Business, Law, FinTech, and Operations Research/Management Science/Industrial Engineering

The Technology of the Future is Changing Business Today

- The Acceleration of Third Platform Innovation

Digital transformation is the adoption of digital technologies by organizations to digitize non-digital products, services or operations. The goal of its implementation is to add value through innovation, invention, customer experience or efficiency.

Digital transformation is not just a “phenomenon” and certainly not just a technology. According to IDC, we are even on the verge of entering a true digital transformation economy, the “DX economy.” 

An obvious question: what would such an economy look like, or what would it look like, and what would be its main drivers and characteristics? How do we get there? According to the company, digital transformation is basically built on technology it defines as part of another term it coined: third (3rd) platforms.

- Technology Integration: Turning Great Research into Great Products

Technology integration is the method companies use to select and improve the technologies used in new products, processes or services. Access to great research is very important, but if a company chooses technologies that don't work well together, it can end up producing products that are difficult to manufacture, delay getting to market, and fail to serve its intended purpose. 

An effective technology integration process begins at the earliest stages of research and development (R&D) projects and provides a roadmap for all design, engineering, and manufacturing activities. It defines the interaction between the field of research and the field of manufacturing and product application.

- AI and Businesses 

Artificial intelligence (AI) and machine learning (ML) are no longer just buzzwords. Emerging technologies are changing our daily lives. It is clear that artificial intelligence and machine learning will play a major role in transforming business in the coming years. Here are 5 ways AI will change business: 

• AI-powered chips: AI-powered microprocessor chips will support applications that run on AI algorithms. The chips will boost the performance of complex applications used in gaming, healthcare, manufacturing and banking. Qualcomm is at the forefront of the development of these chips.
• Cybersecurity: With the availability of data, cyberattacks have increased dramatically. Companies are investing in improving their cybersecurity infrastructure. AI will play a key role in advancing corporate cybersecurity. The technology will also reduce the company's response time and expense.
• Voice search: Google and Amazon have captured the largest market for voice-enabled smart home products. Apple is joining the fray with its own smart speaker. In the future, the company will work on applications that support this voice-based technology.
• Chatbots for Customer Support: In a digital-driven world, companies use AI-powered chatbots in business communications. These bots are mainly used to increase customer engagement. AI-powered chatbots minimize the need for human intervention.
• Data Highway: Companies and users have realized the value of data. The generation of data is growing exponentially. AI-based systems and solutions will enable startups to conduct data mining, business data analysis, and predictive analytics implementation.

- Law Categories and Legal Technology

Law is a popular subject in the humanities, with a wide range of research fields. Some areas of common law study include business law, commercial law, environmental law, international law, medical law, constitutional law, cyber law, family law, and more. 

Legal technology, also known as legal tech, refers to the use of technology and software to provide legal services and support the legal industry. Legal tech companies are often startups formed to disrupt the traditionally conservative legal market. 

Different methods and techniques have been used for legal tasks. Traditional software architectures and web technologies have been used for tasks such as providing access to case law. Machine learning methods have been used to help find documents for due diligence or discovery. The work of making contracts easier to use involves all aspects of user experience design.

- Financial Technology

Financial technoly (abbreviated fintech or FinTech) is technology and innovation designed to compete with traditional financial methods in providing financial services. It is an emerging industry that utilizes technology to improve financial activities. 

The use of smartphones for mobile banking, investing, lending services and cryptocurrencies are examples of technologies designed to make financial services more accessible to the public. 

Fintech companies include start-ups and established financial institutions and technology companies that seek to replace or enhance the use of financial services provided by existing financial companies. The subset of fintech companies that focus on the insurance industry is collectively referred to as insurtechs or insurtechs.

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- Operations Research and Analytics

Operations research and analytics enable organizations to turn complex challenges into enormous opportunities. They turn data into information and information into insights for better decisions and improved outcomes.

Operations research, often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences. The term management science is occasionally used as a synonym. 

Employing techniques from other mathematical sciences, such as modeling, statistics, and optimization, operations research arrives at optimal or near-optimal solutions to complex decision-making problems. Because of its emphasis on practical applications, operations research has overlap with many other disciplines, notably industrial engineering. Operations research is often concerned with determining the extreme values of some real-world objective: the maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost). Originating in military efforts before World War II, its techniques have grown to concern problems in a variety of industries.

- Artificial Intelligence (AI) and Management Science

Management science is the broad, interdisciplinary study of decision-making and problem-solving within organizations. Interdisciplinary research has strong links with the fields of economics, engineering, management, business administration and more. 

Various scientific principles such as mathematical models, algorithms and statistics are implemented. The goal is to increase and improve the company's capital and make more precise and rational decisions. Management science helps organizations use scientific principles and methods to achieve their goals.

AI is reshaping the research philosophy and methodology of management science. In empirical research, some researchers are asking: Are traditional sampling-based empirical research (compared to big data and AI-based full-size samples) dying? In terms of analytical modeling, AI-based "heuristic" methods outperform "optimal" methods, and scholars worry that the OR (operations research) era will end? 

In terms of qualitative methods, new methods such as robot-assisted ethnography, AI archival research, AI-assisted grounded theory, and new-generation "text" mining are being developed. The "mind reading" or "face value" based on artificial intelligence has been applied to bank borrower inquiry and human resource management. Is it a science or a new layout?

- Industrial Engineering and Smart Manufacturing

Industrial Engineering is an engineering profession that optimizes complex processes, systems or organizations by developing, improving and implementing integrated systems of people, money, knowledge, information and equipment. Industrial engineering is at the heart of the manufacturing business.

Industrial engineers use specialized knowledge and skills in mathematics, physics, and social sciences, as well as principles and methods of engineering analysis and design, to specify, predict, and evaluate outcomes from systems and processes.

Smart manufacturing is the use of interconnected machines and tools to improve manufacturing performance and optimize the energy and labor required to implement big data processing, artificial intelligence and advanced robotics and their interconnection.