SANTA CLARA, CA – Micro Focus (LSE: MCRO; NYSE: MFGP) today announced the general availability of Service Management Automation X (SMAX) 2019.05. SMAX is the first application suite for Enterprise Service Management and IT Service Management built on machine learning and analytics, powered by an embedded CMDB and Discovery to help drive down costs and speed up time to resolution. Built-in best practices are quickly and easily configured and extended in an entirely codeless way with the SMAX Studio enabling customers to achieve faster time to value. The scalable, multi-tenant cloud-native solution delivers significantly lower cost of ownership and enables customers to deploy on their choice of public or private cloud. SMAX is also available as-a-service by Micro Focus partners worldwide.
AI is the most promising technology to transform the banking space. Forty-seven percent of respondents said AI will have the biggest impact, followed by just 19% saying the same for quantum computing and 17% for distributed ledgers and blockchain. The disappointing outcome for blockchain appears to be in line with recent announcements from banks: Citi has abandoned its plans to launch a crypto and Bank of America's tech and operations chief has expressed skepticism on the benefits of blockchain. Banks' workforces appear to be at different stages in terms of tech savviness.Seventy-four percent of banking respondents either agree or strongly agree that their employees are more digitally mature than their organization, resulting in a workforce waiting for their organization to catch up. However, 17% of respondents said that over 80% of their workforce will have to move into new roles requiring substantial reskilling in the next three years, compared with only 5% saying the same for the last three years.
Elliptic's dataset comprises 200,000 bitcoin transactions, with a total value of $6 billion. It will be publicly available from today, and can now be used by open-source developers and other researchers to train machine learning algorithms to spot characteristics that are unique to illicit or legitimate transactions. By helping to keep crypto within the law, it should boost its legitimacy in the eyes of governments around the world.
The company covers a good range of services based on blockchain. Last year in the month of October, the company was looking into holding an IPO (initial public offering) through stock exchange listing in Amsterdam, London or Hong Kong, as per sources. Also in the same year, the company closed an 80 million U.S. Dollar funding which was led by Korelya Capital. Market analysts and experts alike think that the company has a very potent and has the capacity to touch the value of 3 to 5 billion U.S. Dollars, the moment it gets public. This is anticipated in a coming couple of years.
Last week, I presented a session at the "AI With The Best" conference about one of my favorite topics, decentralized artificial intelligence(AI). The "AI With the Best" conference is notorious for bringing together a rate mix of AI researchers and practitioners as part of the same audience so, as a speaker, you have to have the right balance between deep AI research and practical topics. In the case of my talk, I tried to summarize some of the ideas I've been exploring in the decentralized AI space. The complete slide deck is available below or here. The remaining of this post summarizes some of the most relevant ideas included in my presentation.
The graph represents a network of 2,229 Twitter users whose tweets in the requested range contained "#FinServ", or who were replied to or mentioned in those tweets. The network was obtained from the NodeXL Graph Server on Sunday, 11 August 2019 at 11:32 UTC. The requested start date was Sunday, 11 August 2019 at 00:01 UTC and the maximum number of days (going backward) was 14. The maximum number of tweets collected was 5,000. The tweets in the network were tweeted over the 12-day, 3-hour, 52-minute period from Monday, 29 July 2019 at 20:00 UTC to Saturday, 10 August 2019 at 23:53 UTC.
The insurance industry, after the trade market, is another sector where it is hard to predict the next big paradigm shift. Given the tentative stability and natural catastrophes, insurance companies often stand on a trembling ground and confront massive challenges, even when i comes to adopting seamless and intuitive digital solutions such as Artificial Intelligence in Insurance. Research N Reports has added a report, titled "Global Artificial Intelligence in Insurtech Market Size, Status and Forecast 2025," which provides an overview of the various factors enabling growth in the market. The statistical report offers a prime wellspring of applicable information for global business progress. What will be the market size and growth rate in the forecast year?
In a blockbuster $27 billion deal that's certain to threaten Bloomberg's financial-data empire, the London Stock Exchange struck an agreement this week to buy the data company Refinitiv. The tie-up highlights trading venues' desire to move beyond low-margin trading and clearing into the more lucrative business of selling data. LSE CEO David Schwimmer, who joined the stock-exchange group less than a year ago from Goldman Sachs, is driving the industry-changing transaction. Our banking reporter Dakin Campbell talked to Schwimmer's former colleagues and clients, who told him why Schwimmer is ideally placed to do the deal. If you aren't yet a subscriber to Wall Street Insider, you can sign up here.
Nuance Communications, Inc. (NasdaqGS:NUAN) has named the board of directors for its automotive spin-off company, Cerence Inc. Arun Sarin, former CEO of Vodafone, will be appointed Cerence Chairman of the Board when the spin-off is completed on October 1, 2019. Also named to the board is Sanjay Dhawan, who previously served as president of the Connected Services Division and chief technology officer of Harman Industries International since 2015. According to the press release, "Dhawan brings a deep understanding of AI and machine learning applications, with a focus on developing solutions at the intersection of devices, sensors, cloud solutions and data integration". "For Cerence's future Board of Directors, we have assembled a group of highly talented leaders who bring a variety of meaningful, deep talent and expertise. As Nuance prepares to spin the automotive business into Cerence, the extensive knowledge, unique insights, and proven success of this board will serve Cerence and its shareholders well and will be integral to the company's bright future."
Most enterprises that don't use artificial intelligence only audit up to 10 percent of their spending, while companies that do use AI are able to audit virtually all their invoices, contracts and expenses, according to a new report. The report, from AppZen, a company that provides artificial intelligence technology for auditing company spending and travel expense reports, not surprisingly finds advantages to AI technology. AI is able to flag 8.7 percent of expenses as high risk, usually because of unauthorized expenses, errors in keyed-in amounts, and duplicate spend. AI also flags 4 percent of invoices as high risk, typically due to price, discount or terms that don't match the contract, inflated prices compared to market data, and duplicate spending across invoices or with T&E. "There's a lot that can go wrong in the enterprise typical organization's spend audit process," said AppZen CEO Anant Kale in a statement.