Category: Digital Transformation

SAP Analytics Cloud: 7 proven ways it can help your business

From manufacturing to marketing, businesses worldwide face unforeseen challenges as they continue to meet the impact of the COVID-19 pandemic. Many organizations are accelerating digital transformation, establishing variable cost structures, and implementing agile operations to emerge from the pandemic stronger.

While most companies believe that the pandemic will negatively impact their business, some businesses feel that the consequences will be short-term. Although most firms have been affected by the pandemic, a survey shows that two-thirds of micro firms are severely affected by the crisis than 42% of the large companies.

Amidst this uncertainty, companies must consider how the pandemic’s continuation or return in different regions will impact their recovery strategies. Businesses must face this uncertainty by reassessing assumptions, re-evaluating scenarios, and strengthening their ability to respond.

Read more: 11 Practices Followed by Leaders to Build Resilience and Ensure Rapid Business Recovery

Simply put, now is the time for businesses to focus on supporting critical areas of their business that will help them stay relevant in the new environment and plan new strategies for what’s next.

Critical areas for businesses to focus presently

• Workforce
• Finances
• Operations and supply chain
• Strategy and branding
• Tax, trade, and regulatory
• Crisis management and response

What can businesses do?

• Leverage their crisis management team to focus on efforts in the wake of the crisis.
• Shift your focus on bringing back employees to work, assess your company’s response efforts to date, and evaluate areas for real-time course corrections.
• Use the insights the crisis has provided to help chalk out better strategies and capitalize on the opportunity for transformation.

  SAP Analytics Cloud has changed the way businesses plan their strategies. It is a robust, agile analytics platform that helps firms arrive at faster and improved business decisions. Moreover, it delivers insights that can be used for enhanced decision-making and optimize resources across all processes.

Read more: How SAP Supports Effective Business Continuity Planning 

Combining our functional and industry expertise with SAP Analytics Cloud, Fingent delivers analytics solutions that drive your competitive advantage, reduce costs, and increase revenue.

What is SAP Analytics Cloud?

SAP Analytics Cloud or SAC is one of the best SaaS solutions that combines all the functionalities such as planning, predictive, business intelligence, and more in one user interface. It helps save time and effort while making improved decisions.

SAP Analytics Cloud comes in two modes: Private and Public. As the name suggests, the Private edition hosts only one customer while the Public edition offers multi-tenancy. Also, cost-wise, the public edition is less expensive than the private edition.

Also read: Fingent offers e-Invoicing integration for SAP ERP users in India – Stay compliant with GST India e-Invoicing

Top 7 business challenges solved by SAP Analytics Cloud

1. Planning and consolidating financial strategy in one solution

SAP Analytics Cloud puts together- planning, predictive, Business Intelligence, and augmented analytics competencies into a simple cloud environment that allows you to consolidate your finances, expenses, and revenues at a single source across your whole organization.

2. Discovering useful insights

SAP Analytics Cloud joins hands with machine learning and augmented analytics to help convert insights that deliver value across your business.

Augmented Analytics allows you to explore your data automatically, discover cycles and trends, and identify possible ways to effectively chalk-out your expenses and cost plans. These intelligent insights can be turned into an actionable plan using a personal sandbox environment that helps visualize your performance metrics and simulate potential budget outcomes.

3. Aligning plans across your business

There’s no denying that financial and operational planning is a must when working with multiple teams and stakeholders. SAP Analytics Cloud helps you make smart decisions. It comprises several collaborative enterprise planning tools that allow you to link and align your expense and cost plans across departments such as HR, sales, finance, marketing, IT, and supply chain in real-time. These benefits eliminate the need for sending out unnecessary emails enclosed with irrelevant plans and avoid collaborating without context.

SAP Analytics Cloud allows you to create and assign tasks with the calendar, communicate with your team in real-time with the discussion panel, and collaborate directly on your plans with the data point commenting tool.

4. Improving planning cycles with predictive analysis

Gone are the days of the tedious manual building of your expense forecasts. SAP Analytics Cloud includes exceptional machine learning and predictive analysis technology that can help you build accurate expenses and cost plans much faster.

You can use the predictive features to automate baseline expense planning forecasts based on previous data. You can then monitor plan attainment with real-time, up-to-date predictive forecasts. Its accuracy indicators enable data analysts (without any technical knowledge) to trust the data-driven predictions before including them into their planning process directly.

5. Enhancing strategic business decisions

With SAP Analytics Cloud machine learning technology, you can convert insight into action within seconds. Automated technology helps you avoid agenda-driven and biased decision-making as it provides you with insights that drive your business.

• Search to Insight – Natural language query generates visualizations to answer your questions instantly. Machine learning technology provides you with important trends quickly.
• Smart Insights – Machine learning technology helps you save time and focus more on high-value activities by allowing you to understand the significant contributors of data points without the need to pivot your data manually.
• Smart Discovery – This allows you to identify key influencers and relationships in your data to help you understand how business factors influence performance. Also, it can detect anomalies and help you take corrective measures. With machine learning projection, anyone can simulate the impact of strategic business decisions.

Case study: Automated Integration between SAP SuccessFactors-Employee Central and SAP S/4HANA – Find how Fingent helped the customer gain real-time insights for improved decision-making

6. Data modeling

SAP Analytics Cloud helps you plan and build the right model where your data is stored efficiently. With this end-to-end solution, you can immediately take action and start planning. The data modeling feature allows you to prepare your data for analysis. “Models” and “Stories” are the two key components of SAP Analytics Cloud’s BI function. Models allow you to enhance your data by cleansing, wrangling, establishing hierarchies, defining rules and conditions, and adding formulas. Stories give life to your data by letting you visualize your information through charts and graphs, which will help you gain valuable business insights. 

7. End-to-end industry dashboards 

SAP Analytics Cloud offers business content packages tailored to individual analytic scenarios. Each package entails aesthetically built dashboards, stories, and data models carefully designed for specific lines of business and end-to-end business scenarios. Also known as Analytics Content Network, this business content library offers tried and tested best practices for leveraging your available data and accelerating your go-live. The content network is customized to work with existing SAP data sources such as SAP S/4HANA or SAP C/4HANA.

Read more: SAP Focused Industry Templates & Automation Solutions 

Today, businesses need to forecast changes ahead of time. SAP Analytics Cloud helps to anticipate and plan for the impact of the crisis on business. How a business responds to challenging situations determines its strength and potential to recover. 

Fingent is an SAP Silver Partner. With our expertise in cloud computing and SAP services, we can support you through this critical time and help stabilize your business operations and strategize for the future. Get in touch with our expert to discuss your requirements. 

What are the steps involved in a tried and tested cloud migration strategy?

Cloud is becoming an integral part of today’s market. More and more companies are adopting it. Commenting on the statistics of cloud adoption, Hosting Tribunal said that “the hybrid cloud is the weapon of choice for 45% of enterprises.” Also, it forecasts that the public cloud service market is expected to reach 623.3 billion dollars by 2023 worldwide. Why is cloud adoption so popular right now? Is cloud necessary in today’s market? What is the best cloud migration strategy for a smooth transition? These questions will be addressed in this article. 

Is cloud necessary in today’s market?

        “Cloud computing is not only the future of computing but the present and the entire past of computing.”

                                                                             – Larry Ellison, Oracle.

Not so long ago, enterprises had to establish and maintain their own server to host and run applications on their premises. Today, cloud computing is revolutionizing all operations of the business world. Though relatively new, this technology became the cornerstone for the digital transformation of enterprises. Cloud technology provides companies with on-demand data storage, computing power, and many other cloud services. These services are maintained by service providers at remote data centers. 

By partnering with a cloud migration services provider like Fingent, you can easily overcome the challenges that come with sudden operational demands, higher operational expenses, and ineffective processes. This frees your business and employees from maintenance issues. 

Read more: Why It’s Time to Embrace Cloud and Mobility Trends To Recession-Proof Your Business? 

Here are a few more compelling reasons why the cloud is necessary for today’s market:

1. Cost-effective

Cloud computing is a subscription-based model. That would mean there are no purchasing, labor, or maintenance costs. Since cloud computing is a technology that provides services to companies, you only pay for what you use. This allows you to optimize your budget more efficiently.

2. Digital transformation

The traditional ways of operation are becoming too costly and obsolete. Digital transformation is the surest way to remain competitive in today’s market. Digital transformation occurs when a company uses a cloud migration strategy to migrate all business operations to the cloud.

3. Data backup and recovery

One of the greatest benefits of cloud computing is cloud storage. That means cloud makes data accessible and usable, even remotely. Such accessibility does not expose data to risk because, in the cloud, data is never stored in one place. It is split into fragments and encrypted before it is distributed across various locations. This also ensures that your data is protected from cyber-attacks or natural disasters. 

While there are many benefits of cloud migration, you must exercise caution. Miguel Angel Borrega, Senior Director Analyst at Gartner warns: “Through 2024, 80% of companies that are unaware of the mistakes made in their cloud adoption will overspend by 20 to 50%.” What is the solution? A well-planned cloud migration strategy!

Read more: 7 Common Mistakes Non-Tech Businesses Commit While Taking Up Tech Projects 

7 steps involved in cloud migration strategy

Having a cloud migration strategy ensures you do not miss any essential steps during your move to the cloud. Use the steps below to create a cloud migration strategy and make your transition as smooth as possible.

1. Understand and select cloud migration options

Each company has its own peculiar scenarios. Understanding these will help you choose from all available options for a smooth migration. These options could range from leveraging an existing application workload environment to rewriting the application partially or even wholly. These options are:

• Lift and shift/rehosting 
• Extend to the cloud
• Cloud optimized
• Cloud-native
• Replace with SaaS

2. Set up a cloud management team 

The first step is to create a cross-functional team to oversee the transition. This team should be capable of managing the migration from start to finish. Cloud migration teams serve as a central point of contact. This team includes representatives from each department who would either be hosting or using the applications in the cloud. 

They must ensure the following:

• Adjust applications before migration begins
• Monitor each application as it moves to the cloud
• Address any functionality issues
• Collect and implement feedback from users 

3. Pick the right platform and provider 

Don’t make the mistake of picking the first option you come across. Before making a choice compare different cloud platforms and migration models and then pick the one that best suits your business. Here are the three principal levels of cloud platform services:

• Infrastructure as service (IaaS)
• Platform as a service (PaaS)
• Software as a service (SaaS)

After you choose the level of service, pick the cloud provider that works best for your business. 

Read more: Cloud Service Models Saas, IaaS, Paas – Choose the Right One for Your Business 

4. Collect baseline analytics

Ensure to collect baseline analytics before you move anything to the cloud. Such pre-migration data provides you a basis for comparison when you run analytics on your cloud-based applications. This will help you see how speed, user experience, and other metrics have improved. This also allows you to understand when something goes wrong during the transition and correct it.

5. Gauge and Address Security Risks 

Implement cybersecurity to protect sensitive data. Ensure security at your end and in the cloud. Most importantly, ensure that the migration itself is secure. According to Forrester, 43% of internal data breaches were from accidental mishandling of sensitive information. You must evaluate and address any security issues before migrating any applications or data. This will prevent data breaches.

Read more: Safeguarding IT Infrastructure From Cyber Attacks – Best Practices 

6. Initial strategy: Move a single application as a test

Now that everything is in place for a smooth migration, you must be eager to make a complete shift as soon as possible. Hold on! Starting small is a wise cloud migration strategy. First, move one application or a group of applications that do not have a lot of dependencies. Once it starts running in the cloud, evaluate its performance. That first app will help you make pre-migration changes to the rest of the applications.

7. Refine and finalize your strategy: Measure post-migration performance

Once the migration is completed, measure the performance of all your applications with the help of KPIs. Comparing the performance data will help you see how performance changed after cloud migration. That data can be used to make logging improvements and to detect problems. At this point, if you notice errors or low-performance levels, you can address these quickly before they cause any significant downtime. 

Read more: Cloud Migration: Essentials to Know Before You Jump on the Bandwagon 

No-brainer

Cloud computing is called a “no-brainer” because it offers enhanced security, stability, and greater flexibility. To completely benefit from it, companies must have a successful cloud migration strategy. The success of migration depends on meticulous planning and consideration of every aspect of your business. The seven-step cloud migration strategy given above will ensure an easy migration for your organization. Partner with us to ensure that your cloud migration strategy goes without a glitch and propels you to success.

The Future of FinTech Looks Promising: Here’s Why!

The COVID-19 pandemic has caused significant disruption and has also cast doubts on the future and growth of the FinTech industry. Despite the devastating impact of the coronavirus pandemic on the global economy, FinTech leaders remain cautiously optimistic about the industry’s growth. They forecast that as people, businesses, and leaders tackle the ongoing outbreak of the pandemic, market fluctuations will experience stability. As soon as the crisis situation is settled, the market is forecasted to start experiencing growth. FinTech solutions are foundational to how we transact in the current scenario and tackle the future market. It is vital for financial institutions to up their game to deliver smarter, quicker, and safer solutions. 

What are the upcoming FinTech opportunities that will impact everything in the financial ecosystem? 

The ‘Digital-Only’ Era

1. Digital payment services 

The coronavirus crisis has brought the significance of cash management to the forefront. There are massive technical and fundamental shifts taking place that are quickly becoming the new normal. Digital-only banks are one of the many such shifts and they increase efficiency and convenience. Nobody is expected to visit the bank physically, stand in long queues, and go through a lot of paperwork. With digital-only banks, you can create an account or transfer money at a location and time convenient for you. Some of the amazing features of digital-only banks are a quick review of account balance, account transaction history, bill payments, and real-time analytics. They offer P2P payments with no transaction fees. They also offer Ethereum and other cryptocurrency transactions. Digital-only banks have a deep connection with technologies such as blockchain.

Read more: How Digital Finance Could Boost Growth in Emerging Economies 

2. Digital lending 

Digital lending is one of the FinTech opportunities that’s prospering while shutdowns and layoffs across the globe resulted in a cash crunch for most individuals and households. Governments have provided some help. However, it is largely left up to financial institutions to provide loans to individuals and businesses. Fintech companies perform better than their traditional counterparts in the lending segment by leveraging AI technology. They can use AI to screen applicants and rate their credit-worthiness. It allows loan applicants to secure loans quickly and conveniently. 

Financial institutions must partner with FinTech application development service providers to leverage self-service, multi-channel digital lending processes. This includes loan processing, screening, collection, and credit scores. As an end-to-end process, it will provide customers with a smooth onboarding and approval lending experience.

3. Digital investing 

Retail investors around the world are more active in the stock market now than ever before. Access to information that was previously restricted to more advanced investors, has fueled an exponential increase in retail investing. This trend will continue.

Read more: FinTech Innovation: What Is In-Store?

The Era of Blockchain Technology 

Identity theft and fraud have been the bane of financial institutions for many years. Blockchain technology plays a crucial part in saving the industry from these problems. The rapid growth and adoption of blockchain is making it an integral part of financial institutions’ operational infrastructure including digital payments, trading shares, smart contracts, and managing identities. Blockchain features such as global reach, speed, and security are motivating its faster adoption among financial institutions. 

Companies must build trust and display transparency in contracts and the supply chain. Using blockchain helps them gain visibility throughout the supply chain. It also takes care of quality control and performance benchmarks. It is crucial that financial services quickly adopt blockchain into their systems and search for opportunities to increase FinTech partnerships. 

Read more: Leveraging Blockchain Technology to Transform Supply Chain Industry 

Impact of Regulation

Regulators are needed to balance innovation with customer interests. Regulators have been proactive in helping businesses deliver greater customer value by defining data privacy rules. This has fueled a massive shift in how people spend, buy, save, borrow, and invest. Given the enormous innovation in this sector, the FinTech arena is divided into five broad categories:

• Deposit, lending, and capital raising
• Payments, clearing, and settlement
• Investment management
• Insurance
• Market support

We know that compliance with regulations will become mandatory for banks. This makes it important that banks adopt a flexible and robust digital strategy in order to solve regulatory challenges. Leveraging digital transformation and FinTech innovation will help banks to evolve as a modular body that becomes highly responsive to political and social pressures.

Read more: Digital Transformation in Financial Services: All You Need to Know!

Robotic Process Automation

Robotic Process Automation (RPA) can automate repetitive processes in banking, insurance, and other financial services. This will lower the risk of common errors and inefficiencies while increasing productivity and ROI. RPA does not require programming. Efficiently programmed software robots can automate repetitive processes. Intelligent automation technology goes a step ahead to observe human actions and automate directly, the entire process. IA can be effectively used in the administrative section for the customer onboarding process, risk assessment, data analysis, security checks, and more. 

Read more: How Robotic Process Automation Is Revolutionizing Industries? 

What must you do to take advantage of these opportunities? 

Here are a few things you can do to leverage the massive opportunities made possible by the digital-only era:

1. Infrastructure

Financial institutions must invest in the right technical infrastructure. With multiple technology options available in the market today, it is imperative for financial institutions to make the right decision based on the company’s needs and objectives.

2. Market proposition

Develop a clear market proposition. You must partner with FinTech companies to develop robust and scalable apps. Having them as trusted advisors will help you retain your customer base. 

3. Partnership

Before partnering up with FinTech companies, you must examine their needs and plan on how they want to execute them. This will help you derive greater benefits from the partnership.

4. Product hierarchies

Incorrect product or service information can damage the good reputation of your company. Have a clear definition of products and services and outline their use and cost. This will minimize reputational risk and maximize the opportunity to retain and acquire customers. 

5. Switching 

Most bank customers may want to switch their accounts. You must allow switching and help your customers to switch seamlessly between products. 

6. Educate your customers

Your customers may not be aware of the digital services you provide. Hence, it is important that you educate your customers regarding the use, safety, and implications of your digital technology. 

Read more about our Case Study: How Fingent enabled NEC Financial Services to take advantage of the FinTech revolution?

Explore FinTech opportunities

Access to data presents new opportunities for growth. With continuous technology penetration, financial services will see steady growth resulting in the expansion of FinTech. In many ways, FinTech contributes to the revolutionization of the financial sector and the way customers interact with your business. It offers your customers a hassle-free experience and helps your employees to be more productive. 

Read more: FinTech: Safeguarding customer interest in the post-pandemic world 

FinTech will help you keep your focus on customer experience and personalization that can drive user loyalty. For a technology partner who will get you to reach new heights in this new era of Fintech, call us! 

What is healthcare information technology and what are its benefits?

From transportation to manufacturing to education, information technology is influencing virtually every industry today. The healthcare industry has experienced a significant transformation brought in by information technology. From electronically checking in patients and updating their medical records to digitally forwarding blood test results to patients, information technology is transforming the healthcare industry by leaps and bounds. Experts estimate that by the end of 2024, the healthcare information technology market could reach USD 390.7 bn.

This post looks at how information technology and healthcare go hand-in-hand to benefit both medical professionals as well as patients.

Read more: 7 Major Impacts of Technology in Healthcare 

What is Healthcare Information Technology (HIT)?

While information technology refers to the usage of computers and telecommunications and other systems to store, retrieve and share information, HIT, refers to the secure use of technology to manage health-related information.

The most common examples of healthcare information technology are e-prescriptions, electronic health records (EHRs), and other tech tools that help patients meet health goals such as managing blood sugar levels or quitting smoking. Information technology has paved the way for more accurate EHRs/ EMRs that help patients gain quick and easy access to various healthcare facilities. Additionally, it has given patients more control over their health through various mobile apps and information platforms.

Healthcare information technology’s primary purpose is to maintain privacy while improving patient care. HIT enables medical professionals to not only take better care of patients but also improve their communication with patients.

A few examples of Health IT are: 

• Computerized disease registries
• Consumer health IT applications
• Electronic prescribing
• Electronic medical record systems such as EMRs, EHRs, and PHRs
• Telehealth 

What is the significance of healthcare information technology?

The goal of using information technology in healthcare is to enhance the overall health of the people by improving the quality of care provided to the patients. 

Healthcare information technology is significant because it: 

• Helps in delivering more accurate, actionable, and accessible information related to a patient’s health that can be customized to meet the individual’s needs.
• Allows better and faster decisions related to health risks that affect an individual as well as the public.
• Supports communication between patients and healthcare professionals and helps in decision-making.
• Helps build networks of social support for both patients as well as healthcare professionals.
• Improves awareness among patients as well as the general public about health-related matters that can lead to positive outcomes.

Uses of information technology in healthcare

Information technology is being used in numerous ways to improve patient safety, healthcare delivery, and communication between healthcare providers and patients. One of the most remarkable applications of HIT is patient records and data management.

Previously, paper charts were used to maintain patients’ records that were easily lost, misinterpreted, or damaged. IT has helped healthcare professionals track patient’s records easily and securely. A medical professional can add pharmacy records, X-rays, test results, and even vital signs to the virtual chart that is easy to read, share, and check against other records.

Also, an entirely new discipline known as nursing informatics has been formed by combining IT and clinical care. This discipline combines the practice of nursing with IT management and helping people with a passion for science and data in the service of medical patients and improving healthcare. With increased demand in technology, this field is gaining more popularity day by day.

According to a survey by the Robert Wood Johnson Foundation, it was found that nurses who use IT are more likely to spot medical errors. As less time is spent on documenting patient care, nurses can get more time to spend on patient care. Also, as more and more people are getting insured and seeking quality care, the demand for information technology that can help track patients’ records accurately and improve healthcare is only going to grow.

As the HIT field expands, it will create more jobs for IT professionals in hospital settings. From medical transcriptionists, medical coding specialists, clinical IT consultants, and healthcare system analysts, roles in the field of healthcare are growing every year. Apart from creating jobs, IT will stay relevant for hospital administrators and policymakers to increase their volume, speed, and quality of service in the care centers. 

Read more: How digital tools are reshaping healthcare 

4 future trends in healthcare to watch out for!

1. Telehealth will gain more popularity

As more and more doctors, specialists, and health systems are providing telehealth services, it will gain more prominence in near future. For example, a senior citizen recovering from post-acute care could avail of on-camera consultation without the need for traveling. Regardless of the user’s condition or age or familiarity with the concept, telehealth will gain wider adoption soon.

2. Virtual Reality (VR) will be widely used in patient care

• Virtual Reality can help memory care patients visit vacation spots, access street views of their childhood homes and parks virtually.
• VR is already helping surgeons visualize potential issues before complex surgeries. With more advancements in VR coming up, it could improve procedural intervention by overlaying imaging data and relevant information.
• Vivid imagery using VR is being used in hospitals to distract patients undergoing treatments or those experiencing discomfort.
• VR can be used to educate or explain treatment to a patient.
• VR can help people gain a new perspective on illness. For instance, VR headsets with special software can help people understand what it’s like for people with Alzheimer’s and build empathy.

Read more: Is Mixed Reality the Future of the Healthcare Industry? 

3. Artificial Intelligence will improve diagnosis and other processes

AI tools such as chatbots and wearables are helping patients take better control of their own care. Artificial Intelligence is being used to maximize hospital efficiency, develop personalized drugs, create treatment protocols, to perform patient monitoring, and care administration. Using complex machine learning algorithms, AI helps emulate human intelligence in analyzing and comprehending complex medical data. 

Leading healthcare institutions such as the Mayo Clinic and the UK’s NHS have developed their own AI algorithms to analyze vast amounts of healthcare information that can lead to far-reaching changes in the fields of disease prevention and early diagnosis.  

4. 5G will boost network speeds

5G has the potential to significantly improve healthcare delivery by boosting network speed and capacity while reducing latency. This will be crucial for transmitting large medical images, supporting telehealth initiatives and remote patient monitoring tools, and facilitating the complex uses of AI, AR, and VR technologies. 5G technology will also facilitate faster downloads and communication on tablets and other mobile devices used in healthcare that allows the growth and adoption of mobility in healthcare. 

Read more: From Remote Work to Virtual Work, 5G is Reinventing the Way We Work 

How Fingent can help you

At Fingent, we offer healthcare information technology consulting that will help identify your organization’s specific needs and provide apt solutions for improving patient care delivery and enhancing the productivity of healthcare professionals. We also develop technology solutions for healthcare payer organizations and insurance carriers that help them make better decisions and improve their visibility in the competitive market.

We aim to deliver value through our healthcare application platforms and customize solutions according to your business objective. Contact us to know more about how your business can benefit from our healthcare IT consulting services.

The impact and significance of digital transformation in financial services

Changing customer expectations, increasing regulatory complexity, stiff competition, and other factors are constantly pushing businesses for renovation and innovation. Also, the rising number of FinTech companies and solutions over the last few years have completely transformed the financial services landscape. Rather than just technology, digital transformation in financial services has now become an integral part of a successful business strategy. Digital transformation in the financial industry has improved employee and customer experience by helping meet regulatory deadlines and ensure cost-effective operations while remaining highly competitive.

If you consider how banking has transformed over the years, you will understand how digital transformation in banking and financial services has grown to benefit everyone with convenience. From simple branch offices to ATM and mobile apps, digital transformation has offered greater convenience, choice, and experience. Today, customers are gravitating more towards digital experiences and products.

What is the importance of digital transformation in the financial industry?

According to a recent report by Global Economic Prospects, the global economy will contract by over 5% in 2020 due to the COVID-19 pandemic.

However, the crisis has accelerated economic transformation, leading to an increase in the adoption of digital financial services.

Although the digital transformation was a development priority even before the COVID-19 crisis, it has now become indispensable for both short-term as well as long-term sustainable recovery efforts. 

Here are four fundamental shifts that are forcing financial institutions to accelerate the rate of digital adoption.

1. Forced adoption of online and mobile channels

Social distancing and lockdowns are forcing people to stay indoors or go outdoors only to buy essential items. This has forced the rapid adoption of digital technology across the globe.

Deloitte reports that the United States, which has traditionally lagged in digital adoption is experiencing an all-time high in the number of check deposits and mobile logins. Interestingly, the major contributors to this growth are baby boomers and senior citizens who have been typically slower to adopt the digital channels.

For example, Goldman Sachs reported a 25% increase in the number of active users on the bank’s institutional platform. Also, the country has seen a spike in call center interactions as customers seek protection from the financial crisis caused by the pandemic. 

2. Digital and contactless payments

The lockdown has witnessed a race among retailers to set up e-commerce capabilities to capture sales. With consumers shifting to online purchasing, there has been an acceleration towards digital and contact payments. 

While MasterCard reported over 40% growth in contactless payment across the globe, Visa reported a staggering 150% increase in the U.S alone. Hygienic payment modes such as digital wallets, scanning QR codes, click/tap-to-pay, etc. have taken off well to encourage contactless payments during the pandemic.    

Read more: FinTech: Safeguarding customer interest in the post-pandemic world 

3. Virtualization of the workforce and ways of working

Previously, financial institutions hardly imagined their workforce working remotely. But, the COVID-19 pandemic has forced financial services companies to build a remote work model.

Wells Fargo and Bank of America have pushed almost 70% of their employees to work from home and have established contingency locations for those employees who are into trading and operations. Standard Chartered Bank has kept most of its employees working from home, increasing its VPN system capacity to 600% to keep pace.

Bandwidth issues aside, this transition has been largely successful due to digital disruption in financial services. Most financial companies have even committed to making the remote working model permanent. 

4. Evolution of economies and underlying market structure

Even though financial companies have been enjoying stability for years, the COVID-19 pandemic has fuelled margin pressures for companies.

On one hand, insurers are fighting lowered premiums and high claim costs due to the market scenario, while on the other hand, banks are affected by reduced interest rates. Though it is difficult to predict the duration of the economic downturn, it is forcing financial services companies to operate effectively and efficiently to remain competitive in the market. 

Moreover, as the market dynamics continue to evolve, “big tech” is likely to reinforce its foray into financial services leveraging its scale, size, and expanding its role in the consumers’ day-to-day activities. Also, smaller FinTechs could be at risk with their funding models. All these evolutions will have a substantial impact on buying, building, and partnering decisions for many incumbents as well as start-up financial companies.

Top 6 digital transformation trends in the financial industry

1. Mobile banking

The digital banking environment allows customers to transfer funds, deposit checks, and apply for loans easily from their mobile devices. Today customers prefer to do online banking at their convenience instead of visiting the brick-and-mortar banks. More and more customers prefer to use mobile banking as it allows 24/7 access, almost negligible waiting time, and ease of use. Mobile banking has changed the functioning of banking and financial institutions to a great extent and is expected to grow further in the coming years.

2. Blockchain

Blockchain is gaining momentum steadily and will play a crucial role in digital payments, loan processing, escrow facilities, etc. Additionally, Blockchain will be used in RegTech (a new technology that uses information technology to streamline regulatory processes) to avoid unnecessary regulation breaches.

3. Big data

Big data is everything. Financial institutions including banks are using machine learning to process data and drive analytical solutions effectively. Big data helps banks and other financial institutions to serve their customers efficiently by tailoring their services based on the insights gathered. Eventually, this can help financial institutions to bring in more investment and create a great work environment for both employees as well as customers. 

4. Mobile apps

While everything in banking and other financial services is going mobile, there are third-party financial service providers who are competing with the banks. They could be financial managers, unconventional leaders, or financial budgeting mobile apps. Banks will have to consider ways to integrate these third-party services- what information to provide, the companies they want to partner with, and which services they are likely to offer to their customers directly without the need of the middle-man.

5. Automated Wealth Managers

Artificial Intelligence (AI) is disrupting several industries with automation and numerous other possibilities. Wealth bots or automated wealth managers use complex algorithms to calculate the best investment opportunities, best loan providing institutions, best interest rate, etc. Automated wealth managers have made financial planning a breeze and are also helping people achieve their business objectives accurately and with great returns.

6. FinTech (Financial Technology)

FinTech is a modern technology adopted by banks and financial companies to deliver financial services efficiently. It has improved drastically since its ATM and credit card days to the latest digital banks and blockchain technology.

FinTech along with automated technology and machine learning algorithms are revolutionizing the world of finance. Digital technologies such as customer service chatbots, expenditure tracking, and online budgeting tools are some examples of how far financial services have come today. 

How Fingent can help you?

As your digital solutions partner, we will help you navigate industry disruption and equip you for future challenges. We apply our extensive experience and deep industry knowledge in fintech to guide you to see digital transformation through fruition. Here, we ensure to maximize value with minimal disruption to your existing infrastructure to help achieve your goals. Get in touch with us to learn more. 

How Technology is Transforming Classroom Learning

There’s no denying that technology has completely transformed the way we live and steadily it is becoming more and more predominant in the classroom as well. From improving the communication between teachers and students to enhancing presentations and lessons, to organizing curriculum calendars, there is no limit to the ways to use technology in classrooms to set up a successful life for students outside of school. 

Today, many educational institutions are offering courses that no longer need students to study in a traditional classroom. 92% of teachers said that the internet has a significant impact on a student’s ability to access resources, content, and materials, according to the Pew Research Center. 

Benefits of using technology in the classroom

Here are a few advantages of using technology in classrooms. 

1. Improves collaboration

Many technology-based tasks involve aspects that require students to seek help from their friends or teachers. Teachers have observed that when students are assigned to tasks, the students who are more technologically advanced assist those who are not.

2. Incorporates different learning styles

Each child is different and it can be challenging to adjust a study plan to fit every student in the classroom. Thanks to technology in education, it is possible to modify the lessons. For instance, kids who might want to draw during the class can create an infographic to demonstrate their capabilities and understanding of the concept which a teacher might not have previously seen or assessed.

3. Creates an engaging environment

While most people consider technology to be just a distraction, it is not so. When used correctly, it can help encourage active participation in the classroom. Using laptops, computers, tablets, etc., in the classroom can help bring more interaction and fun into learning, thus making lessons more interesting.

Read more: Impact Of Augmented Reality In Education Industry 

4. Students learn essential skills

Using technology in classrooms, students can gain the knowledge and skills essential for problem-solving, critical thinking, collaborating with others, and improving motivation and productivity. Technology can also help develop several practical skills such as creating presentations, writing emails, learning proper online etiquette, and understanding the difference between reliable and unreliable sources on the internet. These skills are very important and prepare the students for the future.

How to use technology in the classroom?

While traditional classroom learning is still prevalent, many educational institutions are willing to embrace technology. Here are nine creative ideas to use technology in classrooms to enhance learning.

1. Schedule your online classes

Google Calendar allows you to create and share a class calendar that will keep the students informed about the class, duration, announcements, and important dates. Teachers can easily email the class calendar link to the students. This will help both the teachers as well as the students to stay organized and come prepared for each class.

2. Use virtual manipulatives

While there are manipulatives such as blocks, ten blocks, coins, and tangrams to visualize mathematical concepts, virtual manipulatives are more effective.

Virtual manipulatives help students to comprehend complex concepts. So, incorporating virtual manipulatives in classrooms is not just going to benefit the students but also appealing to hands-on-learners.

3. Digital field tours 

One of the popular and cost-effective ways to use technology in classrooms is to take digital field tours. Apps such as Google Streetview allow you to virtually explore parks, forests, and even national and international landmarks from the comforts of the classroom. For instance, a virtual tour of the Grand Canyon can help students learn about the location or the subject and help them learn beyond books.

4. Use Social Media

Much of our time is spent on social media today. So integrating social media into the classroom is a great way to use technology in classrooms. For example, creating a WhatsApp or Facebook Group for a particular class allow students to post discussion topics. You can even consider developing interesting Twitter hashtags students can use to discuss lessons or ask questions.

5. Create digital content

Digital content related to what students are learning helps them display their individual creativity as well as showcase learning. Provide options like blogs, videos, eBooks, podcasts, flyers, or other digital means that will help students to express themselves.

6. Gamified learning

Make learning fun by incorporating gamified learning. Simply create a virtual scavenger hunt by giving the students a list of questions for students to search and find the correct answers. You can even consider forming groups or pairs of students to encourage teamwork and collaboration.

7. Include videos

Videos help students remember important concepts longer than reading. Teachers can record videos such as whiteboard explainers, peer presentations, classroom activities, etc., and share it with the class via Google Classroom, YouTube, or Gdrive.

Videos will help visual learners to learn at their own pace. Also, videos will help establish a better connection between teachers and students while comprehending clarity.

8. Podcasts

Motivational podcasts, interviews, and online courses can aid the teaching process in the long run.

Some examples of podcasts that teachers can include in the classroom are;

• Podcasts blogs
• Lectures from other teachers
• Researches on academic topics

Teachers can take it to the next level by asking the students to create their podcasts.

9. Multimedia lessons and presentations

By incorporating visual effects, music, videos in the presentations, they can be made more enriching for students. Teachers can consider inviting virtual guest speakers via Skype, Google Hangouts, and Facetime to engage their class during the slideshow or digital presentations. This will boost engagement with lessons.

Some of the future trends in the education industry

1. Student-centered learning

The future of education will be student-centric learning. Teachers need to adopt personalized teaching and learning practices. Flexibility in learning will result in imparting quality education to students. Flexible learning patterns will gain prominence in future classrooms. 

2. Edutainment

The concept of blending learning with entertainment is opening the doors to thinking forward. Technology can be used to focus on slide shows and online videos. Technology innovations like Augmented Reality (AR) are already replacing pens and chalk pieces in the field of education and will bring about significant changes soon. A study conducted by the University of Georgia has shown that the introduction of AR makes 72% of the students more likely to participate in classes. Building such participation is a critical aspect of education. 

Media learning is helping students to hone their creative skills and stay in touch with educational events that are happening across the globe. Videos, educational podcasts, simulations, and recorded audio-visual lessons are trends that transform traditional classroom learning and teaching. 

3. Adaptive learning

The adaptive learning curriculum is personalized learning that allows students to work on instant feedback given by their teachers and improves student engagement. 

In the future, students will be categorized and trained based on their inherent strengths and capabilities. Appropriate learning tools can be recommended to reveal students’ budding talents and bring them to the fore. The adaptive learning pattern will not only keep the fundamental interests in mind but also the individual needs of the students.

Fingent helps schools, universities, colleges, educational institutions, NGOs, and training centers to develop customized LMS platforms that come with aptitude-based smart learning tools. This makes sure that you can have a more interactive learning atmosphere. Customized LMS allows you to cultivate more transparency and communication between the instructor and the learner, which works to improve performance significantly.

Read more: E-Learning Taking A New Front: How Can LMS Technology Help 

Integrating technology into the classroom allows more effective communication between the teachers and students. It empowers students to take responsibility for their learning by participating in projects and learning activities, giving feedback on lessons, and understand how to use technology in classrooms creatively and safely. Get in touch with our experts today and know how we can help you bring technology in classrooms more effectively.

Why Does the Retail Industry Need to Embrace Digital Transformation?

The term digital transformation in the retail industry means disruption, new services, and improved functioning of the existing system using technology.

As the customer journey is evolving, retailers have to adapt and evolve as well. Also, with the shift towards personalized shopping, retailers have to go beyond focusing on a single technology in order to create new and innovative business models.

Location-based services, mobile apps, and big data analytics have brought about a significant change in the retail industry. This post details the significance of Digital Transformation in Retail. 

What does digital transformation mean for retail?

Retailers will have to look beyond marginal enhancements and redefine processes to create a connected engagement using technology. Digital transformation is not only about agility, innovation, data intelligence, customer centricity, and new value propositions but also about streamlining processes, reducing costs, and improving productivity across the transactional cycle. 

Now, more than ever before, retailers have to rethink every aspect of their business. Right from sourcing, pricing, inventory planning, employee training to customer experience management, retailers have to find new ways to drive revenues and create innovative business models.

McKinsey states that COVID-19 has accelerated the adoption of digital technologies in the retail industry. According to their report, e-commerce penetration in the United States which was supposed to reach 24% by 2024 has rapidly grown from 17% to 33% in just two months since the lockdown. 

“Contactless retail that leverages digital transformation technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Virtual Reality (VR) increases customers’ confidence to shop during the COVID-19 pandemic”, says GlobalData. With changes in consumer behavior and consumption patterns, retail digital transformation trends are only likely to continue in the future. 

Read more: Contactless services: The New Normal in Retail 

Simply put, digital transformation in retail can improve customer retention and satisfaction by offering products and services according to their needs. 

What are the benefits of digital transformation in the retail industry?

While digital transformation is not an easy one, a well-thought strategy can bring in the desired results. Also, it comes with several advantages such as:

1. Improved operations

Using cloud technologies helps improve operations within the company and enable the retail staff to respond to customers quickly which eventually improves client support. Availability of real-time data helps predict demands ahead of time and stock goods in advance. 

2. Convenience

AI tools are helping customers to shop without a cashier and enabling retailers to sell their products in physical stores as well as websites and mobile apps. Thus, AI-powered automation of retail processes such as locating items, tracking inventory and replenishing stocks, remembering customer preferences, etc. will enhance the customer experience.

Read more: AI To Solve Today’s Retail Profit Problems 

3. Better communication

Retailers can form a better connection and improve their communication with their customers via social media, mobile apps, websites, chatbots, etc.

4. Enhanced customer experience

Digital transformation influences customer experiences and makes them better. Technical tools help increase the productivity of the employees and make services more efficient. This helps customers get not just high-quality services but also ensures a pleasant buying journey. While digital transformation is customer-centered, it also helps your business become better and stay ahead of the competition.

Read more: Re-Imagining Customer Experience in Retail Industry 

5. Boost revenue

Digital transformation offers retailers a chance to reach a wider target audience and thus increase their channels of income.

Why is the retail digital transformation more relevant now?

While the shift towards e-commerce is not new, the COVID-19 pandemic has only accelerated it. In the United States alone, approximately $600 billion represented online sales that accounted for 56% of overall retail growth in 2019.

Here are some more reasons why businesses have to mandate digital transformation and tweak their customer journey to respond effectively.

1. Life post-COVID will see a surge in online shopping

With increased emphasis on social distancing and personal safety, there will be several changes in consumer demands, saving patterns, spending style, and buying channels. Business leaders must plan their digital transformation and make profits in the post-COVID era. Business recovery and sustenance will depend on digital channels during the social distancing phase. Businesses should consider establishing digital channels and improving presence, invest in data, and improve models for customer demands. Additionally, business leaders can integrate pandemic outbreak models with supply chain demands and empower employees to work from home efficiently.

2. Transparency in supply chain

The pandemic has affected the supply networks across the globe and has caused many retailers to be unable to meet consumer demand for their products. So, retailers will have to be more transparent about their inventory and plan their online and offline customer experience.

3. Retailers with a digital presence will be more successful

Given the current pandemic situation, most people are indoors and spending only on essential items. So, retailers having a digital presence are already ahead of the competition. Such retailers are taking advantage of the pandemic situation and capturing the market share through innovation and customer acquisition. Businesses need to continue with their digital transformation program instead of closing their business and filing for bankruptcy.

4. Customers are rooting for their favorite brand

Most people are affected by social distancing, maintaining personal hygiene, queuing up for entry in stores, and other restrictions. So, customers are rooting for their favorite brands and expecting them to provide better services while taking safety measures. This increases the demand for digital transformation of retail more than ever.

Top 3 retail digital transformation trends to embrace

Retail digital transformation has already started and many companies have benefited from it. However, digital transformation is not a short-term process as technologies keep evolving and retailers will have to keep track of the latest trends. We have shared some of the latest trends to watch out for.

1. Augmented Reality (AR)

AR technologies and tools are helping customers to try and view things from the comfort of their homes. For instance, Toyota’s Augmented Reality shopping experience allows you to try 10 different cars before selecting the right one. 

Another great example is IKEA. They let their customers choose furniture using their app. Customers just have to point the camera to the right place at home and the app will suggest options that suit your decor.

2. Mobile applications

Mobile apps help you connect with customers in a better way. It allows customers to check on the products, read reviews, etc. Additionally, customers can contact the support team in case of any issues.

Mobile apps are also good for further development as they allow you to add new features and enhance the services you provide.

Read more: 3 Must-Have Retail Mobile App Features to Boost Your Business 

3. Virtual Reality (VR)

Virtual Reality technology has immense potential to develop and grow in the retail industry. VR can enhance customer experience and take it to the next level as it will allow customers to check homes, cars, etc., without even stepping inside. The retail giant Walmart employs VR headsets in over 4,500 of its stores for managing grand shopping events like Black Friday. VR training has boosted the confidence and productivity of Walmart’s associates and has increased their rate of retention. 

Summing up

It can be said that simply having a retail store will not help you anymore. You must integrate digital transformation from your physical store to your online store and social media accounts.

Instead of spending days researching your options, we can help you save your time and money. Let us know about your retail business needs and we’ll come up with the best digital transformation strategies suited for you. Contact us today. 

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• Causes of disruption and digital transformation
• Why should businesses leverage digital transformation?
• How to start your digital transformation journey?
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• Conclusion

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How Emerging Technology is Transforming the Healthcare Industry?

Technology has advanced by leaps and bounds and brought about changes in every industry. The Healthcare industry is no exception. Thanks to the advanced technology in healthcare, today, patients have access to some of the best and cutting-edge treatments. Also, patients can have access to innumerable minimally-invasive procedures that are less painful and result in better recovery.

With the world reeling under the COVID-19 pandemic, most countries are following lockdowns and social distancing to curb the spread. However, with the help of technology, remote consultations with experts, and the availability of intuitive mobile apps have helped patients (non-COVID) to receive improved patient care and quality healthcare experiences.

Read more: Digital Tools Reshaping the Healthcare Industry 

The following are seven of the top impacts of technology in healthcare that are revolutionizing the field. 

1. Improved Communication

Emerging technology in healthcare has facilitated improved communication within healthcare organizations. More and more medical professionals are leveraging technology such as video, AR/VR, real-time meeting capacities, and other online platforms to communicate and help spread knowledge in the field. Also, teleconferencing has made communication beyond geographic borders a breeze.

2. Electronic Medical Records

Gone are the days of bulky files and worn-out papers, Electronic Health Records (EHRs) or electronic medical records help save summaries of a patient’s medical records digitally. The digital summary can include lab reports, diagnoses, surgical interventions, prescriptions, and even details of hospital stays. Electronic medical records offer better insights into a patient’s health leading to accurate diagnosis and better patient care.

Digital records facilitate the sharing of information between specialists and labs thereby improving coordination. If properly maintained and implemented, digital records can also help increase accountability and reduce medical negligence.

Simply put, EHRs consume less time to create and are easier to maintain. They help medical professionals reduce the chances of making mistakes and make their life easier.

3. Big Data

For the uninitiated, big data refers to a large amount of data that is fast or complex and difficult to process using traditional methods.

Health technology allows medical accountants to gather big data in a short time. Data collection helps healthcare professionals to understand and learn cutting-edge techniques and trends. This data can be used for analytics and make predictions about possible epidemics and identify risk factors. Also, access to big data allows clinicians to recommend appropriate preventive steps more effectively and reduce deaths. 

Read more: 5 Ways Big Data is Changing the Healthcare Industry 

In addition to the collection of data, cloud storage of data ensures improved efficiency and accessibility with less wastage. This helps in research and development of new medical treatments and lifesaving formulations. Cloud storage is a secure and cost-effective solution with back-up and recovery features that are managed and maintained without additional server hardware. It is an invaluable advantage for medical research and analysis that helps in efficient health information exchange.

Read our case study: How a data analytics solution developed by Fingent enabled NHS to gain financial, clinical, and geographical insights and improved their visibility over KPIs. 

4. Information and Communication Technology (ICT)

Today, approximately 95% of Americans have a mobile phone and most of them use it to access information of some kind from the internet. Health technology also has reformed its processes to connect with people efficiently.

ICT has linked not just medical professionals but also with the patients.  From emails, telemedicine to smartphones and telemonitoring systems, all are used to share information. This is particularly useful for rural areas facing a dearth of facilities and/or specialists.

From diagnostic to management, ICT is improving constantly and streamlining how the healthcare industry functions and how patients are communicating with the care providers.

The new technology in healthcare allows care providers to compare health data of patients, identify risk factors, and recommend preventive measures. This has also given a boost to medical tourism helping many patients to seek consultations and second opinions from specialists practically from any part of the world. Patients can even virtually travel to another country to avail of specialized treatment or advanced surgery following remote communication such as video conferencing. 

5. Improved Patient Care

Technology in healthcare has provided the healthcare community with advanced tools to improve patient care. Using EHRs, physicians can easily access the complete medical histories of a patient and make an informed decision. Physicians can even use apps to identify possible medication errors and help a patient’s safety.

Virtual Reality (VR) devices and apps help ease symptoms of anxiety and depression in older people and those suffering from mental illness. Augmented Reality (AR) also helps surgeons to perform complex surgeries. Both virtual reality as well as augmented reality devices can help improve health and fitness among patients. Some examples like robotic knee replacement and gene therapy in cancer treatment prove that technology in healthcare will only grow exponentially in near future.

Read more: Is Mixed Reality the Future of the Healthcare Industry? 

Radio-frequency identification (RFID) technology has improved patient care by providing information about a patient’s crucial signs and temperature. RFID facilitates real-time tracking of location, identification, and communication.

In addition to VR, AR, and RFID, 3D printing is used to create prosthetics, hearing aids, and even customized dental devices.

6. Health Apps

Advanced technology in healthcare has resulted in the development of several health apps. This enables patients to have access to quick and accurate medical information using their smartphones. Patients can use these apps to keep track of medical appointments, receive reminders, and even access to test results easily. Health apps help people get healthier by offering customized solutions and track their food intake and activity levels.

Physicians can use these apps to access drug information to prevent side effects, solve any issues, and improve diagnosis. Physicians can communicate with their patients directly, record their vital signs, maintain logs about consultation and visits, and achieve better procedural efficiency. 

Read more: 5 Essentials to an Effective Healthcare Application 

7. Telemedicine

Telemedicine allows patients to consult with a specialist anywhere in the world. This new technology in healthcare facilitates critical care in emergencies, potentially saving lives. Telemedicine helps patients to use telemedical devices to receive home care and support via apps and video calls. Telemedicine makes it possible to transmit biosignal, medical images, and other crucial information to a specialist through asynchronous consultation. It means, neither the doctor nor the patient has to be present or online at the same time. This can significantly reduce the waiting time for patients and help improve delivery processes.

Healthcare professionals can monitor patients remotely via telemedicine. This can help manage chronic conditions effectively. Real-time interactions such as video conferencing can help with diagnosis, management, counseling, and patient monitoring.

Read more: Find how Fingent’s healthcare technology solution helped improve collaboration between doctors, patients, and patient caregivers 

Conclusion

To sum up, it can be said that technology has revolutionized healthcare and is expected to continue in the years to come. While developed nations have been able to harness health technology more efficiently, developing nations are not lagging. Today, more and more health providers are realizing the untapped potential of technology and leveraging it to streamline processes. There’s no denying that healthcare and technology go hand in hand and professionals will have to make the required changes and investments to improve the quality of healthcare.

We’re working with healthcare providers, medical analysts, life sciences experts, medical equipment suppliers, device manufacturers, and a host of players in the healthcare ecosystem to enhance their experience w.r.t. managing patient relations, delivering superior care, streamline treatment procedures and benefit from the rapidly growing medical data. 

Talk to an expert right away and get to know how we can help your business take the next step quickly and comfortably.