Categories
AI Tech

Do you believe that AI will eventually replace humans altogether?

Written by : Shweta (SOHAM) R on Digilah (Tech Thought Leadership)

Let’s try to understand the term first:

💡What Is Artificial Intelligence?

Artificial Intelligence is a new and exciting field that is quickly gaining popularity. It is a method of making a computer, a computer-controlled robot, or a software think intelligently like the human mind. AI is accomplished by studying the patterns of the human brain and by analyzing the cognitive process. 

It can be considered a tool to assist us to rise above our circumstances.

Before getting threatened and believing in speculations take a moment and register this, AI is a replica we have created to make our lives better.

It is made of code not cells!

Having said that, we must strive for creative sense because it’s just the beginning, we have only touched the surface of what Artificial Intelligence can accomplish. Our thinking capabilities and problem solving abilities are endless.

💡The four A.I. types are:

🧩Reactive Machines

🧩Limited Memory

🧩Theory of Mind(Exits only in theory)

🧩Self Aware(Exits only in theory)

We are currently well past the first type and actively perfecting the second. At the moment, the third and fourth types exist only in theory. 

Most of the recent or past developments are data driven. I am looking forward to the theory of mind and self care developments because their AI will have to deal with thoughts and emotions.

How on earth a machine is going to handle that?? 

According to Forbes AI is expected to see an annual growth rate of 37.3% from 2023 to 2030. AI continues to revolutionize various industries, with an expected annual growth rate of 37.3% between 2023 and 2030, as reported by Grand View Research. This rapid growth emphasizes the increasing impact of AI technologies in the coming years.

A quarter of companies are adopting AI because of labor shortages as labor shortages become a pressing concern, 25% of companies are turning to AI adoption to address this issue, according to an IBM report. AI helps businesses optimize operations and compensate for the lack of human resources.

Software engineers and data engineers are being recruited for AI support

As AI becomes more integrated into businesses, there is a growing demand for AI support roles. In 2022, 39% of businesses reported hiring software engineers, and 35% hired data engineers for AI-related positions, according to a McKinsey report.

97% of business owners believe ChatGPT will help their business

According to Forbes Advisor, a staggering 97% of business owners believe that ChatGPT will benefit their businesses. One in three businesses plan to use ChatGPT to create website content, while 44% aim to generate content in multiple languages. More than half believe AI will improve written content. 

Over half of respondents, 54%, believe that AI can improve written content, suggesting that AI-driven solutions such as ChatGPT have the potential to enhance text quality, creativity and efficiency in various content creation contexts.

💡What can we do to adapt the process?

In the emergence of AI technology, we may need to accept and reassess ourselves. We will need to be equipped skills-wise and knowledge-wise on how to handle and prosper in a world that is continuously changing and improving as days move on.

Conclusively, I will say it is important to get the hang of AI but again try to acquire a balance while you are turning into a robot with AI advancements to keep your natural stupidity alive to be creative. YES, AI is the present, but will it be the future?!

That’s a question mark for me, I believe quantum computing will take over.

Most asked questions

What are the pros and cons of AI?

 Can AI take over the world?

 

Most searched queries

Generative AI 

Machine learning

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
Web 3.0 Tech Law Tech

Pixels to Possibilities: Unravelling India’s Gaming Odyssey

Written by : Ankita Sambyal on Digilah (Tech Thought Leadership

Who isn’t fond of video games? From teens to adults, isn’t it? Some play video games as a source of living or to relieve stress. 

The genesis of video games dates back to their early development when a human being used to interact with a massive video device and an analog remote to give commands to the machine to move a pixelated character. 

The earliest recorded U.S. video game patent dates back to 1948, known as the ‘Cathode-ray tube Amusement Device.’ Some of the earliest video game examples include the Nimrod Computer, a massive machine weighing over a ton, as well as Oxo (1952), Tennis for Two (1958), and Spacewar (1961). 

However, these early video games were not available for public purchase due to their immense size and high costs.

The evolution in video game technology has witnessed the progression from classic games like Mario to multiplayer gaming and now to the concept of metaverse gaming.

 Ralph Baer, the Father of Video Games, played a significant role in advancing the Gaming Industry.

In 1967, he invented the prototype called the ‘T.V. Game Unit #1,’ followed by other inventions like the ‘Brown Box Light Gun’ and the ‘Pump Unit’ in 1967-68. In 1972, Baer introduced the Video Game Console named “Odyssey.” 

The Global gaming industry experienced substantial growth, with a valuation of USD 231.34 billion in 2022 and a projected value of USD 353.35 billion over the next five years. 

The year 2023 shows promising developments, including the introduction of generative AI support that simplifies gaming development and increased investments in the metaverse.

In contrast, the Indian gaming industry was valued at USD 2.8 billion in 2022 and is expected to reach USD 5.0 billion by 2025.

Considering the exponential growth of the gaming industry, it becomes crucial to establish and enforce regulations to protect the interests of players. 

These regulations should focus on promoting fair play, ensuring player safety, safeguarding minors, protecting intellectual property rights, and preserving the confidentiality of data and sensitive personal information of gamers.

 Additionally, such regulations should consider the financial interests of both the gaming industry and the players.

“Most Parliamentarians don’t have a clue as regards the challenges or the opportunities the games industry faces” – David Puttnam

A videogame can be classified on the basis of mode: – 

    1. Online Games

    1. Offline Games. 

Further, Online and Offline Games can further be classified on the basis of interaction: – 

    1. Game of Skill

    1. Game of Chance.

    1. A Mixture of Game of Skill and Chance.

On 6th April 2023, the Ministry of Electronics and Information Technology of India proposed Amendments to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which gives a comprehensive framework for Online Gaming Ecosystem, however, these amendments still fail to address the vital connotations of the Gaming Industry. 

Although, the endeavour has been made through implementing these Amendments to define and explain the terms like “Online Game” (Sec. 2(qa)), “Online Gaming Intermediary”(Sec. 2(qb)), and “Online Real Money Game” (Sec. 2(qd)), however, the definitions and explanations are not comprehensive enough, and there is still a significant gap in the interpretation of these terminologies to fit in the practicality of today’s gaming that we are witnessing in and around.

In 2020, the Federation of Indian Chambers of Commerce and Industry (FICCI) in partnering with Ernst & Young (EY), released a report stating that USD 817 million has been garnered by the Indian Online Gaming Industry, which involved real-money transactions which depicts that 71% of Indian players are involved with ‘Online Real Money Gaming’. 

Therefore, Regulators need to take a nuanced approach while defining online games and should consider different examples and illustrations to help clarify the distinction between games of skill and games of chance.

    • In situations where monetary transactions are involved in an online game (skill-based or chance-based), it is crucial to adopt a risk-based approach and enforce mandatory KYC verifications for the players utilizing that platform. Additionally, the platform should implement restrictions on financial transactions based on spending limits to ensure responsible and controlled monetary involvement.

    • The legislative amendment should provide clear and detailed explanation of fraudulent activities, that occur in the virtual realm, including services that hijack gaming accounts, theft of virtual identities, fraudulent manipulation of in-game items, cheating and hacking through the use of bots, deceptive game modification, Phony Game Currency Sellers, etc.

    • The legislative amendment should provide detailed and clear distinction of gaming intermediaries and their roles involved in the virtual realm such as online gaming platforms, game developers, publishers, marketplaces etc. along with their roles and responsibilities such as hosting game servers, game distributors, facilitating communication among players, offering customer support etc.

    • The gaming platforms must be legally obligated to provide clear and explicit information on their websites regarding the nature of the game mode in which the player is engaging, distinguishing it is primarily based on skill, chance or a combination of both. By doing so, they will ensure transparency, promote user awareness, and facilitate a fair gameplay environment in compliance with legal requirements.

“The people are pieces of software called avatars. They are the audio-visual bodies that people use to communicate with each other in the metaverse.” – Neal Stephenson

As we have transitioned from traditional gaming to more immersive and interactive experiences facilitated by VR Headsets, we may also witness the emergence of evolved forms of criminal activities in this virtual space. 

Some Countries like Hong Kong are policing the Metaverse to design ‘user safety’ and to educate the public about the potential dangers associated with Web 3.0 and the Metaverse. 

In conclusion, it is imperative for India, which is having a base of 421 million of online gamers and is likely to reach over 442 million by the end of 2023, needs to take a thorough revamp of its gaming regulations to encompass games such as Blockchain-based gaming, Metaverse Gaming. 

By proactively, embracing and regulating these advancements, can help protect consumers, prevent problems of gambling, and ensure a fair and level playing field for all participants that can help India to position itself as a leader in effectively overseeing the Gaming Industry. 

This strategic approach will ensure that India remains competitive and doesn’t lag behind in effectively policing the dynamic and evolving gaming landscape. 

Most asked questions

What is the current size of the gaming industry?

What are the job opportunities in the gaming industry?

Most searched queries

Fastest growing gaming company

Mobile gamers in India

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
Web 3.0 Tech AI Tech

Collaboration and Web3

 

Written by Aman Bandvi on Digilah (Tech Thought Leadership)

“Alone we can do so little, together we can do so much.” – Helen Keller

Helen Keller emphasizes the importance of collaboration in achieving great things. Collaboration has been an integral part of human society since the beginning of time. We collaborate to achieve a common goal, to learn from each other, and to make progress. In the digital age, collaboration has taken on a new meaning with the advent of Web3.

Web3 is the next evolution of the internet, where decentralization, transparency, and community-driven efforts are the norm. Web3 technologies, such as blockchain and smart contracts, have the potential to reshape how we collaborate and create value. In this article, we’ll explore how collaboration and Web3 are interconnected and how this synergy is shaping the future.

Decentralized Collaboration

One of the most significant benefits of Web3 is its decentralized nature. Traditional collaboration relies on centralized entities to facilitate communication, project management, and decision-making. However, Web3 offers a new paradigm where collaboration can happen in a decentralized manner, without the need for intermediaries.

For example, decentralized autonomous organizations (DAOs) are emerging as a new form of collaboration. DAOs are decentralized entities that operate on the blockchain, where members can propose, vote, and execute decisions. DAOs are self-governed, transparent, and open to anyone who wants to join. This new form of collaboration enables community driven efforts that are not possible in traditional organizations.

Trust and Transparency

Another benefit of Web3 is trust and  transparency. Collaboration often requires trust among members, which can be challenging to establish in traditional settings. However, Web3 technologies enable trust through cryptography, consensus mechanisms, and smart contracts.

For example, smart contracts are self-executing contracts that are programmed to execute automatically when specific conditions are met. Smart contracts eliminate the need for intermediaries and provide transparency and trust between parties. This level of trust and transparency can enable more efficient and effective collaboration.

Value Creation

Collaboration and Web3 can create new forms of value. In Web3, value can be created through decentralized applications (dApps) and decentralized finance (DeFi) protocols. dApps enable collaboration between developers, users, and other stakeholders to create new services and products. DeFi protocols enable collaboration between different financial services and create new financial products that are accessible to anyone.

Web3 also enables new forms of incentivization through tokens and cryptocurrencies. These tokens can be used to incentivize collaboration and reward contributors for their efforts. This Aman Bandvi, v1 March 2023 new form of value creation can create more inclusive and equitable collaboration where everyone can participate and benefit.

Case: Collaboration, Web3 and impact on the last-mile

Collaboration and Web3 have the potential to create a significant impact on the last mile and offer value to government stakeholders. Web3’s decentralized nature, transparency, and community-driven efforts can provide an efficient and effective way to collaborate and create value for the last mile.

The last mile is the final leg of the supply chain that delivers goods and services to consumers in remote or underdeveloped areas. Collaborative efforts can help bridge the gap and provide essential services to these areas. For example, DAOs can enable community-driven efforts that address local needs, such as water supply, healthcare, or education. These efforts can create new value for the last mile and improve the quality of life for people in these areas.

Government stakeholders can also benefit from Web3’s collaborative efforts. Web3 technologies can provide transparency, accountability, and trust in government operations. For example, smart contracts can automate government processes, eliminate corruption, and provide transparency in government procurement. Additionally, DeFi protocols can provide a more inclusive and accessible financial system that enables government stakeholders to access financial services and create new financial products that serve their constituents better.

Case: Web3, collaboration and education sector

“Collaboration allows teachers to capture each other’s fund of collective intelligence.” – Mike Schmoker

One example of how Web3 and collaboration have impacted education is the Open Learning Initiative (OLI) at Carnegie Mellon University. OLI is a Web3-based learning platform that leverages blockchain technology and smart contracts to create a more decentralized and community-driven approach to education. The platform enables students to learn at their own pace, with personalized learning paths that are tailored to their individual needs and preferences.

OLI uses Web3’s token economy to incentivize collaboration and participation. Students are rewarded with tokens for their contributions to the platform, such as completing exercises or providing feedback on course content. These tokens can be exchanged for rewards such as access to premium content or discounts on future courses.

OLI also leverages Web3’s decentralized governance model to give students a say in the direction of the platform. The platform is governed by a DAO that is owned and controlled by its members, giving students a voice in decision-making and ensuring that the platform is always evolving to meet their needs.

The impact of OLI has been significant, with students reporting higher levels of engagement and satisfaction with the platform compared to traditional learning methods. By leveraging Web3’s collaboration and decentralized governance models, OLI has created a more personalized and engaging learning experience that is tailored to the needs of individual learners. This has the potential to revolutionize the education sector by providing a more equitable, inclusive, and effective approach to learning that is accessible to all

Summary

Collaboration and Web3 are transforming how we work and create value. Web3’s decentralized nature, trust and transparency, and value creation potential enable new forms of collaboration that were not possible before. This new paradigm offers exciting opportunities for innovation and progress. As we continue to explore the potential of Web3, it’s clear that collaboration will be at the heart of its success.

Aman Bandvi

Co-founder Ais Possible

India Blockchain Alliance

Emerging Technology Council

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah People

Most searched questions

What is the impact of web3 on internet?

Can trust and transparency completely achieved in web3?

Most searched queries

Collaboration

Web3

Categories
Web 3.0 Tech

The evolution of NFT and Blockchain Use Cases

Written by Sallyann Della Casa on Digilah (Tech Thought Leadership)

Nfts have advanced significantly since 2021, when we first learned about them. Most people now consider the functionality of NFTs in addition to the artwork when thinking about them.  

The following utility benefits provided by the still widely used Bored Apes to their customers are what has maintained their price so high:

    1. Bored Ape Yacht Club (BAYC) membership: Each Bored Ape NFT acts as a membership card for the BAYC, a group of NFT collectors who are all enthusiastic about the project. Members of the BAYC get special access to events, products, and other benefits.

    1. Commercial licensing: The Bored Ape NFT owners have the right to monetize their digital assets, which includes using the characters’ visuals to make and sell items and to provide licenses for their use in other projects.

    1. Members of the BAYC are eligible to vote on matters of governance that will have an impact on the project’s future. This implies that Bored Ape NFT owners can influence how the neighborhood develops and expands.

    1. Royalties: The owner of a Bored Ape NFT gets paid a portion of the sale price when the NFT is sold or exchanged on a secondary market. For the owners, this offers a steady stream of income.

    1. Social standing: Among NFT collectors, Bored Ape NFTs have come to represent rank and distinction. Each NFT’s rarity and distinctiveness can raise its value and desirability among collectors, elevating its social standing in the community.

How you describe NFTs matters greatly for those of you who are still unfamiliar with the NFT notion. An NFT is just code that connects anything to blockchain, such as Javascript or C++. You could conceivably save your documents to the blockchain with a “dot NFT” just like you would when saving them in Word or Excel. 

With that reasoning, the logical question is: Why use blockchain, and what money do you hope to save? 

Definition is crucial here once more. Blockchain is the ideal notebook. Once something is printed on a page, it cannot be changed or removed. 

Blockchain is now incredibly safe, unchangeable, and verifiable thanks to this. 

Now combine the two, and let’s talk about a few recent, highly intriguing use cases of Blockchain and NFT technology: 

Transforming the legal patent filing system

 In the field of protecting intellectual property (IP), IBM has explicitly filed patents relevant to patent filing on blockchain. These patents seek to improve the speed, security, and transparency of the patent application process using blockchain technology. Details are as follows:

    1. Streamlining the application process for patents: Inventors might submit their patent applications directly to the blockchain using IBM’s blockchain-based patent filing system, without the need for the usual intermediaries like patent attorneys and patent offices. This might speed up and reduce the cost of the application procedure.

    1. Increasing transparency: When a patent application is added to the blockchain, it becomes an unalterable record that is available to the public. Due to the complete transparency and ease of verification of the application’s history and its prosecution, this could assist in preventing conflicts and issues over the validity of patents.

    1. Increasing security: IBM’s blockchain-based patent filing system may offer more defense against the infringement and theft of intellectual property. In order to avoid illegal revisions and tampering, the system would be made to ensure that only authorized parties could access and amend the records of patent applications.

    1. Automating the administrative processes involved in managing patents, such as keeping track of licenses, renewals, and ownership, could likewise be done using IBM’s technology. For patent owners and inventors, this might save time and money.

The overall goal of IBM’s blockchain-based patent filing system is to improve the efficiency, security, and transparency of the patent application and administration process. It may lessen conflicts over patent ownership, safeguard intellectual property rights, and streamline the administrative tasks involved in administering patents.

Helping us reach net zero 

Imagine your refrigerator and washing machine conversing with one another about which one is turning on and off to ensure controlled energy use. How NFTs and blockchain can assist us in reaching net zero is as follows:

    • NFTs can be utilized to create distinctive digital assets that serve as verifiable carbon offsets. These offsets can be purchased and traded on marketplaces built on the blockchain, enabling businesses and people to offset their carbon emissions and support green initiatives. Utilizing NFTs can improve the market for carbon offsets’ transparency and traceability, ensuring that offset projects are authentic and that emissions reductions are properly recorded.

    • Financial sustainability: Blockchain-based systems can be used to establish digital tokens that reflect sustainable assets, such as green bonds, sustainable agriculture, or renewable energy projects. Investors can promote and fund sustainable projects by trading these tokens on exchanges built on the blockchain. This might quicken the shift to a low-carbon economy.

    • Transparency in the supply chain: Blockchain technology can offer traceability and transparency in supply chains, allowing businesses to monitor and confirm the sustainability of their goods and raw materials. This can verify that items fulfill sustainability requirements and help reduce their carbon footprint.

    • Energy management: Blockchain technology can be used to establish decentralized energy markets, enabling people and companies to conduct direct exchanges of renewable energy. This can hasten the transition to a low-carbon energy system and improve the efficiency and dependability of renewable energy systems.

The application of NFTs with blockchain technology can open up new possibilities for carbon accounting, offsetting, and trading, as well as boost supply chain transparency and traceability and support sustainable finance. 

The objective of producing net zero emissions and reducing the effects of climate change may be achieved with the help of these developments.

Preserving Human Identity 

Life before and after ChatGPT vividly defines the era in which we currently live. 

If you haven’t been paying attention, new artificial intelligence capabilities are being produced every day at breakneck speeds. And if you aren’t already, you need to start questioning human identity and the purpose of humanity right away. 

In a time of automation, how do we capture and maintain human individuality and ingenuity? 

Your degree or birth certificate do not define your human identity or cleverness. We’re referring to the distinctive ways you reason and behave, frequently utilizing human abilities like imagination, discretion, and initiative. 

A psychometric, static profile or resume cannot adequately capture this dynamic reality. NFTs can capture all of this in a very simple way, allowing us to control our information and also use it to signal, like SEO, those we want to pay attention to. 

It is shaped by the interactions we have with others, the way we handle situations, the people we surround ourselves with, and the projects and ideas we take on.

This is part of the NFT technology-related work I’ve been looking forward to at my startup, Gleac with our tokenization of time on blockchain of the world’s leading experts in a project we call Lovely Humans. 

Tokenizing human time and wisdom is the process of developing one-of-a-kind digital assets that represent the labor and knowledge of certain people, such as consultants, coaches, or mentors. 

On the blockchain-based market place powered by our lovely humans, these assets can be traded, enabling people to monetise their knowledge and talents in the following ways: 

    1. Making original digital assets NFTs can be used to produce one-of-a-kind digital assets that symbolize people’s labor and knowledge. These assets can be sold in markets built on the blockchain, enabling people to monetize their knowledge and talents.

    1. Increasing transparency and trust: Blockchain technology can give transparency and traceability in the exchange of knowledge, ensuring that the knowledge being offered is reliable and authentic.

    1. Cutting out intermediaries People may be able to directly trade their expertise with others via blockchain-based markets, eliminating the need for middlemen and improving the efficiency of the transaction.

    1. presenting fresh possibilities In an era of AI and automation where traditional jobs are being disrupted, tokenizing human time and insight can offer people new chances to monetize their skills and expertise. 

By giving access to knowledge that would not have been previously available, it can also generate new chances for learning and personal development.

Tokenizing human time and wisdom is essential in an era of AI and automation because it can allow individuals to not only profit from their unique skills and knowledge but also time capsule it, which AI cannot easily replicate. 

Additionally, it can easily track the source of new inventions and intellectual property (IP) from experts, particularly as we move toward a blockchain-based patent filing system which is one of the core utilities of the lovely human NFT collections. 

Additionally, it can offer up new avenues for learning and personal growth, particularly in disciplines where knowledge availability may be limited. 

With the aid of blockchain technology and NFTs, human labor and knowledge can be tokenized efficiently and openly, assuring the validity and legality of knowledge transfer.

In conclusion, NFT and blockchain technology have the potential to transform the way we interact with digital assets and create a more transparent and decentralized world. Ultimately, these technologies have the potential to create a more equitable and inclusive world, where individuals have greater control over their digital assets and access to new forms of value creation.

I released the world’s first NFT collection tokenizing time and wisdom.

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah People

Categories
HR Tech

How the “DIGITAL AND TECH JOURNEY” has enabled you to work better in the last 5 years or brought about challenges.

Written by : Ritesh Mathur on Digilah (Tech Thought Leadership)

In a world where we are connected not just via tools and platforms but by data sets that overlap and interlock within systems, the HR technology space saw a renewed focus in the last 5 years. 

The pandemic drew leadership attention towards investing and upgrading their tech stack within HR and made HR leaders more aware and sensitive to using technology to manage remote teams. 

In the midst of all this, we still maintained the human connection backed by technology. Economic conditions took hiring from an all-time high to stagnant growth but the need for disrupting technology used by HR teams globally has never been more prominent. 

From hiring to talent management, layoffs to upskilling the needs of the business in this modern era are putting more pressure on HR leadership to solution and scale in tandem with the fast paced ever changing business landscape. 

While building Skanjo.com we too realized how our tech stack has to be in line with the current times to enable companies and candidates to hire in a seamless, efficient and cost effective manner. 

We introduced “Audio Job Descriptions” as a feature because we realized that millennials are more adept to consuming short format content. This helped us build a more intimate humane connection between companies and candidates even before they apply, thus a better candidate experience.

The challenge before the HR community is to think out of the box. Our need to solve problems quickly cannot compromise on creativity and make us integrate existing platforms without thinking through the experience users get. 

With technology now no longer a catch phrase, how are HR leaders going to help develop tools and processes for the next decade? 

Leaders within HR, more than ever, need to question every aspect of tools, systems, processes at their disposal and become change makers that turned the tide in making HR technology for the future.

With companies innovating to make business solutions better, HR will also need to make the overall people experience better.

Most searched question 

What are the 4 main areas of digital transformation?

What are the 3 R’s of digital transformation?

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

 

Categories
Web 3.0 Tech Art Tech

NFTs: The Future of Art?

Written by Science Centre Singapore on Digilah (Tech Thought Leadership)

Illustrations by Sung Jernin

At this point, everybody has heard of an NFT. Some have commended them to be the future of art, while others have been more conservative with their praise, believing NFTs to be a gimmick. 

Let’s take a look under the hood at how NFTs work and decide how viable they are as the artwork of the future or as digital assets.

NFT, meaning “non-fungible token”, refers to an online asset that is not interchangeable; like trading cards or precious artefacts in how they are individually irreplaceable.

NFTs seek to create the same kind of value in the digital space – digital items with their own unique identities. 

They have become a household term after exploding in popularity in 2017, with the craze being started by groups like CryptoPunks, a brand specialising in pixelated avatars. Their work has been traded for astonishing amounts – with Alien CryptoPunk #7523 infamously sold for 11.7 million USD. 

First, let’s try to understand how NFTs work and what makes them unique. NFTs utilise ‘blockchain’ – the same technology as cryptocurrencies. Think of blockchain as a digital ledger that records transactions. The term ‘block’ refers to individual stores of data, and the term ‘chain’ describes the way these different blocks are linked to form one cohesive network. 

When each data block in the network reaches its predefined storage limit, it is rendered totally immutable, and data begins to flow into the next block instead. 

This technology guarantees lasting security, because once a block is set, its contents are forever unchanged. In the case of NFTs, this technology is used to store an address on the web or another method of access. 

The blockchain itself does not store the image or video. A key that enables access to the site on the blockchain where the NFT address is stored is kept in the buyer’s digital wallet.

The appeal of NFTs is difficult to rationalise. It might be their novelty, the futuristic appeal of the blockchain itself, or their hype and celebrity. Their guarantee of uniqueness contributes to an image of absolute exclusivity. 

In addition, the security afforded by blockchain increases buyers’ impression that they have just acquired something irreplaceable, and they take pride in ownership of these digital artefacts. 

Like trading cards, some characteristics in NFTs are more sought after than others. In the CryptoPunks collection, there are some common characteristics and some which are much rarer, like alien skin; those with that characteristic are likely to go for hundreds of thousands of dollars, if not millions. 

These art pieces also act as status symbols. There are events and exclusive clubs/communities that only permit those who have ownership over specific NFTs. 

This desire for celebrity status is a central driving force behind the NFT rage – people seek to take part in a lifestyle they have not yet gotten to experience. 

The example of basketballer Stephen Curry, who spent 180,000 USD on Bored Ape #7990 and made a tweet showing off his new purchase and his acceptance into an exclusive discord server, highlighting the usage of NFTs as a status symbol. 

When high-profile people make these purchases, it beckons more people to enter the market and try their luck.

It seems clear to at least some degree that the explosive growth of cryptocurrency over the past few years, with Bitcoin and Ethereum becoming household names, has had a major effect on propelling NFTs to the global stage. 

The NFT market has also been boosted considerably by an irrational fear of missing out on “the next big thing”. Nowadays we all hear about prophets who made bulk purchases of Bitcoin around a decade ago when it was cheap and are now multi-millionaires; people feel they would be missing out on a trend of a similar calibre if they were to ignore the NFT market.  

Therefore, people are anxious to jump in as fast as possible, leading to questionable financial decisions. To some extent, the hype around NFTs is a self-propelling cycle, attracting more and more prospective buyers as it grows larger and more tempting.

There is also something to be said about NFTs being an inevitable offshoot of the transition from the physical to the digital that has taken place over the past two decades.

Think of the migration of the cinema experience to online streaming services, or the migration of media from discs to files on the cloud. It seems like a natural progression from tangible art to NFT.

The idea of keeping things physically and valuing the ability to touch and to feel seems antiquated.Of course, despite their inevitability with increasing focus on the digital space, NFTs have not been universally accepted.

For instance, game developers are against NFTs specifically because the focus of NFTs has become their selling price rather than the quality of the digital content. Some view NFTs as a platform ripe for illegal acts like money laundering. 

The Ethereum transactions powering most NFT markets are environmentally detrimental – with the amount of computing power necessary to make transactions being a limitation on how time-efficient and energy-efficient these transactions can be. 

According to an article linked on Ethereum.org, Ethereum’s total annual energy consumption was around 112 tera-watthours per year, and their carbon emissions totalled 53 megatons per year. As pointed out in the article, this is equal to the total annual carbon emissions of Singapore! 

NFTs are marketed as being secure due to their decentralisation in the blockchain, but this decentralisation leads to its own complications. 

There is no real central authority or government agency in any country overlooking NFTs. The regulatory guidance on the subject is in a fledgling state and proof of ownership is not as secure as it could be. 

It has even been expressed that there is a risk of hackers making purchases or transferring assets using others’ accounts. This is because, as mentioned before, the code/key to access the NFT in the blockchain is stored on a digital wallet and not on the blockchain itself. 

Therefore, while the web address of the NFT is secure, the code to access the NFT is theoretically vulnerable to cyberattacks.

The decentralisation of cryptocurrency, and NFTs by extension, is a factor contributing to their massive monetary value: the supply is tightly restricted by the costs and high barriers to entry of mining operations, and the demand continues to rise, with neither supply nor demand subject to intervention from authorities. 

This leads to great price volatility (fluctuations in prices) creating a speculative market. It is reliant upon ‘greater fool’ theory; people only fork out their money hoping that a bigger risk-taker will be willing to pay an even larger sum. 

As opposed to other options like the stock market, NFTs come with far greater risks and are subject to greater price volatility, reflecting the cryptocurrency they parallel.

Payment can theoretically also be made in fiat currency, as was the case in the 11.7-million-dollar purchase of CryptoPunk #7523.  However, the issue of unregulated markets and price volatility is not addressed, because while the buyer may be protected from the risk of cryptocurrency investment, any investment into an NFT comes with the same risks arising from the tight supply and growing demand.

Overall, I think that in their current iteration, NFTs cannot fully replace traditional art. However, each has its advantages and disadvantages; and NFTs bring very new and innovative ideas to the table; shaking up the scene significantly. 

And, of course, we must address that while art pieces like physical paintings can technically only be expressed along two dimensions, NFTs can dip into four, as they can be 3 dimensional objects which change over time. 

For example, the supposed ‘first-ever’ NFT, Quantum, which sold at the same auction as CryptoPunk #7523, is a geometric shape that morphs and bends with time. However, their environmental effects and the security concerns limit their sustainability for now.

At the moment, it seems unlikely that NFTs are going to be phased out anytime soon; but outliers with ludicrously high valuations will become increasingly scarce; these are just symptoms of the excitement of the market and are not reflective of the way NFTs should progress. 

NFTs are fundamentally different from traditional art in many positive ways; for one, NFT trading is much more accessible in the modern day given that all one really needs is a computer and internet connection. 

NFT markets and creators should move forward with an intent to promote openness and continue to innovate.

Glossary:

Greater fool theory: It is when people disregard the actual valuation of an asset and make a purchase with the intent of selling it off to a higher bidder.

This relies on a speculative market. When the so-called “speculative bubble” dies down, the asset is left in the hands of the unfortunate highest bidder with nobody to sell it to. 

For further reading: https://www.fool.com/investing/how-to-invest/greater-fool-theory/

Fiat Currency: Acts legal tender by the decree of a government or authority without any kind of intrinsic value on its own. As such, it is backed by authorities and is subject to regulation.

Most searched question

Will NFTs change the art world?

How do NFTs affect the art world?

Most searched queries

NFT and the future of art

Why NFTs are good for artists

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Science Centre Singapore


Categories
Climate Tech Wellness/Beauty Tech

The Green Age of cosmetics

Written by Science Centre Singapore on Digilah (Tech Thought Leadership)
Illustrations by Lim Daphne

As consumers we have a responsibility to the climate while shopping for personal care items.

The infographic below can be used as a guide to look for what ingredient is climate friendly as we buy our cosmetics.

Text Description automatically generated with low confidence

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Science Centre Singapore

Categories
Ad Tech

Recycled advertising impressions and eco-friendly campaigns

Written by : Anas Ech-chaoui on Digilah (Tech Thought Leadership)
Illustrations by Lim Daphne

The idea was born from an inventory recycling idea by Thomas OBJOIS and Julien GALIM.

The two co-founders and entrepreneurs used their previous experience, and they have established this unique technology for digital marketers..

During the rise of programmatic in digital, they realised the downside of the complexity of this technology and established a company for recovering lost ad calls and turn them into valuable/monetizable impressions.

The extent of this phenomenon is still little known, as are the various causes of this consequent advertising mess.

This 100% French-origin company has been combating advertising waste and reducing the carbon footprint of digital campaigns through its pipes.
Ampoule et engrenage contour

Sustainable and profitable solution for publishers

Based on our team’s experience at Lagardère Group, we have seen that more than forty technical problems were preventing the distribution of millions of advertising impressions.

We call them “ghost impressions”.

How this works in a nutshell:

After our script is integrated into the publisher’s code base and we start to analyse the site’s inventory pages and advertising placements, we are able to map the loss and suggest the worth of the “ghost impressions”. After the full launch of the solution, we can identify and recycle the lost impressions in real time. It is important to mention that we respect all Core Web Vitals without impacting the quality of the user experience or the page behaviours such as loading time.

Being in the market for years, we see that the recyclable impressions represent on average 20% of a website’s total display inventory.

In 2022, our technology recovered and monetised more than 19 billion ad impressions.

Where do ghost impressions come from ?

ADVERTISING RELATED ISSUES

    • Connection problems during API calls of solutions (SSPs/Ad Servers/bidswitch…). 

    • Glitches in cross-origin requests to REST APIs or calls to solution servers. No ad response.

SITE RELATED ISSUES

    • Failed or misconfigured lazyload ad logic that does not allow the execution of the slot 

    • Issues in the ad slot CSS that prevent the ad from being displayed

VISITOR RELATED ISSUES

    • Loss of connection to the user’s device caused by micro-cuts 

    • Website or web tools are not adapted to certain browsers

How does our solution work for a publisher?

BCOVERY is a comprehensive technology and it operates by inspecting/scanning the content and HTML structure of the publisher sites.

When a ghost impression occurs due to any technical reasons, our proprietary algorithm analyses the ad call  and makes the impression available to the publisher/advertisers for monetisation.

We are is present in 5 countries and continuously growing.

It supports more than 400 publishers worldwide (France, Germany, Japan, UK, USA)

Milestone 2022 : 

We as a company decided to do more for our environment and help digital marketers in maximising their potentials, therefore and to create the first eco-responsible French Marketplace.

This Marketplace brings together all the publishers’ recycled inventories allowing us to provide incremental, trusted and high-performing impressions to the demand side.

Advertisers – How do we reduce the carbon impact of media campaigns?

Agencies and advertisers are increasingly aware of the carbon impact of their campaigns and realise that not all of the supplies emit the same amount of carbon.

We also see that agencies and advertisers are increasingly favouring low-carbon impact inventories, and we want to help them achieve this…

Echoing the above, BCOVERY convinced and determined about the need to measure and reduce the carbon emissions of advertising impressions and keep a more sustainable overall nature of digital campaigns.

As a matter of fact, using our network, an advertiser considerably reduces the carbon footprint of its media activity. Here are the three drivers:

    1.  Recycled and low-carbon impressions

    1.  Reduced creative weight while ensuring effective communication

    1.  A direct and secure delivery channel (vs. a complex programmatic chain)

Une image contenant texte Description générée automatiquement

What is next?

Our next mission is to create similar marketplaces in other countries and help the digital industry to be more sustainable than before.

The three pillars of our ambition: 

SENSITIZE 

on the importance of the delivery channel in its CSR advertising strategy.

POSITIONING 

advertising recycling as a solution to buyers’ need for great performance and energy savings.

REPLACE 

energy-consuming advertising strategies with investing in recycled, responsible and qualitative inventories.

Finally, one of our achievements:

Our recycled campaigns

ALDI Digital Campaign

    • 80M recycled impressions

    • 60% carbon saving

    • High performance clicks and viewability

In line with its anti-waste strategy and its desire to reduce the carbon footprint of its advertising campaigns, ALDI has partnered with BCOVERY in 2022 and because of our success we renewed our partnership –  as one of the major partners of ALDI for 2023.

If your answer is YES to the following:

You are a publisher and want to know the amount of your recyclable inventory?

You are an advertiser and want to reduce your carbon emissions?

Contact us directly by mail at hello@bcovery.com

Most searched question 

Are recycled products eco-friendly?

What are 5 benefits of recycling?

Most searched queries

Eco friendly campaign ideas

Best green marketing campaigns

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
Art Tech AI Tech

Computers can now create art! But is it the same as human creations? 

Written by Science Centre Singapore on Digilah (Tech Thought Leadership)

For those of us mere mortals, aka not art inclined, we may think of art as the sole bastion of talented creative masters. These individuals epitomise the very best of human creativity

On the fundamental level, art is really not just limited to the masters, everyone of us can indulge in a spot of artistic creativity.

We’ve been using art as an intrinsic way of expressing ourselves; our emotions, and our knowledge to other people.

If we think of art in this way, it can be seen as a form of communication that is unique to us humans. However, recent events have shown that Artificial Intelligence (A.I.) has begun to intrude into the art scene. 

An example would be the painting, Edmond de Belamy that was sold for $432,500 – nearly 45 times its highest estimate. This begs us to question if A.I. has begun to eat into this realm that once belonged only to humans.

The present

Currently, A.I. hasn’t had too much influence over the art industry. With people still producing paintings and music albums, we can still believe that art is something that’s made by humans.

However, like the example above, we’re already starting to see signs of A.I. creating paintings. ‘Edmond de Belamy’ is an A.I.-generated painting by a Paris-based collective called Obvious.

Hugo Caselles-Dupré, a member of Obvious, said that “We found that portraits provided the best way to illustrate our point, which is that algorithms are able to emulate creativity”.

Just like Edmond de Belamy, A.I. is also taking its baby steps into the music industry. One example of this is a program called ‘OpenAI’. 

As Jon Porter from TheVerge says, “OpenAI’s MuseNet is a new online tool that uses A.I. to generate songs with as many as 10 different instruments”. 

Not only that, but it can create music in as many as 15 different styles, imitating classical composers like Mozart, contemporary artists like Lady Gaga, or genres like bluegrass or even video game music”. Soon enough, there’s likely to be A.I.-generated songs and art forms.

Now, the question here is – 

If artificial intelligence were to be able to emulate creativity, would that be beneficial or disadvantageous to us? 

Would artists still be able to create inspiring artworks? Would musicians still be able to create soothing pieces? 

Or would all these be taken away from us, and be dominated by A.I.?

We’re already over-reliant on technology in many parts of our lives, and that reliance on technology might rub off with the art scene, and lead us into losing the ability to differentiate human-created art and A.I.-created art.

We might also be wholly dependent on technology in the future to be creative. This might sound a bit far stretched, but it is definitely something that could happen.

AI and Machine Learning

With these questions in mind, we have to plan out the risks that we might take by letting A.I. into the art and music industries.

It might be like letting babies into a playground, or it might be like letting a pack of wolves into a herd of sheep. 

As of right now, A.I. definitely isn’t able to create art with the same quality as humans. 

They’re only able to create art from taking the data provided to them and piecing them together, making them seem unique, but in fact they are still replicated from human creativity.

This is because “art” is a complex thing. It’s not simple for A.I to just learn how to make art out of nowhere. Ken Weiner, a blogger on Scientific American, says that

“Even though the Cloudpainter machine (an artificially intelligent painting robot) has evolved over time to become a highly intelligent system capable of making creative decisions of its own accord, the final piece of work could only be described as a collaboration between human and machine”.

What this means is that with our current set of technologies, the artwork of any A.I still involves a human touch. But what about the future?

There is something called ‘machine learning’, and it is an application of artificial intelligence that provides the system with an ability to take in data and learn and improve from its past experiences and uses.

This is extremely important since machine learning could allow A.I. to create distinctive forms of art and music that may not even closely resemble the input data, opening the concepts of originality and creativity to A.I.-generated art and music.

The future

In the future, with the development of machine learning and A.I., the question is: Is this handmade, or is this made by A.I.?

A.I.-generated images already lurk around in our daily lives, and we might not even notice it until we look more closely. 

A.I.-generated faces, where they take 2 different photos and merge them together; or Snapchat filters, where they locate different spots on your face, such as your nose or your eyes, and put a mask on it, are both examples of A.I.-generated images and videos that have become part of our daily lives.

Sooner or later, A.I., along with the help of machine learning, will be able to adapt to our current world and will eventually create everything for us.

Art would be made by taking previous paintings in order to make a new one, while music would be made by taking previous songs of a specific genre and re-produce beats, patterns, and rhythms all on its own.

A.I. might even emulate human creativity and produce never-before-seen pieces of art.

It feels like we are on the verge of an A.I. revolution in the art and music scene. Just like how jobs were changed, for better or worse during the industrial revolution, A.I. may change the way we view and appreciate music. 

New, different art and music styles could be produced, styles of the past like Mozart’s music could be recreated, resurrected, revamped.

The question here is, in what way will A.I. change the art and music world, and how would we, being creatures able to emulate creativity and the people who gave life to these machines in the first place, deal with it?

Illustrations by Toh Bee Suan

Sources cited:

“Why Is Art so Important to Mankind?” Artistartist-strange-work.com/why-is-art-so-important-to-mankind/.

“Is Artificial Intelligence Set to Become Art’s Next Medium?: Christie’s.” The First Piece of AI-Generated Art to Come to Auction | Christie’s, Christies, 12 Dec. 2018, www.christies.com/features/A-collaboration-between-two-artists-one-human-one-a-machine-9332-1.aspx.

Porter, Jon. “OpenAI’s MuseNet Generates AI Music at the Push of a Button.” The Verge, The Verge, 26 Apr. 2019, www.theverge.com/2019/4/26/18517803/openai-musenet-artificial-intelligence-ai-music-generation-lady-gaga-harry-potter-mozart.

Weiner, Ken. “Can AI Create True Art?” Scientific American Blog Network, Scientific American, 12 Nov. 2018, blogs.scientificamerican.com/observations/can-ai-create-true-art/.

Most searched queries

Can computers be more creative than humans?
What type of art can you create using the computer?

Most searched question

How does AI art work
Does AI art steal art

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
AI Tech

ChatGPT and Generative AI’s – A Digilah view

Written by Vidya Dhareshwar on Digilah (Tech Thought Leadership)

Chatgpt, Bard AI and all the generative AI seems to be the current flavour. There is an insurmountable buzz around and about it . 

Everyone has an opinion on its impact and the ways that it can change, how we and our future generations engage with and use tech in our daily lives.

Whilst there have been many concerns on its impact on search engines, students, jobs and livelihoods, the fact remains that this evolution has happened and is here to stay.

ChatGPT alone has been the fastest growing consumer internet app ever with over 100 million users two months after launch. This itself shows the vast potential of generative AI.

 Just as life evolves, so does technology and yet this revolutionary technology doesn’t take away from human intelligence instead it is trained to learn what humans mean when they ask a question. 

Many users are awed at its ability to provide human-quality responses, inspiring the feeling that it may eventually have the power to disrupt how humans interact with computers and change how information is retrieved.

In the context of Digilah, where we like to provide a digital platform for every tech enthusiast to learn and contribute their tech journey and thought leadership, we view chatGPT, Bard AI and all other generative AI’s as an enabler and an opportunity for many of our start up and tech founders to share their learnings.

Let’s talk about the tech startup market in South East Asia alone. As per a Forbes article, The digital and tech industries of this region have enjoyed an enormous boom over the last few years. 

According to Jungle Ventures, Southeast Asia’s technology startups had a combined valuation of $340 billion in 2020, and they anticipate this will triple by 2025.

This is a diverse but very strong prospective market with a focus in Vietnam, Thailand, Indonesia, Malaysia, Singapore and the Philippines.

This market is quite complicated. Many entrepreneurs are hindered by concerns over a difference in mentality and a lack of understanding of how to do business there. We @ Digilah look at this as a huge opportunity.

There is a need to get all of the learnings and journeys of these startups and founders so that this rich knowledge repertoire is available to all. 

Many of them would like to share their journeys and provide their insights but sometimes are busy learning and navigating the markets and business challenges and for some it might also mean a constraint in terms of resources and skills to share their journeys be it content creation or communication skills or just time.

We present the combined power of Human Experience with the generative AI’s in the form of articles published by us at Digilah. Our submission is to use the vast reach of the generative AI tools to start the journey.

What this tech will do is provide for a framework, a skeleton, a structure of an article , a startup founders journey as a start point. This can then be brought to life by adding the content  and context of experience, leadership, success, failures and insights by the tech founders.

These articles are extremely valuable and become a  rich database of insight and knowledge for all knowledge seekers today and for the future.

In short, in our view, ChatGPT, Bard AI AND Human Experience is the opportunity to build the knowledge here at Digilah, all at the click of a key.

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow DigilahVidya Dhareshwar

Categories
Digi Tech HR Tech

The hidden life-changing (and money-making) power of Change Management

Written by : Lata Hamilton on Digilah (Tech Thought Leadership)

It’s no secret that digital transformation is the hottest thing since sliced bread, and everyone wants a piece of this money-making pie.

Whether it’s going to make your company money or save your company money, the future is new technologies that turn old, manual processes into faster, simpler, automated magic.

But what happens when your digital transformation dream goes up in smoke, and you’re left holding the ashes? You’ve spent bucketloads on innovation and development but for some reason your amazing platform, system or app hasn’t hit the mark, isn’t being used properly by your staff, customers or clients, has run over deadline, and left you feeling you’ve wasted not just money, but also time, effort, energy and hope.

You wouldn’t be alone. 

A massive number of digital projects fail. A 2020 Forbes article found that the number of technology projects which experience serious issues in things like cost, schedule, and goals can be up to 60%! I’ve seen it myself on major digital transformation projects that I’ve worked on with some of Australia’s biggest companies.

But there is a silver lining. The same Forbes article found that the secret to reducing technology project failure rate is often: people.

How?

Through the power of Change Management – which can not only transform your transformation, but also your results.

My simple definition of Change Management is: “moving people from one way of doing something to a new way of doing something, through communications, training, and business readiness, to realise the benefits of the change.”

People are the users of any digital technology – they are the ones that unlock its potential. The sad truth is that people are hard-wired to hate change. 

Even when a new technology could save time, effort and expense, most people will still resist it. 

Change Management encourages inviting people in to co-create and co-design what the change will mean for them, give them, and bring them. It builds trust instead of fear, empowers your people to own their future, and helps them get ready for a new way of doing things.

Here are some practical Change Management-inspired approaches you can use to help launch your digital technology more successfully with staff, customers and clients:

  • Co-design the features and processes of the new system with actual end users so it’s fit-for-purpose, user-friendly, and loved before launch.
  • Get your teams ready for the new way of doing things by clearly explaining to them how their processes and tools will be different and what they need to do to prepare.
  • Build a microsite and provide regular project updates, news, training tools, and resources – as well as a countdown to launch and a forum to ask questions!
  • Do live demos of the technology all the way through development – seeing is believing!
  • Give people the chance to get hands-on with the system before it’s launched – even if there’s still bugs, it will help build confidence in the solution.
  • Create an exciting launch event – bring it to life with a quiz, competition, or lucky draw that requires people to try out the new system, with super cool prizes on offer.

Bringing people on the journey not only changes your experience of leading a digital project, but improves the likelihood of success.

The Forbes article also suggests building soft skills, supporting leadership, and offering better training experiences – which are all things a great Change Management expert can provide.

If you want to learn more about the power of Change Management, download my free “Change Hackathon Planning Workbook” here which steps through how to crowdsource and co-create future ways of working during transformation and change.

Name and title:

Lata Hamilton – Change Leadership and Confidence expert

Bio:

Lata Hamilton is a pocket rocket burst of energy with a big heart… and big hair! She helps women carve their own paths for change in their career, leadership and life. Lata is a Change Leadership and Confidence expert, the creator of the “Leading Successful Change” program, and the Founder & CEO of Passion Pioneers.

Websites:

www.latahamilton.com 

www.passionpioneers.com.au 

Most searched question

What are the 5 key elements of change management? 

What are the 3 C’s of change management?

Most searched queries

Change management failures examples

 

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
Mar Tech Digi Tech

SMS Marketing Is Your Key to Success: Tips and Best Practices

Written by: Shadz Loresco on Digilah (Tech Thought Leadership)

“Dear Diner, you have an upcoming reservation at La Pergola today. Save up to 30% when you purchase a voucher with us via Pergola. Terms and Conditions apply.” 

I’m sure you must have seen similar promotional text messages on your mobile phones. The messages are short and thoughtful, and it has the potential to grab the attention of the recipient. 

The message also serves as a reminder, which is a very important factor when it comes to marketing.

If you want your customers to remember something about your business, it has to be memorable and meaningful. 

And what better way than through SMS Marketing?

Let’s take a look at why SMS Marketing is the best thing in business.

What is SMS Marketing

SMS marketing means sending marketing messages by text to communicate with customers. Businesses can use SMS to send promotional messages, notifications, and alerts to their customers’ mobile phones. 

This can include things like special offers, discounts, and event invitations. 

SMS marketing is often used as a means to reach customers quickly and effectively, as most people have their mobile phones with them at all times.

According to Statista, the use of mobile devices such as smartphones and tablets has become so widespread that these handheld electronics have become almost indispensable tools for reaching customers. 

As more than half of the global population uses them to access the internet, businesses from around the world are seizing this opportunity to promote their products and services online.

SMS marketing is extremely effective, with high engagement and conversion rates, as well as lower costs than many other forms of marketing. 

It’s also more personal, fostering stronger customer relationships between businesses and their consumers.

For successful SMS marketing, businesses that rely on text message as a primary means of reaching existing customers must comply with the local laws and structure their campaigns correctly. They also need to provide leads that are easily traceable and useful.

Best practices for SMS Marketing

Text marketing requires sales representatives to maximize the benefits customers receive from interaction with their company while minimizing the amount of time and effort customers have to invest in that interaction.

To get your SMS marketing services off to a good start, let’s consider these 6 best practices. 

  1. Make sure you have a clear opt-in

It is important to ask for written permission from your subscribers before you send them any kind of message via SMS. Your message should include words like ‘Subscribe’, ‘Yes’, or ‘Deals’. 

Similarly, make sure your recipients have a clear way to opt out of receiving your messages. You can configure these keywords to specific lists for easy campaign management.

  1. Be SMS compliant

Businesses that send text messages to customers should consider partnering with global SMS providers to ensure they are compliant with regulations. 

Such providers offer the added protection of a secure authorization process, allowing companies to avoid penalties for noncompliance and keep their brands above reproach.

  1. Don’t bombard your customers

Sending too many text messages will mark you as a spammer, but sending too few leave your customers wondering about your business. 

By localizing the content, managing dissemination times across multiple time zones, and segmenting customers to create individual experiences, you can keep them engaged with consistently interesting experiences. 

A steady messaging schedule is key to a successful text message campaign and keeping your customers in the loop.

  1. Keep texts short and thoughtful

To ensure that people read your messages, keep them brief and to the point. Long messages can cause users to stop reading or even opt out of receiving future messages from you.

Also, text messages are limited to 160 characters, so it’s smart to grab your customer’s attention with an exciting greeting and then relay details about the coupon or special offer. 

For example, “Come to our restaurant and receive a 15% discount on your meal by texting YES to 123456789.”

  1. Identify yourself

Don’t assume that your customers have your number in their mobile phone contacts. If you want them to open the message and read further, start by identifying yourself immediately. 

You can do this by putting your brand name at the start of the message, followed by a colon. For example, “Smith Restaurant: Come in today and receive a 15% discount on your meal.” Businesses should also use local numbers for their customers, as this lowers their OPEX (operational costs). 

  1. Offer 2-way communication services

When offering two-way communication, be quick and responsive. If your text messages include live chat or call links, you can personalize your service by pairing customers with the same agent they may have communicated with earlier. Keep the channel open to receive feedback from customers and respond to their inquiries.

You can also use the channel to send out surveys, which is a great way to collect feedback and improve your business. 

Schedule these series of messages so that they are automatically sent out at a certain time of day or week. If you want to make sure people have received their message, include an “SMS Read Receipt” link so customers can confirm whether they did in fact receive them.

Video: https://www.youtube.com/watch?v=31283gPCwvA

Graphical user interface, text, application, chat or text message

Description automatically generated

SMS Marketing campaigns

You’ll find many SMS marketing platforms that can help you send bulk text messages, personalize them, and measure the effectiveness of your campaigns. Most platforms have an API that allows developers to integrate SMS into existing systems.

You can also use these tools to track when people open the message and click on links within it—as well as which ones they choose not to open.

If you’re planning to send SMS messages in bulk, it’s important to choose a platform that has strong scalability and reliability. Many platforms also offer mobile apps that will allow you to view reports and manage campaigns on the go.

Create and send scalable campaigns that are customized to your target audience and your message content. SMS and WhatsApp campaigns can be used to send promotional or transaction-related messages for marketing purposes.

SMS sounds primitive but it’s still powerful

The power of SMS is undeniable; it’s the most effective way to reach your target audience and drive action. With the right messaging, you can build trust and rapport with your customers, increase brand loyalty, improve customer retention rates, and boost sales. 

For businesses with limited resources, it can be overwhelming to identify which channels to use for marketing.

Fortunately, SMS is an inexpensive and effective channel that can be used in conjunction with other digital marketing strategies. 

SMS marketing is on the rise because it works—when done correctly, it reaches 95% of mobile users. To ensure your campaign is a success, you’ll need a sophisticated SMS service provider that can support your mobile marketing programs.

Most searched question

What are the rules and best practices for SMS marketing?

Why SMS marketing is the best?

Most searched queries

SMS marketing strategy

Types of SMS marketing

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
HR Tech

Assess and showcase the IMPACT

Written by : Lori Figueiredo on Digilah (Tech Thought Leadership)

We are now doing a full circle. We started to identify PEOPLE and pre-define the PURPOSE. We then made conscious choices about the PRINCIPLES, PROCESS and PLATFORMS. Now we are back to PEOPLE and PURPOSE in order to assess the IMPACT.  

This means going back to the pre-defined PURPOSE to measure, track and report on what did you and each target group within the PEOPLE ecosystem:

  • ACHIEVE = assess the results
  • DO = assess the behaviours
  • LEARN = assess knowledge, skills and attitudes

This is all about data, which is a word everyone uses and only legendary leaders are mindful enough to always clearly pre-define, communicate AND enable their people to achieve

Typically the workstreams of data analytics, on the one hand, and, on the other hand, equipping the PEOPLE with the critical behaviours to drive these data points are NOT aligned. 

They are working in silos. Reflect on your organization and the alignment in this area.

From insights to actions. That is why we insist the data points should be pre-defined, and ideally even co-created by those actually doing the work aligned to the bigger shared PURPOSE.  

Then relevant data points, metrics or indicators are collectively measured, reported and finally the leaders and teams turn this data into insights by finding the patterns. 

These patterns thereafter are the basis for deciding on the actions (which are the behaviours).  

Levels of assessment. I discovered the pattern of ACHIEVE-DO-LEARN while working on large transformation strategies. I subsequently found that it matched fully to the commonly used Kirkpatrick Model of Assessment.  

The model assesses organizational learning at 4 levels:  

  • Level 4 being the assessment of impact on the results
  • Level 3 means assessing the impact on behaviours
  • Level 2 being testing of the knowledge as we did at school
  • Level 1 refers to getting the feedback from the Learners on the learning experience itself; and in our case on the learning culture and whether the 5P enablers are in place

Leading indicators as levers for the lagging indicators. I learned about the interplay between the lagging indicators as the final outcomes AND the leading indicators. 

The leading indicators are the levers that drive the final outcomes. This is an important first principle to acknowledge and to create practices and mechanisms to tightly link the 2 metrics. 

In other words, the behaviors (DO) are the leading indicators and the results (ACHIEVE) are the lagging indicators per target group.

Tracking the leading indicators. Based on the patterns uncovered through the assessment, decisions can then be made as the entire learning framework is targeted to drive the critical few behaviors for you and each target group. 

For example a call center team found that the team that improved their call opening had better results than teams that focused on improving their behaviors throughout their calls.

If the behaviors are very explicitly pre-defined, we have made use of a traffic light scoring which helps to create a visual dashboard and reference point.

Each individual and team’s behaviors are listed and rated using green when they are doing the behaviors as stated. 

Marked as orange when there is a need to improve. Red when the behaviors are not being demonstrated at all.

Assessing the IMPACT of your learning, change and enablement efforts is such an important component to ensure the learning delivers relevant value to the people and organizations involved.  

Furthermore showcasing the data and insights related to the journey and the resulting IMPACT at each stage, serves to inspire yourself and others.  

It is also serves as a feedback loop to the next cycle or wave of learning to be iterative. Knowing the positive and negative patterns of why, what, how, where and the resulting impact of the learning on the people and organization’s performance is critical. 

In addition, it is possible to make tangible other metrics such as level of engagement, alignment and empowerment in innovating and shaping the future. 

 

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
Ad Tech Web 3.0 Tech

IS YOUR BRAND METAVERSE READY?

Written by : Srishti Jain on Digilah (Tech Thought Leadership)

You need not answer that. It’s clearly a rhetorical question. What we mean is how ready is your brand to start the Web 3.0 Journey.

Let us first start with telling you about Evolution of User Experience in the Digital space. 

A picture containing diagram Description automatically generated

Link to above image

We are currently in the Transition phase and slowly moving towards AR VR Wearables & Mixed Reality devices as an everyday utility. While your customer base is moving towards the Web 3.0 it’s important for your brand to jump on the wagon.

What it means is you change your communication and your content to something more engaging, a lot more immersive and definitely more interactive, allowing two way communication

At retail level, we can explore Interactive store facades, Virtual try-on, In-store engagement games, Interactive Visual Merchandise and Immersive in-store experiences.

What is Augmented Reality?

Augmented reality (AR) is overlaying visual, auditory, or other sensory information onto the real world to enhance one’s experience. You don’t need fancy wearables like Heads sets or smart glasses to access it, rather it can be accessed through mobile apps or on your phone’s web browser. 

Does AI come handy in building AR experiences?

Yes, Use of Artificial Intelligence plugs computer intelligence into the entire user journey to make the experience seamless. Say, a chat bot or an AR bot to guide you through the entire journey will enhance the entire experience many fold.

We integrate self-training AI modules into some experiences which understand Human behaviour and make the journey better.

How Retail Businesses Are Using Augmented Reality?

Augmented Reality allows brands to develop smart retail experiences that influence their customers’ perception or buying decisions.

Retailers have traditionally relied on print advertising campaigns or other media to promote products. Being divided in the past, print, media and in-store marketing efforts are merged today into the comprehensive consumer experience via augmented reality.

Retail AR spans from enhancing VM display windows to product Trial experience, from in-store engagement to Smart mirror installations and much more.

Following the trend, augmented reality has emerged as an innovative tool that allows brands to interact with consumers on their mobile devices or on pre-installed set ups. Soon this experience will extend to smart glasses. 

Below examples of AR speak for themselves:

Nescafe Virtual Date

Link to above images

A fabulous AR portal for the youngsters, where they can walk-in, explore, interact, and also share with loved ones. From writing the name of their loved one on a virtual canvas to watching a shooting star, this Valentine’s Day specific immersive activation was a grandeur. 

Interesting Insight: This pack lead experience increased pack purchase and communicated appropriate content for the right TG

Ponds Influencer campaign amplified by AR

Link to above images

A gamified Social-AR campaign on Ponds’ new product launch, where users had to move around the Ponds Serum with their face and pop the bubbles containing elements harmful to skin. Bursting bubbles increases “Glow meter” above the user, which when filled gratifies the user with a sparkling glowing skin.

Interesting Insight: User Generated content saw a big jump during this campaign building the much needed hype a brand wants in the initial phase.

Mural in Manhattan

A picture containing text Description automatically generated

A picture containing text, outdoor, street Description automatically generated

Link to above images

This Mural on Road Safety in Manhattan comes to life in AR when passers-by scan it via a mobile App, enabling Artists to add another creative layer to their work and elevate the message within the Art and communicate with the world. 

Additional features: Location sensing, mapping the nearby area and taking a selfie with the art are additional features of this experience. 

  1. Medical Team Internal Training for a pharmaceutical brand

Link to above images

This Micro-gastrointestinal simulation in AR has enabled a Pharma Brand to train their medical teams in research, product development and sales pitches. The Medical team could showcase the introduction of certain microbes and their effects in AR.

What to expect in the coming years?

With the mixed reality glasses recently launched in a big way in India, industries get more opportunities to share immersive & engaging content with its target customers

By 2027 we will see a big jump in AR/VR/ MR/XR content floating around us in our day to day lives using our smartphones and other wearable devices.

Impresario Tech build end-to-end brand campaigns focusing on Pre-purchase consideration or post purchase engagement, in store experience or on-pack brand communications with the use of Augmented Reality, Virtual Reality, Mixed reality, Artificial Intelligence & Machine Learning

These immersive experiences can be built app-free (on web), deployed as special apps, rest on brands’ social media handles or installed physically in retail environments.

Love to guide you through your brand’s transformation journey. 

Write to us at Inquiry@impresariotech.io

Most searched question

What metaverse really means?

How does the metaverse relate to the real world?

Most searched queries

Metaverse vs real life

Metaverse technology

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah

Categories
Mar Tech Property Tech

Total Experience Strategy in Proptech: Improve the Real Estate Market

Written by : Sean Cho on Digilah (Tech Thought Leadership)

Property technology, or PropTech, refers to the use of information technology (IT) to help individuals and companies research, buy, sell and manage real estate. 

Typically, the participants in the real estate industry are brokers, agents, developers, buyers, sellers, landlords, and lenders. This technology-based sector allows them to be more efficient by automating manual tasks such as managing inventory and communicating with clients.

The real estate sector encompasses a wide range of processes and transactions, ranging from how real estate is planned and designed to how it is bought and sold. The Proptech sector consists of start-ups and innovative products across the commercial and residential real estate markets. 

The convergence of technologies, cloud, and digital transformation are forces driving the rapid growth of PropTech. 

PropTech aims to minimize the cost and resources associated with real estate transactions, maximize efficiency, save time, and personalize property management.

Digital Innovation is Transforming the Property Sector

Real estate is a highly specialized industry, so these agencies require considerable flexibility when considering a digital solution. 

If a solution matches their often highly customized requirements, then it will be able to support their prospect’s pipeline — which is a combination of marketing, in-person meetings, property showings, and property closings — as well as the customer journey in real estate.

The property industry is undergoing a shift from traditional to digital services, as a result of the rapid rise of online and virtual services. 

Customers are increasingly being exposed to new technologies, which have affected the way they communicate with sales and lettings agents and property businesses. 

To remain competitive in this rapidly changing market, businesses need to implement a customer experience strategy that will best meet the needs of their particular audience.

To learn how property industry players can leverage PropTech to create memorable customer and employee experiences, keep reading! 

We’ll also share some use cases to show how a total experience platform can turn ordinary property interactions into extraordinary ones.

Customer Experience Still Evades Many Real Estate Agencies

A statistic that is widely quoted in the industry is that 1 in 3 customers will walk away from your brand after just one negative experience. 

Multiple studies echo this, always with the same message that it’s cut-throat: that your business needs to act fast to retain them. The numbers are not exaggerated, but rather represent a normal part of everyday life, and most businesses miss these small details. 

Not responding to a phone call or email quickly enough is an example of a small detail that can have major consequences.

If you don’t respond well to these kind of details, customers will leave your business in favour of another company that provides better service. 

According to recent studies, 86% of consumers will not remain loyal to a company after a negative experience; and if they do stay, it is likely because they are unable to find what they need elsewhere in which case you got lucky.

In a highly competitive market, providing a great customer experience will help build loyalty, nurture repeat business, and create brand advocates. Agents and employees need tools to stay productive and collaborate effectively online from wherever they are.

4 Customer and Employee Experience Strategies to Boost Business

Here are some examples of how you can harness Customer Experience (CX) and Employee Experience (EX) in your business to create a competitive advantage. 

Great customer service can differentiate real estate products and services from competitors, while time-saving tools and hacks for employees can turbocharge their productivity and keep them from burning out.

 

    1. How Communication Builds Trust between a Tenant and an Agent

Georg and Berta, who are relocating from Germany to Hong Kong for an expatriate posting, browse your property agency website and shortlist a few rental apartments.

Wanting to know more, Berta clicks on the smart widget on your website and watches a branded video featuring an agent while being connected with him directly.

The call routing system detected the customer’s browser language and routed them to an agent who speaks German. The customer is delighted to be talking to someone in their native language.

Your agent then suggests they switch to a video call for a more interactive conversation, taking just one click to seamlessly make that change while still on the same call.

By chance, your agent is currently showing a property in the Mid-Levels area with rents of around HKD 40,000 a month. Using the mobile app, she checks Georg and Berta’s browsing history and sees they are coincidentally looking at the Mid-Levels area with rents of the same price range.

Qualifying the lead further, she gets their expected move-in date which helps to narrow down the listings more.

While a real estate agency website can contain virtual reality walkthroughs and videos, nothing beats a personal live video tour from the agent. Sensing the prospect’s eagerness, she conducts an impromptu walkthrough and adds her commentary on the apartment’s condition.

 

    1. Discover new ways to market a property and generate interest

Keanu, who lives in New Zealand, saw an advertisement for your company’s new beach resort in Hajodae, South Korea. To promote the launch of the property, your firm took out a full-page advertisement in his local newspaper with a QR code.

Wanting to know more, he instantly connected via web call to an English-speaking property agent in South Korea.

The property is still in the pre-launch stage, so the only way to get a sense of the completed unit is to visit a show flat. Your agent switches easily to a video call, slowly panning his phone to show Keanu what he can expect from the resort property once it has been completed.

Currently, you only have a basic landing page for visitors to register their interest. However, your property agent screen shares from the video call and plays him a promotional video of the property.

As Keanu is an enthusiastic surfer, he inquired about the facilities. Your agent provides you with a link to a VR walkthrough of the resort.

Your property agent mentions that the firm has a tie-up with a financial institution that can offer loans denominated in South Korean Won, and Keanu seems excited by the possibility of such financing.

As he discusses his plans for the property, your agent invites the expert to the ongoing call.

 

    1. Transform the way of closing a new residential lease

Taiwan real estate agent Annya has just ended a virtual tour of four apartments with a couple from France, who are now considering the properties. Although she feels they are good prospects, she knows that they may change their minds at any time, or another agent they’ve contacted might win the deal.

Annya received a message on her phone. The couple had used the web link on the agency’s website to send a message; they liked the last viewed apartment in Taipei and wanted to offer a two-year lease at TW$80,000 per month. Thrilled by this news, she called the landlord through the smart app, and he happily agreed. 

Annya prepares a provisional tenancy agreement and attaches it to a live chat session with the French couple.

She reminds them to wire the initial deposit to the landlord once they have digitally signed the contract. Receiving signed copies of both the contract and a screenshot of the telegraphic transfer, she calls the tenants.

She walks the tenants through the landlord’s leasing process during a video call. The landlord’s solicitors will prepare a draft tenancy agreement for them to review. In the meantime, Annya suggests that she recommend a lawyer who can represent them. They agree, and she invites the lawyer to join the conference call.

 

    1. Increased communication and collaboration by overseeing commercial tenants

As the property manager of a large-scale commercial complex consisting of a shopping mall and offices above it, Shoba is responsible for hundreds of retail and office tenants. A member of a dedicated team of accountants, technicians, and procurement and contracts specialists working in the onsite management office, she leads her team in providing an exceptional level of service to all clients.

The use of a lightweight CRM offers tenants a chat room environment, centralizing every interaction and communication.

Through the use of interaction history, she is able to chart the correspondence over time, enabling to resolve issues quickly. 

In addition, Shoba uses CINNOX as a cloud communications tool, enabling her to manage chats, calls, video calls, and emails from one place, thereby avoiding the cost of installing a more complicated PABX system!

When a new tenant moves into an apartment community, he or she is given a laminated card with QR codes printed on it.

When scanned, the codes direct callers to the appropriate team for help with payments and statements—saving tenants time from searching for a number. The same teams are also shared via web links in an email, giving tenants an option to chat instead.

CINNOX helps teams collaborate. For example, if a new tenant wants to move in after hours, Shoba can create a chatroom to notify operations about the loading bay, advise facilities to keep the lights on, inform security about the removalists, and add the external moving company as a contact so everyone is kept updated.

An Experience-Driven Approach To PropTech

From the examples above, it’s clear when you address your immediate CX and EX needs with a total experience platform. You are also laying the groundwork for future success. 

By putting all your interaction data in one place, you are creating a treasure trove of data that can be analyzed with powerful machine learning and AI tools to discover valuable insights in the future.

PropTech is a new industry that combines property with technology, allowing developers, landlords, property agents, and property managers to leverage technology to keep in step with digital-savvy customers. 

When choosing the right partner to develop your customer experience, look for a business that puts the customer (your customer) first and foremost, and who demonstrates that they too take that approach from their business.

Leverage the power of a unified CX and EX solution to create a truly connected, intuitive, and immersive experience. To learn more about CINNOX, request for a demo or sign up for a free trial.

Most searched question

How PropTech is changing real estate?

What is the future of PropTech?

Most searched queries

PropTech market report

Proptech companies

Hello readers! Hope you liked what you read today. Click the like button at the bottom of this page and share insights with your colleagues and friends!

For more such amazing content follow Digilah86