Archives

Archives / Finesse talks about Predictive Analytics

Finesse talks about Predictive Analytics

Looking into the Future

Can present and past experiences provide a window into the future? It is an open debate on the individual front but not so much for businesses as predictive analytics holds the alluring promise of visibility and predictability into what will happen in the future.

If we consider the exponential growth in devices connected to the Internet of Things (IoT), with estimates ranging from 20 million by 2020, according to Gartner and 25 million by 2025, according to GSMA Intelligence, predicting the future could only get better. In fact, greater availability of data, storage and computing power has helped bring predictive analytics into the mainstream from its high-perch a decade or so ago.

Machine learning, data mining, artificial intelligence and predictive modelling constitute the core elements of predictive analytics solutions. An example of predictive analytics at work in our daily lives is perhaps weather forecasting, where current and past data are used to predict the weather for the days ahead. But for businesses, its advantage lies in identifying trends, understanding customers, improving business performance and driving strategic decision making. It wouldn’t be incorrect to state that predictive analytics could be used to produce deeper insights to drive specific business outcomes.

Predictive analytics is being employed across varied industry verticals, businesses and functions. In manufacturing, for example, firms are using predictive analytics to achieve better inventory control by track stock levels using IoT and automating the replenishment process. In fact, in asset-heavy industries like oil and gas or power generation, the power of predictive analytics is being harnessed to service components and equipment based on their actual performance instead of time-based schedule. In healthcare, there are opportunities to use predictive analytics to improve patient care to better hospital management. The telecom industry was one of the first verticals to use predictive analytics for applications ranging from predicting consumer churn to managing network assets. In the insurance industry, predictive analytics is being used not only to control risks in underwriting but also detect insurance fraud claims.

To get started on predictive analytics, the fundamental requirement is data availability. In fact, the maxim is more data you have, the better. And more accurate the data, more accurate are the predictive models and their predictions. This data can be from both sources that are internal and external to the company. There is also the question of whether to hire data scientists to build predictive models in-house or use external providers, which is a decision best left to the company’s leadership.

However, do remember that it is easy to become enamoured with predictive analytics, so much so that making predictions purely for the sake of predicting the future could become a habit with zero benefits. As predictive analytics solutions get more and more accurate, and competitors scramble to get on board, the challenge would be to act on those predictions, and act quickly enough.

Remember, predicting the future is useful only when that data and information can be transferred into action before your competitors beat you to it.
(Sunil Paul is the Co-Founder & COO of Finesse, a Global Digital Transformation Company, providing Analytics & BI Solutions to various organizations across industries.)

About Finesse

Finesse is a global system integration company. We assist over 200+ enterprise clients, driving their digital transformation by encompassing business process re-engineering, digital design & architecture, deployment and maintenance of business critical solutions & services.

Finesse works with various industry leading technology companies across the globe to deliver customized solutions & services tailored to cater each of our client’s unique situation. We offer solutions for Blockchain, Robotic Process Automation, Treasury, BI & Analytics, Infra Solutions and Cloud Transformation. We cater to around 120+ financial institutions worldwide including 80% banks in UAE apart from industries in Healthcare, Retail, Infrastructure, Energy, Education, Pharmaceuticals, Aviation, and Government/Public.

Our consultants possess excellent functional, operational, and technical knowledge of the leading products/ solutions currently used by global organizations. This experience has proven valuable to our clients as our team identifies and implements industry best practices and leverages on real life experience to implement solutions that are proven and best suited to their clients. Finesse believes in a client friendly business plan with impeccable execution and delivery; all aiming to make life simpler and easier for the end user.

Should your business use chatbots?

When a virtual assistant greets you when you call your bank or when a chat box solicits your contact details on a travel website or the information you search for on a real estate broker’s listing page, irrespective of time of day, you are experiencing chatbots at work.

If one parses the many definitions of chatbot over the Internet, they all broadly agree that it is a computer programme or software that engages with human users with pre-determined messages in a conversational format.

Thanks to artificial intelligence and natural language processing capabilities, the current crop of chatbots are able to mimic human conversations. As a result, diverse sectors from banking to healthcare to industrial services are turning to chatbots to drive their customer service interactions and glean valuable intelligence on customer and market behaviour as a bonus.

The business case for chatbots is that they help automate routine functions and frees up the company’s human resources free to deal with more complex and value-added tasks. Most companies look to chatbots as a means to reduce overheads and, thus reduce operational costs.

Chatbots are typically embedded in customer engagement channels like websites and apps or within chat platforms such as Facebook Messenger or SMS so that customers can enjoy 24×7 access to the company without waiting times.

Chatbots sift through vast amounts of data to provide a customer with clear-cut and personalized information so that customers don’t have to undergo the tedious exercise of navigating websites or IVR menus or wait over the phone to be attended by a call centre agent. Where the querying gets too complex, chatbots can escalate the case to a human agent.

For companies hawking consumer facing products and services, chatbots can boost conversion rate and increase sales. Moreover, companies using such solutions are also perceived as innovative.

Where companies have to deal with multi-cultural environments like the Gulf region, chatbots can help them listen to the needs and preferences of their customers better.

Dealing with millennial generation that is growing up with Alexa and Siri, and accustomed to instant responses required companies to integrate virtual agents or artificial conversational entity (ACE) technologies like chatbots into their customer outreach strategies. And consumers are increasingly favouring chat over email for communication.

Gartner has predicted that 25 percent of customer service operations will use virtual customer assistants by 2020.Organisations report a reduction of up to 70 percent in call, chat and/or email inquiries after implementing a VCA ( Virtual Customer Assistance ), according to Gartner research. They also report increased customer satisfaction and a 33 percent saving per voice engagement.

However, use of chatbots isn’t limited to customer facing operations. Companies could also be looking to use chatbots for internal operations – for example, they can be used as personal assistants for scheduling appointments or ordering office supplies. They can be also used in project management for automating team communications and reporting and tracking expenses.

Platforms are aplenty for building both Artificial Intelligence-based and Command-based chatbots. But before jumping on the chatbot bandwagon, enterprises need to answer three basic questions:

A) What do you need a chatbot?
B) What problem or challenge will it solve?
C) Who are the target users? What value will it offer them?

Once you have answered these questions, also spare some time to find successful use cases – only a consistent Return on Investment (ROI) can justify your investment.

Sunil Paul is the Co-Founder & COO of Finesse, a global digital transformation company assiting over 250+ enterprise clients in the areas of AI & Chatbots, Blockchain, RPA, CEM among others.

Blockchain: A solution for tomorrow’s challenges

What is the first thing that comes to your mind when you hear the word blockchain? For many people, it is usually bitcoin. Though cryptocurrency is the most well-known use case, blockchain technology has gone beyond that to infiltrate virtually every industry and transform global economies.

Blockchain is indeed a disruptive technology that has a unique data structure with a linear, chronological set of records of information, which is immutable. As a distributed ledger, this technology can enhance security and enabled structured collection of data, without duplication or distortions from outside.

While blockchain is certainly not a panacea for all business transaction problems, it has seen an uptick in all major verticals including financial services, energy, and manufacturing. As we have seen in the Middle East, blockchain technology is also being adopted in the public sector to improve transparency and build better public services.

Industry experts forecast that the blockchain market will grow at a rapid pace in the coming years. The financial sector will lead this growth curve, driven mainly by rapid adoption in the banking industry. This stems from the fact that blockchain technology has some truly disruptive implications for the financial industry as it offers a decentralized ledger of all transactions, is tamper proof and virtually instantaneous. It also has the advantage of expediting payment processing and money transfers between parties.

Another strong use case is monitoring supply chains where collaboration, traceability, and transparency are some of the most important considerations. In the real world, this means adding greater visibility and efficiency by removing paper-based trails and knowing in real-time the exact source, location, and state of all inventory.

For the retail industry, blockchain offers consumer-facing possibilities to enhance the shopping experience, real-time liquidity to consumers, fraud prevention and management of loyalty points. Blockchain enables the use of cryptocurrencies — sometimes also called tokens — as of a means of exchanging value or data. Tokens can dramatically simplify the tracking and managing of loyalty points, making it more easily swappable between consumers and across retailers.

Blockchain technology has also recently been adopted by the real estate industry to transform core operations such as property transactions including purchase, sale, financing, leasing, in addition to land and title transfers.

It enables all the parties involved to have a transparent view of all the data from a property transfer, significantly reducing costs and time in payment processing.

Businesses of all sizes are taking an active interest in this disruptive technology as it offers immediate benefits and recently, tech giants have started to offer blockchain-as-a-service to ease the deployment process for first-time adopters looking to test the waters without upfront investments.

The Middle East is exceptionally receptive to this new technology and investments are constantly increasing as regional organisations continue to launch proof-of-concepts and pilot projects. I believe 2019 is going to be a tipping point as we are going to see blockchain break out of the oven with some real-world solutions, enabling new applications across various industries.

Though blockchain is surely gaining traction, for enterprises implementing the technology comes with its own set of challenges, especially around integration issues with legacy enterprise software systems. Another stumbling block for CIOs is regulatory concerns and lack of industry standards and interoperability between various blockchain networks. It is important to remember that blockchain is a technology that continues to evolve and grow, and these kinks will be ironed by out by the industry as we move forward.

Undoubtedly, blockchain has the potential to eliminate existing inefficiencies in key business processes, and it is worth investing time and resources in this exciting new technology to explore new opportunities that could help fundamentally change your organisation.

Source: www.cxoinsightme.com

Changing Dimensions for Talent Acquisition in HR

In today’s market scenario, there are bright HR professionals who have a keen interest to develop themselves and build a fantastic workplace that in turn can create the best contributors for the company. Great companies seek HR qualities such as capability, growth, scalability, ability and thirst to learn. You can find remarkable talented HR professionals with unique drive and passion who are willing to go the extra mile to learn and implement their knowledge in a better way to help companies grow.

Companies need to invest in them like they’ve invested in technology and other core functions. It’s about keeping your organization ahead of the competition in the current market. We know that employee satisfaction is pivotal to the overall triumph of a company. If companies don’t invest in the current workforce, it’s likely to negatively impact the growth of leaders.

HR leaders are those who are completely assimilated into management, employer branding, talent engagement, talent retention and culture development. HR is now the chief architect in developing and managing the employee experience. In this age, it means attracting, engaging, retaining, and developing the next generation of HR, for that talent requires a new approach to scale across the company’s vision and values.

We can find HR as the face of the company while recruiting the talent. An ability to understand not only the role for which you are hiring, but also to know the long-term goals of the company and skills needed to evolve with the company. In this agile era, HR plays a crucial role in change management as well as talent development from attraction through to career development, as well as company culture and leadership development.

The employee is no longer static. To remain competitive requires a fully-focused, proactive approach to HR development. HR have a dynamic role to play that requires a level of expertise that goes beyond compliance issues. For a company to grow and proliferate, HR needs to be empowered to use a range of resources and create a sustainable talent pipeline.

Selecting a HR business partner to develop the culture is a priority hire for leadership, talent acquisition and culture development strategies. Today, you can see most admin-related work is automated to reduce boredom. This helps to engage professionals who work to shape the employee experience and develop talent. Considering this, HR needs people with interpersonal, critical-thinking and analytical skills to be successful in the profession.

And today we hear about bringing AI (Artificial Intelligence) inside the company’s HR function. Do you think such strategies will contribute to great progress? We can see that the next generation of HR is all about actively creating and managing the talent experience as well as the company’s brand. HR professionals are a significant part of winning the talent wars to attract, engage and retain best people to predominantly grow the organization.

Enhance Customer Engagement with the AI-based CRM

Finesse is one of the most trusted global software system integrators in the MENA region. Our goal is to help our clients realize Digital Transformation by leveraging the power of AI-based CRM solutions.

The concept of CRM has evolved over the years. It should be a “platform of platforms”, with thousands of third party apps and with the ability for extensive customizations. It should help you resolve some of the key challenges that your business (whether B2B or B2C) faces in order to keep your customers at the center of whatever you do, such as:

– Big jump in revenues of your business
– Customer support everywhere
– Deliver relevant, personalized experiences across all channels and devices
– Transform the way to engage partners, customers and employees
– Grow business by developing apps that engage employees
– Extend sales and service capabilities

We at Finesse help our clients to accomplish results for the above using our AI-based CRM framework. Headquartered in Dubai, Finesse is one of the topmost CRM providers bringing the specialized end-to-end capabilities to enable your business transformation.

Finesse has a very strong team of administrators, developers and solution architects who have mastered your unique business needs to help you maximize your investments. We drive Digital Transformation process for more than 250 Enterprise clients globally; and will be happy to offer our Award Winning Services to your esteemed organizations.

Contact us for a quick meeting with our CRM expert team to kick-start your journey of digital transformation.

Empowering Businesses with Blockchain Technology

All in the last four years you have heard and read about the Distributed Ledger Technology (DLT) and in these years, Finesse has served their many renowned enterprise clients with sucessful solutions for Blockchain technology.

Cryptograpy, Consesus and Decentalization – the three main pillars of Blockchain are uniquely handled by our expert team. Thus, ensuring how the clients’ problems shall be dealt with and to deliver a unified ecosystem process to adopt.

Finesse with its Blockchain Technology partners has built some amazing case studies on the paltform. Some are in the production and some are running as successful Proof of Concept .

The below graph shows the adoption of blockchain in the last 3 years:

Source : https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market

Contact Us to have a one-on-one disucssion with our Blockchain Expert Arti Sogani.

On the lighter note we will make sure the below doesn’t happen to you:

Source: Blockchain Dilbert cartoon by Scott Adams

Unleash the Power of BI & Analytics with Finesse

According to a research, over 2.5 quintillion bytes of data generates every single day, and it will only grow from there. By 2020, the count is expected to increase by 1.7MB of data, every second for every person on the earth.

In such an environment, Data Analytics and Information Management plays a very important role in keeping organizations at the forefront of their competitive edge. Organizations need actionable insights to keep up with the pace of change to stay ahead of competition and stay relevant.

The technology required to aid such decision-making need not only match the state-of-the-art infrastructure but should also be simple and intuitive enough to enable democratization for flow of insights across the organization. BI & Analytics platform is not just a Business Intelligence tool rather it should provide for advanced analytics.

A successful organization-wide data analytics rollout however, also requires a trusted and experienced partner. Finesse, a leading systems integrator in the region, with its team of consultants, has helped various organizations across multiple industries to unleash the hidden power in their data. Finesse is very proud of its Data Analytics team that has proven their expertise to undertake complex data requirements and turning them into solutions that help business users take profitable decisions.

Contact Us to know more about BI & Analytics solutions.

Modernize your Performance Procedure with Finesse

Finesse is extending Corporate Performance Management and Business Intelligence services through unified software platforms. With CPM, organizations can streamline planning, budgeting and forecasting across finance, sales, human resources, procurement, and other departments.
Finesse solutions provide controlled, role-based access to a single source of truth from a powerful Excel add-in for the desktop, web applications, and even mobile devices. The multi-dimensional database leverages the latest in-memory computing technology whilst guarantying agility and accuracy.

Finesse CPM solutions will assist your organization to:

• Plan, Analyze, Report on one integrated platform
• Remove risks from spreadsheets
• Configure and customize your CPM solutions
• Collaborate and gain insights – Anytime, Anywhere using Mobile App
• Deploy rapidly and scale your business
• Kick-start your project with pre-built application models
• Connect seamlessly to any IT platform
• Leverage your BI / Analytics Investment
• Run in-cloud as well as on premise

CPM should allow your organization to integrate financial planning and analysis with operational plans, reporting to optimize processes, boost data quality, and slash planning cycles throughout the organization.

Contact Us about CPM benefits to streamline your financial processes effectively. We will be happy to walk you through a demo on how Finesse can ease your financial challenges.

Get Your IT Infrastructure Ready for Digital Transformation

Technology unveils new paths and promotions for businesses to transform into an IT driven-process inevitably. With the belief that IT infrastructure is the future for growth and revenue, most businesses have invested in IT services and solutions. Clearly, this is the time to transform for the best.

Converged Infrastructure technology brings together the disparate infrastructure elements that power IT, including servers, data storage devices, networking functions, virtualization, management software, orchestration, and applications.

Finesse Infrastructure portfolio includes:

  • Cloud
  • Hyper Converged Infrastructure
  • Mobile Device Management
  • SDN
  • Unified communication
  • Monitoring applications
  • Managed services

The business environment has never been more demanding. Data center resources have become mission-critical for organizations and IT team needs to deliver efficient, cost-effective computing solutions that provide tangible, strategic business benefits. On the other hand, with enterprises adopting for digital transformation to thrive in growth and innovation, technology is supporting them actively by delivering efficient and cost-saving digital services.

Finesse provides end-to-end capabilities to ensure that your service levels are at par with the best in the industry. To know more about our IT infrastructure offerings, Contact us to set up a meeting with Anand Lakhwani, IT Infrastructure Head.

Kickstart Digital Transformation with Robotic Process Automation

The technology evolution has highly contributed to businesses and with the introduction of Robotic Process Automation (RPA), business are now opting for a technology-driven transformation. We at Finesse, a Global Digital Transformation services company provides technology solutions and services to Banking, Education, Healthcare, Hospitality, Energy, and Retail segments.

We assist more than 80% of the banks in UAE on various technology initiatives, apart from many large enterprises. Finesse helps its clients to optimize their business processes whilst reducing costs. With proven experience and deep industry-specific expertise, our solutions and Services are exceptionally qualified to deliver innovation with measurable performance. We brings together advanced technology, robust infrastructure, a large pool of talent and a proven global delivery model to provide an array of cost-effective IT services to our clients. We believe in delivering tangible value through Cloud-Ready Solutions, mobile devices and other omni-channel platforms.

Finesse a leading Robotic Process Automation provider, offers solutions for businesses to automate their processes for increased efficiency and cost optimization.

To gain market advantage in today’s highly competitive landscape, organizations are increasingly seeking solutions to help them expedite operational processes, increase agility, and deliver greater value to their customers. Here, Finesse enables their clients to complete routine tasks with optimal dexterity.

By delegating these processes to a virtual digital workforce of software robots, employees will be able to focus on more strategic, creative, and customer-oriented initiatives.

We will be happy to discuss your digital transformation strategy as well as how Finesse can assist in your RPA journey. Contact us to set up a meeting with our RPA expert Arti Sogani, Senior Digital Transformation Manager.

How can we help you ?
Powered by