Climate Change and Technological Development. Time to Make a Difference!

Today the most far-reaching problem that requires our heightened focus is the adversity of climate change. The greatest drawback of technological advancement is the imbalance imposed on the environment leading to an increase in earth’s average temperature and an overall climate change that has a deadly domino effect on various ecosystems including our Oceans. 

Are we doing enough to address these issues by adopting sustainable development as rapidly as we can? Can technology save us, and what are the climate-technology breakthroughs for a sustainable future? Climate experts are giving optimistic responses to get the world to zero emissions by 2050, but there is a need for urgent action.

Climate change touches everything from geopolitics to business to our quality of life. The question is who should fix this problem- the state or the private sectors or is it the responsibility of every individual. The preamble of the United Nations Framework Convention on Climate Change (UNFCCC) notes: “… the global nature of climate change calls for the widest possible cooperation by all countries and their participation in an effective and appropriate international response, in accordance with their common but differentiated responsibilities and respective capabilities and their social and economic conditions.

Given the stakes, companies are taking a step forward towards sustainable development by embedding progressive plans to achieve a bigger purpose, rather than just gaining commercial outcomes, into the DNA of their business. Going forward corporate thought leaders need to sidestep the mired conventional discourses about how to run a business and look beyond regular discourses on how to “give back” to society. They need to look inward and come up with genuine alternatives & solutions that can create large-scale impact. For instance, before COVID-19 no one would have believed that working from home could actually work out…why didn’t we think of it sooner?

So, perhaps, instead of simply adhering to mandatory environmental regulations and believing the ‘job is done’ – it’s time for the Corporate World to lead the global effort to roll back the damage we’ve caused. The biggest weapon we have is Technology itself.

Apart from participating in overall improvements being made across all Industries like moving to green energy sources, adopting carbon-negative technologies, and evolving sustainable supply chains- the IT industry, and more specifically emerging digital technologies like faster internet, the cloud, the internet of things (IoT), cognitive, digital reality, and blockchain, can play a pivotal role in tracking, measuring, and reporting the impact of our actions (both positive and negative) on the environment, which is critical to success. Thanks to the easy access to digital, leveraging a seamless connection across the world that allows for having important information on time. The availability of data through AI further helps to take prioritized actions on urgent affairs. After all, if we can’t connect the dots and understand what’s working and what’s not – we can’t hope to move the needle.

Let’s investigate some technological shifts the business community could take up to combat the unprecedented challenge of climate change.

The paradigm shift to digital technology to protect the environment.

The digital transformation services has evolved clearly for making a difference. Technologies like Artificial Intelligence, Machine Learning, Internet of Things (IoT), etc. are widely being used for optimizing various climatic factors. According to UNEP studies, 68 percent of the environment-related Sustainable Development Goal indicators, there is not enough data to assess progress. AI is helping in ways more than we reckon to solve the climate change problems. A quick example would be the use of the smart grid and how AI allows to better communicate, control, and self-regulate energy consumption. As consumers of electricity our relationship is quite transactional- use power and pay the bills; being scarily ignorant of the amount of fossil fuels used to keep the power flowing to the grid. The self-learning and detection features of AI help to predict grid imbalances optimizing energy consumption.

AI is enabling experts to gather more and more data about the conditions of Earth. Collaborative data ecosystem or Big Data Analytics allows organizations to access data beyond the four walls and actively collaborate towards producing sustainable technologies. For instance, the satellite data gives out useful insights to detect landslide patterns as climate changes, determine if the land is being eroded owing to excess water or if there are erosion patterns in the mountains, identify critical regions for emissions reduction, track deforestation, and more. With increasing population and cities getting larger it is important to have prior information on natural calamities in order to send assistance on time. Technologies like environmental sensors further help in accelerating the process by sensing calamities like volcanoes, concentration of dangerous gases, forest fire, landslide detection etc. Adding to the problems of living in congested cities, we use a lot of energy and increase emissions sitting in the traffic. Vehicles in traffic waste more than 6 billion gallons of gasoline and diesel combined every year, according to Department of Energy (DOE) estimates.

Parallelly, Machine Learning (ML) is seen to effectively contribute to saving the world from imminent peril. As we know ML analyzes large amounts of data and extracts patterns to draw meaningful insights. ML Algorithms combat climate challenges across domains- from predicting how much electricity is needed and how to use renewable sources more effectively, to helping farmers with insights to predict which crops to plant when and helping to reduce the overall use of fertilizers.

The danger of global warming is real enough for us to make changes and sacrifices, so that we do not live at the expense of future generations.”- said Margaret Thatcher at the Second World Climate Conference in Geneva. Hence, we must realize there is no planet-B and work unitedly towards establishing a sustainable future. While there are emerging technologies that are capable of saving nature more efficiently than manual human efforts, it all boils down to the motifs and motivation of humans to use the existing technology for good.

The Rise of Bard: Transforming Human-Machine Interactions

In the realm of artificial intelligence, a new era of conversational assistants has dawned with the emergence of Bard. As businesses and users increasingly seek more engaging and human-like interactions with AI systems, Bard has risen to the occasion, revolutionizing the conversational AI landscape. In this article, we will explore the remarkable advancements of Bard, its widespread acceptance, and the transformative benefits it brings to the forefront.

Unleashing the Power of Advanced Generative Models

At the heart of Bard’s capabilities lies its sophisticated generative model, built on advanced techniques such as transformer-based architectures and deep learning. These state-of-the-art models enable Bard to comprehend natural language, discern context, and generate human-like responses. This breakthrough in generative AI has propelled Bard to the forefront of conversational assistants, as it enables dynamic and engaging interactions with users.

Embracing a New Era of Interactions 

The advent of Bard brings substantial benefits to both businesses and users alike. For businesses, Bard offers the opportunity to elevate customer experiences through enhanced engagement and personalized interactions. Research indicates that companies leveraging AI-driven virtual assistants witness an average 15% reduction in customer support costs. Furthermore, Bard’s ability to handle complex queries and provide detailed information empowers businesses to streamline their operations and provide superior services, resulting in a significant boost in operational efficiency.

Paving the Way for Future Innovations

As Bard continues to evolve, the future of conversational AI looks promising. According to industry forecasts, the global conversational AI market is projected to reach a value of $17.2 billion by 2027, with a compound annual growth rate (CAGR) of 30.2%. This growth signifies the increasing demand for advanced conversational AI solutions like Bard, as industries recognize the transformative impact of human-like interactions on customer satisfaction and business outcomes. With ongoing advancements in language models and research, Bard will play a pivotal role in shaping the future of conversational AI, revolutionizing the way we engage with technology.

Build vs Buy – Choosing your eCommerce Platform

The COVID-19 pandemic has dramatically reshaped the business landscape, prompting organizations to reimagine their IT strategies to adapt to the changing times. One area that has witnessed a seismic shift is eCommerce. Here are some compelling statistics and industry trends that shed light on the importance of eCommerce and its rapid growth:

  • COVID-19 forced 79% of Retail Leaders to set up online presence and launch Digital Commerce
  • According to Statista, Revenue in the eCommerce market is projected to reach US$4.11tn in 2023 and resulting in a projected market volume of US$6.35tn by 2027.
  • According to Gartner 86% of Marketing Leaders Believe Digital Commerce will become the most important Sales Channel within the next two years.
  • 70% of customers believe Market Places are the most convenient way to shop

As Benjamin Franklin said, “Out of adversity comes opportunity” and during COVID, organizations across verticals, not to let go of the opportunity, were in a rush to land an eCommerce platform in some way or other– be it B2C /B2B/D2C. Ultimately their goal was multifold and to ensure:

  • To have a scalable platform
  • To create business tools that empower business to perform operations (Ex: set up products, set up promotions & festive banners etc) with minimal IT intervention
  • To leverage their current infrastructure and data
  • To integrate with their inhouse systems (read legacy)
  • The ability to operate internationally

which brought the million Dollar question for every CIO – Should I build or Should I buy, my eCommerce platform?

The choice of eCommerce platform– Build vs Buy, depends on many factors. In general, building an eCommerce platform from scratch is a very time-consuming exercise, fraught with risks and is best suited for very mature organizations.

Below table shows some considerations for the Build vs Buy choice:

Here are the top 5 considerations that can help determine a Build vs Buy choice.

  • Time to Market and accelerated Global Rollouts
    Faster time to market should be the most important consideration to launch an eCommerce website. Organizations want a transactional platform, where their end users can place orders. In this case a Most Viable Product (MVP) launch is the best strategy. Once the site stabilizes, they can go for a multisite global roll out, (in case of multiple brands), maintaining the same codebase but different branding and local integrations. eCommerce platforms such as Adobe Commerce on Cloud (erstwhile Magento) and SaaS platforms like BigCommerce, Commercetools can accelerate these roll outs, compared to a bespoke platform.
  • Organization Budgets and Cloud Strategy
    Worldwide IT spending is projected to total $4.6 trillion in 2023, an increase of 5.1% from 2022. “Enterprise IT spending is recession-proof as CEOs and CFOs, rather than cutting IT budgets, are increasing spending on digital business initiatives,” said John-David Lovelock, Distinguished VP Analyst at Gartner. While the trend shows an increase, Small Medium Businesses have limited IT budgets. Adoption of COTS eCommerce platforms incur significant costs. Most of the eCommerce software providers charge on parameters such as Order Lines or GMV (Gross Merchandise Value) or pricing based on a specific set of features. The costs may include a one-time signing fee and a monthly/yearly license fee. Additionally, Organizations typically need to engage a System Integrator, to customize, brand, integrate and launch their website. Also, most organizations have a preferred cloud provider and would like to have their eCommerce website also hosted on the same cloud provider. Building a bespoke platform, may go light on budgets in terms of license fees, but would still incur cloud hosting charges.
  • User Experience – Headless and Composable Commerce
    According to Forrester, improving UX experience can increase conversions upto 400%. Mobile devices account for ~70% of all user traffic to websites. Add to that, according to Google, probability of a user leaving a website goes up by ~30% if there is an increase in page load time. All this highlights the importance of building a superior User Experience.
    Of late Progressive Webapps are preferred over separate Mobile apps.

    Organizations can focus on best practices such as

  • Headless Commerce – where the frontend UI (Ex: React js, Next js) is decoupled from backend services (Ex: REST Services) in order to provide a diverse experience based on the eCommerce channel or device. This may be used in conjunction with a Content Management System (CMS)
  • Composable Commerce – which involves choosing Commerce components and combining or ‘composing’ them into a custom application built for specific business needs
    Platforms such as Adobe Commerce, BigCommerce provide native support for Headless/ Composable Commerce. When building a bespoke platform however, a lot of additional effort is needed on the UX part and support for Headless and Composable Commerce
  • Organization Maturity and inhouse eCommerce IT expertise
    In case of Organizations that are very mature – in terms of enterprise-wide adoption of cloud and latest technology stacks – and have a very strong IT team inhouse or partnering with a System Integrator – defining and building a bespoke platform following MACH (Microservices based, API first, Cloud-native and Headless) principles is the preferred option.
  • Support for B2B
    B2B market is not as mature as B2C. However, B2B eCommerce sales reached $1.2trillion, as per eMarketer. Increasingly Organizations are expecting B2B features on their eCommerce platforms – such as Quotes, CPQ, Punch out, Custom pricing, ERP Integration etc. Platforms such as HCL Commerce, SAP Commerce Cloud, Adobe Commerce come bundled with many of these features along with B2C features on a common codebase and can accelerate B2B rollouts. Building B2B features on bespoke platforms is quite complex.

    References: Gartner, Forrester, eMarketer, Statista, Sitecore

NFTs: Opportunities and Challenges

Non-fungible Tokens (NFTs) have been drawing interest from a variety of industries for quite some time as they changed the way people collected, valued, and distributed a work of art. NFTs will probably see new heights and creative use cases as more creators and industries adopt them. In this article, we will be delving into the topic of NFTs and their increasing popularity in the art world, gaming industry, and beyond, as well as the potential benefits and drawbacks of this innovative technology.

What’s an NFT?

NFTs can be defined as unique, unreplicable digital assets that are stored on a blockchain. Having a specific and unique code that verifies its authenticity and ownership, they can serve as an ideal solution for digital art, music, videos, and other digital assets that were previously difficult to monetize and protect.

An NFT is given a special identification number when it is made, which is then recorded on a blockchain. This ensures that each NFT is distinct and cannot be copied or duplicated, which increases its value as a collection. This code is used to trace the ownership history of the NFT and confirm its legitimacy. Additionally, it enables the safe ownership and transfer of NFTs between parties without the requirement of a centralized authority, such as a bank or governing body. It also ensures that the ownership of an NFT can be easily verified and transferred without the risk of fraud or double-spending. Thus, blockchain technology plays a crucial role in the creation and management of NFTs. Overall, the use of blockchain technology in NFTs provides a secure, transparent, and decentralized way to create, manage, and trade unique digital assets, which has led to the rise of a new digital economy based on the ownership and exchange of these assets.

 

What is the history of NFTs and how did they become popular?

The development of NFTs represents a major innovation in the world of digital ownership and has opened up new opportunities for creators and collectors alike. The first NFTs as we know them today were created in 2017 with the launch of the CryptoKitties game on the Ethereum blockchain. These were digital cats that could be bought, sold, and traded using Ethereum tokens, and they quickly became a popular trend. Since then, the use of NFTs has expanded to include a wide range of digital assets, including art, music, videos, and even tweets. With the rise of NFTs, creators, and collectors are finding new ways to engage with digital art and assets, and the possibilities for the future of the industry are expanding rapidly.