The current fast paced world is creating new opportunities for growth every day. With emerging technology and an interconnected world via IoT, there is always room to create a new market and provide solutions for growth of older ones to create a more technologically advanced society.
The fourth industrial revolution, more commonly referred to as Industry 4.0, is characterised by the use of smart technology developed by a combination of Machine Learning, Artificial Intelligence, Cloud Computing and Internet of Things, to analyse data in order to increase efficiency and user satisfaction.
The creation of smart factories and machines, opens up a realm of possibilities, providing for solutions in Manufacturing, supply chain management, modernising enterprise applications, edge computing, smart systems, 5G and many more.
What exactly is Industry 4.0?
In a most generic way, Industry 4.0 describes a rapid shift to the use of automation and data exchange in technology and manufacturing processes, creating a system where machines rely on wireless connectivity and data analysis to monitor and process statistics and data to make autonomous decisions.
With the availability of affordable edge infrastructure and advanced connectivity technologies, Industry 4.0 has become increasingly mainstream, taking hold of the traditional manufacturing system and completely revolutionising it.
Heavily dependent on IoT, ML and AI, it has paved a way for the next revolution, one guided by robotic automation.
Why is IoT important?
The internet of things (IoT) is a computing concept that describes the idea of the network of physical objects embedded with sensors, software, and other technologies being connected to the internet and being able to identify themselves to other devices.
The data from IoT is important as it creates an improved customer experience, with greater efficiency in production and optimised monitoring and data analyses to further industrial growth.
With the changing world, the need for novel solutions is now greater, with more focus being put on the future, especially a self-sustainable one.
Businesses need to rebrand themselves, or prove themselves to be at the head of the change as reliable information providers in order to keep up with the flow of the tides.
IoT entrepreneurs need a wide range of vision to cater to the needs of the market, both the current and future, and as such the IoT businesses can be generally categorised as core, adjacent or transformational depending on the type of services it provides.
IIOT and Industry 4.0
Industrial IoT or IIoT takes the concept of IoT and applies it on large scale industrial settings with focus on instrumentation and control of devices using cloud computing.
Use of Machine-to-Machine communication to achieve wireless control was a pre-existing working concept, however, with use of cloud computing and machine learning, a new level of automation can be achieved, thus leading to unprecedented growth in revenue and creation of new business models.
Some of the more common uses of IIoT are:
Smart power grids
Smart digital supply chains
WhileIIoT and Industry 4.0 are separate concepts, they do benefit each other and are considered as a set piece when working to increase efficiency in operation via automation.
Industry 4.0 itself is non-existent without IIoT while the concept of IIoT is inefficient without the concept of Industry 4.0 and as such, they share several common agendas.
Focus on results and efficiency to streamline production process and make manufacturing viable and cost efficient
Both categories heavily depend on high speed wireless communication between smart machines and constant real time monitoring and data analysis.
People Driven and requiring constant development and implementation with people capable of interpreting data to further innovate on faster efficient processes
Benefits of IIoT
Maximising revenue – By eliminating unplanned downtime and getting to market faster, improve revenue growth
Lower operational costs – Interconnected machines and industrial data boosts productivity while lowering cost of production
Improved Quality – Market analysis and monitoring via an interconnected system improves efficiency and quality of service/product
Creating a Brand
With the vast domain that is IoT, it is difficult to find a niche to hold onto and create a business model surrounding it.
In order to keep up with the booming growth, there is a need for constant influx of novel ideas and sharing information in order to create a brand image that is credible and also due to the recent nature of all developments and a lack of general awareness, it may be difficult to provide both efficiency and sustainability.
This is where IoTAGI comes in, enabling access to technology and partnering with Industry 4.0 based service providers to curate customised IIoT solutions and help usher in a new era of digitization.
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With all the ongoing debate about the inherent value of NFT, for myself, as the founder of Digital Arts For Social Impact (DASI) , I believe that NFT can be an effective channel for positive social impact.
NFT started in the year of 2012, backed by the basis of bitcoin then, since Etherium hadn’t started before then – and since that point, there have been many ongoing conversations as well as trades that have happened on the digital space.
Some see it as an opportunity to get rich quick, given the number of rug pulls that has happened due to insider traders making a quick run after a successful fund raise, while others see it as an opportunity to express their art – and letting keen buyers own an original authentic piece of their work without any potential risk of inauthentic duplication.
For myself, my exposure to NFT, blockchain as well as Web 3.0 definitely changed the way he viewed work as well as the digital space, and it definitely pivoted me from being a typical salaryman to someone who can also create positive social impact with the help of NFTs.
Afterall, the basis behind the creation of an NFT can be condensed into 7 simple steps:
1) Create/pick your artwork/ unique creation
2) Choose your choice of blockchain tech
3) Setting up your digital wallet for transaction
4) Shortlist & Select your NFT marketplace.
5) Upload your NFTs
6) Develop a robust sales & marketing plan for your NFTS
7) Fund-raising and channeling it to an effective cause.
In fact, it was with this knowledge that I have also invested heavily into ethereum as well as developed a robust team made up of industry veterans as well as artists across the globe, to serve the impoverished community around the world – one of which being Cambodia.
For DASI’s very 1st upcoming project, Darren & his team made up of industry veterans as well as artists across the globe, they have ambitiously set their sights to help impoverished Cambodian kids to fund raise for their very own school – with hopes that this will be a beacon for future NFT projects that will lead to support more social causes.
The World is going through a serious climate crisis, and it is important to start addressing the issue. Paris Agreement signing by 194 Nations and subsequent submission of INDC (Intended Nationally Determined Contributions) has set the ball rolling.
COP 26 strengthened commitments from various countries further to Energy Transition. The move towards complete Green /Renewable Energy is the need of the hour. Solar, Wind, Renewable Fuels like Hydrogen is the real need of the hour. Solar prices per unit have dropped significantly in the last 10-12 years and it is important to move faster to further penetration in power generation through Renewable Power.
Hydrogen as a fuel of the future has a lot of promise but the initial costs of Hydrogen Green are higher. The Green Hydrogen prices are in the range of $ 5-8 per Kg. Further reduction in electrolyzer power consumption required per Kg of Hydrogen needs to drop at least 20-25%. Also, the technological advancements to reduce the cost of Electrolyzer is also the biggest need for low cost of Hydrogen / Kg.
Decarbonization which is the biggest need for the World today has two major areas from Energy perspective:
Mobility related Decarbonization – which is approx. 22%.
Manufacturing related Decarbonization – which is approx. 78%.
Both these phases of Decarbonization needs huge capex going ahead and as per recent reports fromIEA and Mckinsey, the funding requirement will range from $ 150 to $ 270 Trillion over the next 30 years. This is going to be biggest challenging area for the World as Corporates gear up for Decarbonization in every activity. This move towards Decarbonization will address the biggest concerns faced by Institutional Investors as ESG (Environmental, Social and Governance) reporting and disclosures becomes deeper day by day.
Challenging times ahead for Global Economies and Corporates.
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As we venture into an era where the old ways of industries and new ways of technology converge rapidly to disrupt what we are used to, leaders are often thrust into situations where their people want both.
Digital transformation, sustainability, and climate change overwhelm leaders who have to deal with disruptions to businesses from new entrants; demand for corporate responsibility, in addition to their usual functions with shortening boom and bust business cycles. The average lifespan of a company has decreased from 67 years in the 1920s to just 15 years today. Blockbuster, a popular movie rental business in the United States of America (USA) lasted only 25 years from 1985 to 2010.
The ability to adapt is so crucial and leaders are overwhelmed to undertake the digital transformation of various departments beyond corporate Information Technology (IT) and into their business operations to survive. In this article, I’m going to share the factors contributing to transformational success, extraordinary leadership that takes immense courage to defy organisation cultural norms and business landscapes, and new technology tools that can bridge the automation, sustainability and security divide from reducing carbon footprint; escalating costs; to manpower and digital talent crunch. For the leaders who are championing workload modernisation for their sprawling legacy footprint, fret not because this will be covered towards the end of the article.
Factors for transformational success
Success isn’t always a mutually exclusive situation but rather a mutually inclusive decision that requires a knack for understanding the market trends, the organisation or society’s cultural conditions, the availability and maturity of the tools, and the readiness to change.
In Singapore, Parking.sg is a successful mobile application eliminating car parking coupons that need to be printed, perforated, inventoried, distributed, utilised and inspected. Not many are aware that there was a similar attempt to eliminate parking coupons using mobile phones when short messaging systems, SMS, were all the rage in the early 2000s before the advent of smartphones a decade later.
The maturity of mobile phones in its smartness was limited in the early 2000s with costly SMSes. A coupon-less SMS mobile solution would have been ahead of its time with limited success because the ease of use was lacking in comparison to the graphical user interfaces in today’s mobile phones.
Timing plays an important role because the effectiveness of a solution depends on it.
Today’s leaders are challenged especially in an era where it takes courage to break away from the norm, and when previous attempts at technological innovations or transformations did not succeed, making it tough to start a new attempt.
Our comforts of today come from extraordinary leadership
Steven was a former Economic Development Board (EDB) scholar who brought multiplex cinemas within a single location concept or cineplex into Singapore. It wasn’t a bed of roses to begin with because people were used to the single large seating cinemas that screens one show at a time before the 1990s.
The incumbent cinema operators in Singapore have an illustrious heritage in movie production and dominated the local scene with their traditional single-screen cinemas. They are backed by conglomerates and were keenly watching on what was deemed a risky move by a government agency to revolutionise the cinema scene in Singapore. Compared to the movie tycoons, Steven was a newbie in the business they had been in for decades.
Steven was determined to bring the successful cineplex experience from Australia to elevate local residents’ enjoyment as well as inviting innovative companies into Singapore for the benefit of the economy, which is the charter of EDB.
Conditions were challenging because he had to navigate the different agencies to secure a site to build Singapore’s first cineplex. During the 1980s and early 1990s of Singapore, prime land was reserved for private bidders and Orchard Road was the only shopping and entertainment destination. Being prudent, the relevant government agencies were only able to provide a location that was far from ideal, out in the suburbs where spending power of the residents were limited.
The odds were stacked against Steven and the cineplex company which he intended to bring into Singapore. However, they were silently confident in replicating the successful model into Singapore because of the intricate details from seat arrangement, acoustic, and the peripheral offerings from movie memorabilia and collectibles like membership cards, lighting, carpeting, plush corridors and luxurious walkways that delivered exceptional and thematic entertainment experiences.
Fast-forward till today, cineplexes are a norm and the local scene was rejuvenated with both the new and incumbent operators building cineplexes into shopping malls across the country with neighbouring countries following suit. It’s a transformational success and we have extraordinary leadership to thank for.
Maturity of technological tools and strategies for transformation
Disparate islands of systems spanning across decades and sprawling across organisational landscape, coupled with traditional computing workloads that once revolutionised manual paper processes are fast becoming stumbling blocks in the next digital transformation journey of many organisations.
Chief Information Officers (CIOs) and their teams are now overwhelmed with not just corporate IT functions but are increasingly required to offer recommendations into cybersecurity, business operations, operational technology, facilities management and Internet-of-Things (IoT).
This is made even more challenging with global inflationary concerns and the Great Resignation which reduced the pool of talents amidst the increased demand for digital talents required to transform the businesses.
The flurry of new technological start–ups make it difficult to choose the best-of-breed solution. The increasing difficulty to integrate or migrate from traditional computing workloads to newer operating models like cloud or as-a-service are present with increased risks too.
Automation and sustainable strategies from digital physical lockers for staff to self-service collection of their issued equipment; preemptive maintenance made possible with notifications; unified service desk and disparate systems for efficiency;
omni-channel platforms coupled with data and artificial intelligence to drive improved engagement experiences across mobile, web, SMS, social media and email; intelligent document processing with proven models; sustainable logistics and packaging to reduce carbon footprint are priorities to be determined by leaders in delivering the most impact in the shortest possible time.
Security strategies from conventional detection of known threats to unique detection-less methods rendering unknown attackers without a destination to target; data diodes to segregate and limit communication to one-way; file sanitization to mitigate security risks from users; automated vulnerability assessment and penetration testing (VAPT); and code scanning of binary files are a curated way to improve security postures while reducing costs.
We like the hype and excitement of new products but deep down we know maturity counts. We want a seasoned pair of hands to support transformational journeys to minimise risks and maximise the success rates.
Computing workload modernisation
For many organisations, there is really a big sprawling footprint of ageing infrastructure platforms which require a thorough review. It’s like buying a house 30 years ago and looking at the amount of items (systems) cluttering across the rooms and walkways that were bought over the years.
Some of these items are valuable because they contain important memories (data) and we like to give them a fresh lease of life with better cabinets (server rooms); offloading them to offsite storage hubs (datacentres); or digitising them and sharing with relatives over the Internet (cloud). Most of our enduring institutions or organisations are at least a few decades old and they can be cluttered. Even those who are organised will find it necessary to renovate their houses to keep up with times. The same goes for our IT systems, which are giving CIOs and their teams a hard time to revamp without having to tell their colleagues to live without a roof (downtime).
When it comes to keeping up with times, some organisations may want a rapid migration to cloud; some may be worried that the existing platforms they are on are reaching end-of-life and end-of-service. Others could already be exploring containerisation and facing challenges. Modernisation is making the right decisions with a thorough understanding and mapping of one’s environment. How much we know is half the battle won.
The next half is getting professional help. Enterprise architecture consulting offers the best insights for IT infrastructure modernisation by harmonising the existing sprawl with leading solutions that are innovative yet matured in adoption to deal with the distributed computing demands across on-premise, cloud, hybrid and edge.
Actionable digital leadership
In summary, market trends, organisation cultural norms, availability and maturity of tools, and readiness for change are factors for transformational success. Also, timing is important in rolling out successful campaigns. In addition, extraordinary leadership is crucial in delivering impact. Next, transformation success rates can be improved with careful deliberation supported by experienced professionals, backed by research, and word-of-mouth with a pilot trial or proof-of-concept to begin with. Today, social media, collaboration tools and information are readily available at our fingertips, hence it is important to execute and engage stakeholders to garner feedback for faster iterations to reach our objectives.
At Kyndryl, where I’m a partner to clients, colleagues and vendors in the region and globally, we have 30 years of experience in transforming traditional workloads including mainframes for some of the most enduring institutions.
I’m glad to share that Kyndryl developed a decision-making tree to aid our clients in a non-obligatory discovery workshop for private enterprises and public agencies. In a nutshell, it’s our way of saying hello and building goodwill in our community by offering complimentary advisory services for long-term partnerships.
I am Mar Vin, Foo.
Thank you for leading the conversation of change.
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Remote learning and training became the norm during the covid pandemic. With most of us locked in our homes, we were forced to look for new ways to acquire knowledge, to connect with people and, for many, develop new skills and capabilities. Those at the top of organisations, including senior leaders who are Members of our Community, had to navigate the challenges of leading their businesses remotely. How do you keep in touch with your executive team, your Board, your people and the outside world? How do you seek inspiration and advice, from colleagues, mentors and peers, in a lock down?
Online learning and training is nothing new. Companies have offered employees access to e-learning as a flexible and often cost effective way of upskilling teams for some time. The challenge of leadership development is more complex. For executives, it’s often less about learning a new skill, but instead understanding the business landscape outside of your immediate organisation and industry. It is no longer enough to have deep sector expertise, leaders need insight from a range of sources and across different geographies in today’s fast-paced environment.
Executive development using technology to let the outside in
According to our research, senior executives including CEOs, CFOs and HRDs consistently rate development opportunities like mentoring and peer learning as most effective to their roles and responsibilities. When lockdown hit back in March 2020, Criticaleye had to quickly adapt many of the learning experiences we offer our Members, so technology played a major role in keeping leaders current and connected.
In fact, when it comes to executive development, virtual meetings and connections with other leaders around the globe has become one of the major opportunities to emerge from the crisis. Our mentors are now able to combine face-to-face interactions with virtual conversations, creating a constant and consistent touchpoint for their mentee. Equally, and although we resumed our calendar of physical events last year when restrictions were lifted, the advent of more regular, virtual roundtables and forums at Criticaleye is enabling our Members to dip into leadership insight and be inspired by peers more than ever before.
Tech and Talent
If the way leaders are developing their skills and capabilities is changing, so too is the way they think about their workforce and talent strategies. Organisations need to adapt to remain competitive, and improve their understanding of both what it means to lead a distributed workforce. It’s about much more than remote working. Leading a distributed workforce should be intentional, strategic and it requires a shift in both leaders’ mindset and the culture of the business.
According to discussions we frequently have with leaders across the Criticaleye Community, executives need to ask themselves how they can create a new sense of belonging in a more remote working environment. They also need to question how they measure and maintain productivity. Overall, there must be a focus from leadership teams on retaining your best talent, and, going back to our Criticaleye Research, the C-suite consistently cites talent as their top priority for the year ahead.
Digital transformation is not just about the customer. It must also play a key role in how you engage your teams, what you offer in order to hold on to key people, how people learn and how leaders get the touchpoints they need to be successful.
Sreena Nadarajan, Head of Research UK, Criticaleye
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Every byte of data has a story to share. Important question is whether the story is being narrated accurately and securely. Usually, our focus is sharply on the trends around data with a goal of revenue acceleration, but we commonly forget about the vulnerabilities caused due to bad data management. Data possesses immense power, but immense power comes with increased responsibility. Just collecting, analysing and building prediction models is simply not enough in today’s world. Always keep in mind that we are in a generation where the requirements for data security have perhaps surpassed the need for data correctness. Hence today the need for Privacy by Design is greater than ever.
“Privacy by Design” and “Privacy by Default” have been frequently discussed topics related to data protection. The first thoughts of “Privacy by Design” were expressed in the 1970s and were incorporated in the 1990s into the RL 95/46/EC data protection directive. Privacy by design is an approach to systems engineering that seeks to ensure protection for the privacy of individuals by integrating considerations of privacy issues from the very beginning of the development of products, services, business practices, and physical infrastructures. The adoption of security and privacy principles is a crucial step in building a secure, audit-ready program.
Privacy by Design is based on following 7 principles:
Proactive not Reactive; Preventative not Remedial – Privacy by Design comes before-the-fact, not after.
Privacy as the Default Setting – it is built into the system, by default.
Privacy by Design is embedded into the design and architecture of IT systems and business practices
Privacy by Design seeks to accommodate all legitimate interests and objectives in a positive-sum “win-win” manner not Zero-Sum
End-to-End Security — Full Life-cycle Protection
Visibility and Transparency — Privacy by Design seeks to assure all stakeholders that whatever the business practice or technology involved, it is in fact, operating according to the stated promises and objectives
Respect for User Privacy — Keep it User-Centric.
Privacy by Design in Health Data Management Policy by ABDM
Consider data protection requirements as part of the design and implementation of systems, services, products, and business practices. The federated design of the National Digital Health Ecosystem ensures that no personal data other than what is required at a minimum to create and maintain Health IDs, Facility IDs or Health Professional IDs shall be stored centrally. Electronic medical records shall be stored at the health facility where such records are created, or at such other entities as may be specified by Policy. Electronic health records shall be maintained by entities specified by Policy, as a collection of links to the related medical records. ABDM shall issue appropriate technological and operational guidelines providing for the establishment and maintenance of the federated architecture, for ensuring the security and privacy of the personal data of data principals, and for maintenance of electronic medical records and electronic health records.
Clear and easily accessible statements of its practices and policies.
Type of personal or sensitive personal data collected.
The purpose of collection and usage of such personal or sensitive personal data.
Whether personal or sensitive personal data is being shared with other data fiduciaries or data processors.
Reasonable security practices and procedures used by the data fiduciary to safeguard the personal or sensitive personal data that is being processed.
The managerial, organisational, business practices and technical systems designed to anticipate, identify and avoid harm to the data principal.
The obligations of data fiduciaries.
The technology used in the processing of personal data, in accordance with commercially accepted or certified standards.
The protection of privacy throughout processing from the point of collection to deletion of personal data.
The processing of personal data in a transparent manner and
The fact that the interest of the data principal is accounted for at every stage of processing of personal data.
Article by Sujeet Katiyar
Digital Health । Rural Healthcare । Regulatory Compliance । ABDM, HIPAA, GDPR, Data Security & Privacy Professional as Consultant, Start-up Founder, Director with 23 years in Web & Mobile Technology with AI, ML, Blockchain
The automotive industry is rapidly adapting to the demands of connected mobility. The rise of autonomous and electric vehicles will create new challenges for manufacturers, who must implement solutions that will help them meet changing consumer needs. These vehicles are expected to require more computing power than traditional cars, which leads us to ask: What does this mean for aftermarket solutions?
What does this mean for aftermarket solutions?
As both traditional and autonomous cars become more automated, and more intelligent, the use of geospatial technology is proliferating.Geospatial intelligence (GEOINT) is the use of data and technology to improve the way we make decisions. It’s a key component of connected mobility, which refers to how vehicles communicate with each other or with infrastructure.
In autonomous vehicles, geospatial intelligence can be used to collect real-time information about road conditions as well as traffic patterns—which can help a vehicle avoid hazards that could otherwise cause an accident or delay. This type of information can also be useful for collecting data on weather conditions, or even hazards like ice on the roads during winter months.
Connected cars are another place where geospatial intelligence is being applied: they collect both driver behavior data and location information via onboard sensors that provide insights into driver quality control and safety measures such as speeding or harsh braking incidents.
But what exactly does that mean for the future of cars?
Geospatial intelligence (GEOINT) is a broad term that refers to information gathered from satellite data and other sources in order to identify people, places, and objects.
Using GEOINT, we can determine the location of a person or object within a specific area. This allows us to collect data on the location of vehicles on roads at any given time—information which is then used by car manufacturers and other companies to improve their products and services. For example, knowing where cars are parked may help you find your way into an underground parking lot before you run out of battery power in your electric vehicle; it can also be used by municipalities when designing new roads so they can plan how many lanes will be needed for traffic flow.
And how does it work?
Driving intelligence solutions allow manufacturers and OEMs to identify and engage with their customers based on their driving behavior. The solution is designed to be used by the driver, who can also access it from an app on their phone or tablet. Using this technology, car manufacturers can:
Monitor vehicle location & speed
Identify where drivers spend most of their time in the vehicle
Collect data on when they start and stop using the car, how long they use it for and where they go during those times
What does this mean for traditional vehicles?
Geospatial intelligence is a software solution that integrates data from multiple sources to help personnel make better decisions. In the automotive industry, it has been applied to several areas, including navigation and fleet management.
In this article, we’ll explore how geospatial intelligence can improve driver safety and efficiency in traditional vehicles.
How does it all come together?
Here’s how it all comes together:
Data from connected vehicles – This is the raw data collected by autonomous vehicles and other vehicle systems. It offers an on-demand picture of traffic patterns, road conditions and driver behavior.
Data from the cloud – The cloud allows you to store and analyze large amounts of data in real time. In this way, you can quickly identify patterns that indicate a problem with one or more sensors or systems on your vehicle.
Data from the edge – Edge computing uses advanced analytics at the edge of a network (a local area) rather than in a centralized location such as a cloud server center or data hub. This approach enables faster decision making because only relevant information is sent over high-bandwidth networks instead of sending all available information for analysis in another location—a process that can take hours or even days depending on bandwidth capacity limitations
Harnessing the power of geospatial intelligence will help you create better experiences for every aspect of your customer journey.
Geospatial intelligence is a powerful tool that can help you create a more personalized and engaging experience for your customers.
Heliware’s HeliAI uses location data to give you insights into how people are moving around the world, what they are doing at any given time and whether there are opportunities to engage with them at specific locations. Automotive service providers or manufacturers can use this information to understand customer behavior and improve the experiences your products offer.
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A traditional economy is a business whereby company’s employ people on a full-time basis to carry out task stated out by the company. The pros are there is a structured career path in the company and they are well paid in terms of salary and benefits such as leave, insurance and trainings. The cons are usually the company is not flexible in certain decisions such as – work hours are fixed at 9-6pm and they incur high operating cost such as manpower, office, and insurance.
Technology have brought about changes in life as well as the economy we know today. Gig economy start to trend recently especially with the booming of technology app companies such as Grab, Uber, Airbnb etc. These companies employ people on a part-time/contract/freelancing basis to complete a task stated out by the company. The pros typically are the flexibility of time, allowing the hired people to work within their own time management. The cons are they typically not cover under company insurance or have leave entitled to them as compare to a regular full-time staff.
Examples of a Gig economy
Impact of Covid-19 in Singapore
Since Covid-19 striked, a lot of business had to fold or change the way they work such as working-from-home, food delivery service for F&B. Traditional business that need to have office space or retail/F&B that rent space from commercial and non-commercial building in Singapore are hit the hardest during the lock-down and post lock-down period. Some businesses just simply couldn’t survive and hence retrenchment was on a rise during the period. So, we can see a shift in workforce that joined the Gig economy such as the grab food delivery service which allows people to earn money with flexible timing and arrangement. Even Taxi operators were hit during the period as travel restrictions were imposed and hence taxi driver’s lost a mainstream of income from visitors. Luckily, they were being deployed for short term role of chauffeuring covid-19 patients from point A to point B. Airlines were grounded during this period and SIA stewardesses were being deployed to hospitals as care ambassador during the crisis period to help out with lack of manpower in hospitals. Some who were out of job turned to entrepreneurship such as home-based business or hawkerpreneur to tide themselves over the period. Full-time workers who are still employed under companies have to adopt new ways and technology to do business such as hold virtual meetings over Zoom, doing tele-conferencing and working from home.
Examples of working from home tech jobs
With the covid-19 situation under control at this point of time, businesses are slowly recovering. The question now is, would the Gig economy workers go back to a traditional model or does the traditional model break into new territory of Gig? Imagine, employees choosing to work on a hybrid mode of work from home and hot-desking anywhere instead of going to office, does it help the company to save on rental/ ownership of a building? What will happen if companies do not need an office space anymore? What is the future of commercial buildings like? Do drivers/ delivery workers of grab go back to being white-collar workers and hence create a gap in supply demand in the grab app?
I look forward to the future of the working landscape as to how technology will shape up both the Gig and traditional economy.
Can the meta verse catch our imagination and make it so immersive as a real dream?
I am not a psychologist or a physicist….
Everyone is talking about “The METAVERSE”. Is this really a new concept?
…..I am not a psychologist or a physicist (thank God for that! my brain would explode with the heavy formulas!), though I wish I was one! to be able to connect the emerging new reality of the metaverse to both these fundamental sciences of psychology and quantum physics. However, I will be the end user of the metaverse and I understand a decent amount of technology that goes into creating this new universe called metaverse.
Here is how I understand the need of having a metaverse and envision a future with the metaverse impacting the 7 Bn humans on this planet.
The human mind always wanders to things beyond their physical location and space. So, we have dreams. Nature supported this concept as homo sapiens evolved. Imagination in our sub conscious mind or our wakeful state is what makes us humans different from other species.
We have always tried to capture this need of imagination and transporting ourselves into another world.
The 2 basic needs of the human mind being:
To conquer time
To transport ourselves into another time and location = gather experiences
So how I see the meta verse is an evolution of the human imagination with the innovation of 3D, 4D, 4D…. technology. Some call it Web 3.0
The first new verse had started with a camera and a picture taken when we wanted to capture time. But then as the then technology evolved to video cameras, we created 2 hours of immersing ourselves, our emotions in another world which led to the making of films.
Of course, films were not customised to each one of us. Yes, the gaming industry evolved to more customised simulations for example war games, which should have led to less wars!, as more boys and men imagined and satiated their imagination of shooting others and planes!! But this unfortunately could not stop wars even in the 21st century. However a teenage boy with no legs can play an immersive football game and score goals and feel the rush of adrenaline through him and make him a winner!
So now with the metaverse every individual can realise their own head space. The question is “Can we still beat nature’s 30 sec film called “DREAM”?” Maybe.
The meta verse is just the start, where we want to imagine not only while sleeping but also when awake!
The Metaverse consists of a 3D virtual world where users interact with various spaces and virtual reality components using digital avatars. We all know large IT companies, such as Facebook and Microsoft are busy exploiting its potential. We will soon see notions of 3D virtual reality in metaverse projects embodied in a range of spheres — from a virtual land market to an office space. Some of the short term use cases of this are gaming,remote work environment in virtual spaces, tourism, education, fashion, medicine, shopping, real estate etc.
The marketers are the first customers of this extended reality. There are big brands, big social media platforms who want to own this imagination of the human mind and sell more, easily giving their customers a real experience of what their products, services look like. Tickling the human imagination with more customised rooms, products, and services.
Yes, Metaverse has made it to the top contenders of the most trending key words of 2021. Metaverse is here to offer a parallel virtual universe to all of us. The Metaverse opens a whole new world of economic prospects, from virtual music events to NFT-based products, to name a few.
So, will “METAVERSE” just stop with being another commercial success for big brands and companies or will we be able to really change human lives with this immersive and imaginative technology.
Before I start dreaming future use cases of this new reality, a question that comes to my mind is how will the metaverse look in a non IOT world. Can it function in a non IOT world bringing back the 2 fundamental sciences of psychology and quantum physics together? along with our human desire to conquer time and transport ourselves into a different or unknown arena.
Will we be able to capture the Theory of quantum physics in which an infinite number of ever-growing alternate realities are created by our choices. In any alternate reality any choice that is made creates universes where each choice is explored.
Will we be able to catch “THE DREAM” as best as nature has been doing it for us? in 30 sec sleep mode, without the help of IOT!
Here I want to explore a life changing use case of the meta verse which can change the world 100 years from now. Will the Metaverse help me be in 2 places at the same time? Can I experience an alternate life experience? Can the meta verse quench my thirst sitting in a desert without having water around me?
The Big Tech billionaires are all headed to search another verse, away from our current universe – called Earth. This new verse can be exploring another universe or another planet, or creating an imaginary verse where all our dreams, needs, desires, and wants are fulfilled at the click of a button or a count down as the space shuttle takes off!
The future of this new verse whether “meta” or “mars” is linked to our need to transport ourselves to different experiences and the need is indeed important as our life span has increased over the last century. On average we accomplish our physical responsibity of pro creation, wealth creation, productivity by age 50 and then are living upto 100 and imagining immortality! So, what do we do with our imagination from 50 to infinite life expectancy.. Let it rust!
We need to create experiences to truly enjoy life.
As I envision the new verses, meta or mars will in the future have new experiences circulate within the 7 Bn people with science and technology providing them not only imaginary but real experiences like quenching thirst sitting in a desert to the need for humans to not be born again and again to experience different life situations. It will create the power to have the same 7 Bn experience different combinations of life in the real verse and the meta verse. Guess the need to explore space may cease then!
This exploration of the new verse and the future reality comes with a great amount of responsibility on our current generation and the big tech giants. The creation of a virtual universe can pose several challenges in the coming 50 years. The metaverse will still not be a replacement for the real world but it should represent an improvement on it in every possible way. Even looking at our 30 sec dreams, the psychologists are still deciphering them. So, as we create the new universes there will be many unanswered questions passed on to the next generation. These unanswered gaps towards creating a perfect new verse must be passed on carefully, articulately, and responsibly to the future generation to not only catch but to CONTROL THE DREAM.
With the rapid increase of users on digital platforms has been a great opportunity for brands and organizations to get hold of their customers, interact with them, acquire new customers, take feedback, make improvements and the biggest benefit has been measurable results of marketing campaigns.
Starting from the beginning of the journey to the end goal of a brand, one can easily make a high converting funnel with expert guidance.
The most effective generic funnel has always been Brand Awareness —> Consideration/ Engagement —> Conversion
With the help of social platforms, we can reach out to people who are found mostly on digital platforms. According to a recent study, on an avg. the user spends around 147 minutes daily on social media. Now the best part has been that audiences on these platforms are scattered which gives us the advantage to target users on basis of their demography and behavior. Example: Young generation up to the age of 27 are more active on Instagram while the elder generation still prefers Facebook. This number isn’t a universal constant but keeps on changing depending on the country, geography, literacy, income, and various factors.
With the help of targeting options available for advertisers, we can target the right audience with the right content at the right time to achieve the brand goals.
With the help of remarketing campaigns, we can target the customers who have already been our buyers or shown interest in our ad in any form. It might be a scroll to the bottom of the page, Clicks, search on the website, add to cart, checkout, add a payment method, etc.
Differentiating all these audiences with different events, we can create and feed content accordingly. Thus, increasing the conversion rate.
There’s an ongoing debate if paid media is beneficial or organic –
To achieve the best results, both approaches should be followed simultaneously. Though all the platforms are somehow decreasing the organic reach and visibility of content. It’s advised that paid media should not be neglected at any cost.
While Organic media gives long-lasting results if carried out constantly for a never-ending time, Paid Media gives instant results at any point in time.
Some of the biggest mistakes that brands should avoid-
Irregularity in maintaining a digital presence
Not having a brand identity
Not following brand guidelines
Ignoring Paid Distribution of ads
Concluding this article, marketing is all about creating a perception. The best is to create the right one. Maintain distance from unethical marketing tactics. It might give short-term results but in long run, you will end up losing the trust of your customers and among competitors.