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Every Buzzword Was Born of Data

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Many of today’s hottest technologies come at us as buzzwords.

Artificial intelligence (AI). Machine learning (ML). Edge computing. Internet of Things (IoT). These and many other innovations promise business advancements. Business leaders have an idea what these technologies can offer—but not always why and how to deploy them to deliver maximum return on investment. This, coupled with the meteoric rise of software companies that often star in media articles, means the power of data is still underestimated. We don’t think enough about data.

In reality, data fuels all modern technologies. It’s behind every fashionable trend, solution, and buzzword. Without data, there are few insights and innovations. Without data, there is little profit to be made.

An Overlooked Currency

Some estimates project that individuals create 1.7 megabytes of data every second . The amount of data that proceeds from enterprise businesses is much greater, and—thanks to technologies such as AI, ML, IoT, and edge computing—it’s exploding.

According to Rethink Data, a report commissioned by Seagate and conducted by the research firm IDC, in 2021 alone, the volume of enterprise data grew at an average annual rate of 42%. IDC expects the amount of data around the globe to reach 179 zettabytes by 2025.

Seagate Technology

When smartly deployed, data can be a game-changing business currency—in some cases literally, given the rise of cryptocurrencies and blockchains. As Google’s Director of Research Peter Norvig famously sums it up, “We don’t have better algorithms. We just have more data.” And yet, as the enabler of business value, data is too often overlooked.

For enterprises, the ability to easily migrate data between companies’ on-premises and cloud environments is more important than ever. However, without a savvy data strategy, massive amounts of data go unused‚ representing wasted business opportunities. In fact, 68% of data available to enterprises goes unleveraged.

Partial Data Means Partial Solutions

Does it matter that more than two thirds of enterprise data is going unused?

While it’s difficult to put a dollar amount on it, a lack of a data strategy can be detrimental to any business. Take customer-facing interactions for example. Every piece of data is an insight into customers, their preferences, and their needs. If you were to lose two thirds of the data for a specific customer, you’d only have part of their story. As such, you’d only be able to deliver part of the solution they need.

Seagate Technology

Ultimately, properly stored and managed data can help deliver optimal customer service. It can get autonomous cars on the road quicker. It can help factories become more productive. And it can help to cut costs. That’s why data monetization should be front and center for any C-suite.

From Buzzwords to Data Investment

Hard drive storage capacity has improved 20,000 times in the past 50 years, outpacing other technological innovations. The right data storage, both in flight and at rest, can help businesses take advantage of the capital that’s found in data.

Next time you as a business leader find yourself using the latest buzzword, take the time to reflect. Think about the trend and technology that’s behind it—the data that powers it. Make a decision to invest in that data. Give that data a purpose. It will pay you in insights and business value over many years to come.

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Original Article: cio.com

Finance

China’s Economy Grows Despite Int’l Challenges: Turkish Expert

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© Provided by Xinhua

China would continue to contribute to the global economy, especially with the Belt and Road Initiative, and the Regional Comprehensive Economic Partnership (RCEP) agreement, said Turkish economist Sinan Alcin.

ISTA

Original Article: bignewsnetwork.com

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UK PM Boris Johnson Arrives in India for Two-day Visit

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Ahmedabad (Gujarat) [India], April 21 (ANI): UK Prime Minister Boris Johnson on Thursday landed in Gujarat’s Ahmedabad for a two-day visit to India with focus on stepping up cooperation in the Indo-Pacific, giving momentum to negotiations on Free Trade Agreement (FTA) between the two countries as well as enhancing defence ties.
Johnson started his visit from Ahmedabad where he is scheduled to meet with leading business gr

Original Article: bignewsnetwork.com

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Senate Panel Advances Sandra Thompson’s Nomination As FHFA Director

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The Senate Committee on Banking, Housing and Urban Affairs confirmed the nomination of Sandra Thompson to serve as the next director of the Federal Housing Finance Agency, sending her nomination to the full Senate.

The vote passed 13 to 11, with all 12 of the committee’s Democrats and one Republican voting in favor of advancing Thompson’s nomination.

During the session, the committee also approved the re-nomination of Federal Reserve Chair Jerome Powell, the nomination of Federal Reserve Gov. Lael Brainard to be Vice Chair, and Philip Jefferson was confirmed as a member of the Federal Reserve.

Lisa Cook’s nomination to be a member of the Federal Reserve concluded in a tie. Cook, if confirmed by the full Senate, would be the first Black woman to serve on the Federal Reserve board.

Thompson in a statement said that she appreciates the support from Committee members and looks “forward to continuing to work with Congress as [she] fulfills [her] current role as Acting Director while the nomination process proceeds.”

In February 2022, the confirmation process of Thompson and a handful of Fed nominees stalled after Senate Republicans boycotted the vote.

At the time, Pennsylvania Sen. Patrick Toomey, the ranking Republican on the committee, critiqued the nomination of Sarah Bloom Raskin, who was nominated to be vice chair for supervision of the Federal Reserve.

Toomey questioned Raskin’s ties to Reserve Trust Company, a Colorado-based fintech startup that gained access to the Fed’s payment system in 2018. After Democratic West Virginia Sen. Joe Manchin said he would not vote for Raskin due to her views on climate change, Raskin withdrew her nomination.

The committee’s confirmation of Thompson, who has been leading the FHFA since June 2021, will be welcome news to many industry stakeholders and affordable housing advocates who have been calling on her confirmation.

Bob Broeksmit, president of the Mortgage Bankers Association, called Thompson “a breath of fresh air” during the ICE Experience Conference in Las Vegas this week.

“Her administration is really focusing on the ways in which Fannie Mae and Freddie can achieve its mission to make homeownership available and affordable to low- to- moderate income borrowers and to black and Hispanic borrowers who own homes at shamefully lower rates in this country, than people who look like me,” he said. “And I think that Fannie and Freddie, under Sandra Thompson’s direction, will come up with some really innovative ideas.”

Early on in her tenure leading the FHFA, Thompson said that she would prioritize sustainable lending practices and expand credit to underserved communities.

“As a longtime regulator, I am committed to making sure our nation’s housing finance systems and our regulated entities operate in a safe and sound manner,” Thompson said in June 2021, when she was appointed acting director. “We can accomplish this, and at the same time have a laser focus on mission and community investment. There is a widespread lack of affordable housing and access to credit, especially in communities of color.”

Since then, Thompson has made substantial headway. Within three months of her tenure, she set new affordability benchmarks to expand access to credit in underserved communities, made on-time rental payment history part of Fannie Mae’s underwriting process and signed a historic interagency fair lending agreement.

The post Senate panel advances Sandra Thompson’s nomination as FHFA director appeared first on HousingWire.

Source: housingwire.com

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