5 Ways Technology Will Change Banking in 2019

Technology will continue to disrupt industries in 2019; the banking sector being one of them. Once the domain of financial technology (fintech) startups, innovative traits and practices disrupting the financial sector are now being widely adopted in the banking sector. Here are the 5 ways in which technology will change banking in 2019.


Banking of 2019Competition in the financial sector is fierce currently. To keep pace with their competitors, more and more banks are now investing handsome amounts into technology that will digitize every aspect of their business. The traditional banking landscape is changing rapidly and is expected to transform completely in the next five years.

An increasing number of remote applications that make branchless banking a reality, and advanced biometrics and cryptography that increase protection against bank scams are some of the many technological developments that we can expect to see in the banking sector in 2019 and beyond. However, the impact of technology in banking is not limited to these. There are many more ways technology will take banking into the future. Following are some of them:

1.     Online Banking with Continue to Replace Branch Banking

Thousands of brick-and-mortar bank branches closed during the current decade as more and more banks looked to shift their customer operations online. This clearly indicates that customers are no longer interested in bank branching like they did in the past. This trend will only grow in 2019 and beyond.

There are several reasons people are opting for online banking over traditional branch banking. These include, but are not limited to, a better customer experience, a faster banking experience, and lower costs. While bank branches won’t go away completely—at least not anytime soon—they will start to lose their appeal. More and more banks will start offering their services online. Ultimately, branch banking may become something to be found only in history books.

2.     Banking Customers Will Have Greater Control Over Their Data

Today, a lot of data gets shared without consumers’ knowledge — the Facebook-Cambridge Analytica fiasco being a perfect example of this. The good news is that this practice will be curbed from this year onwards.

According to one estimate, majority of consumer banking accounts will have controls in 2019 that allow consumers to hand-pick who can access their data and how. This is expected to happen by fall this year as application programming interfaces with the above controls are implemented by the large banks. However, this capability will not be limited to just the large banks. Smaller banks are also expected to find a way to give their consumers control over who can access their data and how.

3.     Mobile Payments Will Continue to Grow Globally

Processing more than a billion dollars per day, the global mobile banking and payments industry is enormous. Regions that have witnessed widespread adoption of mobile payments are sub-Saharan Africa and Latin America. This increased adoption is a response to financial exclusion caused by lack of financial services such as banks in these regions.

Financial exclusion is mostly prevalent in poor or economically unstable regions or regions where traditional financial services do not see any value in setting up their businesses. Barriers to entry for brick-and-mortar financial institutions do not help either. However, on the other side on the coin, this is resulting in increased development and widespread use of mobile banking services as primary financial management resource.

Many people in economically disadvantaged regions fail to qualify for a bank account as they are unable to provide the funds and proof of identification required by traditional/brick-and-mortar banks. Another barrier is the distance that needs to travelled in order to access these banks; a challenge for people in remote locations such as rural areas. With mobile banking services, these people have a convenient way of meeting their financial needs and obligations.

Compared to traditional banks, mobile banking services are far more accessible. This accessibility is increasing with the adoption of smartphones. Without having to open a traditional bank account, anyone with a smartphone and internet access can become a part of the mobile banking system. In 2019, mobile banking is expected to grow at a rapid pace, especially in areas that are currently dependent on technology. Additionally, we are likely to see blockchain become an integral part of the financial technology within the mobile banking sector.

Those looking to utilize mobile payment solutions will be provided with an unshakable record of personal data, which will provide the mobile banking industry with another layer of security. These blockchain solutions will come with in-built security that not only prevents fraud, but also make it easier for people to join the formal financial system. The development and deployment of 5G technology is another development that will increase the adoption of mobile banking and payment solutions in 2019 and beyond since it’s paramount for mobile banking’s increasing ubiquity.

4.     Upgraded Automated Teller Machines (ATMs)

When they were first introduced in the 1960s, automated teller machines (ATMs) completely transformed the banking system. 2019 will see the next revolution in ATMs take place and this will involve contactless payments. Just like contactless payments are possible with Google Wallet or Apple Pay today, contactless ATM transactions using a smartphone will be possible from 2019 onwards.

5.     AI-Driven Predictive Banking

Our fifth and final prediction for the ways technology will change banking in 2019 is AI-driven predictive banking. A trend continuing from 2018, the real-time development of predictive profiles of banking customers is made possible by consolidating all internal and external data. Regardless of their size, all banks today can not only know their customers better but they can also provide them with advice for the future. This is all made possible due to the rich, accessible and financially viable data generated from AI-driven predictive banking.

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Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

Voice Recognition: The Technology That Is Essentially Revolutionizing the Health Care Sector

The steadily growing affluence, not to mention the ever increasing population of the developed world has basically led to a really large addition to the overall workload of many, health care facilities. And this is not just in the case of the United States, but pretty much all over the world.

And in this regard, if you were to vector in the generally sedentary lifestyle of the individuals who constitute the majority of the populace in the developed world, it is easy to see why there is so much illness and afflictions that people end up succumbing to, and therefore require medical attention.

In the long run, this state of affairs has led to a steady increase in pressure on various different health care resources, not to mention the many health care services that the patients would actually need during the course of the treatment. Naturally, this has led to an addition in the already heavy workload amongst the large number of peoplewho work in this sector along with the entire associated primary, secondary and tertiary level hospices clinics, and hospitals.

o   Dealing with endless paperwork

And of course, along with these really high patient workloads will be included the massive amounts of paperwork that are part and parcel of the daily work routines of not just doctors, but also their assistants, nurses and attendants.

This is really the part where voice or speech recognition technology comes into the picture. Not only is this a really easy, but also a considerably less time consuming method of taking notes. And as a matter of fact, it is not just the doctors alone, but also their associated staff members too, who can do with a bit of help in order to substantially cut down their huge workload. This is possible with the help of voice recognition technology.

By using this technology they will have considerably more time to spend on the actual task that they should be performing, and that is taking proper care of the patients entrusted to them.

Long before speech recognition technology was mainstreamed, many of these people were effectively forced to spend a large amount of time, in making many different reports, in order to keep their patient record data as completely up to date, as possible.

However, it is vital to keep in mind the fact that all personnel related to the medical field have to be specific indeed, when it comes to the maintenance of their patients’ health records. This is largely because even the smallest mistake has the potential to be the causative factor of the most lethal consequences for the patient.

And such mistakes can be committed all too easily during the whole transcription process when the physician carefully listens and jots down the patent’s symptoms and prescribes the treatment. The physician then dictates his notes to his assistant who in turn, types them down and puts them in a file. In this process, lies the crux of the problem.

With so many people involved, not only is it time consuming, but the error of a catastrophic mistake also rises every time an additional layer is added to the equation. Following are different ways, though which SR can help in creating value for doctors and their support staff alike:

o   Greater flexibility of speech

Speech recognition software these days offers multiple options whereupon it is quite possible to detect even the most faintly mispronounced words, regardless of the accent or the dialect of the speaker. This is why today’s perpetually busy clinician now finds it pretty easy to store the relevant information in a digital (speech to text) format with minimum hassle.

Basically, all that the good doctor has to do, is to just ‘talk’ to his smart device suitably equipped with a speech recognition program) and it will do be able to do the rest,by typing out exactly what has been stated onto the microphone, verbatim.

Furthermore, many of the state of the art speech recognition software programs and apps that are not able to understand the spoken word, will actually stop the transcription in mid-sentence and ask the speaker for any clarifications before deciding to proceed onwards.

This way the software itself will ensure that any transcription related mistakes are kept to a bare minimum, in the final document, before it is proof read by the person dictating the notes.

o   EHRs or electronic health records

Many different hospitals as well as various other health care service facilities in many countries all over the world,have started utilizing EHRs or electronic health records for their patients. This has been done so that patient data can be safely, easily and confidently updated in actual real time.

Here, it is deemed pertinent to understand that should a doctor even take just 20 minutes to update the EHR,then that is certainly 20 minutes too much. Especially if he has a whole lot of patients to attend to. These 20 minute time intervals can keep him away from his core task of taking care of his patients.

This is the part where speech recognition (SR) technology comes into the picture. Thanks to this highly convenient technology, the doctor can reduce the amount of time required to update the EHR to a bare minimum, thus effectively ensuring that his precious time is spent in taking care of his patients rather than sifting through endless reams of paperwork.

In the light of the above, we can now safely see that speech recognition is not only the dawn of a new era, but should it be implemented across the board, it will easily serve the many physicians doctors and their support staff, while simultaneously augmenting their treatment efforts, so that they are able to do what they do best. And that is heal people.

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Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

How Fiber Internet Can Benefit Your Business

FiberTechnology that has been around for a long time, fiber optics is continually evolving to provide more benefits than before. These benefits are experienced by both individual and business users. Fiber optic internet is extremely popular in today’s hyperconnected world and there’s good reason for it.

The emergence of cloud computing and the need for instant access to data means that users are desperately seeking an internet connection that offers the following: extreme bandwidth, fast and reliable internet speeds, and increased security measures. Fiber internet fill the bill perfectly and following are the reasons for it.

1.     Faster Speeds

A fast internet technology, fiber internet makes it easy and fast for businesses to transfer, download, and upload data. With a fiber internet connection, you can get speeds of up to 100 Gbps. This means that you can email and send files much faster than with a dial-up or copper-based internet connection.

According to a Sandisk research, slow internet connections decrease employee productivity by a full week per year.  By increasing the time required to complete a task, a slow internet connection adds up over time, which decreases productivity. On the other hand, fiber internet is seamless, fast, and capable of supporting employees’ workflow. Additionally, the speeds of fiber internet are symmetrical. This means that you will get the same speeds whether you are uploading or downloading a file.

The internet connection of most businesses is shared amongst laptops, desktops and VOIP systems. Additionally, some employees also connect their mobile phones and tablets to the internet network. This slows down the connection to affect the overall productivity of the organization. Therefore, it is critical for businesses to have enough bandwidth to support all the devices in their organizations. A fiber internet connection can provide just that.

2.     Reliability

Compared to copper or coaxial-based internet connections, fiber-based internet connection is much more stable. This means that the fiber optic cable is less likely to be cut or get damaged. Built to last, fiber optic cables are extremely durable, and they can keep their shape for more than thirty years. Additionally, inclement weather conditions can cause them little harm. All this makes fiber internet an extremely reliable internet connection.

3.     Cloud Access

Today, it would be hard to find a business that does not have presence in the cloud. In fact, 82% of the organizations worldwide are using the cloud in some way. It goes without saying that businesses in the cloud need a fast and reliable internet connection. Faster access to information in the cloud via SaaS tools and other platforms can benefit your business in several ways. This includes eliminating the delays your sales and customer services teams face in communicating with prospects and customers.

Therefore, you need an internet connection that provides you with fast access to data and applications in the cloud. Fiber internet can ensure this by providing the required speed and bandwidth. A fiber-internet connection is becoming critical for businesses as they transition more services to the cloud.

With cloud services like Dropbox, Google Drive, OneDrive etc., businesses can more easily and remotely store, manage, and process their data. This allows them to lower costs and manage workload more efficiently. For optimal performance, the cloud services need a reliable and fast internet connection. A fiber-internet connection can ensure both.

4.     Increased Security

If you want to secure your business against cybercrime, then using a fiber internet connection is a great way to achieve that. This is because fiber internet is not easy to penetrate. Anyone wanting to hack into your network would have to physically cut the fibers to cause the signals to disappear.

Loss of signal in fiber internet means that someone has penetrated your network. This means that you will know right away when your connection is tampered. Compared to fiber internet, wireless or copper connections are far easier to infiltrate and gain access to by hackers. However, with fiber internet, your data and network are always secure.

5.     Signal Strength

Improved signal strength is another key benefit of using a fiber internet connection. When it travels over long distances, copper cabling can lose it signal strength. However, this rarely happens with fiber optic cables. According to a recent research, the loss of signal strength with copper cabling over hundred meters is 94%. The loss of signal strength in fiber optic over the same distance is just 3%.

The signal in a copper-based internet connection quickly gets weaker as users move further from the switch. With fiber-internet connection, it takes much longer for signal to weaken as users move further from the location of the connection. This is great news for organizations with very large facilities where a good internet signal strength is needed throughout the facility. Employees far from the telecommunications room can get the same signal strength as employees in an office next to it.

6.     Cost Savings

The sixth and perhaps the biggest benefit of a fiber-internet connection for a business is cost savings. The increased competition on the market means that fiber internet is now more affordable than ever. A fiber-internet connection costs more upfront that a copper-based connection. However, the increased reliability of fiber internet reduces your network’s downtime. This results in long-term benefits not experienced with other types of internet connections. The benefits include fewer hardware needed and reduced maintenance costs.

As seen above, there are many benefits of fiber internet for your business including faster speeds, reliable connection, faster access to the cloud, increased security, signal strength, and cost savings. The positive impact of fiber internet, as indicated above, should be reason enough for you to invest in fiber internet.

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Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

Speech Recognition: The Newest Tool in The Never Ending War Against Crime

Police and other law enforcement personnel, ranging from the elite members of the law enforcement apparatus all the way to the street pounding beat cops, together are amongst the most important members of the various communities that they ‘defend and protect’ from criminals of all kinds. This is due to them being responsible for the real world safety, and security of all individuals living in the localities and areas that are part of their jurisdiction.

Nevertheless, this is but only a single piece of the overall picture at large. The police and other law enforcement agency’s work does not merely include exciting late night raids to collar criminals. It encompasses the former and all the requisite paperwork and other proper documentation of the myriad different crimes that have occurred, alongside other equally important ancillary issues that form a crucial part of their erstwhile daily routine.

o   The importance of ‘due process’ in police work

After all, a police officer certainly cannot arrest anyone without something known as “just cause” or a pressing reason that justifies the arrest. This means that there is a copious amount of paperwork that is required to make just about any arrest legitimate enough to be prosecuted in the eyes of the law.  Without all of this paperwork, the arrest will be treated as illegitimate and not only will the officer/s be censured, but the suspect will walk free.

Nonetheless, all these tedious hours upon hours of painstaking documentation that duly encompasses each and every facet of police work basically means that the cops in question are spending more time in their offices than where they should be. And that place is on the streets, doing precisely what they are supposed to be doing, which is stopping crime right in its tracks and thereby making the mean streets of just about any town or city considerably safer for the common man.

Apart from the above, extremely overworked policed officers can and almost certainly do make mistakes while they go about preparing reports, which they cannot afford to make due to the case relying on such reports to make a suitable judgment. There are times when an otherwise purely inadvertent error made during the transcription process can easily lead to the subsequent acquittal of a really dangerous criminal. In a nutshell, this means that really low conviction rates are a product of transcription errors due to which criminals and other felons eventually end up walking free, instead of ending up where they belong, I.e. behind bars.

This is a sad reality that occurs all too often. If it wasn’t for this extra load, enforcement personnel would not be forced to cut a few corners in their mad rush to get their paperwork in order. This causes them to rush through crucial reports that they have not had the time to properly vet. This, in turn also ends up leading to markedly low conviction rates, where the cases are contested in the courts of criminal law.

o   Speech recognition and its impact on law enforcement

This is the part where voice and speech recognition technology comes to the fore. Before the invention of speech recognition devices and their subsequent adaptation by the law enforcement sector, many county sheriff and police departments required their relevant personnel to transcribe the files themselves, word for word, on paper. The handwritten notes had to be handed over to various typists and stenographers so that these critical notes could be digitalized in the precinct’s own system. Basically, this meant that an even further burden, in terms of man hours was placed on all personnel involved. This went hand in glove with a sharply higher propensity of transcription errors to occur.

However, that was before speech recognition was almost uniformly adapted in the law enforcement sector. Today, thanks to the rapid advancements in cutting-edge speech recognition technology, law enforcement officers who arrive to their precinct or county sheriff’s office, fresh from the crime scene quite simply go about reviewing their encounter on any voice recognition device that subsequently transcribes their spoken words onto written speech. The police officer will then thoroughly read it, then proceed to rectify any errors (albeit, it is unlikely that there will be any, thanks to the tremendous advancements in voice recognition technology) on his word processor and he or she will be finished with their documentation duty.

In fact, this technology has certainly gone a really long way when it comes to streamlining the work of all the different police departments not just in the USA, but pretty much all over the world. This boils down to speech recognition technology essentially ensuring a certain measure of quick justice for all concerned parties.

In a courtroom, hard evidence is all that matters, and the onus of the responsibility of proving a crime rests with the prosecution. This is because the culprit is presumed ‘innocent till he or she is proven guilty’. And any mistakes in the transcription due to a stenographical error can and is often taken by the defense attorney as a glaring contradiction, helping the culprit walk out a free man. By reducing the layers of red tape, it is now possible to effectively ensure that the whole process is streamlined as much as possible. This leads to errors either out rightly being eliminated, or kept to a bare minimum.

o   Conclusion

Once we take in the intricacies of the old system and its propensity for making mistakes, it would not be wrong to state that this truly remarkable innovation has led to a steep decline in the overall workload for many different police departments. At the same it has also successfully helped to free up vital manpower resources that are absolutely critical for the task of providing security to a community.

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Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

How AI is Affecting the Job Market Today

AI

Artificial intelligence is the new buzz word these days. It stems from multiple technological advancements taking place in the world more or less simultaneously. From voice recognition technology, all the way to the use of machine intelligence in HR practices in companies all over the world.

Of course, there have been the usual predictions of artificial intelligence leading to massive unemployment rates. Not to mention the massive social impact of so many different people on global society at a holistic level.

However, it does not really have to be this way at all, thanks to the fact that the whole socioeconomic system (as it exists today) is currently quite busy in entering a phase of increasingly fast paced transformation.

That is, it is evolving from a human labor intensive system to one based on an AI set up. These will include thegovernment sector, various large businesses, education and social welfare, themarkets as well as employment models. All of which will be profoundly affected by machine learning and artificial intelligence.

o   The different roles, jobs and tasks that are considered to be at risk

There are many tasks and jobs that are considered to be monotonous. These (oft menial) tasks can, all too easily be automated with the help of artificial Intelligence. And in the long run, this will effectively mean that slowly and gradually, certain roles will become entirely obsolete.

Many tasks and activities that are directly related to customer care and call center operations (for instance), machine operation, content moderation, discovery and retrieval systemsand document classification will eventually end up being assigned to AI.

In other words, artificial intelligence will easily take over those jobs that are tedious and repetitive, and substitutethe same via automation, especially of the type that generally requires minimal human involvement.

The same is also quite true for many of those roles that are basically related to the overall operation and support of extended production lines in different plants all over the world. As a matter of fact, the assembly line’s workforce has largely been substituted with robots and AI, with humans playing the role of supervisors.

This was not the case barely a generation before. However, this has not led to the predicted job losses, per se. On the contrary, people simply moved on and took over other roles and tasks that required more meaningful human input, such as monitoring the robots and ensuring that they are doing their assigned tasks properly.

Furthermore, many load intensive tasks such as moving heavy objects and the like, can now be performed by smart robots who have been equipped with machine learning capabilities.

In this respect, as with many others, artificial intelligence has proven to be an extremely effective means of accomplishing many tasks that had hitherto being performed solely by human beings.

o   The utility of RPA in the HR function

RPA or ‘Robotic Process Automation’ is currently taking over many front line HR tasks, that had initially been the domain of the human labor force. This is especially true when it comes to recruitments and subsequent job placements.

Looking at Robotic Process Automation through the HR prism, we can easily see that the entire process begins with the automation of both data storage as well as retrieval systems of the CVs and resumes of any candidatewho is considered to be eligible for any job in the organization. In fact, the overall automation of the ‘resume search’ task has led to a significant decrease in man hours. This is largely due to the fact that the work that people did manually can now, all too easily be undertaken with a simple click of an icon.

In addition to the above, the really diverse number as well as types of applicant tracking tools also means that it is quite possible to speed up the whole painstaking process of individually sifting through different resumes. As of now, the most relevant ones can easily be retrieved from the digital database in order of their relevance, literally within seconds, at most.

Furthermore, there are many more functions as well that have now been taken over by RPA Robotic and their associated tools including ‘candidate relationship management.’ This is an AI process that has been specifically designed so as to conduct multiple types of screening and assessments of the candidates by the AI equipped system. This in turn, further simplifies the vetting procedure and makes it all the easier for the human element to come right at the end of the whole process, thereby saving the precious man hours of senior and junior staff members alike, thereby freeing their time for more critical day to day operations.

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Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

Top 8 Benefits of Technology Parks

Technology ParkTechnology parks (also called science parks or technopoles) are open spaces that serve as business incubators for startups that are affiliated with a university.

Ever since the first technology park was created near Stanford University in the 1950s, these spaces have launched countless tech startups all over the world.

Technology parks have become the next frontier in the field of IT, and for the right reasons.

If you’re planning to launch a tech-based startup soon, here are eight reasons to choose a technology park as your initial base of operations.

1.     Boost Economy

Governments all over the world often invest in technology parks to boost their regional and national economies. For instance, Singapore invested more than $7 billion to develop the one-north technology park in order to respond to the various overseas threats its manufacturing industries faced in the 90s. Similarly, the Riyadh Techno Valley (RTV) initiative is aimed to promote greater collaboration between private and public sectors and facilitate startups in the Kingdom of Saudi Arabia.

2.     Provide Abundant Space for Growth

Unlike office buildings, technology parks are large outdoor spaces that facilitate business growth and expansion. These parks contain adequate office space, fully-equipped laboratories, proper storage and warehouse facilities, and high-quality conference rooms and meeting centers. Since most startups have limited funds and high preliminary expenses, they can benefit from these facilities.

3.     Encourage Business Development

As startups grow, they often require bigger offices and more facilities. Most technology parks provide ample space for business development.

Take the case of University of Arizona Science and Technology Park. During the first few years of its operations, the park was able to accommodate two companies with more than 700 employees. Today, the park houses more than 40 companies and supports over 7000 employees. The park spreads over an area of 1300 acres of land and nearly 2 million square feet of office, production, and research space. The technology park also contributes more than $3 billion toward the economy.

4.     Facilitate Training Sessions

Technology parks offer access to a wide variety of education and training resources. For instance, the University of Arizona Science and Technology Park is one of the first tech parks in the United States that houses a high school. The students at this school have greatly benefitted from the vast technical training opportunities offered at the UA Tech Park.

5.     Include the Latest Technology

Like all public parks, technology parks must comply with basic infrastructure requirements such as clean bathrooms and ample walking space. However, tech parks are also equipped with high-speed broadband internet and telecommunication facilities that make it easy to establish and manage a business.

Technology parks are primarily located in certain places that have been designated as IT hubs by the government. For instance, the Kista Science City is the largest information and communications technology center in Europe. It is located in Stockholm (Sweden), about 15 minutes away from the Arlanda airport and Stockholm city center.

At present, Sweden’s largest company Ericsson is headquartered in this park. Other businesses that operate from within the Kista Science City include Miscrosoft, Sun, and IBM. The entire park complex is equipped with broadband internet and several other amenities.

6.     Come with a Range of Amenities

When technology parks were initially introduced in the 50s, they were designed as business incubators. The purpose of these parks was to provide a place where innovative businesses could develop and prosper. The earliest tech parks were built around university campuses, since most of the startups were funded by the universities.

However, technology parks have now grown in size and complexity. Some of the largest tech parks in the world have housing facilities that can accommodate thousands of people at once. The influx of employees and their families to these parks has created “smart cities.”

Today, technology parks all over the world have gyms, shopping centers, restaurants, and nurseries. At the very basic, a tech park has proper office space and parking. Once a tech park grows in size, the government can add more amenities along the way.

7.     Promote Rest & Recreation

Over the past few years, corporations all over the world have been investing in their employees’ health and wellbeing. From increasing paid leaves to reducing working hours, there are several ways companies are contributing toward employee welfare.

Working at a tech park has its perks. The park typically spreads over a large and green area. When tired from their work, employees can simply head out and enjoy a refreshing stroll across the park.

Technology parks are also equipped with gyms, and these fitness centers are usually free of charge. If your startup is located in a technology park, you can easily hit the gym after a long and tiring day. You may not have to pay any charges.

8.     Equipped with Various Security Features

Technology parks house all types of companies, from emerging startups to established multinational organizations. Since most of the corporations in a technology park are IT-based companies, the park contains tons of sensitive data.

To prevent data theft and vandalism, technology parks are equipped with state-of-the-art security features. From surveillance cameras to a network of security guards, these parks have several measures in place to reduce the likelihood of criminal activities.

A good example of a secure technology park is the Studsvik Tech Park in Sweden. The park is heavily guarded by a team of security professionals who work 24/7 all-year round. The area is surrounded by a deep-water harbor that can easily receive ships. However, all ships and shipments leaving and entering the park must have the highest security specifications.

Setting up a company in a technology park isn’t enough. To make your business grow, you’ll need to streamline various businesses processes by investing in IT tools and technologies. If you require customized and high-quality IT solutions, call one of our experts today!

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Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

Is Artificial Intelligence Affecting the Legal Sector?

Legal Sector - Artificial IntelligenceUp till a few years back, litigators would balk at the idea of artificial intelligence (AI) affecting the legal sector. Times have changed since then, and lawyers have now graciously accepted the fact that AI is reshaping their careers and professional lives.

AI is speeding up what humans do. In the legal world, it shows promising results in carrying out mundane and time-consuming tasks with ease and unerring accuracy.

Here’s what you need to know about the impact of artificial intelligence on the legal sector.

Understanding the Basics of Artificial Intelligence

Hollywood movies have often portrayed AI as a supercomputer that wants to destroy mankind. The computer either sends terminators back in time or creates an illusionary matrix to blind human beings from the reality. However, all these representations are incorrect at best and offensive at worst.

The purpose of AI is to carry out certain procedures with better competence and capabilities compared to a human being. The technology relies on complex algorithms and self-learning software that analyzes data to make out patterns and make the best possible decisions.

Will AI Replace Lawyers?

In 2017, JPMorgan developed an AI system that interpreted various commercial loan agreements by analyzing 360,000 hours of work in just a few seconds. The news spread like wildfire and left several lawyers across the United States worried about their jobs.

However, a quick look into the working of the system shows that there’s nothing to worry about. The AI tool only analyzed existing data and took out the element of guesswork to provide a logical conclusion. Such technology, if implemented nationwide, could free up a lot of time for lawyers to focus on strategic matters instead of worrying about mundane documentation.

In essence, developing a smart artificial intelligence system could benefit the legal community in the following ways.

 

Reviewing Legal Research

Most of the AI-powered supercomputers are capable of analyzing tons of data in a jiffy. These computers can quickly scan through a library of data (or a legal database) to review documents and mark them as relevant for a particular case.

Machines are much faster than human beings at scanning documents, and their outputs can easily be statistically verified. In recent times, ROSS Intelligence has created a learning computer that uses natural language to process several legal documents at once.

Predicting Decisions

When dealing with a new or existing client, lawyers are often questioned about the probability of success for a particular case. For instance, your client may ask you the following question:

“If I go to trial, will I win this case?”

As a lawyer, it’s difficult for you to answer with a yes or a no. However, an AI-based system can assess existing cases to determine the probability for success. You can simply use the software to find out about similar cases and their success rates. This way, you can provide a definitive answer to your client and discuss the best possible course of action.

Performing Due Diligence

In almost every law office around the globe, several legal experts are involved in conducting due diligence. The process involves uncovering background information for clients by confirming various facts and figures. It is only after the due diligence is complete that a lawyer can offer proper counsel to his or her client.

Due diligence is an exhausting procedure, and lawyers often find it difficult to corroborate information. Having an AI system in place can greatly speed up the process. Dedicated AI software can perform accurate due diligence and remove human errors and any inherent subjectivity involved with the process.

Facilitating Divorce Proceedings

Divorce proceedings in the United States cost around $30,000 on average. These proceedings are not only costly for the couple, but they can also be tedious for their lawyers. However, a recently developed AI system called Wevorce offers a simple and effective solution to make divorces amicable.

Using this AI tool, couples can easily state their optimal outcomes. These outcomes state where each spouse wants to be after the divorce settlement. The system then guides each spouse through a series of modules that provide details on the legal documentation required to obtain the optimal outcome.

Wevorce includes topics on co-parenting and financial planning. The system also offers a free consultation with a licensed divorce attorney when couples get started. However, the system does not generate trials and proceedings, and a lawyer’s assistance will be required.

Assessing Contracts

Many corporate attorneys spend a lot of their time reviewing their clients’ contractual agreements with other parties. The objective of this exercise is to look for any clauses or stipulations that could harm their client’s interests. The exercise is painstakingly exhausting, and it takes an eagle-eyed lawyer to spot hidden terms and clauses that could prove disastrous for their clients.

Various companies have created smart AI tools that are capable of reviewing contracts. These systems are designed to analyze all contractual obligations and detect the harmful clauses that should be scrapped out of the agreement. The AI systems could also offer advice on whether or not these contracts should be accepted. Some of the best AI-based systems for reviewing contracts include those developed by eBrevia, LawGeex, and Kira Systems.

The Future of Law Firms

In 2016, Deloitte published a paper on the impact of AI on the legal sector. The firm estimates that more than 100,000 jobs in the legal sector are likely to be automated within the next twenty years. The report also states that nearly 40% of all jobs in the legal industry will undergo radical changes within the next ten years.

To tackle the challenges of automation, law firms need to develop a comprehensive strategy. Possible solutions include hiring employees who have the necessary knowledge and skills to operate AI-based machinery. Since technology will replace many functions currently performed by humans, it may best for law firms to scale back on some of the services they offer.

Industry-wide automation is creating an extremely competitive environment for businesses. If you’re looking for the right tools and strategies to streamline your business operations for continual growth, talk to one of our experts today!

Contact Us

Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

Is ‘Next-Gen’ AI Technology the Way Forward for the U.S Military?

AI Technology In September of last year, the research wing of Pentagon announced that it will be investing $2 billion in the next generation of artificial intelligence (AI) technology.  Investments in AI technology by the military is nothing new. In fact, AI is fast becoming a critical part of modern warfare, attracting more and more interest and investments from militaries around the world. This includes the U.S military. So, is ‘Next Gen’ AI technology the way forward for the U.S military? We discuss that here!

Investments in artificial intelligence (AI) technology by the military are increasing by the day. In fact, some experts estimate that global military spending on AI will increase from $6.26 billion in 2016 to $18.82 billion in 2025. If we talk about the U.S military only, the Pentagon has recently announced investments of $2 billion over the next five years in the ‘next gen’ AI technology.

According to the Steven Walker—the director of the Defense Advanced Research Projects Agency (DAPRA), the funds will be utilized over the next five years in twenty existing projects and over the next twelve months, new projects will be launched that seek a higher level of machine learning. Talking to reporters, Walker has the following to say:

We want to explore how machines can acquire human-like communication and reasoning capabilities, with the ability to recognize new situations and environments and adapt to them[1]

The U.S military is desperate to weaponize AI as rival militaries such as the Russian and Chinese armed forces have already started to build centers for military AI. The above investments are just one of the many measures the U.S military is taking to make artificial intelligence the next big thing in their arsenal. However, it is in a three-way race with Russia and China for gaining supremacy in military AI. China is ahead right now as it built its center for military AI in spring of last year.

Although efforts are underway, the U.S and Russia are yet to build their centers for military AI. However, it won’t be long before we see the first U.S Joint Artificial Intelligence (AI) center.  The increased efforts and investments of the Pentagon in military AI are mainly due to the Chinese adventurism in military AI technology.  In March this year, Chinese media televised military tests of a fleet of remote-controlled tanks and there were suggestions that these tanks would eventually be paired with AI technology. This is just one example of how China is looking to surge ahead in the race to become the pioneer and leader in AI military technology.

However, there is hope that the $2 billion investments in military AI announced in September would kickstart the AI revolution of the U.S military. When new technology arrives, the current generation of smart machines and robots become difficult to update. This is the reason researchers want these machines and robots to learn to update themselves.

The investments in military AI will be focused to design smart machines in a way that accelerates accreditation of software systems and speeds up security clearance vetting. Funded entirely by Pentagon, most of the research of DAPRA focuses on technologies that can utilized in battle. Drones that are becoming increasingly autonomous are an example of this technology. Blackjack project—another initiative of DAPRA, is focused on the development of a constellation of low-orbit satellites. Not only will these satellites communicate with each other, they will also continuously cover military operations.

The Potential Applications of AI for the U.S Military

There are many potential applications of AI for the military.  Additionally, there is a possibility to create more nimble systems at lower cost if frozen software is replaced by systems that do not require periodic refreshing. Artificial intelligence (AI) technology could also be used in military to train systems. For example, unpredictable and adaptive challengers could be provided by AI to train fighter pilots.

In addition to the above, AI could play a pivotal in helping process the sea of data from surveillance or ‘patter-of-life’ surveillance systems by providing computer vision—the software’s ability to understand photos and videos. While it isn’t in the works yet, the U.S military could benefit from facial recognition AIs like China is already doing. Additionally, ‘skills gaps’ in complex maintenance can be closed using augmented reality (AR). Internationally airlines are already using this technology.

Another potential application of AI in military is NLP—a technology used by virtual assistants such as Alexa to communicate with humans using natural language. Without the need for keyboards, orders can be placed using systems enabled by NLP. Not only that, NLP could also be used to translate documents in the future.

The use of AI could help the U.S military to solve many of its logistics challenges. Additionally, the technology would come handy in war games and in automating combat in the manned-unmanned operations. Finally, artificial intelligence (AI) technology could be used by the U.S military to speed up the development and optimization of weapons.

Many believe that the U.S military needs help from companies such as Google to be successful in AI venture. However, Google and the like have been reluctant to partner with Pentagon in the development and optimization of military AI. After it was announced in March this year that Google would be participating in Project Haven, thousands of the company’s employees signed a petition against the collaboration and even resigned in protest. Ultimately, Google decided not to renew its contract for project Haven.

Disappointed by Google’s decision to not renew its contract for Project Haven, military officials claimed that if Google won’t help military develop AI, then someone else will. However, the truth of matter is that Pentagon cannot develop and optimize military A.I without help from the likes of Google. To know more about the applications of AI for the U.S military, get in touch with us today!

[1]https://globalnews.ca/news/4435519/us-military-artificial-intelligence-investment/

The Potential Applications of AI for the U.S Military

There are many potential applications of AI for the military.  Additionally, there is a possibility to create more nimble systems at lower cost if frozen software is replaced by systems that do not require periodic refreshing. Artificial intelligence (AI) technology could also be used in military to train systems. For example, unpredictable and adaptive challengers could be provided by AI to train fighter pilots.

In addition to the above, AI could play a pivotal in helping process the sea of data from surveillance or ‘patter-of-life’ surveillance systems by providing computer vision—the software’s ability to understand photos and videos. While it isn’t in the works yet, the U.S military could benefit from facial recognition AIs like China is already doing. Additionally, ‘skills gaps’ in complex maintenance can be closed using augmented reality (AR). Internationally airlines are already using this technology.

Another potential application of AI in military is NLP—a technology used by virtual assistants such as Alexa to communicate with humans using natural language. Without the need for keyboards, orders can be placed using systems enabled by NLP. Not only that, NLP could also be used to translate documents in the future.

The use of AI could help the U.S military to solve many of its logistics challenges. Additionally, the technology would come handy in war games and in automating combat in the manned-unmanned operations. Finally, artificial intelligence (AI) technology could be used by the U.S military to speed up the development and optimization of weapons.

Many believe that the U.S military needs help from companies such as Google to be successful in AI venture. However, Google and the like have been reluctant to partner with Pentagon in the development and optimization of military AI. After it was announced in March this year that Google would be participating in Project Haven, thousands of the company’s employees signed a petition against the collaboration and even resigned in protest. Ultimately, Google decided not to renew its contract for project Haven.

Disappointed by Google’s decision to not renew its contract for Project Haven, military officials claimed that if Google won’t help military develop AI, then someone else will. However, the truth of matter is that Pentagon cannot develop and optimize military A.I without help from the likes of Google. To know more about the applications of AI for the U.S military, get in touch with us today!

Contact Us

Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

Why Your Business Needs Digital Video Surveillance

Video SurveillanceAs the owner, it is your responsibility to ensure that every aspect of your business is protected. You need to protect not just your property, but also your employees, inventory, and customers. Digital video surveillance can help you with this. Read on to know how!

Whether you want to protect your employees, inventory, or property from miscreants, locking the doors of your business property/facility will never be enough to protect your business assets. So, how do you protect your business then? You protect it with video surveillance, and we’re talking about just any video surveillance, rather we’re referring to digital video surveillance. What is digital video surveillance and how can it safeguard your business? Let’s find out.

What is Digital Video Surveillance and What Makes It Better Than an Analog Surveillance System

It won’t be long before grainy surveillance systems are only part of the history books. Digital video surveillance has arrived, and it is ready to take over the world of surveillance. Unlike video surveillance that operated on analog technology and was cumbersome, digital video surveillance represents a breakthrough in monitoring and security for businesses everywhere.

In addition to the above, it takes only a few hours to install digital video surveillance systems, and there are several benefits for businesses that make the switch from an analog surveillance system to digital video surveillance. Before we get into the advantages of digital video surveillance, let’s look at why analog surveillance is no longer feasible for businesses when they can have a better option available in the form of digital surveillance.

Analog surveillance systems require each camera to have its own dedicated coaxial. Thus, massive amounts of coaxial are needed in the installation of an analog systems for video surveillance. Not only does each camera that is part of the analog system require its own dedicated coaxial, it is also requires its own power supply. And, the problems do not end here.  Each camera must also be connected directly to the digital video recording device. What this does is limit the cameras you can add to the ports on your recording device.

Making things worse, the images produced by the analog surveillance system are unclear, grainy, and blurred due to low resolution of the cameras. On the other hand, digital video surveillance allows you to expand your system through different ways, including using switches and other equipment for the purpose. And, the best thing about this extended network is that it does not affect the quality of the images produced, they are always high resolution. Following are some of the major reasons to install a digital video surveillance system for your business.

Discourage Thieves and Other Miscreants

Do you want to discourage thieves and other miscreants from entering your facility, stealing your assets, vandalizing your property, and/or causing harm to your employees? If yes, then you are well-advised to install a digital video surveillance system for your business right away.

Companies incur losses worth thousands, and even millions of dollars each year due to theft. The good news is that this can be overcome by appropriately placing security cameras throughout the business facility, which is exactly what happens in the installation of a digital video surveillance system.

Ease of Installation

Compared to analog surveillance systems, digital video surveillance systems are easier to install and maintain. Not only are these surveillance systems easier to install and maintain, they are also easier to use. Installation of these systems generally required placing the security cameras, a smart phone or camera, and internet access. Yes, that is all that’s required!

Additionally, if you are interested in saving old video feeds for your business, then you have the option of cloud storage or a large hard-drive, which isn’t available with analog surveillance. Best of all, there’s no need for the massive amounts of wiring typically required by analogy systems to work. This can save space, time, and money.

Improved Storage and Accessibility

Digital surveillance improves the storage and accessibility of your footage.  All the footage capture by your cameras is stored by the digital video surveillance system on digital video recorder (DVR) systems, which have generous storage space. What this means is that you can store more surveillance footage with digital than you can with analog.

Real-Time Surveillance

With digital video surveillance, real-time monitoring of your business becomes possible. This can be extremely useful as it allows any authorized employee to continuously track critical areas of the business. And, they can do this from a computer, a smart phone, or tablet from anywhere and at any time.

In addition to the above, multiple sites can communicate with each other using the same network, and they footage capture by the camera is accessible via the internet.

Remote Monitoring

Remote monitoring is one of the most ignored advantage of digital video surveillance. Provided you have internet access, it allows you to monitor your surveillance feeds activity no matter where you are in the world. This makes digital video surveillance a highly integrated surveillance system. The best thing is that you can perform this remote monitoring from a smart phone, a laptop, or a tablet. Simply login to your system using any of these devices to access archive footage or view live streams of your facility.

Reduced Costs and Improved Productivity

Compared to analog systems, digital video surveillance systems are cheaper to install. They also require less infrastructure and produce higher quality images. You can store the video files without using any fancy equipment for it and you can view and track the footage from several different devices.

Additionally, digital systems are extremely scalable. Unlike analog systems where you need to install all cameras at once, you can add cameras to the system as you need them, and they can easily be added to the network that exists. All this leads to reduced costs and improved productivity for your business.

For more benefits of installing digital video surveillance for your business, get in touch with us today!

Contact Us

Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.

Is Bitcoin Diamond the New ‘CryptoMessiah’ or a Passing Fad and China’s Central Bank is Predicting the Death of Bitcoin but Will That Actually Happen?

China’s Central Bank Recently, Bitcoin Diamond—a bitcoin fork or spinoff, was launched and soon it had tongues wagging. While some people believe bitcoin diamond to be the new cryptocurrency ‘Messiah’, other see it as nothing more than a passing fad. So, who should you believe? We’ll discuss the finer points of this new Bitcoin and let the final judgement to you. Also, China’s central bank is predicting the death of bitcoin, but will that actually happen? We find out!

The Privacy Allure of Bitcoin Diamond

While there are many pros of Bitcoin, there are several cons as well—with a lack of privacy on top of that list. When you use Bitcoin, you have no anonymity or privacy. Perhaps, this is the biggest problem faced by Bitcoin users today and one of the reasons they have started to look for ‘more private’ alternatives. Bitcoin Diamond may well be the answer to their prayers.

The first and foremost thing that Bitcoin Diamond aims to do is ensure the privacy of users—or at least that this what this fork’s developers claim. They also claim to have found a way to encrypt the balances and transaction amount of all their users. Sounds like Monero? It may well do, but the implementation of this Bitcoin fork isn’t even half as competent as the aforementioned- open-source cryptocurrency.

Claims of ‘Faster’ Transactions

Owing to the 8MB block size limit it boasts, Bitcoin Diamond is claiming ‘faster’ transactions that several other Bitcoin forks. In this regard, BCD has copied some code of another Bitcoin spinoff, which is Bitcoin Cash. Since several reasons deem it an unviable long-term solution, the effectiveness of on-chain scaling will always be up for debate. However, till there is a more future-oriented solution, on-chain scaling can help reduce the congestion on the network. But, Bitcoin Diamond further increasing the blocks capacity is unlikely to happen.

A Cryptocurrency Already Embraced by Exchanges Around the World

Yet to be launched, Bitcoin Diamond has already received the backing of several exchanges around the world—thirty-three to be precise. This is one of the biggest indications that BCD is much more than just a passing fad. Not only have these exchanges embraced the new fork, they have also announced its futures trading. To add to this, Bitcoin Diamond will be supported by at least six wallets including the likes of ATOKEN, Coldlar, Bitpie, and BitGo.

Is Bitcoin Diamond the Future of Cryptocurrencies?

It’s too early to say in favor of this or against it. Only time will tell whether BCD is the new ‘CryptoMessiah’ or just a passing fad. All we know right now is that Bitcoin Diamond ensures privacy and anonymity of its users, offers faster transactions, and has been embraced by many exchanges around the world. Some issues with this Bitcoin spinoff have also been highlighted above. With that, we leave it to you to decide whether Bitcoin Diamond is the future of cryptocurrencies or just a passing fad!

China’s Central Bank is Predicting the Death of Bitcoin but Will That Actually Happen?

Not too long ago, bitcoin markets were dominated by China. In fact, there was a time when 90% of the bitcoin trading activity happened from within the country. However, things have changed drastically today. In September last year, China’s central bank ordered cryptocurrency exchanges to not allow the locals to trade in the currency and even banned initial coin offerings (ICOs). But, that isn’t how China ended its brief but overwhelming romance with cryptocurrency, it ended it by predicting the death of bitcoin—the most popular and widely used cryptocurrency today.

According to Pan Gongsheng—a person currently serving as one of People’s Bank of China’s or PBoC’s deputy governors, bitcoin will experience death soon. Speaking at a financial event in China’s biggest city Shanghai, Gongsheng explained the bank’s decision to crackdown on initial coin offerings (ICOs) and exchanges dealing in cryptocurrencies.

As reported by the Chinese media, Gongsheng said that his country would have accounted for more than 70% of all ICO fundraising and bitcoin trading happening today if China’s central bank had not cracked down on ICOs and exchanges dealing in bitcoin and other cryptocurrencies a few months ago. And, he believes that had that happened, the country would have been in a real fix today.

In his speech, the deputy governor cited a column by Éric Pichet—a professor and economist who writes for La Tribune—a French weekly financial newspaper. In the column cited by Gongsheng in his speech, Pichet advocates against cryptocurrency by writing that a global ban from governments or a blockchain hack will trigger the end of the digital currency

In his speech, Gongsheng makes his views on bitcoin in particular and cryptocurrency in general quite clear. Not only has the deputy governor predicted the downfall of bitcoin, he has also predicted its death. To prove his, Gongsheng cited the column of Éric Pichet in La Tribune and made references to the John Maynard Keynes—a British economist.

According to Gongsheng, Keynes has advised against cryptocurrency buying or trading as the market has the potential to remain illogical longer than one can remain creditworthy. So, the only sensible left to do is stay inactive in the cryptocurrency world and wait for the inevitable death of bitcoin.

What is the Ground Reality of Bitcoin in China and Elsewhere?

As mentioned above, Gongsheng claimed in his speech that China’s share in the bitcoin share was 90% a few months ago. However, this claim of the deputy governor is invalidated by cryptocurrency researchers, investors and analysts.

At the end of 2016, PBoC, asked the country’s exchanges dealing in cryptocurrencies to stop zero-free trading. This triggered the collapse of China’s share in the bitcoin market which to just 7%. But, even before the crackdown, China was never the biggest bitcoin player.

In fact, it was the 5th largest market behind the U.S, Japan and a couple of European countries. And, to add to this, after China cracked down on them, the cryptocurrency exchanges in the country moved to Hong Kong. So, the imminent death of bitcoin in China or elsewhere is deluded thinking to say the least!

For more information or news on bitcoin or other cryptocurrencies, get in touch with us today!

Contact Us

Percento is a Professional IT Consulting, Implementation and Management firm.  To find out how we can help your organization, please contact one of our friendly sales representatives for a review of your system and a comprehensive (No Obligation) proposal of services. Call today toll-free at 800.614-7886 [Austin | Dallas | Houston | League City | Sugar Land | The Woodlands  | San Antonio] or email us at sales@percentotech.com.