Top Business Intelligence (BI) tools in the market
This article aims to list all top BI (Business Intelligence) products available on the market. It should help interested users to compare and select the best solution for their needs. According to the list of best business intelligence tools prepared by experts from FinancesOnline the leading solutions in this category comprise of systems designed to capture, categorize, and analyze corporate data and extract best practices for improved decision making. The more advanced the system is, the more data sources it will combine, including internal metrics coming from different company departments, and external data extracted from third-party systems, social media channels, emails, or even macroeconomic data. Ultimately, business intelligence software helps companies gain insight on their overall growth, sales trends, and customer behavior.
1. Sisense
Sisense is one of the leaders in the BI market and a winner of the Best Business Intelligence Software Award for 2016 from FinancesOnline, one of the most popular business software review platforms. This solution capable to effectively simplify complex data analyses, and make big data insights accessible even for startups and small companies. The competitive edge of Sisense is primarily its capacity to collate data from multiple sources without pricey preparations (sources can be Salesforce, Google Analytics, AdWords, and many more). Users will also enjoy the tool’s very efficient use of in-chip technology in a database that processes data 10 times faster than traditional systems. Sisense also works with the innovative ElastiCube technology, which means it can import large sets of data and work with any CPU layout without compromising the quality of your results. If you are interested to learn more about its features you can actually try out the software yourself with a great free trial plan they offer. You can easily sign up for Sisense free trial here.
2. Actuate Business Intelligence and Reporting Tools (BIRT)
BIRT project is a flexible, open source, and 100% pure Java reporting tool for building and publishing reports against data sources ranging from typical business relational databases, to XML data sources, to in-memory Java objects. BIRT is developed as a top-level project within the Eclipse Foundation and leverages the rich capabilities of the Eclipse platform and a very active open source community of users. Using BIRT, developers of all levels can incorporate powerful reporting into their Java, J2EE and Eclipse-based applications.
3. icCube
icCube is a SaaS end to end BI platform, specialized to be embedded in your application. Deploy it on premises, in the cloud or make use of one of their managed services and enjoy a short time to market for custom feature requests. It integrates seamlessly with any application because of the on-the-fly-authentication and authorization (up to cell level), the ability to connect and combine any custom data source, direct access to Java and R, a web based dashboard builder and the ability to graphically design widgets from scratch. Basically, icCube is the dream for any software developer who needs to provide predefined dashboards or a solid web based self service BI solution, to their end-users.
4. Domo
Domo’s Business Optimization Software brings together the people, the data, and the insights business users need to deliver a detailed view of what’s happening in your organization. Connect all of your crucial business data, collaborate with fellow employees, and get powerful visual data—all within one customizable platform.
5. Board Management Intelligence Toolkit
BOARD toolkit combines various BI and CPM functionalities within a single graphical software environment. BOARD’s BI capabilities include multi-dimensional analysis, ad hoc querying, dashboarding and reporting, while its CPM capabilities include budgeting, planning and forecasting as well as “other finance-related activities”.Like Business Intelligence software in general, BOARD is used in an effort to improve productivity and decision making while lowering costs. It does not require any programming skills to build BI and CPM applications.
Clear Analytics is incredibly intuitive Excel-based solution with minimal training required. Employees with a basic knowledge of Excel can learn the system rapidly, so businesses can implement a fully-operational, self-service Business Intelligence system with little downtime and almost no learning curve. Clear Analytics offers a variety of BI-specific features to help generate, automate, analyze, and visualize a company’s key data and information. Clear Analytics also enables consolidation of data from multiple data sources and all within excel.
7. Ducen
Companies need to keep an eye on every revenue generating event and cost saving opportunity while improving customer satisfaction and retention. By combining historical data with real-time operational data for analysis, business users can make more informed, proactive decisions. However, to achieve these efficiencies, data must be available real-time.
8. Gooddata
GoodData powers the All Data Enterprise by offering an Open Analytics Platform that supports both IT’s need for Data Governance, security and oversight and business users desires for self-service Data Discovery.The platform consolidates data of any size, typically found both inside organizations and in the cloud, creating an analytic experience that is both fast and agile for users, yet protected, managed and secured for IT.
Information silos, multiple platforms and excessive reliance on spreadsheets can hinder the process of analyzing your business data to understand performance and recommend improvements With business analysis software from IBM, you can explore information from different angles and perspectives and compare it with data in motion and trends for a more extensive view of your business. The facts you need for better results are right at your fingertips.
10. Insightsquared
Successful sales strategy is dependent on understanding the customer. But for small and medium businesses building up the kind of intelligence database needed can be time consuming and take staff away from the task of actually selling. It can be many months before the implementation of a traditional sales intelligence platform bears fruit.
11. JasperSoft
The Jaspersoft Business Intelligence Suite offers a number of ways for end users to perform interactive analysis. For the most casual user, this might involve simply changing a filter setting on a report to view a different slice of data. For a data analyst this could mean writing powerful, multi-dimensional expressions.
12. Looker
Looker is a data-discovery platform that helps companies make better business decisions through real-time access to data. Data, no matter the size, can be analysed within Looker’s 100% in-database and 100% browser-based platform. Looker analytics integrate with any SQL database or data warehouse, such as Amazon Redshift and Greenplum.
Microsoft Business Intelligence platform include Analysis Services, Integration Services, Master Data Services, Reporting Services, and several client applications used for creating or working with analytical data. This section of the SQL Server Setup documentation explains how to install these features. Analysis Services and Reporting Services can be installed as standalone servers, in scale-out configurations, or as shared service applications in a SharePoint farm. Installing the services in a farm enables BI features that are only available in SharePoint, including PowerPivot for SharePoint and Power View, the Reporting Services ad hoc interactive report designer that runs on PowerPivot or Analysis Services tabular model databases.
14. MicroStrategy
From local spreadsheet data to enterprise data systems to cloud-based data, MicroStrategy provides effortless access to all business data from one place. Use data connectors that are optimized for each source, and allow queries to reach their greatest performance potential. Connect to one source or many, separately or in combination. Gain the pure play advantage of superior R&D focus on strong technology partnerships and high speed analytics.
15. MITS
MITS, an established leader in reporting and business intelligence solutions for the Wholesale Distribution market, is growing and we need a BI Solution Developer to join our team. Are you passionate about helping businesses make proactive.
16. OpenI
OpenI provides a web-driven interface to build and publish interactive reports from OLAP data sources. Going beyond that, OpenI aims to provide consolidated analysis from all the key data components of an intelligent application. Our key goal is to take away the complexity of creating and publishing reports for business users. OpenI does this by providing a clean, intuitive interface to connect to different types of data sources, and to publish web-based interactive reports. If you want to build web-based intelligent applications that interact with your OLAP data sources.
17. Oracle BI
Oracle BI is a comprehensive collection of enterprise business intelligence functionality that provides the full range of business intelligence capabilities, including dashboards, full ad hoc, proactive intelligence and alerts, and so on. Typically, organizations track and store large amounts of data about products, customers, prices, contacts, activities, assets, opportunities, employees, and other elements. This data is often spread across multiple databases in different locations with different versions of database software.
18. Oracle Enterprise BI Server
Oracle Business Intelligence Enterprise Edition 11g is a comprehensive business intelligence platform that delivers a full range of capabilities including interactive dashboards, ad hoc queries, notifications and alerts, enterprise and financial reporting, scorecard and strategy management, business process invocation, search and collaboration, mobile, integrated systems management and more. OBIEE 11g is based on a proven web service-oriented unified architecture that integrates with an organization’s existing information technology infrastructure for the lowest total cost of ownership and highest return on investment.
Oracle acquired Hyperion, a leading provider of performance management software. The transaction extends Oracle’s business intelligence capabilities to offer the most comprehensive system for enterprise performance management. The acquisition of Hyperion extends our business intelligence product strategy. Customers are increasingly using performance management and business intelligence together. Hyperion adds complementary products to Oracle’s business intelligence offerings including a leading enterprise planning solution, world-class financial close and reporting products, and a powerful multi-source OLAP server. Coupled with Oracle’s BI tools and pre-packaged analytic applications, the combination redefines business intelligence and performance management.
20. Palo OLAP Server
Palo is a memory resident multidimensional (online analytical processing (OLAP) or multidimensional online analytical processing (MOLAP)) database server and typically used as a business intelligence tool for controlling and budgeting purposes with spreadsheet software acting as the user interface. Beyond the multidimensional data concept, Palo enables multiple users to share one centralised data storage.
21. Pentaho
Pentaho addresses the barriers that block your organization’s ability to get value from all your data. Our platform simplifies preparing and blending any data and includes a spectrum of tools to easily analyze, visualize, explore, report and predict. Open, embeddable and extensible, Pentaho is architected to ensure that each member of your team — from developers to business users can easily translate data into value.
22. Profit base
Profitbase SIM is a full scale financial planning and simulation tool for budgeting and forecasting where Profit & Loss, Balance Sheet and Cash Flow statements are fully integrated. SIM enables management to simulate business scenarios and immediately see the financial impact. SIM delivers a wide selection of standard reports, graphical charts and features seamless integration with Profitbase Studio and WebPlan.
23. QlikView
The QlikView Business Discovery platform delivers true self-service BI that empowers business users by driving innovative decision-making,Develop, enhance, re-engineer, maintain and support QlikView applications to create robust services around business requirements to inform business decision-making and Understand all the data that the business holds and create sustainable reporting solutions ensuring the accuracy of the data.
24. Rapid insight
Rapid Insight is a leading provider of business intelligence and automated predictive analytics software. With a focus on ease of use and efficiency, Rapid Insight products enable users to turn their raw data into actionable information. The company’s analytic software simplifies the extraction and analysis of data, enabling clients ranging from small businesses to Fortune 500 companies to fully utilize their information for data-driven decision making.
Predictive analytics give your decision makers the insight they need to predict new developments, capitalize on future trends, and respond to challenges before they happen. SAP’s market-leading combination of real-time business intelligence (BI) and predictive analytics make it easy for you to extract forward-looking insights from Big Data, harness the power of R, and create stunning data visualizations with ease.
SAP BusinessObjects Analysis, edition for Microsoft Office is an Office add-in that allows multidimensional ad-hoc analysis of OLAP sources in Excel. It also allows, Excel workbook-based application design and creation of BI presentations in PowerPoint. It perfectly connects to SAP NetWeaver BW and SAP HANA.
27. SAP NetWeaver BW
Quickly Capture, store, and consolidate your vital information with our real-time data warehouse platform. Tightly integrate your warehousing capabilities for a single version of the truth, decision-ready business intelligence, and accelerated operations.Supercharge your data warehouse environment with SAP Business Warehouse powered by SAP HANA.
28. SAS BI
According to Forrester, SAS has not only been a market leader in advanced predictive analytics, but also a provider of a formidable BI platform. Customers select SAS for its well-integrated, one-stop platform, a significant part of which is its BI capabilities. SAS provides scalability, excellent data integration, multiple query languages, internationalization, customization through a rich set of APIs, advanced analytics tools, MDM, performance management, and reporting and querying. SAS ranks eighth on number of Forrester BI inquiries. Recent market survey data indicates that 14% of corporate customers depend on SAS for their BI needs.
29. Silvon
Business Intelligence solution provider Silvon Software, Inc.to bring a powerful, web-based business analysis software interface to retailers. Under the terms of the agreement, RPE will market Silvon’s Viewer interface for Performance Analysis by IDEAS, a client-server BI application for JDA Software Group’s Merchandise Management System. This new optional interface for Performance Analysis by IDEAS will provide many added features for today’s mobile professionals.
30. Solver
The solver in excel is part of an analysis tool known as “what ifs analysis”. You can use solver to ascertain an optimal value in one cell known as the “target cell”. Basically, solver is used for a group of cells that are directly or indirectly related. Constraints can also be applied to minimize the value that can be used by Solver. This article will provide step-by-step guide on how to use solver to find solution to a business problem.
31. SpagoBI
SpagoBI supports the real-time monitoring, analysis and presentation of business data and processes. You can keep business processes under control by constantly monitoring their state.SpagoBI allows you to go further than this: you can detect inefficiencies and bottlenecks in your business processes, promptly react to events requiring quick decision making, as well as discover new business opportunities hidden in your own data.
32. SQL Server Analysis Services
Server Analysis Services platform, build high performance analytical models (multidimensional and tabular) that can be used for interactive data analysis, reporting, and visualization. SQL Server provides a comprehensive analytical and modeling experience to support rapid solution prototyping and support for the largest enterprise-grade solutions.
Style Intelligence is business intelligence software for dashboards, reporting, visual analysis, and data mashups. It blends enterprise strength with a small, 100% Java footprint. Unlike traditional BI platforms, Style Intelligence does not require specialized BI skills or consultants to implement or use. It delivers maximum self-service that is both end-user and IT-friendlier than other BI solutions.
Syntel’s Technology Outsourcing services deliver value and provide solutions that transcend platforms. Leverage Syntel’s expertise in managing business processes, systems and platforms in order to reap the benefits of an innovative and collaborative outsourcing partnership. Syntel understands your pain points and offers a set of distinctive services that enhance your operations across the applications and IT environments. Syntel designs a client-specific strategy to achieve your desired objectives, and our services help you create a strategy based on the value to your business.
35. Targit
TARGIT fights all unnecessary clicks that only make your life difficult. TARGIT BI Suite has a very unique and intuitive user interface you have to see it to believe it! You will experience an integrated and ready-to-use set of tools which enables you to create intelligent dashboards, revealing analyses and insightful reports in fewer clicks than with any other Business Intelligence solution on the market. TARGIT will accelerate decision making, increase operational awareness, and improve performance across the organization. TARGIT BI Suite is so easy to use that all employees can follow trends, create all types of analyses, and make decisions.
36. Vismatica
Vismatica by IronRock Software is powerful data visualization solution geared toward small to medium businesses. Dashboard development tools make up the core of this system, but Vismatica also empowers you to create powerful data collection forms and conduct data analysis. It can be deployed on premise or over the web as a hosted solution. Vismatica comes with additional features for sharing documents and designing web applications.
37. WebFOCUS
The WebFOCUS Business Intelligence and Analytics platform empowers everyone in your organization to make smarter, more confident decisions. WebFOCUS extends to your customers and partners, too, giving them easy access to analytic apps and tools from any browser or mobile device.
38. Yellowfin BI
Data to dashboards Yellowfin delivers a brilliant analytical experience. Our interface is more than beautiful it provides all the data discovery features that you will ever need. All this whilst providing a fine balance between the ease of use business users require and the governance needs of enterprise IT.
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Poker AI: The rise of machines against human champions (Infographic)
The AI technology has been picking up steam in the past couple of years. It’s no longer a gimmick or a faraway fiction. Scientists from all around the world are slowly but surely cracking this riddle. Sure, they are still a long journey away from creating a true Artificial Intelligence, but each year we see significant breakthroughs in this field.
Today, you can find some form of AI in many everyday places. For example, Alexa and Siri are world famous AI assistants. They will create appointments, answer your questions, set alarms, shop, and a million other things. Another great example is the Tesla car. Thanks to Tesla’s AI, self-driving cars are no longer a work of fiction.
But what about the poker industry? Surely there must be an AI capable of playing poker at high levels. The answer is yes, there is. This infographic will show you how the poker’s AI developed throughout the history, as well as where it is now.
This infographic originally appeared in pokersites.me.uk. Published with permission.
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Interview with Nitin Chugh on personalization & digital transformation in banks
I recently interviewed Nitin Chugh, Country Head – Digital Banking at HDFC Bank Limited, and we discussed some hot topics in banking industry today: digital transformation, personalization, AI & machine learning, blockchain etc. HDFC Bank is an acknowledged Innovation leader in the BFSI space. Nitin heads the Digital Innovation Unit which works on new ideas, technologies and solutions, to build and deliver a comprehensive suite of digital solutions and products. He is an engineer and an MBA by qualification with nearly 23 years of experience in retail banking and office automation industry.
Read the complete interview below:
For decades, banks have only competed with one another, on the same terms. As an industry not very used to change, the banking sector is currently undergoing a radical transformation — in terms of digitization, personalization, going mobile etc. “Go digital and be digital”. This is the slogan that drives most banks today. What are the key promising areas where digital advances could revolutionize the banking industry?
First of all, we need to clear a bit of the air around banking industry not having changed in the time. Most of the time, it is perceived to be true probably because you will always have some participants in an industry who will be slower to change or will not change. But at the same time, if you look at banks in the private sector, I think everybody has been changing at the same pace as the technology has been changing. Because most of the new generation banks, like HDFC Bank, are heavy tech users and tech-enabled. But I think we (banks in private sector, like HDFC Bank) have been keeping pace with the technology.
The second aspect is that digital banking has made rapid progress. For example, in our case, we started our sole work about 4-5 years ago with ‘Bank Aaapki Muththi Mein’ campaign. And that is when we actually came up with this slogan – “Go digital and be digital” – that we use even today. Only recently that we stopped using it that extensively. Before, it was intended to encourage customers to start using digital. That is obviously entailed to a lot of other things — how to enable your customer-facing properties, how to enable the backend and processes and how to enable your employees and bring about changes on a systematic basis.
Today, we have come to a point where the same users are driving the next ‘going digital’. To put it simplistically, the first way would be ‘physical driving digital’, and now the second phase is ‘digital driving the next going digital’. With this, we have so many users to be taken to the next level, where there are the 3-4 big things happening. Clearly, we are moving from being an impersonal interface to a very high level of personalization and hyper-personalization and from convenience to experience.
We notice that today’s customers are expecting more contextual stuff; they are expecting more personalized communication, personalized offers, more personalized treatment. Everybody wants to have their own identity around what to do. So, the whole concept of segmentation or personas (whatever you would like to call it) has become a reality now. That is obviously driven by the second big thing which is a whole lot of ability to do cognitive computing, because information is available. There is more data available, and more and more data is being made available on a daily basis. It is so-called new oil and it has to be refined. Like crude oil. For that to happen, those skills are to be brought, which is the third thing. Ok? If you wish to run an enterprise which delivers hyper-personalization – a very high degree of customer experience based on cognitive computing and a whole lot of other big data related concepts, then you need the technology you need, the skills and also need to run at least some processes and some functions in a very different manner.
I think that’s really how logically it should also happen, because you need to go through phases. If somebody wanted to jump into something like this three years ago, people would have struggled with making sense of data itself, maybe not even have more than a few use cases to apply that. I think if I must talk about the big three, obviously there are many more, but these seem like more thematic right now and quite clearly pointing towards a very specified direction.
Your answer almost covered all the questions I was about to ask… Anyways, let me ask rest of the questions. For a traditional bank, digitization is like redesigning an aircraft while flying. It requires us to have a high degree of determination and belief in the digital future. How do you make sure the whole organization is involved and aligned in spirit? What are the key challenges you face at this point of digital transformation at your bank?
Let me start with a disclaimer that you are asking about a traditional bank, but we (HDFC Bank) are a just 23-24-year-old bank. I think in the context of banking, if it is 200 or 250-year old industry – formally 200-250-year-old industry, I think we (HDFC Bank) are still the newbies to the whole industry. We have to look at this in a time frame. If you are looking at the last 5 years, everyone was using the same technology, the same way of enterprising with the customers as much as we are using today. So, the whole thing of a new generation or a traditional bank actually, probably again applies to banks which are really old and have been here for 200 to 250 years. That is the first thing.
The next point is we have been a tech-enabled bank and have been inviting systematic, very forward-looking tech investments much ahead of time, like our analytics practices for example; it is 15 years old. We started working on concepts like our own statistical analytics model for marketing and risk management way back in 2002 and 2003. So, our factors have evolved. They have evolved to be something among the best in the world. Now it is easier for us to create those layers on top of it. Now you have data available, better quality of big data is available, better tech is available to make sense of data, better interfaces in the form of mobile apps, responsive mobile pages, multiple other things: conversational techniques, chatbots etc.
There is a good way of using the domain expertise that you acquired over a period of 15 years, build new skills on top of it and it to a level of personalization, which is real-time, big data led and all contextual. So, for us, if you are asking me, we are only adjusting the altitude. We were flying and it was a continuous journey of scaling altitude. For us, we don’t have to really re-engineer the aircraft while we are flying. It is not applicable in the example of an aircraft, but a similar analogy would be that we are shifting our altitude. And that is helping us deliver in a much better manner. It is helping us deliver better experiences to our customers.
So, I think that is where these kinds of things are looking more visible in the market, but there are people who suddenly get up and say, “now I want to beat the rest”. But it does not happen that way. I think we (HDFC Bank) are fortunate because we were forward-looking from the beginning; we had a clear view on things to deliver customer value, with best of our ability and making using all contemporary technology. Since we have done that, it is very visible for us to change gears and therefore shift altitude. I don’t know whether we are an exception there, but I do believe that it hasn’t been challenging for us.
I’ll give you another example. Like service-oriented architecture which is now moving into concepts of middleware and opensource, API led and banking and all of that. Now if someone wants to get into API open source banking today, he must first fix the middleware, must first get into making sure that they have a service-oriented architecture and then figure out whether their core systems are even conceived to deliver those services and those services can be reused with APIs. So, for him, it is always a depression of what do I do with the legacy system. But in our case, we made our whole investments 8 years ago. We made a middleware investment many years ago.
So, for us, it’s reconfiguration and recalibration only. It is not about bringing in something which we never had and then figuring out what do we do now. So, our challenges are of different kinds. We are not being hooked back because of tech. Our challenges are that we want to scale and we want to go at a certain pace. We want to be the head of the market. How do we do that better? Whom do we benchmark against? Who is best globally? Those kinds of things.
Cool. What are the key digital initiatives HDFC Bank is looking for to scale in the next 2-3 years?
It is not about initiatives, because I have around 250-300 initiatives right now. But they are all part of the master plan.
What is the master plan?
The master plan is obviously not something we can talk about now. But it is almost like I said in the first question itself. In the first phase, we encouraged customers to ‘go physical’ to ‘go digital’; now the second phase is going to take us from digital to hyper-personalization.
The whole concept of personalization, contextual and relevant engagement with the customer is backed by cognitive computing capabilities and big data, delivered through a mix of skills which are acquired, reskilling and capabilities either process wise or functionally or structure wise. This is what will shape the master plan and the master plan therefore will have many initiatives – small and big ones. There will obviously be some which are experimental in nature, which we will keep testing out. We are now saying that we want to move away from proof of concept now. We want to move to a proof of value. Can you demonstrate the value? If the value can be demonstrated, then we will have the necessary tech capability to do a very good deployment.
If you compare banks to companies like Google, PayPal, and Amazon, it’s evident that banks are still at the nascent stage of the digital and data revolution. And they are stealing away a decent chunk of revenue from banks. What’s your take on this? How do you think banks should respond?
There are 3-4 ways to look at the same thing. The first one is it is not happening for the first time. These things happened in every industry, every now and then. You can take any industry for that matter. If the industry will go through phases, other people will go to that industry and will probably start doing some bit of other work that you are trying to do with your customers and they might grab some share. That is number one. The second point is when you are talking about these tech companies, they manufacture tech. We are the ones who consume tech. When we consume tech, we obviously partner with these people; we also partner with other people who partner with them.
The third aspect is India is a market that’s expanding. So, we are anyway going organically otherwise fairly at a health rate much more than any other country in the world. If somebody comes in and even if they chip away a little bit of business, that itself is not that tactical because you are in a partnership ecosystem. So, everybody is partnering with each other. Because the whole headroom is so much available to everybody, I don’t think it’s ever going to be a problem for anyone. The market will only get expanded and be better covered. To the specific point whether we feel we are threatened or any of that, we are obviously looking at these new things we are working on and we are very, totally engaged with all of them. We are in a very close partnership with all of them. And we are working together on a lot of things.
So, if you take the example of Google Play, it was launched with four banks. Google did not go and apply for banking license or said that I want to be a payment bank myself. They are also partnering with banks. So, the whole ecosystem is now about partnerships. It’s lesser being I want to get into this, let me start doing this and hunt away somebody’s business. That chipping away anyway happens in any case. Like you are in a business which I am sure competing with 50 other fellows and you are chipping away at each of other at all points in time. Or you feed in a niche market for yourself; all of you going together in a market because there is so much headroom available.
My next question is about blockchain technology. It is currently the hottest innovation in banking. The technology, which underpins cryptocurrencies such as bitcoin, was initially treated with skepticism by banks. However, this is changing dramatically. What’s your take on this?
I would like to start by admitting that I am not an expert of the blockchain. Rather I am a student who’s still learning and absorbing this new technology. I believe in 2018 we should see far, higher traction and momentum on the deployment of the blockchain. In the last two years, people were just about tested, done POCs and experiments and try to form a view as to what you can do. But I really think, as in when we see more domain experts emerging, it will become something universally available as a knowledge bank. Amongst all the conferences that happen today, people have started adding conferences on Artificial Intelligence, but you don’t see too many blockchain specific conferences even today. It’s very difficult to find somebody who has content on the blockchain. Obviously, there is limited knowledge and experience. So, all of us are learning. But I think the way it looks; my own personal view is that it is promising.
There is a good, strong reason for it to be used for internal workflows like an internal blockchain and more importantly it is going to be logically apt for network level technologies where multiple participants would be able to do many such things. Again, in a concept level, since I said I am not an expert in blockchain and you don’t have to ask me how it actually works as I have a very limited understanding of tech. So, we do believe that 2018 should be some kind of a per daylighting sort of a year for blockchain where you will see a lot more deployment happening.
Recently I read a news saying that Amazon launched its first Amazon Go store in the US which a customer walks in, picks whatever he needs and walks out. Everything happens automatically with the help of AI. So, things are going handsfree. What are the key trends happening in this banking space? Where are we heading?
From what I understand, the module is based on deep learning, which is obviously the next phase of evolved advanced machine learning itself, which is any way powering most of the cognitive computing. We are at the first level which is the artificial intelligence. It is difficult to bring in deep learning immediately right now. It is the same way as what you would do with big data 3-4 years ago. Almost the same journey. When things like these happen, they are obviously changing the customer experience a lot, they are creating an expectation in the market. So, we must prepare. Maybe the choice people are going to be left with is that you don’t have 4 years to move from 8 to 12th standard. Do it in 3 years or 2 years. That might be the only thing that you must do, but still you must move up. And there are many such things. This is much showcased and published experiment that Amazon did, but there are several such things, know? The autonomous vehicle is exactly that. Health care is going through the same thing. Retail is going through the same thing.
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