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Innovation News
Nytimes
1w
80
Image Credit: Nytimes
A.I. Was Coming for Radiologists’ Jobs. So Far, They’re Just More Efficient.
- Nine years ago, Geoffrey Hinton predicted A.I. would outperform humans in radiology, but radiologists are still in high demand.
- Radiologists at Mayo Clinic are using A.I. to enhance images, automate tasks, detect abnormalities, and predict diseases.
- Dr. Matthew Callstrom from Mayo Clinic believes A.I. won't replace radiologists as they understand the complexity involved in the field.
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Silicon
1w
147
Image Credit: Silicon
General Motors Touts ‘Groundbreaking’ Lower-Cost EV Batteries
- General Motors plans to use lower-cost battery technology in its electric SUVs and trucks in 2028, utilizing lithium manganese-rich chemistry for increased profitability.
- The new batteries will use more prevalent and less expensive minerals like manganese, reducing the reliance on scarcer cobalt and nickel.
- GM's partnership with LG Energy Solution aims to produce batteries offering over 400 miles of range for electric trucks while significantly cutting costs.
- The company has achieved cost reductions and plans to introduce prismatic LMR batteries alongside existing pouch cell batteries and upcoming lithium iron phosphate cells.
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Pymnts
1w
294
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From Faked Invoices to Faked Executives, GenAI Has Transformed Fraud
- Generative artificial intelligence, including deepfakes and advanced voice synthesis, has revolutionized fraud in payments and cybersecurity.
- Cyberfraud using generative AI, such as deepfake videos and voice cloning, has become more prevalent and sophisticated, posing challenges for businesses to detect fraudulent activities.
- AI-driven attacks now involve impersonation of executives through deepfake technology, leading to increased instances of fraudulent fund transfers and cyber scams.
- To combat the rising threat of AI-driven fraud, businesses are adopting advanced fraud detection systems and emphasizing employee training and collaboration to enhance cybersecurity measures.
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Silicon
1w
134
Image Credit: Silicon
Tesla Sees ‘Slow Demand’ For New Model Y
- Tesla's new Model Y compact electric SUV is facing slow demand globally amidst a broader sales slump for the EV maker.
- The new Model Y is being sold with attractive financing offers and is readily available in many parts of the world, indicating weaker demand compared to its predecessor.
- Tesla is offering promotions like low-interest rates and discounts to boost sales of the new Model Y in the US and other countries.
- There are reports of slow sales of the new Model Y, leading to reduced work shifts for employees at Tesla's Austin plant and an overall decline in Tesla sales worldwide this year.
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Medium
1w
393
Image Credit: Medium
How AI is Transforming Business Operations: Insights from Hexabins
- AI-powered automation is transforming business operations by streamlining tasks, improving responsiveness, and reducing operational costs.
- Hexabins provides AI chatbots and intelligent automation solutions to handle customer inquiries, enabling businesses to focus on complex problem-solving.
- With advanced machine learning models, Hexabins helps businesses extract actionable insights from large datasets, empowering marketing teams to optimize campaigns and personalize customer experiences.
- Hexabins implements AI-powered forecasting tools to help clients predict demand shifts, spot trends, and allocate resources strategically, ensuring they stay ahead in competitive industries.
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Medium
1w
227
Image Credit: Medium
Green and Digital: The Sustainability Edge for Emerging Brands
- Small businesses are increasingly prioritizing sustainability by transitioning to digital operations.
- Digital efficiency is now associated with reducing carbon footprints through remote work, digital communication, cloud storage, and energy monitoring apps.
- Sustainability has become a competitive differentiator for emerging brands, with customers, especially Gen Z and millennials, valuing eco-conscious practices.
- Emerging businesses in Nigeria are leveraging tech solutions to go greener, from digitizing inventory to calculating carbon footprints, indicating a shift towards a greener future of work.
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TheStartupMag
1w
0
Image Credit: TheStartupMag
Understanding Wallet Infrastructure: A Key to Modern Transaction Management
- Wallet infrastructure plays a vital role in handling complex multi-party transactions in the digital economy, offering efficient fund movement and management.
- Traditional banking systems struggle to meet the demands of platforms like marketplaces and gig economy services, leading to the need for more flexible solutions like wallet infrastructure.
- By leveraging wallet-based transactions, platforms can achieve cost reductions, enhanced control, and optimized cash flow management, making them essential in the modern economic landscape.
- Wallet infrastructure provides benefits such as cost reduction, enhanced control, and optimized cash flow management for large-scale platforms, ensuring efficient and secure transaction management.
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Medium
1w
316
Image Credit: Medium
The Evolution of Cross-border Transactions
- The evolution of cross-border transactions traces back to ancient times when merchants traveled along the Silk Road for direct barter exchanges.
- Hawala system introduced the concept of value transfer without physical currency movement, signifying early innovations in cross-border finance.
- SWIFT's establishment in 1973 revolutionized international transfers by standardizing financial transaction processes across borders.
- Blockchain technology and CBDCs offer transformative potential for streamlining cross-border payments and reducing inefficiencies.
- Challenges in cross-border payments include high costs, low speed, limited access, and regulatory complexities.
- Fragmented regulatory landscapes pose obstacles for financial institutions navigating cross-border transactions and compliance requirements.
- Blockchain enables direct, decentralized value transfers, bypassing traditional banking intermediaries for faster and cheaper international transactions.
- CBDCs aim to enhance cross-border payments by enabling central banks to issue and settle transactions using digital currencies.
- KAIB focuses on blockchain technology, industry collaboration, and advisory services to drive innovation in cross-border payments.
- The strategic approach aims to reduce settlement times, lower costs, increase transparency, and navigate regulatory complexities in global finance.
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TechBullion
1w
346
Image Credit: TechBullion
The Automation Architect: Birad Bhatt Designs Smarter Business Futures
- Birad Bhatt, an Automation Delivery Manager at UST Global, specializes in Robotic Process Automation (RPA) project management and product support for Fortune 100 to 500 companies in various sectors.
- He leverages his educational background in accounting and finance to deploy tailored RPA solutions that drive enterprise goals and enhance efficiency.
- Bhatt's expertise in finance and technology allows him to customize automation solutions that optimize operations and financial performance.
- His experience ranges from working on process re-engineering projects to leading automation initiatives in diverse industries.
- RPA implementations have shown significant success in domains like record-to-report and order-to-cash for various industry sectors.
- Automation projects require a clear business case and thorough assessment phase to demonstrate gains in operational efficiency and cost reduction.
- Bhatt emphasizes leadership support, stakeholder involvement, and proper training for effective change management in automation adoption.
- The convergence of RPA, AI, and ML into 'hyper-automation' is transforming operational optimization and changing the way businesses operate.
- With advancing AI and ML technologies, automation use-cases are expanding, making activities previously deemed out of scope now feasible.
- Bhatt underscores the importance of training citizen developers and establishing a partnership for successful digital transformation and automation adoption.
- Success in automation design and digital transformation requires a blend of business acumen, technical knowledge, design thinking, and change management skills.
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Gritdaily
1w
236
Image Credit: Gritdaily
Responding to Urbanization: How Innovative Preservation Methods Empowers Today’s Global Food Industry
- Urbanization and modern lifestyles are reshaping the global food industry, driving the demand for convenient and long-lasting food options, particularly in regions like Asia-Pacific.
- The market for ready-to-eat meals and food preservatives is expanding rapidly, with the global ready-to-eat food market valued at over $90 billion in 2020.
- Challenges arise from traditional preservation methods leading to nutrient loss, prompting the need for innovative preservation technologies to maintain both longevity and nutritional quality of food.
- Concerns over nutritional degradation during traditional processes highlight the importance of preserving essential vitamins and nutrients in food products.
- Innovators like Yevhenii Shevchenko are developing technologies like vacuum sterilization and shock cooling to preserve food's nutritional integrity and freshness.
- Shevchenko's method focuses on maintaining food quality by inhibiting microorganism growth through vacuum sterilization and preventing nutrient damage via shock cooling.
- The technology addresses the modern need for nutritious yet convenient food options in a fast-paced world, catering to health-conscious consumers.
- Shevchenko's innovation aligns with the growing demand for advanced preservation methods in markets like Asia-Pacific, where the food preservatives market is expanding rapidly.
- The global ready-to-eat food market's projected growth underlines the significance of advanced preservation solutions to meet consumer needs for quality and nutrition.
- Shevchenko's technology offers advantages beyond consumer markets, finding applications in industrial catering, disaster relief, and other sectors requiring reliable food preservation methods.
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TechBullion
1w
118
Image Credit: TechBullion
How Corporate Digital Banking Platforms Can Help Meet Clients’ Needs
- Corporate digital banking platforms and channels are key areas of focus for meeting client needs and driving engagement in corporate banking.
- IT spending for corporate banking is increasing, with a focus on digital solutions, but innovation budgets remain modest.
- Banks are urged to invest in technology infrastructure to enhance services like liquidity management and fraud prevention.
- There is a push towards integrating AI, blockchain, cloud adoption, and real-time analytics into corporate treasury and finance products.
- Corporate-to-bank channel connectivity is vital for supporting businesses, especially in the era of open banking and embedded finance.
- Leading transaction banks prioritize the digital experience to enhance client engagement and relationships.
- Flexible user experience architecture in corporate digital banking platforms allows for tailored client interfaces and experiences.
- A design system approach is increasingly used to ensure consistency, usability, and engagement in corporate digital banking platforms.
- Modernizing digital banking platforms involves careful evaluation of technology, vendor solutions, and talent investment.
- Patricia Hines, a seasoned researcher in corporate banking and global transaction services, emphasizes the importance of technology adoption in financial services.
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Pymnts
1w
333
Image Credit: Pymnts
Square Launches New Handheld Device for Restaurants and Retailers
- Square has launched a new handheld device for restaurants and retailers, offering a unified platform for managing various business operations.
- The Square Handheld device includes seven different modes to customize the user experience for different industries such as quick service restaurants, bars, or retail shops.
- Weighing 11 ounces and less than an inch thick, the device features barcode scanning, a 16 MP camera, full payments functionality, and integration with Square's software ecosystem.
- The new Square Point of Sale app consolidates industry-specific functionalities into a single platform, allowing businesses to operate seamlessly across multiple models with modern point-of-sale technology.
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Insider
1w
224
Image Credit: Insider
How AI and robotics can help prevent breakdowns in factories — and save manufacturers big bucks
- Gecko Robotics, based in Pittsburgh, PA, utilizes AI and robotics for predictive maintenance across industries.
- Predictive maintenance can help save manufacturers costs by detecting equipment issues early.
- Companies like Aquant and Gecko Robotics offer AI-powered tools for informing maintenance decisions.
- The need for predictive maintenance technology is rising as equipment failures cost companies up to $1.4 trillion annually.
- AI advancements, including generative AI and AI-powered robotics, are revolutionizing maintenance systems in manufacturing.
- AI algorithms from startups like Aquant analyze data to identify maintenance needs accurately, reducing downtime.
- Gecko Robotics' robots and AI platform Cantilever help detect equipment issues in real time, aiding in timely maintenance planning.
- Some companies are incorporating conversational AI into maintenance tools, enhancing access to maintenance insights for teams.
- With advancements in AI, predictive maintenance is evolving into prescriptive maintenance, providing recommendations for issue resolution.
- Challenges to adopting AI-driven predictive maintenance include high upfront costs, integration complexities, and workforce skills gaps.
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Global Fintech Series
1w
414
Image Credit: Global Fintech Series
ServiceLink Unveils Unrivaled Enhancements to Its Industry-Leading Digital Closing Solution
- ServiceLink announced enhancements to its EXOS Close technology, offering more flexibility for lenders and borrowers to schedule closings in real-time.
- Enhancements include options for online and in-branch closings, instant remote closing eligibility determination, and the ability for borrowers to schedule their closing online.
- The new in-branch scheduling selection and automated RON eligibility determination allow lenders to schedule 100% of their closings through EXOS, revolutionizing the closing experience.
- EXOS Close provides real-time calendaring, access to qualified notaries, and enhanced transparency for borrowers, transforming the closing process for lenders and borrowers.
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Medium
1w
372
Image Credit: Medium
Predictive QA is Here: How GenQE Anticipates Defects Before They Happen
- Software testing has traditionally been reactive, leading to costly defects in production. Predictive QA anticipates defects by analyzing patterns and guiding testing efforts proactively.
- GenQE uses AI and machine learning to predict where defects are likely to occur, enabling teams to address root causes early in the development process.
- The platform's AI engine combines multiple machine learning models specialized for defect prediction, leveraging comprehensive data from across the software development lifecycle.
- GenQE provides actionable predictions, contextual explanations for risk assessments, and considers temporal factors in code changes for accurate predictions.
- The platform classifies defect types, guides preventive actions, and offers recommendations for addressing underlying issues based on technical metrics and historical patterns.
- GenQE's testing recommendations focus on high-value scenarios, adapt to resource constraints, and provide insights for test data configurations and environment setups.
- The platform's machine learning capabilities continuously improve test recommendations based on outcomes, guiding automation efforts and resource allocation efficiently.
- GenQE's release readiness scoring evaluates quality metrics, risk-weighted code analysis, historical patterns, and business factors to make data-driven release decisions.
- The platform supports proactive readiness management, provides valuable insights for resource allocation, and offers documentation for compliance requirements.
- GenQE's integration architecture seamlessly connects with existing tools, transforms CI/CD workflows, and enhances collaboration between development, QA, and operations teams.
- The platform's impact includes faster testing cycles, fewer escaped defects, improved efficiency, reduced costs, accelerated delivery, enhanced collaboration, and measurable business and technical benefits.
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