The future of HR is both digital and human as HR leaders focus on optimizing the combination of human and automated work. This is driving a new priority for HR: one which requires leaders and teams to develop a fluency in artificial intelligence while they re-imagine HR to be more personal, human and intuitive. As we enter 2019, it's the combination of AI and human intelligence that will transform work and workers as we know it. For many companies the first pilots of artificial intelligence are in talent acquisition, as this is the area where companies see significant, measurable, and immediate results in reducing time to hire, increasing productivity for recruiters, and delivering an enhanced candidate experience that is seamless, simple, and intuitive. One company that has delivered on this is DBS Bank.
The metaverse is one of the hottest buzzwords in tech, and this far-reaching vision of a next-gen internet will rely upon an entire ecosystem of companies to make it a reality. We cut through the noise to explain what the metaverse is, how it's being built, and who's building it. The business world is obsessed with "the metaverse": the concept of shared worlds driven by virtual products and digital experiences that are highly immersive and interactive. We already have virtual worlds featuring live concerts and online games where players spend hundreds of hours -- but metaverse enthusiasts see a future where entire societies thrive in an online realm inhabited by avatars of real people. While the space is still in early days, the longer-term implications may not be trivial. Some users -- especially younger ones -- may eventually earn, spend, and invest most of their money in digital worlds. The metaverse could represent a $1T market by the end of the decade, according to CB Insights' Industry Analyst Consensus. This dollar potential has caught the attention of players across industries.
It's not a coincidence that two global multinational investment banks and financial services companies, Morgan Stanley and Goldman Sachs, agrees that the nascent metaverse market could be worth $8 trillion in the future. In its latest Technology Vision 2022 report, titled Meet me in the metaverse, multinational information technology services company, Accenture surveyed more than 4,600 business and technology leaders across 23 industries in 35 countries. Like an arms race, futuristic big tech companies Microsoft, Facebook (FB now Meta), and Apple Inc, Google (now Alphabet) amongst others, are scrambling to sweep up the metaverse. Facebook (now Meta) describes the metaverse as "a set of virtual spaces where you can create and explore with other people who aren't in the same physical space as you". CEO Mark Zuckerberg says Meta is working on egocentric data, which involves seeing worlds from a first-person perspective.
Verdict lists the top five terms tweeted on artificial intelligence (AI) in Q4 2021, based on data from GlobalData's Technology Influencer Platform. The top trends are the most mentioned terms or concepts among Twitter discussions of more than 150 AI experts tracked by GlobalData's Technology platform in Q4 2021. Common functions of RPA, and AI and machine learning (ML) allowing organisations to streamline their operations, were some popularly discussed topics on RPA in Q4 2021. Giuliano Liguori, CEO of Kenovy, an IT services and consulting company, further shared an article on understanding the use cases and applications of RPA across industries. The article highlighted how RPA is used by businesses to streamline customer or employee boarding, updating customer relationship management (CRM), and other processes and to feed data into systems to automatically extract relevant data.
The metaverse: while some of us are still coming to terms with the idea that we're likely to spend increasing amounts of time in a 3D version of the internet, companies are already scrambling to define the space, carve out their niche, and even snap up virtual real estate. The shift to the metaverse is likely to have a positive business impact, according to 71% of respondents to an Accenture survey, and 42% say it will be "breakthrough" or "transformational." The metaverse will infiltrate every sector in the coming years, culminating in a market opportunity worth more than $1 trillion in annual revenues, according to JP Morgan. Mark Zuckerberg's Meta says the metaverse will be "the biggest opportunity for modern business since the creation of the internet". He has outlined plans to spend more than $10 billion on developing virtual reality software and hardware.
Artificial Intelligence (AI): The theory and development of computer systems that can perform tasks -- often using natural language processing (NLP), machine learning and natural language understanding (NLU) -- that normally require human intelligence, comprehension and understanding. Augmented Reality (AR): Technology, using involving glasses, visors, goggles or smartphones, that superimposes a computer-generated image on a user's view of the actual world, providing a composite view that often includes perceptual information. Avatar: A computerized icon or figure which represents a person, pet or entity in video games, internet forums, games, chat rooms, virtual reality and other channels. Block: A place in a blockchain where data is stored and encrypted. Blockchain: A shared, immutable digital ledger that records and maintains transactions and tracks assets across a peer-to-peer business network. Bitcoin: A decentralized, digital cryptocurrency that doesn't rely upon a central bank or trusted source which can be transferred from user to user on a peer-to-peer network using blockchain technology.
This article is part of a VB special issue. Read the full series here: The metaverse - How close are we? Some companies believe that the metaverse -- a yet-to-be-realized, internet-like series of connected worlds -- has enormous potential in the enterprise. For example, it could be used to improve work productivity by allowing employees to train or collaborate in workplace-like virtual environments. Or it could host home and office tours, a boon for a real estate market contending with pandemic travel restrictions.
Global Digital Skills Index research from Salesforce revealed a growing global digital skills crisis and the urgent need for action. The Index is based on over 23,000 workers in 19 countries reporting their readiness to acquire the key digital skills needed by businesses today and over the next five years. The Index follows a Salesforce-commissioned study by leading research institute RAND Europe to examine the evidence associated with various aspects of the digital skills gap. Reimagining business for the digital age is the number-one priority for many of today's top executives. We offer practical advice and examples of how to do it right.
WHEN CORPORATE bosses want to impress investors they increasingly reach for the i-word. Mentions of "innovation" during the earnings calls of S&P500 firms have almost doubled in the past decade. And no other sector talks about it as much as the technology companies do. For Hewlett-Packard, a printer and personal-computer maker, innovation has on occasion become what location is to estate agents and education to Tony Blair: so important it has to be said three times in quick succession. Your browser does not support the audio element. Do they protest too much?
Then came 2021, when insurers focused on pandemic recovery and meeting customer expectations for digitization and personalization. While adapting to the latest insurance technologies was a challenging experience for many carriers, those who did are selling more benefits faster and smarter than ever before. From underwriting and claims to the customer journey and distribution methods, here are the top insurance technology trends our team believes will be beneficial to carriers in 2022. It was once common for insureds to undergo in-person evaluations in traditional underwriting. However, this proved a challenge during the pandemic, and many insurers had to embrace new underwriting methods. The goal of automated underwriting is to streamline information-gathering and reduce as many human touchpoints as possible. Automated underwriting uses tools and techniques like robotic process automation and artificial intelligence to import and correct data, assess risk and determine how much coverage a client should get and how much they should pay in premiums. It is important that automated underwriting programs incorporate an insurer's business rules, halting the process when human intervention is required. To this end, automated underwriting technology should enable granular configuration of roles and permissions. The benefits of saving time and money have led to many insurers implementing automated underwriting into their value chain.