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Collaborative Lifecycle Management
IBM Collaborative Topics
Killexams : IBM Collaborative subjects - BingNews https://killexams.com/pass4sure/exam-detail/000-821 Search results Killexams : IBM Collaborative subjects - BingNews https://killexams.com/pass4sure/exam-detail/000-821 https://killexams.com/exam_list/IBM Killexams : Cybersecurity: Why We’re Stronger Together

Advocating for greater security collaboration between businesses, law enforcement, and government

By Nicole Mills, Exhibition Director at Infosecurity Group

Cybercrime is on an extremely worrying trajectory.

A previous survey of global IT security decision makers conducted by Statista revealed that 46.4% of organizations had endured between one and five successful cyber-attacks in the 12 months ended November 2020. Since then, Accenture has reported that such attacks increased 31% between 2020 and 2021.

As we now move through 2022, this concerning reality is further compounded by even more frightening figures.

According to IBM, the average cost of a data breach last year was $4.24 million, and this number is predicted to rise in 2022. Resultantly, Cisco and Cybersecurity Ventures together suggest that come 2025, the global cost of cybercrime could exceed $10 trillion.

The Infosecurity Group Advisory Council comprising industry leaders at the cutting edge of cybersecurity solution highlight many varying factors contributing to this broad and growing challenge.

Unsurprisingly, ransomware was pinpointed as an area of particular concern. While individuals, criminal groups and nation states will continue to favour ‘tried and tested’ approaches, they are expected to employ these in novel ways to generate revenue from attacks.

Indeed, more sophisticated attacks leveraging new methodologies are becoming more commonplace, and supply chain attacks have emerged as a prime example. Businesses now need to realise that their security relies on a web of third-party suppliers, and that they’re only as strong as the weakest link.

At the same time, the council affirmed that information security investment is, generally, still not sufficiently prioritised within businesses or government.

Greater collaboration is critical

The point is that there are a multitude of evolving threats, and attitudes and mindsets simply must change in order to keep up.

Cybercriminal networks today are expanding, evolving, advancing and working together to target victims more successfully than ever before. Ransomware-as-a-service, for example, is dramatically lowering the barriers-to-entry for attackers, with savvy cybercriminals actively supporting the threat ambitions of less technically abled perpetrators at scale.

To even stand a chance in the fight taking place amid this increasingly complicated landscape, cybersecurity professionals must equally collaborate by sharing knowledge and experiences to support each other in identifying vulnerabilities and developing stronger security strategies.

Promisingly, there is agreement within our community that greater cooperation will help.

According to an Infosecurity Europe Twitter poll conducted in January 2022, 45% of the 2,543 respondents pointed to advanced threat detection is the cybersecurity challenge that would benefit most from increased industry collaboration. This was followed by social engineering threats (22%), incident response planning (18%), and governance, risk and compliance (15%).

With a clear appreciation that greater collaboration within cybersecurity will bring major advantages, it’s vital that we act as a united industry to overcome any barriers that might be stifling this. I believe we must work together to build an environment of trust and transparency where we can exchange knowledge, resources and ideas to combat security threats while protecting commercial sensitivities.

Events as pillars of security progress

It is for this reason that we chose Stronger Together as the theme for Infosecurity Europe 2022 – to try to encourage greater collaboration between businesses, law enforcement and government.

Over the years I’ve seen first-hand the vital role that events play in facilitating cross-sector cooperation, instigating vital discussions that sew the seeds of greater security progress.

Every organisation from every operational background has a unique vantage point – different approaches that have been moulded by different experiences. By exchanging these experiences, approaches and ideas, we can support each other in achieving best practice, gaining practical and actionable knowledge that can help in keeping up with the increasing sophistication of security threats.

Events are vital platforms from which we can achieve a great deal. From seasoned professionals to those just starting out, everyone has value to add, and everyone can benefit.

In the case of Infosecurity Europe 2022, subjects will range from everything from the need to tackle insider threats, building a security culture, the paradigm change in ransomware and monetisation of threats to cybercrime-as-a-service (CaaS), third party risk, how cyber criminals are changing their approaches, and improving detection of known and unknown threats.

Covering all these bases is critically important. When it comes to security, there are always more opportunities to learn. By expanding our collective knowledge, sharing insights and advocating for the broad adoption of best practices, we can begin to tackle the escalating problems of cybercrime and turn the tide together as a unified industry.

About the Author

Nicole Mills AuthorNicole Mills is Exhibition Director for the Infosecurity Group. With over 20 years’ experience in events and media, she has worked with many brands responsible for strategic and commercial growth. Nicole has worked in the Infosecurity Group for six years working with the Infosec team responsible for Infosecurity Europe and Infosecurity Magazine. Working with the team the aim is to bring the cyber community together to showcase the latest products and solutions to enable businesses to continue to protect themselves.

Nicole can be reached online at www.linkedin.com/in/nicolemmills/ and at our company website www.infosecurity-group.com

FAIR USE NOTICE: Under the "fair use" act, another author may make limited use of the original author's work without asking permission. Pursuant to 17 U.S. Code § 107, certain uses of copyrighted material "for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright." As a matter of policy, fair use is based on the belief that the public is entitled to freely use portions of copyrighted materials for purposes of commentary and criticism. The fair use privilege is perhaps the most significant limitation on a copyright owner's exclusive rights. Cyber Defense Media Group is a news reporting company, reporting cyber news, events, information and much more at no charge at our website Cyber Defense Magazine. All images and reporting are done exclusively under the Fair Use of the US copyright act.

Sat, 06 Aug 2022 21:00:00 -0500 en-US text/html https://www.cyberdefensemagazine.com/cybersecurity-3/
Killexams : IBM Watson Gets a Factory Job

IBM has launched an Internet of Things system as part of Watson. The tools is called Cognitive Visual Inspection, and the idea is to provide manufacturers with a “cognitive assistant” on the factory floor to minimize defects and increase product quality. According to IBM, in early production-cycle testing, Watson was able to reduce 80% of the inspection time while reducing manufacturing defects by 7-10%.

The system uses an ultra-high definition camera and adds cognitive capabilities from Watson to create a tool that captures images of products as they move through production and assembly. Together with human inspectors, Watson recognizes defects in products, including scratches or pinhole-size punctures.

“Watson brings its cognitive capabilities to image recognition,” Bret Greenstein, VP of IoT at IBM, told Design News. “We’re applying this to a wide range of industries, including electronics and automotive.”

The Inspection Eye That Never Tires

The system continuously learns based on human assessment of the defect classifications in the images. The tool was designed to help manufacturers achieve specialization levels that were not possible with previous human or machine inspection. “We created a system and workflow to feed images of good and bad products into Watson and train it with algorithms,” said Greenstein. “This is a system that you can be trained in advance to see what acceptable products look like.”

According to IBM, more than half of product quality checks involve some form of visual confirmation. Visual checking helps ensure that all parts are in the correct location, have the right shape or color or texture, and are free from scratches, holes or foreign particles. Automating these visual checks is difficult due to volume and product variety. Add to that the challenge from defects that can be any size, from a tiny puncture to a cracked windshield on a vehicle.

Some of the inspection training precedes Watson’s appearance on the manufacturing line. “There are several components. You define the range of images, and feed the images into Watson. When it produces the confidence level you need, you push it to the operator stations,” said Greenstein. “Watson concludes whether the product awesome or defective. You let the system make the decision.”

The ultimate goal is to keep Watson on a continuous learning curve. “We can push this system out to different manufacturing lines, and we can train it based on operators in the field and suggest changes to make the system smarter, creating an evolving inspection process,” said Greenstein.

The ABB Partnership

As part of its move into the factory, IBM has formed a strategic collaboration with ABB. The goal is to combine ABB’s domain knowledge and digital solutions with IBM’s artificial intelligence and machine-learning capabilities. The first two joint industry solutions powered by ABB Ability and Watson were designed to bring real-time cognitive insights to the factory floor and smart grids.

READ MORE ARTICLES ON SMART MANUFACTURING:

The suite of solutions developed by ABB and IBM are intended to help companies Excellerate quality control, reduce downtime, and increase speed and yield. The goal is to Excellerate on current connected systems that simply gather data. Instead, Watson is designed to use data to understand, sense, reason, and take actions to help industrial workers to reduce inefficient processes and redundant tasks.

According to Greenstein, Watson is just getting its industry sea legs. In time, the thinking machine will take on increasing industrial tasks. “We found a wide range of uses. We’re working with drones to look at traffic flows in retail situation to analyze things that are hard to see from a human point of view,” said Greenstein. “We’re also applying Watson’s capabilities to predictive maintenance.

Rob Spiegel has covered automation and control for 17 years, 15 of them for Design News. Other subjects he has covered include supply chain technology, alternative energy, and cyber security. For 10 years, he was owner and publisher of the food magazine Chile Pepper.

Image courtesy of IBM

Thu, 28 Jul 2022 12:00:00 -0500 en text/html https://www.designnews.com/automation-motion-control/ibm-watson-gets-factory-job
Killexams : How TSMC killed 450mm wafers for fear of Intel, Samsung No result found, try new keyword!A former TSMC executive has described how a collaborative effort towards 450mm (18-inch) wafers for manufacturing chips was halted when the company realized it would put them in direct competition ... Mon, 08 Aug 2022 01:40:28 -0500 en-us text/html https://www.msn.com/en-us/news/technology/how-tsmc-killed-450mm-wafers-for-fear-of-intel-samsung/ar-AA10r9mL Killexams : Cybersecurity - what’s the real cost? Ask IBM
(Pixabay)

Cybersecurity has always been a concern for every type of organization. Even in normal times, a major breach is more than just the data economy’s equivalent of a ram-raid on Fort Knox; it has knock-on effects on trust, reputation, confidence, and the viability of some technologies. This is what IBM calls the “haunting effect”.

A successful attack breeds more, of course, both on the same organization again, and on others in similar businesses, or in those that use the same compromised systems. The unspoken effect of this is rising costs for everyone, as all enterprises are forced to spend money and time on checking if they have been affected too.

But in our new world of COVID-19, disrupted economies, climate change, remote working, soaring inflation, and looming recession, all such effects are all amplified. Throw in a war that’s hammering on Europe’s door (with political echoes across the Middle East and Asia) and it’s a wonder any of us can get out of bed in the morning.

So, what are the real costs of a successful cyberattack – not just hacks, viruses, and Trojans, but also phishing, ransomware, and concerted campaigns against supply chains and code repositories?

According to IBM’s latest annual survey, breach costs have risen by an unlucky 13% over the past two years, as attackers, which include hostile states, have probed the systemic and operational weaknesses exposed by the pandemic.

The global average cost of a data breach has reached an all-time high of $4.35 million – at least, among the 550 organizations surveyed by the Ponemon Institute for IBM Security (over a year from March 2021). Indeed, IBM goes so far as to claim that breaches may be contributing to the rising costs of goods and services. The survey states:

Sixty percent of studied organizations raised their product or services prices due to the breach, when the cost of goods is already soaring worldwide amid inflation and supply chain issues.

Incidents are also “haunting” organizations, says the company, with 83% having experienced more than one data breach, and with 50% of costs occurring more than a year after the successful attack.

Cloud maturity is a key factor, adds the report:

Forty-three percent of studied organizations are in the early stages [of cloud adoption] or have not started applying security practices across their cloud environments, observing over $660,000 in higher breach costs, on average, than studied organizations with mature security across their cloud environments.

Forty-five percent of respondents run a hybrid cloud infrastructure. This leads to lower average breach costs than among those operating a public- or private-cloud model: $3.8 million versus $5.02 million (public) and $4.24 million (private).

That said, those are still significant costs, and may suggest that complexity is what deters attackers, rather than having a single target to hit. Nonetheless, hybrid cloud adopters are able to identify and contain data breaches 15 days faster on average, says the report.

However, with 277 days being the average time lag – an extraordinary figure – the real lesson may be that today’s enterprise systems are adept at hiding security breaches, which may appear as normal network traffic. Forty-five percent of breaches occurred in the cloud, says the report, so it is clearly imperative to get on top of security in that domain.

IBM then makes the following bold claim :

Participating organizations fully deploying security AI and automation incurred $3.05 million less on average in breach costs compared to studied organizations that have not deployed the technology – the biggest cost saver observed in the study.

Whether this finding will stand for long as attackers explore new ways to breach automated and/or AI-based systems – and perhaps automate attacks of their own invisibly – remains to be seen. Compromised digital employee, anyone?

Global systems at risk

But perhaps the most telling finding is that cybersecurity has a political dimension – beyond the obvious one of Russian, Chinese, North Korean, or Iranian state incursions, of course.

Concerns over critical infrastructure and global supply chains are rising, with threat actors seeking to disrupt global systems that include financial services, industrial, transportation, and healthcare companies, among others.

A year ago in the US, the Biden administration issued an Executive Order on cybersecurity that focused on the urgent need for zero-trust systems. Despite this, only 21% of critical infrastructure organizations have so far adopted a zero-trust security model, according to the report. It states:

Almost 80% of the critical infrastructure organizations studied don’t adopt zero-trust strategies, seeing average breach costs rise to $5.4 million – a $1.17 million increase compared to those that do. All while 28% of breaches among these organizations were ransomware or destructive attacks.

Add to that, 17% of breaches at critical infrastructure organizations were caused due to a business partner being initially compromised, highlighting the security risks that over-trusting environments pose.

That aside, one of the big stories over the past couple of years has been the rise of ransomware: malicious code that locks up data, enterprise systems, or individual computers, forcing users to pay a ransom to (they hope) retrieve their systems or data.

But according to IBM, there are no obvious winners or losers in this insidious practice. The report adds:

Businesses that paid threat actors’ ransom demands saw $610,000 less in average breach costs compared to those that chose not to pay – not including the ransom amount paid.

However, when accounting for the average ransom payment – which according to Sophos reached $812,000 in 2021 – businesses that opt to pay the ransom could net higher total costs, all while inadvertently funding future ransomware attacks.”

The persistence of ransomware is fuelled by what IBM calls the “industrialization of cybercrime”.

The risk profile is also changing. Ransomware attack times show a massive drop of 94% over the past three years, from over two months to just under four days. Good news? Not at all, says the report, as the attacks may be higher impact, with more immediate consequences (such as destroyed data, or private data being made public on hacker forums).

My take

The key lesson in cybersecurity today is that all of us are both upstream and downstream from partners, suppliers, and customers in today’s extended enterprises. We are also at the mercy of reused but compromised code from trusted repositories, and even sometimes from hardware that has been compromised at source.

So, what is the answer? Businesses should ensure that their incident responses are tested rigorously and frequently in advance – along with using red-, blue-, or purple-team approaches (thinking like a hacker, a defender, or both).

Regrettably, IBM says that 37% of organizations that have IR plans in place fail to test them regularly. To paraphrase Spinal Tap, you can’t code for stupid.

Wed, 27 Jul 2022 12:00:00 -0500 BRAINSUM en text/html https://diginomica.com/cybersecurity-whats-real-cost-ask-ibm
Killexams : Enterprise Collaboration Market Size with Growth Opportunities, Top Countries Data, Future Trends and Share with Revenue Forecast 2022-2031

The MarketWatch News Department was not involved in the creation of this content.

Jul 31, 2022 (AmericaNewsHour) -- Kenneth Research, in its repository of market research reports, have recently added a report on Global Enterprise Collaboration Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Enterprise Collaboration Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Enterprise Collaboration Market products.

Request Free trial Copy :-https://www.kennethresearch.com/sample-request-10084881

The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.

The Global Enterprise Collaboration Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

"Final Report will add the analysis of the impact of COVID-19 on this industry."

Enterprise Collaboration Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Overview:
Over the past few years, organizations have focused on their internal communications to increase the productivity with faster interaction among employees and teams. An increase in the adoption of cloud, mobility, and others has led to the digital transformation of workplace and modes of communication among employees. Furthermore, the software helps in better record keeping of files with version updates, automating, and streamlining shared files that help in tracking the updates of various projects in an organization.

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Market Revenue and Segmentation Analysis:
The enterprise collaboration market revenue is estimated to be 31.74 billion in 2018 and is expected to reach 53.83 billion by 2023, growing at a CAGR of 11.15% during the forecast period 2018-2023. The services include file sharing, messaging, audio and video, enterprise social network, intranet and portal, and project and calendar management. The enterprise social network segment is expected to grow at the highest CAGR during the forecast period. The Asia Pacific region is expected to realize the benefits of the connected workforce and faster business operations.

The adoption of enterprise collaboration software is the highest in North America owing to the early adoption of technologies and business productivity optimization. The cloud deployment mode offers enterprises to opt for SaaS on a subscription basis rather than incurring costs on hardware and infrastructure. The Asia Pacific region holds a huge potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2018-2023.

The organization size includes large enterprises and SMEs. The large enterprises are estimated to hold the significant market share in 2018, however, SMEs are expected to grow at higher CAGR. The cloud migration of SMEs is comparatively easier than large enterprises, which is driving the growth of SaaS adoption. The organizations are deploying enterprise collaboration software because of the increasing focus to expedite business operations and strong work engagements from employees.
The industry verticals include BFSI, manufacturing, telecom and IT, government, healthcare and life sciences, consumer goods and retail, energy and utilities, and others. The network and software product companies are competing in the market, focusing on the better value proposition for the organizations in the better provision of well-connected internal teams. BFSI, manufacturing, and telecom and IT are the major contributors to the enterprise collaboration market growth.

Download trial of This Strategic Report-https://www.kennethresearch.com/sample-request-10084881

Regions Analysis:
The countries covered in the report are North America, Europe, Asia Pacific, Middle East Africa, and Latin America. The countries covered are the US, Canada, Germany, the UK, France, Italy, Spain, China, India, Australia, Japan, Singapore, South Africa (RSA), Kingdom of Saudi Arabia (KSA), Brazil, and Mexico.

Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The emergence of technologies, such as mobility, IoT, AI, and automation, is likely to impact the market growth and embrace the workplace transformation. The companies profiled in the report are Cisco, Microsoft, Salesforce, IBM, SAP, Slack, Universe, Smartsheet, Jive Software, and Deskera.

Download trial of This Strategic Report-https://www.kennethresearch.com/sample-request-10084881

The study offers a comprehensive analysis of the "Enterprise Collaboration" market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.

About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial subjects to help our clients make their informed decisions.
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Sat, 30 Jul 2022 23:31:00 -0500 en-US text/html https://www.marketwatch.com/press-release/enterprise-collaboration-market-size-with-growth-opportunities-top-countries-data-future-trends-and-share-with-revenue-forecast-2022-2031-2022-07-31
Killexams : Social Software As A Collaborative ERP Tool Market Competition Analysis, Type and Application 2026

Companies such as IBM, Cisco, Microsoft, Jive, Socialtext, VMWare and Salesforce are the key vendors of Social Software as a Collaborative ERP Toolmarket.

Regional Overview of Social Software as a Collaborative ERP Tool

The North America region holds the largest market share of global Social Software as a Collaborative ERP Tool market.

The market is growing extensively in countries such as US and Canada due to the high adoption of modern technologies in order to expand their capacity and opening the new facilities.

Microsoft has recently acquired Yammer, a social media company, to Excellerate their Social Software as a Collaborative ERP Tool systems.

The Asia Pacific region is following the North America region and is expected to have the highest growth rate in coming years due to the high demand of Social Software as a Collaborative ERP Tool in countries such as Australia and Japan.

In Europe region, the market is witnessing moderate growth rate due to the slow adoption rate of technology. Countries such as Germany and U.K. is contributing massively towards the implementation of Social Software as a Collaborative ERP tool and technologies.

Feel free to ask your queries @
https://www.futuremarketinsights.com/ask-question/rep-gb-2140

The Social Software as a Collaborative ERP Tool report covers

Social Software as a Collaborative ERP ToolMarket Segments

  • Social Software as a Collaborative ERP Tool Market Dynamics
  • Social Software as a Collaborative ERP Tool Historical actual Market Size, 2013 – 2015
  • Social Software as a Collaborative ERP Tool Market Size & Forecast 2016 to 2026
  • Social Software as a Collaborative ERP Tool Value Chain
  • Social Software as a Collaborative ERP Tool Market Current Trends
  • Social Software as a Collaborative ERP Tool Competition
  • Social Software as a Collaborative ERP Tool Market Drivers and Restraints

Social Software as a Collaborative ERP Tool Market includes following regions

  • Social Software as a Collaborative ERP Tool by North America
    • Social Software as a Collaborative ERP Tool by US
    • Social Software as a Collaborative ERP Tool  by Canada
  • Social Software as a Collaborative ERP Tool by Latin America
    • Social Software as a Collaborative ERP Tool by Brazil
    • Social Software as a Collaborative ERP Tool by Mexico
    • Social Software as a Collaborative ERP Tool by Others
  • Social Software as a Collaborative ERP Tool by Europe
    • Social Software as a Collaborative ERP Tool by U.K.
    • Social Software as a Collaborative ERP Tool by France
    • Social Software as a Collaborative ERP Tool by Germany
    • Social Software as a Collaborative ERP Tool by Poland
    • Social Software as a Collaborative ERP Tool by Russia
  • Social Software as a Collaborative ERP Tool by Asia Pacific
    • Social Software as a Collaborative ERP Tool by Australia and New Zealand (ANZ)
    • Social Software as a Collaborative ERP Tool by Greater China
    • Social Software as a Collaborative ERP Tool by India
    • Social Software as a Collaborative ERP Tool by ASEAN
    • Social Software as a Collaborative ERP Tool by Rest of Asia Pacific
  • Social Software as a Collaborative ERP Tool by Japan
  • Social Software as a Collaborative ERP Tool by Middle East and Africa
    • Social Software as a Collaborative ERP Tool by GCC Countries
    • Social Software as a Collaborative ERP Tool by Other Middle East
    • Social Software as a Collaborative ERP Tool by North Africa
    • Social Software as a Collaborative ERP Tool by South Africa
    • Social Software as a Collaborative ERP Tool by Other Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.

Explore FMI’s Extensive ongoing Coverage on Technology Market Insights

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Killexams : Podcast transcript: Why devs are the unsung heroes of collaboration

This automatically-generated transcript is taken from the IT Pro Podcast episode ‘Why devs are collaboration experts’. To listen to the full episode, click here. We apologise for any errors.

Adam Shepherd 

Hi, I'm Adam Shepherd.

Connor Jones 

And I'm Connor Jones.

Adam  

And we'd like to welcome you back to the IT Pro Podcast. We've been on a break for the last several weeks, but we are back in front of the microphones once again, to talk about why developers and software engineers are so great at collaboration, and how businesses can learn from their example.

Connor  

It's a common joke in the world of tech that when a developer runs into a problem, their first instinct is to head to StackOverflow. While this beacon of wisdom supports a wide spectrum of communities and interests, it's most famous for being a forum where coders and sysadmins can seek advice from their peers.

Adam  

However, while it's a highly useful resource, StackOverflow's omnipresent popularity within the IT community also reveals an interesting trend. It's just one of the numerous ways in which tech professionals across different companies, geographies and verticals, collaborate and share knowledge with each other.

Connor  

So what is it that makes developers so good at cooperating? And are there any lessons that other areas of the business can take from them in order to Excellerate their own collaboration?

Adam  

We're joined this week by Prashanth Chandrasekar, CEO of StackOverflow, to discuss why devs are the unsung heroes of cross-business collaboration. Prashanth, welcome to the show.

Prashanth Chandrasekar  

Thank you, Adam and Connor. Wonderful to be here. Thanks for having me.

Adam  

Now, percent, I'm going to say that, conservatively speaking, roughly everyone who's listening to this podcast has at least heard of StackOverflow. Can you deliver us an example of how many developers and engineers roughly use StackOverflow on a daily basis?

Prashanth  

Yeah, so we have, you know, a very large impact on the world. And I don't think these people sometimes don't appreciate that we're sort of the engine behind the scenes on really driving the tech ecosystem forward, right, because ultimately, all developers, pretty much all developers use StackOverflow, literally on a daily/weekly basis. So our scope is we serve close to about 100 million monthly visitors. And, you know, based on some fairly conservative statistics, we believe about 80% of that number leverages StackOverflow, literally on a weekly basis, meaning they have a tab of Stack Overflow open during the course of the week, which is, you know, quite a staggering statistic, if you think about it, right. So. So it's I think it's fairly clear to say you know, we're an indispensable part of the developer workflow.

Connor  

Cool, and what kinds of questions are they asking?

Prashanth  

Yeah, so you know, on the platform, we have close to 50 million Dumps on every possible technology topic, whether that is a programming language, if it's a scripting language, if it's a cloud technology, so you name it, right, the Pythons, the JavaScripts and the AWS' of the world. And, you know, the scale which has been built up over the past 13-plus years - we've been around since 2008 - has the network effect of really solving this very large problem of sharing knowledge, technical knowledge, and has allowed it to sort of compound to that level today.

Adam  

So are there any kind of patterns that you've seen in terms of the, if you like, the levels of complexity, that the questions on StackOverflow tend to sort of coalesce around? Is it kind of entry level sort of problems that that junior developers and whatnot will run into commonly? Or is it some of the really sort of technical advanced level roadblocks, that kind of really ambitious projects might come up against?

Prashanth  

Yeah, it's a good question. In general, I would say it's all the things, right, it's got all of the fundamental questions that people need to get answered. And you know, that's why people just, you know, when typically the way StackOverflow is used is people encounter an issue while they're writing code in their IDE, they go and ask that, you know, they type of the error in Google, and, you know, invariably a StackOverflow question and answer pops, pops up as the number one response in that Google search. And, and so that is, again, in the context of our public platform, I'm happy to talk about how that also happens within companies through our StackOverflow for Teams software as a service product, which is effectively the same, but the the highway, so to speak, to be to be able to ask those sort of questions happens on chat ops tools, like Slack and Microsoft Teams, as an example. So but in general, you know, the content that people... we're the world's largest knowledge base of all things technical knowledge, right. So in that context, it's got, you know, basic questions, intermediate questions, advanced questions. And you know, every year there is, you know, a brand new set of languages or scripting languages or, you know, new innovations that are, that are happening on StackOverflow. So this is really a great leading indicator for where the world is going and you know, over the past 13 years, it's been fascinating to see even through our, our annual developer survey that goes out to, you know, between 75,000 to 100,000 people respond to that survey every year. It showcases the progress in the tech industry, specifically in software programming, because a lot of the inefficiencies of, of certain languages are, you know, you know, that people are constantly looking to abstract away complexity and issues from the, you know, whatever they were using predominantly into a new language as an example. Right. And that's, it's been fascinating to see what's become the most popular language at the most, you know, every year, it's been interesting to see that trend.

Connor  

I mean, since you mentioned how Stack Overflow is used in, in businesses. So in a professional setting, is it is it something that's kind of like frowned upon, you know, like, almost seen like a cheat sheet, rather than something that's like, encouraged to sort of develop proper, you know, you'd you'd rather, you'd rather build good code with a cheat sheet than develop, like to develop it organically, you know?

Prashanth  

Yeah. You know, I think it's, you know, there's a nuance there, right? Because what we're trying to accomplish through StackOverflow is, yes, it's a faster path to the problem, because, you know, the searchability, and the ability to get access to information is lightning quick. And that is, that's, you know, that's fantastic. Because it's, you know, you have the answer to your problem, if you're in the middle of the night at 3am, trying to debug some code, you know, which I have done when I was writing code many, many years ago, I probably spent several hours in a sort of a frustrating space, trying to figure out, you know, how to solve the problem without really a lot of help, because everybody was sleeping plus I was, you know, I had my trusty textbook, so they were useless in the context of, you know, in the practical sense of writing something that was complicated, but getting access to information and issues that other people have encountered, by the way, not just in your own circle, but literally around the world, you know, at a very large scale, is a huge blessing. So that access, which is super fast, is really, up to very high quality information is, is a you know, just a great combination, right? Now to answer your question on is that, you know, how do people utilise that information? There's a choice people make there, you know, the way we characterise ourselves is that StackOverflow provides the context for code. Right? So it's meant to be a learning tool, as in it's not meant to be necessarily yeah, there's a plenty of memes about StackOverflow about copy-paste, and we actually poke fun at that ourselves and we poke fun, fun of our, you know, we look at ourselves as that, but, but the reality is that we are, our goal is to empower the world to build technology through collective knowledge. That's our mission statement, right? So we are, we're literally saying, you know, here's the world's knowledge base, you have an opportunity to learn how best to do this, given all the ways in which people have explored this problem. And that way, you're smarter as a result of that. So of course, at some point, people, that's the right way to do it, you know, people just blindly just sort of copy paste and read don't realise what they're doing. And then you know, at some point that's going to, they're going to hit a limit, and they're not going to be able to be very effective.

Adam  

Yeah. And I think that's an important point to note. While it is absolutely possible to solve a lot of problems by copying pasting code from StackOverflow, from a question that somebody else has previously asked, where the real kind of learning, I think is evident, is when you ask the question yourself, because if you actually, rather than just kind of skim reading until you find the relevant code snippet that you need to solve your problem and plugging it into your IDE, if you actually take the time to read through all of the responses to, you know, the question on StackOverflow, you will find an awful lot of context and framing and kind of additional information; people going, Okay, this is why what you've got isn't working, these are the factors that you haven't taken into account. And here's the correct way to structure it - or more, more accurately, here's one of several correct ways you can structure it. And that's where I think a lot of the the real valuable learning comes into it when you are rather than just skim reading StackOverflow for the answers, when you're immersing yourself in that kind of community.

Prashanth  

Yeah, just to sort of, you know, just go go to one of the points that you just sort of referenced, I think is important, is that because we've been around for 13 years, and you know, literally the world's knowledge is, is on the platform on all things technology. It's been fascinating to see as a simple question that could have been asked and, you know, had a particular answer, let's say, 10 years ago, right? We got some user feedback over the past several years saying, hey, we'd love to also have have, you know sort of the latest answers to these questions sort of, you know, being being able to be surfaced. And so we actually launched something very recently called trending sort, which is to say, newer answers of problems that have been around for a long time. Because you know, as people progress in time, there are more efficient ways to solve problems, even though the traditional way is probably fine. It works, right, but perhaps a more elegant way to solve problems. So we actually literally launched that, very recently, in response to user feedback, to say, you know, the most accurate answers, this also gives the users a choice to, you know, sort their answers based on whether that's, you know, the most voted answer, or the most trending, trending up answer as an example, to your question.

Adam  

So, as you mentioned, there's a lot of knowledge and information that the developer community has shared on StackOverflow. But one thing I've noticed is that you don't really tend to see the same thing in other roles, you know, things like HR, finance, marketing, they don't have that kind of reputation for resource sharing, and knowledge sharing and collaboration. Do you think that developers are kind of naturally more inclined to share and collaborate with their peers than other types of employee?

Prashanth  

Yeah, I think it's, you know, it's an interesting sociological sort of question. I think, you know, there's human nature in general. And then there, I think the developer community is definitely a very unique group, within that. I think the DNA of a developer or software engineer is absolutely to help their fellow software engineer and developer because, and this was obviously unlocked in the context of the internet, when the Internet became prevalent, I think that's what really allowed, you know, companies like StackOverflow, to really thrive as a result of being able to sort of being able to sort of, you know, capture that, that big opportunity to say, you know, how do we all collectively solve very large problems that everybody experiences? And I'll tell you why that's the case, Adam, because, you know, I alluded to this previously is that, you know, writing code can actually well at least, was a very, very frustrating experience. I mean, especially because, you know, you're, you know, you could have a syntax error, or you could have a semi colon or a bracket, open parentheses, close parentheses missing, you know, all those sort of, you know, niggles cause massive amounts of frustration. And so I think, for those of us that have written software, recognise that, empathise with that with that pain, and you know, wouldn't want to wish that on anybody else. So, so naturally, there is this sort of affinity to say, Listen, let me help out my fellow developer, because it's actually a much simpler, simpler answer than you think, you know, you don't have to spend six hours trying to figure out the flow of missing close parenthesis like here, here's the answer. And so that is the reason because of the shared, accentuated levels of pain. I think people have decided that it's probably is a good idea to share to alleviate that pain across the board. Now, do pains exist in other fields? HR? Finance? Absolutely. Right. So I think that you could extend that, you know, concept to that. But this is, I think, what's interesting about software development is that it's a very discrete, you know, the answers are very discrete, right? Most other sort of subjects are somewhat subjective, you know, software development is very objective, as in, you know, here is the right answer to this problem. And that's it, like, there's either right or wrong, it's zero or one. Like, that's basically how it works. Whereas something that's more subjective, like, people management or leadership, or, or, you know, maybe legal is not as subjective, but there is still interpretation of the law as an example, right. Ironically, by the way, all those subjects that I just mentioned, also exist on Stack Overflow in our StackExchanges, you know, so they do it, there's a legal Stack Exchange, there is a workplace Stack Exchange for you know, things like that. So, so it's not like, you know, those, it cannot be extended because the DNA of human nature is ultimately to help each other. I truly believe that. But of course, I think the problem and the pain is much more accentuated in software development.

Connor  

It's nice to hear that even the likes of yourself and other software developers - as myself, as a hobbyist developer, I'm still learning - that you and you and I have both gone and done the 3am, three hour pull your hair out, headache kind of moments, just only to find this just this silly little syntax error. It's the worst feeling. Yeah, it's Yeah, code, code is definitely frustrating. But can you... coming from a journalism background, there is, it's quite, I'd say I would say the opposite to software development in the in this sort of collaboration perspective, because there is a lot of, in my opinion, there's a lot gatekeeping around information, just kind of like as a reporter, you're kind of just like thrown into the field and just told sort of like, find a story, right? You go to other journalists and say, Oh, how did you find that? They're not going to deliver you very many tips, because they want to keep the stories to themselves, right. And I'm exactly the same. So in software, in software development, I know that there is a lot of collaboration, but is there any kind of gatekeeping that goes on? And can you, can you tell me a little bit about that?

Prashanth  

So if you think about how our Stack Overflow for Teams software as a service product was launched in 2017, it was actually a result of companies saying, we love Stack Overflow, like, you know, as users and companies are absolutely every company in the world leverages Stack Overflow in the context of our public platform. But then many of them said, You know what? The fundamentals, it's great to be able to share and collaborate on this public platform. And even more advanced topics, however, 60, maybe 50, or 60%, of what I want to share and collaborate information on is proprietary to my company, right? And so that's when there was an incentive for us to say, Okay, let's actually go create a private version of StackOverflow for companies to use inside their companies to share and collaborate knowledge. And that launched in 2017, was, you know, companies like Microsoft, came to us. And, you know, they now have 100,000 people from Microsoft on Stack Overflow for teams, right, they're sharing all sorts of product information, technical information, you know, people across the company are leveraging it, you know, through Microsoft Teams and Stack Overflow for Teams that are integrated. And every bank on the platform; 60, 70,000 users, each, every big tech company, or medium sized tech company, or even startups are, you know, leveraging StackOverflow for Teams. So there's to that, the gatekeeping concept is ultimately when things become proprietary to your company to the you know, what you're trying to kind of solve for; absolutely, at some point that's required. Now, the experience of Stack Overflow for Teams, if you if you know, people go use it, is that you know, when you get it, you can still go to Google and get a question, type a question, how do I do this on AWS Lambda, which is a serverless concept. And the answer coming back will be a Stack Overflow answer always. But the screen, if you're a Stack Overflow for Teams customer, will be, the top of that screen will be from the public Stack Overflow. So you get a bunch of answers from there, from the 50 million questions and answers, and the bottom of the screen will come straight from your internal proprietary, you know, kind of walled garden Stack Overflow for Teams within your company. Because you know, you know, Connor, you wrote a response to that question info that is very specific to your company as an example. Right. So that is, the idea is to allow flexibility for users, depending on their needs, whether within companies or whether it is operating on open source ecosystems.

Connor  

That's cool. That's cool that it's like a really integrated platform. And I imagine that like you said, Microsoft, and all these, like really large tech firms that are operating with millions and billions of lines of code, with countless developers working on them, I imagine that knowledge sharing platform is like super, super useful, especially when you've got like, developers writing code in a different style to you, and you don't quite understand how to interpret it and that kind of thing.

Prashanth  

So actually, based on what you just said, one thing to clarify, is that the way our product is used within companies is that it's not just specific just to the engineering organisation. So what I mean by that is software engineering clearly is, you know, the huge proponent of our product. And then it's also used by product managers. It's used by product marketers, it's used by product architects, SREs, all the technologists groups within data science groups within companies. And then the biggest also, the next level of benefit comes when, because, you know, when people outside of those groups are actually accessing that information in a very reusable fashion - and that's why we measure something called knowledge reuse within our product - and the benefit there is for a salesperson to ask a question on Stack Overflow for Teams, or, you know, do it through Slack or Microsoft Teams and get the answer from Stack Overflow for Teams, when they're integrated. And not to tap the shoulder of a engineer or a product person who is in the flow state, as we like to say of like, you know, doing what they're doing, right not feeling getting distracted. So the power of the product actually comes when people use it beyond the core groups, because you know, the reason to actually have all this information is to get it to be reused. And so people are not getting distracted when people outside of those groups are actually getting, trying to get information on and hopefully that makes sense, right? So that's how that's how it's used. Typically, in all these customers that we have, we have thousands of customers in the StackOverflow for Teams product, and enterprises and mid market companies and SMEs. And that's that's the use case.

Connor  

Yeah, absolutely. That sounds that sounds super valuable. Are there any other barriers that prevent other areas of business from adopting the kind of knowledge sharing, as seen in the developer community?

Prashanth  

No, yeah, as, based on what I just said, I think, you know, the idea is for us to unlock, you know, real value by cross functional knowledge use within companies and, you know, obviously, on a public platform, it happens in a very large scale in the technical community. But the power of something like Stack Overflow for Teams is that we have every part of the company being able to break down silos, and work cross collaboratively. So you know, in our company is an example and many other large tech companies that use our product, you got, you know, every part of the company using the solution, right, and the idea is to because they it creates this level of high levels of productivity and efficiency, where, you know, answers are coming straight from something that was, you know, that was already sort of answered a week ago. But, you know, the reality is that, there's there are, you know, we do a lot of research on this sort of subject, and there's so much evidence to suggest that the number of repeat questions that are being asked across organisations is, is very, very significant, right. And there's a lot of like, if you think about the economic impact of that, that's very substantial. So specifically, as an example, you know, our 2022 developer survey, 62% of all the respondents in the survey close to 75,000 people, they said that they spend more than 30 minutes a day searching for answers or solutions to problems, solutions to problems, right. So when you add, add up all that, you know, all the people in your company, and you add that up, or you multiply that for the month and the year, it's a substantial amount of time. And so that's why I think there is an absolute need, where people definitely are frustrated across companies, when they have to repeat repeat themselves. And this is even more compounded in the context of the distributed work environment that we live in. Because there's no more hey, I'm just gonna pop into your office, ask a quick question and like, you know, get on with my day, it's like literally thousands of Slack channels, Microsoft Teams channels being inundated with a bunch of repeat questions, and you're hiring a lot of people in your company, you know, all of them have the same questions that the previous cohort of people had, you know, about a month ago or so. And the same people have answered the same question. So that it is it is literally a productivity suck, you know, by doing it the way that people are doing it, and people are doing today, which is why again, our product solves that problem in Stack Overflow for Teams.

Adam  

So how do you solve for the the, if you'd like the adoption challenge outside of the technical and technical-adjacent organisations, because obviously, developers, software engineers, product managers, kind of, you know, agile coaches, all of the kind of the, the job roles that kind of sit alongside technology? Yeah, very familiar with Stack Overflow, you know, very used to using it as a resource. Those sort of non technical functions, if you like, you know, the HRs and marketing departments of the world. Do you have any challenge getting them to fully embrace Stack Overflow for Teams when it gets rolled out into a into an organisation on a kind of wider scale?

Prashanth  

To answer your question, let me add one other data point, and then I'll expand it; the one data point that we also sort of found was that 68%, or approximately 70% of developers within companies said that they encounter a knowledge silo at least once a week, right? And for people managers across these companies 73% reported encountering a knowledge silo at least once a week, right? So it's a very pervasive problem; now that that they recognise it's a big, pervasive problem. And it's very compounded in this current distributed work environment with hybrid work that's here to stay for, you know, for the, you know, absolutely not in our estimation for the future. Our product absolutely takes into account to make sure that the viral nature of the product is really sort of unleashed within companies. So if you think about why StackOverflow grew in 13 years from zero users and zero Dumps to 100 million users and 50 million Dumps in a period of 13 years. The reason for that is to really break down silos and get the mechanism of really recognising users: the upvotes, the downvotes, the badges, the, you know, all those elements, being recognised as the world's best software developer for JavaScript, or for Google Cloud or whatever it may be. They're all incentive incentive systems sort of baked in there.

Adam  

Gamification elements. 

Prashanth  

Gamification elements, all those exist in our StackOverflow for Teams product. But we take that up a few notches. So I'll deliver you a couple examples. So what we do is, we've got several product features, as an example, something like For You, which is, quote unquote, it's for you, Adam, right, is that in the morning, when you log in to Stack Overflow for Teams, you will get a question that perhaps Connor had asked last night before he went to bed about a particular Topic that you are the expert on, because we know that you're the expert on on that particular topic. So it's, it's going to be serving you that question to say, you know, Adam, you're the expert on this, why don't you answer this question. Or, if you're a brand new employee at your company, you're going to get what we call the collection on Stack Overflow for Teams, which is, you know, here are five q&a on everything you need to know about getting getting going. And here are three long form articles from the, from the HR or people department. And you know, and here's how you should, you know, think about our financials or whatever it may be, right. So this is, we're constantly looking for cross functional bits of information to be served up across individuals, across teams. And the product is doing a lot of that heavy lifting through in product nudges and prompts, that really then allow that virality to sort of take off and that network effect to really sort of, you know, gain hold. And so that, hopefully, that gives you a sense of how this is really leveraged cross functionally, and brings in multiple departments within companies to sort of leverage this capability.

Connor  

So we've spoken about other business departments like HR and marketing and stuff. And so if you were to like offer a presentation to them just sort of singing the praises of the developer community, and how good it is at collaboration. Are there any specific lessons that you would include in that presentation and sort of any any advice you could deliver other areas of business to, to Excellerate their collaboration efforts?

Prashanth  

Yeah, I think, you know, I speak about the subject, a fair amount, you know, when we talk about what are the five, sort of tenets of building really, really powerful communities. Right. And I think it's, I think that those lessons, I think, broadly apply to, to any sort of part of the organisation. So let me just sort of deliver you the five. So, you know, I've been in because, you know, we're the community folks, and we've been doing this for over a decade, my own learning suggests that number one, focusing on a shared identity is super critical. So what that means is, you're all sort of having a reason to come together, you know, could be a cross functional group that's trying to solve a problem, it could be, you know, you're empathising with a very specific issue, and you're trying to sort of solve that problem, and so on. And so that's one, number two is really having an incentive and reward system for the users of, you know, as they sort of engaged together. And that's obvious, given what we do at Stack Overflow with all the, again, the the, you know, the the badges and the votes, etc. And number three is building with the community versus for the community, which is important because you can't impose this on anybody as in like, it has to be from bottoms up, it has to be that people feel incentivized, or, or engaged enough to sort of want to do this, you know, and even some of the principles that we've established on StackOverflow, the public community, thanks to our founders, a lot of the those principles were done in collaboration very much with the community, it wasn't done from just the company's perspective. And here's what we can all do. It was done very much, you know, within in very much joined at the hip of the community. Number four is breaking down silos and building bridges. So the Topic that we've been discussing so far is to make sure that there are more and more ways to engage cross functional groups within the conversation of, you know, into the conversation, because the places that you get the answer from will be surprising, because you're, you'll be shocked how many people can contribute to the conversation in a productive way when you open it up. And then the last one is to be able to create virtuous cycles. And the idea is to sort of really build on the virtuous cycle of you know, kicking off a certain topic, combining it with another one and including more and more users into the conversation and that effectively feeding into more subjects to be sort of solved and that sort of keeps compounding and you're solving more and more problems as a result. So I often talk about these five principles or tenets when when we when we think about building great communities and I believe this hopefully can be useful for any anybody in any part of an organisation as they think about building their own community.

Adam  

There's actually one additional piece of advice that I'd like to tack onto that one of the things I think that the developer community does, which initially sounds, you know, kind of silly, but actually works amazingly well is the rubber ducky, which many listeners will probably be familiar with, but if you're not the concept of the rubber ducky is a, an old programming trick where if you're having a particular problem that you're stuck on, and you you just can't work out how to how to tackle, you have a little rubber ducky or similar kind of, you know, curio on your desk. And you explain the problem to the rubber ducky, as if the rubber ducky has no idea what you're doing and what's happening. So you explain the problem to the rubber ducky. And over the course of explaining the problem to the rubber ducky, you oftentimes end up solving it yourself. Which is, sounds ridiculous. But it's basically the same concept in some ways as pair programming, and has an anomalously high success rate for something involving a little plastic duck.

Connor  

Well, I'm glad it works, because I don't ever want to be caught giving a lecture to a plastic duck on my desk at work.

Prashanth  

Anybody that's been a StackOverflow user for a while might remember this concept that you just covered. Adam from our 2018 April Fool's joke. So very much, we're believers in the Pragmatic Programmer, for sure.

Adam  

Well, with that, we'll have to wrap up this week's episode certainly, but I'd like to thank StackOverflow CEO Prashanth crunch Seeker for speaking to us.

Prashanth  

Thank you so much, Adam and Connor. Really wonderful conversation and pleasure to meet both of you. And let me know how else I can be of use to any of your listeners.

Connor  

That'd be great. Thanks Prashanth. You can find links to all the subjects we've spoken about today in the show notes and even more on our website and itpro.co.uk.

Adam  

You can also follow us on social media as well as subscribe to our daily newsletter.

Connor  

And don't forget, subscribe to the IT Pro Podcast wherever you find your podcasts. And if you're enjoying the show, leave us a rating and a review.

Adam  

We'll be back next week with more insight from the world of IT, but until then, goodbye.

Connor  

Bye.

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Killexams : Edology partners with IBM to launch Post Graduate Certificate Program in Data Science Gurugram (Haryana) [India], July 30 (ANI/NewsVoir): Edology has announced a partnership with IBM, one of the world's top leading and reputed corporations, to introduce its Post Graduate Certificate Program in Data Science for working professionals and everyone wanting to enter the field of Data Science. Developed by IBM inventors and experts who hold numerous patents in the field of Data Science, this is the first IBM programme that has been completely designed by IBM and is being delivered by its faculty.

"The programme for the Edology x IBM Data Science course is a very special offering from IBM, and this is one-of-a-kind initiative," according to Hari Ramasubramanian, Leader, Business Development and Academia Relationships, IBM Expert Labs, India/South Asia. He further added, "There is a strong demand for skilled technology and trained professionals across the industry. Data science is not confined to IT. It includes all the verticals one can imagine-from board meetings to sports, data science brings a lot of value to organizations worldwide. For students, as well as professionals with experience, if you want to fast track your career on to the next level, this is the course you should be doing."

"The IBM Data Science certificate program through the Edology platform, will equip to adapt to the dynamics in the industry and drive technology innovation," said, Vithal Madyalkar, Program Director, IBM Innovation Centre for Education, India/South Asia. "The Data Science course modules will provide deep practical knowledge, coupled with broad-based industry alignment, interaction, talent discoverability as well as excellence in their professional practice." A global Ed-Tech company, Edology helps students and professionals all around the world advance their careers in a variety of subjects, including data science, artificial intelligence, machine learning, cyber security, and more. Unique Offerings of the IBM x Edology PG Certificate Programme in Data Science:

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Sumanth Palepu, the Business Head at Edology, states, "Statistical estimates reveal that the worldwide market size for Data Science and analytics is anticipated to reach around a whopping $450 billion by 2025, which also means that the rivalry would be quite severe at the employee level, the competition will be very fierce. Thus, this collaboration with IBM is now more essential than ever, so that we are collectively able to deliver advanced level teaching to the students and working professionals and they get first-hand industry knowledge with our IBM experts."

www.youtube.com/watch?v=rjWGU_k2Dhg

Edology is a Global Ed-Tech Brand that provides industry-powered education and skills to students and professionals across the world, to help them achieve fast-track career growth. Launched in 2017, Edology connects professionals from across the globe with higher education programmes in the fields of law, finance, accounting, business, computing, marketing, fashion, criminology, psychology, and more.

It's a part of Global University Systems (GUS), an international network of higher-education institutions, brought together by a shared passion of providing industry-driven global education accessible and affordable. All the programs of Edology are built with the objective of providing its learners career enhancement and strong CV credentials, along with a quality learning experience.

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This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

Fri, 29 Jul 2022 22:04:00 -0500 text/html https://news.webindia123.com/news/articles/Business/20220730/3968197.html
Killexams : Stereotaxis, Inc. (STXS) CEO David Fischel on Q2 2022 Results - Earnings Call Transcript

Stereotaxis, Inc. (NYSE:STXS) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET

Company Representatives

David Fischel - Chairman, Chief Executive Officer

Kim Peery - Chief Financial Officer

Conference Call Participants

Josh Jennings - Cowen

Adam Maeder - Piper Sandler

Neil Chatterji - B. Riley

Alex Nowak - Craig-Hallum Capital Group

Frank Takkinen - Lake Street Capital Markets

Nathan Weinstein - Aegis Capital

Javier Fonseca - Spartan Capital

Operator

Good morning! Thank you for joining us for Stereotaxis’ Second Quarter 2022 Earnings Conference Call.

Certain statements during the conference call and question-and-answer session period to follow may relate to future events, expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company in the future to be materially different from the statements that the company’s executives may make today. These risks are described in detail in our public filings with the Securities and Exchange Commission, including our latest periodic report on Form 10-K or 10-Q. We assume no duty to update these statements.

At this time all participants have been placed on a listen-only-mode. The floor will be open for questions and comments following the presentation. As a reminder, today’s call is being recorded.

It is now my pleasure to turn the floor over to your host, David Fischel, Chairman and CEO of Stereotaxis.

David Fischel

Thank you, operator and good morning everyone. I'm joined today by Kim Peery our Chief Financial Officer.

We are operating in an environment that remains very similar to what I described on our last call in May. It is both a challenging and exciting period for Stereotaxis. The macro business environment remains littered with a host of pandemic related supply chain, regulatory, personnel and economic disruptions.

We saw nearly 70% reduction in China procedure volumes during the second quarter, continued to see delays to hospital purchasing decisions, and construction projects, have not yet observed an improvement in supply chain reliability, and seen inflationary pressures on various expenses. The optics of our financial results in the quarter reflect these challenges, particularly the delays in hospital construction, with negligible system revenue recognized in the quarter, contributing to reduced revenue compared to last year's second quarter.

Despite these pressures and the poor optics of our financial results, Stereotaxis is making significant progress commercially and technologically. I am pleased with our progress and confident in where we stand and the path ahead of us. We have continued demand for our technology; we are advancing a transformative innovation pipeline. We are assembling an all-star commercial team and we're doing all this while maintaining financial stability and strength.

Let me first touch upon our return commercial performance. During the second quarter we received three orders for Genesis systems, two of which we received since four last call. All three of the orders came from the United States. Two order are replacement cycle systems where Genesis will replace aged Niobes at existing hospitals.

The third order is unique and exciting. An existing hospital customer who already operates a successful robotic EP program, decided to establish a second robotic lab at the same hospital. This is a prestigious hospital led by a key opinion leader in the field, and will be the first EP program in the U.S. with two of our robotic systems.

Our continued pace of Genesis orders bodes well for future financial results, as we now have over $12 million in backlog of system orders waiting to be shipped, installed and converted into revenue. While timing of revenue recognition is often outside of our control and dependent on hospital construction, orders in our backlog are essentially guaranteed with an over 99% conversion rate and significant non-refundable down-payments, providing confidence in their realization.

Our efforts to grow capital sales are performed alongside a continued commitment to the success of existing robotic practices and the development of the holistic commercial infrastructure that drives such success. Two highlights from the second quarter include graduation of an additional cohort of fellows in our Robotic EP Fellows Program and the publication of the Robotics Special Issue in the Journal of Atrial.

11 Electrophysiology Fellows graduated from our Fellows program in the past quarter. We expect to graduate 19 this year and in total 65 Fellows have graduated from our program globally since it was launched. These Fellows represent the future of the field, and enter with appreciation and confidence our technology, which bodes well for us going forward.

The body of clinical literature supporting the clinical value of robotics and EP also substantially increased with 16 Peer-Reviewed Publications included in a special issue of The Journal of Atrial in June. The publications covered the broad range of topics, including the use of our technology across the spectrum of arrhythmias and in several more novel way alongside pre-operative imaging and interoptive mapping technology, without the use of X-Ray and remotely over long distances. We continue to view the quantity and quality of clinical data on our technology as a strong foundation for future adoption.

Most impactful to our mid and long term commercial performance remains the realization of Stereotaxis strategic innovation plan. As a reminder, our innovation strategy consists of five key pillars; a mobile system that enables broad accessibility of robotics; our own independent ablation catheter portfolio; devices that expand our technology to new endovascular indications; China specific product ecosystem; and a digital platform for broad operating room connectivity. Each of these will individually service as substantial growth drivers that dwarf our existing business, but the five efforts are also synergetic and collectively serve as the foundational product ecosystem in our mission to transform endovascular surgery with robotics.

We were very pleased a month ago to announcer CE Mark’s submission of our proprietary robotically navigated ablation catheter MAGiC. Submission of MAGiC reflects the culmination of extensive design, development, manufacturing and testing effort, and I want to congratulate the many individuals who were instrumental in that effort.

The submission was made on schedule with the timeline we provided at the start of this year, and complies with the accurate more stringent MDR Regulations in Europe. While the timeline for approval of the catheter is not knowable at this stage, we're preparing for commercialization upon receipt of CE Mark as early as year-end. The catheter design build upon nearly 20-years of experience and learning since the existing Biosense Magnetic Catheter was developed and we are very excited for the clinical, commercial and strategic benefits MAGiC will provide.

Beyond the significant milestone with MAGiC, we are methodically advancing the other technological pillars to our innovation strategy. These are advancing against the headwinds of supply chain challenges, of COVID quarantine in China, personnel disruption and the regulatory distractions caused by MDR in Europe. Despite those, we still view an initial launch of the mobile robot around this time next year, as realistic and the hardware electronics and software aspect of the system are advancing nicely.

The MicroPort and Stereotaxis' collaboration continues to progress well and we view a comprehensive product ecosystem in China, coming together during the second half of 2023. Ramping up production of guide wires for the required regulatory testing has gone slower than projected at our contract manufacturer, and we now expect regulatory approvals and an initial launch in the first half of 2023, rather than at the start of the year.

Finally, submission of an application to the FDA to initiate a prospective IDE trail for the MAGiC catheter is currently waiting on certain animal trial that we expect to complete by year end. Development progress is inherently nonlinear, particularly in this environment, but we are pleased by the breadth and quality of impactful developments being advanced.

The methodical progress across multiple fronts on our innovation strategy brings us closer to a commercial break out and consistent long term revenue growth. As our technology pipeline becomes derisked and approaches the market, we are placing increased focus on ensuring the right commercial team, infrastructure and processes are in place to drive substantial revenue growth.

I was very excited to be able to announce last week that two highly experienced and successful commercial leaders are joining Stereotaxis. Frank Van Hyfte and Tim Glynn bring to Stereotaxis decades of significant and highly relevant experience. They have scaled businesses like ours in order of magnitude larger, and lived through the complexity and rapid pace of pioneering new markets.

Their skill sets and geographical focuses are complementary to each other and are complementary and additive to our commercial leaders Michael Tropea and Casey Payne. That we were able to find leaders of this caliber to enthusiastically join us is a testament to the opportunity in front of us and the company we are building. I personally feel grateful to have these commercial leaders as partners in our journey, and encouraged by the fact that their leadership will guide our commercial activities.

The puzzle pieces are starting to come together on both the technological ecosystem and commercial organizations. Our progress on both these fronts supports substantial long term growth in Electric Physiology and more broadly in endovascular interaction.

Kim will now provide some commentary on our financial results, and then I'll make a few financial comments as well before opening the call to Q&A.

Kim Peery

Thank you, David and good morning everyone. Revenue for the second quarter of 2022 totaled $6.2 million. This was down from $9.1 million in the prior year second quarter, primarily due to recognizing revenue on just a partial robotic system this quarter, compared to two systems last year.

Recurring revenue for the quarter was $5.6 million compared to $6.1 million in the prior year second quarter, reflecting headwinds and procedure volumes and some reduction in service revenue as hospitals approach replacement cycles.

Gross margin for the second quarter of 2022 was 76% of revenue, with system gross margin of 16% and recurring revenue gross margin of 83%. Operating expenses in the quarter of $9.8 million included $2.7 million in non-cash stock compensation expense, excluding stock compensation expense. Adjusted operating expenses were $7.2 million consistent with the prior year second quarter.

Operating loss and net loss for the second quarter of 2022 were both $5.2 million compared to $3.4 million and $1.2 million in the previous year. Adjusted operating loss and adjusted net loss excluding non-cash stock compensation expense were $2.5 million in the current quarter compared a negative $0.6 million and positive $1.6 million in the prior year quarter.

Negative free cash flow for the second quarter was $1.8 million, compared to $0.1 million in the prior year second quarter and $1.2 million in the second quarter of 2020. At June 30 we had cash and cash equivalents of $35.1 million and no debt.

I will now hand the call back to David.

David Fischel

Thank you, Kim. I wanted to add a few additional comments on two key topics, revenue expectations for the remainder of this year and our balance sheet and financial stability.

On the first topic, we view the revenue reported this quarter as a naviar in our performance. Our pace of system orders and current system backlog of over $12 million supports our prior guidance of system revenue and overall revenue growth for the year.

If we were able to install all the systems in our backlog, we would expect approximately $15 million in system sales for this year. Typically we have discussed an approximate three to 12 months timeline between when a robot in order to when it is shipped or installed for revenue recognition.

We have seen significant variability in these timelines, with various hospital projects delayed long beyond what our customers originally expected. Those hospital construction delays introduced risk that a sufficient portion of backlog may not be recognized this year and instead next year, introducing caution to that guidance.

As all of the orders in our backlog will be delivered eventually, any such delays would generate revenue growth in the coming year. The significant timelines associated with capital purchases and hospital construction reinforce the importance of our strategy to make robotics broadly acceptable by bypassing logistic and construction complexities. As mentioned earlier, based on our current progress, we expect commercial availability of our mobile robot by the middle of next year.

On the Topic of financial stability, we are obviously cognizant of evolving macro concerns and the potential for extended periods of economic and capital market pressure. Our commitment to managing Stereotaxis in a financially prudent and disciplined fashion, served us well in that environment.

Recent inflationary pressures have started to impact various costs for supply, services and transportation. We are working to mitigate cost increase and overall remain confident in our financial position and ability to manage the business with a modest controlled burn as we invest for growth.

While we had higher than normal cash utilization in the first half of this year, much of this was due to increased spending on inventory and one-time cost to establish our new headquarter. We expect continued investment in inventory in the back half of the year, but expect to end the year with approximately $32 million in cash and no debt. I view our normalized operating business as having a proximately $1 million cash burn rate per quarter. That financial prudence combined with our strong balance sheet leaves us in a comfortable position to continue advancing our strategy in a self-sufficient fashion without the need for additional financing.

I recognized the poor optics of our financial results, but view this alongside of confidence that our fundamental progress is significant and position is strong. We have continued demand for our technology. We are advancing a transformative innovation pipeline with multiple impact for launches in 2023 and beyond. We are assembling an all-star commercial team, and we are able to do this while maintaining financial stability and strength.

We look forward to now taking your question. Operator, can you please open the line to Q&A.

Question-and-Answer Session

Operator

Certainly. [Operator Instructions]. And we will now take our first question from Josh Jennings with Cowen. Please go ahead.

Josh Jennings

Hi! Good morning! Thanks for taking the questions David. It was great to see some new system orders come in this quarter and our checks suggest that demand for robotic navigation is building. Just wondering if you could just help us think about the sales funnel, about the replacement channel and the Greenfield channel as we sit here today and relative to earlier in the year.

David Fischel

Hi Josh! Good morning! And so we’ve continued to make progress on the infrastructure for managing a sales pipeline. I think on the last call we talked a little bit more about that new infrastructure that was being built and that has been fairly kind of fully operationalized now in the United States and in the process of being operationalized outside the United States.

Overall the sales funnel looks relatively good. I don't think there's dramatic differences from the type of commentary we gave at the beginning of the year, where we said we had a few dozen, a couple of dozen, more than a couple of dozen systems in that pipeline. But we have more – there is better quality of information now that we have the improved capital sales pipeline infrastructure, and then overall we still see a good range of both replacement cycle and Greenfield systems in that pipeline globally and we’ve been grinding away at them.

I think like you say, the pace of orders that we had is consistent with overall a guidance that would drive growth this year and that will drive growth in future years, but hopefully we can also increase that pace at some point.

Josh Jennings

Thank you. And just thinking about the orders attached to – well, out of the second robotics lab at one of your customers center. I mean our sense is that center is within a big hospital network. And I know we’ve talked about this before, a little bit on the last earning call as well. But just, could you remind us of how you are positioned and your sale, your commercial team is attacking IBM's and any other details you can share about the decision by this EP lab to build out a second robotic lab.

David Fischel

Sure. So you are correct. That was a good guess that it is hospital that has a good historical experience with our system. It’s part of the large idea and across the U.S. and decided based off of that experience to buy a second robot.

And overall I’d say that, obviously the reason why they adopted a second system is because they have experience with both the clinical value of our technology and with the economic value for the hospital of our technology, in allowing them to treat patients that otherwise they wouldn’t be able to treat, and in driving efficiencies across the system. It was very nice earlier this year visiting the hospital and the head of the cardiovascular service line was talking so highly about how, when they review all those data how our system has made complex oblations far more efficient and reduced the variability and timelines of those procedures, and so that kind was really a vote of confidence, not just from the clinician, but also from the administrators there.

From an IDM perspective, we do think that we have sufficient experience in the field, again both from a clinical data perspective and from economic value for a hospital perspective to have meaningful conversations with larger IDNs; with the goal of having a relationship that spreads robotics more broadly across an IDN and proves that there's value and not just when robotics is adopted from the bottom up perspective, but also from the top down perspective.

Those discussions are obviously larger, strategic to sell discussions and so it’s always difficult to know when or how those will evolve. But we definitely have those discussions and think that at some point that makes a lot of sense for an IDN to enter into. So hopefully at some point we’ll be able to update you more.

Josh Jennings

Thanks a lot David. I appreciate it.

David Fischel

Thank you, Josh.

Operator

And the next question comes from Adam Maeder with Piper Sandler. Please go ahead.

Adam Maeder

Hi David! Hi Kim! Good morning and thanks for taking the questions. Maybe just to start, one clarification question on the mobile RMN System. I think I heard you expect launch by both U.S. and OUS, just wanted to clarify that. And then maybe just talk about kind of where are we from a design standpoint. We have designed lock and just level of confidence in hitting these timelines, and then I have a follow-up or two. Thanks.

David Fischel

Sure. Hi Adam! Good morning! And so you came out a little bit during your question. So I think I understood it fully, but in case I'm wrong please correct me. So we talked about given where we are right now in the development process, feeling confident that we should be able to have a launch by this time next year. I’d say that that would be in one of those two major geography, either Europe or the U.S. at least, and so I would assume that both geographies would be relatively soon after each other, so in a couple of months, within a few months of each other, but at least one of those we should have a launch by mid next year.

And overall from a development perspective, again, there's the mechanical aspect, the electrical aspects, the control software, the user interface software, so there's various parts that have to come together. There has been all sorts of challenges along the path, particularly on the supply chain side, on the electronic side and also on the mechanical hardware side. But overall the parts are coming together.

We have not yet started the testing of a system, but we’ve done large amounts of the development and overall feel very good where we stand and that we’ll start the VNV [ph] testing prior to year end and will have – will be able to submit for regulatory approval around that time, and that that will be kind of to the timeline we suggested of a launch by midyear.

Adam Maeder

That's very helpful color David, thank you for that. And then maybe for the next question, just on the MAGiC RF ablation catheter. You know I heard the message on expected timelines for Europe and launch there, but maybe I wanted to ask a question on how far in the U.S. market place – you know just when do you think the U.S. IDE trial can get going? Anything on trial design that you can share at this point in time and ultimately how do we think about potentially U.S. approval for that technology? Thanks.

A - David Fischel

Sure. So the European submission required a huge body of testing, that kind of bench testing, lab related testing and required a whole range – I mean dozens of animal studies and did not require a human study. It will require a post approval study in the EU. In the U.S. we have all of those same requirements and the vast majority of the CE Mark dorcei [ph] will be identical or nearly identical for the U.S. IDE submission and so that’s kind of all set and all ready.

We do have though a few, about a dozen additional animal studies that were requested by the FDA beyond a few dozen studies that we submitted for the European submission and those animal studies require kind of a follow-up period, a relatively short, but still a follow-up period and so we've been building out – in order to run those studies we've been developing our own animal study capability and that has been really, that’s the one gating factor to being able to complete those studies and submit the IDE to the FDA. And so we expect to complete those studies before year end and to be able to submit the IDE kind of immediately upon that.

We had multiple discussions with FDA so far, so we have a fairly clear understanding of what the trial design should be and I would expect around, let’s say 150 or so patient study in one specific clinical indication, one specific type of arrhythmia with a relatively short follow up, a maximum three month follow up.

And so given that it’s a very common arrhythmia, given that we have an installed base of users and the catheter would be able to be used either with the Niobes or the Genesis system, so we can really benefit from our fully installed base there. I think that that’s a trial that should enroll very quickly once we gain the IDE approval and we can actually start the study, both enrollment and follow-up should be done fairly quickly.

Adam Maeder

Okay, great, that's very helpful color, and if you don't mind I'm going to try and sneak one more in. You know I noticed in the – I think it was in the press release, there was some commentary about you know the commercial infrastructure and the progress being made there and kind of laying the foundation and you know historically been very judicious and conservative with spend.

But I also think in the past you talked about the MAGiC catheter launch kind of being impetus for kind of ‘don't go in more on the offensive,’ and you know I know we're not quite there yet, but you know just wondering what are the plans looking ahead for commercial infrastructure and building out the teams. Any additional color you can provide would be much appreciated. Thanks again David.

A - David Fischel

Sure. So yeah, I think you're completely right that we are – we take seriously our commitment to running the company in a financially judicious fashion and I think that kind of – that discipline does create a lot of value for Stereotaxis and it ensures that we don't waste shareholder value and capital, and so – but as now that product ecosystem starts to come together and obviously the catheter, but also the mobile system and the range of technologies that are coming together, it does obviously warrant focusing more on the commercial team and how to ensure that we have an excellent commercial organization. And so with that kind of obviously Europe is going to be a particular area of focus given the launch next year.

Putting in place the right leadership is the first step in that, and as we start the launch and go through the launch, I would expect a fairly substantial build out of our European commercial team. Again, I think that given the step-up in revenue per procedure that the MAGiC catheter provides, that will be a fairly – from a financial perspective for the company, a fairly low risk build out of the team, as you can do that very much hand-in-hand with adoption of the MAGiC catheter at specific accounts, and so you can do a very kind of laser focused, pinpointed hiring, where there's a high ROI for each hire and so I think you'll see us kind of probably over the course of next year doing a fairly substantial build out, perhaps even a doubling of the European team.

Adam Maeder

Thanks for the color David.

A - David Fischel

Thank you.

Operator

And our next question comes from Neil Chatterji from B. Riley. Please go ahead.

Neil Chatterji

Hi! Thanks for taking the questions. Maybe just circling back just on the hospital construction environment, just curious you know that we're you know about a month over into the new quarter. I’m just kind of curious if you’re seeing any signs of improvement here in July and now August, and then also if there’s any way to potentially characterize any barriers to conversion you would see for the systems that are in backlog, you know for example or some tied to larger hospital construction projects.

David Fischel

Sure. So hi Neil! So overall on the commentary we gave today is as of today, so we continue to see delays in hospital construction where even you know a couple of the orders that we received late last year, they are where we would have expected to be installing systems around now. It's still unclear whether we are going to deliver systems in a couple of months, a few months or if it's going to take them longer. So there is kind of a – quite a lot of uncertainty and just kind of delays when it comes to our hospital customers and their own processes in building out labs, in getting themselves organized to be ready for us to install.

So I’d say kind of it still is a fairly messy world out there, and on the side, your second question you kind of asked about uncertainty with conversion, and so as I didn't know if that’s kind of in terms of the timeline of when an order or backlog would be converted into revenue or the risk in terms of the overall, will it convert into revenue. Could you clarify that just?

Neil Chatterji

Yeah, I mean maybe just in relation to the construction environment, so just in terms of is it – are some of these tied to larger construction projects where that’s you know – because it’s a larger project, that’s delaying it even more so than if that was just the EP lab conversion.

David Fischel

Yeah, it's a mix and there are some where you have full build outs of wings or full – you know full blow outs of a floor of a hospital. So those are kind of part of obviously a much larger project and other ones might just be that lab. But then often times what you see is that there might be eight labs in a cardiovascular kind of wing of the hospital and the hospital will just go through lab by lab by lab. So they are doing lab one. When lab one finishes, they are going to do lab two, when lab two finishes they are going to do lab three and we might be lab whatever in that line, and so as you have – any delays you have kind of start to impact like a domino effect, the labs after them and so that’s – usually that is a fairly common scenario.

Neil Chatterji

Got it, got it. Maybe if I can add another question here. So just curious in terms of switching gears to the potential MAGiC launch in Europe, just curious in terms of you know what your expectation is for how quickly sites could switch over to using MAGiC, including any I guess regional nuances you might see there.

A - David Fischel

Sure. So there's a range obviously. I think kind of there will be from up purely logistic and legal ability to launch. Upon CE Mark in certain countries will be able to launch pretty much immediately. We’ll have to have a hospital contract for purchasing the product, but that should happen very, very quickly and we can be prime to enter into those agreements almost immediately upon CE Mark, and so that’s kind of very easy from a logistics perspective.

While in some countries, particularly the Nordic countries and France let’s say, and there are tenders, you know country tenders or regional tenders that you have to enter into. So you can usually sell some amount of an approved product outside of the tender as a new – under new technology clauses or other things, but you can't pursue wholesale adoption, wholesale transition of a site until you go through that tender. And so that logistic aspect will mean that in certain countries, that certain accounts you know there will be, there will be only partial adoption for the first let’s say – until you get over those tenders, which could take let’s say anywhere between six months to a year after the CE Mark process.

But again at other hospitals, let’s say particularly in Netherlands, Belgium, Germany, some of the other countries in Europe, kind of you really have no logistic hurdles once you have CE Mark. And the other kind of real effort that we’ll have to overcome is obviously that some physicians will be motivated and excited to be the first ones in the world to use it and will be very kind of very much pioneering in that effort, while other hospitals, I'm sure other physicians will want to see that one of their peers has first done 10 cases of arrhythmia A or arrhythmia B and kind of has good outcomes and will want to be able to speak with that physician and then based off of that will be comfortable trying it themselves. So that's just kind of the normal variability in physician dynamics.

I think kind of we're working hard on our side as an organization to ensure that there is a thoughtful business plan for every one of our 30 some hospital accounts in Europe, where we are thinking about what are the drivers for adoption, how do we kind of approach that, the individual physicians, how do we approach the hospital as an account, if there are any logistic things, how do we know exactly what application and forms and logistic efforts we have to go through to get into the account, and so I think we're going to kind of be ready. That’s – our role is to be ready, so that as we gain approval we can move as efficiently as possible and as thoughtfully as possible throughout that process.

Neil Chatterji

Great! Thanks for that. I’ll jump back in queue.

A - David Fischel

Thank you.

Operator

And we will now take the next question from Alex Nowak with Craig-Hallum Capital Group. Please go ahead.

Alex Nowak

Great! Good morning everyone. I was hoping to expand on the construction question around hospitals, but maybe speak to the CapEx environment at the hospitals. What is their willingness to go out there and place orders right now, particularly if they are seeing these delays in construction projects? I know some of the peers are seeing a recovery, others are not so much. So just the current state on the CapEx for the cap lab.

A - David Fischel

Sure. Hi Alex! So overall obviously we have been receiving still orders at a relatively regular pace. We still see a pipeline of hospital customers that are interested, and so I'd say that you are right. That when there are construction delays, that does often times lead to delays in us receiving an order, but at some point they need to order and then there might be delays even after that, beyond what they thought were the delays that they were expecting.

And so I – I mean definitely there have been delays of orders because of the construction dynamic at hospitals. But in the end of the day, the world is still running, hospitals are still operating, they still need to upgrade the labs, they still need to build new labs, and so those delays do impact the order scheduled. But orders to get done and then unfortunately sometimes they get done and then you still have delays after that, and then you're waiting kind of on the sideline to be able to deliver and install. But again, that's really a kind of a matter of timeline not a matter of ‘if,’ and so kind of we sit here and do our best given that environment.

Alex Nowak

Yep, understood. And then maybe explain on the real world study of MAGiC in Europe. What is that going to look like, how many patients, follow-up time and is there specific number of selected or this is just going to be basically depending on demand.

David Fischel

And so the post market study in Europe will be – that will be defined more clearly in our discussions with the notified body in Europe over the next few months I assume as we get questions, and so we proposed kind of a study design to them. Overall, again I would not use – that will be kind of across a broader range of arrhythmias, probably kind of in the low hundreds of patients overall. We'll be able to do that across a broad range of our site in Europe and so overall kind of we think that will be a good trial for just building a relatively broad kind of data on the catheter in Europe given that it's kind of post approval. There is kind of obviously somewhat less pressure on that, but obviously it will be important for us to be able to run that trial and to be able to kind of show that there is a value across a broad range of arrhythmias through that trial.

Alex Nowak

Okay, got it. And just lastly, just a clarification. What is the system backlog right now? I think it was $12 million, $1.5 million per system roughly, just going to ace the number.

David Fischel

George, it’s over $12 million of system backlog. It’s a little bit complicated to define it as exactly one system, because you saw, let’s say in the second quarter we reported revenue on kind of half of the system. We have both, the X-Ray component, the robot component. There's also sometimes a large screen display component and so we have some hospitals where there’s a mix of those kind of in play, but in total, yes, it’s kind of – its a mid-high single digit number of systems that come up to that. Again depending on – there is some half systems out there where we’ve shipped one of the parts but not the other part and so it's kind of it's a partial shipment.

Alex Nowak

I see, I understand. Alright, thank you.

Operator

We will now take our next question from Frank Takkinen with Lake Street Capital Markets.

Please go ahead.

Frank Takkinen

Hey David! Thanks for taking my questions. I wanted to ask a little bit more on the mix of replacement versus Greenfield. You provided some color around the funnel and I think what I heard was dozens. Maybe just talk to what the mix of that looks like from a replacement versus Greenfield perspective and then how you expect that to trend on a go forward basis?

David Fischel

Sure, hi Frank. So overall it's a good mix between the two; I think a relatively even mix, and when we look at the late stage pipeline, I think there is more and more – the replacement cycle that we talked about in the past is becoming more and more real. You see that obviously in the results over the last quarter. I expect it also probably in the results in kind of the upcoming quarters. There’s definitely kind of – some of those replacement projects are now taking place and so kind of we are seeing some of those now come through.

With that I’d say that obviously from a fundamental perspective process, the company driving Greenfield adoption is valuable and so we're putting kind of more and more focused there, and we still have a range of Greenfield hospitals in the pipeline. And so I think kind of you’ll see a mix, but I’d say that at least in the very late stage pipeline it’s probably skewed more towards the replacement side.

Frank Takkinen

Okay, that's helpful. And then maybe just an update on utilization. I know some of the newer sites have been trending above some of the legacy sites. So maybe just any color you can provide about utilization in the quarter and how that's been trending.

David Fischel

Yes. So if you exclude the dynamic of kind of Asia last quarter, overall the utilization has been – I don't have the exact numbers again for the Genesis installs or the new Greenfield installs that we just had from the beginning of this year. But overall the utilization has remained very nice and kind of above average levels in the second quarter, and so kind of we're very happy with the way the Greenfield sites and Genesis System are being used.

I don't if anyone on the call had an opportunity. The new launch that we had in Warsaw in the first quarter, late in the second quarter they had a conference that they hosted at the hospital. Two of the live, two I think out of the four live cases from that conference were using our technology. They had a commentary at that conference where they commented how impressed they were with the system, how they were using it across the broad range for arrhythmias. And so overall kind of I’d say that the experience at our existing sites, as the new launches at the Genesis sites has been overall very nice.

And so that’s kind of – and outside of that I’d say overall utilization remains kind of relatively stable. We have kind of sometimes pressures like the second quarter in Asia Pacific, but overall have a relatively sticky recurring revenue base and so that kind of has been, that’s been obviously a bright spike in along the stuff, kind of an overall stable foundation for the business upon which to build upon.

Frank Takkinen

Okay, that's helpful. I'll stop there. Thanks for taking my questions.

David Fischel

Thanks Frank.

Operator

And we will now take the next question from Nathan Weinstein with Aegis Capital. Please go ahead.

Nathan Weinstein

Hi David! Good morning and thanks for taking my questions. These questions are about the innovation pillars. Basically, can you remind us from your perspective what you see as the top endovascular adjacencies that could be most attractive for Stereotaxis? And then secondly, any update on the China specific product ecosystem and does that remain an attractive opportunity as you see it?

David Fischel

Hi Nathan! Good morning. Sure, so let me touch upon both of those. So from an endovascular intervention and kind of as an adjacency to what we are doing in electrophysiology, that’s kind of obviously one of the big pillars of our growth. I think our technology, the Robotic Magnetic Navigation, the concept of moving endovascular devices from their distal tip and by doing so allowing for precision and safety and reach and stability that otherwise is not possible with a manual catheter. I think that's kind of – it has inherently a lot of advantages across a range of endovascular surgery.

At our kind of R&D, Innovation Day that we hosted late last year, we talked about five specific clinical applications where there is kind of challenge and unmet medical need that we think can be addressed very nicely with robotics with our technology, and so we are kind of building the ecosystem of interventional devices, guide wires, guide catheters that can be used across those clinical applications.

I think places like neurointervention, where you have particularly complex anatomy, particularly delicate anatomy, there is significant unmet medical need with many patients not getting therapy at all or not getting the therapy that would be beneficial to them. Those that are particularly kind of attractive areas that I think we can provide a lot of value in.

But again, they were kind of all five of the critical areas where we kind of have our site on. The others outside of neurointervention being interventional cardiology, peripheral arterial disease, AAA grafts and embolization for cancer. And so I think kind of those five are where we currently have our sites on, and as bring out the right tool set to address them, I think you will kind of hopefully see in the first year or so, a range of clinical literature addressing kind of multiple different clinical specialties.

On the China side, obviously the disruptions and quarantines defined in the second quarter were not very beneficial to overall progress, but it was very impressive. We are continuing to work with Michael Tropea even while many of them were in quarantine and advancing the ranger of this kind of product ecosystem that we are developing together in China.

Again, the product ecosystem includes obviously regulatory approvals for our robot and X-Ray system, and mapping integration with Microbot's mapping system, and then a range of ablation and potential diagnostic catheters also in China, bringing the MAGiC catheter there, development of several Microbot catheters, and so there is kind of lot going on in that collaboration.

And overall kind of we’re very happy and very pleased to see the way that that collaboration is working well together. The way we're developing a range of - advancing a range of the technologies together there and so I think kind of that right ecosystem coming together. Like I said in the prepared remarks, it should be available in the second half of next year.

Probably kind of different aspects of that ecosystem will come in and be available at different times. But that kind of coming all together, I think kind of as we start to get towards the back half of next year, you'll start to see kind of that coming into play and that's really when you can start to benefit from the substantial commercial organization of Microbot in really driving kind of a broader adoption across again a fairly large sales team.

Nathan Weinstein

Great! Thank you, David.

Operator

Our next question comes from Javier Fonseca with Spartan Capital. Please go ahead.

Javier Fonseca

Hello! Thanks for taking my question. I have a quick question on the front for capital sales. So with the underline macro challenges that we've seen so far in 2022, how does overall commercial strategy for the new system installed changed. I know the sign is still there, you know still a good system, there is still demand. But you know in the face of all these challenges, you know has there been any changes to overall strategy.

David Fischel

Hi Javier! So no, I don't think there is any real change to the overarching strategy. As the overarching strategy is obviously we have a technology which provides a lot of value. We have still very small market share, less than 1% market share of just electrophysiology market.

I think the clinical value and health care system value that we provide is its being a substantially higher market share in electrophysiology and so we are doing the right things on the commercial side to gain a fair share of that market. And then in tandem obviously, doing the strategic innovations that allow us to kind of gain adoption much more easily in the current product set up, which requires construction as it provides us with our own proprietary disposable, giving us the ability to build sales teams in a different fashion, in a much more substantial fashion and building out the technology ecosystem, so that we can be used across multiple clinical applications and not just electrophysiology. So I think that strategy is very sound and we are continuing to advance that.

Javier Fonseca

Okay, thank you very much. No follow-up question.

David Fischel

Thank you, Javier.

Operator

And we have a follow-up question from Josh Jennings with Cowen. Please go ahead.

Josh Jennings

Alright, David. Thanks for taking the follow-up, David and Kim, sorry.

I wanted to just ask about the neurovascular indication. I mean since the Innovation Day in December, it’s been a number of months. I’m sure you’ve interacted with some neurovascular ventures, some neurosurgeons and I wanted to just hear from you what type of feedback you’ve gotten. Are there any specifics on clinicians to use on the clinical value proposition and then your teams internal I guess optimism level. Sure it’s increased over the seven months, but if you could share that, that would be great. And I think you gave some – provided part of the answer already in one of the previously question. I appreciate the follow up.

David Fischel

Sure, so actually in the second quarter we hosted two neurosurgeons from two different hospitals and who came to St. Louis and were working with us, with the devices we developed, with [inaudible].

We’ll have probably a few more visiting us late in the third or fourth quarter, early fourth quarter and so we've kind of had – we've been fortunate to benefit from kind of a fairly passionate group of prestigious and neurosurgeons who have been helping us in that development, and overall I think that the kind of the clinical value of being able to navigate torturous vasculature is significant in neurointervention, whether you look at us from vasectomy cases, kind of aspirational cases for ischemic stroke or you look at coiling cases for hemorrhagic stroke.

There are a large range of patients who do not get therapy at all, or who – when the physician is trying to reach the site that needs therapy, could struggled for at 20, 40, 60, 80, 100 minutes trying to just get through the tortuous vasculature, and that'll begin stroke at times in its brain, and so there's a lot of clinical value to be had if you can Excellerate the efficiency of reaching the target site and you can do so in a safe fashion.

And so I think that's really what motivates those physicians so that they see that with our tools they can get places that otherwise they wouldn’t be able to get or they can get to places much more efficiently, much more quickly, without using the whole range of tools. And so that is kind of really where the value proposition is and I think kind of as we get those tools to market, that will allow us to start to obviously prove it in the clinical literature.

Josh Jennings

Appreciate it. Thank you.

Operator

And we have no further questions for today's call. So I would like to turn the call back to David Fischel for any additional or closing remarks.

David Fischel

Okay, thank you very much everyone for your questions and for your continued support. We look forward to working hard on your behalf in the coming months and speaking again next quarter. Thank you very much.

Operator

This concludes today's call. Thank you for your participation. You may now disconnect.

Tue, 09 Aug 2022 07:39:00 -0500 en text/html https://seekingalpha.com/article/4532144-stereotaxis-inc-stxs-ceo-david-fischel-on-q2-2022-results-earnings-call-transcript
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