Category: Digital Transformation

Did cell phones really help real estate agents? Yes, without any doubt. Cell phones did transform the industry by taking away all the limitations concerning mobility. Real estate agents were able to keep in touch with their clients irrespective of geographical barriers. Besides, agents can get in touch with their prospective clients while on the go and vice versa.

Technology has ushered in new possibilities in the real estate industry. Mobile phones constitute just one facet, whereas there lies a diverse array of technology tools and solutions capable of disrupting the real estate market altogether. As real estate is a people-focused business, more leads for a broker meant more sales. And real estate technology does bring in new ways to improve sales.

Being a real estate agent, thinking that technology will leave you jobless is entirely baseless. The truth is, failing to utilize the latest technologies will certainly make you lag behind and miss out on some of the huge benefits that await you. In fact, a recent survey by the real estate brokerage Owners.com reveals that home buyers are increasingly seeking technology-based tools from real estate agents.

With real estate turning more fast-paced and competitive, buyers are on the lookout for agents armed with real estate software tools to streamline the home buying process and help them make informed decisions quickly. In fact, the Real Estate in a Digital Age report by the National Association of Realtors (NAR) identifies several tech tools like social media, MLS site, brokerage’s site etc. apart from cell phones and email as catalysts to produce quality leads in a real estate business.

Related Read: How Realtors Are Winning Tenants With Innovative Mobile Apps

Real Estate Agents Still Holds Significance

We all know that nowadays a majority of buyers are doing most of their home search process themselves. Different mobile apps, websites, and digital platforms open up a wide range of potential properties based on the buyer’s interest. There are even alerts and notifications for new listings that exactly matches a buyer’s interest.

In a majority of the cases, we find that the buyers are doing most of the legwork when it comes to actually search for property listings. But that’s just an initial search and occupy only a small portion of the overall buying process. Once they find their listing, the buyer needs to call in an agent to physically get into the home and inspect it or even to draft a proper offer for submitting.

Even though it is clear that while buyers are increasingly adopting technology-based tools, they still require the guidance of a real estate agent to minimize delays and seamlessly guide the buyer to the closing process. Relying heavily on technology may present a risk, particularly in commercial property sales where the buyers are trading in millions. An agent’s expertise is highly sought after to effortlessly navigate the buyer and settle on the best listings that will guarantee high ROI.

Technology-based tools allow buyers to take some steps or responsibilities of the agents themselves. They can find the listings and close in the process without the assistance of an agent. However, it will never act as a full replacement for the expertise of a professional realtor.

Related Read: Real Estate Industry in the Digital Era

Technology is still inadequate to deal with several tasks that come under the work process undertaken by a real estate agent. From consolidating the list of documents to getting around the loopholes in placing offers and drafting contract term and policies, the role of a realtor gains the upper hand and stays relevant where technology fails.

According to a report by the National Association of Realtors, buyers still prefer working with a real estate agent for around 87 percent of the time to find properties worthy for sale or purchase. Many home buyers still rely on the advice from a trusted real estate agent when it comes to acquiring, selling or leasing properties.

However, technology tools clearly lack the ability to gauge specific information concerning a property such as its future value. Experienced realtors, on the other hand, can easily assess whether a highly rated property do carry any expected value and thus guide the home buyer to make an informed decision.

Technology will actually allow an agent to do an improved business. It enables an agent to better engage with their customers, optimize their business and zero in on deals that earn them the most profit. Besides, technology makes realtors more efficient, which helps them serve a larger client base with utmost satisfaction.

Digital transformation is now a key aspect of every sector. And it has been there with the real estate industry for years. The biggest trend now is probably the change in the mindset of agents by embracing technology to serve buyers who are increasingly tech-driven.

Technology Helps Realtors Serve in Many Ways Possible

As a real estate agent, what should you do?

As an agent, can you think of doing large volumes in a traditional way? You will find that it is really hard to extend services to your customers. However, technology can help agents serve a lot more people at the same time. Selecting the right technologies will allow agents to become more efficient – to serve more buyers in less time, resulting in more revenue generated.

Using a property management software can also help real estate agents make the buying process of their clients easier. With mobile apps making a big impact on the industry, agents are provided anywhere and anytime access to data and reports thereby extending more opportunities to share with their clients. The evolution of mobile apps has made it easier for both agents and buyers to communicate efficiently, schedule showings and meetings, and moreover make the entire process simpler. Besides, most of the apps available now are trying to organize things easier for agents.

Technology gave agents access to a huge amount of real estate data. These data can support the agents to take better decisions and will eventually provide them more opportunities. With the entire world shifting to data-driven practices, leveraging big data from real estate dealings and applying machine learning and AI helps make better recommendations and crunch out valuable insights that provide agents an overview to make clear and accurate decisions, which bring out more efficiency and revenue.

Related Read: How real estate technology helps predict property prices

If the buyers are performing their own searches, they get a better picture of the market, making things more realistic about what their budget will allow. On the other side, sellers will come to know what their properties are worth. But, they still need assistance to accomplish their goal of buying or selling, which means that technology will continue to revolutionize the market. However, when it comes to decision making, the customers will keep their trust with a real estate agent.

Down the line, agents who admit technology as a tool that can be adopted as a new way of conducting business and building successful relationships will ultimately lead the way. The key thing is to zero in on the right technology means that reaps true value. Teaming up with a sound technical partner having deep expertise in crafting successful technology solutions for the real estate industry will help identify and deploy the right one.

Related Case Study: Investing in PropTech solutions aids real estate firms streamline and digitize their existing processes. See how we came up with an innovative web-based application for a leading real estate brokerage to integrate their processes around a single platform here.

[Courtesy – Saïd Business School, University of Oxford]

With the Industrial Internet, Industry 4.0, industrial robots and more, the manufacturing sector is seeing sweeping reforms in their processes and core functions. These reforms are making them faster, bigger and better and all of this has been possible because of digital transformation.

Digital transformation has changed the face of the manufacturing industry. From behemoth machinery and an army of workers, manufacturers have transformed themselves to a sleek, modern and more efficient entity. This blog will explore how digital transformation has made that possible. We will also see the most important digital trends in the manufacturing industry.

The Importance of Digital Transformation in Manufacturing

Change has been constant in the manufacturing industry. Right from the Industrial Revolution of the 1700s to today’s Industry 4.0, the manufacturing sector has had to adapt to the changes in political climates, economic upheavals, and technology. As technology fast forwards in our times, it is imperative that manufacturers keep up. The only way they can prepare their businesses for the digital revolution of our day is through digital transformation. Here are a few ways in which digital transformation is benefitting the manufacturing industry.

1. Keeping up with Customer Demands

A recent Harvard Business Review study of 75,000 people, showed that the most important factor in building customer loyalty towards an organization is the reduction of effort. Be it in collecting information on products, customer service or getting their needs met faster and more effectively, customers value the path of least effort. This is where the speed of innovation comes in. Manufacturers need to create products that are software-enabled and connected, and they must do this before anybody else!

A digital factory design where development, production, and other cycles aren’t siloed is imperative to this. Digitalization makes it possible for all these cycles to work in tandem and innovate much faster.  The vision of a “smart factory” is that it can make critical product decisions about customer demand, design, material selection, scheduling and pricing, all in one process. This would speed up innovation, create personalized products and enhance the overall customer experience exponentially.

2. Refining Processes

Manufacturing is largely a process-driven industry, so there is an incredible amount of focus on process refinement. Digital transformation makes this possible in many ways. Automation of processes is a major step in that direction. This reduces manual errors, helps automatically detect production inefficiencies, allows for the pre-testing of new ideas more economically and helps optimize the performance of workers.

Predictive disruption analytics, KPI monitoring, and other digitally enabled tools help in refining processes as they are happening. This allows manufacturers to identify weaknesses and make improvements quickly. Machine Learning enables instructions and intelligence to be built into the machines as they are developed and deployed. As these machines are intuitive, they learn from the environment and aid in the continuous process refinement.

3. Revenue Gains and Cost Reduction

A PwC survey of over 2,000 participants from companies in nine major industrial sectors and 26 countries, predicts that Industry 4.0 will drive $493B in revenue gains and $ 421B in cost reductions globally by 2020.

These numbers are realized by the many opportunities brought in by digital transformation. The digitization and integration of vertical and horizontal value chains help bring a cohesive focus to the organization’s processes and production. The creation of new digitized products with analytical capabilities and integrating new methods of data collection and analysis helps manufacturers understand and cater to the needs of customers more effectively. Disruptive digital business models allow for a more agile approach throughout the organization and thus optimizes performance and cost. All this and more contribute to significant cost reductions and an increase in revenue.

Digital Transformation Trends in Manufacturing

Different technologies have opened up a wide area of possibilities in the manufacturing industry. Here are 3 Trends that are doing wonders in the manufacturing space.

1. IoT And Industry 4.0

61% of enterprises say that the “Internet of Things (IoT) plays a role in their digital business strategies with manufacturing and high-tech leading all other industries.” The manufacturing industry is evidently recognizing the critical impact of IoT in gaining a competitive edge. In 2016 alone, IoT, accounting for more than $178 billion in revenue. There are many avenues where IoT has helped streamline and simplify manufacturing processes. It is also a key component of Industry 4.0 and enables connected devices. This allows for the streamlining of internal operations and the optimization of products and operations through insights from the cloud.

Industry 4.0 has also made possible the trend of mass customization, which is characterized by a better and more effective response to the demands of customers. Connectedness and mobility have led to faster innovation and response. Logistics and supply chains have also benefited greatly from this connectedness.

Related Reading: Find how IoT is reshaping industries. 

2. Machine Learning 

Machine Learning has elevated the processes and operations of the manufacturing industry in many ways. A PwC study entitled Digital Factories 2020: Shaping the future of manufacturing showed that the adoption of machine learning and analytics by manufacturers to improve predictive maintenance is predicted to increase in the next five years by 38%. Advanced machine learning algorithms are able to identify and implement improvements in processes and operations, thus leading to reduced costs and increased revenue.

A study by The World Economic Forum (WEF) discussed how manufacturers are recognizing the ability to combine emerging technologies including IoT, AI, and machine learning to improve asset tracking accuracy, supply chain visibility, and inventory optimization. Thus, in various ways, Machine Learning is greatly contributing to lowering the cost of production, improving the speed of innovation and operations and enhancing the customer experience by accurately identifying and meeting customer demands.

Related Reading: Check out this infographic to learn more on the disruptive innovation: Machine Learning.

3. Advanced Robotics

Robotics is no more confined to the realms of accomplishing repetitive assembly line tasks. Robots are now intuitive, trainable and have the ability to mimic human attributes of dexterity and critical thinking. This makes them a formidable force in manufacturing.

Robots with advanced sensors and collaborative ability are now being deployed in hazardous environments to collect information and data pertinent to the manufacturing industry’s needs. This contributes greatly to providing safe working environments for humans. Apart from the physical robotic machines, Robotic Process Automation (RPA) has also grown in importance. RPA goes a step above and beyond physical tasks and replicates human thinking ability and transforms processes and operations to the next level. Recently, the term ‘cobot’ was coined by professors at Northwestern University in America. This underlines the significant progress in Robotic Process Automation (RPA) where robots are now able to collaborate with humans in the workspace.

Related Reading: Read on to know how robotic process can help accelerate business growth.

Owning Digital Transformation

There can be no doubt that digital transformation is the way to go if manufacturers want to keep up with competition and stay relevant. Capitalizing on these digital trends for your business need not be a daunting task. At Fingent, we help manufacturers make sense of digital transformation and adopt it successfully. We can help you make a success of your digital transformation. Get in touch with us and see how.

Over the past couple of years, digitization has enabled technology-driven small companies to outclass established business houses worldwide. With industries ranging from taxi-services to banking, transforming digitally, more and more enterprises are realizing the importance of making digitization their number one priority. The tech-savvy consumer base, which consists of the population below the age of 30 and covers 50% of the global population, is considered to be the key driver behind this realization. Such folks have the rising affinity to expect every business organization they interact with to provide the fastest and most satisfying experiences each time. As a business, turning deaf ears to customer’s expectations can lead to unrevivable consequences. From AI to blockchain, IoT and RPA, the list of digital innovation you need to pay attention to are huge.  

We thought this is the perfect time to show you the digital innovations that we believe will reshape businesses in the coming months and future years. Here are our top 5 picks from technologies that enterprises need to watch out:

Flexible Cloud Computing

When cloud computing became mainstream a couple of years ago, there was a rush from enterprises to build their technology competence on the cloud. This resulted in several businesses having their own private cloud ecosystems that supported their own limited digital innovations. Today, many available digital tools require a complex network of cloud resource. This has reshaped the cloud computing ecosystem which has now transitioned into intelligently connected networks that have Public, Private and Hybrid cloud partitions working in sync to help businesses derive value from technology running on these platforms.

Different IT workloads may need to be run simultaneously over multiple cloud platforms to achieve enterprise goals and this has resulted in the so-called Multicloud saga. This is one area which will see more developments and interest from the business community in coming years as the previous year saw major cloud service providers acquiring or developing solutions to club their multiple cloud ecosystems to serve client interests.

Related Reading: Find how a cloud platform like INFINCE can help businesses leverage technologies more efficiently.

Blockchain in Mainstream

The past couple of years saw considerable investments from the business community in the blockchain. We believe there will be mainstream applications coming out in future that will revolutionize areas such as data security, digital identity verification, and intelligent automation. Sectors such as BFSI, logistics, regulatory bodies, and government agencies have already started using blockchain to set up complex autonomous verification and validation systems that require minimal human intervention, thanks to the capacity of blockchain to be immutable.

In the coming years, more mainstream consumer-facing areas of businesses would be driven by blockchain based autonomous operational interfaces and it could set the stage for innovations akin to self-driving cars. Many technology companies would be coming out with mainstream solutions having blockchain essentials embedded into their core and these would further enhance business capabilities for enterprises worldwide.

Related Reading: Find how blockchain technology can transform the supply-chain industry.

Digital Modelling

While this concept has been around for a while, we think it will make more impact this year as more companies are investing in this front. The idea is to create a digital persona for every product or service business has to offer its customers. This persona would be used to arrive at choosing the right supporting digital enablers like data generators (sensors, IoT enabled devices, etc.) as well as the right decision path (data models and implementations of data science to arrive at success models). Such persona would be used to ascertain an offering’s readiness to the market, the cost required to maintain it viable, the processes and business models that need re-defining to support it and so on. The entire exercise though a bit complex will bring about a strategic advantage to adopters as their business offerings would be more aligned for digital success than competitors.

Related Reading: Digital innovation is transforming today’s business. Find how your business can benefit from digital transformation too.

Immersive Experiences

In future we will see consumer experiences moving to a more immersive phenomenon where almost everyone from a local retail shop to an e-commerce giant will offer interactive experiences courtesy of technology like augmented and virtual reality. Gartner says that by 2022, nearly 70% of all businesses would be using immersive customer experiences in some form on an experimental basis. Such immersive technology will find its way into numerous consumer-facing scenarios like demonstrations, virtual assistants, field services and so on. With gadgets supporting immersive experiences like smart glasses and wearables being available for very affordable prices, the consumer base requiring such experiences will grow tremendously in the coming years. The possibilities are limitless and businesses small or big can capitalize on this opportunity to improve their competence.

Related Reading: Check out the ongoing battle between AR and VR and find which technology has the potential to mainstream first.

Conversational Intelligence

Artificial intelligence is no longer a trend to watch out for because it has already gone mainstream over the last two years. Today, the focus should be on solutions that have been made available by harnessing the power of AI. One major solution that has gained attention now are conversational bots. From websites to major apps, a multitude of consumer-facing interactions is now handled by programmed bots that can interpret queries and respond intelligently.

Be it ordering food from a restaurant, booking a cab or even carry out a banking transaction, tech-savvy consumers are increasingly depending on personal digital assistants or bots to aid them in every step of the way. The proliferation of smart devices like smart home speakers, wearables and other IoT enabled home and personal electronic devices have created immense possibilities for a business to connect more effectively with end users. Today, you can ask your smart coffee maker to brew a coffee in the most precise variants of taste and smell without even having to touch the coffee maker. You can simply ask the personal assistant on your phone to do so.

Related Related: Find unconventional ways Artificial Intelligence is driving business value.

The top technologies mentioned above concludes that years to come is going to be a breakthrough year for several technological innovations. Business leaders need to hone their digital skills to keep pace with the rapidly growing market. On the positive side, most of these technology platforms or solutions come in affordable subscription basis and hence it is pretty much accessible to any enterprise despite their business size. However, the biggest differentiator for your success is the right technology advisory and implementation.

This is where our consultants at Fingent can become your best asset. With years of experience in empowering multiple businesses to achieve their digital aspirations, our world-class services can help you achieve your digital dreams seamlessly. Talk to us to know more about how we can help you embrace the above innovations and much more into your mainstream business operations.

Digital Adoption is crucial for the success of an organization. Businesses understand this and are going full steam ahead in ensuring that they are completely equipped digitally. While the IT department is primarily hands-on with digital adoption, it is becoming increasingly clear that business leaders must also roll up their sleeves and get involved with the digital goals of the company. This blog will discuss why this is important and how it makes for better business leaders.

Digital Adoption

Digital adoption in the most elementary sense is to achieve a state of functioning where all the organization’s digital tools are used to their full capability. Digital Adoption also involves getting stakeholders, including customers and employees, to use these tools to the best.

If the company has a whole repertoire of digital tools, it doesn’t mean that they have successfully implemented digital adoption. It can only be a success if these tools are being used to their full capacity by the organization and its customers.

How Digital Adoption Makes You A Better Business Leader

Talking about the top executives in today’s organization, Dion Hinchcliffe, VP and principal analyst at Constellation Research says that they must “match the pace of change, fall behind, or lead the pack.” Continuing on what is expected of business leaders particularly the CIO’s today, he says: “That’s the existential issue at stake in today’s digitally-infused times, where bold action must be actively supported by out-of-the-box experimentation and pathfinding … The CIO this year must be both a supremely masterful priority juggler and an effective digital leader from the front.”

This is what today’s business scenario demands a true business leader. Leaders are expected not only to be digitally informed but to be able to lead their company into digital transformation. Digital adoption must be the focus of their efforts. Here are a few ways in which digital adoption can make you a better business leader.

Related Reading: Find how digital innovation is transforming today’s business.

1. Leading Change and Growth

One of the qualities that define a capable business leader is his ability to be a visionary and lead his organization towards growth. In today’s world, growth is becoming synonymous with the company’s ability to keep up with technology and digital transformation. Business leaders stand to benefit the most as their company moves forward and adopts the best of digital technology.

And yet, according to a KPMG study, more than 56% of digital initiatives fail due to lack of leadership. As this shows, good leadership can make all the difference between success and failure of digital adoption. The mindset of a leader and his/her dedication to digital adoption will direct the mindset of the rest of the organization. Digital disruption calls for a positive attitude towards change. It calls for a change in the culture of the organization. Encouraging innovation and experimentation is also key to the success of digital adoption. All this can only be achieved if the CEO and top-level management embrace and lead the change.

2. Gaining Customer Insight

Today’s business is more customer-centric than ever. The success of an organization is dependent on its understanding of customer preferences and behavior. In the digital age, there is no better way to gain customer insight than through digital adoption.

Jim Swanson, former CIO of Monsanto is an excellent example of leaders who leverage a company’s IT to deliver growth and value in the business. Discussing digital transformation in terms of customer centricity and the role of leaders, he says: “We talk about automating operations, about people, and about new business models. Wrapped inside those topics are data analytics, technologies, and software – all of which are enablers, not drivers. In the center of it all is leadership and culture. You could have all those things – the customer view, the products and services, data, and really cool technologies – but if leadership and culture aren’t at the heart, it fails. Understanding what digital means to your company – whether you’re a financial, agricultural, pharmaceutical, or retail institution – is essential.”

That is where the magic lies. Understanding digital and understanding what digital can do for your customer-centric goals is where you will find success. When business leaders understand this vital concept and become champions of digital adoption, then the company will see real growth.

Related Reading: Find how machine learning boosts customer experience.

3. Nurturing Curiosity

Curiosity is an important attribute of growth and change. To step out of their comfort zone and embrace growth, business leaders must cultivate and foster this important attribute. In a PWC survey of 1,322 CEOs in 77 countries, most CEOs pointed out to the importance of being curious. In order to keep up with the turbulent business scenario and stiff competition. Michael Dell, Chairman and CEO of Dell, says in the report: “The one attribute CEOs need in the future to succeed, that I would place my bet on, is curiosity. From curiosity comes learning and new ideas. In businesses that are changing very rapidly, if you’re not curious, if you’re not learning, if you don’t have new ideas, you’re going to have a real problem.”

Curiosity plays a vital role in embracing digital technology and helping employees adapt to change. Fostering a culture of innovative thinking and intellectual curiosity will help the organization move forward with digital adoption and make the best of it. Conversely, digital adoption will help business leaders build curiosity and lead their organization towards innovation and success.

Embrace Digital Adoption

The importance of embracing digital adoption cannot be overemphasized and it must start from the top. It has been estimated that there will be US$15.7 trillion in global GDP gains from AI and digital by 2030. If you want to rake in some of this revenue, there are no two ways about it – go digital or go home is the verdict! Fingent helps business leaders worldwide in their journey towards digital adoption and transformation. Let’s have a chat and see what we can do for your business.

Related Reading: Check out how AI is driving business value across industries.

According to The Wall Street Journal, consumer spending is the primary driver of economic growth in the U.S. Manufacturers, suppliers and logistics companies are the industries that benefit from retail profits. Retailers now prefer artificial intelligence to protect profits. This improves customer service as well!

Next-Gen Solutions To Solve Retail Profit Shrinkage – Why Would You Choose AritificiaI Intelligence?

In the year 2018, the global AI market was expected to be worth 7,35 billion U.S. dollars. Also, the global AI market is expected to grow from 150 percent from 2016 numbers, reaching a forecast size of 4.8 billion U.S. dollars. These statistics show that AI is a new factor of production that can help skyrocket profitability for retailers!

Related Reading: Check out the latest trends in AI. Find 7 reasons why AI is expected to play out in 2019.

Why would you choose AI to protect retail profits?

By 2035, AI technologies will have the potential to boost productivity by 40% or even more! This means AI will increase economic growth at an average of 1.7% across 16 industries by this period.

These numbers show a straight 59% increase in retail profits alone! For this, advanced analytics are used to design and develop models. These models are then used to fetch possible outcomes from a wide spectrum of data given to a computer to analyze. From these outcomes, future decisions and actions are fed to the system which learns it. The system can now perform without human intervention! It can make decisions in real-time.

Machine learning, deep learning, and natural language processing are a few examples of AI. Marketing, pricing, logistics, risk management, store management, fraud detection are some inevitable areas where the largest retailers have used AI for decades now!!

AI – How it uses advanced analytics to solve a wide spectrum of retail problems

Manufacturers, Logistics companies, and suppliers are the major industries that support retail sales. Consumer spending depends on fluctuation in these sectors. This drives the economic growth in the U.S! Since these sectors benefit from strong retail profits, “retailers are turning to artificial intelligence to help protect profits” says a report from Forbes!

AI replaces redundant and individual-driven analysis. This is a more convenient method and ensures consistency across the retail chain. Thus AI can replace 1000 people performing the same tasks by answering spontaneously with just the same analysis!

AI can also enhance customer experience and drive sales. Online retailers use chatbots and product suggestions, while stores can enjoy real-time, targeted marketing messages. Retailers have the need to generate chunks of data on a daily basis. With predictive analytics, this data can predict trends and thus reduce the chance of failures by determining necessary changes to improve profitability. Thus the employees can have proper information faster and deliver more consistent results!

Related Reading: AI and Robotics carry the power to enhance customer experience. Here’s a CTO Guide to it.

Solving Retail Problems With AI – Steps to Overcome Challenges And Improve Efficiency To Boost Sales

All retail companies (physical and online), face four fundamental challenges. These can be solved with predictive analytics and an effective data production plan. They include:

• Siloed and Static Customer Views

Retailers can adopt a complete, real-time strategy by combining traditional data sources with the non-traditional like social media or other external data sources to create valuable insight, resulting in robust fraud detection systems, more effective marketing campaigns, more accurate and targeted churn prediction, and better customer service. This helps them encounter the problems faced by siloed data, where transaction data are separated from web pages, which is again separate from CRM data.

• Time Consuming Vendor and Supply Chain Management

Retailers can adopt real-time analytics and unstructured data sets to combine structured and unstructured data to create more accurate forecasts or automatic reordering, resulting in optimized pricing strategies and more efficient inventory management.

• Analysis Based on Historical Data

Retailers can use prediction and machine learning in real time to create predictions based on current behaviors and trends. This helps them predict the client’s next move. Thus AI helps to adapt automatically to customer behaviors.

• Single-Time Data Projects

It is high time retailers turned towards automated and scalable data workflows. This helps them improve their overall efficiency. This is made possible with predictive analytics using AI.

Related Reading: Enrich customer experience at your retail store. Read along to reveal five secret to win your retail customers.

How AI can Generate Additional Revenue

IDC analysts predict that by 2019, 40 percent of retailers will have developed a customer experience architecture supported by an AI layer! In a nutshell, the major ways in which AI can generate additional revenue and help avoid additional overheads and losses are the following:

• AI can replace redundant and individual-driven analysis for a retailer. This process is far more efficient and it ensures consistency across the retailer’s stores.
• Additionally, employee theft and paperwork errors contribute a high figure of shrink to retail profits. For instance, the National Retail Federation conducted a survey and it turned out that the reason for more than 50% of retail shrink, ie, (the difference between the real ‘on-hand’ inventory and the inventory level recorded in the computer system) is a result of employee theft and manual errors! AI models yield better and efficient results.
• Also, retailers can use AI to predict solutions benefits and functionalities prior to buying it. This way, AI can help reduce risks in retail profit shrinking.
• Choosing a consultant that can address the needs of your company can be another major benefit to reap out of AI to reduce retail profit risks. The following concerns can be addressed with the consultant:

1. How to address constraints like budget, time and personnel? Ask your consultant to provide explanations for the outcomes.
2. Consider the consultant’s skill sets from their previous projects and work experience before you decide to hand over the responsibilities and contract

Related Reading: Does AI have the potential to drive business value across industries? Read through to find how AI is revolutionizing various industries.

AI adopts next-generation solutions that use predictive analytics to capitalize on their data and knowing that 80% of this data is untapped and unstructured is the winning solution! Want to know more reasons why you can undoubtedly bet your company on AI?

Stay tuned to our latest articles and blogs to learn how AI solutions have managed to perform a quantum shift in computing and revenue generation for successful retail companies!

While most sectors have battled their respective digital disruption by enhancing their own digital capabilities, the real estate sector has been considerably slow to react. This is rather astonishing when you look at the size of the real estate business globally where it surpasses all other sectors to form the most valuable commodity valued at over $217 trillion.  In the digital era, no industry is safe from disruptions and this includes the real estate sector as well.

How will custom software transform the real estate business?

With the overwhelming majority of today’s buyers belonging to the millennial group, the sector is witnessing an increased demand for digital innovation. From finance to aesthetics, there is a wide range of applications for technology in the real estate sector and this includes both commercial and residential assets.

What drives the need for digital in the real estate sector?

The three main driving forces behind digital adoption in the real estate sector are

• Buyer Experience
• Transparency
• Compliance

The buyer experience is the ultimate selling point for any property today be it commercial or residential. From the discovery of the property to guaranteed maintenance operations after a sale, today’s buyers need seamless services on all fronts. This could be made possible through a highly connected digital ecosystem that is spread across the entire buyer journey. There is a need for bringing a mature and trustworthy operational model for real estate dealings. Custom digital software can help bridge the gap between realtors, property managers, landlords and tenants in a multitude of ways and bring about transparency and accountability in matters where large financial transactions are involved. Besides the real estate sector draws quite a big eye from the authorities and compliance standards for safety which are amongst the toughest of all sectors. With a digital backbone, it becomes easier for compliance requirements to be validated and audited by government agencies. For buyers, this provides peace of mind and a hassle-free tenure with all risk aspects sorted, at both individual and government level.

What can digital transformation do for the real estate sector?

Now that you are well aware of the need to drive digital innovations, it is time to have a look at ways in which digital transformation can reshape the real estate sector. A gamut of technology innovations exists today that can deep dive into the various nuances in the sector and create lasting experiences for buyers and tenants and transform properties into global commodities. Let us examine the top 5 ways in which the real estate sector can transform with custom software.

Discovery of properties

In the 1980s, close to 22% of home buyers relied on newspaper ads and 8% relied on their friends to discover new properties to buy. In 2017, more than 51% relied on the internet to make a property or a home purchase decision. The internet has become the hotbed for real estate marketing and if you are not out online with full guns blazing, chances are that your listed property or home may not attract any potential interest from the buyers of today. Real estate developers and sellers need to have an attractive website for their property in addition to maintaining a sizable listing on the most popular property portals amongst buyers. Doing your homework on SEO and taking steps to include feedback from powerful search analytical tools provided by search engines like Google themselves, you can improve the online presence of your property considerably.

Related Reading: A Property Management Software can be a boon for real estate managers if adopted the right one. Find the secrets of finding the right property management software here.

Changing the role of real estate agents

Most digital disruptions have focused on massively reshaping the roles of personnel involved and here too, the picture is not different. With the rise of digital portals and custom software, buyers and sellers can connect more directly without losing a hefty price in terms of commissions. But agents are not completely left out as well. They, on the other hand, have a plethora of marketing and customer service tools to offer more privileged and customized services for buyers. The transformation can, however, be a bit painful for real estate agents dealing with residential properties as they can be choked out by a large number of digital listing portals wherein sellers can directly provide information, arrange site visits and even proceed with legal documentation without the agent’s help.

Transforming site visits

By the year 2025, nearly 20 million households in the US would be owned exclusively by folks in the millennial generation. If you expect them to drop by after work or on a Sunday for a property visit, then chances are you will never hear from them after the first inquiry. In the digital age, you can use custom software to schedule and arrange for a suitable site visit time slot that is favorable for both the potential buyer and the agent. It can even facilitate pre-visit conditions such as a deposit, online application, valid document proof, etc. Going a step further, virtual and augmented reality embedded apps can provide a 360-degree walk-through of the property on the buyer’s mobile phone anytime and anywhere. With such digital innovations, the target market would not hesitate in spending an extra premium thanks to the splendid buying experience.

Related Reading: Self Showing App, an IoT application built by Fingent streamlines the complete inspection and leasing procedures of real estate firms. Find more in the case study here.

Setting the terms of leasing or buying

Gone are the days, when you needed hours of documentation to create a transparent lease or buying agreement that aligns with regional laws and complies with all relevant risk management standards. Today custom real estate software can provide digital lease or buying agreements that can be validated by local, regional or national government authorities directly without middlemen leading to significant cost reduction in the entire process. A digital portal could record every transaction from the first site visit pre-requisites to valid document audits, payment information, terms and conditions of the agreement including periodic rental revision agreements, automated payment schedules, etc. Such a massive transformation can bring about significant changes to both residential and commercial real estate properties.

Preventing fraudulent transactions

Having a digital backbone brings with it guaranteed transparency and accountability for every transaction or commitment made between a buyer and a seller. Besides, digital portals having direct validation credentials with government authorities can provide digital verification of documents, identity proofs and other associated legal requirements for every transaction. This can aid in transparent pricing schemes, elimination of bribes and middlemen fees, provide streamlined tax revenue to governments for every deal in the real estate sector thereby eliminating fraudulent transactions.

Related Reading: Read through the case study to know how Fingent developed a customized all-in-one property management solution for one of their leading real estate client here.

Summing up

Though much of the transformation mentioned above is in various initial stages, the real estate sector holds immense potential for future digital innovation. Custom software for the real estate sector can challenge traditional buyer-seller relationships and even wipe out middlemen in the long run as we mentioned in one of the possibilities above. However, staying ahead and relevant at the same time in the digital era is what key players in the sector need to focus their attention on. Write to us to know how our digital transformation specialists can enable the best of real estate innovations for you.  

If you’ve ever tried decorating your home using the IKEA app, or used a Snapchat filter, or even played Pokemon Go, then Augmented Reality (AR) has already invaded your life. Although AR remains a revolution yet to happen, it is evolving rapidly to transform the way we work, learn, play and connect.

Tim Cook quotes –

“AR will happen, it will happen in a big way, and we will wonder when it does, how we ever lived without it. Like we wonder how we live without our phone today.”

So what exactly is Augmented Reality? 

The word itself answers the question!

“Augmented”, originated from the word “augment”, means to add or enhance something. With the power of narrowing spaces between Reality and Virtual Reality, AR enhances physical objects with digital information to create an interactive experience of the real-world environment.

Google defines Augmented Reality as – “a technology that superimposes a computer-generated image on a user’s view of the real world, thus providing a composite view.”

How Augmented Reality Is Creating An Impact in the Travel Industry

With the power of gripping human minds, AR is changing the game for marketers. Technology is opening magical doors for industries to enrich their customer experience. According to a Statista report, the Augmented Reality market is estimated to grow from 5.91 billion to more than 198 billion U.S. Dollars by 2025.

However, the travel and tourism sector has already shown remarkable transitions with Augmented Reality.

How is the travel industry leveraging the wonders of AR and what lies for them in the future – are a few questions answered in this blog?

Importance of Augmented Reality in the Travel Industry

Before we dig into the innovative uses of AR in the industry, let’s take a look at how the technology is turning important to the sector.

Unlike other industries, travel and tourism is a highly researched sector. A customer never plans his travel, stay, or food places to visit, without thorough research. The quest for information does not stop for a customer even after he/she arrives at their destination. Moreover, all this information is searched on various mobile devices. A survey by Opera Mediaworks reveals that around 66% of travelers prefer using smartphones for travel research and booking.

Here is where Augmented Reality jumps in to make a change!

AR capacitates the ability to enhance search experiences by providing enticing and interactive information. With innovative mobile apps, these augmented experiences can be extended to travelers, easing their travel search and building up trust. Experts predict that embracing the power of AR can prove to become a boon for the travel and tourism industry.

How Is Augmented Reality Reshaping The Tourism Industry?

Augmented Reality is turning to be the traveler’s new ally! Layering digital information over existing reality, AR is easing the planning journey and boosting travel experiences for tourists. Although the industry has not completely leveraged the technology, yet a few pioneering mobile apps are creating indelible travel experiences.

1. Apple Map – “Flyover” Mode

Apple maps with its flyover option are enabling iOS 11 users to explore cities in the 3D view. Navigating with this feature is a lot like watching a 360-degree video where one can change the point of view by walking around. The flyover mode integrates augmented reality with Apple Maps to enable users to take a walk through the city while at home.

2. App in the Air – ARvis

App in the Air, a travel planning app, is easing the quest of finding flights for its users. The app allows users to view a plane seat at its true scale, enabling them to make better booking decisions on the basis of comfort. With an augmented view of the inside of a flight, travelers can directly compare their carry-on luggage to the airlines permitted baggage size.

Related Reading: Check out this case study to learn how Fingent developed customized mobile app to assist travelers with personalized and quantifiable travel security content.

3. Wikitude

Voted by the Augmented Planet Magazine as the best-augmented reality browser of 2010, this app enables users to locate restaurants, stores, and other places nearby. Using location-based augmented reality, Wikitude recognizes interesting places around for travelers to visit. The only thing they ought to do is point the app to the desired direction.

Why Is Augmented Reality The Future Of Travel Industry?

Tourism is all about creating unique experiences, and augmented reality has the potential to support tourism with innovative modes of customer servicing. It is believed that in the coming year’s AR will disrupt the business models of the sector. Here is a list of how augmented reality is providing long-term values for both customers and the tourism industry alike.

1. Innovating Advertising and Marketing

It is not surprising that mobile devices play a vital role in booking travel services. According to Expedia, 78% of travelers reveal that the informative content from destinations or travel brands influence their decision-making process and 46% reveal that ads with informative content are influential. Clearly, there’s an appetite for mobile advertising with compelling content.  

Augmented reality holds the potential of enabling tourist companies to narrate their services more creatively. Providing virtual tours of hotel suites and other amenities with a single tap on mobile screens, not only eases the research process for travelers but also helps them make better booking decisions.

AR ad formats, also build a customer’s trust towards the service and increase the probability of turning one-time guests into long-term customers. AR empowers travel brands to inspire customers with interactive information and engaging experience.

2. Enhancing Travel Convenience with AR Apps

Travels can turn hectic with a lack of proper and timely information. With AR, travel brands are extending mobile apps for tourists, to enhance their travel experience and convenience.

AR Travel Apps to Ensure No Tourist Is Lost: Finding your way in an unfamiliar town is challenging. AR turns navigation apps cooler with added digital elements like arrows and other valid information. By integrating phone cameras with Google Maps, AR can enhance a traveler’s experience of exploring a new town.

AR Cutting Down Language Barriers: It is pretty much unthinkable to travel to a foreign land without a translator. But with augmented reality, smartphone cameras can translate foreign languages for users.

AR Extending  24/7 Tour Guide: Finding a perfect store or restaurant is getting simpler than ever before. With Augmented Reality, smartphones are turning into tiny encyclopedias. Screening through hotel reviews or locating historic buildings has become more seamless and interactive with AR travel apps.

[Source : Florence Travel Guide – Italy – Augmented Reality]

 3. Creating Attractive Destinations

Teleporting seems possible with augmented reality. Enabling to view the evolution of landmarks in time perspective, enjoy 3D models of places, and experience travel through time, AR is allowing theme parks and zoos to create extraordinary attractions. One of the greatest examples would be the L.I.V.E. Centre theme park, which leverages AR/VR to combine art, culture, architecture, design, and retail with projections, surround sound, and special effects.

Thus to summarize, augmented reality promises to strengthen the four components of travel and tourism – transport, accommodation, catering, and tourist attraction. Accounting for the innovations of AR in the industry, experts predict travel and tourism to be the first industry to revolutionize soon with augmented reality.

Related Reading: Find how Augmented Reality can be the future of communication and security.

To unfold the hidden opportunities for your business with emerging technologies like AR/VR, contact the tech experts at Fingent today!

Augmented Reality is already enhancing travel experiences with innovative mobile apps. Is this the beginning of a revolution or is it the only transformation augmented reality can bring into the industry?

Augmented Reality is already enhancing travel experiences with innovative mobile apps. Is this the beginning of a revolution or is it the only transformation augmented reality can bring into the industry?

Most of us, technology geeks or not, are eager to stay first in line to catch up with the latest game-changing technology trends. Here we are to know which technologies will thrive in future!

The Potential Technology Trends You Need To Explore In 2025

Have you ever looked up at the sky and clapped your eyelids on a bat? This is commonplace. But what if it was a drone. Or would it be a flying fleet? Since we don’t belong to the Jetsons family, the latter is not expected but we are close to it! This year is definitely a transformative year for technological innovation!

According to Gartner, the Top 10 Strategic Technology Trends for coming years are Block chain, Artificial Intelligence, Empowered Edge, Privacy and Digital Ethics, Quantum Computing, Immersive Experiences, Augmented Analytics, Autonomous Things, and Digital Twins!

This is just the tip of the iceberg. Following are the emerging technology trends and catalyzing technical innovation that we can expect to see more of in future!!

Related Reading: Find how digital innovation is transforming today’s business world.

1. Blockchain Technology – The ‘New Internet’

Some call Blockchain technology the ‘New Internet’. The blockchain is the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. It permits digital information to be distributed but not duplicated.

It was first devised for the digital currency, Bitcoin.  It is also called the “digital gold”. To this day, the total value of the currency is nearly $112 billion US!

“Blockchain solves the manipulation problem”, says Vitalik Buterin, inventor of Ethereum.

2. Artificial Intelligence (AI)

Apart from AI-powered chatbots, This year will witness chip manufacturers such as Intel, NVIDIA, AMD, ARM, and Qualcomm shipping specialized chips that speed up the execution of AI-enabled applications.

This year will also be the year for hyperscale infrastructure companies like Amazon, Microsoft, Google, and Facebook.

Related Reading: Check out the top AI trends

3. Cloud-independent edge computing

The study from IDC illustrates that 45 percent of the entire data created by IoT devices will be stored, processed, analyzed and acted upon close to or at the edge of a network by 2024! Edge computing is a mesh network of data centers that process and store data locally before being sent to a centralized storage center or cloud.

4. Privacy and Digital Ethics

Facebook, recently witnessed the biggest security breach in which 50 million accounts were compromised. Facebook, later clarified that data of 30 million accounts were stolen.

People are becoming more nervous about how organizations and third-parties are using their personal data.

5. Quantum Computing

The world is behind building the first fully-functional quantum computer. Also called the supercomputer, this is expected to be a cloud service rather than an on-prem service. IBM is already offering cloud-based quantum computing services. For instance, the automotive, financial, insurance, pharmaceuticals, military, and research industries have the most to gain from the advancements in Quantum Computing.

6. Immersive Experiences

Conversational platforms are changing the way in which people communicate with the digital world. Virtual reality (VR), augmented reality (AR) and mixed reality (MR) are changing their approaches to know more about people’s perception.

7. Augmented Analytics

Augmented analytics relies on augmented intelligence. This uses machine learning (ML) to transform how analytics content can be developed, consumed and shared.

“Through 2020, the number of data scientists will grow five times faster than the number of experts”, says David Cearley!

8. Autonomous Things

Autonomous things, such as robots, drones, and autonomous fleet, use Artificial Intelligence techniques to automate their functions that were previously performed by humans.

9. Digital Twins

A digital twin is a digital representation of real-world items that are interlinked. Cearley states that there can be digital twins of people, processes, and things!

A DTO is an aspect of the Digital Twin evolution that is a dynamic software model that relies on operational or other data. DTOs help drive efficiencies in business processes.

Apart from these, there are other key technology trends that organizations need to explore in future. These include:

10. Cybersecurity and Risk Management

According to the estimates from the firm Gemalto, the data breaches were 4.5 billion in the first half of 2018! The University of Maryland study found that hackers attack computers every 39 seconds.

In coming years we will be facing a more sophisticated array of physical security and cybersecurity challenges.

Cybersecurity is thus the digital glue that has held IoT, Smart Cities, and the world of converged machines, sensors, applications, and algorithms operational throughout!

11. Smart Spaces

A smart space is a physical or digital environment in which humans and technology-enabled systems interact in an increasingly open, connected, coordinated and intelligent ecosystems, according to Gartner! The world of technology is to enter accelerated delivery of smart spaces in 2019.

 12. Self-powered data centers

Data centers grow every minute with the implementation of virtual servers and storage, energy-efficient buildings. In coming years, the data centers are expected to run on its own self-contained power plants!

13. IoT integration

This year will witness more IoT implementation. An International Forrester IT survey that said among a recent group study, 82% of respondents were unable to identify all of the devices connected to their networks. Of this lot, 54% were nervous about device security, and 55% were concerned about integration!

Related Reading: Find the role of Data Analytics in Internet of Things (IoT)

14. More self-service IT kiosks for business users

This year will be a year of IT innovation designed to build better communication between IT and end users. The self-service IT kiosks to be set up would enable users to log on and choose what they want for the apps that they build.

15. The Internet of Things and Smart Cities

50 billion equipment, including smartphones, and others are expected by the IoT to be wirelessly connected via a network of sensors to the internetin future. 

The term “Smart City” means creating a public/private infrastructure to conduct activities that protect and secure citizens. It integrates communications (5-G), transportation, energy, water resources, waste collections, smart-building technologies, and security technologies and services!

To upgrade your business with the latest technology trends on the table, contact the experts at Fingent today! Also, read through our latest blogs to learn more about accelerated technological development!!

The Experts Speak: The Adoption of AI and ML in Software Development

Artificial Intelligence (AI) and Machine Learning (ML) is transforming nearly every industry. In our previous blogs, we discussed how it is transforming finance, customer service, supply chain & logistics, and other industries. In this blog, we will talk about how AI and ML are radicalizing the software industry. We will look at the benefits of the adoption of AI and ML in software development and what industry experts have to say about it.

The Fundamental Shift in Software Development

At its very core, software development involves writing reams of rule-based code. Traditionally, developers had to specify every detail to let the system know what to do, and then customize the features of each piece of technology. With the adoption of Artificial Intelligence and Machine Learning, this process becomes much easier.

Author, scientist and Google research engineer Pete Warden puts it well:

“The pattern is that there’s an existing software project doing data processing using explicit programming logic, and the team charged with maintaining it find they can replace it with a deep-learning-based solution … What I see is that almost any data processing system with non-trivial logic can be improved significantly by applying modern machine learning. This might sound less than dramatic when put in those terms, but it’s a radical change in how we build software. Instead of writing and maintaining intricate, layered tangles of logic, the developer has to become a teacher, a curator of training data and an analyst of results.”

Practically, this means a revolutionary change in the very essence of software development.

AI and ML in action

“Modern IT environments are incredibly (and increasingly) complex and ever-changing, leading to large amounts of time and resources devoted to monitoring, troubleshooting, and course correcting,” says Phil Tee, Cofounder, and CEO of Moogsoft Inc. “It’s a reactive position for most companies, but when teams use AIOps technology they can leverage change-tolerant algorithms and access indexed information. This allows them to spend more time focused on proactive, meaningful work rather than fixing the same problems repeatedly or spending time managing rules and filters.”

Artificial Intelligence and Machine Learning can transform the entire Software Development Life Cycle (SDLC). Three ways in which it does this are:

• Synthesis of large volumes of data to predict the success or failure and business value of a project.
• Predicts accurate project delivery timelines, delivers project status updates and creates project schedules.
• Automatic diagnosis and rectification of problems in the project.

Let us consider the details of how this is achieved.

1. Turn Idea into Code Quickly and Effectively

The process from the inception of an idea to its actual execution into workable code is time-consuming and complex. Traditionally, developers must go through a long process of trial and error to get the basic code in place. Obtaining funding approvals for the project is complicated as well and requires getting the project to a prototype level even before requesting for funds. All this can be made easy with AI and ML. In the future, the system itself could learn to process ideas from natural language and suggest machine-executable code without human intervention.  AI and ML are making this possible even now by teaching systems to suggest code completion. This way systems will slowly learn to generate code through predefined modules.

Considering the viability of a project also becomes easier and faster with AI and ML. Machine learning can help developers identify and prioritize the effects of the project based on business risk. This way, time and effort on unnecessary regression testing and rectification can be eliminated. A sound decision on whether the project is feasible or not can thus be made in the earlier stages.

Related Reading: How to accelerate your business growth with Robotic Process Automation

2. Effective Project Management

Through pattern detection, AI and ML can be trained to use details of past projects to provide accurate estimates of the current project. Historical project details like bugs, test phases, actuals, and estimated values can be fed into the system and used to fine-tune the level of accuracy. Through this, the system will learn to predict accurate delivery schedules and create work schedules for individual members of the team. Risk Management, as well as Resource Management, can be better executed this way.

3. Automation of Testing and Error Detection

Pattern Detection is one of the most valued benefits of machine learning. This can be used effectively to automate the testing and debugging process in software development. One of the challenges of software testing is to come up with a list of most likely cases and scenarios that could affect the program’s performance. Through pattern detection, systems can look at past logs and generate a test case list automatically. They can also identify and classify error types and in time learn to automatically fix these errors.

Joe Colantonio, an expert on software automation and performance testing discusses what is possible with AI and ML.  “Wouldn’t it be great if you could answer the classic testing question, “If I’ve made a change in this piece of code, what’s the minimum number of tests I should be able to run in order to figure out whether or not this change is good or bad?” he says. “Many companies are using AI tools that do just that. Using ML, they can tell you with precision what the smallest number of tests is to test the piece of changed code. The tools can also analyze your current test coverage and flag areas that have little coverage, or point out areas in your application that are at risk.”

Revolutionizing IT

Apart from making a big difference in the software development process, Artificial Intelligence and Machine Learning will also change the way applications are made. With the power of AI and ML, developers will be able to design apps, which will be able to listen, think, speak, reason and make decisions. Vision Recognition technologies, Optical character recognition, and many more AI-powered capabilities will help developers create faster, smarter and better apps in the future. At Fingent, we endeavor to put this into action every day. There is no area that is immune to the changes that AI and ML can bring and we are determined to stay on top of it.

Related Reading: Top Artificial Intelligence Trends to Watch Out for In 2019

Also known as Intelligent Automation, Robotic Process Automation leads to business success with the robots being able to perform complex tasks. Recent researches have shown that robotic process automation can help in successfully carrying out 87.5 percent of the tasks on time on its own!

According to Forrester Research, 2018, “CIOs should use robotic process automation to digitize and optimize operations, to create and act upon advanced insights, and to drive business technology innovation.”

Institute for Robotic Process Automation and Artificial Intelligence, define RPA as an application of technology that aims to automate repetitive business processes. RPA tools help a company to configure software—a “robot,” so to speak—in order to capture and interpret applications for processing transactions, manipulating data, triggering responses, and communicating with other digital systems.

Everything you need to know about using Robotic Process Automation For Your Business Growth: Tips and Tricks!

Over the next three decades, statistics show that over 76 million baby boomers, rather freshers will retire and only 46 million new workers will be available to replace them! During this time, the demand for labor will rise, making robotic automation a real and viable solution! But this does not indicate that Robotic Process Automation means career extinction!!

Robotic Process Automation – Important Insights and Forecasts!

North America bagged the highest in 2017 for using RPA and the trend is expected to continue over the forecast period. The reason is the increased penetration of automation and process management solutions across the region. The fastest-growing region is expected to be the Asia Pacific. It was valued at USD 45.9 Million in 2017. Automation, which includes machine learning, robots, and AI are the strong sectors for market growth in the Asia Pacific region.

Let’s walk through the major ways in which Robotic Process Automation drives business growth:

Cost Savings By Making Work Robo-Automated!

Implementing Robotic Automation in your business enables 24/7/365 operational functionality at the cost fraction of an individual! Through work process automation, administrative costs are reduced immediately and no additional back-office resources are required. Implementing RPA requires an initial financial investment, but it increases the overall efficiency and productivity. It ensures the reduction of errors as well.

Advanced Analytics Prove Business Process Optimization

Data is King! Recent studies have shown that the use of automation ensures 100% compliance of data-driven regulatory standards (HIPPA, PCI, etc.). Integrating technology within any enterprise infrastructure function enhances the ability to predict future results and optimize business processes.

Through the use of Robotic Process Automation, operational processes can be assessed based on the performance data of your business. By creating a constant data-driven feedback loop, higher levels of efficiency can be measured. This cannot be achieved with human operation.

Improved Performance, Efficiency, Quality and Reliability

Robotic tasks and workflows are efficient and ensure 100% accuracy and availability. Automation eliminates repetitive functions.
RPA helps employees to apply their skills and experience toward core business objectives. This is made possible with automation as repetitive mundane tasks can that drive innovation and growth.

Protection from Injurious Tasks

Also termed Musculoskeletal Disorders (MSDs), Repetitive Strain Injury occurs from performing the repetitive tasks at high speeds. This results in swelling and cramping. When performed continuously at high intensity for a longer duration, it results in a chronic disorder!

According to the statistics, in 2012, the manufacturing industry had the fourth highest number of MSDs, with 37.4 incidents per 10,000 workers. In such cases, robots are the best suited for completing repetitive tasks, thus saving employees from dangerous work disorders!

Automation Workflow Independence With RPA Integration: Correct Those Brittle Workflows

What can be more charming than the freedom to integrate with any available technology? A prime advantage of RPA integration is it does not require Information Technology (IT) resources.

When funding for large IT projects is a bottleneck for corporations because of its need for programmatic integration with enterprise-wide systems and applications, it forms a major IT development barrier.
For instance, consider the success of Software as a Service (SAAS) solutions such as Salesforce, Zendesk, GoToMeeting, Slack, Workday and so on. These have witnessed tremendous success by their ability to be deployed with very limited technology backbone. Similarly, Robotic Process Automation bypasses the IT sector through its “View Layer” integration approach. The centralized engine it has is trained to communicate and operate with existing applications at the desktop level and not the back office. Thus robotic process automation rules and workflows can be defined by anyone!!

Surface Automation and Document Processing With RPA: Need to Handle Brittle Workflows

RPA is useful when you need to automate the process of adding data to or manipulating data within one of those systems. This is called Surface Automation. RPA provides an effective solution for accessing and working with data housed in those systems.

Additionally, RPA tools are used by businesses for Document Processing. These RPA tools can open a file, parse its contents, and move files.

The concern is since RPA engages with systems on a surface level, the workflows built with RPA are brittle. For instance, If a document’s format changes, the RPA process must change accordingly. So now there is a need to streamline these brittle workflows.

The Future Is Now With Robotic Process Automation!!

The Robotic Process Automation (RPA) market size was valued at USD 357.5 Million in 2017 globally. This value is expected to reach a CAGR of 31.1% over the forecast period.

The ever-mounting demand for Business Process Automation (BPA) through the use of Artificial Intelligence (AI) and software robots are featured to be the key growth-driving factor for the market.

Integrating RPA in the core business enables a business to streamline IT and business operations.

Also, its ability to mimic the numerous skills of humans, without human intervention while consistently carrying out prescribed functions and scaling up or down to meet the demand is expected to augment the market demand!!

Robotic Process Automation will play a significant role in the automation of Customer Experience and be a key factor in your business in the near future! Consult our experts at Fingent to know how Robotic Process Automation can bring incredible changes to your business.

Related Reading: CTOs Guide – How Robotics and AI Can Improve Customer Experience