Category: Technology

All businesses are built on data. But the question is: Is your business truly driven by data? Or are you merely gathering data without a strategy? An effective Data Engineering strategy might be the key to standing out in the market instead of lagging behind.
Let us help you find out.

Data Engineering: The Backbone of Modern Business Intelligence

In a data-driven age, where information is currency, the businesses that harness data are the only ones staying competitive. Raw data can be a terrifying nightmare because it can be messy and disorganized. Above all, you will find it nearly impossible to uncover valuable insights. That’s why you need Data Engineering.

What is Data Engineering?

Simply put, Data Engineering is all about creating, building, and maintaining systems. It enables you to collect, store, analyze, and separate relevant data. In other words, it refines raw data into a more digestible form. This allows you to now harness its power to its full potential. Without this crucial step, businesses are left drowning in a sea of digital clutter. They miss out on valuable opportunities for growth and innovation.
If you want to unlock the true potential of your data assets and stay ahead of the competition – let data engineering pave the way for success.

Why Is Data Engineering a Big Deal?

The significance of Data Engineering solutions has escalated with the exponential growth of data. Every email, customer interaction, and IoT sensor signal contributes to the data wave companies need to handle. A report from Market Data Forecast indicates that the worldwide big data and data engineering services market is anticipated to grow to around $325 billion by 2033, increasing from $75.55 billion in 2024.
Without Data Engineering solutions, companies are overwhelmed by information and unable to derive value from it. With data engineering, they achieve clarity, efficiency, and a competitive edge.

Here’s what it accomplishes:

• Arranges and tidies data so that companies can effectively utilize it.
• Streamlines data processes, minimizing manual work and mistakes.
• Combines various sources for a comprehensive business perspective.
• Enhances storage and processing, reducing expenses and increasing efficiency.
• Ensures security & compliance because no one wants a data breach headline.

Now that we get the “why,” let’s break down the “how.”

Key Components of Data Engineering

Building Data Engineering solutions isn’t just about dumping everything into a cloud server and hoping for the best. It requires a solid foundation:

1. Data Ingestion – Start with this first step: collect data from multiple sources such as APIs, databases, IoT devices, and social media.
2. Data Storage – Your business will need a reliable home for your data – be it a traditional data warehouse (structured) or a data lake (unstructured).
3. Data Processing – This is the stage where your raw data is cleaned, altered, and organized. Consider ETL (Extract, Transform, Load) pipelines that set up data for analysis.
4. Data Orchestration – Automation solutions ensure the data processes operate smoothly while minimizing human errors.
5. Data Governance & Security – GDPR and CCPA require uptight data security.
6. Real-Time Analytics—Companies must stream data processing to make decisions quickly and on the go.

Data Engineering vs. Data Science: What’s the Difference?

They may seem very similar, but they are very different. Let’s simplify this for you. Data Science is like being a detective. One that digs into data to uncover patterns, trends, and insights. On the other hand, data engineering is like setting up a world-class crime lab that assists the detective in getting to the right clues. So, while one finds relevant data, the other makes sure the data is easily available and usable.
Without Data Engineering, data scientists lose almost 80% of their time because they have to clean and organize data instead of actually analyzing it. However, they can focus on extracting value and driving business impact with it.

Top Tools & Technologies in Data Engineering Solutions

The tech stack for Data Engineering solutions is constantly evolving, but here are the must-haves:

Data Storage & Management

• Amazon Redshift / Google BigQuery – Scalable cloud data warehouses.
• Apache Hadoop / Apache Spark – For massive distributed data processing.
• Snowflake – A high-performance, cloud-native data platform.

ETL & Data Pipeline Tools

• Apache Airflow – Automates and manages workflows.
• AWS Glue / DBT (Data Build Tool) – Streamlines ETL processes.
• Talend / Informatica – No-code ETL platforms for enterprises.

Streaming & Real-Time Processing

• Apache Kafka – Handles real-time data streaming like a pro.
• Google Dataflow – Processes real-time and batch data seamlessly.
• Flink – High-performance, scalable data streaming.

Data Governance & Security

• Apache Ranger – Manages security policies across data lakes.
• Collibra – Enterprise data governance at scale.
• Okta – Identity management and access control.

The Future of Data Engineering

The world of Data Engineering is only getting bigger. Here’s what’s next:

• AI-powered automation – ML-driven pipelines that self-optimize.
• Serverless data engineering – No infrastructure management, just pure efficiency.
• Data Mesh – Decentralized data ownership for more agile businesses.
• Edge Data Processing – Processing data closer to the source (IoT, mobile devices, etc.).

Real-World Examples of Data Engineering in Action

To demonstrate the impactful capabilities of Data Engineering, take a look at these success stories from Fingent’s collection:

• Improved Decision-Making in Retail

Premium Retail Services (PRS) managed field marketing services for Samsung’s US market. Their representatives collect over a million data points monthly from over 12 retail segments. However, their reporting systems were outdated, and relying on PowerPoint and Excel led to delays and inefficiencies.
Solution: Fingent took the bull by the horns, so to speak, by developing a customized data analytics and visualization platform.
Result: This solution transformed complex datasets into intuitive visuals. It also automated data input and streamlined field data management. This enhanced their performance reviews and improved decision-making.

• More Reliable Financial Forecasts

Quantlogic, a research firm, processed over 200,000 data touchpoints across 12 verticals in real-time in the financial sector. Its goal was to refine predictive algorithms for better investment planning.
Solution: Fingent implemented an advanced predictive analytics platform.
Result: This platform improved data quality and predictive accuracy. Thus, enabling Quantlogic to make more reliable financial forecasts.

• Data Analytics to Determine Hospital Performance

The National Health Service (NHS) England struggled to evaluate hospital performance. This was due to their incongruent data sources and complex metrics.
Solution: Fingent deployed a comprehensive data visualization solution. This solution offered interactive graphs that linked across multiple disciplines. This system provided detailed analyses of key performance indicators.
Result: Now, NHS England can make informed decisions to enhance patient care and enjoy operational efficiency.

A Look into The Future of Data Engineering

The field of Data Engineering is swiftly evolving. Here’s what businesses can anticipate:

• AI-Powered Automation: This will eliminate the need to monitor data pipelines manually. Machine learning algorithms will automate data pipelines and self-optimize whenever necessary.
• Serverless Data Engineering: When you shift towards serverless architectures, your business will be able to focus on data processing instead of battling to be the tech support. The benefit? Grater scalability and cost efficiency!
• Data Mesh Architecture: This approach enables you to own data. Each of your departments would be like a mini startup—independent, flexible, and accountable.
• Edge Data Processing: With this, you can process data right where it began. IoT devices and mobile applications will see reduced latency while enabling real-time analytics.

How Fingent Can Help

We understand that navigating the complexities of Data Engineering is not as easy as it seems. Yes, it requires expertise and a forward-thinking approach. At Fingent, our experts specialize in crafting tailored Data Engineering solutions. And we ensure the solutions we provide always align with your business objectives. Let’s take us through our services:

• Custom Software Development: We will build scalable and robust applications that meet your specific data needs.
• Digital Transformation Consulting: We will be there to guide your journey to data-centric architectures.
• Cloud Strategy Consulting: We are equipped to design and implement flexible and scalable cloud-based data solutions.

Contact us today to discuss Data Engineering solutions.

Nonprofits are driven by purpose, passion, and people—but in the current digital-first era, passion alone doesn’t cover expenses. If you’re not leveraging technology to enhance your impact, you’re missing out on significant money (and chances). This is where apps for nonprofits play a role—your nonprofit’s digital multi-tool that aims to unite, motivate, and advance your mission at a rapid pace.
Imagine shouting out your nonprofit’s mission from a mountaintop for all to hear. Except the mountain fits in everyone’s pocket. That’s the power of mobile apps for nonprofits: small screen, massive impact. Let’s explore how to make this happen for you.

The Technology-Fueled Evolution of Nonprofits

Let’s be real: technology has transformed the game for nonprofits. Recall when fundraising involves going door to door or depending on phone networks. Remember those awkward cold calls? Now that smartphones are in almost everyone’s pocket, the situation has transformed.

Mobile applications for nonprofits aren’t merely fashionable—they’re revolutionary. They enhance procedures, cultivate important connections with benefactors, and create avenues for influence that seemed unimaginable only a decade ago.
Here is an interesting fact: According to Ericsson, there are now 7.1 billion smartphone connections floating around—that’s 87% of all mobile phones on the planet. A chunk of those belongs to that one person we all know. The one with a phone for work, one for personal use, and probably a backup, just in case. If your nonprofit has an app, you will reach and stay on this person’s radar. If not, all your effort is going into a deep, silent void.

Can a Nonprofit Have an App?

Yes! And not just any app—nonprofits are creating platforms that spark action and build communities. From raising funds to managing events, apps for non-profits are the digital backbone of modern philanthropy. Here’s a quick breakdown:

Types of Mobile Apps for Nonprofits

1. Donation Apps: Think of one-tap donations with options for monthly giving. No hassle, and right at your donors’ fingertips.
2. Apps for Managing Volunteers: Efficiently arrange schedules, monitor hours, and connect with your volunteers effortlessly.
3. Advocacy Apps: Turn users into advocates by spreading awareness and rallying support with just a click.
4. Event Management Apps: Simplify the chaos of charity runs, galas, or fundraisers. Booking tickets, and RSVPs – all done efficiently.
5. Cause-Specific Apps: Tailor an app for a specific mission and watch your impact grow.

Every kind of app has its specific function, yet the primary aim remains consistent: linking your nonprofit with advocates in impactful, significant ways.

Key Features of Mobile Apps for Nonprofits

What makes an app shine? Features that put your cause—and the people who care about it—front and center. Here’s what your app should have:

• Seamless Donation Options: Make it easy to give. Donors shouldn’t have to jump through hoops. Give them options – PayPal, Apple Pay, credit card- whatever is convenient for them.
• Push Notifications: Consider these as gentle reminders. “Hey, your favorite charity is $200 away from its goal! Want to help?”
• Engaging Content: Share stories, videos, and updates that tug at heartstrings and keep supporters coming back.
• Social Media Integration: Let your users spread the word by sharing campaigns directly to their networks.
• Impact Reports: Show donors where their money is going with transparency tools and updates.
• Intuitive Design: If your application is cumbersome, it won’t attract users. Make it intuitive and sleek.
• Gamification: Add a bit of fun—think leaderboards, milestones, or rewards for contributions.

Benefits of Mobile Apps for Nonprofits

Why should nonprofits jump on the app bandwagon? Let’s spell it out:

• Enhanced Donor Involvement: A mobile application provides your cause with a constant connection to your supporters’ hearts (and finances). Consider it as your organization’s dedicated supporter.
• Streamlined Fundraising: One-tap donations, recurring gifts, and fundraising events with digital tickets—everything is easier with an app.
• Broader Reach: Geography! What geography? Mobile applications allow you to connect with donors worldwide without leaving your chair.
• Data-Driven Insights: Curious about why certain campaigns perform better than others? Analytics assist in monitoring user actions and enhancing your approach.
• Expense Reduction: Transforming processes such as volunteer management or event sign-up allows for greater time and resources to focus on what truly counts—your objective.
• The fact of the matter: Nonprofits that utilize mobile apps for raising funds have seen a 26% boost in donor retention rates. Now, imagine what that could mean for your organization.

How to Approach Mobile App Development for Nonprofits

Building an app might sound intimidating, but it doesn’t have to be. Here’s a simple, actionable roadmap:

• Define Your Goals: Start with clarity. What’s the purpose of your app? Is it for fundraising, volunteer management, or advocacy?
• Understand Your Audience: Research what your donors and supporters actually want. A clunky app that misses the mark won’t get downloaded twice.
• Find the Right Developer: Look for developers with a proven track record in creating affordable app solutions for nonprofits. Ask for portfolios.
• Focus on User Experience: Your app should be simple enough for your tech-averse grandma and cool enough for a Gen Z donor.
• Launch, Test, Iterate: Don’t expect perfection right away. Launch a beta version, collect feedback, and enhance it using user input.

Obstacles in Mobile App Development for Nonprofits

To be honest, creating an app isn’t as easy as pie. Let’s discuss some of the challenges and look at ways to address them successfully.

1. Budget Constraints: Look for grants or partners who can provide affordable app solutions for nonprofits.
2. Technical Expertise: Consider outsourcing to developers who understand nonprofits or use app-building platforms that require little coding knowledge.
3. User Adoption: Getting people to download and use your app can be tough. Offer incentives—like exclusive content or easy donation tracking—and promote the app relentlessly on your website, emails, and social media.
4. Maintenance Costs: Apps need updates, bug fixes, and security patches. Plan for these in your budget, or work with a developer offering ongoing support.
5. Data Security: Protecting donor information is non-negotiable. Choose developers who prioritize security and compliance.

Fingent Can Assist in Developing User-Friendly Mobile Applications for Nonprofits

Mobile giving surged by an impressive 205% from 2020 to 2022. Impressive, right? So, don’t let the opportunity pass—allow Fingent to assist you in capturing it. Fingent, a worldwide frontrunner in tailored software solutions, understands how to develop applications that are not only functional but also transformative. Here’s how we can assist:

• Tailored Solutions: Whether you need a donation platform or a volunteer app, Fingent builds tools that perfectly match your goals.
• Affordable App Solutions for Nonprofits: Our scalable, budget-friendly approach ensures quality without overspending.
• Proven Expertise: Fingent’s track record speaks for itself, with nonprofits worldwide reporting increased donor engagement and simplified operations.
• Emphasis on Usability: The user experience is fundamental to our designs, ensuring that your app resonates with users of all ages and technical abilities.

Are you prepared to make your nonprofit’s app vision come true? Fingent’s knowledge of mobile app development for nonprofits will assist you in enhancing your mission, engaging with donors, and increasing your impact like never before. Talk to us today and discover your possibilities with new-age technologies.

Are developing mobile apps a trend? Think again. By 2029, the mobile app market is expected to rake in a jaw-dropping $781.7 billion— yes, billion—with a “B.” It’s a sign that the mobile app industry isn’t merely expanding; it’s racing into the future as if fueled by 5G steroids. Whether purchasing groceries, booking doctor’s appointments, or completing a course, mobile apps have become the foundation of our everyday existence. Are you prepared to take your portion of this expanding opportunity?

For companies, this conveys a straightforward message: if you aren’t putting resources into developing mobile app solutions, you’re missing out on potential revenue. However, what distinguishes a successful app? A strategic, innovative mobile app development solution could be the breakthrough your business requires.

How Do I Start Developing Mobile Apps?

Creating a successful app involves more than just programming. It’s about designing an experience that embraces the spirit of innovation. Do you want to create an application? Excellent! But where should you begin? Let’s explain step by step:

Know Your “Why” and “Who”:

Why are you building this app? It could be to solve a problem, fill a gap, or stay competitive.
Who is it for? Understanding your audience will guide you in your development journey.

Spy on Your Competition:

Market research isn’t optional. Study what others are doing right—and wrong. Find your edge.

Pick Your Platform:

Are you team iOS, Android, or both? Your decision impacts budget, timelines, and user experience.

Budgeting:

Apps aren’t cheap, but the right plan ensures every penny counts.

Bring in the Pros:

DIY might sound tempting. But remember, experts save you from rookie mistakes.

Did you know? By 2025, global consumer spending on mobile apps is projected to reach $270 billion. That is nearly 2.5 times the amount spent in 2020.

What is A Mobile App Development Process?

Let’s help you walk through the journey from concept to launch. Building an app isn’t just coding. It’s a combination of creativity and precision.

1. Plan Like a Pro

Start with a roadmap. Define your objectives, features, and milestones. Think of it like assembling a puzzle. Ensure each piece fits perfectly to see the big picture. A solid plan prevents costly detours later.

2. Design That Wows

First impressions matter. Tools like Figma or Sketch help create sleek, user-friendly designs. Remember: simplicity wins. Imagine scrolling through an app that’s smooth, intuitive, and visually delightful. That’s the goal.

3. Code It Right

Whether it’s Swift, Kotlin, or React Native, your code is the engine of your app. Agile development keeps things flexible and fast, like a Formula 1 pit crew constantly optimizing for peak performance.

4. Test, Then Test Again

Bugs are a buzzkill. Imagine launching an app only to have it crash—an instant deal-breaker. Automated and manual testing ensures a smooth, glitch-free experience. Think of it as quality control for your app’s reputation.

5. Launch and Learn

Once live, gather user feedback and iterate. The best apps evolve with their users. Have you ever observed how your preferred apps frequently refresh with “new features”? That’s not a coincidence—it’s the key ingredient for remaining pertinent.

How Much Does it Cost to Develop an App?

Prepare yourself—developing mobile app costs differ greatly. Typically, creating a simple app could range anywhere between $40,000 to $60,000. Complex apps may exceed $300,000 or higher. Elements such as application type, platform, and characteristics all contribute significantly.

The cost budgeting could be divided into:

• Simple Apps: Think calculators or note-taking apps. These cost less due to limited features.
• Moderate Complexity: Social media apps or e-commerce platforms fall under this, with added user interfaces and backend support.
• High Complexity: Apps with advanced technologies like Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), or blockchain require significant investment.

Pro Tip: Start small. Test the waters, gather feedback, and scale as needed.

A Few Examples of Industry’s Popular Mobile App Development

Want some inspiration? Here’s how the big players are nailing it:

• CBN Superbook Bible Mobile App: A revolutionary mobile app that aims to enable kids to grasp bible stories quickly with interactive features. The app was selected as one of the ‘top ten iTune apps for kids’.
• Medi-Weightloss: A mobile application to support the weight loss journey with quickly accessible diet recipes, fitness routines, journals, and supporting articles.
• GeoSure: A handy app for travelers to stay informed in real-time about the vulnerabilities, climate, threats, and government policies of selected destinations.
• Uber: Revolutionized transportation by blending geolocation and real-time tracking.

What’s common among them? They solve real problems, keep user experience at the core, and evolve constantly.

Selecting the Perfect Mobile App Development Solution

The ideal mobile app development solution integrates technical skills, teamwork, and innovative strategies to realize your vision. Here are key aspects you can take into account before you begin the process:

1. Expertise That Matches Your Vision

Look for a partner with a proven track record in developing mobile app projects similar to your idea. Examine portfolios and client reviews to assess their expertise.

2. Transparent Communication and Realistic Timelines

Ensure the development team values open communication. They should provide regular updates and realistic timelines to keep your project on track.

3. Comprehensive Support Services

Post-launch support is critical. A reliable mobile app development solution includes bug fixes, updates, and scalability options.

4. Up-to-Date Tech Stack

Ensure that your developer utilizes the most recent technologies to make your app future-ready. Regardless of whether it’s Swift, Kotlin, or Flutter, your technology stack is important.

5. Cost-Effectiveness Without Compromising Quality

High-quality doesn’t always mean high cost. Seek developers who can balance affordability with excellence, ensuring your budget goes further.

Practical Tips for a Successful Mobile App Development Journey

The mobile app market, as discussed at the outset, is burgeoning with a steady growth rate of 7.84% per year (CAGR 2022-2029). Tapping into it is a no-brainer but you have to do it right to be successful. Here are some tips to ensure that:

1. Think Big, Start Small:

Begin with a Minimum Viable Product (MVP). That will help you explore the market. Focus on solving a core problem before adding those dazzling extras. Do not try to build your app in one day.

2. Focus on User Experience (UX):

Keep navigation intuitive and design visually appealing. Users should immediately understand it. Design your app to be so user-friendly that even your tech-inept aunt can use it independently without needing assistance. Merge elegant design with effortless navigation—since first impressions count, and users won’t grant you another opportunity to create one.

3. Leverage Analytics:

Use tools to track user behavior and app performance. Data is the ultimate truth-teller. Use analytics to track what users love (or hate) about your app. Insights from user behavior and performance metrics can turn your app into a fan favorite.

4. Ride the Wave of Trends Shaping the Future of Mobile Apps:

2025 is charging ahead with game-changing innovations! If you’re building an app, staying informed about trends is essential. In fact, it’s a matter of survival. Here’s how the future is rewriting the app playbook:

• AI: Your Personal Assistant 2.0 – Imagine apps that know what you need before you do. From personalized shopping to predictive health alerts, AI is taking apps from smart to downright ingenious.
• 5G: Speed Like Never Before – Thanks to real-time AR/VR and effortless streaming, 5G offers you a gateway to instant gratification. Were you aware that by late 2024, the world saw 163 million new 5G subscriptions, totaling 2.1 billion? By the year 2030, we’re looking at 6.3 billion. You’re already falling behind if your app isn’t designed for this ultra-fast technology.
• Platforms with Low-Code – A computer science degree is no longer necessary to create applications. With the help of platforms such as Bubble and AppGyver, anyone can turn ideas into reality. It’s coding made accessible—because innovation shouldn’t have a barrier to entry.
• Blockchain for Secure Apps – Safety isn’t an option; it’s essential. Blockchain is present to transform your app into an impregnable defense against cyber dangers while gaining user confidence with transactions and records that cannot be hacked.
• Sustainable Technology – Sustainability extends beyond being just a trendy term; it’s a user requirement. Create applications that reflect environmentally friendly principles, and see your user community expand while contributing positively to the Earth.

5. Prioritize Security and Privacy:

The app world doesn’t wait for anyone. Trends change, user needs evolve, and competition never sleeps. Adopt agile methodologies to pivot quickly and stay relevant. And don’t skimp on security—nothing kills trust faster than a data breach. Build your app like it’s guarding a treasure chest (because, in a way, it is).

How Can Fingent Help?

Apps are more than just tools; they are experiences. Whether you’re a startup or a Fortune 500 firm, the secret to success is in adopting trends and providing a smooth experience. With a robust mobile app development solution, your app might become the next major success.

Fingent provides comprehensive mobile app development services customized to meet your business requirements. From concept development to after-launch assistance, we’re here to bring your vision to life. Check out Fingent’s Mobile Application Development section to discover how we can assist you in crafting something remarkable.

The future of developing mobile app solutions is bright. Are you ready to create something extraordinary?

Businesses need modern technology to survive today’s ever-evolving market. The right enterprise software solution can help businesses thrive. However, not all businesses might have the necessary in-house skills to develop one, and let’s be honest, off-the-shelf software does not fit all needs. Thanks to custom software development vendors, enterprises can access technology experts on the go to build customized technology solutions that cater to their unique business needs.

According to a survey by Deloitte, 79% of U.S. executives currently outsource software development. However, any business application is only as good as the developer who creates it. Choosing the right software development partner is a crucial responsibility.

If your business plans to hire an app development partner, here’s a quick checklist that can help. But before we get started, let’s look at why you need to choose the best software development vendor.

Why Do Businesses Need Software Development Vendors?

Organizations rely on app development partners to:

• Bridge talent gaps and save in-house hiring costs
• Drive value by developing end-to-end solutions
• Access the best of technology, skills, and expertise
• Avoid development delays and cut operating costs
• Increase speed-to-market and enhance core competencies
• Mitigate the risks of running an in-house development project

You can easily unlock these advantages by choosing the right software development vendor. But what happens if you choose the wrong app development partner? Here are the risks!

Risks of Choosing a Wrong Software Development Vendor

Wrong software vendor selection can leave a lasting impact on your company.

• Poor-quality software rollouts can lead to massive sales losses. It can force your customers to go to competitors.
• Ill-fitted software solutions affect your day-to-day operations and increase your team’s workload.
• A bad match will never help you with add-ons and customizations you might need for the future.
• Botched software can cause frequent business disruptions. It can affect your customer experience, reputation, and brand.
• Faulty software can lower your team’s morale and engagement. Constant software glitches add to employee frustration and fatigue.
• A wrong vendor may not be able to meet your deadlines. They may also charge you more than expected. There is always an inherent risk of hidden costs.
• Communication breakdowns can create misunderstandings between the vendor and your stakeholders.
• Inadequate security measures opted by the vendor can put your business at risk. It can increase the chance of damaged, lost, or stolen data.

How can you avoid these risks? Ace software development vendor selection by using our checklist (below).

Checklist: How to Choose the Right Software Development Vendor?

1. Define Your Needs and Goals

The first step to finding the right developer is identifying your goals. Why do companies seek to build customized software? Some of the common reasons are:

• Enhancing customer experience and satisfaction
• Improving workforce productivity and operational competency
• Tracking and managing staff responsibilities
• Automating specific tasks and repetitive functions
• Boosting reliability and security

A good discernment of your objectives and business needs will allow you to proceed to the next steps more efficiently.

2. Set up a Budget

Defining your goals should help you prepare a detailed budget. At this stage, it is important to determine the capital, expenditures, and forecasted return on investment (ROI).
Assess the factors that impact the cost of your software development project:

• Type of software you need and its level of complexity
• Custom software or off-the-shelf software
• UX/UI design considerations
• Backend infrastructure and dependencies
• Integrations with other applications you use
• Location of the app development partner
• Development time, resources employed
• Investments in new technologies
• Estimates/rates quoted by the software development vendor

Any business’s priority is to produce high-quality software. However, keeping the project within budget is vital for business success.

3. Research Potential Vendors

Research potential software development vendors. Assess the selected app development partners based on the following factors:

• Do they have experience working on the type of software you need?
• Have they worked in your industry or domain in the past?
• Do they handle the entire software development lifecycle? Do they provide post-launch application maintenance and support?
• Do they help train your staff on the new software?
• What are the services they offer?
• Does their rate fit your budget?
• What other value-added services do they provide software development? Developing an e-commerce application, maybe?

4. Shortlist Top Software Development Vendors

Choosing from hundreds of service providers can be overwhelming. Once you do the research and specify your requirements, you can start shortlisting the options you find appealing.

Here are a few ways to narrow down your list:

• Read through the company profiles, case studies, and client testimonials of potential vendors.
• Use any credible B2B rating platform to check out their ratings and reviews. Platforms like Clutch, GoodFirms, etc. list the top vetted software development partners.
• Filter vendors based on their minimum project costs, team size, average ratings, and location.
• Keep your list short so you can reach out to the selected firms quickly.

5. Talk to Each of the Selected Vendors

A direct conversation with the software development vendor gives you a fair idea of their services and expertise.
Before meeting a vendor, prepare a set of questions that will help you gauge their work:

• What technologies and programming languages are your team proficient in?
• What are the industries and domains that you primarily cater to?
• What project management tools do you use to manage your workflows?
• How do you ensure the quality of your software?
• What is your project engagement model?
• What software development methodology do you follow—Agile, Waterfall, RAD, Lean?
• How do you determine the costs of your work?
• Is my budget and expected timeline realistic for my project?

Above all, it’s crucial to identify if the potential vendor’s way of operating and objectives align with your requirements.

6. Narrow Down Your List Further

A direct conversation with each vendor should help you narrow your choices between two or three developers.

• Consult your leadership team. Weigh the pros and cons of each vendor based on your analysis.
• Shortlist your selection to one or two providers. Ensure they can understand your needs and match your company’s culture.

7. Data Security and Privacy Measures

Your business software needs to handle confidential company data. Is your software development partner capable of protecting your application from cyber threats?

• Before choosing a software development vendor, undertake an intellectual property due diligence inquiry.
• Find out how the vendor will be handling your data and assets.
• Review their integrated security and IP protection program.
• Determine the internal measures you should adopt to safeguard your enterprise’s IP.
• Identify which functions need to be managed in-house and what should be outsourced.

8. Compliance, Reliability, and Support

Along with analyzing the vendor’s cybersecurity offerings, you also need to verify:

• Does the vendor’s development and delivery practice/policies comply with the essential regulations?
• Have you done extensive background checks to ensure the integrity and reliability of the vendor?
• Did you do a proper technical and strategic vetting of the selected development vendor?
• Is the vendor equipped to address unexpected IT outages and disruptions?
• What are the risk management policies/processes followed by the software development vendor? Do they have a robust disaster recovery plan?
• Does their development process align with your organization’s sustainability goals?
• Does the vendor stick to responsible application design, development, and maintenance that can reduce the environmental impact?

Choosing the right software development partner requires careful planning. It’s indeed a very tricky job to pick out the right one from a huge list of potential vendors. The checklist aims to make the job simple for you.

Software Development Company vs. Freelancer: Which is Better?

What is the difference between a freelancer and a software development company?

• A freelancer is an individual who works independently on software development projects.
• A software development company is a professional organization that provides software development services.

How does working with a software development company help your business?

• A team of certified professionals well-versed in multiple areas
• Access to the latest technologies and specific domain expertise
• A reliable vendor-customer contract (agreement) to back you
• Round-the-clock support and IT help desk
• Transparent communications, no hidden surprises
• Standardized pricing with no additional costs
• Dedicated ongoing maintenance and support

Transform Your Business With the Right Software Development Vendor

The best software development vendor:

• Works with you throughout the entire development process
• Helps navigate the complexities of software creation and maintenance
• Makes incremental changes for continuous software enhancement
• Develops tailor-made solutions that align with your business goals
• Improves your business’s efficiency, productivity, and financial performance

Why Choose Fingent as Your Software Development Partner?

Since 2003, Fingent has been a reliable and capable software development partner for leading global brands, including several Fortune 500 companies.

• An impeccable track record as a successful custom software vendor
• Experience in new and emerging technologies—AI, AR, VR, IoT, blockchain, and more
• Legacy application modernization, cloud migration
• Multi-platform development—web, mobile, cloud, and more
• Diverse offshore talent pool with experienced developers and tech professionals
• Tech certifications, partnerships, centers of excellence

Build scalable and robust applications by partnering with a professional custom software vendor. Contact us to get an extended consultation.

Wine and wisdom get better with age. But software doesn’t. That’s why experts say legacy software modernization is inevitable for modern businesses.

Picture this! Ten years ago, you might have owned a PC running Windows XP. But today, your new computer runs Windows 11. The latest OS makes your current PC more powerful and capable than the one you owned ten years ago. Likewise, your business is no longer the same as it used to be when you started it. Using legacy, underperforming software to manage your business can stall its growth. So, how can you make your business software robust and relevant? Thanks to legacy software modernization services for making your applications relevant and competitive.

This article explores why you need to invest in application modernization.

Can Clinging To Outdated Technology Cost High For Your Business?

Yes! Holding on to outdated technology can cost your business more than it saves. These real-world examples prove the damaging effects of legacy software on businesses.

The Rise and Fall of Blackberry

The tale of Blackberry is a classic example that reveals the pitfalls of legacy software.

What was once a leader in the smartphone market lost ground to rival operating systems—iOS and Android. And the reason? Failure to innovate and reluctance to get rid of legacy system elements.

In 2011, Blackberry made a revenue of $20 billion. Fast forward to 2022, the figures dropped to $718 million. The same year, Blackberry decommissioned the infrastructure and services used by their legacy software and phone operating systems.

Myspace, The Lost Space

The story of Myspace is no different from that of Blackberry. Launched in 2003, Myspace was the first social network to reach a global audience in the pre-Facebook era.

Post-2007, Myspace started losing millions of users to its rising rival, Facebook. The most cited reasons behind Myspace’s failure are lack of usability and flexibility, low innovation, and slow load times.

Delta: Back-to-Back IT Outages

In August 2016, Delta Airlines suffered a loss of $150 million due to an outdated reservation system. Built in the 1960s, the system underwent a major crash caused by a power failure. The incident forced Delta to delay or ground most of its flights for at least six hours worldwide.

How can one forget the recent CrowdStrike outage that disrupted Delta’s operations worldwide? The incident affected Delta’s crew-tracking software, forcing them to cancel over 7,000 flights over five days. According to a CNBC report, the five-day outage cost the airline nearly $500 million.

How Does Legacy Software and Technology Impact Your Business?

Here are a few ways outdated applications affect your business’s performance and growth.

1. Lack of Interoperability

Legacy applications struggle to integrate and communicate with each other. Poor interoperability can hamper your progress. It can also slow down the adoption of more efficient processes.

2. Security Vulnerabilities

Outdated security measures and lack of updates can make legacy apps more susceptible to cyber threats.

3. Outdated Technology

Legacy applications often rely on outdated technology. Obsolete technology can make them incompatible with modern standards and best practices. 

4. Limited Scalability

Scaling legacy applications to accommodate evolving demands can be challenging and expensive. 

5. High Maintenance Costs

Legacy applications demand extensive resources and maintenance. This can result in escalating costs over time.

6. Inefficient Performance

Outdated software code and technology can mar the performance of legacy applications. This can hinder productivity, resulting in knowledge silos and slow response times.

7. Poor User Experience

Legacy applications fail to provide the Uber-like, personalized experience that today’s customers seek.

8. Operational Disruptions and Delays

Finding the right talent to track, maintain, and support legacy applications is arduous. This can lead to operational disruptions and delays in resolving critical issues.

How Can Businesses Solve the Risks of Legacy Software?

We’ve seen the risks legacy apps can expose your business to. That said, what’s the right approach to solve them?

Enter legacy software modernization—a process that allows you to upgrade or transform outdated, inefficient software systems into more contemporary, efficient, and adaptable solutions.

In a recent survey, RedHat highlights the primary benefits of application modernization. With legacy software modernization services, more than 50% of companies have achieved:

• Improved security (58%)
• Greater scalability (53%)
• Enhanced reliability (52%)

These findings show the potential value that application modernization can bring to companies.

Why Is Legacy Software Modernization the Way Ahead for Businesses?

Sticking to legacy technology will undermine your future projects and growth plans.

According to McKinsey, 70% of business transformation’s impact depends on technology. If the technology you use is old and obsolete, your entire IT budget will be spent maintaining legacy applications and infrastructure.

91% of customers consider ending relationships with companies that use obsolete software technologies.

The message is clear. Companies need to modernize if they want to remain competitive.

How Does Legacy Software Modernization Benefit Your Business?

In 2022, IDC predicted that most legacy applications would be updated by 2024. 65% of the applications will use cloud services to extend functionality or replace inefficient code.

Modernizing legacy apps will make them more secure, flexible, and scalable. Here are some of the top benefits of legacy app modernization:

1. Enhanced Customer Experience

Modernized applications offer new features, improved performance, and reliability. With a revamped UI and UX, modernization enhances customer experience and satisfaction. 

2. Improved Employee Experience

Modernized applications boost employee productivity and collaboration. They help employees do their jobs faster while saving productivity. Features like automation and analytics allow employees to focus on more strategic initiatives. It helps reduce the risk of employee burnout and boost workplace morale.

3. Streamlined Data Management and Governance

Modernized applications improve data management and governance efficiency within your organization. It helps ensure the quality, consistency, security, and usability of your data.

4. Cost Reduction

Modernized applications drive operational efficiency, cut unnecessary maintenance costs, and boost employee productivity. All these lead to tremendous cost savings in the long run.

5. Increased Agility

Modernized applications allow businesses to be more agile and responsive to change. Contemporary applications help you adapt quickly to evolving market trends and needs. Restructuring and refactoring legacy software will make it more maintainable and adaptable. 

6. Improved Cybersecurity and Compliance

Modernized applications incorporate the latest security standards and technologies. This will help safeguard your data against unwarranted access, cyber-attacks, and theft.

Ensuring compliance with industry standards is an integral component of application modernization. It helps avoid costly compliance issues. With app modernization, you can also reduce the risk of security breaches.

7. Hybrid IT—Best of Both Worlds

Modernization combines the preservation of critical components with functionality enhancement. Today, hybrid IT is a principal cloud strategy pursued by many companies. Hybrid IT brings to your table the best of both worlds. It blends the security and control of an on-premises environment with the flexibility and scalability of cloud services.

Busting the Common Myths About Legacy Software Modernization

# Myth 1: Modernization Is Expensive

Studies reveal that successful modernization boosts annual revenue by 14% and can lower application maintenance and running costs by 30% to 50%.

You can prioritize your modernization strategy to control costs and complexity. For example, a smart application rewrite can be more effective than building a new application from scratch.

# Myth 2: Modernization Requires a Strong Internal IT Team

Hiring in-house staff with in-depth technical knowledge consumes your budget and time.

Engage with an external software vendor to handle your IT backlogs. An outsourcing partner can reduce your dependency on strong in-house IT teams. They provide you with the right mix of talent and technology to transform your legacy applications. Besides, you can save a lot on in-house hiring and maintenance.

# Myth 3: Modernization Will Disrupt My Business

Fear of operational disruptions forces many businesses to opt out of modernization.

Not all modernization scenarios need a platform switch. Usually, a wrapping approach is possible instead of a replacement strategy. Wrapping can be done in two ways:

• Adding a layer of API on top of the Service Oriented Architecture (SOA) in the legacy system. This will enable the legacy application with new capabilities. There is no need to install any special infrastructure.
• Another way is to connect an API directly with the back-end legacy system. It will give each system a separate wrapper. It avoids the need to integrate local service data with other services.

Today, custom software development vendors use RESTful APIs across many application modernization requirements. This way, newer functionalities can be enabled by migrating just the applications.

# Myth 4: If It’s Not Broke, Why Fix It?

Many businesses are complacent with the status quo. After all, why even touch something that works, right? Well, not exactly.

Risk can creep out from just about anywhere. Outdated security protocols, compatibility issues, evolving regulations—several aspects pose hidden costs or threats to your competitiveness.

Modernizing legacy applications is essential to cover your bases. Legacy software modernization is a critical hinge on which your business’s survival depends. It makes your business more resilient in the face of uncertainty.

# Myth 5: Modernization Involves Rigorous Planning and Complications

Building a modernization strategy requires a significant time investment. Modernizing without a priority can drive up costs and complexity.

Assessing the full scope of your organization’s needs upfront pays off in the long run. Take time to analyze the trade-offs between business and technology. Prioritize your needs and features. Find out what can enable a smooth modernization journey. Partner with a trusted custom software development company to execute your app modernization project.

How Can Companies Get Started With Legacy Software Modernization?

Here are four steps to begin your legacy application modernization journey:

1. Assess the Business Need to Modernize

Find out what is driving the need for modernization. Identify the opportunities that modernization will offer your business.

2. Choose Specific Modernization Efforts

Analyze the modernization efforts needed to meet your defined business goals. Map specific business outcomes and defined patterns of activity. Select a provider that can deliver the essential services.

3. Create a Modernization Roadmap

Identify the timeline for each phase of modernization. Ensure the journey in each phase adds incremental value while ensuring business continuity.

4. Make the Essential Changes to Adapt

Make necessary changes to your data structure and governance policies. Adapt your culture, skillset, and organizational requirements to benefit from the new workflows and resources.

How Can Fingent Help You With Legacy Software Modernization?

Right consulting support can make a real difference in legacy application modernization services. How does modernizing legacy apps with Fingent help you?

We help customize and integrate the best hybrid solution for your circumstances. Our team brings in:

• Deep cloud expertise
• Relevant skill sets for app modernization
• Logical integration of multiple business applications
• Excellence in the latest technologies
• Strategic vision and support
• Industry and domain expertise
• Customization to suit your specific needs

Gain fast solutions and low-cost implementation with our legacy software modernization services. Address your key constraints and modernize your application portfolios with Fingent. Contact us to know more.

After AI tools like ChatGPT, Artificial Intelligence (AI) copilots are now particularly gaining traction due to their fascinating abilities. From creating instant emails, to taking the load of complex workflows, AI Copilots are assisting businesses to do more within less time. How can modern businesses leverage these rising capabilities of AI to boost success? This blog explains it all. Find out what AI Copilots are, how they benefit businesses and customers, and why it’s the future!

What are AI Copilots?

AI Copilots are advanced AI systems that collaborate with human operators to enhance decision-making and task execution. They leverage machine learning and data analytics to provide real-time insights and support. Custom AI copilots can unwaveringly improve operational efficiency and drive success across various industries. The goal is to augment human capabilities rather than replace them!

What is an Enterprise AI Copilot?

Enterprise AI Copilots are fine-tuned to build interconnectivity between your enterprise machines and systems. Many organizations are increasingly challenged by navigating and managing data across diverse systems. Enterprise AI Copilots integrate all systems under a single conversational interface, improving data efficiency and work productivity while keeping the entire organization connected. Enterprise AI Copilots augment human expertise and facilitate a collaborative approach to problem-solving and task execution in the ever-evolving landscape of modern enterprises.

How Does Custom AI Copilot Value Your Business and Customers?

The importance of specific benefits of Custom AI copilots can vary based on the nature of the business and its objectives. However, certain benefits are generally considered crucial for maximizing the impact of AI copilots across diverse industries. Here are five key benefits that are often deemed most important:

1. Enhanced Decision-Making

The ability of AI copilots to provide real-time insights and support for informed decision-making is foundational. This benefit ensures businesses can navigate complexities precisely and make strategic choices aligned with their goals.

2. Operational Efficiency

Streamlining workflows, automating routine tasks, and enhancing operational efficiency are fundamental to achieving overall productivity gains and cost reductions. This benefit allows businesses to operate more smoothly and allocate resources effectively.

3. Personalized Customer Experiences

Tailoring experiences based on customer data is crucial in today’s customer-centric business landscape. AI copilots contribute to personalized customer experiences and help foster customer satisfaction, loyalty, and long-term relationships.

4. Industry-Specific Applications

Customized solutions for different industries ensure that AI copilots can address sector-specific challenges effectively. This benefit is particularly important as it allows businesses to optimize operations according to the unique demands of their respective industries.

5. Exploration of New Opportunities

The ability of AI copilots to guide businesses into new markets and opportunities is vital for sustained growth and innovation. This benefit ensures that businesses remain adaptable and capitalize on emerging trends and possibilities.

Read More: AI in Business Development: Key Areas of Applications and Top Use Cases

Custom AI Copilots Soaring Across Industries: Real-World Use Cases

Custom AI copilots are crucial in simplifying business processes, tackling industry challenges, and fostering efficiency and innovation. Here are specific instances showcasing their impact:

1. Precision Medicine and Diagnosis Assistance

AI copilots collaborate with healthcare professionals, contributing to precision medicine and providing valuable insights for accurate diagnoses, ultimately enhancing patient care.

Example: Streamlining Data Entry and Processing

• AI copilots streamline data entry tasks, reducing errors and speeding up processing times.
• They enhance data accuracy and allow human resources to focus on strategic tasks.

2. Intelligent Investing and Fraud Detection for Finance Sectors

AI copilots revolutionize the financial sector by offering intelligent investment strategies, risk assessments, and robust fraud detection, ensuring a secure and optimized financial flight.

Example: Fraud Detection in the Financial Sector

• AI copilots use advanced algorithms to detect anomalies in financial transactions.
• They contribute to real-time fraud prevention, safeguarding financial institutions and clients.

3. Optimizing Production and Quality Assurance in Manufacturing

Custom AI copilots optimize production schedules, maintain quality control, and ensure precision, increasing efficiency and reducing errors.

Example: Quality Control in Manufacturing

• AI copilots analyze product images and data to identify defects in real-time.
• They improve quality control processes, minimizing defective product output.

4. Personalized Customer Journey in Retail

AI copilots reshape the retail landscape by analyzing customer behavior, optimizing inventory, and creating personalized shopping experiences, ultimately elevating customer satisfaction and loyalty.

Example: Optimizing Inventory Management

• AI copilots forecast demand, helping businesses maintain optimal inventory levels.
• They prevent stockouts and overstock situations, reducing costs and improving efficiency.

Custom AI Copilot Tips & Best Practices

Adhering to these best practices helps businesses streamline the custom AI copilot selection process, ensuring a successful and future-proof integration aligned with their objectives.

• Define Goals Clearly: Understand your business needs and choose an AI copilot aligned with specific goals for purposeful integration.
• Prioritize Data Security: Choose AI copilots with robust security features and implement encryption for safeguarding sensitive information.
• Embrace Continuous Learning: Opt for AI copilots that exhibit continuous learning capabilities, ensuring adaptability to dynamic business environments.
• Foster Collaboration: Select AI copilots emphasizing collaboration and facilitating harmonious interaction with human teams for effective decision-making.
• Industry-Specific Expertise: Consider AI copilots with industry-specific expertise to address unique challenges and optimize processes effectively.
• Edge Computing Agility: Consider AI copilots exploring edge computing for real-time insights, ensuring adaptability in the evolving digital landscape.
• Emotional Intelligence Integration: Consider AI copilots with emotional intelligence integration for enhanced collaboration, future-proofing your investment.
• Scalability and Flexibility: Opt for AI copilots offering scalability and flexibility to adapt to changing business needs and scale.
• Transparency and Accountability: Prioritize transparency in AI operations, ensuring accountability and ethical practices.
• Diversity and Fairness Check: Implement measures to mitigate biases in AI copilots, prioritizing diversity and fairness for equal outcomes.
• User-Friendly Interfaces: Choose AI copilots with user-friendly interfaces to facilitate seamless integration into workflows and user adoption.

Empower Your Business With Custom AI Copilot: Fingent’s Expertise

At Fingent, we understand the transformative power of AI and are dedicated to helping businesses leverage their full potential. Here’s how we can elevate your organization:

• Precision-Crafted for Your Needs: Benefit from AI solutions customized to align seamlessly with your business objectives, ensuring optimal functionality and impact.
• Navigating the AI Landscape: Rely on our seasoned AI experts to guide you through the complexities of AI adoption, providing strategic insights and tailored recommendations.
• Ensuring Smooth Implementation: Our team specializes in seamlessly integrating AI solutions into your existing workflows, minimizing disruption, and maximizing efficiency.

Take the First Step Towards a Smarter Future

Custom AI Copilots are built to cater to your specific business needs. Unlike generic AI copilots, Custom AI Copilots can be incorporated within your existing systems and processes to redefine business potential and capabilities. Our experts at Fingent can help you discover opportunities with AI, build custom AI copilots, and seamlessly integrate them to power your business operations with AI efficiency.

Connect with our experts today and rediscover your business with innovations beyond digital transformation.

Retail is one of the most data-reliant industries globally. Inventory databases, customer details, POS systems, websites, social media data, and so much more provide rich data. However, to drive success, all this data must be converted into a dynamic, revenue-generating, and business-transforming asset. That’s where Retail Business Intelligence steps in!

Business Intelligence (BI) is especially prominent in customer service and inventory management. BI helps you organize, analyze, and contextualize business data in retail. It also offers performance measures and company trends, which help business owners make informed decisions. That is pure gold in today’s business environment.

Learn how Business Intelligence can transform your retail business in this 3-minute read!

What is Retail Business Intelligence?

Business intelligence is a type of AI that specializes in business functions. It helps users organize and manage businesses in a more efficient manner. In the retail industry, BI takes the big stage. Its superpower is the ability to automate almost any task. Retail BI has revolutionized the standard of business operations and customer satisfaction. These solutions can optimize assortments, sales trends, marketing campaigns, and more.

Currently, retail stores are also implementing BI and advanced algorithms. After all, a satisfied customer is the best business strategy. The BI solution can analyze demographic data, social media behavior, and purchase patterns. Using this information can enhance the customer experience. This creates a unique and personalized service, paving the way to customer retention and loyalty.

What are the Top Benefits of Using Retail Business Intelligence?

The worldwide BI and business analytics software market will reach nearly 17.6 billion dollars in 2024. There is a good reason for that. Business Intelligence powers business operations with valuable customer insights, optimized inventory management, and boosts marketing strategies. Listed below are the prime advantages of retail business intelligence:

1. Improves Business Operations

Optimization of business operations is the primary benefit of business intelligence in retail. It keeps a consistent record of everything happening within the company. This ensures that there are no errors due to an oversight of details or information. This is best seen in its ability to optimize the company’s inventory.

Retailers can use data analytics to process sales data on product demand. This allows them to make appropriate forecasts and predict upcoming trends. Furthermore, optimizing inventory management also involves preventing overstocking. This reduces inventory costs and enhances order management.

2. A Better Understanding of Customer Behavior

Machine learning learns from previous data to make accurate predictions. ML, as a subpart of business intelligence, enables retailers to study their customers. It collects information about the customers’ shopping habits and social media patterns. This data is vital to enhancing CX (Customer Experience) and optimizing marketing initiatives. Retailers can also use data analytics to create services that meet customer expectations. Analytics can help marketers draft customer progress maps, further providing insights about how to connect with the customer.

Let’s take a look at – How does Walmart use business intelligence?

Walmart being the industry giant, derives data from varied sources. The organization uses BI to analyze customer data derived from online transactions, in-store purchases, events, and more to drive intelligent insights. These intelligent insights reflect customer behavior, shopping patterns, and upcoming and fading trends.  Such rich data can help determine the correlation between customers and various products, giving them more power to decide the shelf life of each product. Now they can effectively manage inventory, improve customer experience, and boost brand value, all while driving more revenue. 

3. Helps Optimize Inventory Management

Inventory management includes storehouse activities related to product handling. Retailers face a variety of issues in this department. The issues range from tracking to overstocking. Investing in data analytics can help retailers deal with inventory management. These systems can maintain optimal stock levels and decrease inventory costs.

BI allows retailers to categorize their merchandise based on selective inventory control (SIC), which is also called ABC analysis. Here, BI analytics shows retailers the products that generate the most revenue. It segregates the inventory into three levels: A, B, and C. Level A is the most valuable, and level C is the least valuable.

4. Improved Merchandising

Business intelligence analytics can also recognize underperforming items. Using this information, retailers can optimize their product stock, which encourages them to find creative ways to promote these products. They can also opt to bring in new trending items and phase out stagnated inventory. BI can also categorize customers based on their sales patterns, which enables retailers to target promotions and pricing strategies.

5. Helps Optimize Store Floor Plans

Shopping can be a daunting process on its own. With the added hassle of unorganized floor plans, it becomes a nightmare. An ideal floor plan should help shoppers find products. It should also market new trending items to promote products. BI software can help business owners design a smooth floor plan. BI analytics works through various data sets and recommends insights. This determines if the selected floor plan has enough product types displayed etc. A good floor plan will make the customer’s shopping experience effortless. 

6. Target Marketing

Marketing has recently become intensively data-driven. This is due to so many social media tools and marketing platforms. To stand out from all the competition, businesses need to have a strategy in place. They should have access to useful insights into consumers’ purchase patterns.

With BI analytics, companies can gain impactful insights into their customers’ preferences. These insights further enable them to make smart marketing campaigns. This also promotes the right merchandise on the appropriate platforms. This way, retailers can use business intelligence insights to make their company strategies more effective.

Here’s a perfect case study. How does Amazon use business intelligence to improve customer experience?

Amazon uses business intelligence to segment customers based on demographics, purchase preferences, and browsing history. This helps them better understand their customers’ purchase patterns, choices, and trends, which powers their marketing strategies. Each of their marketing campaigns is, thus, personalized to target the segmented groups, in turn boosting customer trust, personalization, brand value, and sales. 

7. Boosts Efficiency in the Supply Chain

Efficiency is the most important base in the retail sector. Like cogs in a machine, every business department needs to work in sync. This is the only way to meet optimal efficiency in supply chain management. 

Real-time business intelligence provides top-notch tracking capabilities for supply chain operations. This allows retailers to recognize congestion and enhance logistics. Retailers can streamline supply chain processes and cut costs by running deep analyses. They can optimize inventory management, production procedures, and transportation data. All this is possible through the implementation of Power BI.

How to Transform your Retail Operations with Business Intelligence?

From improving operations and marketing to enhancing supply chain efficiency, retailers are using Business Intelligence in many innovative ways. They are also using BI to analyze market trends, track competition, and create targeted advertising campaigns, ensuring a competitive edge in the market. Here are some ways in which the retail industry uses Retail Business Intelligence. 

1. Analyzing Venue Performance

Staying in touch with the floor is important. Retail BI analysis enables store owners to track floor functions. They can track foot traffic and use it to make many decisions. Metrics such as opening hours and site selection based on foot traffic are very useful. 

Case in point: Lowe’s uses predictive analytics to deliver services to individual zip codes. This way, the right store gets the right type and amount of product.

BI stretches until rent negotiations. It gives insights into a center’s visitation. This includes data such as foot traffic and cross-shopping. A shopping center operator can use this technology to justify a rent increase.

2. Identifying Broader Market Trends

Foot traffic is also used to assess the local demand for products. 

Case in point: Retail BI can analyze the regional markets to analyze the potential for new launches. A manager could use BI to analyze the relative performance of previous stores. They can then choose the right location for a new store.

3. Keeping Tabs on the Competition

The world of retail is very competitive. Keep an eye on your competitor and their performance. Compare your progress to theirs to help forecast future growth. Conduct a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis if needed. It will reveal areas that need improvement. This will also help with budgeting and improve productivity.

4. Quantifying Cannibalization Risks

Location intelligence helps retailers reveal the physical reach of each store. These enable the store owners to decide where to set up the new store and where to reduce the store fleet. 

Case in point: It can be used to optimize store performance by relocating it. Data analysis can show you the competition around you. It can also provide insights on better demographic fits for your establishment. In one case, relocation significantly improved business for a retail chain.

5. Creating Targeted Campaigns

Retaining customers and attracting new customers is the lifeblood of retail. BI helps by assessing customer information and providing insights for advertising campaigns. Foot traffic analytics applied to demographic datasets can also provide advertising insights. Businesses can use this power to create more bottleneck stores.

Case in point: Starbucks uses retail business intelligence software to promote products. The company lures customers into the stores with targeted advertisements. They have found a way to keep the existing customers loyal. They attract new customers simultaneously. 

How can Fingent Help Drive More Success in Retail with BI?

Using cutting-edge technology, Fingent ensures the best outcomes for your retail business. These technologies include machine learning, data analytics, and predictive analytics. Experts at Fingent can create a solution that will help your business make intelligent and well-informed decisions.

Here’s an example of how Fingent developed a top-notch solution for one of the leading retail enterprises. The solution tracks a customer’s digital journey across many milestones and delivers augmented experience insights. We have also created solutions for clients that can convert data sets into visual representations and automate data input procedures. Take a look at the complete case study.

Business Intelligence is revolutionizing the retail industry. Not embracing it will keep you behind! Give us a call, and let’s discuss how to make your retail business intelligent! 

AI in Business is a present reality! It’s a building revolution that is all-encompassing and is redefining business operations. You have only two options. Either ride on the crest of this wave or get submerged if not prepared! 

How can you become AI-ready? In this blog, we aim to clarify pertinent questions a business leader may have to achieve this goal successfully.

Why Do Business Leaders See AI as a Game-Changer?

A survey of around 2,000 executives, CFOs, and CEOs across 9 countries showed that “61 percent believe AI is a game changer for their industry, with the figure rising to 82 percent in the tech sector and 51 percent among automakers.”

They have a good reason for this, too. AI can bring phenomenal improvements in virtually every sphere of business. Automating tasks, improving forecasting, supporting intelligent decision-making, tightening compliance and security – AI does all this and more.

The future of business is intelligence. And those who prepare for the AI revolution today will lead the way tomorrow. Preparing for an AI revolution is much like training for a championship team. Even the best players can’t win without rigorous training, good planning, and top-tier equipment. Likewise, to stay ahead in the competitive market businesses need AI preparation. This will help you to harness cutting-edge tools, refine your strategies, and build a skilled team.

This could result in more intelligent business tactics and improved customer interactions. As leaders, you are undoubtedly enthusiastic about the potential cost savings. More importantly, consider how it can offer personalized services on a grander scale.

How Do I Know If My Company Is Ready for AI Adoption?

Adopting AI in business is transformative. It entails careful consideration and strategic planning. Here are some critical questions to help you assess your company’s readiness for AI adoption:

1. Is There a Genuine Need for Your Business to Have an AI Solution?

Arrange for a thorough analysis of your business processes. Does your business depend on large amounts of data? Are there many tasks that can be automated? Have there been security leaks or a risk of losing valuable business if there were? This analysis will help pinpoint areas where AI can provide tangible benefits and solve existing challenges.

2. Where Can Automation Take the Load Off?

AI’s most impactful applications include automation. Identify regular, repetitive activities in your company. Automating such tasks can enhance effectiveness and minimize the risk of human mistakes. This will enable your team to focus on innovation and more valued activities.

3. Are Your Employees and Stakeholders Ready to Adopt AI?

Successful AI implementation requires teamwork among your employees and stakeholders. Conduct a survey to assess the team’s willingness to adopt AI. Then, guide and support your team in understanding AI’s capabilities through training and resources. Engage stakeholders right from the planning phase. This action will guarantee that concerns are addressed and that you have their backing.

4. Do Your Customers Understand How You Use AI?

Ensure that your customers understand how AI is being used to enhance their experience. Help them experience the benefits. Building trust through transparency will foster customer acceptance of AI-driven innovations. Also, provides customers with options to interact with human representatives. This will help maintain a balance between automation and the personal touch.

5. Do You Have AI Expertise, Experience, and Talent?

Successfully integrating AI is not simple. It takes a combination of knowledge, skill, and expertise. Check if you have it. If you spot any deficiencies in AI knowledge and skills, think about hiring AI experts or teaming up with outside specialists. Create a strong AI team. 

How to Prepare Your Company for AI Adoption?

Preparing your company for an AI in business strategy is crucial if you want it to succeed. Done right, it can bring unprecedented efficiencies and competitive advantages. If done wrong, the risks could cost you quite a pretty penny. So before you dive in headfirst, let’s talk about those annoying risks.

1. Analyze the Risks

• Ethical and Legal Risks: If you don’t want AI to cause unnecessary stress, follow ethical guidelines and legal standards. Identify and remove biases from your AI models.
• Security Risks: Cyber-attackers love AI systems. Analyze and beef up your cybersecurity to protect your precious data.
• Operational Risks: What can you do when you face workflow disruption? Plan ahead! Planning well in advance to address disruptions can keep things running smoothly.
• Financial Risks: True, AI isn’t cheap. Apportion funds to cover all those costs and then some.
• Workforce Impact: AI can change the nature of jobs. Prepare your workforce for these changes. Reskill, upskill, and repeat.

2. Calculate the Pros and Cons 

As with everything, there are pros and cons to the application of AI in business. It’s better to be conversant with all its strengths and weaknesses. Here is how you can understand AI’s value versus potential drawbacks.

Pros:

• Increased Efficiency: Like a robot butler, AI applications in business take care of all the boring, repetitive tasks, allowing your employees to focus on strategic activities.
• Improved Decision-Making: Like a wise old sage, AI’s data analysis can dispense deeper insights for better decisions.
• Cost Savings: AI cuts operational costs and hikes profitability.
• Enhanced Customer Experience: AI in business personalizes interactions and turns customer service into a 5-star experience. 
• Innovation Opportunities: AI innovation leads to a goldmine of new product ideas and market strategies.

Cons:

• Initial Investment: AI implementation can be costly at the beginning. 
• Integration Challenges: Integrating AI with IT infrastructure can be complex and time-consuming.
• Skills Gap: If your organization lacks AI expertise, you will have to invest in training or hiring new talent.
• Dependence on Data Quality: AI relies on high-quality data. What goes in is what comes out.  Poor data leads to inaccurate results.
• Ethical Concerns: AI raises ethical questions.  Data privacy and bias in decision-making are the two main concerns.

3. Centralize Your Company Data

Data is the source of energy for AI systems. Effectively adopting AI depends on centralizing, organizing, and ensuring data accessibility. Here are some ways you can achieve that: 

• Data Integration: Merge data from different sources into a centralized platform to ensure detailed AI analysis.
• Data Quality Management: Establish governance practices to guarantee data accuracy, completeness, and consistency. Also, regularly clean and update data.
• Data Security: This could include encryption, access controls, and regular audits.
• Scalable Data Infrastructure: If your data infrastructure is unable to handle large volumes, consider investing in cloud storage.
• Data Accessibility: Do your stakeholders have the required access to data? If not, implement user-friendly tools. This will facilitate easy data access and analysis.

4. Prepare a Roadmap for Future Scalability

A strategic roadmap is necessary for leading AI adoption and ensuring future scalability.

• Define Clear Objectives: Set distinct goals for AI initiatives. Then, align them with business strategy and address specific pain points.
• Pilot Projects: Start with small pilot projects to test AI feasibility and impact. Collect insights, fine-tune your approaches, and build confidence.
• Continuous Improvement: Regularly evaluate and enhance AI strategies and solutions. You can do this by using performance data and feedback.
• Stakeholder Engagement: Engage key stakeholders throughout the AI adoption process. Inform them about progress, challenges, and successes to ensure support.
• Resource Allocation: Ensure necessary resources. Budget for ongoing costs like maintenance, training, and upgrades.
• Training and Development: Invest in training programs to build AI expertise. Encourage continuous learning to stay updated with AI trends and technologies.

How Can Fingent Help Me Streamline AI Adoption?

The application of AI in business is transformative but complex. At Fingent, we streamline this process seamlessly. We develop tailored AI strategies aligned with your business goals, conduct a thorough risk assessment and mitigation for ethical, legal, operational, financial, and cybersecurity risks, and ensure centralized data management and integration with scalable cloud solutions. Our custom artificial intelligence (AI) solutions integrate smoothly into your IT infrastructure, starting with pilot projects for validation. 

Contact Fingent now to start your AI expedition!

Business Intelligence in Financial Services is proving to be a game changer.

Business intelligence is a novel technology backed by AI. It is a combination of strategies and processes. Simply put, BI collects, cleans, formats, and analyzes data.

No big deal? Think again!

In a world that is ruled by data, this is a superpower. 

Business intelligence is, in fact, a CFO’s best friend. It enables users to perform a wide range of activities with great ease. Since their advent, BI solutions have played a key role in banking and finance services. Business Intelligence in Financial Services offers priceless tools for risk assessment and cost management plans. They also provide detailed customer insights – a 360-degree view of the customer, which is priceless. So, in our current era, where data is everything, BI has become a valuable asset that offers support in decision-making. 

Let’s discuss this in detail. First, let’s talk about the elusive 360. 

The Need for a 360-View of Customers and Buyers in the Store

This technology is growing in popularity. It has become a well-favored tool among companies worldwide. A recent report predicts growth in the global business market. The predicted price for business intelligence and analytics software applications is $18 billion by 2026.

The concept of a 360-degree view is vital for businesses to function while predicting customer needs. This paves the path for meaningful insights and allows for more personalized interaction. The benefits of this method are listed below.

1. Superior Customer Understanding: The 360-degree view allows business owners to predict customers’ needs, allowing for more personalized interactions and rapport-building.

2. Personalized Marketing: Businesses can understand the customer’s preferences through the customer journey map. This map enables businesses to unravel customers’ thinking and curate marketing strategies, ensuring higher engagement and conversion rates.

3. Improved Customer Service: A 360-view means that the service representatives can access a customer’s entire history. Based on the client’s past behavior patterns, this method provides customizations. This personalization is evident in their interactions with you. In turn, it boosts customer satisfaction.

4. Operational Efficiency: With 360-degree view data collection, businesses can streamline their processes, making operations smoother and more efficient. The 360-degree customer view is a method that has revolutionized customer-service provider interactions. These conversations give clients a unified view of the customer’s journey. They also enable collaboration between different departments.

Why Do You Need a BI Strategy for Your Financial Business?

Technology is rapidly growing, and the amount of data generated in today’s business world is enormous. We create around 2.5 quintillion bytes of data every day!

 Legacy financial processes have started failing. They don’t have the right tools to handle this much data. An efficient business intelligence strategy would be your knight in shining armor. It enables you to measure and evaluate performance. You can also identify competitive advantages and make informed, data-driven decisions. Other reasons why you should install this technology into your financial services include:

1. Better Decision Making

Business Intelligence implements Predictive Analysis to enrich the decision-making process. This derivative of AI can learn encoded data, recognize recurring patterns, and make accurate predictions. This greater visibility into potential outcomes based on past performances is the best tool for a business. Companies with an efficient BI strategy can gain insights on their customer behavior. This arms them with the ability to anticipate trends in the market and adjust business operations accordingly. Subsequently, the company’s risk of losses due to market shifts also drops.

Additionally, Business Intelligence improves communication between departments within the company. Employees can share meaningful insights from various datasets, removing the need to rely on anecdotal evidence. Working together towards a shared goal will boost efficiency and increase profits.

2. Increased Operational Efficiency

With a strong BI strategy, companies can streamline internal processes. They can also analyze employee behavior and performance to uncover hidden talent. Data analytics, a subset of BI, can shed light on how to optimize efficiencies within the organization. Companies with BI systems generally switch from manual, time-consuming labor to automated systems, which makes them more agile and frees up resources.

3. Solid Risk Management

Predictive Analytics and Machine Learning are potent tools for a business owner. These systems can also assess risks while predicting future trends. With these risk insights, companies can avoid making certain investments and commitments. This will help companies reduce losses that could hurt their bottom line if left unchecked.

4. Boosts Customer Retention

Financial business intelligence equips you with the most current information on customers. Banking and finance institutions can keep their marketing and sales teams armed. With BI’s help, your teams can recognize the organization’s most loyal and profitable clients. This information is gold as teams can concentrate their efforts on retaining these customers. They can also gain insight into the kind of customer that they can attract to their business, 

5. Offers Competitive Edge

Due to its long list of perks, the BI strategy has the power to give you a strong competitive edge in the market. It also helps you streamline the best BI solution vendor for your financial business. These services are also integrated with superior features.

6. Reducing Costs

Cost-effectiveness is a quality check for the business intelligence strategy you use. Using predictive analytics and other BI tools, budgeting becomes more precise. Resource allocation is thus streamlined, and opportunities for cost reduction are identified; an efficient BI strategy will oversee training offerings and associated costs as well. This will help you budget and reduce unforeseen spending. 

How Can You Build a Successful BI Strategy for Your Financial Services Business?

A solid BI strategy can improve customer retention, optimize costs, and provide competitive advantages. It is vital for your plans and business goals to align with your Business Intelligence strategy to make it a success. Here are the key steps involved in building an efficient BI strategy:

1. Assess and Define Your BI Ecosystem

Gather all the information you need before embarking on this journey. A sound data plan is vital for your implementation. It should include identifying data sources and visualizing a strategy. Gather relevance from your data sources (clients, projects, sales, marketing, finance, etc.) You can organize them by department, function, or business impact to streamline the process. Visualizing a strategy will encompass discussing the company’s vision with stakeholders. Create an alluring presentation for them with the help of a designer. In your presentation, be sure to highlight the reasons and benefits of a BI strategy.

2. Budgeting

Your immediate next step is to develop an accurate budget. Without planning, the BI strategy implementation process can be expensive and can cause financial strain for the company. Developing a strategy beforehand will prepare you for any unforeseen expenditure.

3. Assemble Your BI Team

Select a group of proficient employees to work as your BI implementation team. Include company stakeholders in the team to keep them in the loop. Your team should include an HR employee, a scheduling officer, one from the union, and a legal assistant. This will be your army, as it were, so ensure you make the right choices. 

4. Choose Your BI Platform

Your business goals are bound to change. Aim to install BI software that provides self-service templates and easy usability for beginners. This step is very important because it will define how your company is affected during and after implementation. Take your time, explore various platforms, and carefully make your pick.

5. Select Your BI Software Partner

This is a delicate journey. Be bold and decisive when you reach this step. Remember that the partner you choose will guide you throughout. Compare different partners to rate their different features. Lastly, combine this with previous reports and review them. Conducting demos is the most effective method for this step.

6. Plan User Training

Imagine if, after all the effort put into implementation, no employee is equipped to handle the aftermath. A true disaster! This is why planning early user training is so important. Once you have decided on a service provider, it’s time to plan your training program. Sometimes, service providers provide video training and live classes. This helps users set up and get familiar with the software. Training will help employees stay updated on insights and learn the best features.

7. Refine Your Data

This is the last stage of preparation to build a successful BI strategy. Refine your data structures and remove waste. The cleanest data possible will yield the best productivity results. The quality of data you enter into Power BI will affect the quality of insights you get, so it’s crucial not to underestimate this step.

How Does Business Intelligence Benefit Financial Services?

A solid BI strategy can improve customer retention, optimize costs, and provide competitive advantages. Here are some top benefits of implementing BI into your financial service strategy:

• Real-time insights: Financial BI can spontaneously access any financial data recorded, allowing for quicker and more informed decision-making.
• Improved reporting: Writing reports is a tedious job that can be automated with financial BI. This frees up employees to take part in analysis and interpretation.
• Cost savings and revenue growth: Financial BI can help businesses recognize areas of incompetence, cut costs, and discover new revenue streams.
• Increased efficiency: Financial BI can automate and streamline financial processes, reducing manual work and avoiding the risk of human error.
• Transparency and collaboration: With financial BI, communication between other departments and finance is reinforced.

How Can Fingent Help in Bringing Business Intelligence to Your Financial Service?

Fingent is known for using cutting-edge technology to ensure the best outcomes for clients. These technologies include machine learning, natural language processing, and more. These can be fashioned into valuable Business Intelligence tools customized for your business.

We can help your financial organization stay ahead of the competition. The software designed for you will ensure that your organization remains resilient regardless of any form of disruptive circumstance. Experts at Fingent empower businesses to maintain momentum with new developments. They also measure the effect of changes on customer requirements. Our custom software development experts at Fingent can help you understand everything you need to know about business intelligence.

Talk to us today. 

Artificial Intelligence is a multi-talented assistant and has proven its worth in the healthcare industry. Healthcare organizations have found innumerable ways to use AI, from record maintenance to patient assistance. It has completely reshaped how doctors diagnose, treat, and monitor their patients. It is also capable of drastically improving research methods, which leads to unmatched accuracy in diagnoses. By integrating AI into hospital settings and clinics, healthcare systems can potentially become smarter, faster, and more efficient worldwide. This blog will help you explore the immense possibilities of AI in healthcare!

How is AI Used in Healthcare?

Healthcare AI, valued at $11 billion in 2021, is expected to be worth $187 billion in 2030.

This massive increase will mean that we will continue to see exponential growth in how medical providers and organizations in the healthcare industry operate. So, how are they using this power tool? Here are some ways.

1. Easing Administrative Workflow

Artificial Intelligence can process and analyze extensive amounts of clinical documentation within a few minutes. This enables professionals to spot disease markers and trends that could be overlooked with manual analysis. AI can automate mundane tasks such as data entry, claim processing, and appointment scheduling, freeing up time to focus more on patient care and the management cycle. Artificial intelligence also eradicates the risk of human error by offering a faster way to analyze and review health records, medical imaging, and test results.

2. Disease Detection

Machine learning (ML) is an area of AI that reads patterns and allows a machine to learn and apply the learned experience to similar scenarios. It enables physicians, researchers, and patients to identify impending diseases. Researchers and practitioners claim that machine-learning-based disease diagnosis is inexpensive and time-efficient. Furthermore, a current study proves that these diagnoses have an accuracy rate of 90%. Diseases like dementia, heart failure, breast cancer, and pneumonia can be identified with ML. The emergence of this fascinating technology in the diagnosis domain illustrates the utility of AI in medical fields.

3. Automate Documentation, Store, and Organize Health Data

Documentation and organization processes are monotonous. They can be very tiresome and boring, leading to human errors. This process can be automated by Natural Language Processing (NLP), which interprets and uses human language to perform tasks. NLP can improve patient care with accurate diagnosis, streamlined clinical procedures, and customized services. It can also help analyze medical records and suggest improved treatment methods. The most common use of NLP in healthcare is to analyze and classify medical records.

4. Accelerate Drug Discovery and Development

AI assistance to the pharmaceutical industry can improve the overall life cycle of products and make great leaps in medical research. It can be integrated into various tasks, such as drug discovery, drug repurposing, clinical trials, and product management. This reduces the workload on human employees while simultaneously achieving targets in a short period of time. Artificial intelligence can identify hit-and-lead compounds in drug research. This allows it to provide quicker verification of the drug target and optimize the overall drug structure.

5. Medical Inventory Auditing

Inventory management is a strenuous task that requires close attention and constant supervision. However, when you integrate AI into inventory management, you can curate a seamless flow of products. 

Computer vision can help in this regard. It is a type of AI that can analyze images and perform tasks that replicate human behavior. With computer vision, medical institutions can automate their auditing process and reduce errors in shipments of surgical supplies.

Artificial intelligence can also assist medical organizations with product evaluation, prioritizing inventory tasks, and allocating inventory information across the organization network. AI in the medical industry can also automate small tasks such as the transcription of bills and the recommendation of products based on a surgeon’s order history. Even this simple automation can bring overall accuracy to the functioning of inventory.

6. Virtual Nursing Assistants 

A virtual assistant is a manifestation of AI that provides 24/7 support and monitoring for patients. It consists of AI-driven chatbots that further enhance patient engagement and adherence to treatment schedules. The overall market for virtual healthcare assistants is growing at a CAFR of 30% from 2023 to 2033. This says it all!

Surgical robots are another brilliant invention powered by artificial intelligence. They can perform minor surgeries with a high level of proficiency. These robots can also collect patients’ previous medical records and make appropriate suggestions to surgeons. Medical researchers and scientists are now striving to create an AI robot fully capable of performing complex surgeries.

7. Personalized Fitness Coach

We have all encountered health and fitness monitors, such as smartwatches and apps that can track and analyze our medical histories. These monitors are also powered by artificial intelligence. They store real-time data sets, and they will alert the user when they recognize a suspicious pattern. 

AI can also transform limited customer service into a highly scalable, personal service that provides multifaceted recommendations through real-time conversational AI. On a larger scale, AI solutions, such as data applications, ML algorithms, and deep learning algorithms, can also help healthcare professionals. They can analyze large amounts of data and offer suggestions before professionals make decisions.

8. Patient Prioritization System

According to a recent study, 83% of patients report poor communication as the worst part of their experience in healthcare centers. This illustrates the desperate need for a clearer form of communication between patients and healthcare service providers. AI technologies like natural language processing, predictive analytics, and speech recognition can monumentally bridge this gap.

Clinical AI is also created to focus specifically on patient care. It uses various subtypes of AI to improve patient treatment. Predictive analytics is another helpful area of AI. It predicts potential health complications by analyzing patterns in a patient’s medical history and current health data. Since this AI takes a proactive approach, it ultimately leads to better patient outcomes and reduced healthcare expenditures.

9. Less-invasive Surgeries

AI-enabled applications can assist in the development of advanced guidance and navigation systems. They improve the accuracy and precision of surgical procedures. AI-enabled applications can also be used to work around sensitive organs and tissues. They can help reduce blood loss, infection risk, and post-surgery pain. AI-powered image analysis tools can also be used to spot surgical instruments and structures within the body. It can analyze past surgeries, allowing the surgeon to be well-prepared beforehand. This creates a more personalized approach to surgical planning and execution.

What are the Top Benefits of Using AI in Healthcare?

The benefits of AI in healthcare are manifold. However, its application has reaped the most benefits in fraud prevention, healthcare diagnosis, and preventive care. Here are more details: 

1. Fraud Prevention

Integrating AI can help recognize suspicious patterns in insurance claims. Sometimes, people will bill for costly services or procedures that are not performed, or they will undertake unnecessary tests that take advantage of insurance payments. Another famous type of false claim is unbundling. This is when people provide billing for individual steps of a procedure rather than the procedure as a whole. These scams can be detected by predictive analytics.

2. Increased Efficiency in Healthcare Diagnoses

A study in Harvard’s School of Public Health stated that using AI to derive diagnoses may reduce treatment costs by up to 50% and simultaneously improve health outcomes by 40%. Other studies suggest that deep learning AI technology can accurately predict breast and skin cancer, even better than experienced doctors.

3. Better Health Monitoring and Preventive Care

AI can help providers gather information from multiple wearables and monitoring devices. It can then be stored and analyzed to provide data-driven insights from many people. With AI-integrated health monitors, patients and caregivers can communicate better. These monitors can be wearables, sensors, or telehealth. They are used essentially by patients to identify symptoms early on and provide timely changes. They come in two distinct forms: AI chatbots, virtual assistants, and ambient/intelligent care. 

What are the Types of AI Used in Healthcare?

Many forms of AI have been successfully implemented in the healthcare industry. Some of these are listed below:

1. Machine Learning

Machine learning algorithms can identify patterns and form predictions by processing clinical data. This form of AI helps analyze patient records, discover new therapies, and perform medical imaging. Hence, it makes life easier for healthcare professionals and reduces costs for the patient. ML can precisely diagnose diseases, personalize treatments, and identify any changes in vital signs.

2. Deep Learning

Deep learning is a subset of AI used for tasks like speech recognition through natural language processing. This representation-based learning method is obtained by composing simple and nonlinear molecules from a lower level into a representation at a higher, more abstract level. Deep learning models are generally integrated with computer vision, speech recognition, and natural language processing to get the best results.

3. Natural Language Processing

Natural language processing (NLP) enhances patient care by improving diagnosis accuracy, streamlining clinical processes, and providing customized services. NLP can accurately diagnose illnesses by extracting important data from medical records. It can also determine the appropriate treatments and medications for each patient. This form of AI has become a powerful weapon in the modern healthcare industry.

4. Generative AI

Generative AI is a part of machine learning technology. It is trained with old data, and when commanded, it provides new data similar to the legacy data. It is used primarily for image and speech synthesis. Generative AI has untapped potential. It has the power to automate entire systems, enhance clinical decision-making processes, and even administrative processes. Generative AI shows great potential despite being scarcely implemented.

What is the Future of AI in Healthcare?

AI in the healthcare market was worth over 11 billion U.S. dollars in 2021. The next prediction is that this market will outdo itself and reach around 188 billion U.S. dollars by 2030. This elucidates the drastic impact that AI has on the healthcare industry.

Artificial intelligence offers us many opportunities to help reduce human error and assist medical professionals. It holds heavy promises of enhancing patient experience, tightening safety, and reducing costs associated with healthcare services. As these tools and technologies continue to develop, the potential to use AI will exponentially boom. 

Future AI tools will have the ability to automate or augment the workload and further free up humans to spend more time on other important tasks. Deep learning AI may progress to detect diseases faster, provide better-customized treatment plans, and even completely automate certain processes, such as drug discovery or diagnostics. With such limitless potential, artificial intelligence is sure to illustrate a future filled with advancements, enhanced health outcomes, and optimized patient experiences.

How can Fingent Help Leverage AI for Better Healthcare Services?

Fingent is a top-notch technology solution provider with around 800+ successful projects. We have loyal clients across four continents. With our custom software development experts, you can develop intricate, truly innovative, AI-powered, custom healthcare software applications. These applications will give you a competitive advantage, ample time-to-market, ROI, and clinical precision. 

We have positive feedback and strong bonds with an eminent list of healthcare clients, including the NHS, Novita Healthcare, Mundipharma, and Casenet, LLC, among others. As the world progresses forward with artificial intelligence, it is time for you to choose the right technological partner for this journey. Contact our experts today to discuss your AI project now!