Tag: Indus Net Technologies (Int.)

AI is Cashing In, But Can It Actually Cash Out for Insurance Tech by 2025?

October 29, 2024

The Rise of AI in Insurance: What to Expect by 2025 Today, AI handles only 10% of insurance processes, but that number is set to soar, with experts predicting a 24% annual adoption rate.The goal – A customer files a claim, and within minutes, AI in insurance assesses risks, detects fraud, and offers a tailored solution with no lengthy calls and no endless paperwork. By 2025, over 50% of insurers could integrate AI-driven tools, transforming customer experiences and business efficiency. The push is clear: AI is set to streamline, secure, and redefine insurance. The question isn’t if AI will become essential but how fast it will become indispensable. Key Innovations Transforming the Insurance Landscape AI is reshaping insurtech with innovations that go beyond traditional practices. Machine learning analyses massive data sets to predict claims and detect fraud, helping insurers make smarter decisions faster. Meanwhile, chatbots provide 24/7 customer support, answering questions and assisting with claims without long wait times. Imagine being able to handle an entire policy change through a quick message. Predictive analytics, another game-changer in insurtech, enables insurers to forecast risks accurately, creating personalised plans for customers. These tools don’t just boost efficiency; they make insurance accessible and responsive, aligning the industry more closely with customers’ needs. Consumer Expectations: How AI Is Changing Customer Experience Today’s insurance customers crave quick, personalised experiences, and AI insurance is stepping up to deliver. Imagine logging into an app and instantly receiving tailored policy recommendations based on your lifestyle and needs. This is AI in action, learning from user data to craft unique offers that truly fit. Beyond personalisation, AI-driven chatbots and virtual assistants provide round-the-clock support, answering questions and handling claims efficiently. Insurers also use AI to streamline claim approvals, cutting wait times from weeks to days, sometimes even minutes. This shift is making insurance less about paperwork and more about real-time solutions, changing how customers experience and expect service in the digital age. Challenges Ahead: Can AI Overcome Industry Hurdles? AI in insurance holds promise but faces hurdles that can’t be ignored. The biggest? Data privacy. Customers worry about how their sensitive information is managed, and strict regulations are adding layers of complexity. Then, there’s the tech itself that AI needs vast quality data to work well, and that’s not always easy to access. But there’s hope. Insurers are exploring advanced encryption and decentralised data storage to keep information safe. Meanwhile, partnerships with regulatory bodies could pave the way for smoother compliance. These solutions hint at a future where AI can thrive in insurance, but the road is anything but smooth. Expert Insights: Predictions on AI’s Role in 2025 Industry leaders are optimistic about AI’s transformative power in insurance. “AI will reshape our competitive landscape,” says Sarah Thompson, a technology analyst. She envisions a future where AI not only enhances efficiency but also drives innovation. As companies adopt advanced analytics and machine learning, the gap between traditional insurers and tech-savvy newcomers will widen. “AI predictions show that insurers embracing this technology will thrive while those that resist will struggle to keep up,” notes John Carter, an insurance executive. By 2025, AI is expected to empower insurers to make data-driven decisions faster than ever before, changing customer interactions and reshaping market dynamics. The race to innovate is on! Future-Proofing Your Insurance Business with AI To thrive in the evolving insurance landscape, businesses must embrace AI technologies now. Start by identifying repetitive tasks that can benefit from automation. Implement AI-driven chatbots to enhance customer service and streamline claims processing. Training your team on AI tools will empower them to harness the technology effectively. Additionally, focus on data analytics to gain insights into customer behaviour and preferences. This proactive approach not only improves efficiency but also builds trust with clients. Remember that adaptability is key. Regularly evaluate and update your AI strategies to align with market trends. By investing in AI today, your insurance business will be ready to face the challenges of tomorrow. FAQs 1. How will AI revolutionize the insurance claims process by 2025? AI is set to revolutionize insurance claims by automating tasks like document verification, damage assessment, and fraud detection. This will significantly reduce processing time and improve efficiency. Additionally, AI-powered chatbots will provide 24/7 customer support, answering queries and guiding claimants through the process. 2. What are the key challenges the insurance industry faces in adopting AI? Key challenges include data privacy and security concerns, the need for standardized data, a shortage of skilled AI professionals, and regulatory compliance. Overcoming these hurdles is crucial for successful AI adoption in the insurance industry. 3: How can AI improve customer experience in the insurance industry? AI can enhance customer experience by providing personalized services, 24/7 support, and faster claim processing. AI-powered chatbots offer instant assistance, while predictive analytics enable insurers to tailor products and services to individual needs. 4: What are some specific examples of AI applications in the insurance industry? AI applications in insurance include: 5: What steps should insurance companies take to prepare for an AI-powered future? To prepare for an AI-powered future, insurance companies should:

Read More »

Insurance News Wrap | Weekly Snippets September | INT.

September 8, 2023

✔️https://www.moneycontrol.com/news/business/tcs-extends-contract-with-life-insurance-firm-athora-netherlands-11288551.html TCS and Athora Netherlands are thrilled to announce the extension of a new partnership that will redefine the future of financial services. The partnership promises better IT operating model to enhance customer experience, operational resilience and business agility. ✔️https://www.insurancebusinessmag.com/asia/news/technology/generative-ai-to-impact-koreas-insurance-finance-sectors-457906.aspx Generative AI is set to make waves in Korea’s insurance and finance sectors. As per reports, 10.1% of tasks within Korea’s finance and insurance domains will experience alterations due to the influence of generative AI. ✔️https://www.expresscomputer.in/artificial-intelligence-ai/aditya-birla-sun-life-insurance-artivatic-ai-launches-ai-based-smart-underwriting-platform/103240/ Aditya Birla Sun Life Insurance and Artivatic.ai have joined forces to bring “AUSIS” – an AI-based Smart Underwriting Platform. The engine will merge traditional underwriting principles with advanced algorithms, and empower insurers to make informed and efficient underwriting decisions. ✔️https://indianexpress.com/article/business/companies/5g-to-insurance-mukesh-ambani-brings-new-reliance-with-tech-in-mind-8913820/ Mukesh Ambani is ushering in a ‘New Reliance’ that’s all about the fusion of technology and innovation, from 5G to insurance. 

Read More »
INT. News Wrap Banking

Banking & Finance News Wrap | Weekly Snippets September | Indus Net Technologies (INT.)

September 8, 2023

✔️https://newspatrolling.com/research-ranking-launches-indias-ai-driven-financial-mentors-vasu-and-vidya/  Introducing Vasu and Vidya, the new AI-driven financial mentors from the house of Research & Ranking that will transform how individuals perceive and understand various finance-related topics.  ✔️https://www.financialexpress.com/business/digital-transformation-bybit-creates-an-ai-powered-tradegpt-3233264/ TradeGPT is here to transform the trading game with its cutting-edge AI insights and predictive power,  courtesy goes to TradeGPT’ – Your Ultimate AI-Powered Trading Companion. This will generate trading insights and answer technical questions from its market data ✔️https://www.consultancy-me.com/news/6682/emirates-nbd-looks-to-leverage-the-power-of-generative-ai Emirates NBD is harnessing the incredible power of generative AI to shape the banking of tomorrow. This will include leveraging Github Copilot X, and will also have exclusive access to Microsoft 365 Copilot. ✔️https://campaignbriefasia.com/2023/08/31/digibank-indonesia-redefines-smart-banking-with-innovative-ai-powered-campaign-from-nada/ DigiBank Indonesia is rewriting the future of smart banking with a groundbreaking AI-powered campaign, courtesy of NADA. 

Read More »
The Era of AI Insurance

The Era of AI Insurance

September 7, 2023

The era of AI is well and truly upon us and more industries are waking up to the fact, particularly in terms of the potential use cases of artificial intelligence. The insurance sector is not immune to these developments. In fact, perceptions towards deploying AI have rapidly changed in recent times. A Genpact AI 360 report even stated that 87% of carriers invested in excess of $5 million in AI-related technologies annually. Hence, the winds of change are afoot in the insurance industry, driven by the future potential of artificial intelligence. How will things unfold, going forward? Here’s taking a closer look.  How AI is changing the Insurance Industry The insurance sector is truly witnessing a new era of AI, considering the innovative disruptions underway at multiple levels. AI is steadily becoming a key differentiator for insurance companies along with other technologies like RPA and blockchain in an age of higher competition and hyper-personalisation. Here are some pointers worth noting:  Higher personalisation and operational efficiencies across the ecosystem are being enabled by artificial intelligence. Let us now look at the major benefits of deploying this technology as far as companies are concerned. The Benefits of AI for Insurance Companies There are widespread benefits for insurance companies in the era of AI. Here are some pointers that should be noted in this regard. Customer communication can also be automated along with quote generation, personalised offerings, and more. So what does the era of AI look like in the future? Here’s finding out. The Future of AI in Insurance The future of artificial intelligence in insurance is widespread. These technologies are already transforming the sector greatly. Here are some trends that are worth noting:  Taking all these aspects into account, it can be said that the future of insurance is an AI-driven one. A new era will ensure better customer experiences across the spectrum along with enabling usage-based and personalsed insurance models in multiple categories.  FAQs 1.How does artificial intelligence enhance the accuracy and speed of risk assessment in insurance? Artificial intelligence boosts the speed and accuracy of risk assessments for insurers. It analyses and leverages data to identify all possible risk factors of customers and build risk profiles. This helps insurers take underwriting decisions quickly after evaluating applicant data.  2.What AI-driven technologies are reshaping customer experiences within the insurance sector? AI-backed virtual assistants and Chatbots are already revolutionising customer support through more personalised service and interactions. This is proving helpful in terms of policy and claim management, grievance redressal, and renewals. AI is also transforming the policy process with quicker issuing and underwriting decisions. This is helping customers buy policies with minimal hassles.  3.How does AI facilitate fraud detection and prevention in the insurance domain? AI is enabling better fraud prevention and detection in the insurance sector. It is helping analyse bigger data sets for detecting anomalies and fraudulent patterns. Models are being trained to flag instances of potential fraud. These systems are preventing and identifying phishing attacks, identity theft, and payment frauds.  4.What are some examples of successful AI applications in underwriting and claims processing? Some examples of successful AI applications include automated data analysis of customers for quicker risk assessment and underwriting. The same procedure is being used for claims processing, based on data from connected devices and multiple other channels. AI is helping create risk profiles of customers faster while personalising pricing models and offerings accordingly.

Read More »
Rise of Sustainable Investing

The Thriving Intersection of Finance and Sustainability

September 6, 2023

Financial sustainability is a term that has created a buzz across global circles. Put together finance and sustainability as concepts and what you get is this new paradigm that could well become a future trend. More companies are now inclined towards making sustainable investments in line with their social responsibility blueprints. Human rights issues, climate change, and various other aspects have led to sizable growth in sustainable investing over the last few years. Reports estimate how 36% of all global assets in 2021 had a sustainable connection in one form or another. This indicates 14% of growth from 2012 (22%). Hence, it can be stated that financial sustainability is going to be a major trend in future years. Here is a closer look at the same below. The Rise of Sustainable Investing Sustainable investments have grown considerably over the last few years. There has been a major shift from the exclusionary perspective towards investing to the integration of ESG (environmental, social, and governance) assessments in the conventional spectrum. Here are some more pointers that will serve to illustrate this point better: However, there are some hurdles to be encountered for sustainable investments in recent times. Let us examine these aspects below. The Challenges of Sustainable Investing Sustainable investments may run into a few challenges as mentioned above. These include the following: There could be more policy and regulation-based programs that will make several such issues more visible and help bring about their solutions. The future of sustainable investing looks bright from the current standpoint. Here’s a brief look at the same below. The Future of Sustainable Investing The future of sustainable investments or ESG investing should witness higher activity in this space. Here are some trends that should be noted. Sustainable investing is thus set to enter the contemporary financial lexicon in the near future and in a big way, going by the current trends. More investors and companies will look to put their money where their social priorities lie. This will undoubtedly bring about a massive transformation in the global business arena. FAQs 1.How are financial institutions incorporating sustainability principles into their operations and decision-making? Financial institutions are integrating sustainability principles into their decision-making and operational policies. They are looking at avoiding investments with negative environmental or social consequences. They are also looking for more investments that concentrate on social responsibility and environmental sustainability. 2.What role does sustainable finance play in addressing environmental and social challenges? Sustainable finance has a vital role to play in tackling various social and environmental challenges. This is ensured through deploying investments in initiatives and organisations that can contribute towards positive social and environmental changes. It will stimulate ethical decision-making and good governance, along with enabling transitions towards environment-friendly performance with time.  3. What are the key drivers behind the increasing demand for sustainable investments in the financial sector? The major growth drivers behind the higher demand for sustainable investments in the financial sector include growth in awareness of various global issues. These include the need for environmental sustainability, climate change, ESG goals, the United Nations sustainable development goals, and responsible investing approaches.  4. What role does regulation play in promoting sustainable practices within the financial industry? Regulations have an important role in the promotion of sustainable practices in the financial industry. They may be used for making disclosures compulsory, along with offering common frameworks for measuring performance and impact. ESG asset management and banking standards can also be enabled by regulations. They will make organisations abide by defined codes of conduct and activities. 

Read More »
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. 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.

Read More »
Life Science & Pharma News Wrap | Weekly Snippet

Life Science & Pharma News Wrap | Weekly Snippet | August

September 1, 2023

✅ Lantern Pharma is boosting the clinical development of Immune Checkpoint Inhibitors with enhanced AI capabilities on the RADR® platform that includes the creation and testing of molecular signatures of ICI response. https://www.businesswire.com/news/home/20230828513669/en/Lantern-Pharma-Expands-AI-Capabilities-of-RADR%C2%AE-Platform-to-Accelerate-the-Clinical-Development-of-Immune-Checkpoint-Inhibitors ✅ Pharma-focused decision analysis software provider Aily Labs supercharges pharma analysis tools with a whopping $21M Series A funding that will go towards expanding Aily Labs’ U.S. presence and honing its use of generative AI. https://www.axios.com/pro/health-tech-deals/2023/08/24/aily-labs-raises-21m-series-a-pharma-intelligence-ai ✅ Trinity Life Sciences gets recognised in the prestigious Gartner Hype Cycle under sections like AI (Artificial Intelligence) in Commercial Operations,  Advanced Decision Support for Sales, and more. https://finance.yahoo.com/news/trinity-life-sciences-recognized-gartner-123700571.html ✅ Parexel and Partex have formed a powerful alliance to harness the potential of AI and Big Data, enhancing drug discovery & development for biopharma customers worldwide.

Read More »
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/

Read More »
INT. Pulse

INT. Pulse | August 2023

September 1, 2023

Dear Colleague, a lot has happened since we successfully landed in your inbox last month, making August’s opening blurb fuller than it usually is.  Super-Quick Recap 🧠The folks at OpenAI have finally unleashed a steroid-laced version of their generative transformer, aka, ChatGPT Enterprise. Better security, improved privacy, and turbocharged power come standard with this version.  However, top media houses like The New York Times, CNN and ABC have blocked OpenAI’s crawler, meaning Altman and his band of techies cannot use these publications to train their AI anymore.  🎙️ As we were busy cheering Chandrayaan-3, brain-reading implants powered by artificial intelligence have enabled two people with paralysis to communicate with unheard-of accuracy and speed.  We can now imagine a future where fluid conversation can be restored to folks with paralysis, enabling them to freely say whatever they want and be understood reliably too. More on this as you read on… 🤖✈️ Experts from the Korea Advanced Institute of Science & Technology (KAIST) have developed a humanoid robot (named Pibot), capable of flying an aircraft without making any significant changes to the cockpit. Pibot’s capacity is so vast that it can store all of the Jeppesen aeronautical global navigation charts, a task beyond any human pilot’s imagination.  Chatter at the INT. Marketing Team – “Yayy! R2D2’s ancestor is finally here.” 👑 Mom’s Love + Rasam = Grandmaster.  Chess prodigy Praggnanandhaa’s mother, Nagalaxmi, takes along an induction stove and two utensils to make rasam and rice for her children whenever they travel. For the FIDE World Cup too, the first things she packed in her luggage were rice, a rice cooker, and masalas.  💡 Pro Culinary Tip: Now you know what should be tonight’s dinner.  STATS: 14x Jump In India’s Ai-Skilled Task Force Recruiters and head honchos reading this, time to put away those antacids. How Come? Per this ET report, basis a LinkedIn survey, India’s AI-skilled crew grew by 14x in June 2023 compared to January 2016, putting our country among the top five for AI talent increase, alongside Singapore, Finland, Ireland, and Canada. Okay… I Want To Know More So, LinkedIn’s first-ever ‘Future of Work: State of Work @ AI’ study — which notes the rise of artificial intelligence at work — unearthed that 7/10 of India’s Gen-Z platoon believes AI skills are mission critical for career progress.  The study also found that through the past year, 43% of our workforce has witnessed increased AI usage at work.  This realisation has pushed 60% of all crews and 71% of Gen Z pros in India to make a beeline for AI-related upskilling.  Looking ahead, 57% of executives aim to enhance AI use in their business workflows next year, meaning organisations are actively reskilling their existing staff with AI expertise to ensure relevance and agility.  Here’s Some Straight Talk 🎙️”We are also seeing a strong trend around the emphasis on soft skills such as creativity and communications in the age of AI, and this is particularly strong in India, with 91% of top executives recognising their increased importance, surpassing the global average of 72%,” Ashutosh Gupta, country manager at LinkedIn India, told ET.  Hiring Competition? 🍎 Umm, Canada.  Yes, you heard right. Last financial year, over 51% of the 32-odd thousand tech workers that migrated to Canada, were Indians. 🤷🏻‍♀️ Ai & Healthcare: 78 Words Per Minute If we analyse the human timeline, landmark events like our control over fire, the invention of the wheel and axle, or even agriculture fade in comparison to the moment we learnt to talk.  Today, we bring news that is as historic as that point in time. Seriously? Totally! 67-year-old Pat Bennett, who has motor neuron disease that prevents her from speaking, and 47-year-old Ann, who lost her voice after a brainstem stroke 18 years ago, have both found their words again, thanks to some really really cool tech. WTF?? How?  Let us explain. In two separate studies published this month, two expert teams deployed brain–computer interfaces (BCIs) to translate neural signals into text and AI-generated voices.  The BCIs can decode speech at 62 and 78 words per minute, respectively. FYI, natural conversation happens at around 160 words per minute, but the new technologies are both faster than any previous attempts. How Does It Work? First, Bennett was operated upon to insert arrays of small silicon electrodes into parts of her brain that are involved in speech, a few millimetres beneath the surface.  Then, algorithms were trained to recognise the unique signals in Bennett’s brain when she attempted to speak various phrases using a large vocabulary set of 125,000 words and a small vocabulary set of 50 words.  ‘The AI decodes words from phonemes — the subunits of speech that form spoken words. For the 50-word vocabulary, the BCI worked 3.4 times faster than an earlier BCI developed by the same team3 and achieved a 9.1% word error rate.  The error rate rose to 23.8% for the 125,000-word vocabulary’, says the Nature article.  What’s Next? Many improvements are needed before the BCIs can be made available for clinical use.  🙋🏻‍♀️“The ideal scenario is for the connection to be cordless,” Ann herself told researchers. WOW! More power to Ann, Pat, and the teams behind this magic.  Well, we can’t do that just yet but Dipak has a whole bunch of AI-powered solutions to solve all kinds of modern business problems. Get in touch with him to explore one.  BFSI: Let’s Meet @ The Global Fintech Fest, Mumbai This September, from the 5th through the 7th, we are in Mumbai to exhibit our fintech and insurance solutions at the Global Fintech Fest 2023, being held at the Jio World Centre.   Drop in at our consolidated booth (U20 & U21), connect with our experts in person and take away actionable insights on Tech, Data & AI, and Marketing, to help your business stay ahead of the curve.  Need more airtime? Setup a meeting with our team here. . . See you there. 👋  Stuff We Are Watching 📌We Need Just $6 billion: Facing increasing pressure from China, which has accelerated its conventional weapon procurement efforts in recent months, the US Air Force is developing an AI

Read More »
5 Causes of Miscommunication in Your Workforce

5 Causes of Miscommunication in Your Workforce and How to Avoid It

August 30, 2023

Miscommunication in the workforce is one of the biggest bugbears at contemporary workplaces. While the emphasis at modern workplaces is on better collaboration and clear communication, there is often a communication breakdown due to diverse reasons. Avoiding the same is a pre-requisite towards building a healthier and motivated workforce that communicates better. Here’s looking at some of the biggest reasons behind workplace miscommunication and how you can fix them. How to Avoid Miscommunication in the Workplace Avoiding miscommunication among the workforce necessitates better awareness of the reasons behind the same. Here are the top reasons that you should be aware of along with their fixes.  Even after identifying these causes and their solutions, miscommunication may still crop up at the workplace. You should take more time and keep gathering feedback to eliminate the same completely. The Importance of Clear and Concise Communication Concise and clear communication is the gateway towards better collaborations amongst employees. It also helps avoid miscommunication at various levels. Here are a few pointers that should be kept in mind:  As can be seen, concise and crisp communication is the need of the hour along with full transparency. Let us now take a closer look at the concept of active listening and its positive implications for contemporary workplaces. The Power of Active Listening Active listening is a great way to weed out miscommunication at the workplace. Here are some aspects that are worth noting in this regard. These are some tips that will help implement an active listening culture at work while eliminating miscommunication among team members. Clear and transparent communication is the best way to achieve company objectives without any delays, hold-ups, or communication breakdowns amongst employees. FAQs Cultural differences often lead to miscommunication within a highly diverse workforce. This arises from different perspectives and cultural backgrounds along with behavioral patterns, body language, mindsets, gestures, manners, and other norms.  Organisations can implement communication strategies to build better communication across departments. These include giving employees a platform to be heard and share ideas. Companies can encourage open communication while enabling higher understanding and empathy. They should also ensure that everyone is on the same page while encouraging more feedback and interactions. Other strategies include clear protocols for tasks and documents along with common objectives and easier collaboration tools for cross-departmental communication.  Technology alleviates communication breakdowns in the workplace by making it easier to share data and inputs, collaborate, ask questions, get feedback, and solve problems as a team anytime and anywhere. It has introduced new communication mediums that enable swifter and more convenient interactions. However, it has often led to communication breakdowns, since it has minimised face-to-face communication and interactions. At the same time, it is often a distraction which makes it difficult to practice active listening at the workplace.  A communication-friendly organisational culture is one where employees are encouraged to communicate freely and openly. It is one where there are collaborative platforms and spaces for teams along with periodic feedback-gathering sessions and discussions with the leadership. It is also one where managers actively listen to employee inputs and value them. 

Read More »

Services

Industries

Company

Resources

Press Kit

MENU
Book a Free Consultation
CONTACT US

Let’s connect!

    Privacy Policy.

    Book a Free Consultation
    Almost there!

    Download the report

      Privacy Policy.