Monthly Archives: June 2022

Biology is messy. For scientists, thats part of its challengeand its beauty. Synthetic biologists, however, arent just studying life. Instead, the field of synthetic biology is transforming cells into molecular factories that can make everything from food and fuel to pharmaceuticals and agriculture. The natural complexity and stochasticity of living systems makes this a complex task. To reprogram a cell requires more than just the right genes, it requires precisely balancing the timing and expression of each gene so reactions proceed in the right order and at the right time. Doing this requires accurate and precise editing methods and rounds and rounds of tuning.

Achieving this kind of accuracy, precision and repeatability is no easy feat. Add in budgetary constraints, and its a task that can seem impossibly complex. Companies on the cutting edge of biologysuch as those challenging traditional manufacturing normsare finding ways to tackle this head-on. The key to their successes in developing scientific breakthroughsfrom mRNA vaccines and cancer treatments to drought-resistant cropslies in how they have incorporated automation into a robust platform that rapidly adapts to the worlds changing needs.

In the past few years, automation has become key to biotech and synthetic biology success. Companies and labs that cant adapt may find themselves struggling to properly allocate resources and generate sufficient data. To pave the way for long-term success, startups will need to develop platforms that can provide a range of solutions instead of one-off products. Modularity and automation will be critical components to ensuring the success of this model and will help enable companies to create robust and adaptable systems.

DNA is the foundation to almost all synthetic biology experiments. Until recently, the only way to create a gene was to copy something that already existed somewhere in nature. A researcher could splice genes together in novel arrangements with restriction enzymes, but changing these strings of As, Ts, Gs and Cs was extremely complex and time consuming. Advancements in DNA synthesis, however, gave researchers the ability to introduce novel sequences into cells. Modern advancements in DNA synthesis allow companies like Integrated DNA Technologies (IDT) to construct large and complicated DNA sequences from scratch quickly and economically, leveraging automation to reduce turnaround time and lower costs.

IDT continually invests in infrastructure that enables our company to adjust to dynamic customer needs. Investments in this workflow include equipment from other companies, such as Beckman Life Sciences Echo (a high-precision liquid handler that uses acoustics to transfer as little as 2.5 nL) and Molecular Devices QPix Colony Picker, which has allowed IDT to scale up production. This investment in automation has also facilitated IDTs ability to improve production timelines.

Biology isnt just complex. Its also unpredictable. In the countless steps from designing synthetic DNA to the intended system, failures can, and will, occur. Working through the inevitable failures is an iterative process that often involves many rounds of designing, building and testing. Automation can streamline this journey and allow a researcher to iterate through such cycles more efficiently.

The advantages of automation do not end there. Synthetic biologists are constantly adjusting their methods in a never-ending process of trial and error. Automation allows scientists to spend less time picking bacterial colonies and pipetting liquids so they can devote more time understanding the science and finding creative solutions to problems. Technologies like robotic arms, liquid handlers and colony pickers can free up valuable employee time and brainpower to focus on the science at hand. Automation also allows labs to run 24/7, even if someone isnt constantly at the bench.

Large academic labs and corporations have long had a need for automation, and smaller labs and startups that have historically relied on manual labor can reap the benefits of automating, too. The preliminary data sets required for small R01 grants from the National Institutes of Health meet their needs.

Automation and modularity have helped biopharma meet the sudden demands of the pandemic world. Without automation, companies developing single products or single solutions will face scale-up problems and be forced to pivot, leaving those who develop platforms or processes with the upper hand to better adapt to the growing automation demands.

About the author:

Adam Clore is Director of Development & Innovation at Integrated DNA Technologies.

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Advancing Synthetic Biology With Automation - Technology Networks

The global economy continues down an unpredictable and dynamic path, upsetting the best-laid plans of organizations. These plans need to change faster and more frequently than ever before, on strategic and tactical levels. In response, chief financial officers are increasing their forecasting frequency to keep up with the pace of change impacting their business, all while they battle rising inflation and a tight talent market.

The CFO must also unlock the investment they've made in staff by providing them with tools that automate mundane, low-value work. CFOs are fully aware that inflation drives up the cost of hiring and maintaining talent, explains Karlo Bustos, vice president of professional services for Board International. They must provide an environment where things aren't hard to do, in a very manual-based function such as invoicing collection activities, building out financial plans, and making financial models.

For CFOs to mitigate the expense of hiring talent and the manual nature of many tasks, they need to provide an environment of automation, collaboration, easily shared data, and enabling technologies. Being proactive in automation is understanding the business, he says. CFOs are more inclined to invest in automation technology to deliver value, so that they can compress some of the inflationary pressures they have on their internal cost structure.

That perspective was shared by Wayne Slater, director of product marketing for Prophix, a performance management software provider. Only by doing this can they move them away from the manual, repetitive tasks of gathering data and building reports and transition them to a higher, pro-active state to provide strategic insights and a single view into their financial truth, he says.

Slater explains that by implementing purpose-built solutions that can centralize an organization's data, enabling the easy collection, analysis and reporting of financial data, CFOs can start to free up staff time to focus on higher value activities.

The result is that staff are freed from building and updating multiple, complex, and unconnected Excel worksheets by having access to things like visual dashboards, reports, and flexible data analysis tools.

All of this can be easily accessible through a web browser which simplifies deployment and minimizes demands on IT.

As important to investing in an automation solution is the need to first identify how this sort of strategy can solve issues in business areas outside of the office of finance, Slater says.

Slater explains that establishing an alignment of how business problems from other functional areas can be solved -- from marketing and logistics to HR and IT -- will help formulate a unified agreement on how automation can benefit the organization and expedite its rollout.

Bustos adds that finance leaders need to take inventory of where their team is spending the most time and stack rank them by priority and by value. If there is a team of 30 people involved, that may not be productive. Stack ranking priorities gives a perspective on what's going to drive the biggest value, he says. Its important to realize everyone's maturity curve is going to look differently.

He says companies need to be mindful about what they see and what they hear in relation to what other companies are implementing. Asking questions like, Does it apply to my business? and Are we at that point in our maturity lifecycle? will prevent companies from getting ahead of themselves.

I highly advise every finance executive to really take into account that automation is not an implemented technology, Bustos says. It's understanding the process, as well as its impact. It's training those individuals for that new process and monitoring that process to ensure it's doing exactly what it is expected to do, and then doing the entire change enablement downstream.

John Alves, CFO at Gluware, a specialist in intelligent network automation, explains that automation is a way to reduce costs, improve efficiencies and productivity and strengthen controls (i.e., mitigate human errors) without adversely impacting deliverables or timing of deliverables.

From his perspective, automation is a good strategy at any time but in particular during times where pressures are placed on cost structures (i.e., inflation) and the need to maintain levels of capital, liquidity and profitability. Intelligent technologies like robots, AI and process mining are game changers, he says. These technologies have enormous operational and strategic value.

Alves explains that operational value comes from process improvement and cost reduction through simplification and reduction of manual tasks.

Strategic value comes from the data, predictive modeling, and strategic insights which enable a CFO and other chief executives to better connect the front and back-office systems.

Automating and simplifying complex operating environments allows for increased profitability and a seamless integration of key technical and business systems and processes.

Any workflow that involves human input or interaction is game for automation. Finance back-office and month-end close is undergoing RPA, while sales can automate around orders to cash process, Alves says.

He says Gluware is implementing third-party tools to better automate and strengthen controls around purchasing and disbursements. Network DevOps can de-risk the entire NetDevOps process through automation, he adds. There are countless examples of automation opportunities within an organization.

While most organizations can benefit from automation, Alves says clear goals and solid project management are essential to reap those benefits.

This means CFOs should seek to build global cross-functional teams with strong leaders as well as process and requirement SMEs from both business units and IT, including development, network, security, and platform teams. These are key to strategy building as well as rapid implementation, he says. C-Level executive sponsorship is essential to any large-scale initiative.

Bustos points out deploying an automation strategy is not a push of a button, and it's not something that can be rushed. CFOs may want to take stock of what they have, and it's very important for a new CFO to make an assessment of what the company currently has implemented, he says.

This will give them the opportunity to leverage other technologies that haven't been utilized to its full capability, or a procedure or process that hasn't been fully ramped out to the larger organization that can drive value. That's where automation really starts to come in -- when you know exactly what you're trying to achieve, Bustos says.

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The Ever-Expanding List of C-Level Technology Positions

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CFOs and Automation: Battling Inflation, Increasing Employee Productivity - InformationWeek

Automation Is No Longer Be a "Nice to Have," with the Majority of Corporate Finance Ready to Adopt Advanced Technology

SAN JOSE, CA / ACCESSWIRE / June 30, 2022 / AUDITORIA.AI, the leader in natural language technologies for corporate finance, today announced the results of the third-annual State of Automation in the Finance Office report. The Future of Finance Has Arrived: 2022 State of Automation in the Finance Office Report revealed that corporate finance must step up to embrace automation or risk employee burnout, turnover, and ultimately a decrease in bottom-line results for the organization.

Click here to download the results of the 2022 State of Automation in the Finance Office Report: The Future of Finance Has Arrived.

"The results of the 2022 State of Automation Report speak for themselves - corporate finance must embrace automation or risk getting left behind," said Rohit Gupta, CEO and co-founder, Auditoria. "The majority of the corporate enterprise have not only adopted advanced analytics and technology solutions to streamline every part of their processes, but they have also utilized the additional time to their advantage to focus on higher-level business priorities. With advanced technologies such as artificial intelligence, natural language processing, and prescriptive analytics, corporate finance can dramatically accelerate their digital transformation efforts."

Auditoria surveyed more than 650 U.S.-based financial professionals in spring 2022, with titles ranging from Chief Financial Officer (CFO) to Finance Specialist. Key results include:

Finance is ready to embrace automation. Most respondents (61.8%) don't feel their finance back office is sufficiently automated. However, 21.2% of respondents say they will implement advanced levels of analytics and reporting in the next year - a clear indication that corporate finance is ready to embrace automation.

Repetitive manual tasks overrun corporate finance. Time spent on manual or repetitive tasks is the biggest challenge in the finance office, followed closely by time spent checking and updating data. Accounts payable and receivable were ranked as having the most manual work for the third year in a row.

Bots are needed to help with customer and vendor inquiries and engagement. One-fifth (21.3%) of respondents indicated that a lack of responsiveness is the most significant pain point in the finance back office, suggesting intelligent engagement is needed to send reminders, answer inquiries and handle requests without manual human intervention.

Streamlined processes would kick-start an automation journey. Focusing on process improvements and investing in new technologies to improve said processes are the top two priorities for the finance back-office next year. Both are necessary for finance professionals wanting to implement artificial intelligence and digitize corporate finance.

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These results indicate that automation is here to stay. Without change, corporate finance teams that maintain the status quo are at risk of organizational turmoil - from a lack of employee retention to the bottom-line results impacted by the volume of manual work that takes up the majority of time in the corporate finance office. Moreover, intelligent software applications that automate and independently execute business processes and tasks, are fast becoming the norm in today's hybrid work environment.

Auditoria.AI increases finance teams' speed, accuracy, and efficiency using intelligent SmartBots to automate manual and time-consuming Accounts Payable and Receivable processes while deriving greater cash position visibility. Purpose-built for finance, with advanced next-gen technology, Auditoria SmartBots integrate with systems of record and email boxes to act as a system of engagement to streamline collections, add controls to procurement spend, optimize vendor management, and handle helpdesk inquiries using automation. Auditoria integrates with industry-leading ERP and Financial applications, including Bill.com, Conga, Coupa, Oracle ERP Cloud, Oracle NetSuite, Sage Intacct, SAP, Workday, and collaboration tools such as Microsoft 365 and Google Workspace.

Download the results of the 2022 State of Automation in the Finance Office Report: The Future of Finance Has Arrived today: https://info.auditoria.ai/2022-ebook-survey

About Auditoria

Auditoria is the leader in natural language technologies for corporate finance, helping finance teams automate business processes in AP, AR, GL, and Vendor Management to accelerate cash performance. By leveraging natural language processing, artificial intelligence, and machine learning, Auditoria removes friction and repetition from mundane tasks while automating complex functions, and providing real-time visibility into cash performance. Corporate finance and accounting teams at leading companies including Armanino, Arrive Logistics, FreshWorks, LiveRamp, UserTesting, and more use Auditoria to accelerate business value while minimizing heavy IT involvement, improving business resilience, lowering attrition, and accelerating business insights. Give your finance teams superpowers at Auditoria.ai.

Follow Auditoria on LinkedIn and Twitter to stay connected.

Trademarks of Bill.com, Google, Microsoft, Oracle, Sage, Stripe, and Workday are the properties of their respective owners.

Media Contact:

Meaghan McGrathYork IEcommunications@auditoria.ai

SOURCE: Auditoria

View source version on accesswire.com: https://www.accesswire.com/707172/AuditoriaAI-Announces-the-Results-of-2022-State-of-Automation-in-the-Finance-Office-Report-The-Future-of-Finance-Has-Arrived

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Auditoria.AI Announces the Results of "2022 State of Automation in the Finance Office Report: The Future of Finance Has Arrived" - Yahoo...

KEY TAKEAWAY

-Analyst fatigue, resource shortages, and action-deficient intelligence are the enemies of progress.

-Event-driven automation tools can save security teams precious time and resources by automating repeatable workflows.

Threat intelligence can generate invaluable strategic and tactical insights. Far too often, however, this intelligence remains locked in static reports or lost in the stream of feeds and alerting that can inundate and overwhelm intelligence analysts.

It should come as no surprise that a common refrain in the threat intelligence space is that intelligence should be actionable; it should advance investigations and support the decision-making process, bringing the path ahead into clearer focus.

But for many practitioners, a real gap remains: the space between intelligence and action.

The intelligence-action gap is compounded by the current intelligence analyst workforce shortage and fatigue, which puts a strain on resources, as well as the overarching need to prioritize needle-moving initiatives.

One key to bridging the intelligence-action gapand alleviating these challengesis automation. In this article we address how security automation tools can be leveraged to:

According to Cybersecurity Ventures, there were 3.5 million unfilled cybersecurity jobs at the end of 2021, and that number is expected to remain the same until 2025. In fact, the U.S. Bureau of Labor Statistics projects that information security analyst will be the 10th fastest growing occupation over the next decade, with a growth rate of 31% (compared to the 4% growth rate average for all occupations).

Low-code automation tools democratize software engineering and custom software development. In other words, security practitioners without any applied knowledge of a coding language could use automation tools to build incident response workflows, even if they arent a software engineer.

Security teams are notoriously understaffed teams without the kinds of resources that could really move the needle. As an example, analysts receive an overwhelming number of alerts from security or incident response tools.

According to research cited by Dark Reading, 40 percent of organizations use 10 to 25 different security solutions, and 30 percent use 26 to 50, resulting in tens of thousands of alerts each day (not to mention the complexities that may arise when using disparate systems).

The overwhelming number of alerts can lead to desensitization. So much so, that IDC estimates that cybersecurity teams at companies with 5,000+ employees wind up ignoring around 23 percent of their alerts, while every alert a cyber threat analyst takes action on costs about 30 minutes of their time; false positives taking even longer.

This is alarming, overwhelming, and, likely, unmanageable.

Automation unlocks the full value of threat intelligence in your security operations by shortening the time, steps, and resources needed to execute swift, effective action at every stage of the threat intelligence lifecycle.

The best intelligence tools will help security teams build repeatable workflows, freeing up time and resources to address more complex or impactful security issues.

And with the rise of low-code automation solutions, security and intelligence teams can extend this value even further using codeless playbooks.

Excerpt from:

How Security Automation Bridges the Intelligence-Action Gap - Security Boulevard

Kenneth Research

Key Companies Covered in the Global Robotics Process Automation (RPA) Market Research Report by Kenneth Research are Pegasystems Inc., NICE, Kryon Systems, Naviant, Redwood Software, UiPath, Blue Prism Limited, Microsoft, Automation Anywhere, Inc., EdgeVerve Systems Limited, and others.

New York, June 30, 2022 (GLOBE NEWSWIRE) -- From 2017 to 2020, the employment rate for artificial intelligence (AI) increased all over the world, with Brazil experiencing the greatest shift in the hiring index, with around 3.5 times more AI-related professions, whereas India exhibited around 3 times more AI-related professions in 2020 than in 2017. Owing to the volume of data available and the accessible processing power, AI approaches are being used more and more in the financial industry in fields including asset management, algorithmic trading, credit underwriting, and blockchain-based finance. Big data is used by machine learning (ML) models to automatically learn from experience and data in order to increase predictability and performance without the need for human programming. For instance, by obtaining over USD 1 billion in overall capital, SambaNova Systems was the most well-funded artificial intelligence (AI) chip start-up firm in the world as of August 2021.

Kenneth Research published a report titled Global Robotics Process Automation (RPA) Market which is studied for the forecast period, i.e., 2022 - 2031. The market search report also provides a detailed analysis of the top competitors operating in the market, as well as industry characteristics such as growth drivers, restraining factors, current trends, and market growth prospects during the forecast period.

Increasing workplace efficiency is one of the key focus areas of business organizations nowadays. With the adoption of artificial intelligence (AI) and cloud-based solutions, businesses are enhancing work efficiency and productivity, as well as lowering their overhead costs. For instance, the U.S. Army has granted around USD 9 million to 11 small enterprises to create artificial intelligence and machine learning technologies that will improve Army decision-making, enable autonomous operations and speed up and expand the scope of military action. Whereas the number of AI companies in the United States was more than 2025 in 2018.

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On the other hand, the use of AI in finance is anticipated to help financial organizations gain a competitive advantage by increasing their efficiency through cost reduction and productivity enhancement, as well as by raising the caliber of the services and goods they provide to customers. The competitive advantages can then benefit financial consumers by delivering higher-quality and more individualized products. Owing to such factors, the global robotics process automation (RPA) market, which garnered around USD 1.6 billion in 2021, is further predicted to grow with a CAGR of ~27% over the forecast period. Furthermore, the requirement for smart software to conduct high-volume, repetitive operations that traditionally take humans a long time to complete and are tiresome to perform is another factor boosting the market growth. For instance, AMP ROBOTICS, an American robotic company, installed 25 robots across the U.S. and raised USD 55 million in 2021.

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The global robotics process automation (RPA) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Owing to the presence of major innovators and forerunners in the adoption of robotics in the area, North America is anticipated to hold the highest share of the market. RPA adoption by SMEs has also increased as a result of more awareness about how to improve the various organizational tasks, which is also anticipated to drive the growth of the market in the region. In one of the surveys conducted in the United States in the year 2018, the organizations of the 1,100 US managers surveyed were already exploring AI, whereas, 63% of the businesses polled were using machine learning in their operations. In addition to that, hospitals in the US such as, Massachusetts General and Brigham and Womens Hospitals have been using ML algorithms and outlier detection mechanisms to recognize and avoid medication-related errors and risks. Moreover, out of the data of 373,992 patients who were seen in the outpatient clinics of these hospitals, 10,668 probable errors and adverse medication occurrences were recorded with the help of the patient safety platform, MedAware. Further, an analysis of 300 warnings generated by MedAware on a random basis revealed that 68.2 percent of the warnings would not have been flagged by an existing decision support system, while 92 percent of the warnings were accurate based on the data available, and that 79.7 percent of the warnings were clinically valid.

On the other hand, the market in the Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. The development can be ascribed to rising RPA usage across numerous industries including manufacturing, IT & telecom, healthcare, retail, and others. Additionally, the region serves as a hub for the manufacturing and IT sectors, and both of these sectors require automation services to boost productivity and lower mistake rates. In a poll on the usage of AI technology in enterprises throughout the Asia Pacific region done in 2020, 60 % of participants stated that IT managers in their respective companies employed AI technology most actively in 2019. Comparatively, 10% of the respondents in the Asia Pacific area to the same poll claimed that their companies were using AI technology for compliance and legal reasons. Also, in the IT management sector, 70% of the organizations utilized AI technology in the year 2022, which was a rise of 10% from 2019, i.e., 60%. On the other hand, in the customer service sector, 73% of the businesses used AI technology which was 61% in 2019.

Browse to access In-depth research report on Robotics Process Automation (RPA) Market with detailed charts and figures: https://www.kennethresearch.com/report-details/robotic-process-automation-rpa-market/10070476

The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America(U.S., Canada), Europe(U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC[Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America(Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific(China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific ), Middle East and Africa(Israel, GCC[Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa.)

The global robotics process automation (RPA) market is segmented by deployment mode into on-premises and cloud. Owing to the fast-rising popularity of cloud-based RPA on the back of its capacity to offer more scalability, security, simplicity of access, and management while giving a superior experience to the users, the cloud segment is anticipated to hold the greatest share of the market throughout the forecast period. For instance, Blue Prism, a world leader in intelligent automation for enterprises, had users in more than 170 countries and in more than 2,000 companies, which includes Fortune 500 and public sector organizations, who are generating value with new working methods, unlocking efficiencies, and reinvesting millions of hours of work into their businesses.

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The global robotics process automation (RPA) market is segmented by industry into BFSI, healthcare, IT & telecom, manufacturing, retail, hospitality, and others. Out of these segments, the IT & telecom segment is anticipated to garner the highest market share by the end of 2031. One of the major factors anticipated to drive the growth of the segment is the growing use of AI by IT & telecom companies to support customer care operations as it enhances the customer experience and promotes cost-effectiveness. Cybersecurity and customer service are the 2 most regarded applications of AI, with 51 percent and 47 percent of respondents from the IT and telecom sectors, respectively. On the other hand, the manufacturing segment is projected to grow with a significant CAGR during the forecast period. in the manufacturing sector, around 60 percent of respondents believe that quality control is expected to be the most significant application of AI. Whereas, 45 percent of respondents prefer inventory management to be expected as the most significant application. Additionally, 93 percent of manufacturing businesses believed that AI is expected to be a key tool to stimulate growth and innovation in the industry.

The global robotics process automation (RPA) market is also segmented on the basis of operation, and by application.

Global Robotics Process Automation (RPA) Market, Segmentation by Operation:

Rule-Based

Knowledge Based

Global Robotics Process Automation (RPA) Market, Segmentation by Application:

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Some of the leading industry leaders in the global robotics process automation (RPA) market that are included in our report are Pegasystems Inc., NICE, Kryon Systems, Naviant, Redwood Software, UiPath, Blue Prism Limited, Microsoft, Automation Anywhere, Inc., EdgeVerve Systems Limited, and others.

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About Kenneth Research

Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.

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Global Robotics Process Automation (RPA) Market to Grow with a CAGR of ~27% During 2022-2031; Surge in Adoption of Artificial Intelligence for...

In the years preceding the pandemic there was enormous hype about automation, particularly in the wake of the 2013 Frey-Osborne study The Future of Employment. Following the pandemic the effort was supposedly in overdrive.

However, a close reading of even the few items about the matter that serve up actual examples of such automation (like the installation of a voice recognition-equipped system for receiving customers orders as they pass through some fast food outlets drive-thru lane) reveals that they are clearer on intentions and possibilities than actual developments like polls telling us that 50% of employers are expecting to accelerate the automation of some roles in their companies (never mind how much employment those employers account for, or how serious their expectations are, or what accelerate and some actually mean here). Meanwhile rather more prominent when we look at discussion of actualities rather than possibilities we find ourselves reading about the discontents of the humans. We read of how workers in jobs that have them dealing with the general public face-to-face are burned-out and fed-up, not of how bosses are replacing those workers with new devices a decade after robot waiters and the like were supposed to be on the verge of becoming commonplace. We read that industrial robot orders are up but (as, perhaps, we note that the actual number of robots ordered is not really so staggering) we read far more of supposed labor shortages than we do of automation filling in the gaps. We also know that, as seen from the standpoint of the whole economy, productive investment without which no one is automating anything remains depressed compared with what it was pre-crisis (and remember, the world never really got over that Great Recession), while it also does not seem terribly likely to get much better very soon, with that media darling and icon of techno-hype Elon Musk, even as he promises a humanoid Teslabot by September, publicly raving about recession just around the corner and preemptively slashing his work force in anticipation, not in the expectation of employing fewer humans, just fewer humans with actual salaries (while those Teslabots do not seem to be part of the story, go figure).

Why do we see such a disparity between the expectations and the reality? A major reason, I think, is that those who vaguely anticipated some colossal rush to automate the economy imagined vast numbers of ready, or nearly ready, systems ready to do the job a natural result of the press tending to imagine that innovations at Technology Readiness Level 1 are actually on Level 9, with the truth coming out when push comes to shove, as it so clearly has amid the crisis, the requisite means are not nearly so far along as some would have had us believe.

Those observers also underestimated, just as government and the media have generally done, just how disruptive the pandemic was to be how long the pandemic and its direct disruptions would last, to say nothing of the indirect, and how much all this would matter. In line with the familiar prejudices of the media those who blame lockdowns, strikes and the war in Ukraine as sources of economic troubles get plenty of time and space but critics of central bank monetary policies get very, very little, with one result that the upsurge in inflation took so many experts by surprise. And that inflation, and the tightening of credit that has inevitably followed it, however belated and gradual compared with the talk of latterday Volcker shock it may be, are hardly the kind of thing that encourages investors. Nor are the unceasing supply chain problems. (If the country cant even keep itself in baby formula, how can it keep itself in the inputs required for a drastic expansion of revolutionary automation?) The result is that those of us watching this scene would do well to take those reports of some drastic increase in the rate of automation with a measure of skepticism.

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The Pandemic and Automation: Where Are We Now? - Medium

TAMPA BAY, Fla.--(BUSINESS WIRE)--Chargebacks911, the leading dispute technology specialist that powers chargeback remediation for the largest global eCommerce businesses, as well as the world's financial institutions, today celebrates a 3x boost to its automated dispute response platform. The addition of AI further propels Chargebacks911s worldwide market advantage, as the leading dispute technology platform*.

The utilization of data from a vast consortium of businesses across a number of verticals, enables the technology to be trained to dynamically identify data points related to post transaction fraud, including first party fraud. This is then enriched to exponentially improve underlying dispute intelligence and insights for merchants.

First party fraud, also known as Friendly Fraud, refers to an illegitimate chargeback filed on a legitimate transaction and costs the eCommerce industry staggering amounts each year. This accounts for up to 25% of a merchant's profits, highlighting how catastrophic this problem is for the global economy. Post transaction fraud surged by 23% in 2021** however, first party fraud, a subset within this category, has surged 56%*** making it one of the fastest growing fraud types on record.

One of the primary reasons for the growth in first party fraud is due to unavailable feedback from the merchant. As a result of the mammoth quantity of chargeback data that online merchants receive, and the time it takes for a human operator to investigate each chargeback and determine whether it is legitimate or not; the vast majority of cases expire, inadvertently contributing to this negative trend and its unintended consequences.

To slow this worrying growth trajectory, and keep pace with evolving data sets, the industry needs to adopt more intelligent automation in order to scale. In contrast to a costly human led strategy, Chargebacks911 revolutionizes the data collection process, transforming the concept of end to end automation by digitizing even the most complex and unstructured formats to maximize data insights and leverage rule-based data driven automation.

Monica Eaton-Cardone, Founder of Chargebacks911, says: We know that chargebacks are out of control and this can be devastating, especially in todays desperate economic climate. However, by further fueling the power of AI in our digitization of the disputes management process, the heavy lift of data aggregation is optimized, providing insight and flexibility that easily accommodates the changing landscape of chargeback rules and payments. Creating a more sustainable ecosystem is all about replacing friction with intelligence, and applies to all stakeholders - merchants included. This is really something to celebrate!

Monica adds: Models that primarily leverage a BPO service or outsourced human workforce to manually prepare dispute responses fall short - todays merchant not only requires automation for scale, but also for scope as data continues to evolve. With increasing economic pressure its imperative that merchants are able to learn from this vital insight.

Chargeback911s AI enabled automated dispute response platform allows merchants of all sizes across dozens of verticals to intelligently fill the knowledge gap and thwart growth in first party fraud. Without an in depth understanding of the post transaction data types, chargeback rules, and dispute reason codes, which differ between card networks and alternative payment methods, merchants risk becoming victims to increasing chargeback fraud. Chargeback911s platform acts as a multidimensional orchestration layer, powering rules based logic, Machine Learning (ML), and AI driven calculations that work in unison, to dynamically analyze and classify data input and compile a dispute response. When compared to automation alone, a yield of up to 3X results are achieved with the addition of data driven AI enablement, further enhancing the added benefit of rich data analytics.

To learn more about Chargebacks911, visit: https://chargebacks911.com/

*Chargeback Market Study Report 2020, Edgar, Dunn & Company

**Q1 2022 Digital Trust & Safety Index

***TransUnion 2022 Global Digital Fraud Trends Report

ENDS

About Chargebacks911Founded in 2011, Chargebacks911 is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud. As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping businesses manage disputes and reduce loss in various industries and sectors within the payments space.

Chargebacks911 provides comprehensive SaaS solutions that are highly scalable for managing chargebacks, handling services and fraud strategy management. The company helps decrease the negative impact of chargebacks and provides real-time API connectivity and insights, thereby improving revenue retention using data-driven technology to help ensure sustainable growth for every member of the payment channel.

Chargebacks911s unparalleled category experience and patented Intelligence Source Detection (ISD) technology identifies the true source of chargebacks, automatically remediates fraudulently filed disputes, safeguards reputations, monitors feedback 24/7 and provides insight to proactively prevent future fraud. http://www.chargebacks911.com

About Fi911Fi911 supports financial institutions with innovative back-office automation technologies created specifically for banking and financial institutions. By supporting direct communications between FIs and their ecosystems, the companys scalable payment product suite offers features that range from fast, flexible merchant onboarding to highly transparent and feature-rich client portals.

Fi911s proprietary DisputeLab helps resolve chargeback disputes faster and more efficiently by utilizing next-generation technology that leverages a robust rule engine and highly scalable microservices specifically designed to optimize each step in the dispute cycle. The companys unified platform also provides threat detection, reconciliation, risk management tools, and the ability to generate commissions and ISO pay-outs directly through the system.

Established by the dispute experts at Chargebacks911, Fi911 offers global reach and expertise, and customized training and support from recognized industry leaders. https://fi911.com/

More:

Chargebacks911 Celebrates 3x Boost to its Automated Dispute Response Platform With the Addition of Data Driven AI Enablement - Business Wire

The comprehensive level of sophistication for bad actors to successfully move illicit funds through banks has put added pressure on strengthening so-called know your customer (KYC) processes. Financial institutions are struggling to verify the trustworthiness and true intent of newly onboarded customers or companies in need of financial services.

Against the backdrop of Russias ongoing war in Ukraine, and actions by the U.S., U.K. and the European Union to delist Russian banks from the SWIFT financial messaging network, banks around the globe are feeling the need to interrogate vast quantities of financial data more effectively and efficiently to make sure that bad actors are not slipping through the cracks.

KYC processes often still rely on time-consuming manual processes that make human errors even more of a reality, which can lead to regulatory scrutiny. Recent regulatory updates require additional information to be added to the mix over time, so KYC processes have become increasingly onerous.

At the same time, criminal enterprises are more sophisticated in their ability to mask the corporate structures and banking operations that fund their illegal activity. That means the number of analysts and dedicated KYC resources in larger firms and banks have grown substantially, which has driven up costs.

How can banks understand the broader risk and capitalize on the amount of data that firms need to understand when it comes to KYC? Weve arrived at an inflection point for automated KYC processes for a number of reasons.

Financial institutions cant just add more people, especially with some of the hiring challenges that industries across the board are dealing with. Using automation, they can perform KYC refreshes more efficiently to better mitigate risk.

If there are no changes to a customers KYC profile or their behavior patterns, time is wasted by teams confirming this during a review period. Meanwhile, a customer with substantial changes might not be refreshed for some time, increasing the potential risk to the bank. By moving to a perpetual approach via automated checks and balances, the system monitors internal and external data to proactively determine when a material change requires an analyst review.

Historically, KYC processes have looked at expected versus actual client activity. For example, a customer would say theyre opening an account for international bill payment and they would list which countries and how many transactions they expect to do over time. KYC analysts then look at yearly transactions to see if there are deviations from what the customer stated during onboarding.

Instead of evaluating on a one, three or five-year incremental scale, automation technology can constantly update customer information to monitor client behavior and better understand overall risk as information changes. Automation can also enrich transaction data with external data sources to better understand counterparties, including the types of businesses, where theyre based and any risks associated with their ultimate beneficial ownership structure or previous money movement patterns. This leads to earlier detection of risky behavioral changes.

Automation capabilities allow systems to drive processes without putting the entire onus on an analyst or a customer. Being able to detect a change proactively and allow a customer to verify reduces the burden on the customer while also keeping the KYC record up to date.

Current automated information also allows financial institutions to improve downstream processes when proactively providing new or updated product and service offers. If a bank can use automated touchpoints and information to better understand the customers banking behavior and personalized needs, they have a better chance of retaining those customers over time. Automation creates a better user experience for customers while also staying regulatory compliant and averting risk.

Capturing and validating the authenticity of customers identities is more important than ever. Financial institutions need to understand who new individual customers or companies are, where theyre located and what type of business they intend to engage in to combat illicit activities like money laundering, terrorist financing, financial fraud and more. Automation can simplify KYC processes to give financial institutions a competitive advantage.

Carl Ottman is head of KYC solutions at Quantexa.

Excerpt from:

Why automating KYC is more critical than ever - BAI Banking Strategies

As the reach of blockchain technology gains momentum, a plethora of blockchain platforms with a wide range of services and products have sprung up. However, only a handful of these platforms have the technology to provide customers with a unique experience, allowing them to stand out.

DeFi Saver is one such platform offering a one-stop asset management tool for a range of decentralized financial protocols and applications on Ethereum.

DeFi Saver is an application that integrates multiple lending protocols and provides users with advanced management features and options that let users handle complex tasks in one transaction. The platform is an asset management application for decentralized finance (DeFi) protocols, focused on creating, managing, and tracking all sorts of positions.

Historically, DeFi Saver has been used for borrowing, leveraging, and yield farming with users choosing different integrated lending protocols based on their preferences.

For example, a user who wants to long ETH or BTC, would come to DeFi Saver and create a leveraged collateralized debt position in MakerDAO, Aave, or Liquity (or any other of the integrated protocols) hoping that the market goes up. Using the advanced dashboard, the user deposits ETH as collateral and borrows stablecoins as a debt, then swaps the stablecoins for more ETH and deposits additional ETH as collateral in a single transaction.

This way the user can conveniently collect profits once the value of ETH goes up and close out the position with the ETH that was collateralized in the first transaction, thus walking out with an increased amount of ETH compared to what was initially entered.

In 2019 the famous application pioneered automated options for decentralized finance with the release of DFS Automation, a signature automated leverage management system. Initially released for MakerDAO only, DeFi Saver expanded its service to Compound and Aave the following year, together with a major technical update in 2020 that introduced the use of flash loans for leverage management, alongside continuous optimizations for reduced gas usage and more.

The flagship service is a unique, non-custodial, trustless system for automatic liquidation protection and leverage management of DeFi positions. Users can input their desired collateral and debt ratio and Automation takes care of the rest. It actively monitors debt positions and automatically increases or decreases leverage when the price of the underlying collateral changes increasing user exposure in positive market conditions or preventing liquidation and loss of funds in the opposite direction. To pay off the debt automatically the application sells part of the collateral to decrease exposure or acquires more depending on the provided ratio.

This year the platform introduced automated liquidation protection using funds in yield farms and their first automated strategy connected MakerDAO with yield farming protocols such as mStable or Yearn, and also any other that gets integrated into the Smart Savings dashboard later on.

Compared to their historically popular liquidation protection through automated repays, there is no selling of the collateral here. As soon as the set threshold is achieved, the stable assets supplied into any of the listed protocols can be withdrawn and used to pay back a portion of the debt and avoid liquidation automatically, without the need for any additional input from the users.

DeFi Saver also introduced an overhauled automation center that provides users quick access to all available automated strategies for their positions, as well as a better overview of currently enabled strategies. To ensure top-level security, all new automation smart contracts are fully audited by Dedaub, the platforms continued partners and rising stars on the smart contracts security scene.

A unique feature offered by the platform is the automated stop loss and take profit options where the user can set a target threshold ETH price in both market directions at which point their position would be automatically closed out, by a trustless, non-custodial system. Currently released for MakerDAO and Liquity protocols, these automated strategies provide users with traditional trading options developed fully on-chain in the DeFi spirit.

DeFi Savers continuous support for Liquity protocol started almost right after the launch of the famous decentralized protocol with a release of a dedicated advanced management dashboard with all the Liquity actions and their own advanced features at user disposal.

They provided users with signature Boost and Repay 1-tx leverage features, as well as other unique options, such as the MakerDAO to Liquity 1-tx loan shift for anyone looking to escape Makers continuous Stability fees.

Then the platform took Liquity support one step further with the introduction of automated liquidation protection for Liquity Troves, a global first for the growing Liquity ecosystem.

Heres a quick overview of how the stop loss or take profit strategy for Liquity looks in the background:

Here, the user sets a price threshold and activates the strategy for their Trove, following which the system continuously watches the Trove and sends out a transaction to cancel the position as soon as the price threshold is passed.

The UI will underline that this approach fully closes the users position into ETH when they attempt to set it up.

This is another unique but simple feature developed by the platform to provide users with quick access to the best lending interest rates across DeFi protocols. Here several protocols are integrated and offered within a single dashboard. Using the Smart savings feature users can track the best APY, estimate their earnings, and withdraw their stablecoin assets with the least amount of risk.

This is the simplest, yet safest and most reliable way of earning interest on users digital assets. Using this feature users who are in search of a stable APY can supply their stablecoin assets to Yearn or mStable and move them between these protocols for the best APY offered.

DeFi Saver team plans on adding more yield protocols and options in the following period so check the product updated from time to time if in search of some stable APY.

Loan Shifter is a powerful and easy-to-use refinancing tool for protocols. It provides an instant and simple way to change collateral or debt asset and shift between protocols with just a few clicks.

Loan Shifter offers a direct and convenient interface for users to:

The Simulation mode lets users check out all of the available features and test the different premade recipes or even create entirely new recipes, without worrying about gas fees. If any of the protocol features confuses the user, turning on this feature simulates any transaction on a private fork of the mainnet with the help of a platform named Tenderly.

With unique innovations like the recipe creator, an interface that allows anyone to create countless combinations of various interactions with multiple DeFi protocols, the platform strives to push the boundaries of DeFi to broader masses and compete with traditional finance in any way that DeFi becomes an appealing alternative.

DeFi Saver is working to improve its flagship feature, Automation, by allowing users to create custom triggers that work in conjunction with recipes and strategies, allowing them to choose what they want to do in DeFi without having to constantly monitor the charts and displays.

Lastly, and perhaps most importantly to broader masses, DeFi Saver has recently launched on Layer 2 networks Arbitrum and Optimism, providing their services for drastically lower transaction fees. The initial L2 launch includes support for Aave v3 with all the advanced DeFi Saver features and bridging options using LI.FI, their feeless Exchange, and the convenient Simulation Mode to test the new L2 environment before committing actual funds.

To know more about DeFi Saver, visit their official website.

Disclaimer: This is a paid post and should not be treated as news/advice.

Go here to see the original:

DeFi Saver: Unlocking the next era of DeFi automation - AMBCrypto News

NEW DELHI : ABB has tied up with Think Gas, a city gas distribution company to implement a digital solution to maximize efficiency, availability and reliability of the city gas network that incorporates multiple remote terminals across distributed locations in the states of Punjab, Uttar Pradesh, Bihar and Madhya Pradesh.

Harnessing its SCADAvantage system deployed in the cloud, ABB has designed a solution that will integrate, monitor and control day-to-day operations across the enterprise, automating workflows to help operators maximize uptime and improve safety.

Sitting at the heart of the THINK Gas digital architecture is the ABB Ability Genix Industrial Analytics and AI suite, which will bring together multiple sources of real-time data from THINK Gas operations across its network," said a company statement.

By collating and contextualizing operational, engineering, and transactional data from IT systems, ABBs industrial AI has a significant amount of information and a holistic view of assets and processes, from which it provides better, actionable insights for how to drive performance and efficiency.

The system will be managed via a central control room Nucleus where operators will be able to promptly retrieve data and convey crucial information, such as operational equipment parameters and consumption trends.

Talking of the R&D of the product, ABB is a global company G Balaji, SVP, Head-Energy Industries, ABB India said: This product SCADAvantage actually comes from ABB Canada. With a very vast experience of providing SCADA solutions for the past more than one and a half decade, India is a centre of excellence and one of the first ABB companies across the globe to implement the SCADA solution."

Hardip Singh Rai, CEO, THINK Gas said, This partnership with ABB marks a cornerstone in our digital transformation journey, that is helping us build THINK Gas into a modern and robust CGD company that is ready for the future."

With rapid urbanization and increasing energy demands, India is investing billions to deliver piped natural gas (PNG) and compressed natural gas (CNG) to around 70 percent of its population over the next five years. This is part of the countrys ambition to achieve a more sustainable energy mix.

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ABB ties up with Think Gas for automation in CGD services | Mint - Mint