Category: General

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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Top 6 Insurance API Use Cases to Leverage in 2025

April 1, 2024

What is API insurance? Or more precisely, what is the big deal about insurance APIs anyway? First things first, it should be mentioned that APIs stand for application programming interfaces. Get real-time insurance pricing through live APIs offered by top device insurance providers. Top providers of device insurance APIs help businesses accelerate insurance API integration for offering seamless protection plans within their apps. When exploring an insurance API marketplace, developers often look for the top providers of device insurance APIs to integrate seamless protection plans into their apps. API-based insurance distribution is reshaping auto insurance API major carriers by improving financials through faster partner integrations, lower acquisition costs, and scalable digital sales channels after 2023. In insurance, an API enables unified access to insurers through a single API, allowing seamless integration and communication across multiple providers. In 2025, businesses seeking scalable coverage solutions are increasingly adopting a commercial insurance API, with top InsureMO insurance APIs for 2025 leading the market in flexibility, compliance, and speed to integration. API integration insurance use cases are expanding rapidly as insurers leverage a life insurance API to automate underwriting, policy issuance, and claims processing. Which insurance APIs offer the best ROI and which are the best insurance APIs for seamless integration are key questions for insurers and insurtechs aiming to scale efficiently, reduce operational costs, and deliver faster, more personalized customer experiences. In the insurance industry, APIs (Application Programming Interfaces) allow different systems—insurers, brokers, MGAs, insurtech platforms, and data providers—to communicate seamlessly. They enable real-time rating, quoting, policy issuance, claims tracking, compliance checks, payments, and data enrichment. They have carved their own niche as a next-gen technological upgrade which promises to help several companies and industries gain a more competitive edge over their rivals. Many of the top providers of device insurance APIs are now expanding their services to meet the growing demand for insurance API solutions in India. The top insurance APIs for 2025 are increasingly provided by leading device-insurance APIs players. Understanding the role of API in the insurance industry begins with knowing that the API full form in insurance is ‘Application Programming Interface,’ which enables seamless data exchange between insurers, partners, and customers. The rise of insurtech has made insurance API India services essential for any API for insurance companies aiming to streamline policy issuance and claims. They seemingly have immense prospects in terms of transforming and streamlining workflows in addition to paving the way forward for the launch of various innovative products and solutions. Understanding API insurance meaning helps businesses choose the right integrations when evaluating what are the top insurance APIs for 2025. Businesses integrating insurance APIs often look for localized solutions, making insurance API India providers increasingly important for digital insurance services.“We provide an API for insurance that is built to support multi-market compliance.” Our company integrates an API for insurance to help developers easily access policy and claim data. Choosing an experienced insurance api provider ensures your api for insurance integrates securely with brokers and carriers. Many top providers of device insurance APIs are now partnering with fintech platforms, making it easier to integrate insurance company API services directly into consumer applications. But why and how does it relate to insurance? Well, for starters, APIs offers a comparatively affordable mechanism for an operational transformation that enables insurers to increasingly adapt to market uncertainty and a rapidly evolving digital ecosystem. They may help insurance companies unlock new revenue channels while making underwriting, claim processing and other processes considerably simpler. What’s more, they can potentially bring multiple legacy systems into one platform. By integrating live API insurance pricing into our platform through a robust insurance API, we can deliver real-time, accurate premium estimates to customers.“Modern insurtech platforms now provide insurance APIs that streamline expansion by ensuring multi-market compliance.” This is a matter of heartburn for several insurance companies, since most of them already deal with numerous ageing IT applications that are no longer as agile as before. What Are APIs In The Insurance Industry? Understanding API insurance requires a thorough delineation of several aspects. Some of them are listed below for your understanding. Usage of APIs In The Insurance Industry In the insurance sector, APIs are usually intermediaries between numerous applications of insurance companies or their systems. It may also cover external software of business partners of insurance companies. To give you an example, customer data monetization may be increasingly possible with APIs. Modern insurers increasingly rely on API insurance solutions, leveraging advanced insurance APIs to streamline customer onboarding and claims processing. This will be done by securely sharing the same with specific partners with the consent of the user. At the same time, insurance companies may also leverage APIs within the architecture of newer solutions. It will enable centralization of their siloed data across numerous systems internally. Embracing insurance APIs has the potential to bring about what we know as open insurance. This will mean that insurers will release their data to other players in the industry along with non-insurance entities and related stakeholders. It will greatly reduce entry barriers while also empowering price comparison and tracking platforms. There will be new revenue streams like sharing of data with partners along with a 360-degree perspective of the consumer with more behavioral predictability and personalization. It will also bring about better underwriting and risk modeling along with streamlining products in the embedded insurance segment. While Chatbots and IoT (Internet of Things) have already become major technologies leveraged by the insurance industry along with AI (artificial intelligence) and machine learning, APIs also have the potential to bring about a positive transformation in the near future. There are several use cases for them to consider. Workings of an Insurance API Here is how an API insurance technology usually functions: Let us now look at a few compelling use cases of APIs in the insurance sector. APIs in Insurance- Six Major Use Cases How It Stacks Up It can thus be stated that insurance APIs may help greatly in terms of smoother and

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ai

AI-Powered Underwriting- Insurance’s Crucial Game Changer

February 15, 2024

There are no prizes for guessing that enterprises and businesses are seeking to leverage machine learning algorithms, AI tools, and data analytics for streamlining operations, gaining cost and time benefits, enhancing accuracy, taking better decisions, and boosting consumer engagement simultaneously. The same is true for the insurance sector, which is betting big on AI-driven underwriting which could be its biggest game changer yet. Here is a closer glimpse into the same. Underwriting with AI- What It Entails Based on the insurance type and category, the process of underwriting will involve information collection about the personal and financial details of applicants along with driving records, health records, and other crucial data. Post collection, this will be used to determine the calculation of the premium which is fair for the insurance company and the customer alike. Yet, this is not always the best method, although it does save time, cost, and efforts for insurance companies. Underwriting with AI will work in a unique and nonconventional manner, deploying machine learning algorithms to gather and analyze huge data volumes. It will automatically help unearth trends that may otherwise be neglected by conventional methods of underwriting. AI can be applied to gather data from multiple sources, which include public data, social media information, credit reports, and more, thereby enabling insurers to build a more comprehensive risk profile of any customer. AI can undertake data analysis way faster than human beings, while enabling insights that help insurance companies take more accurate and swifter underwriting decisions. As mentioned, several patterns and trends may also be revealed through the usage of AI which may be overlooked otherwise. Advantages of AI-Driven Underwriting AI-powered underwriting comes with several advantages that insurance companies should note. Some of them include the following: Are There Any Challenges of AI-Driven Underwriting? AI-powered underwriting does have a few challenges that insurers need to tackle effectively. There is always a need to ensure data privacy and security while analysing vast amounts of personal details. Preventing unauthorised access or data misuse continues to be a concern for insurers in this regard. Algorithmic biases should also be monitored and tracked, thereby eliminating any unwarranted prejudice against specific social groups or communities.  The higher costs of deploying AI-based underwriting tools are also a challenge for some insurers. Being transparent about AI usage and personal data collection is also the need of the hour for insurance companies in this case. How It All Stacks Up So, does AI-based underwriting make a strong case for itself? The answer is a glaring yes, if you take a closer look at the benefits mentioned above. Predictive analytics will help understand and assess risks better, while generating real-time data for on-demand quotes. Policy customisation will be scaled up for every customer and that too with lower and fairer premiums and more flexibility in terms of coverage limits. Underwriting will be quicker and more accurate, while ensuring greater profitability for insurance companies. Yes, it is a win-win scenario that looks set to be the next big game changer for insurance. At the same time, it is also worth mentioning that AI-powered underwriting plays a vital role in enabling insurance companies to evaluate risks more effectively. This helps them detect frauds or potential issues early on before they snowball into major problems or losses. High-risk customer types/segments can be swiftly identified while insurers can also enhance their risk management and tracking abilities in turn. AI can lower underwriting costs significantly along with cutting out errors and time lags completely. Companies can thus efficiently allocate their resources to other areas of business to scale up their revenues. Of course, customer satisfaction levels also considerably improve with faster underwriting and decision-making. The fact that they get personalised and better pricing also helps immensely. This leads to higher retention volumes and more business growth for insurance companies in turn. So, as they say, a stitch in time saves nine.  With AI-backed underwriting, there could be a lot more than just savings. It can transform most insurance companies into well-oiled machines generating more revenues and catering to customers more effectively. Now who doesn’t want that? The time is ripe for a transition to the AI-backed ecosystem. The time is NOW. FAQs Can AI-powered underwriting adapt to changing market conditions and evolving risk factors? AI-powered underwriting has the capability to evolve in sync with market dynamics and changing conditions along with evolving factors for risks. Adaptability is one of the strongest assets of AI and machine learning algorithms which can keep tracking and adapting to market and borrower behavior changes, while updating their risk assessment models likewise. Which machine learning algorithms are commonly employed in AI-powered underwriting? There are various types of machine learning algorithms that are commonly used for AI-powered underwriting. Some of them include random forests, decision trees, naïve Bayes, and also K-nearest neighbors. Logistic regression is another model that is commonly employed in this case. What are the key benefits of adopting AI-powered underwriting for insurance companies? Some of the biggest benefits for insurance companies adopting AI-powered underwriting include faster and more accurate underwriting, personalised and fair pricing, comprehensive risk assessment and mitigating future problems, and of course, time and cost savings. What is the future outlook for AI-powered underwriting in the insurance sector? AI-driven underwriting will be embraced by more insurance companies for quicker and on-demand quotes for customers which are personalised and come with transparent and fairer pricing. What safeguards are in place to protect customer data in AI-powered underwriting systems? Insurance companies have numerous safeguards for protecting consumer data in the case of AI-powered underwriting. These include data anonymisation, access controls, encryption, regular data breach and security audits, and several other measures.

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Frictionless future

Frictionless Future: How Open Banking is Transforming Retail Payments and What to Focus on in 2024

February 8, 2024

Retail payments and the overall retail banking space may witness a major transformation in 2024 from a global perspective. Open banking facilitates banks and financial institutions to share data seamlessly with third-party financial entities via open banking APIs. These third parties may include several lending firms, expense-tracking entities, and more, which use this information for creating a broader range of products and services. The ultimate beneficiary may the customer, since this open exchange of data will enable contemporary financial services entities ensure more client-centric and personalized solutions. Open banking is growing rapidly and steadily into a mainstream framework for banking and financial institutions. There have been several reports of how open banking payments have doubled in 2023 across the UK as compared to earlier periods and also how 1 out of 9 consumers are already making use of open banking currently. Account-to-account payments have also garnered aa major chunk of online payments while future projections indicate future growth. By 2024, open banking may become a key component of retail payments and the whole retail banking spectrum. Here’s getting a closer glimpse into the same. A Little More About Open Banking Open banking is a system where banks open their APIs or application programming interfaces, enabling third parties to conveniently get access to financial data required for the development of new programs and services  while enabling more transparency choices for account-holders. Some instances include BBVA launching Open Platform, its own BaaS platform in the US in 2018. This helps third parties offer financial solutions to customers without requiring a full banking service suite. HSBC also launched Connected Money as an app in 2018. Customers can easily view their bank accounts, mortgages/loans, and credit cards at a single place. Barclays also enabled account aggregation within its app for mobile banking. Customers here can view their accounts with other banks on the Barclays mobile banking app. What are the Advantages of Open Banking? What are the benefits of open banking for the retail banking system as a whole? Here’s looking at the same. 2024 Predictions for Open Banking Here are some of the key trends that can be anticipated in the open banking sphere in 2024 and beyond. Hence, as can be seen, open banking will enable numerous advantages and transformations worth looking forward to in 2024 and beyond, not just in the sphere of retail payments, but also retail banking as a whole. It will create a more connected ecosystem where consumer experiences are also swift and more personalized. The whole process will bring about lower costs and higher efficiency for financial services players and banks alike. FAQs Are there security concerns associated with open banking in retail payments? There are some security concerns that are linked to open banking for retail payments, keeping data privacy requirements at the forefront. These are majorly maintaining privacy with encryption and other measures and Cybersecurity measures in general. This is because customer data will be shared in this case with third party providers. Does open banking just cover payments? Open banking does not only cover retail payments and makes them simpler and more convenient. It also has various use cases pertaining to credit checks, personal finance, verifying identity, personalized services for consumers and more. How does open banking foster innovation in the retail payments sector? Open banking enables greater innovation in retail payments through enabling third party providers to readily access bank information/data. It can thus spur innovation which leads to more efficient and personalized consumer experiences. How does open banking impact the user experience in retail payments? Open banking has a major impact on user experiences in the retail payments space. It will make payments easier and smoother without multiple security steps and processes. It will also ensure secure and quicker payment choices for users. How does open banking contribute to making retail payments more frictionless? Open banking contributes greatly towards making retail payments frictionless and free from any hassles. It enables direct bank payments and these can be accepted from customers by merchants on their channels in a swift and secure manner. There are several steps and processes that customers or merchants do not have to go through in this case.

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Emotional Intelligence

Emotional Intelligence at Work: The Key to Anger Management

December 5, 2023

Anger management is highly essential at the workplace, particularly when it comes to boosting emotional intelligence and cultivating an atmosphere of positive leadership. Anger is a universally-recognized emotion that everyone is familiar with. It can sometimes be a blessing, but more often than not, a bane. Getting out of control and regretting actions/words spurred by anger is something that is avoidable, especially in the workplace. “Developing emotional intelligence can significantly improve anger management, helping individuals respond to anger with clarity and control.” Workplace anger can be tackled by the right strategies, along with a deep-rooted effort to enhance EI (emotional intelligence). This refers to the ability to regulate and understand emotions, while also understanding and sensing others’ emotions accordingly. Those with higher emotional intelligence are usually better managers and leaders while performing better at work, especially in terms of building superior interpersonal relationships. Those without empathy often have problems adjusting to diverse and unique work environments. Here is a closer look at anger management strategies and other information that can help in this regard. What Emotional Intelligence Entails Noted psychologist Daniel Goleman has broken down EI into five core elements in his book Emotional Intelligence. In fact, he feels that EI matters even more than the IQ of an individual. Here are these components: Constructive Ways to Manage Anger Anger management can be implemented constructively as a way of life. EI is vital for helping people choose anger that is constructive in place of the corresponding destructive nature of anger. Healthy anger means pausing and reflecting on feelings, sensations, and thoughts instead of reacting to anything. Anger is a distraction and reaction to negative emotions and suffering in most cases. Anger stems from any perceived threat to physical and emotional wellbeing and also core needs and desires. Identifying the same will help understand arousal and triggers better. Empathy can be an excellent buffer against anger that is destructive, inclusive of verbal and physical aggression towards other individuals. It helps recognize the inherent humanity in not just oneself, but also others. The Connection between Anger and Emotional Intelligence Workplace anger and other occurrences can be tackled by boosting emotional intelligence. Those with higher EI are usually seen to demonstrate lower aggression. Those with lower EI are more prone towards anger in workplace environments. There are several psychological advantages of higher emotional intelligence that are evident, including better anger control in place of negative reflection or suppression outwards. Training in building emotional intelligence can also affect the management of anger arousal. Every individual can learn skills for boosting emotional intelligence and subsequently grow resilience to tackle several negative effects such as anger. Cognitive behavioral techniques can also be learnt for regulating emotions better while identifying distortions in thought processes. Anger Management Strategies to Follow For dealing better with workplace anger, here are some anger management strategies that may help. The biggest thing to remember about anger is that it is not always an enemy that you have to vanquish. Rather, once the root cause is identified and you can reflect on your arousal triggers, it can be channelized into constructive and productive thoughts and actions. Embracing proper anger management will help foster better workplace environments and inculcate better leadership. FAQs Why is emotional intelligence crucial in the workplace, particularly in the context of anger management? Emotional intelligence is vital in the workplace, especially for anger management. EI helps people cultivate and develop empathy and identify triggers behind anger better. It helps control anger better and channelize it into constructive actions. How can employees develop and improve their emotional intelligence for better anger management at work? Employees can certainly develop and enhance their emotional intelligence for better anger management at the workplace. Some of the ways including following a mentally healthy lifestyle, taking time-outs or breaks whenever there is any emotional surge, reflecting and identifying the root causes of anger, meditation, mindfulness techniques, and deep breathing. What are some common signs that indicate a lack of emotional intelligence in the workplace, and how does this relate to anger issues? Some of the signs that indicate a lack of emotional intelligence in the workplace include perpetually blaming others, difficulty in asserting oneself, inability to cope with stressful situations, feeling easily misunderstood or stressed, holding grudges, and lacking empathy for others. It relates to anger issues, since all of these may be triggers for outbreaks of anger and avoidable verbal/physical aggression.

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AI and life sciences: Navigating risks and challenges

AI and Life Sciences: Navigating Risks and Challenges

September 21, 2023

With the increasing penetration of artificial intelligence (AI) in life sciences, there has been a barrage of questions regarding the risks and challenges involved in this integration. While AI has already started its transformative journey throughout multiple other industries, the life sciences sector has recently woken up to the potential of the same.  Some factors that are key moot points in this regard include the role played by AI in developing COVID-19 vaccines in quicker time (less than one year as opposed to a decade in most cases), AI-driven drug discovery where a novel drug candidate was found for liver cancer in only 30 days, and more. Even Google Cloud has unveiled new AI-backed tools that facilitate quicker drug discovery. Many other technology companies are coming up with tools for automating processes that were manual and time-consuming in nature earlier.  How it stacks up  Life sciences and healthcare AI have already reached a watershed point where there are challenges and disruptions to contend with, but the speed and scale of adoption continue unhindered. Here are some points worth noting in this regard:  Yet, ethics, data privacy, regulatory aspects, and other challenges must be tackled with care to ensure widespread benefits from integrating artificial intelligence (AI) in life sciences. Let us first look at the range of its applications in this space.  Applications of AI in life sciences and healthcare Here are a few points that should be noted in this context:  Now that the benefits of AI are clearly visible, let us take a closer look at the challenges mentioned above and the ways to navigate them for swifter progress in the domain.  Major challenges of AI in life sciences Here are the risks that still remain while deploying artificial intelligence (AI) in life sciences.  Signing off, it can be said that the AI-enabled transformation drive is now in the second phase, i.e. completing patterns and going beyond the initial brief of recognizing them. The life sciences sector will greatly benefit from this current AI stage, provided it can counter the challenges mentioned above.  FAQs AI has a vital role to play in the life sciences industry, enabling faster drug discovery and development along with boosting clinical trial design and data-gathering. It helps analyze vast data sets and generate better insights from the same.  2. What are the key challenges and risks associated with implementing AI in healthcare and life sciences? There are a few challenges and risks that companies have to face while implementing AI in the life sciences and healthcare industry. These include the lack of skilled talent, regulatory compliance hurdles, ensuring data privacy and patient confidentiality, and steering clear of biases in AI algorithms. 3. How can data privacy and security concerns be effectively addressed when using AI in life sciences? Data security and privacy concerns can be tackled effectively with a few proactive steps while using AI in the life sciences sector. These include dedicated patient confidentiality and privacy approaches along with an increased focus on secure data transmission and usage. Governance and data security protocols should be established as per regulatory standards for secure storage, processing, and collection of patient data.  4. What ethical considerations should be taken into account when deploying AI in medical decision-making? The biggest ethical consideration that should be kept in mind while AI is being used for medical decision-making, is the elimination of biases. While training AI models based on real-world data and inputs, there are unconscious biases that get embedded into the same. This may have negative consequences for patients if they are not tackled at the outset.

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Social Media Polls of INT- Interesting Revelations That You Should Not Miss

Social Media Polls of INT- Interesting Revelations That You Should Not Miss

September 18, 2023

Analytics are the transformational tech tools of today. This statement is almost undisputable in the current scenario, particularly when you take social media into account. Social media marketing, campaigns, branding, and doing business on these platforms as a whole, is vastly dependent upon analytics today. Generating actionable insights is invaluable for businesses in terms of product or service strategies, customer offerings, feedback, performance reviews and more.  On that note, keeping social media at the forefront, INT (Indus Net Technologies) conducted a unique social media poll. Here are some fascinating revelations that emerged from the exercise, covering multiple industry domains: A whopping 48% voted in favour of analytics benefiting disease diagnosis the most, followed by monitoring health trends. 11% favoured patient outcome predictions while 7% talked about treatment recommendations. Keeping an eye on the pulse merits a statement that analytics will ultimately become the tried and tested tool for monitoring health trends in a more personalized manner while generating continual insights that will ultimately help diagnose diseases more effectively. Faster diagnosis may help in quicker treatment and care strategies that will prevent issues from snowballing into bigger worries for patients. Insurance is no stranger to analytics, having already started leveraging the same for improved outcomes in multiple departments. As per the survey, the highest numbers (39%) were seen in favour of sales tracking, with regard to the domain that benefits the most from analytics-driven reporting and analytics. Claims tracking and risk management got 22% of the vote while market trend identification polled 17%. This indicates that analytics will enable quicker tracking of insurance sales while claims processing will eventually become faster and more customer-friendly due to easier tracking and risk management.  Most businesses are no strangers to billing errors. For a Billing and Premium module, analytics will benefit billing accuracy the most as voted by 41%. A high 27% also voted for its role in enabling enhanced customer insights, while 18% and 14% voted for better decision-making and cost-reductions respectively. As for credit card fraud detection models, analytics are poised to enable early fraud detection the most as per 53%. 19% alike voted for real-time alerts and customer data protection, while 9% voted for precise transaction monitoring. This goes to show a use case for analytics as a tool towards swiftly detecting frauds by identifying anomalies and fraudulent patterns. It will help companies stem fraud losses greatly in the near future. Respondents were asked about the potential benefit that they found most attractive for an insurance call volume prediction model. A high 45% voted in favor of enhanced customer service, while 36% voted for improved resource allocation. It indicates the potential of tech-driven models for helping insurers improve customer service standards while also streamlining allocation of resources to save time, energy and costs. 18% were in favor of proactive issue resolution while one voted for effective call routing. With regard to boosting accuracy levels of demand forecasting, 53% voted in favor of time series analysis while regression analysis was favored by 19% of respondents. 11% voted in favor of simulation models while 17% were in favor of data mining. These insights offer clues into the preferred paradigms for the space going forward. Customer feedback management is a key aspect for most businesses today, in an increasingly customer-is-king landscape. With regard to the customer feedback management aspect that may benefit the most from GenAI and other AI integration, 58% voted for real-time sentiment analysis. 21% alike voted for actionable insights detection and personalized customer responses. Going by these findings, it is apparent that feedback management will be drastically revamped in the coming days with companies utilizing sentiment analysis in real-time to shape decision-making and plug gaps. The INT social media polls were an exhilarating exercise, throwing up interesting insights, linked to the future potential of AI and analytics for various use cases. The results are fascinating to say the least and may indicate the direction that the wind is blowing (to take liberties with the phrase).

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Latest Technologies and Future Trends by Top Key Players Forecast to 2030

Latest Technologies and Future Trends by Top Key Players Forecast to 2030

September 15, 2023

Several emerging technologies are poised to bring about a massive industry transformation as per reports. What is the forecast for future trends and the top key players till 2030? Here’s finding out.  Major Findings Here are some interesting findings related to technological advancements and technological disruptions throughout industries. It also offers insights into the future trends regarding emerging technologies.  Some Other Crucial Insights Here are a few other innovation forecast moot points for the period till 2030:  As can be seen, widespread transformation is at the core of business operations and efficiencies in the period till 2030. What the world is currently witnessing is a transitional phase with several emerging technologies being adopted by leading players in the Asia-Pacific and even worldwide. What is evident is that 2030 will push the bar well higher in terms of disruptions and eventual progress.  FAQs Some of the technologies that are already shaping the business landscape include automation and artificial intelligence, along with machine learning and IoT (Internet of Things). Other examples include data analytics and cloud computing along with blockchain technology. Organizations are steadily embracing these technologies to boost efficiency and offer more personalization to customers while also streamlining their internal operations or business processes. By 2030, the physical and digital worlds will also merge with technologies like AR, VR and 3D being used for creating digital twins in sectors like healthcare, manufacturing, real estate and more. There will also be a shift towards data native from cloud-native along with generative AI usage for closing up gaps between insights and data.  2. Who are the key players in these emerging technologies, and what are their roles in driving innovation? There are several key players for these emerging technologies from multiple standpoints. Countries like Japan, India, South Korea, and China are at the cusp of greater breakthroughs in terms of technological integration into the public and corporate spheres for greater efficiency, mitigation of risks, and many other purposes. At the same time, leading tech giants have a big role to play in terms of innovation and experimentation in order to drive future progress. The biggest players in these segments are chief technology officers or CTOs of companies. They have a vital role in terms of encouraging more innovation and building future technology blueprints for organizations.  There are a few challenges linked to the adoption of new technologies. These include legacy systems and perspectives, lack of training or skill sets, costs of new technologies and tools, and the speed of technological advancements, along with privacy concerns. The latter can be addressed through encryption measures, audits, and compliance with better regulations. Steady investments in up-skilling, training, and future-ready digital infrastructure are also the way forward with regard to tackling these challenges.  Several emerging technologies are poised to have a disruptive effect on various global sectors. Retail will witness a complete revamping of business strategies and models, becoming more personalized and data-driven with technological disruption. Industries like healthcare, manufacturing, insurance and finance should also witness major disruptions in the near future. 

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Impact of Incorrect Demand Estimation- Quantitative Insights

Impact of Incorrect Demand Estimation: Quantitative Insights

September 4, 2023

Incorrect demand estimation is the proverbial blow that comes just when a business is least expecting it. No, the attempt is not to be dramatic here, but to illustrate how proper demand estimation is crucial for the long-term growth and sustainability of any business. Supply and demand volatility and external factors already make demand forecasting highly challenging. Fluctuations in demand from the last year are not enough while consumer behavioral shifts keep happening, making it harder to assume anything. So what can be a feasible solution? Companies can rely on quantitative insights and other forecasting tools to improve their demand estimation rates. Let us look closely at these aspects in this article. Wrong estimations of product lead to inaccurate demand forecasting. The disadvantages of demand forecasting become evident during a demand forecasting failure, as inaccurate predictions can lead to excess inventory, stockouts, and poor decision-making. The Cost of Incorrect Demand Estimation The cost of incorrect demand estimation will naturally be immensely high for any business. While putting a number to it is difficult, picture a scenario where there are either stockouts or overstocking. This may lead to excess costs of carrying, rush orders, higher shipping costs, and operational expenditure. Automatically, they all combine to lower profit margins for businesses, thereby directly hitting at financial performance figures. A few examples of incorrect demand forecasts will help you understand the cost at stake.  Would you call these costly forecasting mistakes? You bet! And when it comes to running a company, the costs include the following: As can be seen, incorrect demand estimation can be disastrous for companies in diverse sectors. Let us now look at how it impacts customer satisfaction levels as well. The Impact of Incorrect Demand Estimation on Customer Satisfaction Incorrect demand estimation can have a negative impact on customer satisfaction levels. Here are some pointers that are worth noting in this context. In today’s era of hyper-personalisation in customer service, such scenarios can adversely impact any brand. Here is how the accuracy of demand forecasts can be improved. How to Improve the Accuracy of Demand Estimation Fixing incorrect demand estimation and scaling up the accuracy levels of forecasts is possible with the help of several techniques. These include the following:  Companies can consider suitable demand forecasting tools driven by artificial intelligence and machine learning. It will help them monitor progress with complete visibility into the process. Advanced data capture and analysis will unearth invaluable insights that lead to better forecasts and decision-making alike. These tools also enable forecasts that are more accurate, since they consider promotions, trends, seasonality, and variance in demand.  Analysis and insights into multiple demand scenarios based on major variables will help companies respond suitably to evolving trends. AI and big data analytics will swiftly process unstructured and structured data in massive chunks from various sources. This will include social media data, market trends, sales records, customer data, and more. AI-based algorithms will help companies identify complex trends and patterns, while predictive models can be generated after learning from historical data.  Real-time analysis of incoming data will help enhance awareness of new patterns and enable updated forecasts likewise. Businesses can segment demand and consumer groups for better marketing strategies and inventory management alike. Going by the recent trends, AI, ML, and analytics will play a big role in helping companies combat inaccurate demand estimation while positively impacting bottomlines eventually.  FAQs 1.The Impact of Incorrect Demand Estimation on Marketing Strategy  Incorrect demand estimation impacts marketing strategy in several ways. Overestimation may lead to more investments in inventory and production capacity in some categories. This may lead to marketing teams missing out on high-demand or trending products. Poor forecasting hinders the abilities of companies to accurately predict when any particular product will be most popular. This will lead to a loss of marketing opportunities.  2.How Incorrect Demand Estimation Can Affect Brand Reputation Brand reputation is adversely affected by incorrect demand estimation. Customers will feel dissatisfied about higher order cancellations, delivery delays, and about the brand not meeting their needs at the right time. They may spread this negative perception through word-of-mouth. At the same time, failure to anticipate customer buying habits and trends will lead to inventory undersupply or oversupply, leading to customers shifting to market competitors.  3.The Impact of Incorrect Demand Estimation on Corporate Social Responsibility Incorrect demand estimation can also have an impact on the corporate social responsibility (CSR) initiatives of the company. With incorrect forecasts leading to higher resource allocation on unnecessary inventory and subsequent losses throughout the entire operational and supply chain networks, companies will naturally have to slash corporate social responsibility budgets. At the same time, poor brand image and reputation will also impact these initiatives greatly.

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Retail News Wrap Int.

Retail News Wrap | Weekly Snippets | August

September 1, 2023

✅ Hyundai Home Shopping’s latest breakthrough promises customers real-time 3D images of outfits which will range up to 20 styles in a minute.  https://www.kedglobal.com/retail/newsView/ked202308290011 ✅ Kanine announces its collaboration with Myntra, where it introduced 2,500 distinct products to the Indian market, bringing the world’s trendiest pet fashion brands right to pet owner’s doorstep.  https://www.indianretailer.com/news/retail-india-news-kanine-hand-myntra-unveils-global-pet-fashion-brands-india ✅ SenSen’s futuristic technology is taking the fight against retail fuel theft to a whole new level by using AI to analyse data from cameras and sensors. https://kalkinemedia.com/news/world-news/sensens-new-ai-breakthrough-fights-retail-fuel-theft ✅ Shopify – The Canadian retail tech platform is revamping the online shopping game with AI technology. https://wwd.com/business-news/technology/shopify-ai-magic-sidekick-giants-1235763521/

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