Identify the best approach to legacy system modernization
With changing customer behavior, enterprises have changed their norms and business applications. Now, retailers have to fulfill orders in a multichannel, multitouch eCommerce environment; consumer banks have to provide secure and user-friendly apps, and travel brands have reconfigured their approach to stay relevant in the face of disruptors.
All these changes require legacy system modernization.
What are legacy systems?
A legacy system may be different for each company, depending on their business. While many organizations prefer to leverage new software tools and run them on old systems, others update their applications one at a time. That said, few companies are still using both old software and old systems.
Legacy systems are considered old when the software fits the early 2000s, not 2020-21. However, not all legacy software or systems are defined solely according to their age.
What is legacy systems modernization?
Simply put, modernization means updating all or some of the IT stack to enhance your business processes and goals.
However, here are three definitions that will help you understand that legacy system modernization is more than just updating the system.
- Legacy software: The application(s) that your business depends on from the last year to the past decade or more.
- Legacy software modernization: Replacing and updating all inefficient systems, processes, and applications either partly or entirely.
- Re-platforming: Modernization begins with the platform on which your business applications are built. Moving your e-commerce platform from Shopify to Magento is an example of re-platforming.
There’s no denying that business leaders drive innovation at their companies. But they need the latest technologies to enable and support this innovation. They need fast applications, systems that support connectivity, and platforms that bring all these together. Most older IT companies fail to meet these modern needs. So, legacy system modernization is a must in such cases.
That said, digital transformation has pushed application leaders to find effective ways to modernize legacy systems.
Why do you need legacy system modernization?
Legacy system modernization is more than just updating the system. It is about bringing the entire organization to meet the digital environment.
Some of the reasons to consider legacy modernization are:
- It helps create and maintain a competitive advantage by building a solution that will help you stay ahead of competitors.
- Provides reliable processes with reduced risks, improves the system’s functioning, and improves performance.
- Ensures satisfied customers and happier employees by meeting UX and performance standards.
- It helps you scale in the future by transforming your IT stack into an agile platform for future change.
- Secures your IT infrastructure from internal security breaches and external threats
- From accounting software to CRMs, legacy systems introduce simpler integration with several new enterprise software used by various businesses.
- Addresses the financial inefficiencies of legacy system
- It helps realize growth opportunities, exceed customer expectations, and gain new customers by staying ahead of the enterprise software curve.
Have a look at some of the points in more detail.
Integrated, up-to-date, and user-friendly software and systems will save your company on downtime, transactions, and more. For instance, Javelin Strategy & Research observed that mobile and online banking transactions cost only $0.10 while offline processing cost around $4.25 for financial institutions.
Older software and systems can help you spend less on technology, but they end up incurring other overhead expenses.
Most organizations rely on third-party APIs to realize maximum enterprise value. For example, Zillow, a real-estate listing site, relies on the Google Maps API for full functionality.
Making sure your new software system is ready for integration will help meet the expectations of your customers, employees, and stakeholders.
Gartner recommends how to approach legacy modernization
Here is a three-step evaluation process provided by Gartner on how to approach the legacy system’s modernization.
Step 1: Use six drivers to evaluate your legacy systems
There are six main drivers for the modernization of your legacy system. These are the issues or concerns that the legacy application has created due to its architecture, functionality, or technology.
Three of these drivers are from a business perspective, such as business value, business fit, and agility. So, if your legacy system does not meet the new requirements, it will have to be modernized to fit properly and should be updated to provide more business value. Systems that are not agile enough to meet digital business demand are more likely to risk liability.
Step 2: Evaluate modernization
Once you identify the problem and select the opportunity, look at the modernization options. Here are seven options provided by Gartner. These options are ranked based on the ease of implementation- the easier it is, the less risk and impact it will have on the system and the business processes, the difficult, the more risk and impact it will have.
- Enhance and extend the application features by encapsulating its data and functions by making them available via an API.
- Be it cloud, virtual or physical, rehost the application component to other infrastructure without changing its code, functions, or features.
- Make minimal changes to the code but not the code structure, features, or functions to migrate to a new runtime platform.
- Restructure and optimize the existing code but not its external behavior to improve non-functional attributes and remove technical debt.
- Modify the code materially to shift it to new application architecture and exploit newer capabilities.
- Rebuild the application component from scratch while retaining its scope and specifications.
- Eliminate the former application and replace it while taking into account the new requirements and needs.
Step 3: Select a modernization approach that has the highest effect and value
The last step is to choose the modernization approach by mapping the seven modernization options concerning their effect on architecture, technology, functionality, costs, and risks.
It is important to weigh all the options to identify the extent to which they will all have the desired effect with less effort and maximum positive impact.
How can Fingent help update your legacy system?
Whether you are looking to re-architect your enterprise software or re-platform your entire system, or simply looking for new solutions that integrate with what you have going, we have you covered. We offer business process re-engineering and platform modernization services.
With expertise in various industries and a full-cycle in-house software development team specializing in legacy modernization, we can make your entire process efficient and personalized. Talk to our expert to know more about this.
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How to gain maximum value from technology investments for your business?
The slow economy stemmed from the COVID-19 pandemic is forcing organizations to identify and cut all unnecessary costs. Unfortunately, technology investments also fall prey to these budget cuts. It happens when businesses invest in technology without adequate planning.
According to a survey, 29.2% of respondents holistically examine their technology usage while searching for efficiencies. It may mean canceling or delaying new projects and purchases or reducing or canceling maintenance and support contracts for existing investments.
Research by Accenture reveals that while 47% of the companies are building their future growth strategies on mobility and technology, considering inefficient technology as one of the top hindrances to their growth. It is clear that IT-led innovation is the need of the hour, and 82% of companies are investing specifically in technology for improved growth.
Simply put, now, it is crucial to improve the return on investment of resources, optimize costs, and select the right solution when making sourcing decisions.
Here, we share a few tips to help you gain full value from your technology investments.
Ways to optimize costs
Gartner reveals that optimizing costs is essential for businesses and is one of the best ways to control spending and attain cost reduction while maximizing business value.
Optimizing costs should take into account:
- Automating and digitizing business operations
- Simplifying and standardizing applications, platforms, processes, and services
- Obtaining the best terms and pricing for business purchases
While this means ensuring that technology investments generate the maximum possible value, it also means cutting costs and considering how each technology investment drives business value.
Some technology may be expensive, but it doesn’t mean that it isn’t providing value to the organization. Expensive technology may already be optimized because of the value it generates, while inexpensive technology may be unused and wasted. Therefore, it is important to make the right decisions regarding purchasing hardware, software licenses, or cloud services contracts.
Once you have identified and mitigated what you do not need and what you need, there are no more costs to reduce. It is time to look at how to optimize technology assets.
Ways to get the most out of your tech investments
Despite the cutbacks and search for savings, many organizations continue to invest in technology projects and accelerate their digital transformation initiatives. However, even with the economic slowdown coupled with pandemic-related uncertainties, organizations that have performed well during 2020 are looking to increase resilience by reducing risks and demanding shorter ROI periods on investments.
That said, the key to maximize ROI is preparation. It is essential to know that you’ve selected the right solution and are ready for implementation. Several surveys done in the past suggest that the software chosen is rarely the reason for any IT project’s failure. And a few leaders even agree with this, revealing a lack of investment in preparation, project management, and implementation. Even the simplest of IT systems require some amount of work to install and configure. So, the more complex your environment is, the more careful you will have to be.
Key factors to consider while developing a technology strategy to improve corporate performance are:
Investment profile: Your management team must identify your IT investment percentage (allocated to build significant capabilities) versus the foundational investment. Ideally, foundational investments should not be more than 40% of the total annual investments.
Organization focus: You must identify whether a significant portion of your internal resources aims to drive innovation or growth. Also, find out if you have the proper operating processes in place to drive these investments.
Tenure: You will have to figure out if your workforce has the right experience and skills to achieve the target.
Investment economics: Move over traditional measures and instead identify newer ways to evaluate your projects and investments.
A few technologies worth investing
Following are some of the technologies worth investing in the present business scenario:
- Artificial Intelligence (AI)
- Internet-of-Things (IoT)
- Self-driving technology
- Streaming media
Tips for getting maximum value from technology investments
To get maximum value from your technology investments, you should:
- Be prepared with clear objectives and outcomes. You must ensure that your vision aligns with that of the new technology vendor.
- Ensure that you have people, processes, and governance for leveraging the technology when deployed, reducing the time to both value and ROI.
- Identify and assess your data sources’ quality to develop appropriate metrics for accuracy and completeness of data and check for any improvements.
- Invest in the implementation and system or process integrations to make sure they are carried out successfully. If you are using any third-party service provider for the implementation, ensure that you hire a reliable and trained team like Fingent.
- Identify users and key stakeholders and invest in their time to maintain the system.
- To reap benefits early in the project and demonstrate the value of initial investments, take a phased approach. Phasing could be by business unit, geography, or environment depending on the organizational structure and business goals. This will ensure that the project is manageable.
- Provide both initial and ongoing training in phases to allow end-users to familiarize themselves with the features and functionalities they have learned about before undergoing further training. That said, make sure the new users are also appropriately trained.
- Ensure that third-party consultants have completed their vendor training or certification programs before allowing them to use your tools. Also, check if you are using the latest version of the tool. If needed, arrange for additional training.
Be smart with your tech investments
With technology and digital transformation becoming more pervasive across all industries, technology investment can make a huge difference in winning or losing a business. By focusing on the tips discussed in this article, companies can maximize value from their technology investments.
Technology wins only if it can appease users. A bad customer experience forces the customer to switch from vendor A to vendor B. Not only should you identify and invest in the right technology, but make an emotional connection to craft human experiences that drive customer satisfaction and differentiate you from your rivals.
Fingent helps you make a fortune out of tech investments by helping you leverage the latest technology trends. Our business technology consulting services focus on helping businesses tackle technology problems, attain business objectives, and derive value from tech and IT investments. Chat with an expert to learn more.
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How to plan a successful COVID-exit strategy and get your business on track?
If the 2008-09 global recession was due to financial meltdown and economic vulnerabilities, the 2020 economic crisis stemmed from the global pandemic and subsequent health emergency. Both incidents hold lessons that business owners and leaders should follow to fast-track their organizations’ recovery in 2021.
Economic growth in 2021 is likely to improve compared to the growth rate in the second half of 2020. However, it will still be uneven. Additionally, the timing and growth will vary for different products and services and geographic markets.
Given the uncertain recovery of the economy, leaders and business owners need to plan a successful strategy to lead their teams and organizations over the year. The focus should be a forecast of their companies’ revenue potentially earned in every quarter of the year.
That said, the COVID-exit strategy is not straightforward. Leaders and business owners will have to make a few difficult choices.
- How much should my organization change, and how fast?
- How far should I go to change my current strategy and adopt faster and more agile approaches?
These are some of the questions that you’ll probably need to figure out. However, remember that if your organization does not move quickly, it will lose itself in the crowd.
One of the best ways to transform is to apply the “all-in” approach to transformation. It means to go ahead with full speed. Whether your organization’s transformation should be about portfolio moves or performance improvements misses the point. If you want to succeed, you must consider both and make your transformation go big. This approach will help your organization emerge stronger and sustain the competitive edge for a long time.
This article discusses how leaders can build a successful COVID-exit strategy and begin a holistic transformation.
Three fundamental steps that organizations can consider
If your organization is successfully managing portfolio and performance moves simultaneously in a transformation, you can invest in three foundational steps:
- Getting an honest view of the business’s full potential across both portfolio and performance moves.
- Understanding the impact of those moves.
- Creating a program with a proper structure and sequence to maximize value creation.
While understanding the full business potential, leaders must know the importance of setting a high aspiration. According to McKinsey & Company, companies that put their gross transformation targets at 75% of trailing earnings are more likely to create value sustainably.
Incrementalism may be risky for organizations trying to break out from the COVID-19 crisis. Management teams seek safety to confront the current situation and avoid the discomfort of going in for the big moves. In reality, leaders must use this time and opportunity to challenge assumptions and overcome social barriers that block bold moves.
Successful digital transformation requires leaders to answer these questions
- Which line(s) of business does my company no longer own naturally?
- Which trends accelerated by COVID-19 could transform my business?
- What are the new efficiencies and business models developed by my company to meet the COVID-19 necessities?
- How can my organization benefit from the advantages of those new efficiencies and business models in the next normal?
- How has my organization’s health changed, and what elements and capability building will be required to maximize the impact of the COVID-exit?
While you are trying to balance portfolio and performance moves, you will also need to consider the sequencing. Portfolio and performance initiatives must go hand-in-hand. You must consider each move by defining the magnitude, timing, and risk of impact.
According to McKinsey & Co., stand-alone portfolio moves capture less than half of value creation, especially in areas such as deal premiums, performance upside, or growing new business. However, if your strategy is ill-conceived, even stand-alone performance moves can take time and maybe outweighed by acquiring the wrong business lines.
Two cases of “all-in transformation”
While you must consider both portfolio moves and performance improvements, which of these should you execute first? The answer depends on the organization and context.
How and when you implement your transformation elements must be guided by your organization’s various circumstances and potential at any given time.
We’re listing two cases of “all-in transformation” here. Both the examples highlight the significance of sequenced transformation in unlocking business value. In both cases, the organizations identified the required potentials, set high aspirations, and deliberately sequenced the portfolio and performance moves to achieve the results. However, the companies differed in how they advanced from there.
In the first case, the value creation and its sequencing were as follows:
- The company streamlined its cost structure, focused on resource allocation, and carved out a few of its competing lines after consolidating business units and simplifying the executive team. This reorganization enabled about 10% of total transformation value creation.
- Next, the company improved the effectiveness of its sales force which generated high revenue growth. It also implemented automation and simplifications to reduce overheads and adopted a strategic procurement approach to reduce external expenditure. These operational improvements enabled about 75% of transformation value creation.
- Lastly, the company invested in optimizing firms it had acquired and integrated a similar set of core capabilities.
The second case, though an all-in transformation program, took a separate route.
- After a significant merger, the company re-evaluated its core business portfolio and divested non-core business. This approach enabled the organization to focus on financial flexibility by using the proceeds to buy back stock. Overall, this performance move allowed the company about 75% of value creation.
- By streamlining its operations, focusing on revenue growth and margin improvements, the company’s performance transformation enabled about 25% of value creation.
From these examples, leaders need to understand that they cannot choose between a portfolio-first or performance-first approach while planning their exit strategy. The order is not important, but leaders will have to accept that they are going all in, set high aspirations right from the start, and let the realization of full potential determine what happens. Avoiding an ad hoc approach to value creation may have significant implications over the long-term. Research reveals that organizations that go for the “all-in” transformation approach are more likely to show lasting improvements and are nearly three times more likely to be ahead of their competitors.
After a year of uncertainties, CEOs and business leaders are aware that the COVID-exit path will not be easy. However, if companies adopt an all-in transformation approach, they can expect more dynamism and flexibility during the journey.
At Fingent, we use cutting-edge digital solutions and rapid innovation to help businesses reinvent the future. We’re closely monitoring the situation and helping businesses return to work with our technology consulting and innovation capabilities. Feel free to get in touch with us to know how we can transform your business digitally.
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Instead of reaping one of the highest revenue growth-spurts, the hospitality industry faced the toughest-time in industry history, due to the COVID-19 pandemic.
How the hospitality industry can leverage technology for a stronger resurgence in 2021
While the industry is known as an early embracer of digital disruption, many brands struggle to gain customer recognition. Surveys reveal that even before the COVID-19 pandemic, 72% of the guests were more likely to return to a hotel having tech-led services they expected. With the onset of the pandemic, these expectations have only increased.
A recent survey by Deloitte Digital Study suggests that over 60% of travelers prefer to stay at a hotel having contactless services such as keyless room entries, voice assistants, communication with the staff using phones, and contactless check-ins and check-outs.
That said, 2021 looks promising. Travel bubbles and corridors are forming, facilitating new flows and movement and consequently hope for the hospitality industry. Some players in the industry are even leveraging technology to combat the losses due to the pandemic.
Here, we discuss five cutting-edge technologies that can help the hospitality industry revive its lost glory in 2021.
Many hospitality industry players have incorporated chatbots in their websites, social media accounts, apps, and even phone systems.
Instead of calling a travel agent or visiting several websites to read reviews from travelers, users can simply ask their questions to chatbots. Chatbots can use data from users, interactions, and products to provide personalized deals and recommendations. Additionally, bots can make reservations, compare prices and products, and even request quotes to create convenience for customers.
Chatbots can be customized to understand complex questions, detect upset customers, and immediately direct them to a human agent who can answer them.
Interestingly, chatbots offer a good ROI. They reduce operational costs while enabling support agents and enhancing the overall customer experience.
With advances in technology, natural language processing, and machine learning, chatbots can be trained further to answer more inquiries and recognize more inputs.
2. Cloud and Internet of Things
Cloud-based solutions help us access anything we want remotely. Along with IoT (Internet of Things) devices, cloud-based applications can help streamline operational complexities such as assigning staff duties, coordinating housekeeping, and confirming compliance with newly enforced safety and hygiene standards.
IoT helps with the remote monitoring and management of physical things in the hotel or resort premises, such as TVs, door keys, and even thermostats. Voice-based intelligent assistants such as Siri, Google, and Alexa also help control the connected devices remotely.
Simply put, hotels can benefit tremendously if their primary services are internet-based. Technology offers guests better control over their stay and experience and enables the hotel staff to get a more detailed picture of what works and what needs to be upgraded. Enhanced tools can provide guests with a superior experience, personalized communication systems, better assistance, and hygiene standards.
3. AI-powered systems
The hospitality industry will soon see a surge in the use of Artificial Intelligence or AI-powered systems. The system can include facial recognition with mask detection and thermal camera integration to improve safety and security within the premises.
Geofencing technologies can help brands build location-awareness apps to drive real-time updates and rebuild consumer confidence related to the tourism sector’s safety. It can even allow brands to send out push notifications such as instructions, directions, special offers, or promotions to customers based on their current location or journey map. These lead to a seamless experience when combined with smart queues and touchless check-ins upon the guests’ arrival or prompt them for payment on their smartphones during the check-out.
4. Mobile payment technology
Hospitality service providers can leverage mobile technology and data derived from digital payment tools such as Amazon Pay to offer personalized in-store and online purchase experiences to their customers. Typically, mobile wallets apply near-field communication (NFC), Magnetic Secure Transmission (MST), and even sound waves to communicate with the point of sales without touching it for in-store purchases. For online payments, digital wallets can autofill payment information using biometrics or fingerprints to confirm the payer’s identity for added security.
Mobile banking, QR, payment links, and applications are a few additional functionalities that brands can adopt to augment and enhance the mobile payment process.
Leveraging technology to accept mobile payments come with several benefits:
- While traditional payments can take around 30-45 seconds to complete, a contactless transaction is completed within 15 seconds.
- Mobile payment includes two-step authentication, the limited amount that can be expended per transaction, and built-in features to prevent duplicate transactions. Additionally, the mobile payment data is heavily encrypted when stored and transferred.
- Businesses can link the mobile wallet approach to loyalty programs, push notifications, special deals, and other value-added services.
- Touchless/ contactless payment allows customers to keep their hands clean and restricts their exposure to the virus.
5. Data Science
Restaurant chains and groups are excellent data science candidates as they generate a significant amount of data both internally and externally (social media, email, inventory, POS systems, phone calls, etc.). The pandemic is pushing restaurants and hotels to invest in systems and training their staff to make decisions based on data that would otherwise be impossible to process.
A few ways restaurants have used big data to improve their efficiency and increase sales are:
- Using ordering trends and marketing analytics, restaurants can identify their most popular and least popular dishes and how a particular location and season can impact what gets ordered. This helps them optimize their menu and make informed decisions.
- Big data allows hotels/restaurants to recognize patterns and predict factors that affect the inventory counts.
- Through transaction data, loyalty program data, and social listening, restaurants can identify what can improve customer experience and what makes them come back.
Using data to optimize the menu can impact customer retention. Using data to improve customer retention can help modify the menu.
There’s no denying that going digital is the norm today, and the hospitality industry will have to continue to adopt technology to meet the shifting customer demands.
Fingent helps build custom, mobile-first workplace platforms for the hospitality industry that can automate your workflows, reduce your staff turnover, and enable you to deliver superior customer experiences.
Looking to rebuild and reinvent your hospitality business in 2021? Talk to an expert right away.
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The post-COVID-19 business scenario will not look the same across industries or countries. It will pose challenges and opportunities to leaders.
Tips for Business Leaders to Attain Success in the New Normal
While traits like empathy, authenticity, clarity, and agility remain crucial during this uncertainty, leaders face challenges to maintain a sense of connection and togetherness within their teams. However, as businesses are beginning to get back on track, leaders will have to leverage new insights and advancements to rebuild the workplace rather than returning to it as usual.
This article discusses five best practices that business leaders can follow and prepare their organization for the future.
1. Have a clear purpose
There is a big difference between a “factor” and a “must-have.” A company that has a unique affirmation of its identity embodies everything the company stands for. This purpose helps future-ready companies to attract people to join the organization, stay and thrive. Also, investors understand why it is valuable.
According to a survey, 82% of companies in the U.S said that organizational purpose is essential, but only half of these companies said their purpose drove impact. So, what can bridge the gap?
Leaders can set the purpose in motion and make it real for people. This can be achieved when employees identify and feel connected to their organization’s purpose. For example, Amazon leaves a chair vacant during meetings to represent the customer’s role in decisions. CVS Health stopped selling tobacco products to achieve the purpose of helping people to attain better health.
Research reveals that people who live their purpose at work are four times more likely to report better engagement levels than those who do not.
Simply put, purpose inspires commitment, reveals the untapped market potential, and even navigates uncertainty. So, companies must articulate what they stand for and use their purpose to connect employees and stakeholders in ways that justify their business choice.
2. Create a value agenda
An organization must create a value plan that helps convert its ambitions and targets into tangible elements such as business units, product lines, regions, and capabilities. This allows companies to articulate where value is created and set it apart to drive future success.
Organizations must use the value agenda to focus their efforts and enable their employees to understand what matters. If this is achieved, the results can be significant and hard to replicate.
For instance, Apple ensures it provides the best user experience. The company gives importance to not just the product design but also the product packaging. Apple has a dedicated packaging team to ensure users elicit the right emotional response while unboxing.
Having a clear value agenda will help a company devise better strategic priorities and become agile to shift resources as priorities change.
3. Distinct culture
Future-ready companies need to have a distinct culture that can help them distinguish themselves from others. Culture includes rituals, symbols, behaviors, and experiences that describe how an organization works.
For example, Amazon enforces its “two-pizza rule,” according to which every internal team should be small enough to be fed with two pizzas. This rule supports the company’s approach to meetings: no PowerPoint, shorter meetings, and start with silence to allow participants to go through the pre-meeting memo. These approaches may sound silly, but in reality, it enables the company to reach better decisions faster.
For successful companies, culture forms the backbone and fuels sustained excellence in performance over time. Studies show that companies with strong cultures are three times more likely to achieve higher total returns to shareholders than those without a healthy culture.
Leaders have to consider specific behaviors that employees at all levels adhere to create a robust performance culture.
4. Flatten structure
In recent years, the business environment has become more complex and interconnected. Many companies have adapted to these changes and created a more sophisticated matrix expecting it to solve market complexity. However, this is not how it should be.
Future-ready organizations must prepare themselves to become fitter, faster, flatter, and better at unlocking considerable value. The goal should not be to eliminate hierarchy but to flatten the organization, adopt the most uncomplicated profit and loss management structure, and reinforce business objectives with robust performance management and other mechanisms.
For example, Haier, a China-based company of appliances and electronics, adopted emergent and agile teams instead of the traditional hierarchy. The multinational company has no layers, no conventional bosses, and no middle management.
Another example to consider is Google. It follows a “non-zero-sum” management approach that emphasizes developing a communication line running in all directions rather than reporting relationships. It brings together cross-functional and professional skills while avoiding hierarchical mindsets. Such teams can act fast because they are flexible, are ready to learn from mistakes, and try new approaches.
In simple words, the future-ready organization must include models that are designed around people and activities. As technology advances, bosses will become coaches and enablers rather than micromanagers. When organizations set their priorities and ways of working, responsibilities, and transparent decisions, they can empower their frontline staff to make decisions.
5. Prioritize data-rich tech platforms
Data is of utmost importance, and future-ready companies need to take it seriously. For example, Netflix transformed from a small DVD-provider to a multifaceted global OTT content platform and media production company by leveraging insights from its user data through powerful algorithms.
So, future-ready companies need to understand that data can empower decisions, and the value agenda provides unexpected yet promising opportunities.
To get maximum benefits from the data, future-ready companies must create practical approaches to data governance, redesign processes in a modular fashion, and leverage cloud-based technology by dynamically reallocating their budgets. By utilizing the data effectively, companies can develop new products, services, and even LOBs.
There’s no denying that the COVID-19 pandemic has left many businesses in grief and economic dislocation. Business leaders must lead with empathy and compassion as they start to re-energize and revitalize their teams. The best leaders establish and reinforce behaviors that can support their organization during this crisis and after.
Contact us to know more about how Fingent’s leadership supports customers to ensure business continuity and enables employees to engage effectively during the current pandemic.
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How can companies step up their game and deliver the COVID-19 vaccine efficiently?
The COVID-19 vaccines have received Emergency Use Authorization in the United Kingdom, the United States, Canada, the EU, and a few other countries. Many frontline workers and even the priority population have already received their first doses. Vaccines from several major global manufacturers like India are also set to arrive and be distributed for administration globally.
However, in certain places, the vaccine effort has hit a few roadblocks. Deployment to vulnerable countries and the at-risk group is also slow. As the COVID-19 vaccine is being made available, supplying the doses efficiently with utmost care will be the ultimate logistics challenge. Massive volumes have to be handled, stored through cold chains, and distributed. All processes need to comply with safety regulations. In other words, the vaccines should be distributed quickly and safely worldwide.
In the United States, several organizations play a crucial role in vaccine deployment by adapting their operations to meet the demands. Suppliers, manufacturers, and regulators are stepping up the production of vaccines. Additionally, several thousands of medical, pharmacy staff, frontline workers, and vaccine handlers attend training sessions to understand the peculiarities of different manufacturers’ specific vaccines.
Here, we have discussed seven steps that organizations must engage in to ensure the safe delivery of the COVID-19 vaccine. Following these steps can boost the productivity of your logistics business and efficiency on your future orders and deliveries.
1. Ensure raw-materials supplies
Vaccine producers can partner with global suppliers of raw materials and provide support to create redundancies wherever needed in the supply chain. Last year, many manufacturers established new partnerships. However, a wide diversity of suppliers is necessary to meet the demands of each vaccine seeking approval. Manufacturers can negotiate contracts and offer incentives to suppliers who invest in boosting production and stocking-up the goods. Also, producers can evaluate their inventory management and check for stock-outs of essential raw materials.
2. Collaborate with the government
In addition to the above point, the producers must have sufficient interaction with the government to increase production and maintain it. Many manufacturers and suppliers are working closely with the government to manage natural resource allocation. This collaboration must be continued over the economic and public health implications of outsourcing legacy products and optimize production lines for COVID-19 vaccines. Additionally, producers can collaborate with the government to create technology-transfer timelines and develop innovative ways to push bulk volumes to the market. It also helps improve inventory management and distribution.
3. Boost manufacturing by adhering to quality guidelines
As producers need to ramp-up operations in new or existing manufacturing facilities, they could look for opportunities to accelerate the process. Companies can use several digital and analytics tools to expand capacity and scale faster. Additionally, they can accelerate technology transfer time. For example, companies grow and speed up production by conducting engineering runs, validation runs, and stability studies simultaneously.
By collaborating with regulators and manufacturers, authorities can ensure that they meet the established and newly issued guidelines related to the dosage quality and procedures. With such coordination and understanding, higher throughput can be achieved. Similarly, stakeholders can collaborate and employ novel technology platforms such as mRNA to establish new vaccine production standards. Creating best practices at the facilities and the production can help set a clear road map for new manufacturing facilities. Eventually, this can improve future production capacity and throughput while meeting all the quality standards.
4. Optimize cold chain logistics
To mitigate distribution risks, manufacturers and distributors must identify failure points and create redundancies at each stage. For instance, dry ice can be used in warehouses fitted with freezers to deal with power loss or machine malfunctions. So, sources of dry ice must be identified across the distribution routes to restock coolers as required.
Reporting systems can be set up to identify supply-chain disruption events whenever they occur, using the data for refining best practices and procedures to avoid more losses.
In case there is a drop in the vaccine demand to the point that they are not immediately consumed, vaccine inventories must be redistributed to locations with higher demand. Manufacturers and distributors must avoid too much stockpiling to maintain the cold chain and reduce risks to the receiving administration location. If this is not possible in some areas, long-term storage by replenishing dry ice or increasing freezer capacity can be considered.
5. Address labor shortage
Currently, many locations are relying on hospitals and primary-care sites alongside retail pharmacies for vaccine administration. However, as vaccines will be deployed to the general public, more vaccine administrators will be needed. So, deploying the vaccines to larger and streamlined sites will be more efficient. This will improve patient safety, utilization of labor, and speed of vaccination.
6. Reduce spoilage at “care-points”
Manufacturers, distributors, and companies can collaborate to create ways to identify and track instances of spoilage. They can achieve this with proper guidance, training, certification, and optimization of doses.
As vaccines will be deployed to broader populations, accelerating the first-dose allocation as scheduled will be of paramount importance.
A possible way to prevent second doses from spoiling is to ask the vaccine recipient to commit to a second dose appointment at their point of care before administering the first dose.
7. Plan to overcome IT challenges
COVID-19 stakeholders must identify IT systems and assess their ability to perform at scale. They must also agree upon standard requirements and processes to generate and share threat intelligence. Awareness of attacks on the vaccines will lower the chances of seizures in number and magnitude.
Additionally, manufacturers and distributors can commission systems to track if the vaccine recipient has demonstrated immunity. This will not only build confidence in immunity but help people have a recognizable and accepted way of certifying that they have been vaccinated. This is true, especially if it will release them from travel limits and other pandemic-related restrictions.
The organizations involved in the deployment of vaccines are not solely responsible for managing it across the common operating model. The risks can be reduced to a great extent with increased cooperation from stakeholders. So, working groups could get together to identify the risks, assess their impact, and determine if certain risks are evolving and how they can be addressed.
Building smart and custom logistics software applications can help fulfill the increasing demand for last-mile delivery. Fingent helps build healthy tech partnership ecosystems to ensure uninterrupted supply and distribution of your products and services. It is the right opportunity to look at the future of logistics and decide whether to continue on the pre-COVID trajectory or change course. To see how our custom logistics software solutions can improve your team’s productivity, get in touch with us.
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Digital core ERP can help bring about innovations across the value chain. Companies have to get ready to compete by leveraging the digital core or be left behind.
Take your business to the next level using digital core ERP!
Organizations commonly use Enterprise Resource Planning or ERP software to streamline their back-office functions, logistics, customer service operations, and inventory management. However, it is not agile enough to match the ever-changing requirements of a digital customer.
To establish agility within the foundation of ERP, providers worldwide are repositioning themselves to adapt to the new shift of digital core. Digital core ERPs such as SAP S/4HANA can help companies to stay relevant in today’s digital economy. Odoo ERP and SAP are two of the leading core ERP vendors that help automate back-office functions and accelerate your journey to the intelligent enterprise.
What is meant by digital core?
Simply put, the digital core includes technology platforms and applications that enable organizations to transform into digital businesses and meet the changing customer needs. Digital core ERP allows companies to overcome complexity in enterprise and resource management and drive business innovation.
It includes emerging technologies such as IoT, AI, machine learning, and advanced analytics that require businesses to adopt flexible, scalable, and cloud-based platforms. Digital core prepares data for machine learning systems, text to speech, neural networks, decision making, and other advanced applications and creates algorithms for business and IT.
The digital core will allow organizations to improve their existing business processes or develop new business models using digital transformation initiatives.
This new integrated system allows business leaders to predict, simulate, plan, and predict future business outcomes in the digital economy.
Why is digital core significant for your business?
Businesses that fail to address the changing enterprise and consumer demands due to their rigid core systems face the risk of losing the competition to their more agile counterparts.
To prevent losing business and reputation, enterprises must leverage digital core in the right way and integrate it seamlessly with their internal and external partners. In other words, enterprises must look beyond digitizing peripheral processes and align their core to meet the changing demands. It will not just eliminate manual steps and deliver agility but also provide a seamless user experience.
Examples of digital core
Finance professionals can leverage the digital core to obtain a single source of truth for finance. Finance departments have to handle reconciliations between internal and external reporting and multiple sources of truth stored in different ledgers. While traditional applications can help optimize and control functions, they cannot create a single source of truth, resulting in data accumulation by reconciling ledgers and valuations. With the digital core, businesses can eliminate reconciliation and execute seamless closing from unified data models. It also improves the allocation and closure of processes by ten times. The digital core’s main advantage is that it helps simulate financials in real-time with many ‘what-if’ possibilities.
The digital core can provide a digital experience along the automotive manufacturing value chain. The digital core can power a connected car to offer a personalized driving experience to drivers, including services like parking and fuelling options based on real-time information. The connected vehicle captures data that can be used for predictive analysis to gain insights into driver behavior and preferences. The digital core also helps enhance manufacturing by moving from batch orders to real-time manufacturing resource planning to meet the growing demand.
What are the benefits of the digital core?
Digital core allows enterprises to integrate business process and transactional data from back-office ERP systems with a large amount of data (structured and unstructured) from different sources. Advanced analytics can be embedded in the digital core data to produce new insights, such as proposing further actions and predicting outcomes. Interestingly, many of these processes can operate automatically in near real-time.
How to prepare for digital core transformation?
Firstly, it is essential to have an all-inclusive digital strategy along with effective executive leadership. Additionally, enterprises can focus on three critical tasks:
- Restructuring the organization
- Transforming the organization’s culture
- Re-platforming their technologies
As digital core transformation will have an impact on both the core and the peripheral assets as well as technologies, the new strategy must allow them to:
1. Push tailor-made solutions
Companies that use SAP products can move to SAP HANA products such as SAP S/4HANA and opt for the right cloud-based products to allow better agility during deployment.
2. Establish strong collaboration with partners
Collaboration with partners will help you achieve faster time-to-market for innovations. Also, you can leverage partner innovations along with data integration to deliver value to your customers continually.
3. Enhance the business
Use business process management tools to optimize your business processes and meet customer expectations. Technologies like cognitive analytics allow businesses to identify strategies that lower their value.
Advanced skill sets and enterprise-wide scale are required for digital core transformation, which may be challenging for most businesses. Therefore, it becomes imperative that you find an experienced and trusted partner who can support your digital core journey.
Here are a few tips for choosing the right implementation partner:
- Evaluate their investments
- Understand their willingness to collaborate
- Gauge their implementation expertise
- Look for SAP or Odoo ERP partners
- Gauge their desire to embrace new products and platforms
Why choose Fingent as your digital core ERP implementation partner?
Fingent offers ERP implementation and consulting services to businesses worldwide. We are an Official Partner of Odoo. Our Odoo ERP implementation and customization projects are tailored for easy adaptability. Fingent is also an SAP Silver Partner. With our expertise in cloud computing and custom ERP development and implementation, we can support you through this critical time and help stabilize your business operations and strategize for the future. Get in touch with our expert to discuss your requirements.
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Cloud security threats: How to protect your data and mitigate risks?
Be it Google G-Suite, Dropbox, Adobe, Salesforce, or Microsoft Office 365, almost every business uses cloud services for their critical business requirements. Despite its rapid growth, cloud computing brings the possibility of severe security threats that can drastically affect an organization. According to Cybersecurity Ventures, cybercrime damages might hit $6 trillion by 2021. 1 out of 4 will experience a data breach, and on average, businesses are investing about $7.2 million on security breaches. These figures prove how devastating security threats can be if they are left unchecked.
While cloud systems, applications, and networks are not located within your control physically, the security responsibility and risk mitigation are definitely within your control.
Some of the latest security threats to cloud data management include:
- Phishing attacks
- Ransomware attacks
- Insider threats
- Asynchronous procedure calls
- Distributed Denial of Service Attacks (DDoS)
- Uneven security gaps
Why is cloud security important?
While cloud service providers protect your data, they can’t protect your data when it leaves the cloud to interact with other systems.
Cloud security is essential to protect your data as well as the integrity of your business. According to a survey, 60% of breaches occur at patches that are available but not applied. You will need a team to continually monitor potential security threats to ensure that your cloud infrastructure is always up-to-date.
Regardless of your organization’s size, it would be best to implement strong network security services to protect your organizational and customer data.
Read more: Why It’s Time to Embrace Cloud and Mobility Trends To Recession-Proof Your Business?
Six ways to protect your data and monitor your cloud environment
1. Set-up multi-factor authentication (MFA)
Stolen credentials make it easy for hackers to access your business data and applications is to steal your credentials. The combination of complex usernames and passwords alone is not sufficient to secure your user accounts from hackers.
So, protect your cloud users with two-factor authentication or multi-factor authentication to ensure only authorized people can access your cloud apps and have access to sensitive information.
Deploying multi-factor authentication is an effective way to keep potential hackers from accessing your cloud applications. Most security experts believe that it is mandatory to implement MFA as it is also one of the cheapest security controls an organization can have.
2. Assign access controls
Not all your employees need to have access to every file, application, or data. By setting up proper authorization levels, each employee can only view or access applications or data required to complete their job.
Assigning access controls will ensure that your employees don’t edit any information accidentally that they are not authorized to access. Additionally, it will also protect you from hackers who have hacked an employee’s credentials.
3. Leverage automation to monitor, log and analyze user activities
Real-time monitoring and user activity analysis can help you identify any irregularities or abnormal moves that are not part of your regular usage patterns. For example, log in from an unknown IP or device.
Such irregularities could indicate a breach in your system, so it is essential to identify them early on to prevent hackers from hacking your system and help you resolve any security issues before they wreak havoc with your security system.
You can leverage data protection solutions to automate the process and support 24/7 monitoring and management.
Note: Every business has different needs for different levels of security services, so you may consider getting a third-party risk assessment before making significant investments. At Fingent, we identify and evaluate any loopholes in your current infrastructure and provide you with apt cloud infrastructure solutions using our unique approach.
4. Provide anti-phishing training to your employees
Small Business Trends reports that 1 in every 99 emails is a phishing attack, which amounts to 4.8 emails per employee in a five-day workweek.
Hackers can easily steal employees’ login credentials to gain access to secure information via phishing. In this kind of social engineering attack, the attacker sends fraudulent emails, texts, or websites to trick the victim into sharing access to sensitive information. Providing ongoing training to your employees to recognize a phishing attempt is the best way to prevent employees from falling prey to such scams.
5. Create a comprehensive off-boarding process for departing employees
Ensure that your departing employees no longer have access to your cloud storage, data, systems, customer data, and intellectual properties.
As every employee is likely to have access to different cloud applications and platforms, you need to set up a process that will ensure all the access rights for departing employees are revoked. If you can’t manage this internally, you may consider outsourcing this task to a credible vendor.
Learn more: Take a look at how InfinCE, an infinite cloud platform, ensures secured work-collaboration within an organization, and helps enhance company efficiency & growth!
6. Cloud-to-cloud backup solutions
There is no doubt that there are legitimate risks associated with any cloud application or platform. However, the odds of you losing data due to your cloud provider’s error is low compared to human error.
Say, an employee deletes your data accidentally, and a hacker obtains the account password and corrupts the information, or an employee clears her inbox and folders. In such cases, cloud providers can do nothing much past a specific period. Most cloud providers store deleted data only for a short time.
You can check with your cloud provider about the time frame and whether they charge any fees to restore the data. If your company must abide by strict regulations or be concerned about being liable for corrupted data, you can consider cloud-to-cloud back-up solutions.
There’s no denying that cloud computing is one of the most cost-effective options to maintain a high level of security for your sensitive data. At Fingent, our experts can help design a comprehensive cloud computing strategy that will help achieve your business objectives and provide you with ongoing management to keep your data protected. Contact us now and get started.
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How CEOs can prepare their business for 2021?
The unexpected entry of COVID-19 and its consequences blew away the year 2020. Technology rose to the occasion and helped businesses cope with these changes to a certain degree. However, the “new normal” has proven that we can adapt and come through any mishap. A fresh surge in innovation and new technologies promise to help us deal with the new normal of 2021 and beyond. However, with future business technology trends shifting in real-time by consumer behavior, volatile markets have become a daily reality. As businesses emerge from a chaotic year, CEOs need to begin a rebuilding phase in 2021. It is not just a restoration because the rebuilding must form the foundation of a new era. Are you prepared for it?
Fingent supports customers to ensure business continuity during COVID and enables employees to engage effectively during the current pandemic. Our business technology consulting solutions are tailored to address the unique requirements of various industries.
This blog explores five such business technology trends CEOs need to follow in the coming year.
1. Transformation of workplace and work culture
Work from home (WFH) has become a growing trend in today’s work environment. While some businesses already practice a regular remote working option, COVID-19 has made WFH mandatory.
As coronavirus’s terror continues, most businesses have already considered the work from home set up as a permanent feature. Some companies have announced work from home for their employees till the middle of 2021. Few others went a step ahead and allowed their employees to work from home forever! According to an estimate by Global Workplace Analytics, 25-30% of the workforce will be working from home multiple days a week by the end of 2021.
This trend may worry CEOs as it involves a massive element of trust. Laying down work-from-home policies and metrics to ensure productivity will help.
2. Bridge gaps and renew relationships
“That unplanned kind of interaction that contributes so much to how we build relationships with people and how we build culture, those things are what are missing,” says Andi Owen, CEO of Herman Miller Inc.
Both CEOs and employees can empathize with Andi Owen’s sentiments. Perhaps one day in the future, face-to-face meetings will return to normal. However, right now is the time to shift strategies toward the digital realm to improve relationships.
Whatever the circumstances may be, businesses must ensure they have a defined work from home policy. For this concept to be practical, CEOs must ensure that the need for inspiration, connection, and a sense of purpose are met in the workspace. Though remote working makes it practically impossible to have in-person meetings, CEOs must ensure that their employees have newer ways to work – where they feel connected and enjoy a sense of purpose, though isolated.
Additionally, businesses will need to adjust their marketing plans. This could include strengthening their online presence to gain and retain customers while keeping their employees engaged and happy. The most successful CEOs will find ways to improve their network even in the most challenging times.
3. Embrace innovation and a creative approach
In the past, a CEO could be successful by specializing in certain areas while delegating other responsibilities. Some CEOs may shy away from embracing new ideas and technologies because they do not have the resources to commit to significant innovations. However, the pandemic has completely changed the business landscape. If a CEO is not prepared to accept new ideas and practices, it may turn into a business disaster.
A successful business will always have data and technology at its core, but a successful CEO will encourage creativity in his employees and welcome new ideas and practices. He must have a hands-on approach to every sector of the business and communicate with employees, partners, and customers.
4. Better online presence
All the trends mentioned before this – accommodating a work from home culture, strengthening the network, and embracing innovation – require businesses to improve their online presence and digital profile. It means that CEOs should revamp their online presence by following these tips:
- Business websites must become more interactive yet easy to use.
- Improved customer service should be a top priority on your radar.
- In addition to product launches, continue to update your social content on social media.
- To build your audience, look at the suggestions in their feed.
- Include images and short video clips.
- Look for tools to increase time and bandwidth.
5. Flexibility is the key
As the new year approaches, every business makes some long-term and short-term plans. However, 2020 taught us that the world could change suddenly and dramatically. Upheaval will continue as the pandemic persists, and we must contend with social and economic collateral damage. Businesses thus need to assess their ability to be flexible.
“The supply and demand for office space may change significantly. Many people have learned that they can work at home or that there are other methods of conducting their business than they might have thought from what they were doing a couple of years ago. When change happens in the world, you adjust to it.” – Warren Buffett, CEO of Berkshire Hathaway. The best thing a business can opt for during these historically tumultuous times is to remain flexible.
Retooling for tomorrow
The coronavirus brought in an unprecedented whirlwind of changes. Technology has been so helpful to businesses in coping with a global economic crisis. The pandemic has been the catalyst for new tech trends, and it will continue to drive innovation to the new normal.
CEOs who leverage these technologies born out of today’s crises to their advantage have an opportunity to elevate their business. Though no CEO can predict what will transpire in 2021, you can get ready for the new year by focusing on these business technology trends. Talk to us and let us make your business equipped for a better tomorrow.
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How AI is transforming businesses worldwide
Post the PC and the dot-com revolution, the world is witnessing another significant disruption- Artificial Intelligence.
Businesses that implement AI applications will have better access to data across multiple functionalities such as customer relationship management, enterprise resource management, fraud detection, finance, people operations, IT management, and other crucial segments. AI helps businesses find solutions to complex problems in a more human-like way and automate processes. Organizations can redirect their resources towards more creative aspects such as brainstorming, innovating, and researching.
The COVID-19 pandemic required solutions in days, not weeks or months, and business leaders needed to act quickly. AI-based techniques and advanced analytics are helping organizations augment decision making during crises like the coronavirus. While machine learning models were a great choice, developing machine learning models or advanced analytical models would take around four-eight weeks. So, the pandemic accelerated the demand for developing minimum viable AI models quickly.
Despite the many naysayers who believe robots will take over human jobs in the future, AI is already revealing itself as more of an enabler than a disruptor. Here are nine examples of artificial intelligence transforming business.
1. Sales and business development
As lockdowns and stay at home orders continue, people are now moving from personal interactions to digital interactions such as online shopping and mobile banking. This shift has created many new and unstructured data that is hard to interpret. That’s where AI comes into the picture and helps understand what consumers feel and need.
AI-powered sales performance solutions can identify which customers are most likely to buy a company’s product or service. This model will help people in sales prioritize their customers and improve their productivity and effectiveness.
2. Demand and Supply
Most companies are interested in matching demand and supply. For instance, a steel company may have information about various factors that may influence steel demand. Typically, these demand measures depend on external data to match up with what the company’s supply chains can generate.
AI solutions help analyze these external data and ensure that the company is not producing more than you need to satisfy the demand and not leaving any request unfulfilled.
COVID-19 crisis is unprecedented, and companies have to make sure that they use data that is representative. Historical data allows you to gain insights into upcoming demand patterns and predict possible outcomes.
3. Back-office tasks
Companies can leverage AI-powered cognitive assistants to perform their back-office tasks such as ordering new credit cards, canceling orders, or issuing refunds. If these assistants cannot handle complex tasks, human assistants can perform those tasks. It will ensure that the team members spend their time solving challenging problems and focus on productive activities.
As long as there are structured tasks, Robotic Process Automation can take care of back-office service operations. RPA is particularly useful for automating the claims processes of banks or insurance companies. Enterprise platforms like SAP offer Intelligent RPA that combines automation and artificial intelligence to augment business process automation.
4. Cash-flow forecasting
As revenue systems dry up, cash flow is likely to be a severe concern for smaller businesses. However, several AI solutions can analyze data (only if representative) for cash-flow forecasting.
5. Document and identity verification
AI can identify and verify documents easily. For example, think of a bank that needs to verify customer data for onboarding and compliance. Human agents manually verify documents such as driving licenses or payslips and other relevant records. It is a costly and inefficient process.
AI is used to identify the type of ID document captured, perform face-matching, determine if the ID’s security features are present, and even determine if the person is physically present.
6. Travel and transportation
The transportation industry forms an integral part of a country’s infrastructure. As many employees may have to self-isolate during the COVID-19 crisis, AI solutions can analyze the number of staff needed by a travel company to run its business in these unprecedented times. For example, a company can request AI to provide information on whether they have enough workers to staff a railroad. Here, AI can help identify demand and supply from the laborers’ standpoint.
AI is already being used in the transportation industry to reduce traffic congestion, avoid accidents, improve passenger safety, lower carbon emissions, and reduce overall financial expenses.
From robot-assisted surgeries to safeguarding personal records against cybercrime, Artificial Intelligence is transforming the healthcare industry like never before. The healthcare industry has suffered in terms of medical costs and inefficient processes.
AI-enabled workflow assistants are helping doctors free up 17% of their schedule. Virtual assistants are reducing redundant hospital visits, thereby giving nurses almost 20% of their time back. Also, AI helps pharmaceutical companies research life-saving medicines in a shorter time frame and reduce costs. More importantly, AI is being used to help improve healthcare in underdeveloped nations.
Read more: 7 Major Impacts of Technology in Healthcare
Examples of AI in healthcare:
- PathAI creates AI-powered technology for pathologists to help them analyze tissue samples and diagnose them more accurately.
- Atomwise uses AI and deep learning to improve drug discovery and to speed up the work of chemists.
- Pager is using artificial intelligence to help patients with minor pains, aches, and illnesses.
The financial sector relies on real-time reporting, accuracy, and processing of high volumes of quantitative data, where AI can enhance the processes. The finance industry is rapidly implementing chatbots, automation, algorithmic trading, adaptive intelligence, and machine learning into financial operations. For instance, Robo-advisor, an automated portfolio manager, was one of the biggest financial trends of 2018.
A few examples of how artificial intelligence transforms the financial industry:
- Betterment uses AI to learn about an investor and create a personalized investor profile based on their financial plans.
- Numerai is an AI-powered hedge fund that uses crowdsourced machine learning from many data scientists worldwide.
9. Social Media
With over 3.6 billion active profiles and about $45 billion in annual revenue, social media is invariably in the battle to personalize and provide a better experience for users.
AI can organize massive amounts of data, recognize images, predict shifts in culture, and introduce chatbots. The technology has the potential to make or break the future of the social media industry.
Similarly, machine learning enables social media to identify fake news, hate speeches, and other anti-social activities in real-time.
With the advancement in technologies, AI is improving possibilities taking businesses to the next level. These examples of artificial intelligence prove that artificial intelligence can transform business models if deployed correctly.
Case Study: Development of AI-enabled chatbots and teaching assistants – How Fingent helped a leading university to create an Automated Intelligence-driven ecosystem
Fingent helps you leverage AI to drive the smart reinvention of your business workflows, processes, and technology. If you are looking to develop an intelligent infrastructure for your business or improve the security process or enhance the customer experience, contact us today!