Category: Digital Transformation

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. 

Digital business transformation: Why Digital Strategy for Business is a Must Today? 

• What is digital transformation?
• What is digital disruption?
• Causes of disruption and digital transformation
• Why should businesses leverage digital transformation?
• How to start your digital transformation journey?
• Digital transformation trends to embrace in 2020
• Conclusion

A Complete Guide to Understanding Offshore Software Development

• What is offshore development?
• What is the difference between onshore, nearshore, and offshore?
• What makes offshoring software development so popular?
• How does offshore development work?
• What are the advantages of offshoring software development?
• What are the disadvantages of offshoring software development
• What are the latest trends in offshore software development?
• How to choose the right offshore software company?
• Best practices to follow while offshoring software development
• Final thoughts

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. 

Identifying 7 Common Mistakes in Tech Projects

As a non-tech business, you are an expert on the product or service that you are selling. That is your core competency, not information technology. Still, some businesses feel they can do it themselves. That could cost you a lot more than you think. Technology by nature is like a moving target and pinning the best technology solution requires quite a bit of work. Treating tech projects as an afterthought is a mistake that non-tech businesses make far too often. Worse yet, those mistakes can stall the growth of your business. Avoiding tech mistakes, especially the high impact ones, will be the thing that ensures the success of your business. 

What are the 7 deadly mistakes non-tech businesses make on tech projects and how you can avoid committing those mistakes? This article will help your company navigate the complex and confusing world of technology. 

Mistake #1. Skimping on Security

Most small businesses might conclude that their business isn’t that big to become a target for hacks and data theft. Unfortunately, security has become the number one issue even for small businesses with increased online scams, software vulnerabilities, and networks using improper architecture. Can you imagine the impact on your business if your trade secrets, customer information, HR records, and confidential communication fell into the wrong hands!

One of the top security risks most businesses often ignore is the failure to encrypt their emails. Some discard email encryption either because it is costly and complicated, or because they feel that the threat is insignificant. You can prevent much pain and loss by encrypting your emails. Always assume that every email you send could be intercepted by unethical hackers. 

Try this: Set up an email encryption system to protect all your emails and their attachments.

Read more: Emerging Security Technologies To Consider For Your Organization

Mistake #2. Patching New Software On Old Hardware

Most often than not software publishers release new upgrades that require a significant hardware upgrade in order to run the newer version. Many businesses purchase the latest version of the software without considering its hardware requirements. The use of old computers and their hardware can be problematic since these devices generally lack the latest features, hang too often, and are slower at common tasks like launching the application, booting up, printing, and internet search. This can result in a failed upgrade and can bring your business to a screeching halt until new hardware can be put in place or until the old version is reinstalled.

Try this: Before you purchase an upgraded software, check the minimum system requirements needed for the software to run smoothly and ensure that your existing system meets those standards. 

Read more: Tips for choosing the right Business Software – Tools vs. Solutions 

Mistake #3. Skipping The Planning Phase 

Planning for IT may seem tedious and time-consuming especially when you have so many things to get done with the running of your main business. However, it is vital that every business, big or small, must plan out their IT initiatives at least once a year. Failing to map-out your technology path can impact your entire business. You must plan your budget for new software and hardware upgrades while considering the need for additional manpower and/or technical support. Planning ahead will ensure business continuity and will spare you from unanticipated problems and setbacks when something fails.

Try this: Decide on a particular month of the year for taking stock and planning your IT structure and requirements.

Read more: Plan Less and Learn Faster Through Lean Business Planning 

Mistake #4. Inadequately Trained Employees

Some of your employees may understand technology, perhaps because they had some experience with it formerly or just because they are tech geeks. This is by no means enough to put them on the job to handle tech requirements. One of the most common mistakes that many non-tech companies commit is to try to get the job done with employees who are not adequately trained to use the technology they have at work. There is no alternative to training, it is an absolute must for business growth! Forgoing on the training of employees may render well-intentioned purchases useless and result in a massive loss of ROI. By training your employees you can lessen the likelihood of mistakes and improve overall productivity.

Try this: Take the “train the trainer” approach with your software provider. It is cost-effective and helpful.

Mistake #5. Ignoring Reliable Backup And Disaster Recovery

Businesses today are reliant on their records and data, which are almost completely stored electronically. It is extremely dangerous to assume that your backup system is working properly. A sudden power outage or a server crash can delete all your data within seconds increasing your downtime and the expenses that accompany it. It is a good practice to back up a test directory, erase it, and then do a test restore to ensure that your backup device is working. Also, ensure that the proper data is backed up.

Try this: Have a right backup solution and disaster recovery procedure in place.

Read more: COVID-19- Ensuring Continuity and Building Resilience- How business leaders can respond, survive, and thrive in the new normal 

Mistake #6. Not Leveraging Cloud Computing

Most businesses either embrace cloud inconsistently or treat it as an unnecessary expenditure for their tech projects. Cloud computing has emerged as the most efficient platform for businesses than on-premise counterparts. This is because it makes it possible for employees, customers, and other authorized users to access the data at any time from any place. In most cases, cloud-based applications offer greater functionality and are less expensive. Cloud computing is more secure than an in-house computer operation that may lack proper antivirus solutions, firewalls, or backup systems. 

Try this: Prepare a cloud strategy and as soon as possible, consider moving some of your applications and data to the cloud.

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

Mistake #7. Ignoring Preventive Maintenance

The most common mistake made by businesses on tech projects is the “repair when it crashes” strategy for IT infrastructure. While it may not hurt too much on some issues, can you imagine your 10-year-old server crashing! Now that could cripple your business. If your mission-critical hardware crosses its shelf life as it were, it is time to consider replacing it well before it actually crashes. Just like your automobile, IT software and hardware require regular maintenance and adjustments. Both the software and servers need continued care to perform at optimal levels. 

Try this: Avoid overextending the life cycle of servers. Start planning to replace it well in advance. Look for the manufacturer’s instructions on MTBF (mean time between failures) for your equipment.

Read more: Why Get a Maintenance Contract With Your Software Solution Provider? 

Don’t Make a Costly Mistake

As a business, you are constantly juggling multiple roles and duties to ensure that everything runs smoothly. Too often, the panic call comes after a technology mistake has been done already. It is crucial to remember that a single mistake could lead to catastrophic loss of data that your business may never recover from. Don’t take chances with your business. Get our experts to help you make those tech decisions and implement them smoothly. Give us a call and let’s get talking. 

The Growing Application of AI in Insurance Leads to a Radical Transformation

• Introduction
• Why does the insurance industry require AI now?
• What are the benefits of AI in the insurance industry?
• Top 3 primary use cases for AI in the insurance industry
• Must-have AI technologies for the insurance industry
• Are you ready to ride on the wave of AI?

Analytics in Sports: Redefining the Tactics of Winning Games with Statistical Data 

Sports used to be simple. Play the game and compete to win. Entertainment value aside, athletes and teams would target to compete better than the others in order to win competitions, to get those points on the board, and get their hands on the prize. The bonus- fame, money, and fans! 

When it came to improving abilities, athletes and sportspersons trained hard, worked on their fitness and skills in order to reciprocate that out on the field of play. Coaches monitored, advised, and mentored them enabling the players to get better and fitter so that they could outperform their opponents. Fans followed their beloved teams and stars through various forms of media all the way from print to electronic. 

When it comes to gaining a competitive edge today, training and working hard are not enough. An athlete or a sportsperson needs to know more about specific areas they need to improve, how they can maximize their strengths and minimize their weaknesses, how they can target the competition among many other areas. The necessity to identify those minute yet significant attributes and generate new metrics and key performance indicators has prompted data analytics to make its foray into sports.

Discover the applications and dimesions of sports software with Fingent. We provide Custom software and analytics solutions for the sports industry to keep track of athletic performance, to create engaging fan experiences, and with the power of analytics assist your coaching staffs with better statistics.

Analytics – The New Player

Analytics has completely disrupted the way organizations go about with their businesses by using the one commodity that globally, every industry, or every business across every domain generates: Data! 

Data is what runs the show today. And it is analytics that has changed the world by using this data in infinitely creative ways to provide individuals, groups, or organizations with insight into what the data means, what information can be obtained from this data and how can this information be used to deliver positive outcomes. 

Read more: How Cognitive Computing is Revolutionizing the World of Sports

What does Analytics do?

Analytics identifies this data and gathers it into a common ground so that it can be structured into information. And this information generates insights that drive business decisions. Business decisions power growth and growth defines success. 

Simply speaking, analytics is a linear trajectory that empowers an individual or organization to transform itself. Analytics can be thought of as not only identifying and interpreting data but also the application of data patterns and various techniques that help in effective decision-making. Decision-makers use this information to identify past trends and make informed decisions that can have future business implications. 

Consider the thought – ‘If only three out of five routes were being used by commuters to travel from New York to Boston yesterday, then improving the other two and adding two more routes could reduce travel time by 25% within the next 5 years assuming the rate of growth of traffic on the road stays constant at 15% annually’.  

Analytics has changed the way we ask questions. The above example is meant to be some of the simpler scenarios of insight that one may gain using data analytics. The richness of data harnessed the power to make informed decisions. That is what analytics does. 

And now, the Sports industry has a new best friend.

Analytics and Sports

While the theory of sports analytics and the study of performance statistics might have been around since the 1980s, it was hugely popularized by Billy Beane – General Manager of the American baseball team the Oakland Athletics during the late 90s and early 2000s. Some of you might be familiar with the movie or the book Moneyball. Moneyball was inspired by Billy Beane’s study of Sabermetrics or the empirical analysis of baseball statistics that measure in-game activity.  Beane implemented methods to identify key performance indicators of players that would collectively bring in an improvement on his team’s performance in the long run. Using this approach, he built a competitive team that, despite having one of the lowest operating budgets out of over 30 teams in professional American baseball, consistently managed to produce performances placing them in the top five to ten teams in their league.

Global sports analysts and industry experts have remarked that the sports analytics industry is potentially expecting to reach a value of $5.2 billion dollars by 2024. Not bad for an industry that had a market value of around $125 million just about a decade ago.

Analytical approaches, however, are different when it comes to different sports. For example, baseball and cricket generate a majority of their data points during one to one interactions between players on the pitch, such as a pitcher pitching to a batter or a batsman hitting the ball towards a specific fielder. The approach used here could not be implemented in a game like Football (Soccer) or Basketball where multiple players are interacting with each other simultaneously with interactions becoming more attached among themselves if the ball happens to be closer to them.

There is no hard and fast rule when it comes to what techniques can be applied and that is where the beauty and challenges lie when it comes to applying analytics to sports. 

Key areas in Sports that Implement Data Analytics Techniques

Here are some key areas in sports that implement data analytics techniques as sports organizations look to maximize performance and revenue.

1. Performance Tracking and Analysis

The seemingly minute margins are what make the difference between winning and losing. This is where analytics has helped athletes and teams improve themselves both physically and mentally. 

Gone are the questions such as ‘How many goals did we score?’ or ‘How many assists does Player A have?’. Today the questions asked are more along the lines of ‘Player A has a pass percentage of 95.6 from which 47% of those passes were 15-yard passes. 34.5% of these 15-yard passes were forward passed. What percentage of those passes created a goal-scoring opportunity for our forward?’ 

or 

‘Player B has made 4.5 interceptions per game over the last 25 matches out of which 80% of them happened in the middle third section of the pitch. If we can have player A close to B during these interceptions, A could then pick up the ball and make a 15-yard pass to quickly release our forwards, could he not? This ideally means that we should pair players A and B closer together in our matches.’

Once again, the examples mentioned above are some of the less complex questions that are asked with respect to utilizing analytics across sports teams. And it only gets more interesting from there.

2. Monitor and improve performance

Giving coaches and managers data ranging from the distance covered, area coverage maps, heartbeat rates to passing percentages, shot classification, positioning data, and much more allows them to analyze in great depth. Devices such as fitness bands and video cameras coupled with custom algorithms enable the recording of such data which is presented to the coaches and managers as part of a massive statistical datasheet. This gives them the flexibility to identify key statistics and use them to plan training patterns and routines.

Coaches can use this data to tailor specific training programs for their teams and individual athletes that can help them improve on key performance areas relevant to their playing style. On another front, the data can also be used to identify key improvement areas so that specific drills and exercise routines can be implemented to develop on them. Or, this data can be used to target specific weaknesses of rival players so that the team can exploit them to gain a tactical advantage.

3. Fan Engagement

The last couple of decades saw technology and digitization invading the sports industry in a way that nobody could even think of 20 to 30 years back. With smartphones and mobile apps getting so popular today, sports teams and organizations are utilizing technology to engage with their fans to provide better customer experiences, gradually increasing the marketability of sports.

Sports franchises have used mobile apps coupled with analytics to improve the experiences of match-going fans. Fans can be rewarded with discounts, ticketing offers, merchandise offers, VIP seats, or player engagement opportunities based on their attendance, seat preferences, snack preferences, and more. Fans also stream matches online today. With applications utilizing basic information to identify fan demographics such as age, location, and teams they support, sports clubs and franchises have found ways to offer personalized packages to fans that enhance their user experience. 

Television and digital media are used as platforms where fans can interact not only with each other but also their players, club officials, sports pundits, and analysts as they come together to exchange ideas, opinions, and to network. Having team and player performance statistics available for visualization to the everyday fan brings out the analyst in them as well, giving them the sense of being more involved with their favorite sport, team, and heroes on the pitch – a sense of ownership if you will.

Read our case study: Legends Personal Training 3.0 – How Fingent developed a fitness regimen app for a select group of personal trainers and health professionals in Wimbledon and Kingston.

How Analytics Boosts Revenue Generation in Sports

Generating revenue is undoubtedly one of the most important aspects of running a business. This applies to sports companies too – be it running a sporting franchise, a team, or a league.

Some of the common avenues that sports teams explore include television deals for broadcasting games, ticketing for stadiums, corporate sponsorships, merchandising, and of course, player trades or transfers.

Examples of how analytics contributes to sports revenue:

• Analysts could identify leagues with potential based on past victories, player potential to attract crowds. For example, leagues, where teams have larger stadiums, would be prime candidates to earn more money through ticket sales. 
• Using data, sports teams can identify the fans who attended the games, made in-stadium purchases, and the movements within the premises. This information could be pivotal for the corporate personnel as it would enable them to have a greater focus on sponsor targeting and engagement both within the stadium and outside.
• Merchandising is a key component of a sports team’s revenue-generating model. Using fan information from ticketing, fan engagement events, or even previous purchases at the club’s stores, the decision-makers could identify potential other locations to expand their reach – enabling fans to buy merchandise of their team far easier.
• Player Transfers – There are various examples of transfer fees paid by a buying club to the selling club in order to facilitate a purchase for the services of a player. How would analytics play a role in this? There are many factors that determine the ‘value’ of a player – such as his/her current form, age of the player, the relative proximity of the player’s ability in terms of current ability and peak potential, marketability of the player, and various other factors. Analysts work out algorithms using a variety of these parameters to determine optimal market values which are then used as a starting point for any player trade or sales.

Read more: iBeacon Technology in Sports and Other Industries

The Potential of Analytics in Sports

The potential of analytics in sports is enormous. Though the sports industry has debuted analytics only lately, industry experts are trying to dive deeper into the implementation of data-driven decision making. Looking at the rising number of use cases and business benefits, it’s no surprise to say that the future of professional sports lies in the hands of sports analytics. 

Fingent offers a wide array of custom software and analytics solutions for sports organizations that help them manage their basic to the most complex challenges. Get in touch with us to learn more. 

Top Digital Alternatives to Go Paperless and Survive the Recession!

• Introduction
• Document Management Software
• Electronic Invoicing System
• Digital Signature
• Remote Work Collaboration Software
• Virtual Hiring and On-boarding
• Workflow Automation
• Mobile Payments
• Choosing the Best Way to Implement Paperless Initiatives