The AI Revolution in Finance Sector

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The AI Revolution in Finance Sector

Automation has made a significant impact in every field, from news and sports to customer service and trading. It is revolutionizing the way we interact with others and conduct business. 

Automation enables companies to gather, analyze, and share business-critical information with all stakeholders instantly without any human intervention. It ensures that all processes are done as per the set parameters and within the specified time. 

Artificial Intelligence (AI) has been making drastic steps in allowing businesses to manage their resources, employees, and clients correctly. AI has taken control of trivial jobs and has made many tedious tasks simple. 

Technology has made it possible for start-ups to conduct business at super fast speed and without heavily investing in infrastructure. Developments in AI, machine learning, and data analytics allow companies to collect data instantly, find patterns, and build actionable reports

As hi-tech devices gain more processing power and become cheaper, the digital infrastructure is becoming more robust. It is significantly increasing the potential of the workforce and minimizing human errors. 

This article will shed light on how AI is making remarkable strides in the finance sector.

The AI revolution in the finance sector is no longer a myth. It is helping companies register massive profits and also allowing them to deliver customer service par excellence. 

The following are the few benefits of AI in the finance sector:

  1. It provides rich reports full of statistics, facts, and figures.
  2. It allows companies to gain a 360-degree perspective of their customers.
  3. It enables businesses to transform quickly according to the changing financial landscape.
  4. It permits various organizational departments to work as a cohesive unit.
  5. It executes trivial jobs instantly without any human intervention.

One of the crucial aspects of any finance company is to handle customer complaints quickly. Sage CRM is a leading product that comes with a built-in chatbot. 


Don’t Miss: Review Your Customer Service Operations With Sage CRM

The chatbot gathers trivial information — customer name, problem statement — instantly, allowing its human counterparts to focus on other important matters. If the solution to the customer’s query already exists, it sends a step-by-step procedural answer or provides a link to the same. Only if the question is new and the solution isn’t available in the repository, it forwards the query to the support team.

The AI revolution is impacting the finance sector as never before. It is opening new dimensions and enabling companies to make forecasts that weren’t possible until a few years back. 

The following are the use cases of how the AI revolution is impacting the finance sector:

1. It maximizes the use of resources

Earlier, companies didn’t have a fool-proof system of measuring resource utilization. The manufacturing process was controlled through hand-written checklists or basic software programs. This system introduced numerous human-errors that caused massive damage to the products and the reputation of the company

But the new AI-driven processes minimize human intervention and eliminate errors. It also takes control of other operating functions. For example, Sage ERP for financial services analyzes which customers need instant attention and routes them to the support team. This procedure allows the company to prioritize its resources and efforts over irate customers and patch-up any wrinkles in the relationship fabric.

2. AI algorithms unlock hidden values

In the digital era, businesses are finding new ways of gaining access to customer data. It is rightly said that data is the new oil because it enables companies to know the ins and outs of their customers. Data allows brainstorming strategies, forecasting future trends, and providing world-class after-sales service to your clients

Thus, data allows you to build a strong and long-lasting relationship with your existing clientele and helps expand your customer base. 

With advancements in technology, AI algorithms take over repetitive tasks that take away a significant share of an employee’s time. These tasks include gathering customer data, filing forms, sending messages and notifications, matching data records, and resolving exceptions. 

AI algorithms can handle the following accurately and in a better way than their human counterparts:

  1. They create a list of parameters and spot deviations. 
  2. Natural Language Processing enables machines to communicate with humans naturally. 
  3. They enable employees to write text with the help of sound. 
  4. They interpret textual information, do a 360-degree analysis of the same, and build actionable reports.
  5. They detect objects and human faces exceptionally well. 
  6. They detect patterns that are oblivious to the human eye.

Don’t miss: Role of AI Guided Content in Predictive Analysis

3. AI improves efficiency and cuts costs through innovation

AI is revolutionizing the finance sector through innovation. One such innovation is Robotic Process Automation (RPA). It is a virtual worker that replaces a human and conducts operations at superfast speeds. It also increases efficiency, minimizes human error and reports suggest that they can decrease operational costs by 25%-50%. 

RPA is a boon for the finance sector as it takes complete control of data-intensive and repetitive tasks. This process allows employees to work on things that require human ingenuity, intellect, creativity, and a thorough understanding of organizational culture. 

AI algorithms can also extract vital information from agreements and present them in an easy-to-read format. Moreover, they can also create smart contracts that can be edited/updated according to all the participating parties’ will. 

4. AI is revolutionizing the way people invest and trade

The stock market is dynamic and ever-changing. It has the potential to transform a pauper into a king and vice-versa. But with the change in the international business and political environment, it has become more uncertain than ever. Since the onslaught of the COVID-19 pandemic, the markets are in a roller coaster ride. Millions of people globally have lost billions of dollars.

AI-powered algorithms and high-speed processing abilities provide much-needed relief. They possess the capacity to interpret both — structured (databases and spreadsheets) and unstructured (social media) data. They can correctly estimate which stocks will outperform and which will underperform. 

Data-driven investments did a business of more than a trillion dollars in 2018 alone. High-frequency trading or algorithmic trading is picking the pace because of the benefits AI provides. 

5. AI helps detect online frauds

Wrong rejection of an authorized transaction is one of the many reasons for massive losses to retailers. Fraudulent activities on credit cards have been on the rise since online shopping portals have opened in huge numbers.

AI and ML technologies show ways of curbing online threats. They keep track of an array of factors, including the customer’s past purchases and buying behavior. They immediately alert the customer and block their credit card if they detect unusual behavior.  

The troubleshooting algorithms take the necessary action and create reports so that analysts, consumers, and the security team can work together to reach a workable solution. 

6. AI makes the loan disbursal process easy and straightforward

Loan disbursal is a long and tedious process. It takes immense time and effort for the bank to decide the eligible candidates out of a long list of applicants. The following are some of the factors that banks have to check before giving loan:

  1. Age
  2. Work experience
  3. Income
  4. Spouse’s income
  5. Occupation
  6. Credit history
  7. Repayment period

Even after thoroughly checking the candidate’s financial condition, there are chances that they might fail to repay the loan.

AI algorithms employ rigorous data analysis techniques to estimate the loan repayment capacity of the candidate. It considers multiple data points that enable the loan managers to reach a logical conclusion rather than making a hasty decision. 

Another critical point is that banks are now focusing on remote banking applications. These apps make it easier for customers to transfer funds and conduct other banking operations without visiting the branch office. AI and ML algorithms are using this opportunity to access smartphone data to judge whether the candidate is suitable for receiving the loan or not. 


Don’t Miss: Covid-19 Impact on Finance Sector

7. AI is becoming the backbone of personalized banking

We are living in times where companies are finding ways to provide top-notch personalized customer experience. For example, Starbucks remembers your favorite coffee and serves you the same, whether in Mumbai or New York. 

Similarly, banks are keen on providing personalized banking services that suit the taste of the individual customer. AI and ML algorithms provide the foundation for building chatbots that provide self-help solutions to customers. This step allows their human counterparts to focus on other business-critical issues that require human ingenuity.

Conclusion

AI, ML, Data Analytics, and many other technologies are revolutionizing how the finance sector operates globally. They are:

  • Letting the sales teams explore their hidden potential and make better sales.
  • Allowing support teams to provide better service experience to customers.
  • Supporting risk managers to ascertain the repaying capacity of candidates.

Financial organizations may face a few barriers while implementing AI solutions. But they have to be bold enough to accept the challenges and move forward. New age AI solutions may be a little expensive but are a good investment for the future.

Are you searching for marketing automation software such as ERP and CRM systems to plan your resources efficiently and better deal with your customers? We can help you. At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

Impact of Artificial Intelligence on the Automotive Industry

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Artificial intelligence (AI) is changing the way we do business and the way we live. It is making breakthroughs every day, from healthcare to finance to data security to travel and transport and social media. Talking about the automotive industry, AI will bring a massive transformation. Research indicates that the value of AI in automotive and cloud services will exceed $10.73 billion by 2024

This article sheds light on how AI in automotive industry will impact vehicle owners, automakers, and service providers. 

 

  • AI driving features

 

When it comes to driving, artificial intelligence provides many functionalities, including fully autonomous and driver-assist modes.

One of the major concerns of the automotive industry is to ensure that drivers are safe while driving. AI provides advanced safety features that can identify dangerous situations and alert the driver if it detects a probable mishap. It can also take emergency control of the vehicle if the driver isn’t capable of driving any longer. 

It consists of multiple sensors, cross-traffic detectors, emergency braking, driver-assist steering, blind-spot monitoring, and other features that ensure the passengers’ security.

Although AI has reached a stage where it can assist humans in driving, there is a long time to see roads filled with driverless cars. It is because driving is not limited to a specific set of rules. A few algorithms cannot comprehend the nitty-gritty of driving. It is a complex process that requires monitoring multiple conditions and forecasting several scenarios. The processing power necessary for a driverless car is yet not available. Companies like Google and Tesla are making several breakthroughs in Artificial Intelligence and machine learning, and the day is not far when driverless cars become a reality.

 

  • AI cloud services

 

For both — driver-assist mode and fully autonomous mode — connected vehicles require vast swathes of data. AI Cloud platforms ensure that data is available when needed. This data is not limited to low battery indicators, check engine lights, gas tanks, and oil lights. By monitoring millions of data points per second, AI can predict component failure to get it repaired before it wears out. This principle is known as predictive maintenance. It will save not only the driver’s life but also their bank balance. 

World-renowned automobile manufacturer Volkswagen and IT giant Microsoft have announced a partnership that will transform the auto company into a digital service-driven business. Volkswagen wants to become a torchbearer in the automotive industry by tapping the power of Skype, Azure IoT, and Power BI. 


Also Read: How Cloud ERP helps Auto Component Manufacturers go Lean?


 

  • AI individualized marketing

 

In recent years the advertising competition has become brutal. Getting qualified leads has become a challenge. But the combined potential of AI, big data, and machine learning offers a ray of hope. They can examine vast amounts of data according to set parameters and can accurately target qualified prospects. This data can suggest those products and services that users are most likely to buy. For example, a driver whose social media posts announced mountain excursions could be alerted of a sale at a nearby hiking and trekking Store. Or if the driver has a liking for cakes and chocolates, the AI system can suggest nearby bakery shops.

The AI system tracks the driver’s likes and dislikes and sends periodic messages of businesses nearby that can serve them instantly.

 

  • AI in car manufacturing

 

According to statistics, 92 million cars were produced in 2019. No wonder, assembly line robots have proved their mettle. And they have been doing so since the sixties. 

But AI in the automotive industry will completely change the way we operate. Smart robots don’t only accept humans but also work along with them. Like the Hyundai Vest Exoskeleton (H-VEX) and Hyundai Chairless Exoskeleton (H-CEX) provide extra mobility and strength to perform tenuous jobs. They sense what their human counterparts are doing and help protect their knees, necks, backs, and other sensitive areas. 

Automated Guided Vehicles (AVGs) are used to shift heavy materials and machines. Artificial intelligence can detect its path and adjust the route accordingly. 

Also, AI is used for doing painting and welding jobs. Apart from filling colors and cutting window panes, doors, bonnets, roofs, and windshields, it can also detect irregularities and defects and alert the quality control personnel.

 

  • Driver identification, recognition, and monitoring

 

AI can detect who is driving the vehicle using advanced facial recognition algorithms. It can adjust the mirrors, temperature, and seat according to the individual preferences of the driver. It can alert the driver to keep their eyes on the road by observing their head position, eye gaze, and eye openness. It can detect the driver’s posture and can adjust the seat accordingly. It can also change the Heads-Up Display (HUD) according to where the driver’s eyes are focused. Besides, it can also deploy airbags in a manner that will minimize the injury based on the driver’s posture.

AI in automotive industry is making significant advancements and developments. Coupled with the power of machine learning and big data, it will revolutionize how we will reach our destinations. It will not only streamline traffic movement and monitor jams but also increase the driver’s safety. It will also open up new marketing and entertainment opportunities. 

At Sage Software, we are home to world-class ERP and CRM software that will provide practical solutions to your specific business challenges. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

 

Why Digital Transformation Requires Talent more than Technology?

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Digital Transformation

Digital transformation depends less on buying expensive technologies and more on making your workforce capable of handling them. It’s a process of upskilling and bridging the gap between talent supply and demand. This article talks on why companies should focus more on talent than technology for digital transformation. 

Invest in your workforce

Innovation is generally referred to as a process of “creative destruction”. It destroys traditional jobs and creates new and improved ones. Digital transformation gives birth to numerous jobs — including AI, Machine Learning, and Automation — but this requires upskilling your workforce so that they know how to use the technology to its fullest. Companies should invest in their workforce and make them market-ready.

 

Focus on soft skills more than hard skills

There is no doubt that digital transformation requires people with hard skills — such as data scientists and cybersecurity professionals. But as history suggests, hard skills are temporary. They change with market demands. Whereas soft skills — such as the will to learn and intellectual curiosity — are permanent. Companies should focus on nurturing soft skills in their workforce so that it’s easy for them to upskill and get ready with the required hard skills quickly.

 

Build a data-driven culture

The basic difference between industry leaders — such as Amazon, Apple, Google, and Facebook — and the rest is that they breathe in a data-driven culture. Instead of hiring big-budget data scientists and expensive AI technologies, they focus more on building digital assets. Utilizing valuable data and gaining meaningful insights is more important than collecting huge piles of trivial information. Companies should understand that data-driven culture is the only way to future-proof themselves and stay competitive.


Also Read: How ERP Integration Can Help You Get the Most out of Your Data

 

As per The Economist, the current COVID-19 crisis will eventually lead to data-enabled devices playing a greater role in our lives. The question is are we ready? We can help you. At Sage, we are home to world-class ERP and CRM software that will provide effective solutions to your specific business challenges. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

3 Ways Blockchain will Help Build Better Customer Relationships

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Blockchain Drives Digital Transformation

Blockchain is here to transform marketing and advertising forever. But this technology is not very well understood. The CMO survey provides testimony to this fact as only 8% of companies rate it as moderate to very important. Blockchain properties — such as immutability, transparency, and security — will help marketers build better customer relationships. This article explores this further.

Blockchain will put an end to the transaction fee

Do you remember the notification “Minimum Order: ₹ 100” while purchasing groceries on Amazon Pay? It’s because vendors need to pay a 3% payment processing fee to credit card companies. This fee increases the cost of goods that are passed onto consumers. Blockchain will put an end to this fee as it allows users to send money in any local currency without the use of credit cards. 

Also, vendors pay money to data aggregators like Facebook for getting critical customer data. But with Blockchain, companies will be able to directly communicate with their customers without the intervention of an intermediary. They will make micropayments to customers for installing their app or enabling location tracking. This will remove the middlemen and help them create deeper customer relationships. 


Also Read: How Blockchain Technology will be disrupting CRM for Good?


Blockchain will help users to control what ads they see

A study by Hubspot shows that people don’t like to see pop-up ads and feel online ads are intrusive. This has led to an increase in ad blockers that are expected to cost publishers USD 35 billion by 2020. Blockchain provides a solution to this problem. Marketers will be able to directly share their revenue with customers instead of taking the Google-Facebook way. It will also provide actionable reports — such as types of ads viewed, number of ads viewed, etc. It will also prevent companies from sending non-relevant follow-me ads that form the major cause of consumer anger. These steps will help marketers build better customer relationships.

Blockchain will put an end to spams

According to a study, 135 billion spam emails are sent every day. Blockchain can tweak the email process. It will allow marketers to send an email by making a micropayment to the recipient, which can be as less as 10 paise per email. This step will discourage spammers to send millions of unsolicited messages every day. 

Blockchain is an effective alternative to the way we do business today. Marketing and technology leaders should not hesitate to put this technology into action and reap the benefits.

At Sage Software Solutions (P) Ltd, we are home to a world-class ERP and CRM system that provide solutions to all your business challenges and build a long-lasting relationship with your customers. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

How Blockchain Will Modify Inter-Company Transfers?

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Intercompany transfer relates to the sales of products, technology, services, and workforce movement between the parent company and its subsidiaries and blockchain technology will enhance this process. If you look at the figures, you will be amazed to see that they contribute 30-40 trillion dollars annually to the global economy. So it is not wrong to say that intercompany transfers will be the wealthiest nations in the world if they ever claim a country status.

Even after making such a considerable contribution, they suffer from incompatible systems. The large day-to-day transactions — including licensing of technology, the extension of credit, and performance of services — is done through multiple ERP systems. The records are not updated instantly but take weeks, if not months, to update.

Intercompany transactions, including the company’s financial statements, are often misrepresented. In the worst-case scenario, the errors in taxes and custom forms result in penalties. ERP systems and manually-generated Excel sheets don’t provide business-critical information to company stakeholders to make intercompany transfer decisions.

Which companies will benefit by making intercompany transfers healthy?

Intercompany transfers are essential to companies of all sizes. Be it a small manufacturer with a production unit in one country and who distributes through multiple vendors in a few countries. Or a large manufacturer that has numerous legal entities doing business in several countries.

In multinational organizations where intercompany transfers account for more than 30% of the external revenue, making systems healthy is a must. They require an intercompany policy that takes care of different business models, multiple ERP systems, and recent mergers and acquisitions.

What are the benefits of improved intercompany transfers?

By improving the intercompany transfer processes, you can gather accurate data that will help you manage your inventory, make strategies, forecast future demands, and make better procurement decisions. You will also reduce operational costs, increase sales revenue, lower FASB 5 and FIN 48 reserves, eliminate material errors, lower hedging costs, and improve financial statement accuracy.

Other company-wide benefits include reduced tax audits, better HR compensation plans, enhanced customs compliance, increased global liquidity, truncated logistics costs, and better comprehensive liability planning.

How can Blockchain help?

As per the research by International Data Corporation, 45% of industry leaders will use Blockchain as the primary intercompany transaction management technology.

Blockchain is a distributed ledger that provides a single source database. It is a completely transparent way to share wealth and data. The significant advantage of Blockchain is that the database is immutable. Once data entry is done, the system’s members cannot change it. Blockchain was initially built as a public shareware, but seeing its utility, private blockchains soon came into existence. They provide the ability to share immutable data within your company’s digital ecosystem.

The notable advantage of Blockchains are transparency, traceability, and auditability. It creates a shared record and validates all transactions. If a member makes a small change anywhere, the system can trace him easily.

How do transactions happen in Blockchain?

Each transaction generates a hash, which is a string of numbers and letters. Here, the order is crucial. If the order is not right, then the purpose of using a Blockchain gets defeated. It’s because the hash doesn’t depend only on the current transaction but on the previous transaction as well. A minute change in the transaction can completely modify the hash. The nodes (desktops, laptops, or servers) examine the hash to know whether there is a change in the transaction. If the majority of nodes conclude there is no manipulation in the transaction, then the hash is written on the block. The process continues until every block gets its hash, and then they combine to form the Blockchain. Since it operates on the Distributed Ledger Technology (DLT), every node has a copy of the original sequence of blocks. A Blockchain updates itself every ten minutes.

How can Blockchains help in intercompany transfers?

The significant advantage of using Blockchains in intercompany transfers is the creation of smart contracts. These contracts are automatically generated according to the company policies and are enforceable on all parties. Smart contracts are smart because they can change as per the need. Consider the following example. The parent company and its logistics subsidiary make a deal, according to which, the latter will send four tonnes of steel by month-end. Now, suppose the supply chains are not in place due to a severe landslide, and there is no way the trucks can reach the parent company’s warehouse by the promised due date. According to the contract, the logistics company will be held responsible for the delay. The question is: Is this justified? Smart contracts play an essential role in such matters. They can transform the clauses of the agreement so that they aren’t unfair to any party.

Blockchains contain vast amounts of business-critical information such as — invoices, purchase orders, fair labor practices, documentation of environmental compliance, and transfer pricing.

A private Blockchain can easily integrate with your company’s legacy ERP system and improve your business processes. The integration process is relatively simple and does not hinder the daily transactions managed by your employees. It serves the interest of all the stakeholders and provides the information they need. It prepares audit and regulatory data reports and plans data summaries that are crucial for any business.

Blockchain technology will transform your business for good. It will make your existing systems agile and more data-oriented. It will maximize data security and act as a shield against data leakage and thefts. It will also provide identity verification and authentication that does not allow any third party to tamper business-critical data. If you implement Blockchain technology correctly into your ERP systems, you will see a positive impact on your costs, business processes, risks, and flow of information.

 

How Artificial Intelligence Can Enhance Healthcare

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Today, we live in a world where data is the most precious thing. And this certainly has huge benefits across various fields including healthcare. As the volume of data continues to increase at a rapid pace, Artificial intelligence stands at a ripe juncture where it’s required more than ever. As it continues to evolve, artificial intelligence will provide humans to gain unprecedented insights and thus revolutionize diagnostics once and for all. This article throws light on 3 ways artificial intelligence is enhancing healthcare.

1. Expanding healthcare services to developing regions

It’s as unfortunate as it’s true that medical services aren’t distributed equally across the world. According to data, India has a shortage of about 2 million nurses and 6,00,000 doctors. Developed countries have more diagnostic centers and better healthcare facilities than the developing ones. This is where Artificial Intelligence makes a significant mark. For example in a country like India where there is a high need for radiologists, AI can screen chest X-rays and find out whether the patient has tuberculosis or not. Results have been welcoming as they suggest that the accuracy of AI systems is comparable to that of humans.


Also Read: 5 Ways ERP for Healthcare Preps Up for Crisis Management


2. Making medical instruments smarter

Medical instruments record the vital parameters of a patient. But smart devices that make use of artificial intelligence provide real-time data. Hence if the pulse rate, blood pressure, breathing rate, etc. fall below the safe mark, they automatically alert the healthcare professionals. Another benefit is that smart devices help doctors to identify whether the patient has developed sepsis or other complications that may lead to hospital-acquired condition penalties. 

3. Making electronic health records less burdensome

Electronic health records (EHR) provide an efficient way to store information safely through digital means. But one of the major disadvantages of EHR is that it causes users to burn out. This is because they have to enter extensive information and upload ample documentation from time-to-time. This is where artificial intelligence comes into the story. It makes the process simple and fast by introducing Natural Language Processing (NLP). NLP helps users to input information through voice recognition. Moreover, AI also sends regular reminders and email notifications about medical refills and results so that both – the doctor and the patient – remain updated.

Artificial intelligence is a boon to the field of healthcare. It will make the documentation process super easy, integrate various patient touchpoints, and allow smart devices to collect real-time data of the patient’s vitals. This will make healthcare accessible to all and help save more lives. 

At Sage Software, we are home to world-class CRM, ERP and HRMS software that will make remote working a piece of cake, boost employee productivity, synchronize inter-departmental activities, and generate more profits. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

Role of AI Guided Content in Predictive Analysis

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Artificial Intelligence

Predictive analytics is the technique of finding patterns in data and forecasting future trends. Statistical methods, Artificial intelligence, and data-mining models are employed for analyzing the customer’s past purchases, buying patterns, wish lists, products they might need in the future, etc. This helps gain varied customer insights and strengthen customer relationships. As per research, the global market for predictive analytics will grow at a rate of 21% and reach approximately USD 10.95 billion by 2022. The following article talks about the role of AI in predictive analytics and how it’s revolutionizing the business-customer relationships. 

Artificial Intelligence reduces the complexity of data

There is no doubt that humans are intellectual beings and possess the ability to take tough decisions in times of crisis. But when we aren’t surrounded by imminent danger, we are overtaken by emotions. A recent study by Harvard Professor points out that 95% of our decisions are made subconsciously. This proves that if customers are disgruntled by your services or have a negative opinion about your products, you may soon go out of business.  

AI helps to gauge customer emotions and predicts their behavior. This helps find potential buyers from a long list of prospects – a matrix that maps product codes with customer names – that would have otherwise been a complex and tiring job. 

Consider the following example that explains how AI reduces complexity. You are an FMCG giant that employs AI algorithms to know which of your customers buy razors and shaving creams along with aftershaves. If the data lists 80% of your customers who have a similar buying behavior then you can easily analyze the remaining 20% of the customers to whom you can recommend the aftershave. 

 


Also Read: How Consumer Devices Will Propel Global AI Revenue?

Artificial Intelligence conducts anomaly detection

One of the most important roles of AI in predictive analytics is in the field of anomaly detection. It analyzes signals that indicate out-of-the-usual operations or expectations. It examines which videos would likely go viral and make a buzz in the market. It also inspects the causes that convert prospects into customers or make them lose forever. 

For example, Paypal collaborated with Rapidminer to build a sentiment analysis software that helped them analyze more than 1,50,000 digital posts. This helped Paypal understand that their users were facing login issues. After the software was integrated successfully, the password recovery rate became 50% more than pre-integration times. 

Predictive analytics is an important tool for building strong customer relationships. When coupled with artificial intelligence, its productivity increases exponentially and helps businesses gain actionable insights in a faster and efficient way.

At Sage Software Solutions Pvt Ltd, we are home to world-class ERP and CRM software. We make it easy for you to conduct business and build strong and long-lasting relationships with your customers. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

5 Ways Digital Transformation is Re-defining Enterprise Landscape

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Digital Transformation and ERP Solutions

In the information age that we live in, businesses cannot escape digital transformation. All credits to the digitally savvy customer who has access to heaps of information about literally everything, at every time, and everywhere. And if you fail to keep up with times, your customer will not stick with you for long.

Today, companies require increased access to data, stay connected with their customers 24/7, and streamline their business processes. Unfortunately, manual methods are too inefficient and fail to catch-up with the speed that businesses require. Digital transformation is the key that will put an end to all those challenges. It will make your business respond to customer queries with lightning speed, destroy information silos resulting in interdepartmental to and fro of data, and empower you to give tough competition to other sharks in the ocean.

Digital Transformation for Changing Enterprise Landscape

Let’s dive and take a look at 5 crucial ways of how digital transformation can help you adapt to the changing enterprise landscape.

1. The economy is going digital

Only if you live on Mars would you not be aware of the advantages of going digital. Today, everyone including people, businesses, societies, and governments, has a digital footprint. According to a report, the size of the digital economy ranges somewhere from 4.5% – 15.5% of the world economy. And this is when the same study suggests that we are in the early phases of digitization. Therefore, it’s imperative to understand why businesses should prepare a digital road map for themselves.

Digitization helps businesses know what people are searching for locally and globally, their likes and dislikes, cultural changes happening around the globe, the impact of government policies and much more. Also, all the upcoming technologies such as AI, Machine Learning, IoT, Blockchain, 5G, and Cloud computing rely on digital data. If you want to remain relevant in the changing times, you cannot afford to remain aloof from digitization.


Also Read: 5 Disruptive Digital Business Trends


2. Adopting new technology has always been a way to ‘Future-Proof’ your business

Do you remember the late 90’s and the early 2000’s? Do you recall the exponential increase in productivity promulgated by digital technologies of that time namely; social media, mobile, and the Internet?

There is no doubt that the Industry 4.0 Revolution helped businesses take a giant leap from being heavily reliant on manual methods of conducting business to super-fast and highly efficient digital methods. But times are changing yet again. We are standing on a junction where on its other side is the angel of ‘digital supremacy’ with its arms wide open, waiting to embrace us. Companies need to understand that this angel which comprises technologies such as AI, voice, robotics, IoT, etc. has the potential to completely disrupt the way they do business.

Though we are at a nascent stage of digital transformation, five to ten years down the line, new products and services will emerge out of these technologies and open new revenue streams completely unheard of. As and when the opportunity comes, those companies that have realized the importance of digital transformation today will embrace the change quickly and turn into industry leaders. And those who failed to do so will be wiped off.

3. New and better avenues of customer engagement

In the information age that we live in, people have gained the most. They have got multiple avenues to raise their voice, keep their opinion and share information with like-minded people. It does not take long to bring an entire company to a standstill if even one of them, in the remotest corner of the world, objects to the quality of your products.

Here is how Digital transformation is forcing businesses to look at customer engagement strategies with a fresh look:

• Digital marketing communication has redefined customer engagement. Be it social media posts, online ads, guest posts, blogs, articles, SEM, SEO or a proactive customer care service; the importance of customer engagement has risen to the sky. With time, it is becoming more personalized in nature.

• It widens the customer base by forming better retention strategies to keep existing clients loyal to the company and attract new ones.

• It helps form a lead management system that efficiently manages customer queries, contract renewals, and lead handling.


Also Read: Top 5 ERP Software Trends of 2020


4. Makes you compliance-friendly and investor-friendly

With governments across the globe making tighter tax regulations and formulating mandatory compliance, companies face major challenges if they don’t adhere to such directives. Industries such as banking, and import and export, are audited by government authorities and in cases when they are found in-compliant, they are hunted down. The easiest way to meet these standards is by using digital technologies that keep track of data, warn concerned authorities if regulations are not being met, keep proof of compliance and much more.

Another important thing that businesses must keep in mind is that a sound IT strategy lures prospective investors. By carrying out a full-fledged digital transformation process at your company you indicate that you are ready to take on the challenges head-on, will have few/no problems in managing financial governance and be compliance-friendly.

5. Bring a complete cultural change in the way you function

Have you successfully earmarked the redundant activities being carried out in different departments of the company? Do you exactly know which processes function at their optimum level and which don’t? If the answer to those questions is a thundering yes, then your business needs a digital outlook; you need to reinvent your company by incorporating a new digital culture. The following examples illustrate how you can do this:

• Introduce data related work in every sphere of your business. Give credence to data transparency and accountability

• Introduce a lean management work culture and give priority to continual improvement

• If the cultural change exercise cannot be extended to the whole of the company, then create a spin-off company with its management and bring a digital transformation over there

Digital transformation is the need of the hour. Those businesses that align with digital technologies today will reap the benefits soon. Those that don’t will be scavenging on dead meat. At Sage Software, we are home to industry-leading ERP and CRM software. Our products will let you establish a digital culture at your workplace and get you ready for the future. To know more about us, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Block chain: A revolutionized platform for ERP

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Blockchain Technology

We are living in the digital world where every now and then, there is a new discovery in the technology domain. The latest buzzword is the block chain aka distributed ledger technology. Block chain goes beyond crypto currency that served as an engine to this technology. Block chain carries highly confidential information that has applications in different departments and processes within any organization. Therefore, it is imperative for this technology to hold onto the integrity that is trusted by all stakeholders. In this scenario, Enterprise Resource Application (ERP) can enhance the effectiveness of block chain technology by populating the required data onto an application that can exercise selective control over access.

ERP and Blockchain Integration

The benefits of ERP are vast. It offers a centralized platform for all the business data to let the management dive deeper into the case for making informed decision for future projects. Moreover, all this data is uploaded in real-time and therefore, there is no wastage of time in inter-departmental communications. Also, repeated discussion from multiple sources may result in loss of information.  ERP eliminates such setbacks by creating perfect growth conditions for any business. Also, various integration capabilities eliminate the need to depend on other software or tools.


Also Read: ERP module-wise benefits


Block chain integration uplifts the existing ERP benefits to an altogether new level. ERP application is used to collaborate multiple departments through a single platform. These departments may carry sensitive information that demands confidentiality. Block chain can add as a supplement to ERP in this case, as it allows the data sharing, but it cannot be copied.

ERP is used to manage finance related activities like sharing invoices, keeping accounts and handing purchase orders and payments. All of this information is usually shared by multiple departments. Therefore, there is a threat of information being misused. Block chain integration solves this problem with its utmost security feature. While ERP manages vendor listings and contacts, block chain with verify the unique identities.


Also Read: How to efficiently collaborate ERP and block chain


ERP manages centralizes business data, acts as a SPOC, shares important data across different organizational departments and integrated with other business applications. Block chain integration with ERP targets wider aspect like business centralization through workflow management, sharing inter-department information but with highest security and integration of other software along with optimization.

ERP and block chain integration will help companies achieve authenticate identities, enforce smart contacts, automate risk-free payments and enhanced security. It will help in keeping the malware threats and cyber-attacks at bay. Companies can therefore deal with highest number of transaction carefree.

ERP integration with block chain can benefit a lot of industries operating in food and beverage, law, finance, manufacturing, retail and ecommerce. It will help in managing and sharing the raw material details and food supply chain, financial documents, legal materials, etc. with trustworthy parties maintain the dignity and security of the business.

 

To know how Sage Software Soutions (P) Ltd can help lay the foundation brick of your financial success pillar, contact us here. You can also SMS SAGE to 56767 or write to us at sales@sagesoftware.co.in for a FREE demo or CRM consultation.

Blockchain and ERP Integration

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Enterprise Resource Planning (ERP) is a widely used terminology to collaborate multiple departments onto one platform, manage finance and accounting, payrolls and statutory compliances for companies. Block chain technology known as distributed ledger allows sharing of information between multiple computers without having a centralized platform to maintain the highest security.

 

So what does it look like when both are integrated? It will result into mapping, linking and accessing the transaction between two parties or manage the supply chain process without having to fear the breaching of information.


Also Read: How blockchain can revolutionize ERP?


 

The operation of blockchain lies within the bitcoin network, which is decentralized. Therefore, whenever a new transaction occurs, it is important to validate it in order to avoid the risk of excessive spending. To explain the block chain technology, let’s take an example of food industry. The supply chain of the food industry is very complex and it is difficult to track food-borne illness from farmers to grocers. Blockchain technology can help here. It can help in identifying the contaminated food throughout the supply chain resulting into improved efficiency and transparency. For another example, let’s talk about the finance sector. Regular SMS and emails are circulated among users warning them not to share their bank details with anyone and the major reason behind this is to avoid frauds. Due to banks using centralized systems, they are more prone to cyberattacks. It is highly risky because if the hacker cracks the code to access one system, he gains access to all the other. The distributed ledger is made up of blocks containing a timestamp that holds individual transaction batches with a link to a previous block. This technology, therefore can contribute efficiently in putting down the current cybercrimes.

 

ERP systems are used by multiple industries – banks, healthcare, food and beverage, e-commerce, retail, etc. It helps companies manage their accounts, finances, supply chain, human resources and such other departments through a unified platform. When multiple departments require to access common data, verbal communication can result in the partial loss of information resulting into productivity loss and no or less profit booking. With an ERP system, multiple departments can be collaborated together to generate data accessible by different teams in real-time from anywhere. But, in this case, how do you protect the information that is not public and requires to be kept confidential, yet shared between some parties? This is when the ERP integration with blockchain technology works wonders where the data can be shared between two parties (here computers) to be accessed by trustworthy individuals but this data cannot get copied.


Also Read: ERP and Cybersecurity


 

Companies using ERP systems can be benefited with blockchain integration to manage their finances, keep inventories in check, track supply chain and perform high-end transaction without having to worry about security or cyberattacks. In order to create more transparent, secure and seamless experience, 90% banks from North America and Europe are investing in blockchain technology.

To know how you can achieve ERP and blockchain integration, contact us here. You can also SMS SAGE to 56767 or write to us at sales@sagesoftware.co.in for a FREE demo or CRM consultation.