Industry
Technology is having a wide-ranging impact on the business environment, creating both opportunities and challenges. Inter-related trends such as e-commerce, big data, machine learning and artificial intelligence (AI), and the Internet of Things (IoT) could lead to large productivity gains for the economy.
Technology is definitely changing the way businesses evolve and we are the enablers of this change. Whether you need to re-engineer every process and skillset, or simply move to a new technology platform, we’ll work closely with you to develop a completely tailor-made solution to help you grow digitally. Our Business Transformation Practice team is well poised to offer,
- Consulting services in both Domain and Technology
- Good leverage using the low code platform to enable Rapid Application Development
- A solution to develop a Digital Core involving applications built on the latest tech platforms around the legacy core with minimum disruption
- Digital solutions that are integrated to manage change faster and better making your organization future ready
- True Omni-channel experience with a capability to manage and use applications even in offline mode
- Support to the business for right decision making by leveraging the AI/ML capabilities
- Portal solutions for better visualization, analytics and business intelligence
The role of a CIO or CTO has expanded beyond cost and performance responsibilities in order to transform IT into a core driver of business value. Whether companies are leading from the front or simply trying to avoid being left behind by competitors, every organization is in need of a flexible architecture to address the sector specific technology needs. To bring in the expertise partnering with the ideal digital solutions company is the first step. Here is some information on sector wise imperatives and solutions.
Manufacturing
Manufacturers need to take inspiration from past industrial revolutions and tap the digital revolution with full force. Digital transformation in manufacturing is a combination of traditional processes enhanced with new advancing technologies, working together to drive manufacturing forward and address inefficiencies in the current methods. The strongest imperative to go digital in the manufacturing sector is customer expectations and the speed of innovation and delivery. The traditional goals on the level of enhanced efficiency and cost reduction are as relevant as before. Competition and the disruptive impact of manufacturers who have transformed at the core is also a key driver. Increased focus on quality management, safety risk and compliance and streamlining organizational processes are the challenges that are common to every manufacturer.
How digital transformation can impact a manufacturing company? The ways are many, to list a few – Centralize and better coordinate the entire product launch process for maximum impact. Gain visibility into the product life cycle for improved decision-making. Generate invoices, pricing, discounts, and bills based on origin. Achieve regulatory compliance for global shipments. Improve customer satisfaction by responding to customer requests faster. Increase efficiencies across people and processes for better and easier handling of parts return and warranty claims. Gain visibility and auditability of processes, evidence, decisions, and outcomes. Centralize and automate human resources tasks and processes to eradicate redundancies and increase productivity.
While the company looks at establishing one or all of the above changes, one needs a trusted aide to collaborate with to ensure that it is well integrated across levels.
Insurance
The insurance industry has traditionally been slow to modernize, but it is now clearer than ever that the time is now for insurers to embrace digital transformation. The insurance industry is adopting technology to mitigate complex challenges it is facing from changing consumer expectations and the ever changing regulatory and digital landscapes.
Apart from the above longer sales cycles, changes in channels and regulations, better customer engagement, high probability of errors in compensation calculations and managing channels due to the human element, lesser time to evaluate partnerships, poor daily review mechanism, cost and time required for agent training and the inability to align the channels to the insurers strategy are few impending reasons why an insurance company needs a trusted aide like TechNavik. Whether you need to re-engineer a process or simply move to a new technology platform, we will work closely with you to develop a completely tailor-made solution.
The initiatives of Digital transformations teams at Insurance companies revolve around sales enablement through Point of Sales solutions, Agent portals, Customer portals, Agent recruitment and on-boarding, ICM (Incentive Compensation Management) and many more.
Effective content management to develop a recommendation engine that will enable the agents to sell more in the new normal. Integrated ecosystems of solutions to deliver a real time data exchange for improved experience and self-service. Digitally aligned applications that drive the business strategies through easily configurable solutions and business processes. Improved alignment with the regulatory needs and audits. AI/ML enabled chatbots as personal assistants.
Enabling insurers to adopt a consultative mode where they analyze their claims processes based on historical data and make informed decisions to enhance efficiency. A Claim management software automates information exchange between insurance and healthcare provider systems. It processes claims and once the claims are approved, insurant receive their payments.Policy underwriting and service operations is a key function in any insurance company. A better customer experience is possible by connected underwriting and automated policy servicing.
To emerge as a true leader an insurer has to go digital for creating a smoother experience because insurance is a sensitive area in case of both individual and corporate clients.
Retail
Retail digital transformation is moving forward at previously unknown speeds driven by consumer behaviours, enabled by technology and accelerated by a pandemic. A retail organization needs to capitalize on this momentum of transformation to meet the customer demands of greater levels of contextualization of products and services. A surge in online shopping, problems in supply chain management, the need to go omnichannel with a unified commerce strategy, need to build trust through real-time data around products, pricing, and shipping, efficient merchandising management, and franchise lifecycle management are the key drivers for digital transformation in retail. Streamlining organizational processes and improved internal monitoring to ensure safety and compliance are also important imperatives similar to any other sector.
Digital transformation for retailers is about creating a connected engagement facilitated by the use of technology. How can the same be accomplished? By partnering with a digital solution provider who understands the technical requirements of the organization and creates tailor made products followed by integrating it into the system. Where can such a collaboration help?
Reduce time-to-market by streamlining launch activities and empowering collaboration. Optimize the shipment lifecycle from estimation to billing and payment. Streamline on boarding with a unified experience that improves employee engagement and retention. Offers a more distinct and personalized shopping experience to its customers. Analytics can gives insights in the customer behaviour as well as helps in predicting the trend to be ahead of consumer and satisfy their needs and wants. Voice activation, Virtual Reality, Augmented Reality, Sensor Data and Face recognition are effective tools too.
Financial Services
Financial services technology is currently in the midst of a profound transformation, as CIOs and their teams prepare to embrace the next major phase of digital transformation. Financial institutions must modernize their technology function to support expanded digitization of both the front and back ends of their businesses.
The imperatives for this sector lie in the fact that the underlying market structure has evolved leading to a shorter business cycle where better products are expected to reach the markets faster and also get full reach. Efficiency in lending and payment processes in the times of digital and contactless payments to create integrated customer experience is a must. Virtualization of the workforce demands reduced operational processing silos. Orchestration of processes between existing systems to deal with complex business and compliance requirements across geographies is needed to ensure quick response to market and regulatory change. Mobile banking, Blockchain, Big data, Mobile apps, Automated Wealth Managers have been the key drivers of technology disruption in the Financial services sector.
Innovative digital solutions can help in expanding market share by shortening time-to-market for new products and services. Also gain greater visibility and control of country-specific launch sequences and regulations. It helps integrate with AI and ML tools and avoid the pitfalls of traditional credit scoring methods. Releases employee time to engage in risk analysis and customer relationship management, instead of administration. It can help create a line-of-business problem-solvers can quickly deliver exactly what your institutional clients need. At the macro level it assists in efficient response to changes like acquisitions, regulations, cost pressures, or increasingly complex vehicles. Simplifying the process from document ingestion to managing LIBOR exposure controls and reporting. Enable improved oversight, accountability for decision making, and staff effectiveness. These are the a few ways to put digital solutions to use effectively.
The implementation of technology effectively in this sector will have a wider societal impact gearing up the economy for better development and growth.
