Category: Digital

India’s UPI Revolution Will Leave You Behind If You Don’t Act Now

November 19, 2024

In 2024, India’s Unified Payments Interface (UPI) recorded remarkable growth with a surge in transaction volume. This growth underscores the increasing shift towards digital payment solutions, reflecting not only advancements in mobile payment technologies but also changing consumer behaviours in India’s banking sector. But what’s fuelling this rapid adoption, and what might the future hold? UPI Revolutionises Digital Payment in India with Unprecedented Growth in 2024 The surge in UPI transactions in 2024 marks a pivotal moment in India’s digital payment evolution. With transaction volumes swelling, UPI has solidified its position as the backbone of India’s mobile payment infrastructure. This growth has been driven largely by UPI’s accessibility, allowing seamless transfers with just a bank account, mobile number, or QR code. Furthermore, this expansion is reconfiguring India’s online banking landscape, reducing dependency on cash and catalysing a nationwide shift to digital payments, especially in small businesses and among young users. Key Drivers Behind the Surge in UPI Transactions Several key drivers have catalysed this impressive rise in UPI transactions: Comparing UPI Growth Trends: What We Learned from 2023 Reflecting on 2023, UPI has already become a dominant force in India’s digital payment ecosystem. Monthly transactions routinely crossed billions, and the growth rate set high expectations for 2024. By analysing the 2023 trends, we saw how reliable access to mobile payments, collaborations between banks and digital platforms, and the prioritisation of user-friendly banking interfaces laid a solid foundation. This momentum has amplified in 2024, proving that strategic investments in digital banking and payments were instrumental in scaling the UPI user base even further. The Role of Government Initiatives in Boosting UPI Adoption Across India Government-backed initiatives have been instrumental in expanding UPI’s reach across India. Policies promoting cashless payments have encouraged widespread adoption, with a particular focus on banking inclusion for rural areas. Programmes like the Digital India initiative have played a pivotal role by facilitating necessary digital infrastructure and advocating the adoption of mobile payment systems. Additionally, the Reserve Bank of India’s regulatory support has enabled faster integration of UPI in various banking systems, driving more transactions and financial inclusion. Future Prospects: How UPI is Poised to Transform Banking and Transactions in India The future of UPI looks promising, with potential developments poised to revolutionise banking and digital transactions. Upcoming innovations, such as integrating UPI with international payment networks, could further extend its utility for cross-border transactions, a move that would reshape India’s digital payment landscape. Moreover, AI-driven insights may enhance security, making digital banking safer and more personalised. With UPI’s capacity to evolve alongside global standards, India’s digital payment ecosystem is set to become even more inclusive and adaptive to technological progress. Challenges Ahead: Ensuring Security and Accessibility in India’s UPI Ecosystem Despite its success, UPI faces challenges, especially in terms of security and accessibility. The vast volume of digital payments has attracted cybersecurity concerns, with fraud prevention becoming an urgent priority. Protecting user data and ensuring secure transactions will be essential to sustaining consumer trust. Moreover, while UPI has penetrated urban areas, rural accessibility remains limited. Bridging this gap through targeted government and banking initiatives will be crucial to fully realise UPI’s potential across India. Ensuring digital literacy and infrastructure in remote regions can strengthen the UPI ecosystem, enabling equitable access to secure mobile payment services. FAQs 1. Why Are Experts Saying 2024 Is the “Last Call” to Ride the UPI Wave Before It Evolves? UPI has seen unprecedented growth in 2024, transforming India’s digital payment landscape. With recent innovations like AI-driven security and potential cross-border capabilities, UPI is poised to evolve rapidly. Businesses and consumers adopting UPI now are gaining a competitive edge, but delaying could mean missing out as new features and competition reshape the ecosystem. Don’t miss the chance to be part of India’s digital payment revolution. 2. How has UPI transformed India’s digital payment ecosystem? UPI has revolutionised digital payments by offering secure, instant money transfers using mobile phones, QR codes, and digital wallets. Its integration with banks and support for small merchants has made it a cornerstone of India’s cashless economy, driving financial inclusion and reducing dependency on physical currency. 3. What role has the Indian government played in UPI’s growth? Government initiatives like Digital India and policies promoting cashless transactions have significantly boosted UPI adoption. Regulatory support from the Reserve Bank of India (RBI) has facilitated banking inclusion, particularly in rural areas, enabling UPI to become India’s preferred digital payment method. 4. What are the latest innovations in UPI technology in 2024? Recent innovations like UPI Lite, scheduled payments, and potential cross-border integrations have made transactions faster and more user-friendly. Upcoming advancements, including AI-driven fraud detection and personalised banking features, are expected to enhance security and convenience in the digital payment ecosystem. 5. What challenges does UPI face in ensuring secure and accessible digital payments? While UPI is a game-changer, challenges remain, including cybersecurity threats, fraud prevention, and limited penetration in rural areas. To ensure sustainability, efforts must strengthen security protocols, improve digital literacy, and expand infrastructure to bridge the urban-rural divide in mobile payment adoption.

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Beyond Boundaries

Beyond Boundaries: The Strategic Advantage of Agency Alliances with a  Comprehensive Digital Partner

June 7, 2024

With clients needing a wider range of services and specializations in the fast-paced digital world, the demand for agency partnerships continues to rise. From web development and digital marketing to data analytics and emerging technologies, they demand a customizable portfolio of services that is suited to their individual goals. But this entails an intimidating and expensive burden of in-house expertise being built and maintained across all these domains. This is where the strategic advantage of agency alliances with a comprehensive digital partner comes into play. Partnering with more digitally focused companies, agencies can go beyond the limitations of their traditional scope of work and expand what they are able to offer — without the cost of creating and maintaining in-house capabilities. In addition to extending service offerings, these alliances give access to advanced competencies, scalability, and cost-benefits leading to superior customer experience. The Evolving Digital Landscape The digital world continues to change with advances in technology, changes in consumer behavior, and shifts in the market. Agencies are struggling to keep up with this and meet the broad needs of clients. Many of these agencies are very good at very specific aspects of marketing (e.g., digital marketing, web design etc.), but may lack the specialist skills required for new-age technologies (social, AI, IoT, Blockchain). Clients today demand comprehensive solutions that seamlessly integrate various digital components, from website development and mobile apps to data analytics and Cybersecurity measures. Attempting to build expertise in-house across all these domains can be prohibitively expensive and time-consuming, leaving agencies struggling to meet client expectations and stay competitive. Benefits of Agency Alliances Forming strategic alliances with a comprehensive digital partner offers numerous benefits that can propel agencies to new heights of success: Choosing the Right Digital Partner Selecting the right digital partner is crucial for the success of an agency alliance. Agencies should evaluate potential partners based on criteria such as: Agencies should conduct thorough due diligence, including reference checks and pilot projects, to ensure a prospective partner meets their requirements and aligns with their strategic goals. Overcoming Challenges and Best Practices While agency alliances offer numerous advantages, they also come with their fair share of challenges. Effective communication, cultural differences, and project management can pose hurdles to successful collaboration. To overcome these challenges and ensure a fruitful partnership, agencies should adopt best practices such as: By adhering to these best practices, agencies can navigate the challenges of agency alliances and unlock the full potential of their strategic partnerships. The Future of Agency Alliances As the digital landscape continues to evolve at an unprecedented pace, the need for strategic agency alliances will only continue to grow. Emerging technologies such as artificial intelligence, virtual and augmented reality, and blockchain will reshape industries and consumer experiences, creating new opportunities and challenges for agencies. To remain competitive and relevant, agencies must embrace a collaborative mindset and actively seek out partnerships with specialized digital companies. By combining their strengths and leveraging complementary expertise, agencies can future-proof their businesses and position themselves as leaders in the ever-changing digital realm. Final Thoughts In the dynamic and demanding world of digital services, agency alliances with comprehensive digital partners offer a strategic advantage that can propel agencies to new heights of success. By transcending traditional boundaries and leveraging specialized expertise, agencies can expand their service offerings, access cutting-edge skills, achieve cost efficiencies, and gain the scalability to meet fluctuating project demands. As the digital landscape continues to evolve, embracing a collaborative mindset and forming strategic partnerships will become increasingly essential for agencies to stay ahead of the curve and deliver exceptional value to their clients. By carefully selecting the right digital partners and adopting best practices for effective collaboration, agencies can unlock a world of opportunities and solidify their position as industry leaders in the digital age.

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ROI of investing in digital customer soln

The ROI of Investing in a Digital Customer Service Solution

May 17, 2024

Digital customer service solutions are steadily becoming imperative for companies in terms of saving costs, enhancing revenues, speeding up response times, and of course, enabling more efficient allocation of resources to high-value tasks through automation of repetitive components. When it comes to digital solutions with a transformative ability, customer service is one area where they have a hugely positive impact. When we talk of digital transformation, it can be classified as innovatively applying technology to enhance or build new processes and experiences that eventually propel business value. Why should customer service be excluded from the digital wave all around? A majority of digital transformation projects focus on boosting customer experience as per research reports by Metrigy. 82.7% of entities also completed/were about to complete/were planning a customer experience transformation initiative in 2023 as well. Technologies like self-service, analytics, AI, and others are increasingly being used to boost customer interactions and service, delivering better ROI which may be tracked in multiple ways. Measuring ROI from Investments in Digital Customer Service Solutions So, how do you track the ROI generated by investments in digital solutions for customer service? These are some options worth trying. How to Unlock Actual ROI in this Case In case you wish to unravel the final return on investment (ROI) generated by your investments in digital customer service solutions, then here are some aspects that you should take into account. How Digital Solutions are Streamlining Customer Service On that note, let us look closely at how digital and tech solutions can boost customer service and experiences considerably. But how do automation and other technologies positively influence customer satisfaction and employee management (which ultimately boosts retention rates and revenues)? Here’s finding out: How Does It Stack Up? Digital customer service solutions like intelligent automation, Chatbots, artificial intelligence, and data analytics for gathering insights and personalization are worthwhile investments for any enterprise today. Not only does this boost overall ROI, but it also elevates customer experiences, thereby propelling retention rates and eventual revenues upwards. For example, the Accenture Artificial Intelligence Index report mentions how businesses that are choosing this strategy are seeing an increase in profitability by 38%. In fact, generative and conversational AI will ultimately transform the quality and nature of customer service. This will maintain that degree of personalization while giving customers access to what they need much faster and in a more accurate manner. This is only the tip of the iceberg. Expect further innovation to bring about a tectonic shift in this segment. FAQs 1. How does a digital customer service solution differ from traditional customer service methods? Digital customer service solutions are radically different from conventional customer service methods. They streamline repetitive and manual tasks, automating them and enabling more personalized interactions with customers. They are almost 100% accurate, avoiding errors and lowering customer wait times with instant responses and direct people to their necessary solutions alongside. 2. What are the key metrics used to measure the ROI of a digital customer service solution? Some of the key metrics that can be used to measure digital customer service solution ROI include net present value, cost-benefit ratio, payback period, and more. Some other options include average handling time (AHT), FCR (first contact resolution rate), CLV (customer lifetime value), and NPS (net promoter score). 3. Is a digital customer service solution right for my business? A digital customer service solution is ideal for any business, enabling you to quickly address customer queries and issues without errors and time lags. You can proactively communicate with customers and personalize interactions via technology solutions while enhancing response rates and overall retention alongside. 4. Can a digital customer service solution help in predicting and proactively addressing customer needs and issues? Data analytics-based digital customer service solutions will help in proactively tackling and predicting customer requirements and potential issues. Data will be gathered by the system across multiple touch points and parameters. This will be analyzed to unearth valuable insights on customer behavioral patterns, trends, preferences, and so on. Hence, companies will be able to forecast specific customer service needs or concerns beforehand and address them in a more proactive manner. 5. What are the common challenges organizations face when implementing a digital customer service solution? Organizations may face a few challenges while implementing digital customer service solutions. These include arranging budgets for technological implementation and transformation, training manpower and hiring skilled personnel wherever required, and of course, the resources required for maintenance of these systems. Ensuring data privacy of customers and overall security are other challenges that businesses may face in this case.

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Digital Twins and Virtual Simulations in Drug Development

April 22, 2024

Pharmaceutical research, particularly for drug development, is being revolutionized significantly through technological innovations like virtual simulations and digital twins. The basic definition for any digital twin can be a virtual structure that is modeled on the real-world counterpart with the same internal links and processes. There must also be a mechanism for continual data inputs and updates into the virtual system from the real one. Let us learn more about how it can transform drug development and delivery. How Digital Twins Make For a Compelling Case Omics data has proliferated swiftly these days, containing valuable inputs on biomolecular activities in cells. Drug development and delivery involves several aspects like physiology of patients, drug attributes, and delivery systems. Conventional methods are often based on the trial and error framework which may be lengthy and costly. The development of digital or virtual models which simulate drug behavioral attributes within the body and forecast safety and effectiveness can be the solution that pharmaceutical research needed all this while. Digital twins have immense future potential since it can enhance both development and outcomes for patients. The global market for this technology is anyway forecasted to witness 58.9% of compound growth annually, touching $48.2 billion by the year 2026 as per MarketsandMarkets. Digital twins will lower the time-to-market for pharmaceutical companies while enhancing development alike. It will enable higher optimization of dosages and formations prior to clinical trials as well. Digital twins may be developed with data from several sources including wearables, imaging technologies, electronic health records, and the like. They may help in simulating drug behavior in our bodies, enabling a better understanding of possible side effects. Pharmaceutical researchers can thus tweak the administration of drugs and their dosages likewise. It may enable patients to get more personalized and better treatments, while the industry saves resources and time on the identification of any issues/hurdles before they actually happen in the physical world. To cite a few instances, AstraZeneca has already tied up with Insilico Medicine for leveraging digital twin technologies across its drug candidate identification and drug development procedures. Pfizer has entered into a similar partnership with BioLingus for digital twins to optimization biologics formulation and delivery. Roche has itself made an investment in Physiomics for tapping digital twins while Novartis is using this technology in partnership with Lattice AI. Even Sanofi has made an investment in a startup using digital twin technology, namely Owkin, for faster drug development and discovery alike. What Digital Twins Promise Digital twins can be helpful in predicting drug distribution, absorption, metabolism, and even excretion. They may leverage patient-based data including physiology, genetics, lifestyle aspects, and more. Digital twins may help researchers find future issues and optimize their formulations accordingly. They may also help simulate drug delivery systems including nanocarriers or implantable devices, enabling optimization of drug dosages and release rates accordingly. The benefits are already being harnessed by several players in the sector. Ansys has been collaborating with researchers in Oklahoma State for creating a digital twin to boost drug delivery. They are enabling this via simulated lung models. The collaboration has unearthed the fact how 20% of several drugs achieved their desired targets. Hence, the digital twins are empowering them to redesign everything from drug composition attributes to particle sizes, leading to 90% growth in delivery-related efficiency. Drug delivery robots are another area where digital twins may come in handy. Researchers can simulate robot behavior in the body, enabling better function and design optimization. It may enhance precision in drug delivery while reducing human error-related risks alongside. In a nutshell, digital twins for drug development and delivery promise the following advantages for pharmaceutical research and manufacturing: What are the Challenges for Digital Twins? Some key challenges in the implantation of digital twins for drug delivery and development are the following: These are some of the potential challenges that pharmaceutical companies may encounter in terms of harnessing the benefits offered by digital twins. How VR and other Technologies Contribute Virtual reality (VR) can be a major game-changer for drug design, delivery, and development. VR can help in visualizing molecule interaction while also simulating molecular dynamics. It may help in understanding binding processes better along with lowering costs of clinical trials. These otherwise happen due to potential candidates failing during these trials. VR and computational design can enable more functional and structured simulations before synthesis along with improved virtual distribution, absorption, excretion, metabolism, and pharmacokinetics, along with toxicity. The virtual design can be implemented at the initial stages of drug discovery. ML (machine learning) and AI (artificial intelligence) will help in predicting functions and determining structural attributes. Simulation and machine learning will enable forecasting major drug attributes for effectiveness and safety alike. Quantitative systems pharmacology and quantitative systems toxicology are among modeling strategies that may help develop in-depth tissue and organ models for forecasting efficiency or safety biomarker changes. Drugs can be designed within virtual human or animal environments for targeting clinical or preclinical pharmacokinetic outcomes and this will completely transform the pharmaceutical sector in the future. Higher computational power and better application of ML-based algorithms have opened up future possibilities for highly advanced digital twins. They will tap analytics, simulation, and other technologies for better predictions, formulations, and outcomes along with fast-tracking innovation considerably. It goes without saying that the future of pharmaceutical research and development looks bright with technological progress spurring better outcomes for all industry stakeholders. FAQs How can digital twins aid in the identification and prediction of potential off-target effects and safety concerns during drug development? Digital twins can help immensely in identifying/forecasting possible side effects and safety issues at the drug development stage. They replicate the real world and hence researchers can use them to understand potential effects of drugs in the human body (simulated). What are the limitations of digital twins? Some of the limitations of digital twins include inaccurate or poor data quality and high computational power that is required for their effectiveness. If the data fed into the system is not accurate or high-quality,

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Beyond Cash and cards

Beyond Cash and Cards: Reimagining Money in the Digital Age with CBDCs

February 23, 2024

What is the future of money in an increasingly digital age? This is one question that may have come across your mind, particularly if you’re a stakeholder or involved in any aspect of the financial industry in India or even worldwide. While on the subject, it is pertinent to mention that CBDC (Central Bank Digital Currencies) can play a crucial role in the future. Learning more about it will help, if you’re looking at a futuristic point of view as to what could ultimately take place. Knowing More about CBDC CBDC (Central Bank Digital Currencies) is a digital/electronic form of money which can be used by enterprises and individuals for not just making payments, but also for storing value. This is central bank digital finance represented through the national unit of currency. It will indicate legal financial tender with the central bank’s liability. This makes CBDCs similar to actual or physical currencies that are circulated throughout the world. They are thus not as vulnerable towards market volatility in comparison to other digital currencies. Hence, it can be summed up by stating that a CBDC indicates traditional yet digital money which is governed and issued by the central bank of the country. It is influenced by the monetary policy framework of the country, inclusive of value and supply, along with trade surplus and other factors. It will be functioning on the basis of a digital ledger and may/may not use distributed ledger technology (DLT) or blockchain. It is vastly different from cryptocurrencies which are under the governance of autonomous and distributed groups and is not entirely market-influenced. It is also not the same as electronic cash in a digital wallet or card with a claim against intermediaries, such as commercial banks. How CBDCs Stack Up In The Future CBDC (Central Bank Digital Currencies) will evolve swiftly in the near future, enabling central banks to implement it for larger benefits. Some of the aspects that require more discussion include how they can fully swap coins and notes along with their privacy/anonymity levels, in addition to availability and accessibility. Their ability to bear interest should also be discussed in this regard. What the RBI Feels When it comes to CBDCs, they are now being increasingly focused on by the RBI (Reserve Bank of India). The Union Minister of Finance had announced that a digital currency would be launched by the RBI as part of her Budget speech in 2021-22. The Government ultimately unveiled the digital rupee- e₹ which was a CBDC controlled and operated by the RBI as a digital counterpart of the fiat currency in India. A pilot project came into being for the retail and wholesale categories within a group of selected banks and users. The RBI has envisioned CBDCs as digital versions of actual currency, which will be similarly exchangeable as physical currency and obtain acceptance as a payment medium. It will be legal tender while storing value safely. India has already adopted digital payment infrastructure swiftly owing to the UPI (Unified Payments Interface). CBDCs will streamline payments and take things forward by widening the possibilities in this case, particularly for industries such as e-commerce. It will just be like cash-based transactions, leading to instant settlements. It can scale up the efficiency levels of payment systems. For the wholesale banking sector, cross-border payments are an area which necessitates rapid transformation. World Bank reports indicate how India is the highest recipient of global remittances, having got a whopping $87 billion in 2021. The biggest source was the United States, contributing close to 20% of the same. This increased by 12% in 2022, touching $100 billion. Remittance costs are hence vital for those staying abroad. Wholesale CBDCs can address better cross-border payments or even serve the domestic market which is largely untapped till date. CBDCs should contribute towards lowering the costs of managing currencies while promoting higher financial inclusiveness across the country. There will be more innovative and efficient payment systems and avoid the risks linked to virtual and private currencies. Key Features of CBDCs A CBDC (central bank digital currencies) may have the following features, depending on the approach taken by the apex bank and other authorities. Currently, most countries may perceive CBDCs as a supplementary money option and not something that will fully replace actual currency. Multiple countries have already unveiled their CBDCs, including Nigeria, Jamaica, and the Bahamas. Several more countries (114 approximately) are already experimenting with/exploring the concept of CBDCs as per a survey conducted by the Atlantic Council. China has already launched its e-CNY pilot in the year 2021 and its digital Yuan already offers representation for 0.13% of reserves and cash with its central bank. President Joe Biden has also issued an executive order in March last year for swiftly evaluating the risks and advantages of CBDCs in the USA. India is already testing its retail and wholesale CBDCs, while Russia has been testing payments in digital rubles from April last year. Japan has launched its pilot around the same time, while the United Arab Emirates (UAE) is anticipating the completion of its digital dirham project in the first phase by 2024. Australia is also testing its eAUD with several partners like DigiCash, MasterCard, and the Australian Bond Exchange. While a tiny chunk of USA lawmakers have voiced concerns about centralization of currency being a curb on further innovation in the financial space, on the whole, there is a global consensus towards testing and launching digital currencies or CBDCs for widespread benefits. FAQs Which countries are exploring CBDCs and what are their approaches? Several countries are already exploring CBDCs, including China, which has successfully covered 0.13% of its reserves and cash with digital Yuan and India, which is testing CBDCs in both the wholesale and retail segments. The USA is looking at an evaluation while Australia is testing its eAUD with select partners. What safeguards are in place to protect CBDCs against cyber threats and hacking attempts? There are several safeguards that are in place for protecting CBDCs from

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Digital Pathways to Patient Engagement

Digital Pathways to Patient Engagement

August 28, 2023

Digital pathways are specialised systems for patients and healthcare providers, enabling them to manage the whole care process. It boosts patient engagement, streamlining overall communication, lowering overall paperwork and repetitive calls along with enabling automated administrative workflows. This results in smoother experiences for both parties with the help of health technology and dedicated digital solutions.  Personalised healthcare becomes a reality with digital pathways, while coordinating patient care throughout multiple disciplines, settings, or teams, and enabling data capture in real-time for tracking outcomes. These pathways also help foster an environment of patient education, collaborative working, and better engagement to boost adherence rates and eventual outcomes. How Digital Pathways Can Improve Patient Engagement Digital pathways can go a long way towards improving patient engagement. Here are a few pointers that can be noted in this regard:  Along with increased patient engagement, there are multiple other benefits of digital pathways as are listed below. The Benefits of Using Digital Pathways for Patient Care There are several advantages of using digital pathways for better patient care and engagement. Here are some of them: The benefits of digital pathways are numerous for both patients and healthcare providers. The best part is the fact that healthcare shifts to a more patient-centric and personalised model, which is the need of the hour today. The Future of Digital Pathways in Patient Care The future of digital pathways in patient care and engagement looks immensely bright and positive. More healthcare providers will adopt these digital solutions towards enabling patient-centric services. Here are some other pointers worth noting in this regard. The future will be more patient-driven as far as healthcare solutions are concerned. This is where digital pathways will come into play as cost-saving, efficient, and effective options for both healthcare providers and patients. FAQs 1.What types of digital tools and platforms are commonly used to facilitate patient engagement? There are several digital platforms and tools used for enabling patient engagement. These include digital check-ins, online scheduling of appointments, provider searches, digital billing, virtual waiting rooms, self-service tools, and telehealth. Other tools include patient portals, mobile apps, smart devices, care automation platforms, and remote patient monitoring tools.  2. How can personalised health technology solutions foster stronger patient-provider relationships? Personalised health technology solutions can build deeper relationships between patients and healthcare providers. Patients can get personalised health monitoring, guidance, and care delivery. They can be actively involved in decision-making while getting all necessary support, reminders, follow-ups, and check-ins. This will enhance patient satisfaction greatly and lead to better relationships with providers.  3. What are some real-world examples of successful digital strategies that have led to improved patient engagement outcomes? Some real-world examples of successful digital initiatives for better patient engagement include telehealth and remote patient monitoring. Some others include personalised patient portals and mobile apps along with software-based self-service tools.  4. How do interactive digital platforms empower patients to actively manage their own health and wellness? Interactive digital platforms contribute towards patient empowerment by giving them the data and tools to actively manage their own wellness and health. Patients can get recommendations and guidance along with preventive strategies. They can access their updated health data and get remote tracking and follow-ups along with reminders and notifications if needed. They can use self-service tools to engage with healthcare providers in a more convenient manner as well. They can also access educational resources on these platforms.

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Digital Transformation In Retail Sector

The Digital Retail Revolution: Tech Transformation Story

June 16, 2023

Digital retail is a buzzword that rings a bell in recent times. Tech transformation has reshaped the retail industry, particularly with the growth of e-commerce. Tools like machine learning and artificial intelligence have only fueled these trends. Here’s delving deeper into this transformational journey of the global retail industry. The Rise of E-Commerce E-commerce has been a game-changer for the retail industry over the last decade. Here are a few aspects worth noting: · Digital retail has been a direct result of tech transformation in the industry. This helps enhance customer experiences and drives future growth. · Personalisation in marketing and communications is possible via technology. There are also custom offers and recommendations for customers today. People can also expect swifter responses to queries and better experiences. The Impact of Technology on Retail Now how has tech transformation affected the retail industry? Here are some points that you should not miss: The Success Stories of Digital Transformation There are countless success stories of the tech transformation in the retail industry. Here are a few of them: Target’s cutting-edge digital transformation- IKEA’s virtual foray- FAQs 1.What are the key drivers of the digital retail revolution? Some of the biggest drivers of the digital retail revolution include changing consumer habits, and higher smartphone/mobile device usage and access. Other drivers include the growing need for personalisation and targeted marketing and the need to understand continually evolving consumer preferences. Another key driver is the desire to enhance customer experiences all throughout their journeys. 2.How is the digital retail revolution improving the customer shopping experience? The digital retail revolution is rapidly enhancing shopping experiences for customers. They can enjoy better in-store navigation and personalised recommendations in some cases. At the same time, they can get swifter responses to their queries and higher personalisation in case of their shopping experiences. 3.What are the benefits of embracing technology in retail? The benefits of embracing technology in retail include better customer engagement, higher customer retention and enhanced customer satisfaction. Some other advantages include personalised and targeted marketing and eventual growth driven by valuable customer insights. 4.What challenges do retailers face during the tech transformation process? There are several challenges faced by retailers at the time of tech transformation. These include integration with existing or legacy systems, digital literacy challenges and data privacy or security.

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Hackathon Diaries #3

Hackathon Diaries #3 Digital Democracy: Web-app Vote, One-click Remote

March 29, 2023

The INT. Hackathon 2023 was a call to all the tech enthusiasts, problem solvers, and innovators at our company to be a part of an electrifying opportunity to showcase their abilities, collaborate with their peers and bring their groundbreaking ideas to life. This offered a platform that left every one of us awe-inspired and amazed through the unleashed creativity.  In this edition, our tech gigs focused on our commitment to the Digital India initiative as we are already serving a plethora of government bodies time and again. ‘Digital Democracy’ is what the team emphasised with the motto, ‘No stress, no mess, just a simple click and your vote is expressed.’ Digital Democracy Digital democracy is a cutting-edge web application to revolutionise democracy through a decentralised voting system. It harnesses the power of blockchain technology to ensure secure, transparent, and tamper-proof elections. It acquires the potential to avoid long queues and outdated voting systems to welcome a new era of democracy. The Team Shankha Chatterjee Shankhya Subhra Datta Lokenath Karmakar Sayantan Sur Market Potential Increased demand for remote voting: The COVID-19 pandemic has accelerated the trend of remote voting, as more people are looking for safe and convenient voting remotely.  Blockchain technology adoption: Blockchain technology is growing across a variety of industries, and its potential applications for voting and elections are increasingly being explored. Potential cost savings: An online voting app with blockchain can provide cost-saving options compared to traditional voting methods, such as paper ballots and in-person voting. Problem Statement Voting: India is the largest democracy in the world, however only 67% of people vote Security: Electronic voting machines are vulnerable to hacking, tampering, and other forms of interference hampering the voting procedure Transparency: Voters face ambiguities in the counting of their votes and the accuracy of results Reliability: The data stored in the database can be hampered and manipulated resulting in trust issues Paper trail: Voting solutions lack a paper trail making it difficult to audit the results raising the possibility of disputes Expensive: Current conventional voting system is costly The Solution and Its Benefits Digital Democracy – A Voting Web-App having the following features: Decentralised identity verification through Blockchain technology allows each voter to create a unique digital identity that is linked to their physical identity Tamper-proof and transparent ledger to provide an immutable record of all casted votes, making it more difficult to breach results Maintaining privacy to keep an individual’s vote secret Voters would be incapable to give their voting rights to third parties  Easy voting and making everyone eligible to vote Maintaining immutability by keeping the unmodifiable records of the casted votes on the blockchain The system is easy to use and accessible to all voters, regardless of their technical abilities Facilitating seamless verification of votes to ensure validity  The system upholds voter anonymity to ensure their choices remain private The solution processes votes quickly and efficiently to make the results available on a real-time basis  The system is resilient to cyber-attacks and can withstand attempts to compromise the integrity of the voting process How It Works Workflow #1 Workflow #2 Tech Stack FrontEnd: React Js Backend: Node Js Web 3.0: Metamask, Solidity, Polygon, and Hardhat Database: MongoDB Future Business Scopes The platform can establish partnerships with other companies or organisations to offer additional services, such as voter education materials or voter outreach campaigns. These have the potential to generate revenue through joint marketing efforts or revenue-sharing agreements.  Tie up with the government and corporate sectors  The online voting system can offer customisation services for election authorities, like creating custom ballots or integrating the system with existing voter databases

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PWA Vs AMP- What To Choose?

October 21, 2020

“Design your website for your mobile device first then go the way up” – Exactly! You heard it correct. Why? Developers often face challenges when designing for smaller devices so when you start for the small device and then go up,  you are actually designing the heart of the UX first, and that is called product enhancement.  Why Mobile-First approach?  Mobile-first means your design is precise, your content is not puffed up. The limitations and smaller screen breakpoints better fit around the content. Then why not Mobile-first approach? Today’s environment makes us more reliant on smartphones. Faster and convenient interactions give it an edge over any devices. Moreover, we prefer everything on the go!  Why not gradual degradation?  Well, in this case, you have to cut down the experience because the core and the supplementary parts of the all-inclusive design become hard to distinguish and separate. Mobile apps are more user-specific and cater to the smarter needs than web apps since they are advanced in terms of features and functionalities now, building web apps is easier but they are simpler in terms of features. Thus, we need the best of two which led us to progressive web apps (PWA). Progressive web app falls in between standard web app and mobile app and as Alex Russell says PWAs are “responsive, connectivity-independent, app-like, fresh, safe, discoverable, re-engageable, installable, linkable web experiences. PWA is able to work offline and load extremely quickly. Moreover, it doesn’t require downloading or installation.  PWA & AMP cs.” The progressive web application is an advanced web page able to work offline, includes features of push-button and has device hardware access. It also has native app-like capabilities such as local storage, notifications, background synchronisation. Accelerate Mobile page is an open-source HTML framework that creates a web page faster, enables it with a smooth-landing page and prioritizes the user-experience. It has optimised AMP components and CSS.  What to choose? Let’s dive into their pros and cons 1.1 Progressive Web APP In the following tabular format let’s look into what PWA is offering to us and not: Pros of PWA Progressive: Able to work on any browser due to its progressive improvement principles. Responsive: Adaptable to various screen sizes or dimensions of any device. App-like: Users experience alike feelings of using native apps in terms of interaction and navigation. Updated: Information is always up-to-date thanks to the data update process offered by service workers. Secure: Exposed over HTTPS protocol to prevent the connection from displaying information or altering the contents. Searchable: They are identified as “applications” and are indexed by search engines. Reactivable: Web notification capability makes the application easier to reactivate Installable: Complexities arising for using the app store can be avoided by saving the useful app through an icon present on the home screen. Linkable: Easily shared via URL without complex installations Offline: Keeps the user first approach by avoiding the usual error message in case of a weak signal. Based on two particularities: ‘skeleton’ of the app, which recalls the page structure and elements including header and page layout. And shows illustration that signals that the page is loading.  Cons of PWA Latest Version  iOS: iOS support from version 11.3 onwards; Battery Consumption: Reduces the battery life Multi-Device Support: Not all devices support the full range of PWA features (same speech for iOS and Android operating systems); Re-engagement for iOS: It is not possible to establish a strong re-engagement for iOS users (URL scheme, standard web notifications) Offline Execution: Support for offline execution is however limited Presence: Lack of presence on the stores (there is no possibility to acquire traffic from that channel); Body of Control: There is no “body” of control (like the stores) and an approval process; Accessibility: Limited access to some hardware components of the devices; Flexibility: Little flexibility regarding “special” content for users (eg loyalty programs, loyalty, etc.) 1.2 Accelerated Mobile Page  Do they provide more features? Pros of AMP Increased speed: The increased loading speed of AMP content makes the content engaging and engagement rate increase due to its quick and hassle-free process. Shorter load times also mean that visitors are less likely to lose patience hence decreasing the bounce rate. Increased visibility: Right now AMPs cannot automatically increase domain authority of the page but it is eligible to be displayed in Google’s “Top Stories” carousel, which sits at or near the top of search results pages, depending on what you search. Increased visitor engagement: visitors are more likely to engage with the content on AMPs compared to traditional mobile pages due to its minimalist design as AMPs makes it easier for visitors to navigate through the content on your page Cons Of AMP AMPs may not increase site traffic: Because AMP content has a Google URL and resides in Google’s servers, AMPs won’t directly increase traffic to your website but Google has a solution to it. For example, AMP publishers can add a comment button which will redirect the visitors to an equivalent page where they can add comments. Coordination problem: While the AMPs themselves may load quickly, any external content on the page is likely to lag behind. This is a big problem when it comes to hosting advertisements. Visitors are likely to scroll past an ad before it has loaded, killing any chance at conversion. Analytics leaves much to be desired: Quality analytics of AMP is not par to google standard. Data based on the basic metrics are not available much therefore visitors’ experience cannot be enhanced.  Trends around PWA and AMP Trends around PWA and AMP will enable developers to learn about the newest features and help them incorporate. Both are different mobile technologies, PWA is used to provide a feel of native apps whereas AMP helps in loading web pages faster. Today mobile devices have become important and businesses have started taking it seriously. Choosing either of them or both depends upon the knowledge of trends around them. In the following section, we will note the unique

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API Driven Digital Transformation Can Be A Great Answer For The World Post COVID

May 6, 2020

The Covid-19 epidemic has forced the business and the political world leaders to conclude the same thing – digital transformation is the need of the hour. In a matter of just a few months, Covid-19 has caused a paradigm shift in the way we interact with our outside world. Containment measures, quarantines, lockdowns and travel bans have forced people all over the world to resort to social media, e-learning and online shopping. Simultaneously, as a response to strenuous social distancing measures, educational institutions and companies are adopting digital technology at break-neck speeds. According to a study by Deloitte and Institute of International Finance, insurers and banks have been able to withstand the onslaught of Covid-19 thanks to their investments in digital technology in the past decade. Employees can now work from any location, thanks to cloud computing. Data centres can now be linked across multiple sites. This has enabled financial institutions to reduce risks more efficiently. No longer do organisations have to depend upon any single venue for all their resources, lest it becomes a hotspot for coronavirus. Emerging technologies which were gradually finding their pace., have suddenly out to compete with the existing robust technologies. In a recent interview, Satya Nadella , CEO of Microsoft highlighted how he just saw two years’ worth of digital transformation in just two months. The evolution of businesses now lies in building long-term, cloud-based, digital infrastructures that drive future-of-work, future-of-experiences, data management and connected innovations. APIs can be a great way to answer this evolution. Building An API First Economy Is Imperative Today, companies are building their technology in a way so that they are good for repeat use. Corporate history is witness to the fact that modularity and interoperability have led to competitive advantage, time and again. In the world of IT, application programming interfaces or APIs are key to supporting design modularity and interoperability. As architectural techniques go, APIs are as old as computer science itself. They facilitate the way solutions and systems execute transactions, invoke business logic and exchange information. Today, APIs play a critical role in system modernisation, innovation and architecture. According to Deloitte, the number of public APIs that were available in early 2017 was more than 18,000. To be sure, private APIs across conglomerates are expected to be in the millions today. As of today, the customer, a human being is craving for a connection and comfort right now. The most important question that any company can ask itself is how to add value to his or her life in a relevant, human and meaningful way without doing much to their existing systems. For instance, the global epicentre of the coronavirus, China, had shut down all retail businesses. People were unable to partake in one of the most communal comforts across Chinese restaurants, hot pot dining. So that people do not miss out on one of their most enjoyable local cuisines, restaurant chains began to deliver the ingredients to the individual residences of the customers. Even when the restaurants were shut, the patrons could still enjoy their favourite meal all because they could collaborate in a single platform quickly. Onboarding your employees and customers is a must have now. It is easily referred to as Digital onboarding, a series of activities which companies use for getting new employees/customers and making them familiar with the policies/products of the organisation via digital platforms. According to the Inside Magazine Issue 16 Deloitte research, around 38 percent of all customers drop out of the onboarding process. This is due to the tediousness surrounding paperwork &multiple touchpoints. A number of organizations are using it aggressively for their new recruits. With the platform’s capability to be accessed from anywhere, new recruits can begin the digital onboarding even before they join the physical premises. Since all the forms, modules and forms are generated from a single database, there will not be any lack of consistency with the onboarding process across locations. The electronic interface ensures that management has a firm grasp on the status and progress of the onboarding process for each new recruit. Any new employee can complete the onboarding process from a location of their choice. Employees can complete the onboarding at a speed of their choice. Nothing ever gets missed because the online platform ensures complete compliance. In the movie Apollo 13, Gene Kranz, played by Ed Harris, overhears a director comment that the Apollo 13 debacle is the worst disaster that NASA has ever experienced. He replies that, with due respect to the director, he believed that it was going to be their finest hour. The Covid-19 pandemic has wreaked untold havoc on the global business and economy. Yet, companies all over the world are rediscovering themselves through digital transformation. Thanks to innovations such as API & digital onboarding, organisations are successfully turning the tide in their fight against the Coronavirus.

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