Category: Technology

Patient-Generated Health Data – A Powerful Tool To Enhance Healthcare

Remember a time when patients would queue up in line with a big dossier in hand, waiting for their time to be examined by the doctor? Lengthy queues, paper-heavy records to be maintained, time wasted as doctors reacquaint themselves with the patient’s entire history – no more of all of that. Today, a patient wants to be involved in his care and he doesn’t want to be waiting around wasting precious time. With innovative health technologies, patient-generated health data is making that possible by enabling patient-centered, citizen-engaging care. 

Let us consider how improving patient care through technology is possible. We will also see how the use of information technology in healthcare is allowing the healthcare industry to deal with patients as valued customers, improving their experience. But, first of all, what is patient-generated health data?

Patient-Generated Health Data

Any valuable information a patient can garner about their health status is referred to as Patient-Generated Health Data [PGHD]. PGHD is much more than just a person’s health history with information on his symptoms, medication and treatment information. It also includes his biometric data, as well as information about his lifestyle choices. These records will provide a clearer picture of a patient’s actual health status, better than the patient can describe in his own words. 

The use of information technology in healthcare is making it possible for healthcare providers to understand their patients better and in making better medical decisions. It also aids patients in receiving an increased understanding of their health condition. The importance of health information technology in healthcare today cannot be over-emphasized.

How Does The Use Of Information Technology In Healthcare Help Healthcare Organizations?

Patient-generated health data can improve the quality of patient care. When integrated into clinical care, patient-generated health data enhance shared decision making and patient engagement. The use of information technology in healthcare can provide an assessment of the patient’s symptoms and well-being, preferences and values, and goals for healthcare. Here are a few specific benefits of the use of IT in healthcare:

1. Improves nurse-patient relationship

Low health literacy can strain the nurse-patient relationship. When a patient comes to appointments armed with their health research, the nurse-patient relationship improves. 

2. Clinical benefits 

PGHD plays an important role in assessing a person’s health and monitoring treatment effects. It connects patients and healthcare providers during a care encounter. PGHD can be used to monitor a person’s overall health and allows healthcare professionals to detect potential health dangers.

3. High-risk patients

Keeping a track of PGHD helps providers identify and treat high-risk patients at the earliest. Leveraging PGHD proves extremely valuable in chronic and acute care.

4. Patient engagement

Patients have ownership over their data and control on how and when that data is shared with their care team. They are empowered to contribute to their care and can share insights. It improves communication and contributes to shared decision-making. 

5. PGHD provides independence to seniors 

PGHD can be used in assisted living to mitigate the risk of falls. It gives confidence to the elderly for independent living and it improves adherence to complex medication plans. PGHD also alerts healthcare providers when required, avoiding the need for expensive assisted living facilities and nursing homes.

Fingent Technologies worked with NovitaCare, an early-stage healthcare startup, in setting up an online platform to enable easy administration, streamlined workflow for many healthcare services and HIPPA compliance. Improving patient and caregiver interactions, eliminating waste, enhancing accountability, and raising the quality of care were the main accomplishments of this tool.

Related Reading: Read more about the case study here.

Innovative Health Technologies To Help The Patient

Innovations in health technologies go beyond just PGHD. It includes various devices and systems designed to streamline healthcare operations, lower the costs and enhance the quality of care. Among the most promising healthcare technologies are Artificial intelligence (AI), virtual reality, chat-bots and so on. Let us consider a few.

1. Artificial Intelligence

Artificial intelligence with machine learning is proving to be essential for healthcare organizations. It is capable of reducing the risk of preventable medical situations in three ways. 

• • Reminders: It can provide automated reminders to help a patient, reminding him to take his medication within a certain time-frame.
  • Identify and alert: It helps to identify potentially dangerous situations and triggers alerts for the medical staff making timely medical intervention possible. 
  • Personalized dosage: Dosage recommendations are made depending on each patient’s body chemistry while considering environmental factors.  

2. Blockchain in Healthcare

Blockchain can create and maintain a transparent and tamper-proof transaction ledger. This technology could change the way huge healthcare sectors operate. Personal data collected in blockchain remains with the patient instead of being stored on servers, thus enhancing confidentiality.

3. Voice Search

According to research, 46% of Americans use voice-assistance on their mobile devices. The figures are not much different for the rest of the world. We can expect that soon many more would be inclined to search for health-related information using voice search. Since it is increasingly used, the healthcare industry is also making good use of voice search. This technology would be helpful to both patients and caregivers who try to locate hospitals or clinics either near their homes or offices. 

4. Chatbots 

Chatbots in healthcare provide various benefits. They assist with medication management, first-aid or in emergencies. Chatbots offer a personalized service to patients and caregivers.

5. Virtual Reality in Healthcare

Patients are often anxious about hospital stays and procedures. Virtual reality helps calm their nerves and improve the patient experience. 

6. mHealth Apps

Mobile applications provide patients with control over the options available to him. These apps can assist in making an appointment, uploading medical history or even checking into a hospital for medical care. Mobile apps ease the load of the non-medical staff at hospitals and reduce the patient’s waiting period thus reducing operational costs considerably. 

An online platform Encourage was developed to empower patients with information related to their healthcare and educational material about procedures and illnesses. The tool further helps doctors keep track of a patient’s progress, assign tasks, reminders and care plans for the patient. It also gives patients the ability to include people as their caretaker and manage their engagement with them and the doctors through a rewards system and more. 

Related Reading: Read more about the case of simplifies patient care here.

What is the Future of PGHD?

With no signs of slowing down, it is estimated that in a couple of years AI is expected to grow annually at the rate of 48%. Other technologies along with mobile apps help in communicating with patients even after they leave the healthcare facility. With such promising technologies, patient-generated health data will surely benefit patients and caregivers and aid healthcare organizations to provide better care. 

Yes, the partnership of healthcare organizations with technology is a match that brings out the best in each other. We can confidently look forward to this relationship growing and maturing in the days to come. To empower your healthcare organization with the budding technologies, get in touch with our experts now!

Evolution Of The Digital Twin Technology

What is a digital twin? Digital Twins can be best defined as digital copies or virtual replicas of physical assets. Data scientists can make use of digital twins to try and run simulations before they build and deploy actual devices. Digital Twin technology transforms the way in which the Internet of Things, Artificial Intelligence, as well as, Data Analytics is optimized.

The concept of ‘digital twin’ rewinds back to the year 1970 with the launch of Apollo 13. NASA’s digital twin model of Apollo 13 was a famous rescue mission to assess space monitoring conditions. The concept of Digital Twins later gained recognition in 2002 at the onset of a presentation by Challenge Advisory at the University of Michigan. According to Gartner, the digital twin is one of the top 10 strategic technology trends since 2017. Gartner estimates 21 billion connected sensors and endpoints by the end of the year 2020! 

Related Reading: Checkout in detail, where and why should you invest in IoT.

Digital Twins: Enhancing IoT Enabled Industries

Data scientists build digital twins that can receive input from sensors that collect data from its real-world counterpart. The twin is then allowed to simulate in real-time. This process provides critical insights and feedback that helps in analyzing the actual system’s performance. For instance, a twin car can be built digitally by validating various inputs to check on factors such as safety, mileage, etc. 

Digital Twins impact various IoT-enabled environments such as manufacturing, automotive, healthcare, financial services, urban planning and many more. The major IoT-enabled industries that can leverage the benefits of digital twin technology and how they benefit from it are as follows:

• Manufacturing Industry: The Digital Twin concept with the IIoT (Industrial Internet of Things) is implemented in the manufacturing domain. It can be designed and deployed in numerous ways such as in tracking and monitoring systems, evaluating production, troubleshooting equipment used, etc. As digital twins can predict failure chances, it helps in saving costs, time and in improving customer loyalty.
• Automotive Industry: The future of autonomous vehicles lies on well-connected road systems and vehicles. Critical data gathered from this network. The digital twins then act as simulated models that help engineers analyze the behavior of vehicles before they are used on roads. 
• Healthcare: Medical monitoring technology is used to gather critical data such as heart rate, oxygen levels, etc. This data is used in the creation of digital simulations. Digital twins help the healthcare ecosystem in disease diagnosis, remote monitoring of patients, etc. 
• Urban Planning Sectors: Vital data such as maps, blueprints of buildings, real-time data from sensors, etc are used to create digital twin models to improve urban planning services. These services include waste disposal, mobility services, providing resources like electricity and water, etc.
• Asset Management: Both worksite and remote industrial operations can be managed via digital twins with the help of remote asset monitoring services. Predictive maintenance of assets like machinery improves operational efficiencies and decreases disruption of business operations. Digital twins can also be converged with augmented and virtual reality techniques for better visualization of industrial workflows. 
• Financial Services: Customer behavior can be easily monitored with digital twin technology. It helps in creating personalized profiles for individuals via data analysis of their previous behavior in buying decisions etc. It can also simulate cash flows and balance sheets. Client needs can be analyzed better by insurance firms and asset managers and can thus provide personalized experiences for their customers. 

Internet Of Things – Letting Industries Go Digital

Digital Twin Technology: Fostering Innovation In IoT-Enabled Environments

According to Gartner digital twin will be used by 50 percent of the industries in 2021. This will result in a 10% improvement in operational efficiency in these IoT-enabled organizations. The digital twin technology is the most important Industry 4.0 technology that is available today. 

It helps in automating decision-making processes, providing critical insights into dynamic recalibration of products and other equipment in the industries, monitoring the manufacturing processes and production lines, etc. 

The digital twin technology helps in monitoring manufacturing components, assets, and critical processes in real-time. Also, it helps in improving OEE (Overall Equipment Effectiveness), increasing product quality, enhancing traceability, reducing wastage and boosting overall efficiency.

Main Data Elements in Digital Twin Technology: Key Benefits For Improved Innovation

There are three main elements in digital twins such as Past, Present and Future Data that improve efficiency in IoT-enabled industries. The past data is the data from the previous performance of individual machines etc. Present data is the real-time data from sensors, whereas the future data is the data received from machine learning algorithms and various inputs from engineers. 

The key benefits of Digital Twin IoT enabled industries are as follows:

• Automated Insights

It is important for an IoT-enabled environment to understand the relationship between different types of data within its network. This IoT data can be extracted and enhanced in the form of knowledge graphs. This helps in automating processes and improving decision-making. 

• Increased ROI Generation

A decline in revenue is mainly due to the downtime of machines. The digital twin technology can reduce downtimes, prevent failures, and increase the life-span of machines. This not only improves productivity but also brings down the operational costs significantly and improves revenue generation. 

• Predicting Failures 

Digital twins provide a platform that enables IoT-enabled industries to be prompted constantly about production, operation and management activities. The virtual testing platform that it provides, simulate the real-world data into critical and meaningful insights. In addition to being a scalable solution, it also self-diagnoses problems. This makes it easy for industries to make human-machine interaction efficient and productive. 

• Digitizing The Whole Industry Ecosystem

There is a rapid adoption rate of digitizing operations by industries day-to-day in order to achieve positive business outcomes. This is made possible with the steady data flow from the environmental and operational sectors of the IoT-enabled industries. 

This up-to-date and personalized data maximize profitability and productivity. In addition to being a high revenue opportunity, the digital twin technology also digitizes the working assets and processes in its entirety. 

In a nutshell, the benefits that can be leveraged from digital twin technology for IoT-enabled industries are as follows:

• Reliable operations and management of equipment and production lines
• Increased Overall Equipment Effectiveness or OEE achieved via reduced downtime.
• Increased ability of customers to remotely configure products.
• Significantly reduced maintenance costs due to preventive measures taken that aid in finding out chances of failures or machine breakdown, etc.
• Improved production cycles leading to reduced downtimes.
• Better productivity
• Considerably reduced risks in areas of product availability, product failures, services, maintenance, etc.
• Provides critical insights of past, present and future data in real-time environments.

The globe is yet to witness over 50 billion connected devices by the time period of 2020-2030 and over 7 billion customers using the web worldwide. 

For an immersive experience on how to transform your IoT-enabled industry or business with the Digital Twin technology, call us right away. We will help you gather brilliant strategies on fostering innovation with specific digital twin models!

How Machine Learning Edges Us Closer to Paperless Office?

Paper! Paper! Everywhere! Until recently you couldn’t imagine an office without paper. But today, Machine Learning allows you to print, sign, fill and scan digitally. It eliminates the hassle of handling multiple paper documents and helps organizations in converting to a paperless office.

In this blog, we will discuss how ML is influencing the modern workplace, the importance of paperless office and the industries which are seeing a tremendous impact through paperless technology.

The Role of ML in Achieving a Paperless Workplace

Machine Learning (ML) which is a subset of Artificial Intelligence (AI), is a science of software application where the program can learn to provide accurate outcomes without detailed coding. Through reinforcement signals, the software is able to “learn” the best possible approach to achieve the desired goal. Machine Learning algorithms are being trained to take on collaborative business processes and workflows for automation. This enables employees and the organization to go digital. 

Machine Learning replaces huge filing cabinets and the laborious process of searching for the right information. To find information easily, to collaborate and manage a business more effectively, ML uses powerful search and discovery tools. Since computers have the ability to process calculations, scan large amounts of data, and assess probabilities in a matter of seconds, Machine Language (ML) is proving to be an extraordinary innovation that will greatly impact the workplace. Let us consider some aspects of office organization and how ML is superior to the traditional paper workflow. 

Related Reading: AI and ML are revolutionizing software development. Here’s how!

• Efficient Document Organization

You save time in searching for documents. Information is readily accessible to all employees. Restricting access to confidential documents is made easier. You could access digital documents from anywhere which facilitates remote working. The origin of digital documents can also be traced easily.

• Enhanced Security 

Customers are often concerned about data protection. This requires that companies provide greater security beyond paper shredders and locked filing cabinets. The digital format offers greater document security. Since it is inexpensive to create backups, it is easier to retrieve lost or stolen data. 

• Lower Overhead Costs

Research estimates that an office worker makes more than 60 trips per week to the printer, fax machine, and copier. Digitizing documents eliminates those trips as well as the need to buy expensive equipment and pay for their maintenance. This has a direct impact on reducing operating costs. Digital documents could be sent across by electronic mail, saving postal costs. 

• Lesser Storage Space

A paperless office software frees up space. Companies now can archive everything on private company servers or in the cloud. Jonathan Velline, executive vice president for ATM banking and store strategy at Wells Fargo, talks about the benefits achieved by utilizing paperless document management tools and wireless devices: “It’s a very efficient use of space for us. In a 3,000 square-foot store, we would have an area for full-service banking and a separate area for self-service banking. Here we fit it all in one place.” Having a fully integrated paperless system, employees don’t have to have designated offices. Mini work areas inside the store are more than enough to digitally access customer information and any other details required. This way, Wells Fargo, reduced their office space to three times smaller than the average location.

Related Reading: You may also like to take a look at the top AI trends of the year!

How has Machine Learning Helped Industries to Go Paperless?

Machine Learning has found application in many industries and has helped them in going paperless. Let’s consider three such formerly paper-heavy sectors – legal firms, the automobile industry, and the insurance sector:

Legal firms

ML facilitates greater efficiency and productivity by allowing a lawyer to shift his focus from labor-intensive tasks to core functions like counseling, analysis, and advocacy. Since it is capable of eliminating the laborious process of managing and reviewing boilerplate documents within legal contracts, it allows time for attorneys to appear in court, advice their clients, and negotiate deals. ML can also generate alerts to provide advance notification regarding crucial dates in contracts, such as renewal dates. It can reduce the overall cost of litigation in many ways. It reduces the amount of time a lawyer spends on proofing a document and helps locate relevant information quickly. Use of computer algorithms also helps an attorney identify relevant information that is buried in electronic documents. ML is further equipped to provide a paper-free trial for legal firms. 

Automobile industries

Machine Learning enables machines and devices to replicate the way humans learn. This has enabled great strides in the automobile industry in terms of supporting a paperless office. Machine Learning is also capable of generating highly sensitive autonomous systems that can speed up the process of filing claims if an accident occurs, eliminating the time consuming and paper-heavy process of filling up elaborate forms.

With ML algorithms, the automotive industry is set to have various features like automatic braking, pedestrian, collision avoidance systems, and cyclists’ alerts. It also supports dealers and manufacturers by enabling a paperless update of the vehicle’s firmware. Through the cloud, a diagnostic system can communicate any problems by sending performance data directly to the manufacturer or schedule repairs. 

Insurance

Insurers are using Machine Learning to boost customer service, increase their operational efficiency, and even detect fraud.  ML can improve the process of insurance and automatically move claims through the system. With sophisticated rating algorithms, companies are able to fit in most risks as long as they find good pricing. ML can support agents in classifying risks and calculating accurate predictive pricing models. Tools powered by ML, help consolidate volumes of highly varied data such as membership and provider data, insurance claims data, benefits, and medical records without the use of paper. These solutions can process and structure data with insights leading to a higher quality of care, costs reduction, and fraud detection.

Insurers can draw insights from data about behaviors, individual preferences, lifestyle details, attitudes, and hobbies to create personalized products such as loyalty programs, policies, and recommendations. 

Machine Learning- Deciphering the most Disruptive Innovation : INFOGRAPHIC

Go Paperless Now!

The call to move to a paperless office is getting more urgent every day. To make this transition easy, we can help your organization reap the best benefits of Machine Learning.  Give us a call and let’s talk!

Are Progressive Web Apps A Better Choice Than Native Mobile Apps?

Mobile Apps not only dominate electronic space on our mobiles but also play a dominant role in our lives. Many people around the world tend to start their day not with a morning cup of coffee but with a mobile app. Decisions as simple as which fitness routine to choose to critical financial decisions are often based on information obtained from mobile apps. More than ever before, people are downloading and using a large number of apps which are not only helping them find what they want instantly, but also assisting them in accessing information, buying products, availing services, and staying updated about new offerings.

With apps dominating the market, it is no longer relevant to ask if your business needs a mobile app development. The question is which mobile app is better for your business. If a native mobile app is what you have, should you be concerned that progressive web apps might topple native mobile apps? This blog will discuss these questions in detail. 

Are you looking forward to building an innovative mobile app to boost your revenue?

Get your FREE mobile app specification template here!

Why Choose The Right App Development Strategy?

Mobile apps are like route maps to your business. A wrong app design could confuse your customers.  This either results in them losing interest in your product or worse yet, leads them right into the arms of your competitors. Therefore, choose your app development strategy carefully. Between a native app, a web app or a hybrid app, consider which of them would be appropriate for your business? The technology you select is what determines how your app will be developed and how users will interact with it. Choosing the wrong technology can be an expensive mistake resulting in inaccessibility or poor performance. Here are a few answers to questions that will help you choose the right technology.

https://www.fingent.com/insights/portfolio/choosing-the-right-mobile-app-development-approach-for-your-business/

What is a progressive web app?

Web Apps which blend the best features of Native and Web Apps are called Progressive Web Apps.  They are called progressive because as the name suggests, they are progressing constantly, it is an evolving technology.

How does PWA work?

PWA works in the background, making the user experience smooth. When the user interacts with the app, it loads all the necessary resources. Since PWA uses JavaScript, its code gives the app the ability to work offline and helps load the website faster than native apps. The latest improvements in scripting languages have made it easier to convert or build your website into a PWA. Also, it is gaining more attention from designers and developers. 

Related Reading: Check out these four top secret tips to consider while developing a mobile app.

How does PWA have an Upper hand over Native Apps?

In the wrestle between Native and PW apps, many aspects give PWA an upper hand. Here are some of them:

•  Adaptable

Because PWAs are built with progressive enhancement, they work for every user, regardless of the type of browser used.  It can automatically adjust to various types of devices such as a desktop, mobile, tablet and so on. In other words, PWAs are not limited to a specific platform. Therefore, you need not develop separate versions of the app for different platforms.

• Auto Update

Updates are a data consuming and often frustrating aspect of any app. Progressive apps auto-update in the background without disturbing your in-app experience and with minimal data consumption.

• Easy to Install

Without taking the user to an app store, PWAs allow users to install the website as an app on their home screen. The size of apps that we install from any store varies, but they are quite often in the MBs. With PWA, you don’t need to waste much-needed disk space and internet data because it takes up less than a megabyte of space and it takes less than a second to install. Also, they can be shared easily via a URL and do not necessitate complex installation.

• Budget-friendly

In terms of app development and maintenance, the biggest advantage for an app publisher is the cost saving.  Building a mobile app is not the most budget-friendly thing to do. It takes time and money to build a mobile app. And for it to be popular, it has to be present on all platforms, which further hikes up the price. The PWA alternative is not only, budget-friendly, but can be done in a relatively short time. As it is progressive, it will not need further customizations.

• Web Push Notifications

PWA is capable of supporting Push Notification API. Studies show that push notifications have a 50% higher opening rate and 7 times higher click rate than email messages.  

• Discoverability

Perhaps, we have spent hours on an app looking for something that we eventually never found. If you want search results from more than one app, you will have to go to each individual app to search.  PWA’s however, can be crawled by search engines. You can search for something on Google and get appropriate results from the content inside your progressive app.

• User-friendly

Progressive Web Apps are available instantly.  Since it is built on the app shell model it feels like a mobile app with app-style interactions. To ensure content is securely delivered it is served via HTTPS.

Related Reading: Read on to know whether React Native stands a better chance in mobile app development than Flutter.

Embrace Progress

In a progressive era, such as this, we cannot ignore the importance of mobile application development. The variety of applications we have, suits all kinds of users whether young or old. The PWA market has solutions for each user. Advancement in technologies has also played an important role in the success in PWA. Whether it is business, entertainment, health or education, today each sector is experiencing the benefits of PWAs. PWA technology is improving every day with new functions and features in the making. Advancement in PWA and its technologies may one day pin down native apps.

Read more on top technologies to be used for mobile app development.

Whether it topples native mobile apps or not, it is definitely a good tool in your business arsenal. If that’s what you want, give us a call at Fingent and allow us to help you implement it in your business.

Read More: Mobile App Development : 4 Tips To Consider

What Is Next For Financial Technology Innovation?

User Experience is the King. The more demanding UX gets, the higher is the rate of fintech innovation. Until recent years, the FinTech industries had seen growth in mobile banking and increased technology investments. For instance, Mastercard is a rapidly evolving FinTech innovation, and its overall investment is estimated to be $16.6 billion. 

In this regard, it is required that Governments take up a holistic approach to create business environments to enhance FinTechs. FinTech firms not only provide new market solutions but also increase the efficiency of the banking and financial industry verticals.

Regulatory Barriers For FinTech Innovation

Hedge funds, personal loan providers, and many other firms in the financial sector can be developed by preventing regulatory barriers that slow down FinTech innovation. In the recent past, the following were some of the potential barriers to the growth of FinTech innovation:

• Technology – For a company to be successful, it needs to know which technology would be beneficial for them. For instance, online trading provides people with access to their profile from their smartphones or computer systems. This is an example of a trial and error method in technology solutions that can be a potential barrier to some industries.
• Capital – Emerging markets need good investors. Top investors hesitate to invest in new markets. The market in which you operate is another key factor. There must be a streamlined system of funding to disrupt this barrier.
• Degree of Market Play – It is important to get a significant level of trust in the market in order to get close enough to banking institutions. Such high entry pressure is another potential barrier.
• Numerous Mobile Banking Services – There are multiple mobile banking applications on the rise that allow account management and other financial transactions online. This becomes difficult to choose between the lot.
• Increased Technology Investments – According to recent research on FinTech Global, the investments have doubled from $19.9 billion to $39.9 billion. FinTech attracts numerous investors who are interested to invest in the latest technology trends.

Related Reading: Check out the future of Artificial Intelligence in Investment Management. 

FinTech Innovation: What’s In Store For The Future?

The future of FinTechs largely relies on technology breakthrough ideas. Let us look at the major drivers for FinTech Innovation:

• ‘Regulatory Sandboxes’ To Understand Regulatory Boundaries

The idea of a ‘Regulatory sandbox’ was initiated back in 2015 in the UK. The purpose was to speed up the product development of FinTechs. The purpose also included establishing quick launch cycles. Companies allow testing of their solutions in a controlled environment. These regulatory sandboxes allow testing for a specific duration, say 6 months and is performed without the regular imposing of regulatory costs and difficult procedures immediately. 

With this, the innovators can test their solutions and see the possible regulatory boundaries that evolve. This can also help firms make critical decisions on regulating new solutions and services in the future. 

Some countries like the UK promote additional environments for sandboxes such as tax policies for creating business solutions, tax deductions, training, regulation, protection of rights to do business, etc. 

Right Solution: Enabling FinTech innovations, need the solving of numerous challenges by market governments. FinTech can be supported directly. Early adoption of FinTech and incorporating policies, improving digital connectivity, implementing payment channels, etc., can be done to create a FinTech enhanced environment. 

• Customer Service With Better Technology For Increased Value

Firms that provide global services require the help of technology to increase their efficiency and largely reach their customers. Financial establishments require a medium for easy communication with their customers to provide a better user experience. 

Different industry verticals can look up to technology for operating with reduced costs and better business processes. This brings upon good prospects for FinTech innovations. 

Right Solution: Providing good customer experience requires technology implementation. It can help streamline various business workflows and also increase business value. 

The best solutions that can be leveraged from technology is as follows:

1. Artificial Intelligence: Customers need better UX. Businesses have realized that chatbots and other AI integration in their services increase value. In addition to reducing the workload of employees, optimizing expenses, managing resources, and many other huge benefits, it also gathers large volumes of data to provide critical insights for businesses to make important decisions.

2. Blockchain: To be able to record transactions without the intervention of a central authority is the power of most of the cryptocurrencies. FinTechs on Blockchain has been the most disruptive technologies in the financial industry verticals. Blockchain is the most suitable medium in which (AML) Anti-Money Laundering can be applied. Blockchain technology offers faster transactions, greater anonymity, and better data management.

3. BigData: There is no bigger tool than BigData that banks can leverage to provide a better service to customers. There is approx. 2.5 quintillion bytes of data being generated across the globe. FinTech companies can leverage BigData for use in customer segmentation, managing risks, detecting fraudsters, better compliance and by offering personalized services. 

• • Digitizing Industries For Increased Value

FinTech Digital Revolution provides new innovations with the digital offering for financial services. Current technologies have proven to be very effective and powerful to safeguard transactions. Another benefit is that the transaction costs are considerably lower with the decentralization of blockchain which has made FinTechs reasonable. 

Cryptocurrency along with the evolving FinTechs shape the whole economy by building layers of new business models.

According to the latest Statista reports, FinTech adoption rates were as huge as 69 percent back in 2017 which is 2018, the total investments touched $111.8 billion. 

• Sharing Of Technical Know-How Among Various Industry Verticals 

Financial Institutions and FinTechs can both benefit from sharing of technical knowledge. Financial service companies can scale and traditional banks can improve innovation and also reduce costs out of leveraging technology trends. 

Related Reading: Increase efficiency and streamline workflow to improved customer service.

Traditional banks can leverage their huge data assets which in many cases remain unutilized. Data sharing can be performed with transparent terms that can help manage risks, provide enhanced customer service and provide cost-effectiveness. Banks thus obtain the chance of increasing revenue and FinTechs get access to a huge customer base. 

There are many more strategies that FinTechs have to improve their customer base and operating efficiencies. To find out how many more aces FinTechs have up their sleeves, drop a call to our IT experts and strategists right away!

A Step-By-Step Guide To Digitize Your Business With The Internet Of Things

According to Gartner, 20.4 billion connected things will be in use worldwide by 2020.  The implementation of IoT witnesses a new wave of progress in businesses. Technology has undoubtedly become the catalyst for many innovations. In a nutshell, the obvious key benefits of IoT implementation have been faster and efficient production, improvement in quality, replacement of paper-based workflows, and so on. But is the Internet Of Things just limited to a few of these advantages? Let us walk through the major features in IoT that lets various industry verticals go digitally successful.

Related Reading: Read more about where and why should you invest in IoT.

Benefits Of Digitizing With IoT: Step-By-Step Guide That Will Transform Your Business

Digital Transformation is employed by many industry verticals to leverage the benefits of digitizing with IoT for building their brand, improving ROI, connecting with customers, and many more. The first IT revolution commenced with the advent of the Internet and e-commerce. Later on, technology leaped the bounds to innovations via smartphones, user-centric applications, IoT, AI and so on. This is where connected devices found out their deep involvement. Consumer solutions evolved to be a critical catalyst for IT consumerization.

SMAC (Social, Mobile, Analytics, and Cloud) offers a platform for IoT that gives industries the ability to transform into digital standardization. Let’s walk through the major benefits of digitizing with IoT.

1. Enabling Connectivity through IoT For Data-Driven Insights

Smart access is the key to a successful digital environment in any industry. Being able to track the metrics of performance and operations is possible via data analytics. The insights are achieved through pattern recognition of unstructured and structured data. These data-based insights are incorporated into the business functions where previous activities are tracked and monitored to develop forecasts. 

The data-driven insights help in understanding customer buying decisions and in obtaining real-time reviews. This helps industries personalize their data to target the right set of customers. Structured data, which is the personal information and unstructured data which is the social media metrics, are both used by industries for critical decision-making. 

2. Enabling Smart IoT Enabled Appliances / Smart Network Machinery

Since the conception of the first IoT in the 1980s with the internet-connected Coke machine at the Carnegie Mellon University, to the digital era now that witnesses built-in sensors for automation, what IoT offers is innumerable. 

Various industry verticals can optimize their operations without the need for workforce assistance. This saves time and cost. The workforce can now automate their tedious tasks by being able to connect to multiple devices and operate in real-time. 

Industries can boost their performance and productivity by increasing both customer and employee engagement. 

3. Increase Workflow Optimization With Smart Infrastructure

According to the latest Gartner research, by the year 2020, about 1.39 billion IoT devices shipped for various applications across different industry verticals will enhance sustainability. This will be made possible by making use of available critical data sets. When large volumes of data are analyzed, it makes way for industries to convert them into more useful insights. These insights are then used for making decisions. 

Quickly analyzed data are necessary for increased optimization. For instance, when one wants to find out a parking space, digital information helps by sending this data to an analytic framework that rapidly analyses and provides an accurate output. 

4. Transform Customer experience With IoT 

Improved customer UX requires the implementation of the latest trends in IoT. So when User Experience is king, many front line industries have realized that digitally transforming their businesses with IoT is key to gaining successful outcomes. 

According to recent studies, 92 percent of business leaders have developed and deployed digital transformation strategies. This has proven to increase customer experience at a rapid pace.

There are various key factors that have been realized for enhancing customer experiences. They are as follows:

1. Customer requirements need to be digitized and made easily available.
2. Critical insights are to be provided at a prompt pace.
3. Accurate insights are the requisites that need to be provided to build customer trust.
4. Improved customer engagement.

Digitizing your business with IoT will enhance customer loyalty, trust, and engagement.

Related Reading: Check out how customer experience can shape brand identity.

5. Enhance and Update skills

With the advent of IoT implementation in businesses, the need for specialized skills has also increased. These skills include knowledge in Artificial Intelligence, Augmented Reality, Data Analytics, Machine Learning, Cloud Computing, Growth Hacking, and so on.

The problem with many industries is that they fear to change their operations and workflows. According to a recent Altimeter report, 31 percent of firms lack digital knowledge and skills. 

Digitizing would definitely be a smart investment for your business rather than a huge overhead of costs!

6. Consolidate The Entire Architecture And Workflow

Digitizing with IoT has provided businesses with the advantage of being able to communicate in real-time. Not only does it bring the working force together, to work, but also optimizes the whole architecture. 

Leveraging on data analytics and Internet Of Things have generated over $30 million. Be it social media or handling interfaces during project management, the entire architecture is consolidated, and the business processes and workflows are streamlined.  

According to recent studies, 88 percent of industries hire or collaborate with a third-party provider to transform their businesses digitally. Investing in digital transformation with IoT will make industries thrive!

Digital Technologies Transforming The Industrial Sites With IoT

Applications based on the Internet Of Things are making everything easy in this digital era. The traditional industrial sites are transformed into smart industries with IoT implementation. This digital revolution makes businesses easier with enormous savings and streamlined operations. 

The entire workflows and operation chains in industries can be transformed via digital technology.  Cloud portals make this happen by facilitating interaction between the internal and external workforces.

Related Reading: Find how Cloud and IoT are inseparable.

Smart Industries Operating Digitally: Impacts On The Supply Chain 

When digital transformation with IoT is represented vertically, it is termed as the smart-factory model. It is where various IT machines, sensors, and other products are networked in order to collaborate together. By this, communication gaps are nowhere in the picture and a fully automated system evolves. Also, when production is automated and process statuses are reported in real-time, downtime can be well-planned beforehand and reduced significantly.

Industry 4.0, Germany’s initiative of digital transformation, is an example of an organization that has gained optimization to a relatively higher degree. Digital Transformation with IoT has not only increased the demand for skilled staffs, but also improved value creation among industries.

It is high time to take action to digitally transform your business with IoT for sustained outcomes. Call our IT experts right away for step-by-step guidance on how to strategically transform your business with the Internet Of Things!

How Can You Successfully Build A Mobile App?

From the moment we wake up to the minute we fall asleep, mobile apps have become an indelible part of our lives. The number of mobile phone users is forecast to reach 4.68 billion this year! With a consumer-driven economy here to stay, businesses must adapt to what the consumer needs and where he needs it – at his fingertips and at his convenience. Understanding this need, businesses have got on to the bandwagon and are going full steam ahead on mobile app development. While this is the way to go, remember that not every mobile app is successful. There are a few vital points to keep in mind when developing a mobile app and this blog will discuss a few of them.

Related Reading: Find how mobile apps can unleash innovation and transform businesses. 

Top Points to Follow While Developing A Mobile App

Developing a mobile app isn’t a small investment. Research shows that it could take an investment of more than $270,000 to design, build and launch an app and could be much higher depending on the complexity of the app. Considering the investment involved, you would think that it would be an automatic success. Yet, experts say that two-thirds of apps will fail to reach 1,000 downloads in the first year. Even more alarming is the research which shows that 23% of those who download the application abandon the app after a single use!

Staggering numbers, aren’t they? Cost issues, bad tech, competition, failure to understand the actual need of the customer and other factors contribute to this failure. This is why it is vital to have all your ducks in a row before you get to mobile app development. Here are a few tips to ensure that your mobile app sees success and doesn’t join the numbers as a failure.

1. Understanding Need

Customers are not going to use your app if they do not see the value in it for themselves. That goes much beyond simply displaying your products or services and giving them a way to buy it through the app. The important question is: Why will the user download the app, make space for it on their phone and use it to engage with your business? This will only happen if they have a use for it and an emotional connection to it. That involves understanding customer behavior and how to cater to it.

The Fogg Behavior Model is often mentioned in this context. According to this model, “the behavior of a person is influenced by his motivation to perform a particular action, his ability to perform it and finally, the trigger.”

Understanding what the needs of your customers are, will help you determine the motivation factor. Recognizing the features that make your app more user-friendly,  will help you influence the ability of your app. Finally, using technology like machine learning to understand the right time and the right way to introduce the right product will lead to greater success. This will push them to engage with your app and consequently with your business.

Preparing a proof of concept is an important factor in understanding if there is a need for your app and the motivating factor for customers to use the app. What are the challenges faced by your customers? Are there solutions to these challenges and how will your application provide it? These are the first questions to be addressed before you start on development. The research will help you determine who your customer is, what they need and how you can provide it. This will help you plan the functionality and design of your app in a way that will encourage downloads and engagement.

2. Selecting the Right Platforms and Database

As important as it is to get the design and the code for the mobile app right, it is equally important to decide which mobile platform you will need to build your app on. This is the foundation on which your code will rest. Of the many mobile platforms that came and went, iOS and Android have made their mark among consumers and it looks like they are here to stay. Now taking these two as the base point, you will still need to determine which mobile platform your app will be used on.  You should also consider if your interests will be best served if you design for both or opt for a hybrid platform.

Since the language used by the developers will have to be natively supported by the platform you choose, this factor is vital. Your budget, the time and resources you employ, and the ultimate success or failure of the app will be influenced by this decision so tread carefully. Give careful consideration to your customer demographic. Are they predominantly Android users or iOS? What are the costs of designing the app on each platform? Will it be better to consider native app development or close-platform? Choosing the right database is also an important factor to consider as this will be crucial to the performance of your app.

3. Design Goals

This is where it all boils down to – Design and functionality. A mobile form design should be intuitive, clear and engaging.

Specification: The first consideration should be about what you want users to do once they have the app open. Decide what you want to include and what might be redundant to users. Listing functional and non-functional requirements clearly is the start line of the development.

Visual Design: Information presented in a clean and focused manner is vital to draw the attention of users in the direction you want to lead them. Using single fields of input and optimizing the information, appears like a conversation you are having with your client is important.

4. Security Considerations

With mobile applications, collecting sensitive information and gaining access to other information on their mobile device, consumers want to know that their information is safe. They want to know that adequate measures have been taken to comply with data protection laws. Integration of payment gateways in the application adds another level of concern when it comes to security.

Related Reading: You might also like to read about the top security issues in mobile app development.

This is why the onus lies on you to ensure security. For this, you will have to secure the app’s code from the ground up. Encryption of the code, files, and databases, securing network connections on the back-end, enabling authentication and identification technologies, and other robust security measures are vital in mobile app development.

The success of a mobile application highly depends on the strategies and approaches implemented. Check out our Whitepaper to know how to select the best approach for Mobile App Development.

https://www.fingent.com/insights/portfolio/choosing-the-right-mobile-app-development-approach-for-your-business/

Ensuring the Success of Your Mobile Application

If mobile application development is on your mind, we understand if you might feel bitten off more than you can chew. Mobile app development needs careful consideration, but with the right guidance, it can be the best thing that has happened to your company. Connect with our IT consultants today and let us simplify it for you.

Top Artificial Intelligence Strategies For Investment Management

Artificial Intelligence can prompt you what best to invest in. Digital Revolution is at its height and AI implementation makes use of digitized data to help businesses make decisions based on past performance.

It is a fact that 80 percent of the companies already have artificially intelligent systems implemented. Companies rely on artificially intelligent machines to make investment decisions by analyzing the vast amount of structured and unstructured data at hand. It is necessary to understand how artificial intelligence fosters to enhancing communication, forecasting future events, and in making good decisions.

AI helps in investment management by helping businesses augment the intelligence of human workers to develop new technologies. Some examples where AI is employed by investment management teams of businesses are as follows:

• Product Innovation and R&D derive 50 percent of its revenue from AI.
• Supply Chain derives 42 percent from AI.
• Customer Engagement Services to around 46 percent revenue form AI.
• Sales deriving 34 percent.
• Security of about 40 percent.
• Data Gathering derives to about 27 percent of its revenue from AI.
• Intelligent Workflow and Automation around 23 percent.
• Operations on Analytics by 20 percent.

Related Reading: Check out how artificial intelligence is revolutionizing small businesses.

The potential of Artificial Intelligence in managing assets is significant. So how can the investment management business derive its maximum out of AI? Here’s how:

Machine learning is used in investment management to learn from large volumes of structured and unstructured data. This data is gathered from past transactions and is used to predict buying and selling decisions.

According to JP Morgan, the investment management industry is likely to spend $2-3 billion on BigData. BigData is modeled and distributed in order to generate insights by performing predictive analytics. It also ensures high investment returns.

Machine Learning takes huge chunks of unstructured and raw data. This data is then organized and streamlined into predictable patterns. Based on these patterns, deep analysis is conducted and critical insights are drawn.

Benefits Of Artificial Intelligence In Investment Management

To augment the intelligence of humans, Artificial Intelligence benefits Investment Management in the following ways:

1. Provides Critical Insights

Firms provide their structured and unstructured data sets and derive critical insights from the patterns generated. Historical data provide insights that help in making investment decisions for firms. This also helps in predicting future business outcomes.

2. Reaching Out To Clientele

Artificial Intelligence helps in automating processes. For instance, getting an email or automated feedback or notification on how to manage investments is performed by analyzing historical data via machine learning algorithms. AI helps in reaching out to the clients with the help of monitoring search engines and crucial insights drawn out of patterns from historical data.

3. Reporting Services

Natural Language Generation or the NLG technology enables the automatic analysis and explanation of data and transforms the data-driven sections into reports. These reports are generated for clients. Marketing material, portfolio, and many more such tasks use the NLG technique.

4. Better Customer Experience

Chatbots and machine learning to serve the investment management industry verticals to a great extent. For instance, there are smart chatbots that offer guidance for managing investors in taking critical decisions. Natural Language Processing techniques are a rapidly growing use case in the investment management domain.

Related Reading: AI-powered Chatbots can help you redefine your business. Read on to know how!

5. Enabling Risk Management

Machine-learning algorithms can transform the existing validation frameworks in order to mitigate risks. AI can transform the financial sector by making use of chunks of data available to build models. These data models can improve decision making, can manage risks. The McKinsey Global Institute researches state that implementation of AI and machine learning algorithms can generate over $250 billion in the banking sector.

The compliance and risk management functions enhance the investment firms in three main ways as follows:

1. Data Analysis is automated, largely into systems.
2. Tasks such as administrative activities are considerably reduced.
3. The workforce can focus on critical and value-generating tasks rather than having to spend time on redundant and time-consuming activities.

These algorithms monitor for fraudulent transactions and trigger automated responses that can help investors make accurate decisions.

Related Reading: Can Machine Learning predict fraudsters? Read along to know more!

6. Automating Functions

The aggregation revolution that AI has gone through in recent years has fueled the pace at which critical data reaches investors. Investment management is now going through an analytical revolution where artificially intelligent systems and investment is coupled together to transform the approach in analyzing data, how the data is packaged and how this data is showcased to the investors.

This augmented intelligence will help potential investors to professionally be informed about crucial investment ideas and also regarding stock selection and portfolio construction tools.

Related Read: Artificial Intelligence: Taking The Buzz Out Of Buzzwords

7. Taking Over Tedious Tasks From The Workforce

Artificial intelligence can perform screening of stocks, in addition to being able to rapidly identify stock opportunities among global markets. This is a huge preference for investors to be able to identify accurately the various means of shifting tedious tasks from the workforce. This is made possible by letting investors know about it via a visual representation of key factors derived from the AI engine.

8. Real-time Visualization And Control

Investors are prompted and notified with suggestions that mitigate the risk of unwanted exposure of critical data and decisions to the outside world. Exposing portfolios to unknown sources can lead to frauds. For instance, letting out the details of forecasted details of interbank lending rates can lead to uncertain risks. Thus, risk control is necessary and is achieved via real-time visualization made possible with AI tools.

9. Reducing Investor Biases

Smart monitoring systems powered by Artificial Intelligence are critical because the AI engine alerts the investors regarding factors such as price declines beforehand. This reduces the exposure of the investor to risk factors. It reduces investor biases considerably and creates a more balanced perspective for investors to increase performance.

10. Generating Alpha For Value Creation

Investment firms that require growth, in the long run, can enable AI-based systems, where big data plays a major role in generating alpha. This excess return measures the market’s overall risk volatility and is also termed as systematic market risk.

It is critical for the investment management industry to make accurate decisions and to allocate capital in the right way for enhanced value creation. The four pillars analyzed for a successful transformation thus, are:

• Alpha Generation
• Increasing the Operational Efficiency
• Understanding Investor Preferences in Real-Time and
• Risk Management.

These four pillars are augmented with artificial intelligence to obtain efficient business models. Investment firms that capitalize on these four pillars reap successful business outcomes. Drop a call to our IT strategists right away to gather tips on investment management!

Clutch Yet Again Rates Fingent As The Top Custom Software Development Company

As a dominant software development company, Fingent sets the bar high in building highly affordable products for companies small and large. We’ve become the trusted partner in enterprise solutions for some of the world’s leading businesses like Johnson & Johnson, Sony, and PwC. Our work and our strong leadership in technologies like .Net, NodeJS, AngularJS, AI enabled Chatbots and Microsoft, has once again caught the attention of Clutch.co, as they recently recognized us as Australia’s top B2B company.

Clutch, is a B2B rating and review platform located in Washington, DC. In their latest report that we were named in, their dedicated analysts evaluated technology sub-services based on their expertise, their portfolio of work, and their ability to deliver top-notch products for their clients. Their independent review process is meticulous and transparent, and we’re especially grateful to our clients for taking the time to leave a review or speak with Clutch analysts over the phone to provide feedback.

Fingent CEO and MD, Varghese Samuel

Beyond the generous reviews left on Clutch, our success is also reflected on the company’s sister-sites: Visual Objects and The Manifest. Visual Objects showcases portfolios from various creative software developers, to aid prospective clients in visualizing a future project before hiring. The Manifest also helps prospective clients, through industry reports and how-to guides, that provide businesses with practical knowledge of the services and technologies used by the B2B companies. Here, we are listed and recognized for our abilities in NodeJS and AngularJS. 

Our constant approach in redefining business with trending technologies like Microsoft and Artificial Intelligence have enabled us to rank amongst the top-rated custom software developing companies in Clutch, Visual Objects, and The Manifest.  We have repeatedly been appreciated and recognized for our capabilities in AI-driven Chatbots for enhanced user experience.

Our motive to shape the future of industries with enhanced, custom software solutions has led us to where we are today. On behalf of Fingent, we would like to thank all of our clients that we have had the pleasure to work with, and Clutch for this prestigious recognition.

If you would like to learn more about our services, check out our profile in Clutch.

Ways Small Businesses Can Benefit From Artificially Intelligent Systems

It is quite obvious how Artificial Intelligence has become a part of almost every industry verticals. In addition to enhancing intelligence and productivity to operations, AI is widely used by businesses to predict online customer behavior, manage supply chains, automate various difficult and redundant tasks.

According to a recent survey by Vistage, about three-quarters of businesses will invest in software applications. No wonder the AI revolution is also termed as the fourth revolution!

Starting from voice search mobile app development to self-driving cars being able to prompt the driver with possible destinations, most small businesses are jumping into the AI bandwagon. The early adopters of AI implementation have seen a considerable improvement in business turnover and in achieving an increased ROI.

Businesses have improved their turnover and overall performance by making use of data. Small businesses can make use of the AI Revolution to leverage the available data. This can bring a change in their overall business processes. Below are the major benefits that small businesses can reap out of AI:

1. Leveraging Artificially Intelligent Solutions

The fact that any business process can involve AI implementation proves the importance of large chunks of data being generated. To stay competitive, it is essential for businesses to follow the latest trends in the market. This is made possible by deriving insights from data available to predict business outcomes. The possible benefits of AI enabled systems are as follows:

a. Small businesses can use Artificial Intelligence to understand customer segmentation. AI is used by businesses to gather data and then perform market analytics. They can use AI to advertise as AI helps in providing insights to target the right customer base. This helps in determining market-fit customers rather than having to target clients blindly.

b. Small businesses can also make use of AI strategies. For instance, businesses can use third-party AI tools that involve easy interfaces and machine learning algorithms. This will help businesses to couple the critical data and workflows into business intelligence. This helps businesses to achieve practical insights. It also helps in saving time and costs that arise due to data review.

2. Creating Artificially Intelligent Customer Service Solutions

AI-powered chatbots steal the show when it comes to enabling Digital Customer Services. Estimates show that 67 percent of businesses use chatbots for rendering customer services. This number is forecasted to reach 85 percent by 2020.

Voice-search assistants are no exception to customer service solutions. The number of electronic assistants is expected to reach 7 billion by 2020. Chatbots and voice-search assistants can definitely help small businesses increase their productivity and efficiency.

Related Reading: Check out how capitalizing on chatbots will help in redefining your business.

3. Artificial Intelligence For Building A Positive Workplace Culture

Small businesses often find it difficult to hire talents. Artificial Intelligence has made it simpler for the HR Departments of small businesses to recruit talents by eliminating the need for HR managers to manually set and select through the large pile of candidate profiles. AI helps in building a positive workplace culture in the following ways:

a. Hiring is made easier by Machine learning algorithms. The process of hiring is streamlined by AI. The algorithms do so by the process of learning hiring practices of the past. AI applications help in finding good leads by learning an applicant’s history of work and studies and makes the hiring process easier.

b. Sales can be made simpler for small businesses with the help of AI applications. AI-enabled CRM platforms help businesses to derive insights. CRM systems compile data from different customers via phone, email, etc. This is done for automated lead generation. Sales folks of small businesses can make use of AI enabled CRM systems to adjust their leads by analyzing customer ideas through different channels like recording phone calls, emails, phone messages, online behavior, customer reviews, social media posts, etc. This helps the sales team of businesses to personalize their business, according to customer intentions.

c. Small businesses can use AI applications to manage back-end operations cost-effectively. Financial accounting and scheduling daily tasks to employees can be managed more effectively with the help of AI enabled tools. This helps small businesses save time from performing redundant and manual tasks.

Related Reading: Here’s an ultimate guide for you to enhance your existing business application with AI.

4. AI For Effective Data Collection And Competitive Analysis

Identification of competitors is crucial for any business. AI helps in building a competitive analysis that searches for competitors in particular fields. This helps small businesses to collect critical data regarding different competitor strategies.

Businesses learn about the latest trends from the collected data. This is performed via advanced AI methods such as statistical regression analysis. AI has made it cost-effective for small businesses to use sophisticated AI tools that help them in determining how to keep clients interested in their business.

Machine learning algorithms make use of customer sentiments to capture and track customer preferences. This data collection mechanism is made available to small businesses affordable by AI.

Competitive Intelligence implies being able to react to market trends rapidly and accurately. It is therefore essential for small businesses to be up-to-date about the current market trends. Tracking competitors, changing business processes to suit customer requirements, analyzing cost changes and business metrics is required for a business to succeed. This is made possible by AI-powered competitive intelligence tools.

Related Reading: Read on to know how artificial intelligence can enhance intelligent app ecosystem.

5. AI Enabled Tools To Enhance Marketing Strategies

Any business requires deep know-how in technology to enhance its marketing functions. Small businesses find it difficult and costly when it comes to hiring top-notch professionals to handle large marketing campaigns.

Small businesses can make use of AI enabled tools to manage marketing activities. AI helps in reaching out to a large audience online by making use of advertising platforms. For instance, Facebook and Google have implemented advertising platforms that are AI implemented. This targets specific customers making it easier to collect and analyze data that is critical for lead generation.

CPC (Cost Per Click) can be considerably reduced by implementing AI tools. In addition to being able to find the best marketing strategies, AI enabled tools also analyze consumer engagement via marketing campaigns.

Artificial Intelligence is an effective budget monitoring source for marketing management activities for a business.

The Artificial Intelligence Revolution can jumpstart your small business to its height. Get in touch with our tech-breathing IT consultants now to learn tips on how to start!

You may also be interested in reading Top AI Technology Trends To Watch Out For In 2019