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How AI is Changing Data Management: Embracing the AI-Driven Automation Era

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Ali Hasnain


We are entering a new era of Big Data wherein data sets have become so vast that humans simply cannot effectively analyze it in a reasonable amount of time. The availability of so much data portends many great things for the future of business intelligence. But as has always been the case, data is only as valuable as the insights that can be extracted from it.

Almost as if on cue, this second wave of Big Data has coincided with the rise of generative AI. This new and exciting technology has transformative potential across nearly every industry on the planet. When turned loose on these unfathomably large sets of data, AI can, in mere seconds, perform complex analyses and identify patterns it would take human observers weeks or even months to complete.

AI is also going to make a huge impact with the way we interact with computers. This will result in software solutions becoming more personalized and user-friendly. We will be seeing a gradual shift in the direction of a more supervisory role to AI-based solutions: We will be directing what needs to be done and AI based solutions will be doing more of the work for us. We’re already seeing AI making a huge impact on new software development, and even existing software solutions being reimagined to give users a better user experience using AI. I believe AI is going to take a lot of the burden off our shoulders in terms of the automated solutions it enables.

AI is already assisting businesses of all sizes extract more value from their data, automate repetitive tasks, and streamline existing data pipeline solutions. The AI revolution represents a seismic technological shift, and an opportunity to enhance both productivity and efficiency for data-driven businesses. Setting yourself up for success in this new AI-driven world of data management does require some planning. But when done right, the benefits are too great to ignore.

Infrastructure

These are exciting times, where everyone is trying to do something with AI. But from an implementation perspective, any business setting out to embark on an AI journey of their own must be sure they have a strong data infrastructure in place. You’ll need the right storage capacity, the right computing power, and the right data tools.

Without these fundamental components, the quality of your data will suffer. This, in turn, will limit your AI module’s abilities to extract meaningful insights from your organization’s data sets. We’ve already seen the quality of AI’s large language models (LLMs) and how they’re trained. There’s a clear trend that their success or failure usually depends on the quality of data. The old programming adage “garbage in, garbage out” can be applied here. So, you need to deliver quality data to your AI in order for it to be successful. That comes from having the right data sets and tools.

With the emergence of AI, things are changing very rapidly. Many organizations are experimenting with different ways to handle their unstructured data. Unstructured data is more difficult to handle compared to neat rows and columns. With AI, actionable insights can be extracted even from large amounts of unstructured data. The processes are very important, and infrastructure is very important. Previously we used to always start by converting unstructured data to structured data. Now we’re looking to do both.

Automation

Automated data management platforms are helping businesses get their data into a workable state in a much quicker timeframe than ever before. This frees up resources for mission-critical tasks like strategic thinking, client partnerships, and understanding the factors that are actually driving what you’re looking for, the story you’re trying to tell, or the problem you’re trying to solve. AI and automation create capacity where it’s really needed, instead of digging through rows of unstructured data.

From a solutions architecture perspective, we recommend businesses ensure their processes are efficient so they’re not spending time on mundane tasks. If you’re spending time on those tasks, you’re wasting time. We believe you should automate whatever can be automated, and that human capital should only be devoted to tasks that cannot be automated. We’ve seen examples of low-code/no-code solutions for some time now, which help users of our products quickly build solutions and improve their data pipelines. But with AI, we’re seeing another dramatic shift. We’ve seen it be able to take on repetitive tasks, the tasks where you spend a lot of time but the gain in terms of productivity and value just aren’t there.

Let’s say you spend several hours putting together a solution to extract certain types of data from a document and going into a database. This is a simple pipeline. To build that would take a few days, maybe a week. Now that can be done within a few minutes. That’s the kind of gain you can see with AI. AI has made existing solutions even more streamlined, and users are now spending time where they should be spending it. Repetitive tasks like checking every comment, rule, or result used to take up a lot of time. With AI, we’re able to minimize that.

 Culture

 A key component of undertaking a successful automated data strategy is achieving buy-in from members at all levels of the organization. We’ve seen this take shape as companies have placed a significant emphasis on data literacy in recent years. Today, things like data governance, data security, and how that data is handled across organizations’ pipelines has become mandatory knowledge from the C-suite down to rank-and-file employees.

At the same time, however, organizations need to be deliberate with their AI undertakings. Including whether they pursue it at all. Otherwise, they risk merely chasing shiny objects with no particular objective in mind. Companies must ensure these technologies are in line with their business goals: increasing revenue, decreasing cancellations, exploring new markets, etc.

It’s key to have a tangible project or proof-of-concept to embed AI and automation technologies in silos before expanding them across the organization. Identify your key gains, determine if it’s the right fit, then have key stakeholders involved in POCs, then expand in due course.

About Astera

Astera is a leading provider of end-to-end data management platform that puts the power of data-driven decision making into the hands of every user. Astera’s suite of products addresses data extraction, integration, warehousing, and API management needs of a modern enterprise. With a focus on usability, Astera’s products have a short learning curve and are designed to save time and reduce costs.

Ali Hasnain

Digital Marketer/SEO Consultant

Ali Hasnain is a trend researcher by passion, senior digital marketing expert, and SEO Consultant at eWorldTrade and RetroCube. He contributes to trustworthy publications like Due, Hackernoon, eLearning industry, Dumblittleman, and many more. He leverages his experience to help SaaS products, influencers, local businesses, and eCommerce brands grow their traffic, leads, sales, and authority.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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