Understand the 4 types of Data Analysis

Data analytics are crucial for the success and growth of every business, regardless of size. Kerala Data Analytics technologies are widely utilized in commercial businesses to help firms make better business choices and by scientists and researchers to validate or refute scientific models, ideas, and hypotheses.

With the immense rise in the demand for data analytics, the government of Kerala has started an initiative of the government for data analytics development. A Data Analytics Programme has been started by the Indian Institute of Information Technology and Management, Kerala.  

Four Types of Data Analytics

Descriptive Analysis

Descriptive data analysis is the initial form of data analysis. It is at the heart of all data insight. It is the most basic and widespread application of data in business today. The descriptive analysis examines previous data, which is displayed in the form of dashboards.

Diagnostic Analysis

The diagnostic analysis delves further into the descriptive analytics findings to determine the root causes of those results. This form of analytics is used by businesses because it builds more connections between data and finds patterns of activity. Creating comprehensive information is an important component of diagnostic analysis.

Predictive Analysis

Predictive analysis is the next level to descriptive and diagnostic analysis. Predictive analysis uses previously summarised data to generate reasonable predictions about the occurrences. This research is based on statistical modelling, which necessitates more technology and personnel in order to predict.

Prescriptive analysis

The prescriptive analysis is the main feature of data analysis, integrating the knowledge gained from previous analysis to decide the best course of action to follow in a current problem or choice. The prescriptive analysis makes use of cutting-edge technology and data methods. It is a significant organizational commitment and businesses must ensure that they are prepared and willing to put out the necessary time and resources.

Each form of Data Analysis is linked and, to some extent, depends on the others. They each serve a unique role and give different insights.

Top Indian Startup in the field of Blockchain Technology

Blockchain is a system that records information in a way that is impossible to change, hack, or cheat. It is a new set of network infrastructure that organizes the knowledge and value around the internet by introducing verifiability, auditability, and trust. 

As per today’s technology, Blockchain can alter all businesses and economics. It is one of the most demanded technology in the market that generates interest from businesses, startups, and the media. 

Thus, to increase more opportunities, the government of Kerala launches the Blockchain Kerala startup program. It is an initiative of the government under the Indian Institute of Information Technology and Management.

Top Indian startups in the field of Blockchain Technology

  • InstaDapp

InstaDapp is known as one of the most decentralized finance platforms based in Hyderabad, India. It felicitates app creation and promotes interoperability between multiple blockchain protocols. This will allow the developers to exploit the technology’s protocols and to start leveraging its potential.   

The company has raised $2.4 million during the funding seed round by Pantera Capita, Naval Ravikant, and Coinbase Ventures.  

  • Signzy

Signzy is a blockchain technology startup company founded in 2015 and headquartered in Bangalore. It was launched to merge AI and Blockchain to create user-friendly, compliant, and safe products. The major products of the Signzy are RealKYC, Digital Contracts, and ARI. 

Signzy has been one of the finest blockchain startups since 2015. It received over $3.6 million in Series A funding from Stellaris and Kalaari in 2018. 

  • Matic Network

Matic Network is a Bengaluru-based firm, launched with a public token sale in 2019. This company achieved sales by utilizing side chains for off-chain processing, plasma framework, and a decentralized network of proof-of-stake (PoS) to ensure asset security. 

However, through its launch, the company has raised $560,000. The single Matic sidechain process up to 65k transactions per second. 

  • CoinDCX

CoinDCX was launched in 2018 in Mumbai by Neeraj Khandelwal and Sumit Gupta. This CoinDCX blockchain technology startup provides single-point access to a diverse suite of crypto-based financial products and services backed by security processes and insurance. 

The company is leading global crypto exchanges with its proprietary aggregation models offering the highest liquidity. The best thing is, the users can buy and sell more than 100 coins with INR instantly. The other product of this platform is Lend, a credit facility that helps the user to earn interest in cryptocurrencies. 

  • KoineArth

KoineArth is a startup company started by Praphul Chandra, a professor at Insofe institute, in 2017. The main objective is to work at the crossing of the blockchains, AI, and Mechanism Design. To analyze Blockchain-enabled interactions, KoineArth provides a data pipeline and machine learning algorithms. 

The Nash platform of KoineArth presents solution frameworks customized to produce a broad assortment of real-world Blockchain by using a configurable state machine for digital assets.   

Future of India’s Digital Payment

The journey of India towards digital payment can be described in just two words, and that is ‘demonetization’ and ‘COVID-19’. Demonetization established the idea of digital payments, and this pandemic became the main reason to build up the digital payment ecosystem. 

In this pandemic, many cities have adopted e-payment. Talking about Kerala digital payment, citizens went on an intensive 15-days campaign to promote this economic mode among merchants and the general public. 

Challenges to Digital Payments Industry 

According to the survey, over 60% of Indians use mobile and are usual to online banking for financial transactions. Most of them want to continue using digital payments even in the post-COVID-19 era. 

However, 4 out of 5 payments are still usual to cash mode, as there are several internet access issues and penetration. In this way, the significant dependency on cash is due to a lack of adequate infrastructure. 

There are 800 million mobile phone subscribers in India, but only 200 million have smartphones. And in these 200 million, only 6 million have NFC-enabled devices for cashless transactions. Henceforth, there are 85% of Indians lacking access to cashless infrastructure. 

Another pitfall is that several consumers are still not confident about mobile wallets being a safe mode of payment. Hence, the lack of awareness about the benefits of cashless payment is still changing in the industry. The underlying cybersecurity risks discourage people from making cashless transactions such as security breaches. 

Hence, the continuity of the cashless payment is not maintained due to a lack of awareness. The government and private companies are consistently pushing citizens for a cashless economy. 

Future of Digital Payments Ecosystem 

This pandemic can be described as a catalyst in the growth of digital payment in India. There’s a dramatic increase in different payment channels. Despite the underlying security concerns, elements such as debit/credit cards, UPI, etc., have been hugely recognized in India. 

Some of the projects that will gain traction and contribute to future innovation are listed below.

  • Payment Infrastructure Development Fund (PIDF)

This method will be used to strengthen the digital payments acceptance infrastructure. With an initial investment of INR 345 crore, the fund was established. It will focus on tier 3-6 cities and northeastern states. This innovation will encourage rural areas in India where awareness, connectivity, cost, and other factors pose a challenge for the digital payment option. 

  • Cross-border remittances

RBI is planning to establish an innovation hub to explore technology and initiatives that can be used to simplify as well as recast the cross-border payment space. This will also make such payments more accessible and affordable. 

  • Pan-India umbrella entities

The RBI has developed a framework that focuses on the retail payment system. This method would primarily be responsible for setting up, managing, and operating new payment systems in retail space, including white-label PoS, ATMs, and Aadhaar-based payment services. 

Final verdict  

The wave of digital payment is not going anywhere. Online payments are going to grow exponentially with financial literacy and financial accessibility on everyone’s mind. Undoubtedly, cash is king, but digital payment is divine in today’s tech era. 

Beginner’s Guide to IT Infrastructure Management 

With the digitization of the workplace, IT has become the backbone of modern-day business. There’s no more prolonged need for physical proximity to your IT system, as IT has become the tool that now facilitates remote working. 

In today’s tech era, it is essential to have expertise in technology sectors. To sharpen the opportunity, the government of Kerala has started an initiative named Kerala IT Infrastructure management studies that are managed by the Indian Institute of Information Technology and Management.  

What does IT infrastructure cover? 

When it comes to IT infrastructure, it is everything that is required to host the IT system. 

  • IT infrastructure management streamlines the data retrieval and reports to increase the business value. Thereby, it extends a proactive approach to technology and adapts to enhance user’s experience. 
  • It includes data storage, retrieval, physical hardware, software, network system, and legacy interfaces to achieve the business goals of an enterprise. 
  • The main aim is to minimize downtime and maintain business productivity. 
  • The providers of IT infrastructure management are usually behind the scenes. The team has to be responsible for real-time monitoring issues and solving those issues immediately to continue the workflow.

What is remote infrastructure management? 

Due to this pandemic, there is an increasing demand for a remote workforce, offsite data centers, and cloud technology. Remote Infrastructure Management (RIM) plays a crucial role in centralizing the monitors and management of these specific components that lead enterprises to succeed. 

What are managed infrastructure services? 

The umbrella of managed infrastructure services consists of: 

  • Datacenter colocation 

Datacenter colocation (Colo) is a rent space for servers and other computing hardware rented by specific organizations. 

  • Cloud and virtualization 

Cloud and virtualization use specific mechanisms to combine the available resources in a network by splitting up the available bandwidth into different channels. Each of them is separated and distinguished. 

  • Cybersecurity solutions 

Cybersecurity is an essential element to protect the company’s data against unauthorized uses of electronic data. To achieve this security and protect data against common cyber threats, cybersecurity solution steps in. 

  • 24/7 monitoring 

IT department has to work full-time to manage new applications, data centers, and also respond to help desk requests. This service allows the organization to plan upgrades and to track the process that needs to be optimized. 

  • Remote support 

Remote support is nothing but a device that IT technicians use to control and access their customers’ devices remotely. 

  • Network and connectivity 

Network and connectivity are processes that connect different parts of the network through access points (APs). 

Why choose IT Infrastructure management? 

Following are points that describes why should you choose IT infrastructure management: 

  • Bright career opportunities 

In today’s tech era, there’s a massive demand for IT professionals. Making a career in the field would open up the doors to higher job opportunities. 

  • Versatility 

There is an increasing demand for these services not just in India but also in other countries. One can build their career in project management, contract management, project consultancy management, and project finance management. 

  • Job stability and security 

IT infrastructure industry is a continuously growing sector, and its demand would keep on increasing. Hence, there’s no need to bother about job stability and security. 

Final verdict

IT infrastructure is the backbone of today’s tech era. No matter a business is small or big, its key benefits lie in using a managed IT infrastructure.