Change is the only constant, and it’s only accelerating. Technology is taking us closer and closer to the futuristic worlds we once only imagined in science fiction, but questions remain. How is innovative technology changing the way we do business? How will it continue to change in years to come? Keep an eye on the following trends that will continue to reshape business as we know it and introduce brand new STEM careers:
The Machines: They’re Learning!
Artificial Intelligence is more than a buzzword; it’s real and it’s happening now. Systems that can learn and adapt are becoming part of numerous industries, from Salesforce’s analytics service to products like crystal for marketing. Intelligent systems apply learning from one user to improve all users’ experience. (This is rumored to also be coming in digital assistant Siri’s future). Natural language processing allows us to consult AI programs like we would another person, asking questions like “When should I post on Instagram for maximum engagement?” and receive a more accurate answer faster than ever before.
The Internet of Things (IoT) is a revolution in connectivity; items and devices equipped with sensors and controllers can now communicate with one another. These smart machines assist with everything from household chores to improving supply chain management, and they relay pertinent information about user behavior and machine processes.
Improving supply chain efficiencies is a growing application of the IoT. The IoT allows supply chain managers to meticulously track products and make smarter decisions based on pre-programmed parameters. The IoT also produces real-time data, allowing consumers to know exactly when their packages will arrive, and supply chain managers an understanding of how well each facet of their supply chain is performing.
The IoT offers numerous benefits for managers and consumers alike. Managers can better understand system bottlenecks and prevent machine breakdown. Consumers have the satisfaction of knowing they can monitor their shipment in real-time. While the upfront cost of integrating intelligent machines might initially turn companies off, their ability to improve operations make them more economical in the long term.
New Levels of Co-Creation
One of the many benefits of the Internet is its capacity for widespread collaboration. Today, that collaboration is going one step further. Many companies are now leveraging co-creation, allowing consumers to contribute to the development of new products and services. This new level of cooperation between brands and their buyers empowers consumers to create the exact product or service they need. In return, businesses reduce the costs associated with assessing the current product market and determining what to produce next.
This theme of co-creation also includes companies hiring freelance specialists. Companies are no longer compromising the quality of their employees, and ultimately their business, because of geographic distance. With virtually no more borders or geographic limitations, this new trend is altering the way businesses hire and retain employees.
In the face of a rapidly evolving market, more job seekers are choosing technology-focused degree programs to keep their skills sharp and their knowledge up-to-date. Why? Because business owners and professionals must stay ahead of the changing technology tides in order to ensure continued success.
About the Author:
Kyle Martin brings 11 years of storytelling experience to the content coordinator position at Florida Polytechnic University. In this role, Martin develops original content showcasing the University experience as a way to attract new students and faculty. He also lends editorial direction to University departments launching new projects and campaigns.
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Global Study Reveals Businesses and Countries Vulnerable Due to Shortage of Cybersecurity Talent
82 Percent of IT Professionals Confirm Shortfall in Cybersecurity Workforce
New report by Intel Security and CSIS reveals current cybersecurity talent crisis
Cybersecurity skills shortage is worse than talent deficits in other IT professions.
Shortage in cybersecurity skills is responsible for significant damages.
Talent shortage is largest for individuals with highly technical skills.
Hands-on training and practical training are perceived as better ways to develop skills than through traditional education resources.
Dubai, United Arab Emirates – August 01, 2016 – Intel Security, in partnership with the Center for Strategic and International Studies (CSIS), recently released Hacking the Skills Shortage, a global report outlining the talent shortage crisis impacting the cybersecurity industry across both companies and nations. A majority of respondents (82 percent) admit to a shortage of cybersecurity skills, with 71 percent of respondents citing this shortage as responsible for direct and measurable damage to organizations whose lack of talent makes them more desirable hacking targets.
“A shortage of people with cybersecurity skills results in direct damage to companies, including the loss of proprietary data and IP,” said James A Lewis, senior vice president and director of the Strategic Technologies Program at CSIS. “This is a global problem; a majority of respondents in all countries surveyed could link their workforce shortage to damage to their organization.”
Despite 1 in 4 respondents confirming their organizations have lost proprietary data as a result of their cybersecurity skills gap, there are no signs of this workforce shortage abating in the near-term. Respondents surveyed estimate an average of 15 percent of cybersecurity positions in their company will go unfilled by 2020. With the increase in cloud, mobile computing and the Internet of Things, as well as advanced targeted cyberattacks and cyberterrorism across the globe, the need for a stronger cybersecurity workforce is critical.
“The security industry has talked at length about how to address the storm of hacks and breaches, but government and the private sector haven’t brought enough urgency to solving the cybersecurity talent shortage,” said Raj Samani, VP & CTO, EMEA, Intel Security. “To address this workforce crisis, we need to foster new education models, accelerate the availability of training opportunities, and we need to deliver deeper automation so that talent is put to its best use on the frontline. Finally, we absolutely must diversify our ranks.”
The demand for cybersecurity professionals is outpacing the supply of qualified workers, with highly technical skills the most in need across all countries surveyed. In fact, skills such as intrusion detection, secure software development and attack mitigation were found to be far more valued than softer skills including collaboration, leadership and effective communication.
This report studies four dimensions that comprise the cybersecurity talent shortage, which include:
Cybersecurity Spending: The size and growth of cybersecurity budgets reveals how countries and companies prioritize cybersecurity. Unsurprisingly, countries and industry sectors that spend more on cybersecurity are better placed to deal with the workforce shortage, which according to 71 percent of respondents, has resulted in direct and measurable damage to their organization’s security networks.
Education and Training: Only 23 percent of respondents say education programs are preparing students to enter the industry. This report reveals non-traditional methods of practical learning, such as hands-on training, gaming and technology exercises and hackathons, may be a more effective way to acquire and grow cybersecurity skills. More than half of respondents believe that the cybersecurity skills shortage is worse than talent deficits in other IT professions, placing an emphasis on continuous education and training opportunities.
Employer Dynamics: While salary is unsurprisingly the top motivating factor in recruitment, other incentives are important in recruiting and retaining top talent, such as training, growth opportunities and reputation of the employer’s IT department. Almost half of respondents cite lack of training or qualification sponsorship as common reasons for talent departure.
Recommendations for Moving Forward:
Redefine minimum credentials for entry-level cybersecurity jobs: accept non-traditional sources of education
Diversify the cybersecurity field
Provide more opportunities for external training
Identify technology that can provide intelligent security automation
Collect attack data and develop better metrics to quickly identify threats
Intel Security, with its McAfee product line, is dedicated to making the digital world safer and more secure for everyone. Intel Security is a division of Intel Corporation. Learn more at www.intelsecurity.com.
Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries.
*Other names and brands may be claimed as the property of others.
In today’s constantly connected world, customers expect more than ever before from the companies they do business with. With the emergence of big data, businesses have been able to better meet and exceed customer expectations thanks to analytics and data science. However, the role of data in your business’ success doesn’t end with big data – now you can take your data mining and analytics to the next level to improve customer service and your business’ overall customer experience faster than you ever thought possible.
Fast data is basically the next step for analysis and application of large data sets (big data). With fast data, big data analytics can be applied to smaller data sets in real time to solve a number of problems for businesses across multiple industries. The goal of fast data analytics services is to mine raw data in real time and provide actionable information that businesses can use to improve their customer experience.
Fast data analytics allows you to
turn raw data into actionable insights instantly
The Internet of Things (IoT) is growing at an incredible rate. People are using their phones and tablets to connect to their home thermostats, security systems, fitness trackers, and numerous other things to make their lives easier and more streamlined. Thanks to all of these connected devices, there is more raw data available to organizations about their customers, products, and their overall performance than ever before; and that data is constantly streaming.
With big data, you could expect to take advantage of at least some of that machine data, but there was still an expected lag in analysis and visualization to give you useable information from the raw data. Basically, fast data analytics allows you to turn raw data into actionable insights instantly.
With fast data analytics services, businesses in the finance, energy, retail, government, technology, and managed services sectors may create a more streamlined process for marketing strategies, customer service implementation, and much more. If your business has an application or sells a product that connects to mobile devices through an application, you can see almost immediate improvements in how your customers see you and interact with your business, all thanks to fast data analytics.
Consider a few real-world examples of how fast data analytics have helped companies across business sectors improve their performance.
A Financial Firm Monitors Flow of Business Transactions in Real-Time
The world of finance has always been fast-paced, and today a financial firm can have many millions of transactions each day. There’s no way to spare the time or effort to constantly search for breaks and/or delays in these transactions at every hour of the business day. However, with fast data analytics, they found that they could consistently monitor the flow of business throughout the day, including monitoring of specific flow segments, as well as complete transactions.
With the right fast data analytics service, the firm was able to come to a proactive solution in which they could monitor the production environment using their monitoring software’s automated algorithms to keep a constant eye on transaction times. The software’s algorithms determined whether transaction flows were within acceptable parameters or if something abnormal had occurred, giving the firm the ability to respond immediately to any problems or abnormalities to improve their customer experience and satisfaction.
A Large Insurance Firm Ensures Faster Claim Processing
In another case, a large health insurance provider with over three million clients was in the process of a massive expansion. As the firm expanded, though, they noticed a disturbing trend. Over the span of a single month, the average processing time for claim payments had increased by a dramatic 10%, but only for a single type of transaction. While they had the tools necessary to analyze the operating system problems, the servers’ hardware, application servers, and other areas where the problem could be originating, they were dealing with monitoring tools that were half-a-decade old.
Thanks to these outdated monitoring tools, the insurance provider had a very expensive problem on their hands, as finding the solution was taking up over 90% of their tier-three personnel’s time and energy. Not only that, but customers were actually finding the majority of their application problems before the provider’s IT support could detect them.
To immediately diagnose the problem and get ahead of it, the insurance firm deployed a fast data monitoring service that immediately diagnosed what was causing the delays in claims processing transactions. The solution was found promptly – one claim type was sitting in a queue long enough that it would time out – and that the addition of new branch locations was causing over-saturation of their architecture design. By reconfiguring their middleware, they were able to accommodate the load increase and solve the problem without taking up valuable employee time and resources.
Just a few of the benefits of deploying this service were:
⦁ A 40% decrease in the mean-time-to-repair for the software problem.
⦁ A 60% decrease in the time spent by third-tier personnel to solve the problem.
⦁ A 35% decrease in the number of open tickets at help desk.
⦁ More than 30% improvement in the average processing time for claims.
A Securities Firm Ensures Dodd-Frank Compliance
Enacted in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act is a US federal law that was enacted to regulate the financial industry and prevent serious financial crises from occurring in the future. Securities firms and other financial institutions must ensure that they are Dodd-Frank compliant in order to stay in business and avoid the risk of serious litigation. One such securities firm implemented fast data monitoring and analysis for Dodd-Frank compliance for all of their SWAP trades.
To be Dodd-Frank compliant, firms must report all SWAP trades “as soon as technologically possible”. Within a few minutes of the execution of a trade, a real-time message and a confirmation message must be reported, as well as primary economic terms (PET). If a message is rejected for any reason, it must be resubmitted and received within minutes of execution.
Without monitoring of their reporting systems, the securities firm found that they were in danger of being found non-compliant should anything go wrong within their internal processes. Fast data analytics solution gave them the real-time monitoring they needed to stay compliant.
How Can Fast Data Analytics Help Your Business?
As you can see from these examples, fast data analytics makes it possible for businesses to quickly turn raw machine data into actionable insights by tracking transactions, identifying issues with hardware and software, and reducing customer complaints. With the ability to identify and solve these issues faster and more efficiently, fast data analytics services can significantly improve any business’ customer experience.
These processes can all be monitored in real-time, giving you access useful analytics and insights for time-sensitive activities. Fast data analytics can help you stay compliant with government and/or industry regulations, avoid preventable losses and it improve your personnel’s efficiency by pinpointing errors and problems without taking up a lot of employees’ time and energy.
How do you want to use fast data analytics to improve your customer experience? Let us know your experiences!
Connect with the authors
Connect with co-author Albert Mavashev to learn more about the world of fast data and all that it can do for you
Co-author, CTO & Evangelist at jKool | Follow on Twitter
Think about a few things in your life right now. It really doesn’t matter what they are, as long as you interact with them daily. They could be your phone, your shoes, your watch, your car, your refrigerator, your garage door opener… you get the idea. What do all of these things have in common (besides you, of course)? Well, at the moment, they may not have much of anything in common, but within the next decade, you can expect every last one of them to have Wi-Fi connections to the Internet.
The Internet of Things is an interesting concept because, on one level, it’s still largely theoretical, but on another it’s already a network that you use every single day. The strict definition of the Internet of Things (IoT) right now is, per the Oxford English Dictionary, “A proposed development of the Internet in which everyday objects have network connectivity, allowing them to send and receive data.”
As much as it’s still a “proposed” development, though, we’re seeing a lot more than proposals in the IoT. As just one example, are you one of the millions of people around the world using fitness trackers to check their daily activity and caloric output? Fit bits, heart rate monitors, and other activity and fitness tracking devices were arguably some of the first “things” in the Internet of Things to come into widespread use.
Just a few years ago, if you wanted to shed a few pounds, you might go on a diet or start running a few miles a week. Now you can download an app to track your intake and track calories out with your fitness tracking device. And, because everything is connected, you can get all of the data you need in one place. Instead of counting calories and guessing at how much you need to run, swim, bike, or lift, you have all of the information you need in your pocket at any time, and your activities get logged automatically.
“How the Internet of Things Is Driving a Knowledge Revolution”
Data, Information, and Knowledge
So how is your Fitbit going to drive a knowledge revolution? Well, when you connect your fitness tracker to your diet app, the two can work together to automatically tell you how much and what you need to eat to stay on track with your goals. They do this by recording data and parsing it into information that you or I can understand. Then, when that information is put in the context of a fitness plan, you have a lot more knowledge about your current fitness level, your goals, and your progress than you had before, all without doing any research on your own.
Now, imagine taking this example to a whole new level. As more and more of our devices and “things” are connected, they share more and more data, translate it into information that we can understand, and deliver it to us in contexts that create more knowledge than we’ve ever had access to before. With knowledge about our fitness and diet needs, the energy efficiency of our homes and cars, and much, much more, we will not be constrained by our natural memories or the time it takes to research these topics.
Instead, we can use the knowledge that’s being pushed to our fingertips on our phones, laptops, tablets, and smart watches to work faster, exercise more effectively, and enjoy more time with our friends and family.
So what do you think of the IoT and the coming knowledge revolution? Has it already affected you in some ways?
Let us know about your current experiences and predictions for the future of knowledge and the Internet of Things.