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Technology Isn’t Always Productive – Here’s How to Use it Appropriately – ReadWrite

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Technology Isn't Always Productive - Here's How to Use it Appropriately - ReadWrite


Technology has revolutionized the way we live, work, and play. It’s a field of miraculous, magical developments that always have the power to help us save time, do more, and ultimately become more productive.

Right?

Technology Isn’t Always Productive

You might have had some experiences with technology that make you question whether a new app, a new gadget, or a new system is actually adding value to your life.

For example, you might have upgraded to a new project management system that ends up taking twice as much time to use. Or, even more commonly, you might have found yourself endlessly scrolling through your Twitter feed in the middle of an important project.

As a generalized, overarching trend, technology definitely makes us productive.

We’re capable of far more than we were even 10 years ago, and new industries and opportunities emerge every year from new tech. But technology isn’t always productive – in fact, it can sometimes rob you of productive time.

What steps can you take to ensure that all your technology choices end in higher productivity (or at least neutrality)?

Here’s How to Use Technology Appropriately

Outline Your Goals in Advance

Before adopting any new technology, it’s important to outline all your goals in advance. What, exactly, are you hoping to achieve?

Many new technologies make vague promises about making your life better, and many consumers end up buying those products because they seem, in some ambiguous way, “better” than what you currently have.

For example, you have the option to upgrade your refrigerator to a smart fridge. But what are you actually hoping to achieve from this upgrade? Do you want your food to spoil less often? Do you want to stay better organized with your food purchases? A refrigerator upgrade may not be necessary to achieve these goals.

What does productivity mean to you?

You’ll also need to think about what “productive” actually means to you. If a piece of new technology improved your productivity, what would that look like? Some technologies automate or simplify some aspect of your job (or life), only to introduce new problems.

For example, you might develop an algorithm that automatically generates a reading list for you – but it doesn’t always work quite right, so you have to sort through the list manually. You’ve saved an hour on task A, but you’re spending an hour on a new task, task B.

The clearer your goals are, the less likely you’ll be to use technology that has a net negative effect.

Rely on Objective Data

When choosing new technologies and evaluating their ability to improve your productivity, you need to rely on hard, objective data. What, specifically, is this improving and how much is it improving it?

This will help you filter out:

  • Cognitive biases. Human beings aren’t very logical creatures. We’re afflicted with a variety of cognitive biases that can distort how we perceive things.
  • Subjective feelings. You might feel like your phone is making you more productive, but the data may say something otherwise. This frequently happens with new acquisitions; we often like to justify our investments and pretend there are benefits when there aren’t any.
  • Claims and anecdotal reports. Tech companies often promote their products by citing good reviews and happy customers. But anecdotal evidence and personal claims rarely tell the full story.

Always Review Your Options in Depth

When searching for new technology, you’ll probably have many options to choose from. There are dozens, if not hundreds, of competitors in almost every imaginable niche, so it’s important to review your choices carefully before making a final call.

Consider these choices for your technology:

  • Features and functionality. What does this product have that other competing products don’t have? Even more importantly, what does it do to boost your productivity?
  • Flexibility and scalability. How much can this product change, grow, and evolve with your company? This is especially important if you’re going to scale your business.
  • Intuitiveness and learnability. How long will it take to learn how to use this system properly? Low intuitiveness can compromise even the best tech investment.
  • Ratings and reviews. When combined with other considerations, ratings and reviews can be valuable in helping you make up your mind.
  • Objective metrics. More importantly, though, you’ll need to look at the numbers. How many hours could this save you? What new tasks will it require?
  • Costs. There may be a new app or gadget that can boost your productivity by 10 percent. But if it costs $10,000 a year, it may not be worth it. Consider the costs as well.

Automate Whatever You Can – but Understand the Limits

Automation is one of the best ways to save time and increase productivity in a business environment. Accordingly, you should strive to automate whatever you can.

That said, there are some limitations to what you can automate effectively. Automation relies on predictability and consistency; in an environment with unknown variables or areas that require human creativity, automation becomes less practical.

Excessive automation can also compromise certain aspects of your business; for example, you might be able to automate all your email marketing and sales campaigns, but it could turn people off for being too repetitive and “cold.”

Minimize Apps

For the most part, you should strive to limit the number of apps you rely on, both to simplify your infrastructure and to minimize time spent jumping between systems.

You can do this by consolidating the functionality of several apps into one, relying on integrations to send data to and from various apps, and by resisting the temptation to buy new apps just because they’re new and look cool.

Set Limits and Restrictions

Some apps and devices make it hard to be productive because they occupy too much of your time or interfere with your life in some crucial way. Accordingly, it’s advisable to set limits and restrictions for yourself, sometimes within the apps themselves.

For example:

  • Screen time. Most smartphones and modern devices have built-in settings and apps to help you track your screen time. You might even be able to limit it. This is especially important for apps and devices that tend to distract you or pull you away from more productive work.
  • Notifications and distractions. You should also be aware that even one small distraction has the potential to harm your productivity for nearly an hour; it takes time to build focus and momentum, and even a seemingly small distraction can ruin that. Turn off notifications wherever and whenever possible and consider closing out apps that might distract you (such as your email account during a busy workday).
  • Communication. Communication is valuable in any workplace or home, but modern technology makes it all too easy to get in touch with someone – even when they’re busy. Don’t drop everything you’re doing every time you get an email, instant message, or request for a video call; use your communication apps intentionally and mindfully.

Measure and Reflect

Rely on a combination of built-in tech tools, time trackers, and other analytics dashboards to keep track of your productivity and your progress. How are you using the various tools available in your arsenal? How much time are you spending on various platforms and on screens? How many hours are you working and how much were you able to get done?

Consistently measure your productivity and observe how it changes over time.

Don’t just assume that a new piece of tech is boosting your performance; try to prove it. If it’s not working for you, consider cutting it and moving onto something else.

If you aren’t careful, a new app, a new gadget, or another high-tech investment can end up working against you, either by distracting you, interfering with your work, or making something you were already doing harder.

As long as you think critically about your new tech adoption and continue to be discerning in your tech infrastructure, you can end up benefitting from new tech.

Image Credit: curioso photography; pexels; thank you!

Timothy Carter

Chief Revenue Officer

Timothy Carter is the Chief Revenue Officer of the Seattle digital marketing agency SEO.co, DEV.co & PPC.co. He has spent more than 20 years in the world of SEO and digital marketing leading, building and scaling sales operations, helping companies increase revenue efficiency and drive growth from websites and sales teams. When he’s not working, Tim enjoys playing a few rounds of disc golf, running, and spending time with his wife and family on the beach…preferably in Hawaii with a cup of Kona coffee.

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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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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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