by Anika D | Jan 17, 2022 | Business, Cybersecurity, General, Information Technology
The legal industry has transformed significantly over the years and will remain growing at a significant pace. As a result, various law firms worldwide are increasing their annual investments in voice technology. Voice technology gives a new face to the legal industry by providing several opportunities for market expansion, client experiences, or remote working. In addition, legal firms emphasize using voice technology to improve security, data storage, and other factors.
Source
Why Depend on Voice Technology?
Voice recognition helps to improve the productivity of corporate legal departments and law firms by supporting the tasks listed below:
- Reduce dependency on support staff
- Minimize document turnaround and streamline documentation efforts
- Dedicate extra time to understand the demands and problems of clients
- Lower transcription expenditure
- Focus on a business that can cross a lawyer’s desk.
You can easily achieve these tasks without changing existing information systems or processes. Voice recognition technology holds language modeling to determine and differentiate within millions of human expressions that produce a language. It uses statistical models for analyzing and interpreting incoming streams of utterances.
The latest advances in voice recognition significantly improve detection accuracy, performance, and usage ease. For example, Google’s Cloud Speech-to-Text can detect 120 languages and has attained 95 percent accuracy in the English language. These types of accomplishments are creating amazing discoveries in the legal domain.
Voice Technology Empowers the Legal Work
Each legal professional uses voice technology for several purposes, depending on their responsibilities and roles, workflow adjustments, and other needs. The primary beneficiaries of voice recognition in the legal industry are:
- Judges
- Attorneys or Lawyers
- Support Staff or Assistants
- Court Reporters
- Partners and Associates
- Law Students
- Transcriptionists
- Paralegals
- Legal Researchers
Voice technology in the legal domain includes the following applications:
-
Documents creation and management
Source
Law firms depend on paralegals, legal secretaries, or external transcriptionists to decipher the documents like legal briefs, client memos, contracts, and deposition summaries. It will hike the administrative charges of the law firms and extend the dictate – transcribe – review – edit cycle causing customer dissatisfaction.
A lawyer can dictate the document to their system instead of manually typing it using voice recognition software. This software transcribes the dictation automatically that you can review later to check accuracy.
-
Contract Review Automation
In most law firms, manual contract reviews consume considerable time and resources. AI-enabled word analytics offers the ability to analyze and review documents automatically with human-like knowledge. Application of Natural Language Processing (NLP) and data capture techniques allow us to identify facts, key sections, entities, or clauses from contracts and business documents. It also enables us to determine if the agreements meet the set criteria.
-
Audio and Text Summarization
A lawyer cannot replace voice recognition software’s impressive and fast processing power while surfing through large data. The voice recognition and analytics tool uses machine learning models to deliver precise summaries of lengthy documents. As a result, it can be useful for incorporating large information into a short report in legal work.
Bottom Line
Voice recognition APIs enable companies to look at call data surfacing details that empower legal professionals to care for their clients. Instead of randomly reviewing the small number of calls, lawyers use voice recognition softwares for proactive intervention.
by Anika D | Dec 29, 2021 | Blockchain, Business
An increasing number of women are claiming the space around blockchain technology, NFTs and cryptocurrency. This promises to be an exciting prospect as technology and finance are male-dominated fields.
As Bitcoin has reached record highs in recent years, one cannot help but note that the younger generations seem more invested. This also presents a chance for women to stop being underrepresented in digital spaces.
Source
This does not have to stand when you consider financial avenues provided by Bitcoin as an investment. Using blockchain technology and cryptocurrency can address issues ranging from digital education for girls in under-developed countries to wealth gap inequalities.
What are Blockchain Technology, NFTs, and Cryptocurrency?
Blockchain is a public digital ledger that records financial transactions in ‘blocks.’ Each block is a time-stamped encrypted file with data on the previous trade. With every additional transaction, they form a chain of blocks. The best use for blockchain technology is as an anti-corruption tool.
Source
Cryptocurrencies are the main components of digital payments systems. It enables peers to make and receive payments. The decentralization element is that banks don’t keep records of these transactions. It gets recorded in a public ledger.
Non-Fungible Tokens (NFTs) are unique non-interchangeable data stored in a block. It is proof that you have ownership of a digital or physical asset. Users can copyright the investment, buy or sell them.
This technology is revolutionizing the way you can keep assets and presents a unique opportunity for vulnerable populations to invest or sell their art. Thanks to decentralization, it provides a fairer, inclusive, and more resilient path to financial security for women.
Creating Space For Women In The Cryptocurrency World
More than two-thirds of U.S. cryptocurrency investors are men. About 60% are white, and according to a recent survey by CNBC and Acorn, the gender gap is wider than in other financial investments such as stocks, bonds, and mutual funds.
Source
Cryptocurrencies and NFTs provide a once-in-a-lifetime opportunity to bridge the gender gap in a newly expanding horizon. In addition, with Cryptocurrency going mainstream, it’s crucial to have the input of women and diverse actors to create a better future for crypto and NFTs.
When you consider the long-term implications of blockchain technology, you need to glean if cryptocurrency is a good investment for your portfolio. If not, an investment in NFTs might be on the cards.
If so, then women may lead the cryptocurrency community. A recent study found that female investors tend to be more analytical and carry thorough risk assessments with their investments. This is only beneficial in the volatile markets provided by cryptocurrency.
Blockchain technology and cryptocurrency thrive in communities, which benefit from women’s skillset in helping them grow and develop. Moreover, it creates a forum for women to take the initiative and lead the way. This will address the skewed balance of the blockchain ecosystem. In addition, the impact of the blockchain will ripple out to other industries, which will benefit from having women at the helm.
by Anika D | Dec 21, 2021 | Business, Emerging Technology
The Robotic Automation Process is a technology that indulges intangible software Bots in making the tasks easy for humanity. Businesses are turning to all new Robotic Automation for saving time and increasing efficiency.
The all-new technology is a lifesaver, and many companies are investing in the platform. As a result, you may have some queries about this new technology. Fortunately, you have come to the right place as you will learn all about this future trending technology.
What is Robotic Process Automation
The Robotic Automation Process has software programs, generally called Bots which mimics human behavior partially or entirely. It can perform data entries, repetitive tasks, calculations, log into the application and interact with other software.
The technology becomes more potent when combined with Artificial intelligence and Machine learning. The RPA is process-related, and AI is data-related. Artificial Intelligence is everywhere and it backs up RPA to make it more complex and advanced.
Robotic Process Automation and its Benefits in Business
The technology is a blessing to the business as it simply cuts the monotonous work. The skilled professionals can divert their efforts to the company’s primary goals. It’s a blessing in disguise, and as technology advances, it will become more flawless. So let’s look at how the RPA is benefitting the business.
Cost Saving
The RPA is a very cost-effective technology, which is reasonable and handy. Also, it indirectly reduces all the repetitive tasks and exponentially increases the business’s revenue.
Higher Customer Satisfaction
Companies with the best customer service are most successful and reliable. That virtue makes them unstoppable. So, One of the most significant advantages of Bots is they can talk to customers 24* 7 by chat boxes.
They are designed and programmed to reply at once and quickly solve fundamental problems. The RPA can transfer more complex problems to skilled human professionals. But, many of the issues are ruled out by the software bots.
Higher Accuracy
Source
The RPA and software bots are designed to perform on physical and virtual machines. The accuracy is unmatchable. It can work non-stop without causing any errors. The RPA can flawlessly do data entry, calculations, file exports, and imports.
Enables Employees to be More Productive
This technology lets the business forget the formalities of minor tasks and allows them to focus on primary goals. For example, there is always a thought in employees’ minds about all the tasks and deadlines. Moreover, you can skip all these as RPA can perform all the minor tasks. Also, the RPA helps deal with labor shortages because of the pandemic as it can work independently.
Fewer Technicalities
There is significantly less coding in RPA, which lets non-professional staff operate it. In addition, there are simple drag and click options. Essential learning of computers and programming is sufficient. You can use the technology effortlessly. The software development trends of 2021 have made it possible to make such technology so effortless.
Bottom Line
The latest and trending Robotic Process Automation is a game-changer for any company. Its advancement will significantly lead to accuracy, less human burden, and fast work. It will only benefit the industries.
by Anika D | May 4, 2021 | Business, Emerging Technology
There are many benefits of IT staff augmentation for startups and businesses alike. Staff augmentation is a business tactic implemented by organisations. They use it to hire knowledgeable and experienced employees on contract from a reputed outsourcing partner. Additionally, many organisations contract with software development firms which offer staff augmentation services. They build an effective team to cooperate with your existing staff and help your business to reach new heights.
Staff augmentation plays an important role in accomplishing your development goals. It’s good for tech startups that want to adjust their costs, launch products, and help grow their internal staff. In addition, because of the pandemic, staff augmentation gained popularity. This is because many startups prefer knowledgeable candidates to fulfil their requirements and busy schedules rather than full-time permanent workers.
Here are the 5 advantages of IT staff augmentation for startups:
Reasonable and flexible
One of the best advantages of staff augmentation is saving the cost. Flexible hours and flexible salary give you the opportunity to control the number of employees working on different projects. It’s based on how many workers you currently need. In addition, with staff augmentation you only have to pay for the hours or the duration they have worked on your projects.
Recruit skilled personnel with excellent knowledge
Hiring skilled IT specialists to accomplish your business’s goals is not an easy task. But with staff augmentation you can easily recruit highly skilled experts from across the world who will dedicate themselves to achieve your project goals.
In addition, staff augmentation provides top-notch technicians to meet your company’s requirements at reasonable cost and for the exact time period you need their expertise.
Simple and short hiring process
With evolving technology, it is necessary for tech startups to stay ahead of their competitors and be innovative. As a result, cost and time are very important resources. In this case, wasting time on the hiring process may result in losing precious time which can be utilized in other important works.
Moreover, there is a risk to work with independent workers and hiring devoted HR team may be costly. Therefore, staff augmentation partner makes the entire hiring process short and simple and saves your time. In addition, they have a qualified HR staff that selects talented and knowledgeable employees to achieve your project goals.
Transparency and control over projects
Another benefit of staff augmentation is that it gives you the opportunity to track the performance and status of current projects, and have full control over the projects.
Moreover, staff augmentation allows you to interact directly with your team, provide them necessary information, promote transparency, and improve efficiency of operations. This makes the development cycle easy and generates positive results.
Maximum output and creative ideas for projects
Implementing staff augmentation saves the development costs which allows you to recruit more skilled personnel and maximize output. It is necessary to work with knowledgeable people as they will come up with creative and new ideas and different approach to accomplish projects goals.
The above benefits of IT staff augmentation show that staff augmentation is crucial for tech startups. It’s because there is a requirement for highly skilled personnel around the world and also allows you to control the projects.
by Anika D | Mar 28, 2021 | Blockchain, Business
BlockChain is open, dispersed ledger accounts that keep the record for all transactions between two parties efficiently. It contains a sequence of data for every transaction of each individual. Blockchain Use Cases in banks and finance are very popular these days.
The best part is that all the customers can easily share a digital ledger, and there is no need to look further for any centralized authority. This makes transaction processing with blockchain faster.
It is not only restricted to speed, but you can also make money with blockchain.
If you want to know how blockChain use cases in banks, you are in the right place. Let’s learn how it offers a new level of transparency as well as security to its banking customers.
Quick Payments
With the adoption of decentralizing channels for payments, banking institutions can facilitate quick payments. Further, it facilitates more security to every individual as well. Moreover, 90% of the European Payments Council members consider that blockchain will change the payment industry by 2025.
Better Clearance and Settlement Systems
It may also enable bank transactions to get completed directly and maintain track in a much better way. With this, there is no need for financial bodies to rely on a network of regulatory bodies and custodial services. Hence, it becomes easy to settle transactions.
Raise Funds
All organizations that deal in blockchain focus to speed up the process of payments by raising funds with different alternatives. It includes firms like Equity Token Offerings (ETO), Initial Exchange Offerings (IEOs), and Security Token Offerings (STOs).
Loan and Credits
In traditional financial institutes, they underwrite loans only after verification of credit reports. But with a new approach of blockchain, customers can have peer-to-peer loans that are safe and fast as compared to the traditional ones.
Trade Finance
Another area where blockchain can revolutionize the concept of their working is the trade finance sector. Trade finance includes all the financial activities for international trade and commerce.
So, the concept of blockchain in this sector helps to streamline the trading process with digital documents, which you can access from anywhere and anytime.
Digital Identity Verification in Banks
Here, you can get the benefit of a fast verification process. This is because it will safely reuse identity verification for other services as well.
One of the most well-known innovations in this area is “Zero-Knowledge Proof”. Now various countries and big corporations are working on a solution that supports ZKP. Choosing the right industrial wireless technology is also important to leverage this and other benefits.
Accounting and Auditing With BlockChain
When it comes to digitalization, the accounting sector is still neglected. One of the reasons can be the need to follow the strict regulatory requirements for data reliability as well as validity.
That is why blockchain can potentially transform the accounting process. As a result, the reports and accounts will be more transparent and safe.
Final Words
When banks use this approach in their banking system, it enables them to process payments in a quick and accurate manner. All in all, we can say that blockchain allows the banking sector to provide better customer experience.
by Anika D | Mar 9, 2021 | 5G, Business
Day by day, the popularity of 5G is increasing in consumers and businesses. Amid the current pandemic, 5G network roll-out has continued.
Source
As more and more companies are investing in this technology, 5G stocks are likely to be market performers. If you want to invest in 5G technology, check out the list of the top four best 5G stocks to buy in 2021.
Qualcomm
Qualcomm is a company that is a warehouse of patents on wireless communications. It may be going to win the 5G race in 2021. Qualcomm is truly an incredible company, and anytime any smartphone gets sold in any part of the world, it collects a few bucks.
Qualcomm’s latest quarterly non-GAAP revenue increased about 35%. Also, according to Qualcomm guidance for the first quarter of 2021, the company believes that its diluted value will reach about $1.95 to $2.15 per share.
It is assumed that 12-month growth of 76%, QCOM 5G stocks may play a good role in 2021.
Apple
Apple is another big company that is in the race of 5G. In the pandemic year, the company passes more than $100 billion in earnings in the quarter. The expected revenue of it may increase this year with high percent as compared to last years.
Source
Further, it is assumed that the 5G iPhone series would make a big profit in 2021. So, Apple is a good choice to invest in 5G stocks of the company.
Ericsson
Ericsson is again a great player of 5G. This Swedish telecommunication company has a strong consumer base and infrastructure as well.
Every time when a company sells a 5G smartphone, Ericsson gets about $5 in royalties. It is assumed that by 2025, the 5G smartphone royalties of Ericsson will reach about $20 billion globally.
Further, it is among the top three companies in the world for 5G deployments. So, in 2021 also, it will put more effort in 5G and gain more revenue as well. So, you can invest in its 5G stocks too.
Verizon Communications
Verizon is a provider of telecommunications and has upgraded its network to 5G for fast speed. In this year, the company is expecting a profitable revenue through its 5G infrastructure.
Source
It is the largest wireless network provider in America and boasts a market share of about 35%. The stock of the company holds good potential for future 5G growth as well.
You can invest in the 5G stocks of Verizon too in 2021.
Analog Devices
Analog Devices is an analog semiconductor company that produces high-speed analog signal processing chips. According to some statements, Analog can dominate the 5G radio signal technology with about 70% market share.
5G technology is in demand, and this is the reason why Analog is also focusing on the 5G radio signals to meet the requirements of customers. So, this year you can expect big growth in the Analog market.
Also, its 5G stock share may go up, and best to invest in 2021.
Final Words
5G is evolving technology, and almost every telecommunication company is working on it. There are companies that already have jumped into 5G, and their stock is expected to increase in 2021 too. So, invest wisely in 5G stock for the 2021 year.
