Change is the only constant in this world. All businesses, regardless of size and industry vertical go through various phases and during these distinct phases, technological advancements and tools help businesses excel in the performance. For example, COVID 19 has caused disruption in all businesses. The regular business cycle has broken and many industries are dealing with the financial crisis. In this situation as well, various technologies and custom tools built on those technologies can be useful to get things under control in your business.
Let me share some examples that explain the power of technology in augmenting different businesses in diversified industry verticals
1. Banking and Finance Industry
Whether you consider the current situation of the world novel COVID 19 pandemic or you consider traditional scenarios, the best profit models of banking and finance companies are highly dependent on the loans and mortgages. The process of loans involves different procedures such as
- Form and documents processing
- Verify eligibility
- KYC verification
- Predict the recovery rate
- Define tenure of loan recovery and amount
These are just a few processes explained. There are many more procedures involved. Generally, all these processes are performed by the banking staff. Thus, the process is somewhat slow at certain points and prone to human errors. This results in a low recovery rate and high losses to the banks and finance companies.
On the other hand, using the latest technological tools can help to achieve better results. Let me give a glimpse of how
- Robotic Process Automation (RPA) can be used to automate usual tasks such as paperwork verification, ID proof authentication, and more.
- Voice Emotion Analysis is an AI (Artificial Intelligence)-based tool, which can be used to analyze the voice emotions of a person to check the reliability of his answers to assure the trustworthiness for loan recovery
- Face Emotion Analysis is another tool made using AI amalgamated with video conferencing, which can be used for remote KYC processing and assuring the fidelity of the person based on his subtle facial expressions.
- Predictive Analytics and Data Science can be employed to use the magic of enormous data to identify whether the person is more likely to return a loan with interest on time or not.
One of the most progressive industries is the e-commerce industry. There are many big players in the e-commerce business. Still, you can make your name in this industry by taking advantage of various technologies. Let me explain some of the major technologies that boost e-commerce business
- Supply Chain Software with Predictive Analytics helps in better management of the supply chain with zero to minimum intervention of human employees. These technologies make sure that in-demand items stay always in stock and unnecessary items stay on the baseline only. For example, as the COVID 19 pandemic advances, predictive analytics can make sure the stocks of sanitizer, masks, gloves, etc. stay in high stock.
- Data Science and Behavior Analysis predict the items, which the buyer is more like to buy according to the buying history and other data of his and many other buyers like him. This helps in pushing items, which are more likely to be bought by shoppers from the e-commerce website.
Mobile Commerce aka m-commerce is a mobile app with all features of a full-fledged e-commerce shopping portal for buyers. It gives on-the-fly shopping flexibility. Thus, it is more popular among modern buyers and can also help in increasing revenues.
3. Healthcare Industry
As we are witnessing many unforeseen diseases, infections, and viruses in the current era, the importance of technology in the healthcare industry increases. Let me share some of the areas in which various technologies can help augmenting results
- Robotics helps in building automated robotic vehicles that can serve medicines, essentials, and other things to patients as per the predefined schedule.
- RPA can be used in speeding up the testing process as well as running tests in a safe manner by removing human intervention at a possible extent.
Machine Learning can build tools, which can analyze available information to review different symptoms and suggest possible medication, which works effectively. Putting this tool in research for healthcare again reduces time and speed up the processes to provide timely and effective medication and save more lives.
There are various technologies from simple web development to complex RPA and each of these technologies has a unique role in businesses belonging to different industry verticals. Of course, technology is not here to replace human resources. However, it is here to empower the workforce to augment business processes and the business itself.
We, at Innovatics, have proficiency in identifying areas of automation and augmentation with technological tools. Contact us to get the discussion started.