A 2020 fraud survey estimated that the total cost of company fraud in the US to be about $7 billion in a year. Many fraudsters use the internet as their primary mode of trade. Therefore, business owners should invest in better cybersecurity systems and programs to protect their companies from cybercrime.

Business fraud is a major threat

Fraudsters aim to find weak links and vulnerabilities in your business systems from where they can stage their attack. To strengthen your business from fraud, you need to know the methods that fraudsters use, which part of your security system to strengthen, and which tools to use to fend off scammers.

Monitor Fraudulent Activities

Scammers persuade businesses to give them sensitive information or make payments. Then they get access to unauthorised business email accounts, monitor the company's activities and impersonate the stakeholders. Scammers get hold of information through social engineering, phishing, social media stalking, account spoofing, malware attacks, billing systems, or online message traffic.

Business Email Compromise

Cybercriminals steal business information from companies' databases, for example, financial information, personal information, secret project blueprints, other classified information. Then they use this information to ask for ransom or sell it to competitors. Data fraud can also occur when malware attacks lock companies out of their own systems and are held at ransom.

Data fraud

Sometimes, employees steal cash or valuable data or use company assets for their benefit. This is considered the misappropriation of company assets.

Asset misappropriation and insider fraud

<ol><li>Establish a dual control security system for online banking. Also ensure you have at least two employees involved in every business transaction.</li><li>Enhance password securities.</li><li>Use multi-factor authentication.</li><li>Install proper firewall and security software to protect your emails and websites.</li><li>Monitor and evaluate your business activities. Review your accounts daily, set transaction limits, email alerts, and monitor employee logins.</li><li>Employee training on security awareness.</li><li>Invest in a comprehensive fraud risk management policy.</li><li>Ensure safe discarding of business documents.</li><li>Verify payment requests.</li></ol>

Protect your business from fraud

Business fraud is now a major threat to companies. In this post we describe best practices to protect your business from fraud.

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Technology & The Future

business

Business

cybersecurity

Cybersecurity

Best Practices to Protect Your Business from Fraud – Business

Each of us contemplates the long-term future of our species at some point. Will we survive self-destruction? Will we migrate to the stars? Both as individuals and as a society, we typically call on imagination to ponder the big questions. Whether we choose to look 10 or 1,000 years into the future, we often seek the help of the science fiction artists, writers, filmmakers, and TV producers who can help us understand our place within the universe.

Visions of tomorrow inform the present and can inspire progress both socially and technologically. Astronauts like Mae Jemison and aerospace engineers like Bobak Ferdowsi and Elon Musk all speak of science fiction as a guiding influence for their careers. More significantly, science fiction can inspire everyday people to engage in visionary, long-term thinking.

If we are invested in a better future, we will be motivated to adapt and solve the problems we face now. Whether the future is portrayed as bright or dim, science fiction can coax us to think creatively by letting us leapfrog to the distant future where we may glimpse what radical change could look like.

A Different Perspective

These stories often imply that we will survive as a species and overcome our challenges; but there are also many counter narratives warning that even though we may progress as a society, dangers abound. Cautionary tales like The Terminator, Mad Max, or Alien can therefore be as illuminating as more optimistic stories such as Interstellar, E.T., Contact, or Close Encounters of the Third Kind.

A multi-generational perspective that is scaled to encompass interplanetary habitation enlarges our understanding of our context within the universe and discourages shortsighted actions. These kinds of broader views prioritize aspirations like peaceful coexistence and conservation.

The ability to transport people into the distant future also has inspirational value: Even though we currently lack the technical or social capacity to reach our goals, the vision of an eventual breakthrough breeds optimism and builds resolve. In an age of scientific reasoning and logic, people still seek hope and connection.

Connection and Hope

By providing imaginative ways to participate in events beyond our lifetimes, visions of the future can serve as beacons of faith and moral bearings for how we live today. Portrayals of a better tomorrow can also inspire actions that contribute to something greater than ourselves; when we emotionally invest in mythic ideas about the future, we feel empowered to actualize them. That sense of empowerment fuels purpose and fosters global communion with the rest of humanity. By taking a visionary stance, we can help equip our descendants for success.

Anything that helps people conceptualize the future, think beyond the present, and relate to characters with diverse identities is positive. Many classic space adventures aren’t centered around specific references to science, but they still provide imaginative glimpses of possibilities beyond today’s scientific reach. Sagas like Dune, Star Wars, and The Fifth Element portray a vast universe full of diverse worlds and extraterrestrial beings, and therefore offer powerful perspectives on humanity’s evolutionary course.

Moving forward, science fiction should be elevated to an academic level and recognized as more than a hobby or a fantastical escape. Where pure science can be difficult for some people to process, creative projections can make scientific theories more accessible to the general public, especially when communicated visually. In addition to inspiring scientists, engineers, and astronauts—as well as supporting STEM education—science fiction has the capacity to fuel the creative impulses of all kinds of people, including architects, designers, and politicians.

A Tool for Education

Carrying the torch for these visions of progress and sharing them with others can provide a sense of purpose in itself. I may not colonize another planet or develop technology that contributes to the goal, but by helping to cultivate the dream, I increase the possibility that others will find a way to get there eventually. And by this, I don’t just mean technological progress, but a more comprehensive transformation across society, including the abilities to improve environmentally, socially, and politically.

#####Everyone should seek out futuristic narratives in film, TV, and literature, and share them with the folks in their lives—especially young people. In this way, we can collectively shape ideals and concepts for a better tomorrow.

It is imperative for humankind to become increasingly self-aware and strategic on the larger scale of time and space; science fiction may be our most powerful tool for influencing popular thinking in this direction. Diverse visionaries in this field are greatly needed to produce intersectional concepts that push humanity toward a more promising trajectory. Whether we ultimately save ourselves and achieve cosmic migration or not, we can still have fun watching science fiction and participating in the dream of tomorrow, today.#####

Science fiction can inspire everyday people to engage in visionary, long-term thinking.

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Personal Development

sciencefiction

Science Fiction

movies

Movies & Shows

communication

Communication

If you want to change reality, consume more science fiction

Ralph Nelson Elliott developed Elliott Wave Theory in the 1930s to describe the market’s behavior. Elliott realized the financial markets moved in repeatable and recognizable patterns that can help forecast key turning points and the next trend. 
The basis of the complete Elliott Waves cycle is five waves in the direction of the trend, followed by a three-wave countertrend move.

Spotting Crypto Trends

Crypto traders can use the Elliott Wave principle to determine if a rally is part of a corrective phase or a continuation of the old trend. 
Depending on the market’s location within the eight-wave cycle, crypto traders can estimate the potential pivot points for the end of the second and fourth waves, helping them time their entries.

Eight Wave Cycle

Elliott Wave Theory is used in technical analysis by traders who look for recurring patterns based on market sentiment. They use these patterns to analyze market cycles and forecast future trends.
Elliott Wave Theory combines studying the patterns on a price chart with identifying extremes in investor psychology. When the analysis is performed correctly, the primary value of this theory is that it provides a detailed description of how the market behaves. As a result, traders and analysts can make predictions about future price action and investor behavior.

Defining The Elliott Wave Theory

Elliott went on to describe how these patterns link together to form larger versions of themselves. Essentially, these patterns form the same pattern of the next larger size, producing a structured progression. However, we need to specify which level of the trend we’re referring to when describing the market’s behaviour. These levels of the trend are called wave degrees.

The Basic Elliott Wave Pattern

These Elliott Wave price cycles appear in all large financial markets with price histories and are present in crypto markets, too.The emotional and psychological back-and-forth that we witness in cryptocurrency trading makes it a great candidate for Elliott Wave analysis. A trader can spot developing trends for Bitcoin, Ethereum, and other cryptocurrencies with a basic knowledge of Elliott Wave and its patterns.

Elliott Wave Price Cycle

The two main phases of the crypto markets are motive and corrective. With a little training, these phases can be relatively easy to spot on a chart.Any strong directional moves are likely to be motive waves, as their goal is to make progress. Also, motive waves are thought of as having five subwaves inside of them. There are only two patterns that you will find in the motive phase: the impulse wave and diagonal wave.The impulse wave is the more commonly spotted pattern. Additionally, within an impulse, Waves 2 and 4 are the corrective waves, having completely different patterns.

The Impulse And Diagonal Wave

There are three basic corrective patterns: zigzag, flat, and triangle. The goal of the corrective patterns is to consolidate the previous trend. Some common features you will find during the corrective phase include:<ul><li>A corrective wave is called “threes,” as they contain three subwaves.</li><li>A corrective wave is a partial retracement of the previous motive wave.</li></ul>

The Three Corrective Patterns

One of the fantastic elements of Elliott Wave Theory is that the various waves often display a harmonious geometry. With Elliott’s discovery of the market’s behaviour, there are a few rules and guidelines the market tends to follow. Some of those guidelines centre around the depth of the corrective waves within an impulse.The two main corrective waves are the second and fourth waves of an impulse. The depth of the correction is different for each of these waves, so it is important to understand this distinction.

Harmony In Geometry

When viewing the complete eight-wave cycle in its entirety, there are certain portions of the cycle where trades yield a greater reward relative to the risk. These are the waves that traders will want to focus on to initiate trading opportunities.Depending on the wave degree, traders can anticipate the end of Wave 5 and the start of Wave A in a correction. For short-term day traders, Wave A won’t be large enough to make it worthwhile. However, Wave A could have a handsome reward if you’re viewing a weekly chart or larger.

Best Entries and Exits Based on the Waves

Elliott Wave analysis and Fibonacci tools work very well together. 
The Elliott Wave cycle of eight waves, plus their corresponding five subwaves, are numbers of the Fibonacci number sequence (0, 1, 1, 2, 3, 5, 8, 13, 21, 34 …). Therefore, it is mathematically intuitive that Fibonacci tools are useful in developing an Elliott Wave count and prediction.

Elliott Wave and Fibonacci Retracement Levels

Beginning Elliott Wave traders often become frustrated since it can feel subjective as to where the wave labels are placed on the chart. The Elliott Wave Oscillator (EWO) was created to help newer traders determine which wave the market may be in.The EWO generally appears at the bottom of your chart. The highest and lowest values of the oscillator might indicate Wave 3. If the oscillator pulls back to the zero line, then it’s considered Wave 4. Lastly, if the market’s price makes a new extreme but the oscillator does not, that may indicate a fifth and final wave of the sequence.

The Elliott Wave Oscillator

Elliott Wave analysts who have learned the intricacies of Elliott Wave Theory would suggest it does a good job of describing the context of the market’s behaviour. 
However, traders new to Elliott Wave Theory may pass it off as subjective and not useful. Traders interested in learning and implementing Elliott Wave Theory can research its history and application in numerous articles. Different analytical tools work for a variety of traders.

Elliott Wave Reliability

Elliott Wave Theory is a technical analysis to look for recurring patterns based on market sentiment to forecast future trends.

crypto

Cryptocurrency

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Money & Investments

How to Use Elliott Wave Theory to Spot Crypto Trend - Bybit Learn

In the modern cybersecurity landscape, every employee is a potential threat vector. To keep their organizations safe, technical and business leaders alike must understand the factors that can make anyone susceptible to flouting policy and opening the door to attackers.
While the idea of a resentful employee purposefully trying to harm their company may make for a compelling story, research points to the major role of employee stress in motivating non-malicious (yet potentially catastrophic) security breaches.

Digital Attacks On Organizations

A recent study suggests that the vast majority of intentional policy breaches stem not from some malicious desire to cause harm, but rather, from the perception that following the rules would impede employees’ ability to get their work done effectively.
Employees are more likely to violate policy on days when they are more stressed out, suggesting that high-stress levels can reduce people’s tolerance for following rules that seem to get in the way of doing their jobs.

The Startling Findings

Common sources of stress include family demands that conflicted with work, job security fears, and ironically, the demands of the cybersecurity policies themselves.
People are more likely to violate procedures when they worry that following them would hinder productivity, require extra time or energy, mean doing their jobs in a different way, or make them feel like they were constantly being monitored.

The Leading Cause: Stress

There are a lot of well-intentioned reasons that an employee might knowingly fail to fully follow the rules.
Rather than focusing on malicious attacks, security policies should acknowledge the fact that many employee-driven breaches stem from an attempt to balance security and productivity. This means educating employees and managers on the prevalence of non-malicious violations and providing clear guidance on what to do if adherence to security practices seems to conflict with getting work done.

Malice And Ignorance Can Mix

As the myriad stresses of the pandemic make it harder to maintain productivity, that means that security tends to take a backseat to the critical tasks that drive performance reviews, promotions, and bonuses.
To address this, managers must recognize that job design and cybersecurity are fundamentally intertwined. The reality is that compliance with cybersecurity policies can add to employees’ workloads, and so it should be considered and incentivized alongside other performance metrics when workloads are determined.

Job Design and Cybersecurity Are Intertwined

in a study, around 18% of policy violations were motivated by a desire to help a coworker. The pandemic has only increased the challenges we all face every day, and thus has created even more opportunities for well-meaning employees to “help” their peers in ways that leave their organizations vulnerable. 
Hackers know this, and they will often intentionally use social engineering tactics that take advantage of employees’ willingness to bend the rules if they think they’re helping someone out.

Hackers Take Advantage of Altruism (Helping Coworkers)

Stress can reduce people’s tolerance for rules that seem to get in the way of doing their jobs.

mentalhealth

Mental Health

Research: Why Employees Violate Cybersecurity Policies

The term “marketing” appeared in the 1900s to describe activities and institutions taking place in markets, and early marketing textbooks were largely descriptive of these activities and institutions.
Marketing Management, which was published in 1967, was the first text to use an analytical approach to marketing and include findings of scholarly studies.

The History Of Marketing

One of the key underlying ideas advanced in the very first edition of the book was that company actions must be driven by customers and their needs. This core principle of customer-centricity has remained the central idea across all editions of the book. 
The rise of big data, social media, and sophisticated e-commerce has not changed the fact that a key purpose of any company is to create value for its customers.

Driven By Customer Needs

Marketing is all about understanding, designing, communicating, and delivering value. This is the foundation of marketing strategy and has not changed with time. What has changed are the tools that companies use to create value. 
Data analytics, automation, and artificial intelligence are very powerful tools in managing value, but they are just tools. Without a sound strategy guiding their use, they can become a distraction from a company’s core mission.

Delivering Value

One important change that affects the business philosophy of many companies is redefining their ultimate purpose. As a result, an increasing number of companies include the creation of societal value in their mission statements.
This is an important development that is likely to have long-term consequences on the way these companies act in the marketplace and the way they structure their business processes.

The New Focus: Societal Value

In the old days, a brand simply told you what the product is and does and how it’s priced. But today, a brand is the company’s promise to deliver a specific benefit that addresses a particular need of its customers.
Moreover, the promise of many brands extends beyond functionality and reflects certain aspects of customers’ identity.

The New Approach

As more and more products are becoming commoditized, customers are looking beyond functionality for something that is meaningful. It is no longer just about the product. 
It is also about who the company behind this product is and what this company stands for. As companies understand this, they realize that to be successful in the market, they might have to reinvent their culture and realign it with the values held by their customers.

Countering Commoditization

Having a purpose also helps companies attract and retain employees. If you stand for something, you have a better chance of getting and keeping the right people, which ultimately will enhance profitability. 
This also extends to a company’s partners. For example, companies like Whole Foods prioritize suppliers that employ environmentally friendly and socially responsible business practices.

Having A Purpose

The ultimate goal is to create value, what has changed is the proliferation of information. In the past, advertising was the main tool to inform customers about products. Now, customers can get detailed product information from a variety of sources, both from the company as well as from other customers. 
And the same goes for companies. The proliferation of social media and the advancement in data analytics enables companies to know in real-time not only what customers are doing but also how they are feeling about their brands.

Same Goal, New Approach

It’s important to realize that today’s consumers are different. They are connected with so many people from so many other parts of the world and can find information with a simple click, without needing a salesman or an ad. 
Anyone who’s going to buy a car will probably end up seeing a salesman in the dealership, but most will have done a lot of their own work to know about their options. We have to recognize the existence of such an intelligent, well-informed consumer, which means companies have to make big changes to their traditional marketing tools.

An Intelligent Customer

People tend to go shopping in brick-and-mortar stores for different reasons. 
<ul>
<li>Some go for purely utilitarian reasons. They appreciate the fact that they can see what the product looks and feels like in reality and will eventually be able to buy it instantly and take it home. </li>
<li>Others go for more hedonic reasons; for them, it is more about the shopping experience. They don’t go to brick-and-mortar stores to save time but to spend time. </li>
<li>For many, it is also a chance to socialize with friends and family.</li>
</ul>

Going To The Store

In the past, marketing was not part of the development of the product. It was only called in after the product was made. Then it was the marketers’ job to sell as much as they could. 
But now marketing participates in product development. Marketers can offer design ideas and features. Engineers are the masters of the possible, but it is marketers who can best assess value because they are better at understanding the customers’ criteria for buying a product.

Customer-Centric Job Roles

As technological developments enable companies to track the impact of their activities, managers are expected to be able to document the return on the company’s marketing investment. This has its advantages and drawbacks. 
<ul>
<li>On the positive side, it enables the company to better allocate its marketing resources to areas where they will have the highest impact. </li>
<li>On the downside, however, this might focus the company’s marketing efforts on activities that produce short-term effects, to the detriment of activities such as brand building that have a long-term payout.</li>
</ul>

Transparency And Accountability

Phil Kotler’s groundbreaking textbook came out 55 years ago. Sixteen editions later, he and coauthor Alexander Chernev discuss how big data, social media, and purpose-driven branding are moving the field forward.

Discover the world of business and economics.

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Economics

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Marketing & Sales

How Has Marketing Changed over the Past Half-Century?

A scanned object, or building in some cases is not a digital twin, it’s a digital representation and static. It serves a purpose by populating the space and depending on the level of the scan will only be the exterior facing, or it will include the interior structure allowing you to fully traverse through it.

IOT & Metaverse

Pulling a digital twin into the metaverse not only allows you to recreate it in full with live data, you can place it into the rest of the rendered world where live data also is fed — meaning it will operate or behave exactly how it would in the real world. Want to model how a car’s characteristics would behave with the same conditions that are taking place right now (weather, population, other vehicles on the road) then you can in the metaverse.

Digital Twin & Metaverse

“The metaverse is this digital world that lives alongside our physical one and allows us to live, work and play alongside each other. And digital twins are the foundations that the metaverse will be built on.”

What is Metaverse?

Some time ago I wrote a piece on Forbes about the Internet of Things together with Artificial Intelligence and how they would be inseparable. It’s maybe time to revisit that in the scope of the…

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Artificial Intelligence

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Science & Nature

Digital Twins, IOT and the Metaverse

Research by the McKinsey Global Institute has looked at the kind of jobs that will be lost, as well as those that will be created, as automation, AI, and robotics take hold. And it has inferred the type of high-level skills that will become increasingly important as a result.The need for manual and physical skills, as well as basic cognitive ones, will decline, but demand for technological, social and emotional, and higher cognitive skills will grow.

The Jobs Of The Future

In a labor market that is more automated, digital, and dynamic, all citizens will benefit from having a set of foundational skills that help them fulfill the following three criteria, no matter the sector in which they work or their occupation:<ul><li>add value beyond what can be done by automated systems and intelligent machines</li><li>operate in a digital environment</li><li>continually adapt to new ways of working and new occupations</li></ul>

Defining Foundational Skills for Citizens

Looking at the extensive research, the research team identified 56 distinct elements of talent (DELTAs) that fall within these skills groups. They are called DELTAs, rather than skills, because they are a mix of skills and attitudes. “Adaptability” and “coping with uncertainty” are attitudes, for example.

56 DELTAs(Distinct Elements Of Talent)

Eighteen thousand people from 15 countries completed the online questionnaire and were given a score on a scale of 0 to 100 for each DELTA.The results showed respondents’ proficiency was lowest in two skill groups in the digital category—software use and development and understanding digital systems. Proficiency in the skill groups for communication and planning and ways of working—both in the cognitive category—was also lower than average.

Evaluating proficiency levels for DELTAs

Overall, survey participants with a university degree had higher average DELTA proficiency scores than those without, suggesting—perhaps not surprisingly—that participants with higher levels of education are better prepared for changes in the workplace. However, a higher level of education is not associated with higher proficiency in all DELTAs. The association holds true for many DELTAs

The Role Of Education

Holding all variables constant—including demographic variables and proficiency in all other elements - research showed employment was most strongly associated with proficiency in several DELTAs within the self-leadership category, namely “adaptability,” “coping with uncertainty,” “synthesizing messages,” and “achievement orientation.

The Intangible Soft Skills

Digital proficiency seems to be particularly associated with higher incomes: a respondent with higher digital proficiency across all digital DELTAs was 41 percent more likely to earn a top-quintile income than respondents with lower digital proficiency.
The equivalent comparison was 30 percent for cognitive DELTAs, 24 percent for self-leadership DELTAs, and 14 percent for interpersonal DELTAs.

Being Digitally Proficient

Job satisfaction is also associated with certain DELTAs, especially those in the self-leadership category. Holding all variables, including income, constant, “self-motivation and wellness,” “coping with uncertainty,” and “self-confidence,” had the highest impact on respondents’ job satisfaction

Job Satisfaction

The research findings help define the particular skills citizens are likely to require in the future world of work and suggest how proficiency in them can influence work-related outcomes, namely employment, income, and job satisfaction.

Shaping Education And Adult Learning

Research suggests governments could consider reviewing and updating curricula to focus more strongly on the DELTAs. Given the weak correlation between proficiency in self-leadership and interpersonal DELTAs and higher levels of education, a strong curricula focus on these soft skills may be appropriate.
Governments could consider setting up institutions for research and innovation in education to fund the research, facilitate researchers’ access to schools to test innovative solutions, and establish which methods work for which DELTAs.

Steps The Government Can Take: Reform Education Systems

The majority of respondents we surveyed—like the majority of people in society at large—were no longer in national education systems. Raising proficiency in the DELTAs would therefore require continuous adult training. The fact that proficiency in digital DELTAs—shown to improve the chances of achieving higher incomes—was lower among older survey respondents who had left the national educational system illustrates this point.

Steps The Government Can Take: Reform Adult-Training Systems

AI algorithms could guide users on whether they need to upskill or reskill for a new profession and shortlist relevant training programs. To develop accurate algorithms, governments would need to collect and organize data on market demand for jobs and skills, as well as data on training programs. Programs listed should include those that teach DELTAs correlated to work-related outcomes. Self-leadership DELTAs could be particularly important given their link to employment.

Encouraging Relevant Adult Learning: Establish an AI Aggregator of Training Programs

Occupation-based qualifications risk becoming outdated rapidly as occupations requiring new skills emerge. Hence, skills-based accreditation may better suit employers’ needs. Providers could develop programs that cover the practical skills and DELTAs required to perform a certain occupation, but add new components or remove old ones as those occupations evolved. Several AI start-ups have developed algorithms capable of identifying and updating the skill sets required for different occupations. Governments could adapt these to enable a dynamic, skill-based certification system.

Encouraging Relevant Adult Learning: Skill-Based Certification System

Some governments award lifelong learning grants to their citizens, who can enrol in training programs within a national aggregator. To help equip citizens for the future world of work, governments could funnel funds toward programs that include the DELTAs associated with employment. For example, trainees could be offered spending vouchers for particular programs only, while funding to program providers could be conditional upon employment outcomes or the provision of training modules that include certain DELTAs.

Encouraging Relevant Adult Learning: Fund Schemes That Encourage a Higher Focus on DELTAs

Most children around the world have access to primary and secondary schooling, but not all of it is of high quality, and early education for the very young—the best age at which to develop certain mindsets and attitudes—is unaffordable for most people in most countries. Today’s technological revolution should drive further expansion to ensure universal, high-quality, affordable access to education from early childhood to retirement and to ensure that curricula include the DELTAs that will future-proof citizens’ skills in the world of work.

Ensure Affordability of Lifelong Education

career

Career

education

Learning & Education

Defining the skills citizens will need in the future world of work

We also see some negative, often unintended consequences of these technologies. They go from the rise of fake news and algorithms that favour the incendiary and divisive over the factual, to major privacy breaches and AI models that discriminate against minority groups or even cost human lives.
AI is a powerful tool, and it’s never been more important for C-suite executives to understand both how to leverage it for growth and innovation, and how to do so responsibly and ethically.

How To Responsibly Adopt Artificial Intelligence

Leaders need an understanding of the long-term impact – both positive and negative – of the algorithms they build and deploy.
It’s by no means a charted path; success is as much about asking the right questions, keeping an open mind and being aware of the key issues at stake, as it is about finding the “right” answers.

The Long Term Impact Of A.I.

The World Economic Forum, with supporting research from INSEAD’s Hoffmann Global Institute for Business and Society, has created a guide for C-suite executives who are committed to adopting AI technologies effectively and responsibly. 
This guide takes the form of questions that executives should be asking themselves as they build their AI capabilities. It also offers some possible answers to these complex issues.

The Standard Guidelines

It’s tempting for executives to believe that AI will magically deliver new revenue streams or efficiency gains, but the truth is that AI initiatives ought to undergo the same rigorous business planning as any other project.An AI initiative should, first and foremost, align with the organisation’s key strategic goals and directly contribute to moving the KPIs that buttress this strategy.

Building An Effective A.I. Capability

The first rule of machine learning: Start without machine learning.Executives must “know the why” for AI initiatives. An iterative development that starts with simple, explainable models is recommended. Investments in more complex solutions that may deliver marginal accuracy gains but are much harder to interpret or deploy at scale should be avoided.The best rules of thumb to mine business value from AI are: “Don’t get caught in the hype” and “Start simple and test value.”

A Few Thumb Rules

It is helpful for executives to possess a broad understanding of the key stages of an AI initiative and the technical risks at each of these stages. For instance, executives broadly underestimate the amount of data cleansing and preparation that are required for building viable algorithms. Data scientists, on the other hand, are likely to focus on building the most accurate model possible using the latest techniques, without understanding the business context and many trade-offs.

Understanding The Key Stages

The most successful AI initiatives are close collaborations between data talent, business stakeholders and sponsors, engineers as well as end users who are available to test the solution and send feedback. 
Building the right team and upskilling the organisation to enable this kind of collaboration is essential for success.

KPIs Of Leaders For A.I.

Running an effective AI capability, however, is more than simply leveraging these technologies to realise EBIT and market share gains. Now more than ever, executives must have a keen understanding of the new business risks involved in developing algorithms. 
They must ensure that their organisations are pro-actively mitigating them and that they comply with upcoming regulations.

The Risks Of A.I.

AI also raises questions of accountability. Who is responsible:<ul><li>When a driverless car crashes?</li><li>In a lawsuit claiming unfair hiring informed by AI algorithms?</li><li>When the wrong medical treatment is prescribed because an AI diagnostic system contained errors?</li><li>For a large financial loss incurred by an algorithmic trading platform?</li></ul>

A.I. Accountability

The organisations that mitigate these risks best are those that build on their own ethical standards and gateways throughout the AI lifecycle, from how they collect and prepare data, to how they build, test and deploy models. 
Those that adopt new data and AI risk management practices, processes and tools to both comply with upcoming regulations and to ensure customer trust.

Building Ethical Standards

A new toolkit for C-suite execs on how to responsibly adopt artificial intelligence.

softwareengineering

Software Engineering

AI: A World of New Opportunity and Risk

For business owners and leaders tasked with driving digital strategy, it is their perception of risk that is more impactful on success than anything else. Deciding to incorporate digital tools or infrastructure can be daunting because of the unknown it represents, but shying away from the process can be a far riskier path. 
By understanding the psychological barriers behind digital decision-making, industry stakeholders can and should encourage technology adoption in small and medium-sized businesses — in doing so, they will strengthen the backbone of the global economy.

The Psychological Barriers

Given the near-constant state of flux, it would be fair to assume that they might be more willing to embrace new processes or tools to get themselves back on track, adapt and thrive in an expanding digital economy.Instead, many still opt to maintain the status quo. A great number of businesses still grapple with the “hassle factor” — a key behavioural barrier that sees them struggle to convince themselves that investment is worth the effort or potential risk, particularly if they don’t boast unlimited budgets.

Understanding Resistance to Change: The Hassle Factor

Along with death and taxes, change is one of life’s constants. And just like those other two examples, it is something many humans fear. 
Theoretical models suggest this is due to the absence of control and a lack of understanding of what lies ahead. It’s simple, really. We are afraid of the unknown, which can cause us to make bad choices.

Why Leaders Resist Change

This uncertainty is common in the business world. Whether it’s a new tool, a new colleague, or shifts in the wider market, it’s natural to feel trepidation about the upcoming impact. 
It therefore stands to reason that no matter how much change someone has experienced, an unknown outcome is often the biggest barrier to action.

Uncertainty: The Main Barrier

Overcoming resistance starts with understanding the psychological barriers at play.

Convincing Your Company Leaders to Invest in New Technology

Find 100+ Facts about Technology - Curated by others from trusted sources like Books, Podcasts & Articles - Genuine Insights from like-minded Users like You!

Best Practices to Protect Your Business from Fraud – Business

If you want to change reality, consume more science fiction

How to Use Elliott Wave Theory to Spot Crypto Trend - Bybit Learn

Research: Why Employees Violate Cybersecurity Policies

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How to Use Elliott Wave Theory to Spot Crypto Trend - Bybit Learn

Research: Why Employees Violate Cybersecurity Policies

How Has Marketing Changed over the Past Half-Century?

Digital Twins, IOT and the Metaverse

Defining the skills citizens will need in the future world of work

AI: A World of New Opportunity and Risk

Convincing Your Company Leaders to Invest in New Technology

Deep Learnin

It's time to Read like a Pro.

It's time to
Read like a Pro.