Over the years, digital evolution has transformed the way we shop!

The lockdowns and store closures due to the unprecedented events of 2020 has moreover accelerated this evolution and mainstreamed online shopping.

Today consumers don’t just make purchases online. They compare brands, shop for deals, join communities, and engage in immersive experiences. According to Forbes, roughly 21% of all retail purchases will be online in 2023.

There’s no denying that digital technologies are changing the retail industry as we know it. The only question that remains is whether your business is ready for the future of retail.

To help you prepare, we explore the state of the retail industry and shed light on some of the most significant challenges your business faces. Most importantly, we reveal some technology trends you can leverage to compete with major players in the retail space.

Read more: Custom Software Solutions for Retail: All You Need to Know!

The State of the Retail Industry

In a 2023 retail industry outlook report, Deloitte researchers examined how labor challenges, supply chain hurdles, and market volatility would impact retail businesses in the new year.

Of the various predictions made in the report, the most notable is that retail sales growth in the U.S. – barring a recession – will be minimal due to a meager GDP growth forecast of just 0.9%.

Additionally, researchers found that nominal average weekly earnings rose by 8.3% between December 2020 and December 2022. However, real earnings decreased by approximately 5% due to inflation. In other words, consumers have less purchasing power even though their weekly earnings have nominally increased.

In light of these predictions, retail businesses must remain fluid and agile. In 2021, many retailers increased inventory volume by 11% on average to contend with supply chain volatility.

Continuing to maintain an extensive inventory with a potential recession just over the horizon would be unwise, as doing so would leave retailers with less liquidity and could hinder their ability to capitalize on emerging technology trends or shifts in consumer spending habits.

Retail Businesses Must Evolve or Fail

Like many others in the retail industry, you probably hoped 2023 would represent a continued progression toward “normalcy.” However, many of the changes affected by the global pandemic are here to stay. Modern consumers expect a more technology-centric retail experience, even if they choose to shop in-store.

In addition to adapting to the new consumer, you must also navigate the aforementioned economic challenges poised to persist throughout 2023 and beyond. To make matters worse, the quit rate of employees in the retail industry remains at about 4%, significantly higher than the national average.

While these interconnected issues seem to have created a perfect storm, it’s possible for your business not only to survive the future of retail but thrive in it. To do so, you must familiarize yourself with the latest tech trends and how they might affect your reimagined business model.

Key Tech Trends Shaping the Future of Retail

To stay relevant and competitive, we suggest you consider how adopting the following key tech trends can impact your business:

1. A Shift to Digital Goods and Services

Even if your company sells physical products, offering digital goods and services is an excellent way of differentiating your brand from retail businesses that aren’t so forward-thinking.

For instance, you might commission a development agency to create a custom mobile app for your business. You could then use this app to connect with customers, deliver digital goods (i.e., coupons or top customer badges), and nurture feelings of loyalty among your target audience.

You can take this concept further by creating a digital community that lets shoppers share how your products and goods make them feel or improve their daily lives.

2. Omnichannel Shopping Options

The shopping experience is no longer linear. Instead, customers typically interact with a brand along multiple touchpoints and channels before actually making a purchase. With this in mind, you must adopt interconnected technologies to seamlessly guide leads through each phase of the purchasing journey.

What does that look like, exactly? First and foremost, you should have a dynamic, user-friendly, mobile-optimized website in place.

You’ll also need to give consumers multiple ways of interacting with your brand, such as your website, mobile app, and brick-and-mortar store. The top brands are already doing this — your company should follow suit.

Read more: Leading the Powerplay With Retail Business Intelligence

3. Social Media-Centric Campaigns

While you already have social media pages for your company, you may not be using these channels to their full potential. The most successful brands have tapped into meme culture, hashtags, influencers, and other trends that are native to social media to reinvent the customer journey.

Putting social media at the center of your marketing campaigns allows you to fuel online shopping in new ways and connect with younger audiences.

There are many ways to up your social media marketing efforts, including hosting live events, holding Q&A sessions, and interacting with followers in the comment section.

4. Automated Pricing

Automated pricing involves using software to set prices according to variables of significance to the store. Automated pricing technologies have become a valuable resource for big-box retailers in recent years. Smaller businesses are catching on, using this convenient technology to ensure that product prices are set to optimize profitability for both online and in-store products.

Implementing pricing automation solutions will reduce the workload on your staff, as they’ll no longer have to set prices manually. This will help you overcome labor shortages and improve productivity. Automated pricing tools also allow you to deliver better value to customers by running short-term sales or discounts.

Read more: How To Power Your Retail Business with Augmented Reality?

Stay Ahead of the Curve with Fingent

A mixture of in-person shopping experiences and tech-centric journeys will shape the future of retail.

While many modern consumers still like to make purchases at brick-and-mortar shops, 63% of all buying journeys start online. As such, your organization must embrace the latest retail industry technology trends to provide consumers with an experience that seamlessly transitions between channels and mediums.

To achieve such fluidity, you need a technology partner like Fingent that understands the thoroughly modern challenges retail businesses face.

Fingent provides end-to-end custom application development services for retailers. Our dynamic team can create tailor-made field sales applications, inventory management tools, omnichannel fulfillment solutions, and other digital technology resources you need to maintain your edge.

Connect with us today or submit a request for a proposal to learn more.

The automobile industry is one of the largest sectors in the world. In just the U.S., the car & automobile manufacturing industry boasts a market size of $104.1 billion.

However, even an ecosystem as large as the automotive industry is not immune to the unprecedented challenges over the last few years. The coronavirus pandemic and subsequent semiconductor chip shortage forced manufacturers to cut 11.3 million vehicles from production in 2021.

In addition to supply chain challenges, automotive manufacturers have contended with labor shortages, shifts in consumer demand, and pressures to create a sustainable work environment.

But, like any resilient industry, the automotive sector has leaned into these new challenges and has begun to address them proactively. Let’s take a closer look at what these hurdles entail and, more importantly, how automotive businesses overcome them via technology’s strategic implementation.

Challenges and Trends Reshaping the Automotive Industry

While many challenges and trends prompt the automotive industry to evolve, three stand out above the rest. These roadblocks include:

1. Ongoing Worker Shortages

Like many other business verticals, the automotive industry has been plagued by worker shortages. Manufacturers need help to fill vacancies at every level of the organization, including line-level staff, decision-makers, and engineers.

This worker shortage has made it nearly impossible to rebuild supply and catch up to runaway consumer demand for new vehicles.

2. Supply Chain Disruptions

Various legs of the automotive supply chain have faced disruptions over the last few years. Of these, the shortfall of semiconductor chips had the most significant impact on production and vehicle inventory.

Unfortunately, many experts predict the shortage will continue well into 2023, if not beyond. It is too late for automakers to prepare for this extended chip shortage. All they can do now is adjust manufacturing strategies to align with consumer demand and cut back production on less popular vehicles.

3. The EV Revolution

Despite these other concerns, the electric vehicle (EV) market continues to grow. By Q4 of 2022, EV sales represented 5.6% of all auto transactions. This percentage doubled from the year prior when EV sales made up just 2.7% of the total auto market.

This statistic demonstrates that consumers are becoming more environmentally conscious and are interested in decreasing their impact on natural resources. Government incentives and tax credits are further contributing to the surging popularity of electric vehicles.

But what does all this have to do with the future of work in the automotive industry? It means that automakers will need to implement new and more sophisticated production processes and hire better talent if they hope to push the envelope in the EV space.

The New Industry Focus: Creating a Sustainable Work Environment 

One of the biggest drivers of change in the automotive industry is a global push toward creating a sustainable work environment.

Historically, the automotive sector has been anything but sustainable. Traditional assembly line-based production strategies focus on efficiency at the expense of almost anything else. These tactics result in the consumption of excessive amounts of power and often produce an unnecessary amount of resource waste.

However, the next-generation automotive industry will likely be unrecognizable to the pioneers of the last century. Modern manufacturers are reimagining every aspect of the supply chain, from material sourcing to assembly and distribution. Visionaries and thought leaders are also encouraging a shift away from old-school engineering and development processes in favor of AI-powered practices prioritizing efficiency.

Even the retail sales aspect of the automotive industry is changing. Many dealers are shifting toward online transactions, and some are transitioning increasingly to a made-to-order sales model. The end result is a more agile and less wasteful automotive supply chain.

Technologies that Can Fuel the Auto Sector’s Metamorphosis 

The future of work in the automotive industry will focus on sustainability, resilience, and agility while prioritizing efficiency. To realize their aspirations of a sustainable work environment,

industry executives, managers, and workers must embrace leading-edge technologies, including:

1. Predictive Analytics Software

Predictive analytics software will influence numerous aspects of the automotive industry. Organizations interested in forging sustainable work environments can use these analytics tools to identify production waste and increase operational efficiency. Additionally, they can leverage these solutions to create more energy-efficient vehicles that produce fewer greenhouse gasses.

Predictive analytics technologies will also assist with demand forecasting — organizational leaders can use these insights to prioritize in-demand vehicles as they contend with ongoing chip shortages.

2. Automation Tools

Automation tools will prove invaluable amid labor and talent shortages. Businesses in the automotive industry can use automation software to streamline redundant back-office processes and improve communication across the entire supply chain.

Manufacturers can also use automation tools to ramp up production while conserving energy and reducing waste.

3. Machine Learning and AI Solutions 

Machine learning and artificial intelligence technologies can transform every link in the automotive industry supply chain. Businesses can use these complementary technologies to optimize raw material sourcing, vehicle distribution, and production.

Because they allow for a more data-driven approach to manufacturing and sales, these technologies can reduce waste while simultaneously creating more agile and resilient supply chains. In turn, this will help keep the costs of vehicles manageable, thereby increasing accessibility to energy-efficient automobiles and EVs.

Read more: AI and ML for Faster and Accurate Project Cost Estimation

Accelerate Your Transformation with Fingent

When your business is in the automotive industry, creating a sustainable work environment should be one of your top priorities. Doing so will help you attract and retain top talent, meet consumer demand for more efficient vehicles, and align your business model with the latest regulations and compliance frameworks.

To achieve these goals, you will need access to purpose-built technologies designed for your business’s unique needs. That’s where Fingent top custom software development company, can help.

Our development experts can create dynamic software for your business. From customer-facing applications to internal solutions that empower your staff to be more productive, we build the software you need to thrive.

To learn more about our wide range of technology development services, connect with Fingent today.

How the insurance industry delivers service has evolved significantly in the last decade.

Regardless of what form of insurance sales or policy management your organization is engaged in, you can attest that face-to-face interactions are no longer routine and are, in fact, an oddity.

As the insurance industry’s new normal, more and more interactions between customers, industry experts, other organizations, and adjustments claims occur digitally. Though phone-based communications will continue to be a part of the customer service process for the foreseeable future, customers, care providers, other insurers, and virtually anyone else with whom an insurance company interacts have come to expect a largely digitized experience.

For any organization to thrive in the insurance industry of tomorrow, it must take steps to evolve its processes today. That means creating a cohesive modernization strategy and investing in leading-edge technology solutions.

Read more: Answering the Burning Questions of Business Leaders on Digital Transformation!

Top Challenges Facing the Insurance Industry

To understand what a modernized strategy looks like in the insurance industry, it’s vital to examine some of the top challenges businesses will face in the coming years.

1. Staffing Shortages

Historically, the insurance sector has contended with turnover rates somewhere in the range of 8-9%, according to Insurance Business America, but that span climbed to 12-15% by September 2022.

That additional turnover significantly impacts business continuity and diminishes the customer experience. It can also negatively influence insurers’ ability to replace members of leadership that are retiring or stepping away from the industry.

2. Skyrocketing Costs

Inflation and numerous other factors have contributed to rising costs of everything from healthcare to vehicles higher than ever before. Naturally, some of these cost increases are passed onto insurers and their customers, so insurance companies must find ways to absorb some of these expenses while mitigating rate increases for their clients.

Insurers should also explore ways to reduce their operating costs to keep coverage prices lower. Otherwise, businesses may find it challenging to retain customer accounts, particularly in sectors like automotive insurance, where consumers can freely shop around and change policies in six-month intervals.

3. Antiquated Legacy Systems

Some legacy systems hinder the ability of many businesses to embrace digital transformation. These aging platforms can make it challenging to comply with relevant regulatory requirements and increase an organization’s overall operating costs.

The longer that insurance companies cling to antiquated systems, the harder it will be for them to streamline traditionally tedious practices, such as claim management. Therefore, insurance companies must replace these inefficient, disjointed platforms with modern, unified alternatives.

The Role of Digital Transformation in Solving These Challenges

Digital transformation can bring modern technologies to any business process to improve its operation. Fast-growing digital transformation technologies include machine learning, artificial intelligence (like ChatGPT), customer relationship management platforms, and intelligent document processing software.

Digital transformation holds the key to solving the insurance industry’s most significant problems, and it appears that many in the industry realize this, as recent projections estimate that insurance technology spending will increase by 25% between 2022 and 2026 in the US and UK.

A cohesive digital transformation strategy will lay out a roadmap for replacing aging technologies with modern alternatives, and once these technologies have been replaced, the cost savings are almost immediate.

In one example of how a digital transformation strategy led to practical innovation, Fingent joined forces with the California law firm of Sapra & Navarra, LLP to develop Ambit, an AI and ML program that simplifies and enhances the management of workers’ compensation claims. Claims may include hundreds of pages consisting of a variety of letters, affidavits, forms, and other documents from claimants, doctors, lawyers, investigators, employers, and witnesses, among others. Utilizing both artificial intelligence and machine learning, the Ambit system streamlines the claims management process, reducing claim costs, and helps break the old practices of:

• Taking too long to assess claims
• Treating similar claims inconsistently
• Not equipping claim adjusters with modern tools

Instead, Ambit improves the efficiency of all parties — insurance carriers, self-insured companies, lawyers, and claim adjusters — while reducing costs for insurers by 57%.

The Ambit solution was designed to:

• Easily ingest the many documents in the claims process
• Quickly identify missing, processed & corrupted pages
• Review structured and unstructured documents automatically
• Identify areas of concern
• Suggest potential legal defenses
• Automate calculations and reminders for important legal deadlines
• Generate case summaries, with action plans

These automation capabilities not only make life easier for claims managers but enable organizational leaders to offset productivity issues created by ongoing labor shortages by reducing onboarding time for new hires. These capabilities result in more uniform handling of the claims while speeding their resolution and lowering their overall costs.

In general, automation technologies, such as those implemented during a digital transformation initiative, will also decrease operating costs, enabling insurance companies to increase their profitability and offer their customers more competitive premiums.

Read more: How AI Drives Digital Transformation In The Insurance Industry

The Essential Components of Digital Transformation

The technology trend in insurance is clearly moving from the strictly paper-based methods of the past to the digital. Beyond static websites to mobile apps. Beyond email to text and chat. Beyond processes driven by people to more and more intelligent automation that speeds up and uniformly handles all kinds of processes from marketing, and operations, to customer service.

Every organization’s digital transformation roadmap should be as unique as the business itself, but every digital transformation strategy must include a few core elements:

• Clear objectives
• An integrated plan
• A leadership-driven approach
• Investments in the right technology

When creating your organization’s digital transformation strategy, you should start by defining your “why.” In other words, you must identify the reasons you are undertaking this initiative in the first place.

From there, work with a digital transformation partner who can help you create an integrated plan that includes everyone from executive members to line-level employees.

Digital transformation efforts — even small ones — require the active support of top management. Change is the hardest thing to achieve in the organization and without the sponsorship of the corporate leaders, the effort is unlikely to succeed.

Finally, you will need to replace outdated, inefficient technology with modern, robust solutions. When appropriate,

partner with a custom software development firm that can provide you with a purpose-built solution you need for your business. They are equipped with the personnel and experience to generate a solution in the minimum timeframe and without the need to increase in-house headcounts.

If your organization has been exploring ways to improve the customer service experience, increase productivity, improve profitability, and streamline its operations, it is more than ready to embrace digital transformation.

Successfully facilitating digital transformation requires a cohesive strategy, some cutting-edge technologies, a commitment to doing things better, and the right development approach.

Read more: Digital Twin Improving Predictability and Risk Management in Insurance!

How Fingent Can Accelerate Your Process

Naturally, the cornerstone of any digital transformation initiative is technology choices. These may be an off-the-shelf system for standard processes, the integration of existing systems or, your transformation may demand a custom solution that can accommodate your business needs unlike systems available to anyone else.

At Fingent, we specialize in creating resilient custom software solutions that are able to change and adapt according to your requirements. We work with insurance industry clients to help them streamline mission-critical business processes, and – as in all our projects – we accomplish this by providing dynamic, unique software that incorporates the most appropriate technology, such as the latest in machine learning and artificial intelligence technologies.

Connect with Fingent today to accelerate your digital transformation with the help of an experienced software development partner.

According to a 2020 report, 58% of real estate brokers have a clearly defined digital strategy, a figure that represents a 6% increase from the two previous years and thus indicates that an increasingly large percentage of the real estate industry is buying into the concept of digital transformation.

While the real estate industry is — and always will be — centered around interpersonal interactions between buyers, sellers, and agents, technology plays a more significant role in these transactions than ever before. Innovative real estate firms worldwide are leveraging futuristic technology far more frequently, and those that fail to adapt will find it hard to keep up.

Technology such as machine learning (ML) software, artificial intelligence (AI)-powered mobile apps, drones, and augmented reality (AR) solutions are no longer just “nice to have” in the real estate industry. Digital transformation is an inevitability that real estate professionals must embrace if they want to thrive in such a rapidly evolving business space.

Why Digital Transformation Is Inevitable for the Real Estate Industry

While many factors fuel digital transformation in the real estate industry, the most potent catalyst is consumers. Home buyers and sellers have grown accustomed to being able to perform a variety of essential life tasks online thanks to the ever-evolving nature of smartphones and other sophisticated internet-connected devices.

According to a 2022 report, 51% of all home buyers found the properties they purchased via the internet. Another 29% found their dream home with the assistance of a real estate agent, whereas just 4% located the home they eventually purchased via traditional signage.

These statistics indicate that the vast majority of prospective buyers are taking charge in their search for their next home. Real estate agents who want to keep pace must incorporate futuristic technology into their sales models or risk finding it increasingly difficult to provide consumers with the efficient and primarily digital experience they prefer.

Still, the industry is about more than buying and selling homes and real estate technology means more than improving sales. Many property management firms want to leverage technology for payment platforms, leasing and facility management, back office processes, and more. Most important to these management teams is having all those processes in one place.

Read more: Reshaping Real Estate Operations with Fully Integrated End-to-End Software.

Futuristic Technology is Poised to Reshape Real Estate

The real estate industry can solve many existing challenges by embracing digital technologies. From complex workflows brought on by the multitude of activities required of a real estate firm to communication shortfalls, there are many leading technologies that property services can embrace as part of a digital transformation. While there is no single answer, some forms of futuristic technology that are already making a big splash in the real estate industry include:

1. ML and AI

Machine learning and artificial intelligence technologies are true game changers for the real estate industry. They enable real estate agents and brokers to automate redundant tasks, like creating timesheets, filling out paperwork, generating offer documents, or scheduling meetings. Within property management, automation can lead to higher sales volumes, efficient back-office solutions, and a more valuable experience for clients and management teams.

2. Mobile Applications

Real estate agents and property managers are always on the go, and while smartphones help them stay connected to clients and co-workers while in the field, these devices are only as good as the applications installed on them.

With that in mind, many real estate firms are turning to robust mobile applications that are purpose-built for the real estate industry. These applications can enable the performance of a wide array of tasks remotely, including approving documents, sending forms to clients, and much more.

3. All-in-One Property Management Platforms

Traditionally, real estate firms that manage rental properties have done so by using a cobbled-together network of disparate applications. Though that kind of approach works, it is hardly ever efficient or cost-effective. Fortunately, dynamic, all-in-one property management platforms like Rentmoji exist.

Created by Fingent, Rentmoji empowers property managers to govern every facet of property management from a single, user-friendly platform that includes a mobile application. The platform includes a suite of interconnected apps, each of which addresses specific property management challenges and pain points.

With separate sub-portals for tenants, owners, and vendors, the Rentmoji suite provides complete transparency for all parties and makes process automation a breeze. Rentmoji is the reality of futuristic technology for the present.

Read more: How Does The NAR Settlement Reshape the U.S. Housing Market

4. Drones

Drones enable real estate agents to capture aerial pictures of a home and property to provide a more comprehensive overview of each listing. Unique and captivating aerial drone photos on an online listing will help real estate agents make the properties they are selling stand out. In addition, multiple listing service (MLS) reports that properties with drone images in the United States are 68% more likely to sell.

Agents can also use drones to help assess property lines, landscapes, and potential maintenance concerns. Real estate agents and property managers can then use this information to help clients make informed purchasing decisions or evaluate upkeep issues.

5. AR/VR Technologies

Virtual reality (VR) and AR technologies benefit firms that sell yet-to-be-completed homes. Agents can use these technologies to give buyers a sneak peek of a home before it is built, and these digital images can help agents close more deals and bring customers’ vision of their dream home to life much more quickly as a result.

AR and VR technologies can also be used to digitally stage properties, an approach that is much more cost-effective than bringing furniture in just to stage a vacant home. Staging properties with AR/VR tech makes vacant homes more appealing and can thus speed up the selling process.

Read more: Augmented Reality and Virtual Reality: Transforming The Real Estate Industry!

How Fingent Can Help Real Estate Firms Embrace Digital Technologies

If you operate within the real estate industry and want to gain a definitive edge by investing in digital transformation, Fingent is here to help. We create customized, futuristic technology that is tailor-made for the needs of your business.

We understand the challenges that affect the real estate industry. You’re seeking solutions to marketing challenges that help you stand out against the growing competition, and your business wants to adapt to evolving tech trends. We have a track record of solutions that are here to help.

Our custom software development professionals have created numerous real estate software solutions for clients that engage in every facet of the industry, from single-family residential sales to commercial property management.

To learn more about how Fingent can help you step into the future, contact our team today to schedule a consultation.

Organizations are enhancing their competitiveness by prioritizing digital transformation as the global marketplace becomes increasingly crowded and interconnected.

Broadly speaking, the concept of digital transformation involves the systematic evolution of core and auxiliary business processes to take advantage of advances in computing and software systems to increase efficiencies.

However, no digital transformation initiative will be effective unless it involves an app modernization component.

Also referred to as “application modernization,” app modernization enables organizations to transform effectively, increase their competitiveness, and differentiate themselves within their respective industries.

What is App Modernization?

A “legacy” system uses outdated software or computing hardware to deliver important organizational capabilities but cannot interact with other systems or be updated effectively. App modernization is the process of addressing known issues in outdated legacy software. The issues may include:

• Software problems (“bugs”) that cannot be resolved fast enough,
• Missing features will take too long to add,
• Fragile code (changes tend to create new problems),
• Technology obsolescence (e.g., few programmers for the source code language used),
• A software vendor is out of business, etc.

Commercial off-the-shelf software (COTS) may not provide source code access, preventing an organization from addressing software issues. When pursuing app modernization for software for which source code is available, your organization can choose between one of three approaches:

• Revitalizing an application old applications
• Replacing an application technology with custom-built solutions
• Rehosting or re-platforming

Organizations that choose to revitalize old applications will be updating existing software with new capabilities and features. This may also include refactoring (editing the software to do the same things better).

Read more: Why choose custom software over commercial off-the-shelf solutions?

Other companies may elect to get rid of aging technology to replace it with new, custom-built solutions or with a COTS solution.

In some instances, though, to achieve performance improvements, you may just need to move your existing application onto a more powerful computing engine, typically today on a modern, cloud-based infrastructure — a process known as rehosting or re-platforming.

How do you know which is the best app modernization option for your needs?

Particularly old or antiquated legacy technology will need to be replaced, whereas newer solutions might be suitable for repurposing or retrofitting. Rehosting is the most pragmatic approach if an application still meets your business’s needs but is negatively impacted by your current infrastructure.

When updating existing software, your app modernization team will need to rewrite code to add new features to your solutions. While this can be a tedious and time-consuming process, it may be more efficient than rebuilding a new solution from the ground up.

Opting for the more labor-intensive choice of modernizing by replacing legacy systems may provide more substantial long-term benefits altogether, especially if the landscape of your industry has changed significantly since you installed your current technology suite. Proper planning will control how the migration to a new system occurs and to what extent a legacy system needs to be operational during the transition.

In order to determine which approach is most appropriate for your business, you should first consider whether your current application effectively meets your company’s needs. If it doesn’t, you will need to either repurpose or replace your technology, but if it does, a simple rehosting might be the most practical option.

Why You Need It, Especially Today

Application modernization is a core component of digital transformation. If your company’s current applications do not effectively meet its needs or promote efficiency, you will never be able to meet your digital transformation goals. In a 2019 IBM-Forrester survey, 40% of developers reported being more productive when on the cloud in a digital transformation.

Instead, you will always be working from a disadvantage, which could allow your competitors to encroach on your market share within your respective industry.

App modernization will not only enable you to fulfill your digital transformation goals, but it will also empower your business to operate more efficiently, enhancing the customer experience, paving the way for future growth, and boosting revenue.

Read more: Why Top Companies Are Investing in Application Modernization

What to Consider Before App Modernization

You cannot approach app modernization haphazardly, or you could experience significant and potentially prolonged disruptions to your company’s operations.

Remember, app modernization efforts will impact the functionality and performance of your company’s core software solutions, such as your customer relationship management platform and accounting software, so with that in mind, you must gauge the costs of an app modernization initiative.

Identify what goals you want to achieve, plan how long it will take to achieve those objectives, and seek the support of a third-party technology firm that will be able to provide an objective perspective and help you determine which approach to pursue when you start your journey toward app modernization.

Read more: The secrets to a successful app modernization journey.

Knowing Your Options in App Modernization

To decide which of these approaches is most suitable for your business, you must take an objective look at the state of your technology stack. Is the version of all elements of the stack up-to-date? Are frameworks and languages still “main stream?”  If your current solutions impede business growth, it is likely time to replace them or, at minimum, rewrite them.

Rehosting can be incorporated into your app modernization strategies in two ways. If you have an application that meets your needs, you can simply migrate the app from a native architecture to a cloud-based one. Additionally, you can incorporate rehosting into your rip-and-replace or rewrite app modernization process, as transitioning to the cloud will improve the performance of any application.

Steps to Kickstart Your App Modernization Journey

The entire process can feel daunting and overwhelming when you are at the precipice of your app modernization journey. Still, you can jump-start your digital transformation and app modernization efforts through the following techniques:

1. Finding Your Why

First off, outline why you want to modernize your applications. Defining your “why” will help you and your team stay focused once your modernization journey is underway.

2. Assess Your Talent

Take an objective look at your in-house team and its capabilities. Are they going to be able to oversee your app modernization effectively? If not, it might be time to bring in some outside resources.

3. Decide Whether You Want to Move to the Cloud

Suppose you have invested heavily in on-premises resources in the past; in that case, it might be tough to move on from these assets and transition to the cloud. But making the switch will benefit your business both now and in the long run, so you should at least consider the notion.

4. Assess Risk and Act

Finally, you need to assess the risks associated with each app modernization option. Outline the benefits of rewriting your current applications, replacing them altogether, and migrating to the cloud. Once you have calculated the costs of app modernization, choose the option that best aligns with your needs and take action.

How Fingent Can Help in Successful App Modernization

Leveraging app modernization to enhance the efficacy of your digital transformation effort is a huge undertaking. Fortunately, you don’t have to navigate this process alone, as you can partner with a talented software development team like that of Fingent.

Fingent’s team of experts can help you apply the latest technologies to your business, including cloud-native solutions, artificial intelligence tools, and machine learning software.

Contact us today to learn more about how we can assist with your app modernization efforts.

No longer the stuff of science fiction, artificial intelligence (AI) and machine learning (ML) are revolutionizing the way customers interact with brands. Businesses that have embraced these technologies can reshape the customer experience, curate one-of-a-kind buyer journeys, and strengthen bonds with their target audiences.

As your organization works to remain competitive in the modern business ecosystem, it must tap into the power of AI and ML technologies to provide a superior customer experience.

How Are AI and ML Enhancing Customer Experience?

Artificial intelligence and machine learning solutions can profoundly impact every facet of the customer experience. By leveraging these technologies, your business can:

1. Facilitate Hyper-Personalization

Customers who interact with your brand are looking for a personalized experience. As such, brands that put their products and services at the center of attention instead of prioritizing experience will miss the mark. Likewise, blasting your customers with generic advertising content or sending them broad, basic messages simply won’t cut it anymore. Instead, you must personalize every interaction to deliver timely and relevant content to each user.

Artificial intelligence and machine learning technologies facilitate a level of hyper-personalization that was thought to be unachievable just a few years ago. In a 2022 Salesforce survey, 88% of consumers reported that an experience provided by a company is almost as important as the product. Using AI and ML technologies, you can personalize customer experiences by utilizing real-time data, like their browsing history, purchasing habits, etc.

Artificial intelligence and machine learning solutions can also eliminate friction from the customer journey. For instance, AI- and ML-powered chatbots can leverage information from past interactions to create personalized messages for each consumer. This will minimize customer frustration by reducing how often consumers are asked to repeat information they have previously provided.

2. Allow Customers to Stay Connected 24/7

Customers expect access to timely and relevant support around the clock. However, staffing your customer support department 24/7 is financially infeasible. So how do you bridge the gap between customer expectations and the fiscal limitations of your business? AI and ML solutions are the clear answer.

With artificial intelligence and machine learning technologies, you can provide your customers with access to automated support like chatbots. These bots can respond immediately to customers and resolve many basic product- or service-related issues without tying up your customer support staff. This capability will not only allow you to reduce the workload on your team but also help you provide more timely and omnichannel service to customers, no matter when they reach out for assistance.

3. Conduct Predictive Behavior Analyses

The sooner you can identify consumer behavior trends, the better your chances of capitalizing on emerging opportunities. Unfortunately, traditional analytics solutions do not facilitate real-time decision-making because they often rely on data that is days (or even weeks) old.

The good news is that artificial intelligence and machine learning technologies enable you to conduct predictive behavioral analyses using real-time data, guiding your decision-making processes and enabling you to adapt to emerging trends like never before.

4. Enhance Your Understanding of Target Audiences

Artificial intelligence and machine learning technologies allow you to step into your target audience’s mind. You can use these newfound insights to guide your digital marketing strategies, refine products and services, and enhance the customer experience.

Due to how AI and ML learn and evolve, these technologies will only become more effective over time as they get access to more data, better helping you anticipate how your target audiences are likely to behave in the future. This enables you to proactively eliminate friction points from the buyer’s journey and paves the way for increased sales and better profitability.

Read more: Is AI-powered mobile app what you need for your business now?

Use Cases: Major Industries that Have Embraced AI and ML

Artificial intelligence and machine learning technologies are going mainstream, and many industries are taking advantage of these powerful tools for both B2C and B2B interactions. Business leaders in these sectors understand that these technologies will significantly impact their organizations’ ability to compete, both now and in the future.

Some of the industries that are using AI and ML technologies on a broad scale include:

• Software development
• Language processing and transcription
• Retail
• Customer service
• Marketing
• Manufacturing
• Finance
• Agriculture
• Logistics and transportation
• Healthcare

The healthcare and logistics sectors were some of the earliest adopters of artificial intelligence and machine learning technologies, whether by predicting the likelihood of patients developing certain diseases or by providing customers with more accurate shipping estimates. These industries (and every other on this list) utilize AI and ML technologies to enhance the customer experience.

These technologies also provide meaningful insights into the efficiency of business operations. Organizational leaders can use the information gleaned from these technologies to proactively address critical organizational growth hurdles and promote business continuity.

How Your Business Can Optimize Customer Experience with AI and ML

Artificial intelligence and machine learning technologies will empower your business to revolutionize the customer experience along every meaningful touchpoint. First and foremost, these technologies will help your business truly understand the customer journey and its impact on organizational profitability. And once you understand the state of your business and how well it is currently managing the customer experience, you can begin using your AI and ML tools to refine the customer experience.

If you want to maximize your return on investment, consider incorporating artificial intelligence and machine learning technologies into as many business processes as possible. You can use these solutions to automate redundant processes, hyper-personalize advertising content, and refine the customer experience from top to bottom.

Read more: Use cases and business benefits of deploying Machine Learning!

Tap into the Power of AI and ML with Fingent 

Are you ready to harness the power of artificial intelligence and machine learning so that you can provide your clients with the experience they deserve? If so, then it is time to explore a partnership with Fingent.

At Fingent top custom software development company, we provide customized artificial intelligence applications and machine learning solutions. Cumulatively, these technologies will differentiate your brand in the competitive digital marketplace and enable you to modernize the customer experience.

To learn more about Fingent’s suite of services and solutions, contact our team today. Together, we can reshape your customer experience and set the stage for the growth of your business.

We currently live in the eon of Artificial Intelligence. Whether we like to admit it or not, AI has suffused its way into every industry in all of its beautiful ingenuity.

Did You Know?

“The global artificial intelligence market size was valued at USD 93.5 billion in 2021.” – Grand View Research

“AI could contribute up to $15.7 trillion1 to the global economy in 2030.” – Sizing the Prize, PwC Report

What is Artificial Intelligence? 

Artificial intelligence (AI) is a simulation of human intelligence processed by electronic gadgets that enables the execution of an array of advanced functions, like seeing, understanding, and translating spoken and written language, data analysis, and many more.

From robots that can navigate a warehouse by themselves to virtual assistants that understand what people are saying and act upon that information, we can see Artificial Intelligence in play everywhere.

Read more: Reimagine Your Business with AI. Here’s How!

Artificial Intelligence-Based Code Generation Tools 

Let’s take a look at code-generation tools that are based on AI technologies. This article will discuss three such tools – Codex, Co-pilot, and ChatGPT.

1. Codex

As announced by the Artificial Intelligence Research Company OpenAI, the Codex model series is a successor of the GPT-3 series and is trained with both natural language and billions of lines of code. It is most competent in Python and is proficient in many more languages, including C#, JavaScript, Ruby, Swift, TypeScript, SQL, and even Shell.

Due to its understanding of many languages, Codex can transcribe simple commands in natural language and execute them according to the user’s preference. This makes building a natural language interface into existing applications possible. It also helps speed up the work of professional programmers and helps amateurs get started with coding.

2. Copilot 

GitHub Copilot, fabricated by GitHub and OpenAI, is a cloud-based AI tool that assists users of Visual Studio Code, Visual Studio, Neovim, and JetBrains integrated development environments (IDEs) with auto-completing code.

GitHub Copilot is trained on billions of lines of code and uses this knowledge to turn natural language prompts into deft coding suggestions. It is famous for evaluating and suggesting improvements for social media profiles, facilitating online presence across various digital channels.

Copilot uses AI technology to engage with potential leads through messages and categorizes them based on responses. It is trending with a whopping 4.67-star rating and is widely praised for its enormous support.

3. ChatGPT

OpenAI released yet another ingenious model called ChatGPT. It is a long-form question-answering AI that addresses complex questions conversationally. This is a revolutionary technology because it not only understands human language but is also trained to learn what humans mean when they ask a question.

The New York Times headlined, “ChatGPT and other chatbots is a ‘code red’ for Google search engine.”

While The Indian Express, in an article, stated that “When it was introduced, ChatGPT’s ability to break down complex problems and explain everything in a human-like manner led many to proclaim that Google’s days as the numero uno search engine are numbered.”

ChatGPT is undeniably a hot topic, and its reasons stand strong. Its dialogue format makes it possible to provide answers to any follow-up questions, accept its mistakes, challenge incorrect premises, and reject inappropriate requests.

Its specifically trained ability to understand the human intent behind every question and provide helpful, harmless answers while discarding parts of the question that do not make sense only adds to its special nature.

Read more: Is AI-powered Mobile App What  Your Business Needs Now?

Benefits Of These AI Tools

1. Codex –

“You just ask the computer to do something, and it just does it,” said OpenAI CTO Greg Brockman in the video demo of Codex.

Codex is good at co-referencing resolutions. It also links nouns in the prompt/input to their proper variables and functions in the code. Codex can also execute mundane tasks, like rendering web pages, launching web servers, and sending emails.

As AI technology takes over all the tedious parts, the programming process is prone to become more efficient. OpenAI shows Codex has a 37% accuracy rate in effectuating coding tasks.

2. Copilot –

A new study by GitHub revealed that Copilot works as an AI code programming assistant, significantly increasing developer productivity and happiness.

This particular AI-based code generation tool stands out because of its simplicity. You can describe the task you desire, outcome, or suggestion in the comments, and Copilot can come up with what it thinks are the proper lines of code. On the other hand, you can infer just your intentions with an incomplete prompt, and Co-pilot will do the code generation according to the same prompts.

3. ChatGPT –

Firstly, it reflects its efficiency by handling large volumes of conversation without needing breaks, which is undoubtedly helpful for customer service or other applications with a high demand for conversation. It also personalizes these conversations allowing them to feel unique for different users.

Using ChatGPT is highly cost-effective because it eradicates the need to hire human employees to handle conversation tasks. It is also available 24 hours a day throughout the week and has a great language support system.

How It Enables Reduced Costs 

Embracing Artificial Intelligence is a deft, cost-effective decision that most businesses and industries need to make. AI helps companies progress on many fronts, but the most imperative is its impact on the company’s pocket.

Implementing AI-based code generation tools such as Codex, Copilot, and ChatGPT reduces the need to hire miscellaneous employees to perform repetitive, tedious tasks. This, in turn, reduces the chances of any mishaps that may cost the company money to fix. Using these tools as assistants also greatly helps employees with their workload.

Using a more personalized, accurate, and compactable AI technology in your business can attract many potential clients and customers. This ultimately creates a profit for your business while also helping you establish your roots in the industry.

35% of consumers feel the desire to see more companies using chatbots. This is the perfect time to build the software you “ever needed” at a reduced cost.

Read more: Artificial Intelligence and Machine Learning for Faster and Accurate Project Cost Estimation

Myths Around The Use Of AI Tools 

The long-standing fear of technology taking over mankind has always had its chokehold on innovation. It is time to debunk the myths that surround AI and let technology progress.

Myth #1 – AI Is Going To Take Over Every Job Sector

One thing to remember is that no matter what, Artificial Intelligence tools will not replace the developers but increase developer productivity. It is reasonable to believe that AI has the potential to disrupt labor, but to compare labor from humans to machines directly is an unnecessary simplification. AI tools exist solely to enable humans to work in a newer and smarter way.

Myth #2 – AI Is Magic

The idea that AI tools can magically make sense of any and all of your messy data is completely erroneous. AI does not work on the principle of “load and go,” and the quality of input data is more important than the AI algorithm. This implies that the data being prompted has to be relevant to the problem being solved and specific to a set of use cases and a domain of knowledge.

What The Future Holds For The Industry With AI Tools

AI has consistently altered the course of the world multiple times and will continue to do so in the future. Although it is not a mainstream technology, billions of dollars are spent annually on AI research and development.

Did You Know?

As of the latest 2022 data, the global AI market is worth $136.6 billion. By 2030, the global AI market is expected to reach $1.81 trillion.

Some other industries that are largely affected by AI tools include –

• Software Development Companies
• Information Technology
• Finance
• Manufacturing
• Customer Service
• Education

Get Future-Ready With The Best of AI 

Using AI-based code generation tools can give you the upper hand you have been waiting for. Unlock your business’s potential with Fingent, the top custom software development company. Get in touch with our experts for a power boost and to get ahead of the competition.

The right software can serve as a growth catalyst for your business. A robust software solution can empower your team to work more efficiently, better serve your clients, and optimize business performance.

But when searching for these software solutions for your business, you’ll have to make many different decisions along the way. One of the very first choices you’ll encounter is whether you want to buy off-the-shelf software or build a custom solution.

Either route can help your organization modernize its processes, improve efficiency, and scale effectively. Which approach will produce optimal results for your organization in the short and long term is still a question.

Because your decision will significantly impact your business for years to come, it’s critical that you get it right.

With that in mind, join us as we crack the code to smart software selection decision-making by exploring the pros and cons of building and buying software.

Read more: Why Should Your Business Invest In An End-to-End Software Solution?

The Build or Buy Conundrum

The buy option is relatively straightforward: You select software that aligns with your organization’s needs, purchase a license, and deploy the technology. When evaluating your options, you will encounter purpose-built solutions for your industry and more generalized options, like basic accounting software.

Conversely, custom-built software for your organization will include specific tools you need — without superfluous features that distract users and get in the way of critical business functions. It’s important to understand that you won’t be building the software unless you have an in-house team of highly experienced software engineers. Instead, you will need to partner with a talented software development firm.

Pros and Cons of Buying Software

Before providing a decision-making roadmap, it’s crucial to outline the pros and cons of each option.

The primary benefit of buying pre-built software is that it is already deployment-ready. As such, you can easily purchase the software and begin implementing it almost immediately. You’ll also be able to demo the product before you buy, giving you an idea of precisely what to expect. This expedited timetable is particularly appealing if your business’ current technology suite cannot keep up with your present needs.

However, some notable drawbacks exist to buying software instead of taking the custom route. First and foremost, off-the-shelf software is less likely to align perfectly with your company’s needs. After all, off-the-shelf software is designed to appeal to as broad an audience as possible, and naturally, it will include some features you don’t need. Evaluating software can be time-consuming, and applications of any complexity may be impossible to assess fully in a reasonable amount of time.

In addition, pre-built software typically has recurring license and maintenance costs that need to be considered and may change over time. There is also the risk that vendors of pre-built software may stop offering that edition or software or go out of business entirely. Pre-built software may depend upon older technologies that are no longer “leading edge,” which can lead to long-term viability concerns.

For some software categories, you may only be able even to consider a few contenders, or what you find may lack some tools or capabilities your business is looking for.

Read more: Choosing between Custom Software Solution and Commercial Off-the-Shelf Product!

Advantages and Drawbacks of Building Custom Software

Custom software is tailored to help your business meet its organizational goals and overcome its most significant growth hurdles. Every feature, tool, and capability of custom software is purpose-built for your business. As such, it can significantly impact your business more than an off-the-shelf alternative.

The two potential downsides to custom software are cost and the deployment timetable. When there is an off-the-shelf alternative, building custom software will typically require a larger upfront investment, but you will have more control over the software. That means you can change your schedule without being tied to the vendor’s schedule or priorities. If the custom software meets important business requirements, you can expect a strong return on investment.

It’s important to remember that developing and deploying a custom-built software solution will take slightly longer. Fortunately, you can streamline the build process by partnering with a highly experienced software development firm.

How to Determine Which Option Fits Best for Your Business

As you prepare to weigh your best opportunities with each approach, you can streamline your decision-making process with a refined approach.

1. List Your Organizational Goals and Needs

When choosing to buy or build, the most critical question you need to ask yourself is: What do you hope to accomplish with your new technology?

Create a list of goals, objectives, and needs. In addition to providing more internal clarity, you can use this list to compare products during your search. If no single off-the-shelf solution meets your needs, it may be more pragmatic to build custom software. However, if you need the solution sooner rather than later.

2. Analyze the Current Ecosystem

Once you have created your list of goals and objectives, you can start analyzing the current ecosystem. Businesses operating in specific sectors — such as the healthcare industry — will have dozens of options when searching for off-the-shelf software solutions. As such, it is much more likely that a healthcare organization will be able to find a readily available solution that meets its needs when compared to a more niche sector.

Even if you are already leaning toward building a custom solution, you should consider what options are available for your industry. Explore all known choices to see how these solutions align with your needs and goals. This tactic can also provide you with ideas to put on a must-have list for your custom software partner.

3. Calculate the Potential ROI of Each Option

While you must regard the upfront costs associated with buying vs. building software, calculating the potential long-term ROI of each option will be more useful for guiding your decision-making process. Start calculating ROI by assessing the likely cost-savings and additional profits that can be expected once the new software is in place. While this impact can often be difficult to predict fully, it may be easier to consider how large the impact would need to be to recover the cost of the investment — the break-even point.

Building a custom solution will cost more on the front end, but this higher initial investment can yield a significant return over the software’s lifecycle. Conversely, going with a cheaper option could solve today’s business challenges, but you may quickly outgrow that software’s capabilities and find yourself looking to upgrade again in the near future.

Read more: When does your Business need Custom Software Solution – Evaluate Now!

Making Your Final Decision 

Whether you buy a readily available option or want to leverage the power of custom-built software, you will need an experienced technology partner to oversee your deployment. Fingent is that partner.

Our team of technology experts specializes in building dynamic, custom software solutions for our diverse array of clients. We can also assist with deploying solutions from Microsoft, SAP, and other leading technology development companies.

To learn more about our deployment and development services, contact Fingent today.

The strategic significance of advanced technologies as a critical business component is recognized by enterprises like never before. Besides business modernization and cost reduction, advanced technologies allow you to compensate for labor shortages, improve brand value and competency, and expedite research and innovation processes. However, several companies jump onto the bandwagon without properly understanding the practical applications and benefits of advanced technologies. The World Economic Forum indicates that only 23% of small and medium-sized enterprises (SMEs) worldwide can invest in and grow with new digital tools. This data proves why businesses should crucially analyze advanced technologies before adopting digital tools.

To streamline things, here’s a quick rundown of five advanced technologies we believe will help you cope with the new business and economic environment.

• Simplifying Workflows With Cloud
• Low-code Applications
• Robotic Process Automation (RPA)
• Document Data Extraction
• AI Assistants

As these technologies become more affordable and handy, businesses are ardently pursuing them to automate customer service, streamline workflows, differentiate products and services, and reach new markets. Depending on your budget, implementation timeline, priorities, and unique business requirements, our team at Fingent helps you build the roadmap for technology adoption.

Read more: How to gain maximum value from your technology investments?

Let’s take a closer look at the five inevitable technologies for business transformation today:

1. Simplifying Workflows with Cloud

Workflow management is a highly overlooked enterprise strategy that directly impacts productivity. Managing different stakeholders, heaps of confidential data, and a series of preset and conditional tasks manually can lead to several errors, such as employees missing key steps, policy violations, compliance issues, and monetary losses. By taking your workflows online, cloud-based workflow management applications increase your productivity.

Cloud-powered workflows or workflow management tools:

• Are scalable, centralized, customizable to your needs, easy to integrate, secure, reliable, and hassle-free.
• Offer a seamless and unified collaboration interface by preventing users from toggling between different messaging apps or communication channels.
• Reduce your dependency on the in-house IT team by passing on the software maintenance responsibilities to the third-party software vendor.
• Can be accessed via any authorized network (with approved access credentials), on any device, from anywhere, 24/7. This has been a huge game-changer for several companies that switched to remote operations during the pandemic.

Example of a Cloud-based Workflow Tool

Finding a cloud workflow management tool that can be customized to your company’s requirements is daunting. The platform should integrate well with your organizational processes without disrupting your workflow. This is where digital workplace applications like InfinCE make the difference.

With InfinCE Digital Workplace, Fingent has improved its productivity by 20% through real-time, effective, and easy collaboration. Data-powered dashboards, dedicated servers, collaboration apps, productivity tools, virtual desktops, private mobile apps, and a host of exceptional business management features enabled us to achieve a significant operational breakthrough in streamlining workflows.

Read the full case study here.

2. Low-code Applications

Gartner estimates that by 2025, 70% of enterprise applications will use low-code or no-code technologies. Digital business transformation requires pushing custom software solutions to the market at lightning speed. This demand has given rise to low-code applications that will break the technological and organizational silos of application development, automation, integration, and governance. Low-code development enables business users to bring innovative ideas to life by dragging and dropping low-code elements through a graphical user interface.

Simply put, low-code development enables “citizen” developers or non-tech users (such as business analysts or marketers) to build dashboards and survey or contact forms faster. On the other hand, professional developers can leverage low-code techniques to perform more efficient tasks, such as legacy application modernization or back-end integrations, with improved agility and velocity.

Use Cases for Low-code Applications

• Customer engagement applications and portals
• Mission-critical applications such as ERP software, payments manager, etc.
• Data analysis applications, BI dashboards, and data management software
• Mobile apps for customer engagement
• Order processing, inventory, order fulfillment, supply chain, and accounting apps

Salesforce Lightning, Microsoft Power Apps, and Zoho Creator are some of the leading low-code applications today. SAP users can leverage the unified low-code/no-code (LCNC) solutions on the SAP Business Technology Platform (BTP) to rapidly build and extend applications and automate tasks and processes.

Read more: Low Code/No Code Development with SAP BTP: How It Is Turning the Future of Enterprise Resilience

3. Robotic Process Automation (RPA)

Robotic Process Automation (RPA), often called software robotics, is an easy-to-use software technology that allows anyone to automate digital tasks within their business processes. RPA allows users to create software robots or “bots” to learn, emulate, and execute rules-based business processes. According to Forrester Research, RPA software revenue is expected to reach $6.5 billion by 2025, while RPA-related services revenue could hit $16 billion in the same year.

Potential Use Cases for RPA 

We offer free proof of concepts to help you understand how RPA can improve your business efficiency and customer experience. Some of our top use cases include:

• Automating discharge protocols and data management to increase HR productivity in healthcare.
• Daily retail processes automation, such as order processing, inventory and warehouse management, etc., to save time and resources.
• Reducing customer wait times through RPA-enabled chatbots that answer customer queries in real time.
• Error-free, automated billing and invoices to keep your financial systems and reports up-to-date.
• HR teams can automate personnel data and records maintenance, streamline onboarding, and seamlessly manage payroll.

4. Document Data Extraction

Extracting quality data from unstructured or poorly structured data sources and documents for further processing, migration, and storing has been the biggest obstacle in automating back-office operations. If you enter structured invoices into a robust ERP tool like SAP, your payments can be automated, and system records can be generated automatically. Due to the high costs of data extraction, several businesses extract only critical information fields, for example, the payment field within an invoice. Businesses are compelled to manually extract data from other important fields, such as validating the invoice’s compliance with VAT.

AI-integrated OCR Software for Document Extraction

Optical Character Recognition (OCR) is an affordable, game-changing technology that automatically extracts data from the digital images (photos) of large files, scanned documents, and sub-titles or captions superimposed on an image. It reduces the time spent in manual data entry and extraction by automatically converting typed, handwritten, or printed text into machine-readable text. AI-powered automated data extraction tools like DocuSign, Docsumo, Kofax Capture, and Amazon Textract leverage OCR technology to reduce the chaos involved in document data extraction and enable businesses to create an efficient workplace.

Our team helps customize document data extraction software that can save you time and money by eliminating transcription and transposing mistakes.

5. AI Assistants

One of the most common examples of small business automation today is using AI-powered virtual assistants. They can save your employees’ productivity by automating the most repeatable customer interactions, such as technical support, appointment scheduling, lead qualification, and order management. AI virtual assistants like Google Assistant and Alexa can understand and act according to your voice commands and customize responses to your queries. Understanding customer intent through natural language processing and recognition allows AI assistants to maintain a human-like conversation.

Chatbots are a popular category of AI assistants designed specifically for text-based channels like SMS, email, and live chat. Recent years have witnessed a rise in chatbot adoption among several business verticals, product and service lines, websites, mobile apps, customer portals, etc. Data shows that 58% of B2B companies and 42% of B2C websites use chatbots to make their websites and mobile apps more interactive. More than 56% of businesses believe chatbots to be driving digital disruption in their industry.

Case Study: AI Virtual Assistant for HR     

Fingent’s HR team was pressed to transform their service delivery model as routine, transactional tasks affected their performance and efficiency. To solve their struggle, Fingent developed MUSA, an AI-powered virtual assistant (a chatbot), and integrated it with Fingent Hub, Fingent’s internal employee management system. MUSA is short for Multi Utility Assistant. Employees can ask MUSA any queries related to HR and IT DevOps processes at Fingent, and they’ll get answered instantly. MUSA has improved our HR team’s response time by minimizing their workload and allowing them to focus on areas requiring more attention.

Business and Technology Are Inseparable!

Gartner writes that businesses with technology employ advanced tech to boost customer experience and revenue growth, clearly understand their priorities, goals, and strategies, and invest in solutions tailored to their needs. Technology allows businesses to lower the walls within and between their organizations, customers, providers, suppliers, etc. Organizations perceiving technology as a key business consideration will be able to match the pace of business change and stay relevant and competitive.

How can your business embrace growth in a new era of transformation and technology trends?

If you’re getting caught in the technology maze, take a quick break to contact us. Our consultants can simplify your technology adoption strategy based on your priorities, customer needs, financial resources, and technical requirements.