After taking the module of BEMM129, I have got a deeper understanding on the impact of technology advancement on nowadays society and learn how to write a good article in the process of learning, I think this module is really helpful for my future learning and career development.

Firstly, by learning this module, I noticed that technology development had not only changed business model in various industries, but also posed a positive impact on people’s daily life and environment protection. For example, as a representative company which relies on the technology of Internet of things, Uber not only enable drivers to better balance work and life, but also contribute to decrease emission, which is benefit for mitigating the greenhouse effect on global warming. The wide applications of AI technology enable restaurants to operate more efficiently and bring people a brand-new eating experience. But it should not be ignored that technology has its limitation in current stage. As I comment in ysheir’s blog, the expensive initial investment on technology and maintenance fees may stop many restaurants to apply new technology and sometimes the AI robot may need Manual intervention to keep it work (Liu, 2020). Consequently, whether or not AI technology can help companies to save cost is still an issue worth discussing, but we should not deny that AI and automation will be the future trend. As I comment in George’s first blog, many countries are researching the internet of vehicles and automated drive technology. And machine learning is widely applied in human-machine interaction (Liu, 2020). Maybe, some jobs like driver will disappeared in the society one day. Therefore, we need to keep sensitive on the technology advancement and learn more practical skills to prevent machines to replacing our position.

Secondly, I have got new understanding on the ecosystem of Internet economy. As I mentioned in the comment for Mark’s blog, I learned a lot of new concept like Moore’s Law and understood the advantage of WeChat pay compared to Alipay (Liu, 2020). I think Mark’s article has arisen my interest in the deeper research in the Internet economy.

For the impacts of this module imposed on my future career, I made a video to discuss them further:

Thirdly, learning by reading others’ blog is a really good experience for me to learn how to write a good article. For instance, I praised George’s writing style in the comment, and his writing style taught me how to demonstrate viewpoints clearly and how to give evidences to validate his viewpoints (Liu, 2020).

Overall, learning this module is a really unforgettable experience for me and it will benefit my future learning and career development.

Reference(Four comments included)：

Liu, T. (2020). Comment-The “AI” has triggered an “evolution” on the restaurant industry. Retrieved from:https://ysire.design.blog/2020/02/14/the-ai-has-triggered-an-evolution-on-the-restaurant-industry/comment-page-1/?unapproved=2&moderation-hash=835550e5944da7f5b1e506af7775cde7#comment-2

Liu, T. (2020). Comment-Blogpost 1. Retrieved from ：https://yezhang.business.blog/2020/02/11/example-post/comment-page-1/?unapproved=6&moderation-hash=f94ff347006ed9ea04be261c6654f1b7#comment-6

Liu, T. (2020). Comment-Tencent and its Successful Business Model. Retrieved from: https://markdigitalbusiness888.wordpress.com/2020/03/06/tencent-and-its-successful-business-model/comment-page-1/?unapproved=1&moderation-hash=7257ad31f8f60f09ab2b9eca4839909c#comment-1

Liu, T. (2020). Comment-Blogpost 2. Retrieved from: https://yezhang.business.blog/2020/03/06/how-mobike-has-achieved-success-in-china/comment-page-1/#comment-13

In the information age, the technology innovation has created lots of business opportunities and altered the business model of various industries. More and more companies more focus on promoting the growth of its main business by selling products to customers or providing service to them, rather than focus on products and services themselves. For example: Amazon sells the kindle to promote the sales of e-books, which indirectly promotes the profit growth of e-commerce business. Twitters attract users by freely providing social network services, which enable it to accumulate lots of internet behavior data. So, Twitter can analyze users’ behavior data and get profit form advertisements by pushing ads according to the users’ favor, Furthermore, Twitter can get profit by providing other recommendation service to business partners. As world leading smart device manufacturer, Apple has established a large ecosystem including software platform-Appstore, music service-iTunes, TV+, accessory certification system and etc., which attracts lots of people to purchase Apple smart devices and enable Apple to be the largest smart device manufacturer(Sohail, 2019). In the following content of this article, we will discuss how the core of Apple’s digital business model–App Store enable Apple to gain success in smart device market.

As a disruptor in mobile device manufacturing, Apple opened the smart phone era. Before the release of the Apple phone, the main function of the phone was to make calls, receive text messages, and take photos. Most of traditional mobile phones only support first-party mobile phone software applications, and the software platforms are not open to external software developers. Therefore, the number of software applications in traditional mobile phones are very limited. In the era before the release of the Apple phone, people paid more attention to the appearance design, hardware performance and brand effects when choosing products. Before the success of iPhone, nobody thought that a computer manufacturing enterprise would gain success in the mobile phone manufacturing industry. At that time, Nokia was still the leader in the mobile phone industry. However, Apple unexpectedly won the leading position of the mobile phone industry in a very short period of time. One of important factor enabled Apple to win this success was App store. The App store contains a large number of third-party software, including 3D games, video players, social software. And it allows third-party developers to publish apps in this platform. The launch of the App Store had completely changed the way that people use mobile phones, allowing Apple to quickly occupy a relatively high market share in this emerging market of smartphones, and also laying the foundation for Apple to become the leading company in smartphone industry. By 2019, the number of application software in the Apple App store has exceeded 1.8 million (Statista, 2020), becoming the second largest software application platform, and its software types cover business, entertainment, artistic creation, education and other fields. The success of Apple today is not only because of its brand effect and brilliant hardware to attract consumers, but also because of its variety of software attracts more and more consumers to buy Apple products.

Furthermore, the App store enable Apple to develop business sustainably. As Apple has opened the development rights of its software applications to a large number of developers, the App Store has attracted a large number of software developers to publish applications on the it to earn business profits. The more applications published in the App Store, the more customers are likely to be attracted to purchase Apple products. Therefore, the advantage of customer resource will attract more developers to develop apps for Apple smart device. Therefore, the open software application platform of the App store has created a virtuous cycle for Apple’s business, allowing Apple to establish the advantages in the number of software and customer resources in the early stage of the smartphone market, forming industry barriers, making it nearly impossible for latecomers to copy Apple’s success, therefore, the App store has also become a business model of circular profit.

There is no doubt that Apple is a successful company with the estimated market value at more than one trillion (Investopedia, 2020). One of the important factors that contributes to its success is its open source software platform. However, its main competitor, Google Android Platform, also supports a large number of software applications. And in recent years, mobile phones applied Android system have become better and better in terms of user experience, which may pose a threat to Apple’s market share. The pace of technological development has never stopped, and Apple needs continuously integrate new technologies and business models to ensure its leading position in the industry.

Reference:

Investopedia. (2020). At $1.3 Trillion, Apple Is Bigger Than These Things. Retrieved from: https://www.investopedia.com/news/apple-now-bigger-these-5-things/

Sohail, O. (2019). Apple’s Market Share in the Premium Smartphone Segment Remains Unrivaled, Despite a Drop in Sales. Wccftech. Retrieved from: https://wccftech.com/apple-market-share-premium-smartphone-segment-q1-2019/

Statista. (2020). App stores: number of apps in leading app stores 2019 | Statista. Retrieved from: https://www.statista.com/statistics/276623/number-of-apps-available-in-leading-app-stores/

In the era of digital economy, the development of technology is not only changing people’s way of life, but also promote different industries to become more digitalization. The combination of traditional industries and new technologies has created new business models, and this change are gradually changing the way people work. Therefore, in the era of the digital economy, people need to learn and understand new technologies more quickly and increase insight and thinking about business models in order to adapt to the rapid development of society (Forbes ,2016). The financial industry has always been regarded as an industry driven by technological development, and this article will discuss changes in credit approval in the digital economy era and its future development trends.

In the past, traditional credit approvals mainly relied on manual review. Credit examiners need to manually review decision-making materials such as application forms, ID cards, credit reports, and income verification provided by customers, as well as non-decision-making materials such as address information, and relatives information. After manual review, credit examiners sort and score loan applications according to their expert experience, and determine whether to pass or reject loan applications. In this business model, credit approval requires a large number of experienced business experts, and the credit risk management entirely depends on the limited expert experience of credit examiners. As the scale of the business increases, this business model often increases higher labor cost to financial institutions, extending the loan review cycle and resulting that financial institutions can not effectively manage credit risks.

In the digital economy era, with the development of technologies such as big data and machine learning, the credit approval process has become more intelligent and automated, and credit risks have become increasingly controllable. Big data technology has enabled credit risk management no longer to rely on manual review too much. In addition, due to the variety of data collection, the risk of information asymmetry is further reduced with the support of big data technology. In the automated credit approval process, financial institutions use facial recognition and electronic signature technology to quickly identify the authenticity of customer identity information. By matching the identification information that applicants provide with citizen identity information database administrated by government organization, financial institutions can do a further verification of the authenticity of loan applicants’ identity information to avoid fraud risk. After the verification of identity information, the credit decision engine system invokes external big data scoring module and embedded credit decision module to evaluate the credit status of the loan applicant and decide whether to approve or reject the loan application of the lender. Meanwhile, the system will automated calculate the credit line of the loan applicant based on the applicants’ credit status and the internal credit management strategy of the financial institution. Automated credit approval technology shortens the cycle of the whole credit application and makes credit decisions more consistent, reducing the risk of inconsistent credit approval caused by the expert experience of different credit examiners (Business Matters,2018). Meanwhile, faster credit approval process enables loan applicants to obtain better service experience, and thus enables financial institutions to attract more customers to increase the profit growth.

Big data technology enables financial institutions to better control credit risks and reduce the human cost of credit approval. This trend drives financial institutions to invest more on technology. Consequently, data scientists, IT engineers has become hot positions in the financial industry, while the amount of credit examiners has fallen sharply. And it seems that this trend will still maintain within next several years. However, it does not mean that credit risk management does not need the credit examiners‘ involvement. Their expert experience can support data scientists and IT engineers’ work. For example, they can help IT engineers to understand the business process and give practical Suggestions in terms of user experience. They can also help data scientists give their own expert advice on model design and validation, making credit score models more accurately predict the potential credit risk. Furthermore, They can choose to engage more valuable jobs, such as due diligence or compliance management. It is also possible for them to choose to become an technology expert with rich business experience by learning new techniques.

As Andrew Ng says in an interview (Stanford Business,2017),” AI and big data technology is transforming today’s society”. Although the current technology may still have shortcomings, the application of automated approval technology has become an irreversible trend. For credit examiners, they need to constantly learn new technologies and deepen their insight into the business, so that they can adapt to the variation of job requirement brought by new technology applications.

Sources:

Forbes (2016). 5 Ways Digital Technology Is Changing Your Job. Retrieved from: https://www.forbes.com/sites/joemckendrick/2016/12/29/5-ways-digital-technology-is-changing-your-job/#7d3d88e064bd

Business Matters (2018). How is technology improving the loan approval process? Retrieved from:https://www.bmmagazine.co.uk/business/how-is-technology-improving-the-loan-approval-process/

Stanford Business (2017). Andrew Ng: Why AI Is the New Electricity. Retrieved from https://www.gsb.stanford.edu/insights/andrew-ng-why-ai-new-electricity

Hello,Every One! My name is Liu Tian Yi,and i am the master student of Data Science with business.I’ m very glad to attend this course as it may help me to understand how the technology innovate the business and promote the business development. And i am also honered to be your classmates in this Lecture.

这是一篇示例文章，最初作为 Blogging University 的组成部分发布。报名参加我们十个项目中的其中一个，立即开始撰写您的博客。

您今天要发布一篇文章。不必担心您的博客的外观。如果您还没有给博客命名或是感到不知所措，也不必担心。只需点击“新文章”按钮，告诉我们您来此处的原因。

为什么要这样做？

• 因为它能为新读者提供背景信息。让他们了解您是做什么的，他们为什么应该阅读您的博客。
• 因为这将帮助您专注于自己对博客的想法，以及您想用博客来做什么。

文章可短可长，可以是对您的生活的个性化介绍或是博客宗旨说明，也可以是对未来的宣言或是对希望发布的内容类型的简要概述。

为了帮助您开始撰写，不妨思考以下几个问题：

• 您为什么要公开写博客，而不是写个人日记？
• 您认为您会写些什么话题？
• 您想通过博客和谁联系？
• 如果您的博客成功写到明年，您想要达到什么目标？

您并非一定要受此限制，博客的一个奇妙之处在于，随着我们学习、成长和与他人互动，它们是会不断演变的，不过如果知道从何处入手以及为何开始，这将会颇有益处，并且明确您的目标可能会激发您写其他一些文章的灵感。

不知道如何开始？只需写下您脑海中闪现的第一件事即可。Anne Lamott 是一位作家，大家都喜欢她写的书。她指出，你要允许自己写出“蹩脚的初稿”。Anne 提出了一个很好的观点，先开始写，之后再去考虑如何编辑。

在您准备发布时，给您的文章贴上三到五个标签来描述您博客的关注点 – 写作、摄影、小说、育儿、美食、汽车、电影、体育等。这些标签将帮助关注您话题的人在阅读器中找到您。确保添加“zerotohero”标签，这样其他新博主也可以找到您。