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How No-Code Tools are Making Big Data Accessible to All

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Will Andrews


Whether it is revenue, customer experience, or operational efficiency, big data has allowed businesses to achieve unprecedented growth. However, companies need data engineers, technical data experts, and programmers to make sense of large volumes of unstructured data. Businesses need to hire professionals who can write codes to process and analyze data to get any actionable insight out of it.

So, even though big data is a big help for a business, it is, without a doubt, also a big expense and inaccessible for most companies. But no-code tools have changed it all.

As you know, no-code tools take a visual approach to software development instead of using programming languages. No-code tools provide non-technical users a modular software development that requires zero programming. Users can create their applications using templates, drag-and-drop, and logical sequences and deploy them without any hassle. No-code tools democratize access to sophisticated programs, ensure fast software delivery, and improve efficiency.

When it comes to big data, no-code tools remove any need for programming from the data collection, processing, and analysis process. No-code tools have opened big data to more industries and organizations so they can also leverage it and grow. Let us see in detail how no-code tools democratize access to big data.

  • Big Data for Small Businesses and Startups

To leverage big data, businesses need to invest in IT infrastructure, professionals, and training which is impossible for most small business owners to accomplish. Thus, for a long time, only large enterprises could utilize big data.

However, most no-code tools are cloud-based solutions that remove any need for additional IT infrastructure. They are so cost-effective that around 45% of businesses worldwide run at least one of their big data workloads in the cloud. One can access them using any device, making it easier for small and medium businesses to utilize big data.

No-code tools also eliminate any need for companies to hire programmers to work with their data. Since these tools have a very low learning curve, executives do not need extensive training. Data Analysts themselves can create a working application based on their ideas and needs, reducing development time and cost.

 

  • Big Data for Operational Teams

Mostly, companies rely on big data to analyze business performance and track their long-term goals. So, access to the organization’s data was limited to data engineers and analysts. But it did not take long for organizations to realize that big data can influence the efficiency of their day-to-day operations.

Today, businesses are investing in operational analytics, i.e., giving access to an organization’s data to teams like sales and marketing so they can make informed decisions. It also means that they need applications tailored to their big data use cases, where no-code tools shine.

No-code tools allow businesses to develop and deploy applications for their operational teams without hiring programmers. At the same time, the tools allow non-technical staff to leverage data in their day-to-day decision-making process.

  • Big Data for Business Leaders

Only 38% of CEOs lead their company’s big data operations. Why? Because not all business leaders are technology leaders and often lack the knowledge needed to work effectively with big data and analytics tools.

Also, the lack of technical know-how creates communication gaps between C-level executives and data analysts. Leaders fail to convey their ideas and goals, and the analytics team fails to deliver relevant reports. As a result, 41% of business leaders often struggle to convert insights into decisions.

No-code tools solve this problem to some extent. The graphical approach to big data analytics makes it easier for business leaders to oversee data collection, processing, and analysis processes even when they lack technical knowledge.

  • Big Data for Unique Use-cases

There are two ways to utilize big data in business, invest in a third-party solution, or build in-house solutions.

Investing in third-party tools often seems logical, but not all solutions may fit the needs of a business. So, a lot of industries still lag behind in using big data in their operations even when they have the resources to invest in it.

Or, they can build their own analytics software. And that requires businesses to hire programmers to build them an application and then train their team of data analysts to use that solution, and it not only costs time but a lot of money as well. No-code tools, on the other hand, tackle both issues at once.

With no-code tools, companies can develop their own analytics software without hiring any programmer. Instead, they simply need to train their data engineers and analysts in using the no-code tools. And then, they can create an application where each feature, function, and filter cater to the unique needs of their business.

Wrapping Up

No-code tools are a result of the industry’s demand for agile software development and deployment. It frees businesses from hiring developers to program their software, saving them valuable resources. No-code tools are perfect solutions to enable more sectors and enterprises to utilize big data to realize their long- and short-term goals. They can equip their own team of data analysts with no-code tools so they can build their own applications from the ground.

With analytics tools tailored to their needs, businesses can control data sources and quality to get accurate insights. They can also integrate their big data tools with their existing solutions, like CRM, to make their operations more efficient.

Featured Image Credit: Photo by Thisisengineering; Pexels; Thank you!

Will Andrews

Product & Marketing

Will Andrews leads Product and Marketing at Gigasheet, a free, no-code big data spreadsheet for analyzing massive data files in CSV, JSON, and more. He is passionate about technology, data, and content.

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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