processes are working and what methods need improvement. Data warehouse is the base architecture for artificial intelligence and machine learning (AI/ML) solutions as well.
Benefits of new data warehousing technology
Everything is data, regardless of whether it’s structured, semi-structured, or unstructured. Most of the enterprise or legacy data warehousing will support only structured data through relational database management system (RDBMS) databases. Companies require additional resources and people to process enterprise data. It is nearly impossible to achieve business efficiency and agility with legacy tools that create inefficiency and elevate costs.
Managing, storing, and processing data is critical to business efficiency and success. Modern data warehousing technology can handle all data forms. Significant developments in big data, cloud computing, and advanced analytics created the demand for the modern data warehouse.
Today’s data warehouses are different from antiquated single-stack warehouses. Instead of focusing primarily on data processing, as legacy or enterprise data warehouses did, the modern version is designed to store tremendous amounts of data from multiple sources in various formats and produce analysis to drive business decisions.
Data warehousing solutions
A superior solution for companies is the integration of existing on-premises data warehousing with data lakehouse solutions using data fabric and data mesh technology. Doing so creates a modern data warehousing solution for the long term.
A data lakehouse contains an organization’s data in a unstructured, structured, semi-structured form, which can be stored indefinitely for immediate or future use. This data is used by data scientists and engineers who study data to gain business insights. Data lake or data lakehouse storage costs are less expensive than a enterprise data warehouse. Further, data lakes and data lakehouse are less time-consuming to manage, which reduces operational costs. IBM has a next-generation data lakehouse solution to achieve these business situations.
Data fabric is the next-generation data analytics platform that solves advanced data security challenges through decentralized ownership. Typically, organizations have multiple data sources from different business lines that must be integrated for analytics. A data fabric architecture effectively unites disparate data sources and links them through centrally managed data sharing and governance guidelines.
Many enterprises seek a flexible, hybrid, and multi-cloud solution based on cloud providers. The data mesh solution pushes down the structured query language (SQL) queries to the related RDBMS or data lakehouse by managing the data catalog, giving users virtualized tables and data. In data mesh principles, it never stores business data locally, which is an advantage for a business. A successful data mesh solution will reduce a company’s capital and operational expenses.
IBM Cloud Pak for Data is an excellent example of a data fabric and data mesh solution for analytics. Cloud technology has emerged as the preferred platform for artificial intelligence (AI) capabilities, intelligent edge services, and advanced wireless connectivity and etc. Many companies will leverage a hybrid, multi-cloud strategy to improve business performance and success and thrive in the business world.
Best practices for adopting data warehousing technology
Data warehouse modernization includes extending the infrastructure without compromising security. This allows companies to reap the advantages of new technologies, inducing speed and agility in data processes, meeting changing business requirements, and staying relevant in this age of big data. The growing variety and volume of current data make it essential for businesses to modernize their data warehouses to remain competitive in today’s market. Businesses need valuable insights and reports in real-time and enterprise or legacy data warehouses cannot keep pace with modern data demands.
Data warehouses are at an exciting point of evolution. With the global data warehousing market size estimated to grow at a compound grow over 250% in next 5 years, companies will rely on new data warehouse solutions and tools that make them easier to use than ever before.
Cutting-edge technology to keep up with constant changes
AI and other breakthrough technologies will propel organizations into the next decade. Data consumption and load will continue to grow and provoke companies to discover new ways to implement state-of-the-art data warehousing solutions. The prevalence of digital technologies and connected devices will help organizations remain afloat, an unimaginable feat 20 years ago.
Essential lessons arise from an organization’s efforts to optimize its enterprise or legacy data warehousing technology. One vital lesson is the importance of making specific changes to modernize technology, processes, and organizational operations to evolve. As the rate of change will only continue to increase, this knowledge—and the capability to accelerate modernization—will be critical going forward.
No matter where you are at data warehouse modernization today, IBM experts are here to help modernize the right approach to fit your needs. It’s time to get started with your data warehouse modernization journey.
Source: ibm.com
Tuesday, 24 May 2022
Three mega-trends shaping the data economy
Data Economy - A European Perspective
I recently had the pleasure of chatting with Vilmos Lorincz, Managing Director of Data and Digital Products for Lloyds Banking Group in the United Kingdom. Data is a fundamental currency in financial services, and so developing new approaches for banking protocols is critical to formulating progressive solutions for both clients and industry colleagues.
In response to a demand by the U.K. government for more transparency in financial services, the Open Banking Implementation Entity (OBIE) was set up in 2017 to deliver architectures that give customers more control of their data within a secure framework.
Lloyds Bank undertook a decisive transformation by moving their big data to the cloud and advancing data literacy for its employees, upgrading their capacity to provide benefit to clients. “We had to design the new agile operating model for more than a thousand colleagues,” said Vilmos, “helping them land in their newly defined roles, making the right technology investment choices, while engaging with more than 20,000 people.”
Vilmos emphasized that ethical behavior is absolutely critical to gaining and maintaining client trust, establishing a company’s brand as honest and responsible partners.
When asked about mega trends that are shaping the data-driven economy, Vilmos suggested three fundamentals.
1. Customer awareness: As citizens become more digitally sophisticated, they are keenly attuned to privacy and security issues. They rightfully want control of their data, expanding their ability to explore and select personal options.
2. Maturing corporations: The corporate world is advancing its ability to adopt new processes that keep pace with emergent technologies to add value to their business models and to benefit their customers.
3. Regulatory bodies: Regulators and governments are playing active roles in adjusting to new market realities, both protecting individual rights and positioning their nation to take full advantage of the opportunities of the rising data economy.
“Organizations are realizing that data is a mission-critical competitive factor and a must-have to meet and exceed customer expectations,” Vilmos explained. “They are becoming much better at deploying machine-learning and artificial-intelligence capabilities as an increasing part of their data estate.”
Vilmos advises business executives to prepare for a fast-evolving future by establishing frameworks that can accommodate the growth of the data economy and by planning how to deliver their products within the data-driven landscape.
Source: ibm.com
Tuesday, 10 May 2022
How Canada is growing its data economy
The data economy is booming. In 2021, IDC estimated the value of the data economy in the U.S. at USD 255 billion, and that of the European Union at USD 110 billion. In these and many other regions, growth in the data economy outpaces GDP. IBM has examined Canada’s particular potential for data leadership, with lessons for any other country hoping to compete in the data economy.
Will we get to CAD 1 trillion value of data in Canada before 2030? In mid-2019, Statistics Canada estimated that Canadian investment in “data, databases and data science” has grown over 400% since 2005. At an upper limit, the value of the stock of data, databases and data science in Canada was $217B in 2018, roughly equivalent to the stock of all other intellectual property products (software, research and development, mineral exploration) and equivalent to more than two-thirds the value of the country’s crude oil reserves.
As the world continues to rapidly change around us, ground-breaking opportunities are presenting themselves that will shift the fundamentals of how businesses, governments and citizens function. This shift will be supported by enormous amounts of data, regardless of the part of society in which these transformations take place.
What is the data economy?
The amount of data throughout the world has almost doubled in just two years, with growth expected to triple by the year 2025. With data’s unprecedented growth, important decisions will have to be made about how to use it; and these decisions will determine the commercial success or failure of the digital revolution.
The data economy is the social and economic value attained from data sharing. While data has no inherent value, its use does. When it is organized, categorized and transformed into information that can drive innovation, solve complex problems, create new products, or provide better services its value becomes apparent.
While data can solve critical challenges in our society, most of its value is inaccessible due to the siloed and fragmented nature of most data ecosystems. Governments cannot develop effective policies; business leaders are unable to fully tap their resources; and citizens are prevented from making informed decisions. Leveraging data to benefit society depends upon the amount of connections that we can form between contributors and consumers, among enterprises and governments. A prosperous data economy must be linked to intelligent governance, administered for the good of everyone.
Why does it matter?
1. Citizens can assume more control of their data, ensuring its appropriate use and security while benefiting from new products and services.
2. Businesses can customize their products to align with their clients and better manage regulations.
3. Governments can collaborate on national and international strategies to achieve optimum effectiveness on a global scale.
And what can it do for you?
The profound implications of well-managed global data exchanges illuminate the vision of a better world, opening the window to myriad possibilities:
◉ Fighting disease through shared research on diagnostics and therapeutics
◉ Identifying global threats and reacting to them quickly
◉ Deploying advanced applications to solve organizational issues, unlocking innovation
◉ Harnessing data to promote environmental health, prevent environmental degradation and protect at-risk ecosystems
◉ Coordinating data to benefit industrial sectors such as tourism or agriculture
Canada has the potential to create a world-leading data economy, positioning us to develop innovations that will allow us to compete globally. We have many advantages in our favour: a highly trained workforce strengthened by our skills-based immigration system; our government’s commitment to accountability, security and innovation; and our unique history, geography and public policies.Our success will depend upon a collective effort to promote engagement and facilitate the transition to a data-driven economy. Together with its financial investment, Canada must focus on cultivating data literacy among its citizens, as businesses increasingly embrace digitized platforms.
Fast-tracked by COVID-19, investment in data science has accelerated, alongside the proliferation of emerging technologies. By leveraging the opportunities in the rising data economy, Canada can unlock a trillion-dollar benefit within the next decade.
Source: ibm.com
Thursday, 18 November 2021
From research to contracts, AI is changing the legal services industry
There are many reasons a person chooses to become a lawyer or work in the legal industry, but hours of paperwork every week isn’t one of them. Often legal professionals spend a lot of time trying to find and properly classify information in their complex and siloed filing systems.
To complete the many tasks they are responsible for, paralegals, attorneys, and compliance and contract specialists need the ability to quickly identify relevant information in an overabundance of big data.
That’s where AI comes in. Natural language processing (NLP) is an AI technique that can help legal professionals quickly surface insights across millions of unstructured data sources, like printed books, legal websites, commercial databases and historical case files. By augmenting manual processes with AI, paralegals and attorneys can focus on more rewarding, higher-level tasks like working with clients.
Let’s explore a few of the major responsibilities of legal professionals and the top AI use cases in the legal field.
Legal research and drafting
While making legal decisions, attorneys and their teams spend time sorting through documents and running database searches to locate and review relevant statutes, laws and precedents. Not only is this a time-consuming and detail-oriented process, but if the correct keywords aren’t used, important resources may not even surface. Legal teams can use AI search tools like NLP to pull up information quickly, identify emerging trends and reveal hidden connections that help perform billable work faster.
Paralegals and attorneys can also use AI to help ensure all relevant facts, laws and statutes are included in legal documentation and follow the tedious standard formatting rules. AI solution provider LegalMation created a domain-specific model focused on legal terminology and concepts. The LegalMation platform helps legal teams craft early-phase response documentation in under two minutes.
Contract lifecycle management
Legal organizations create, update and store a large volume of contracts throughout their entire lifecycle. From initial drafting and negotiations to compliance management, maintaining these hundreds and sometimes millions of contracts — often stored across multiple repositories — represents a huge investment.
To ease the workload of contract review, legal professionals can use AI to help quickly identify and surface contracts in need of renewal before they expire. Teams can also use AI to help minimize the negotiation time frame by suggesting standard updates and renewal opportunities during protracted negotiations.
Legal technology firm ContractPodAi offers an end-to-end contract management solution that can analyze inventories of over 400,000 contracts. Designed to help counsel easily and cost-effectively manage any contract throughout its lifecycle, ContractPodAi clients report over 50% reductions in contract renewal time.
Client service
Law firms are experimenting with digital subscription services, which provide fast, affordable online legal services that can help reduce operational costs and empower teams to serve additional smaller clients without sacrificing quality. Teams can use AI-assisted customer service to offer clients a faster way to get common questions answered automatically. For example, teams can deploy AI-powered chatbots equipped with search capabilities that can surface relevant data, present it to customers and perform other tedious tasks, enabling legal teams to focus on higher-level work.
Affordable legal services provider QNC GmbH built its “digital law firm” subscription service Prime Legal to provide fast, affordable, flat-rate online legal services to small businesses in Germany. Lawyers can now match client questions against the Prime Legal database of 180,000 previously answered questions and typically respond to client inquiries in less than an hour.
Source: ibm.com
Thursday, 29 July 2021
Top 3 Data Job Roles Explained : A Career Guide
Data is the world`s most valuable resource!
Data is not recent, but it is growing at an incredible rate. The increasing interactions between data, algorithms, and analytics of big data, connected data and individuals are opening enormous new prospects. Enterprises and even economies have now started developing products and services based on data-driven analogies. The ability to provide an agile environment to serve the data workload is critical with data powering so many innovative approaches, whether it be artificial intelligence, machine learning or deep learning. Data undoubtedly offers them the chance to enhance or redesign almost every part of their business model.
Engineers, researchers, and marketers of today could be the data scientists of tomorrow
According to data gathered by LinkedIn, Coursera and the World Economic Forum in the Future of Jobs Report 2020, it’s estimated that, by 2025, 85 million jobs may be displaced by a shift in the division of labor between humans and machines. Roles growing in demand include data analysts and scientists, AI and machine learning specialists, robotics engineers, software and application developers, and digital transformation specialists.
Top cross-cutting, specialized skills of the future








