5 Impactful Ways IPA is Disrupting the Insurance Industry  

The use of Intelligent Automation (IPA) in insurance is making big waves in a once archaic industry. By operating in a highly regulated environment with demanding clients, insurers advocate the introduction of artificial intelligence into their daily processes. 

To gain a competitive advantage, several insurers have already deployed an automation strategy in areas like new Business Processing, Claims Processing, and Finance. The insurance industry is currently intensively evaluating use cases for intelligent automation in order to increase the efficiency of current processes and thus reduce operating costs. 

According to McKinsey: “IPA can cut the cost of insurance claims processing by up to 30% and a large insurer could more than double profits over 5 years by digitizing existing business.” On that note, let’s quickly understand how IPA is disrupting the insurance industry.  

1. Digitally powering a changing insurance landscape  

The insurance market has become competitive and more robust in recent years with the arrival of online P2P insurers, technology operators, and insurance players. While digitization in the insurance sector is bound to create opportunities, it also presents new challenges for traditional players. 

With low-interest rate scenarios, the income streams of old insurance companies quickly dry up, as premiums from clients investing in different financial institutions do not pay the same returns as in recent years. In the future, these challenges may increase, due to the rapid pace of digitization and changing customer preferences. 

However, insurers who have taken the pulse of the digital revolution and innovated their products and value chain have grown. 

2. Analyzing operations and optimizing business processes 

The insurance industry is taking an approach where it holistically implements intelligent process automation more effectively to improve its performance.  

The whole approach is to analyze end-to-end operations and find new and efficient ways to use automation technologies to optimize business processes. The technology not only liberates the employees from the hassle of doing repetitive, paper-based tasks but focuses more on people-oriented tasks and helps in delivering personalized, top-quality customer service backed by complicated and real-time data profiles. 

IPA can be effectively utilized by insurance companies to scan photographs and analyze and clear damage or settlements in a more effective and quick manner. Nowadays, the use of high-end voice technologies can help bring down the insurance settlement error rates to about 6 percent (which equals that of an average human). The combination of voice analysis and image recognition technology can help an insurer reduce the challenges or complexities associated with adjusting and assessing claims. 

3. Addressing challenges faced by the insurance industry  

Insurance companies face multiple challenges in this increasingly digitized world. Here are some of the main hurdles insurers face: 

Manual Data-Entry  

Insurers suffer from tedious, prolonged, and tiresome activities like collecting and entering data which is done by humans. These processes are expensive, prone to inaccuracies due to human error, and result in slow response times.  

Accommodates Strict Regulatory Standards  

Operating in multiple regulatory jurisdictions, insurers must adhere to evolving rules regarding capital regulation, transparency, reporting, and interactions with clients. Insurance companies can face heavy fines and damage their reputation if they fail to comply.  

Legacy Applications and Miscellaneous Systems  

Insurers’ banking processes are heavily dependent on legacy systems and software. These programs can no longer meet the needs of modern customers and processes. Companies must invest a large part of their budget and resources to implement new technologies capable of meeting these requirements 

Scalability 

Insurers are subject to seasonal peaks which only become more difficult in the event of a large-scale disaster. Such spikes require the complaint process to be efficient and accurate when dealing with a large amount of incoming data.  

Increasing Demand for Better Client Service 

Today’s insurance customers are tech-savvy and have little patience for bad customer service. They expect transparency, customizable options, and fast response times and are ready to go around a large number of competitors in the market if their needs are not met. 

4. Deploying bots for rudimentary decisions 

IPA is already changing the way insurance companies operate. The bot’s hardworking workforce not only emulates repetitive, rule-based transactional and administrative tasks but also handles some basic decision-making levels. Experts in the human domain are therefore free to focus on more strategic tasks involving reasoning, judgment, and emotional intelligence.  

This digital workforce of bots is getting smarter with Intelligent Automation enabled by transformational technologies like Machine Learning (ML), Computer Vision, Artificial Intelligence (AI), and Natural Language Processing (NLP). Typical areas where intelligent automation makes a huge difference are: 

  • Policy Administration and Servicing  
  • Renewal Processing 
  • Claims Processing  
  • Underwriting 
  • Regulatory Compliance  
  • Process and Business Analytics 
  • Sales and Distribution  
  • Finance and Accounts 

5. Future-proofing the insurance industry  

With IPA in the increasingly sophisticated insurance industry, it will provide a cost-effective way to meet rapidly changing regulatory requirements and help businesses focus on long-term strategic issues. AI-based support can reduce documentation times by up to 80%, making insurance companies more profitable.  

Today’s businesses need to rethink how they want to use human potential and how much they can trust a computer to run their operations. In this way, one thing becomes clear: human contact will become paramount in the future, especially when robots will perform most of the repetitive and mundane tasks.  

Although high-frequency products are digitized and automated to a greater extent, it can be difficult to convert existing policies in this new field, it is not only a technological challenge, but the product must also evolve to meet the needs of current market conditions and regulatory landscape. Insurers will need to consider digitization from a broader perspective that includes product innovation, services, and business models. 

Conclusion 

Insurers can profit vastly from Intelligent Automation, and those who have already turned to automated solutions are already seeing the impact. By effectively planning and implementing AI solutions, businesses can transform their operations, reduce costs, increase employee engagement, and improve the customer experience. 

Futran Solutions has partnered with leaders in the industry (e.g. Automation Anywhere) to provide a solution that is rooted in domain experience, built on a solid foundation, and can be scaled incrementally. We specialize in AI and RPA technologies, however, we understand that the critical success factor for automation programs is the domain knowledge about the processes, and not only the technology. 

Futran Solutions has worked with insurtech start-ups as well as global insurance leaders to develop Intelligent Automation solutions for improving business processes. Our team has experience in creating custom automation applications that use visual recognition, machine learning, and other AI tools that simplify the management of routine tasks, whether it’s underwriting, claims processing, or customer experience. 

Futran Solutions is a Digital Technology organization focused on Data Analytics, Cloud, Automation, and New Age App Development. 

3 Strategies for cloud enabling your business

As per IDG Cloud computing survey, 92% of organization’s IT environment is at least somewhat in the cloud today. If you are in those 8% who have not adopted cloud yet, you are clearly missing out on the benefits that other organizations are getting. By now, I am sure you know the most benefits that Cloud infrastructure offers, but let’s refresh it once more –

  1. More Resiliency – The cloud providers scale up and down as per your seasonal needs. It is the most ideal way to support your growth, as you don’t need to purchase and hold assets for a peak requirement, but you can adjust as you go along.
  2. Less Headache – You don’t need to keep an army of people to upkeep your servers, manage security and hardware failures. You can sleep well knowing that the cloud providers are well-equipped in security and disaster recovery capabilities to ensure safekeeping of your assets and data. You, of course, need help to plan, configure and monitor it, but once you get the setup right, it is a smooth journey.
  3. Access to new capabilities – The cloud providers offer advanced capabilities and services that make your life easier. With a competitive market, the more and more services are being made available and the cost is going down. In 2021 AWS: reinvent, Amazon announced more than 50 new services on the top a very mature array of services. You can access these capabilities with a click of button, right from document storage to artificial intelligence, and create growth opportunities for your business.
  4. Potentially less cost – I am being careful here as many organizations have seen increased monthly spend when they compare with their current ‘infrastructure’ costs. However, if you look at it holistically by adding people/process/tools costs of running your current (and future business), the cloud costs will be potentially much lesser.

If you are convinced and are thinking of adopting cloud for your business, what should be your strategy for adoption?

There are following three popular strategies that our customers have adopted –

  1. Lift and Shift

    If you have a portfolio of applications on your premise, the fastest way to address your ‘cloud adoption’ business case is by lifting and shifting your applications cloud. It makes sense if you are going to get rid of your data center (or hosting provider) and save money on operations by migrating to cloud.
    Although you can do it manually by evaluating every application, for a portfolio of applications, tool-based migration process is preferred. There is a very strong tooling ecosystem for AWS, including its own Cloud endure ( now AWS MGN), to support the migration. The tools can help you right from ‘Discovery and Planning’, ‘Creating a business case’, Migration and also post-migration ‘Monitoring and Support’.

  2. Fit and Shift

    It is my favorite option as it lets you leverage the new capabilities that Cloud offers while preserving the value of your legacy investments. It includes selectively replacing components of your current application by ‘cloud managed’ components. For example, you can swap an Oracle database for AWS RDS, and reduce your license costs and maintenance efforts. As you are developing a strategy by assessing every application, it takes a longer time (~8-12 weeks for 30 applications) to define your migration strategy, but your potential benefits are likely to be much higher than just ‘lifting and shifting’ to cloud.

  3. Don’t Shift, Go Native

    If you are convinced that your legacy is not going to support your future growth, it is better to re-architect your applications and re-develop using cloud native capabilities. The cloud provides many platform services to rapidly build and deploy a ‘cloud-native’ application, so it may not be overly expensive option. For a global association of risk professionals, we recently re-developed their mission-critical financial risk estimation application within just 2 months, by reusing their existing python based code and leveraging AWS serverless and RDS services. This approach not only saved the development and maintenance costs, but also provided a scalable solution to onboard new associates very easily.

In conclusion, the cloud provides significant benefits to your business and there are proven strategies to adopt the cloud. Futran, in partnership with AWS, helps organizations to define the migration strategies and adopt it in cost-effective, risk-free way. Please contact a Futran Cloud Specialist if you want to know more about how we can help.

The Big Data Game: How Data is Causing Major Metamorphosis in The Insurance Industry

Today, data is an asset that can be used both internally and externally. Companies can collect more information than ever before in a variety of ways. Digital interactions with customers on mobile devices and stationery allow us to track interactions and requests.

The Internet of Things (IoT) has provided billions of connected devices and objects equipped with tools to measure, record and communicate information about purchases, customer responses to advertising campaigns and marketing messages that can be captured and analyzed.

Accurate information requires data analysis programs that can easily collect, store, analyze, display, and report on information from a variety of sources. These insights provide business leaders with the information they need in real-time to make better decisions.

The Data-Backed Change

With converting client expectancies and the sheer expanse of data being collected, insurance businesses are already converting their models and processes.

Among the high-quality modifications are the following:

  • Investment in tools to better understand their customers, their expectancies and their needs
  • Development of recent insurance alternatives to provide guidelines which are shielding extra items
  • Responding to an ageing populace whose insurance needs are converting in massive numbers and quickly
  • Realtime processing and mobile apps that respond to the expectancies of younger customers, who anticipate a digital-first approach (this pace and responsiveness are often contrary to the traditional approaches insurers had in the past)
  • Using new technology inclusive of blockchain, artificial intelligence, machine learning, and the IoT to create better operational efficiencies and create more connections with objects and customers

Challenges faced by insurers in leveraging data to drive digital transformation

Digital transformation provides a fantastic possibility for insurance companies. However, the same companies may also face limitations that delay the utilization and leveraging of data.

Among those problems are:

Lack of Policies and Procedures: 

Many insurance companies have grown because of acquisitions, which means that the integration of systems and policies is challenging.

The data-driven insurance company needs:

  • Data governance structures and policies
  • Consistent data definitions
  • Clarity of data ownership
  • Standards for the collection, storage and use of data
  • Data security guidelines

Cultural and Organizational Roadblocks: 

An insurance company that desires to achieve success in the use of data in new approaches needs to address these concerns promptly:

  • Internal cultural variations in how data is seen, valued and used
  • Data stored in silos without standardization and a single source of information
  • Complex data structures
  • Inconsistent data formatting
  • Reluctance to share data internally
  • Data quality and more than one kind and sources for data (structured, unstructured, collected, purchased)

Technological Barriers:

Technology is a common barrier or leveraging data. Challenges include:

  • Data stored both in the cloud and on-premises
  • Legacy systems, often highly customized
  • Lack of certified internal IT resources

Leverage data with Futran  

Here are some recommendations for optimizing the opportunity for digital transformation for Insurance companies.

  • Invest in Data Analytics – Big data analysis tools enable insurers to collect and use data from multiple sources at the same time, identify patterns, better detect fraud, and resolve cases faster.
  • Using advanced OCR software – The insurance process still relies on paper, either that it generates or that comes from other sources. Sound OCR software reduces manual entry and re-entry, promotes better storage, retrieval and analysis of unstructured data while accelerating processes.
  • Improves two-way communication – Insurers need to better engage with their customers — apps, content, and messaging tools. Tools should be primarily mobile and include features to capture interactions and outcomes.
  • Use AI to improve engagement – Artificial intelligence tools like virtual assistants can provide customers with the information or live assistance they need, saving resources and fixing routing issues.
  • Partners for Transformation – Insurers need strategic partners to help them collect, analyze and use data for digital transformation.

Conclusion

Emerging Leaders in the insurance industry are using insurance data analytics to manage risk selection and pricing strategy decisions. New-gen technology is working progressively to implement regulatory approaches to understand big data in a variety of insurance transactions such as underwriting, claims management, customer satisfaction and policy management to provide better predictive analytics. This allows insurance companies to describe the analytical decision-making process in all of their internal processes and business operations.

Futran helps insurance companies with their digital transformations by providing the best Data Analytics solutions such as Cloud-Based Data Warehouse & Data-Lake, Data Management, Managed Services & Analytics Model Development.

Futran Solutions Joins Duck Creek Technologies Partner Ecosystem as Consulting Partner

EDISON, N.J., June 21, 2021 /PRNewswire/ — New-Jersey-based digital technology organization Futran Solutions announced today that it has been named a consulting partner of Duck Creek Technologies, a leading provider of SaaS core systems for P&C insurance businesses.

As a digital in sourcing partner, Futran is able to extend the Duck Creek Platform’s capabilities and technology to partner organizations and mutual customers. Futran’s move to partner with Duck Creek comes just a few weeks after Anil Vazirani joined Futran Solutions as CEO. With over 20 years of dedicated experience in the insurance sector, Vazirani has adopted a host of measures to broaden Futran’s insurance practice. This consulting partnership with Duck Creek is slated to be the first of these important measures.

Futran Solutions Joins Duck Creek Technologies Partner Ecosystem as Consulting Partner

Commenting on the partnership, Vazirani said, “Futran’s vision is to be the ‘Best Insourcing Partner’ for insurers and help them build in-house competency in the insurance domain and Duck Creek solutions by seeding in the best talent and bringing in proven accelerators. Futran specializes in Business Analysis, Front Ends, Integrations, and Data Solutions.”

Futran has also developed its “Make it Ez” framework for simplifying implementation and testing processes, and has invested in developing accelerators such as EzApp, EzBot, and EzAPIs with a set of reusable components. Using its experience in the insurance domain, Futran has developed add-on engagement solutions such as Quick Quote, Claims FNOL and Underwriting Approval Management.

The partnership between Futran Solutions and Duck Creek technologies has been effective since June 1, 2021.

8 Most Underrated Skills That Will Take You to the Top in Jobs

Change is the only constant in our dynamic world progressing in leaps and bounds with advancements in science and technology. We need to constantly keep updating and improving our skill sets and knowledge to stay ahead of the ever-growing competition. Thousands of fresh graduates pass out every year, looking for interesting job opportunities to embark on their professional journey to success, worried about their lack of experience and skills. It is essential for young graduates and experienced professionals to persevere and develop new skills to reach the zenith of their potential. Here are a few underrated skills that will take you to the top in your career.

Lateral Thinking 

Lateral thinking and the ability to foresee various outcomes in important situations is a valuable asset for companies in all fields and sectors. Good knowledge regarding the various factors that influence the course of actions and the factors that can impact them allows you to take calculated risks and improve the chances of positive outcomes. History is often the best teacher in most ventures as it provides valuable insights regarding the nature of your fields and sectors improving your decision-making skills. Employees with out-of-the-box thinking skills are in high demand at companies as they help progress efficiently with their creative solutions and intelligent inputs. 

SEO – Search Engine Optimization

Search Engine Optimization is highly in demand in different fields and sectors with the growing trend of digital marketing and online shopping. It improves the visibility of online sites leading new potential clients to your website and thus your products and services. SEO involves a proper understanding of Web Crawlers like Google that collect information regarding various sites to display suitable results for people who search using them.  

It has grown to become a fundamental requirement to join digital marketing teams and involves improving the quality of content and its presentation to attract online searchers and improve visibility. Develop SEO skills to find interesting job opportunities in digital marketing teams and also in your ventures and businesses to improve reach and client base. 

Data Science

Data sciences are a rapidly growing field that has proved to be a lucrative opportunity for new graduates looking out for jobs. It involves the collection and analysis of vast amounts of data and making meaningful, valuable interpretations from it for the companies to benefit from. Data science requires basic knowledge of programming languages and its basics can be learned within a short period to land a job in the sector.

Online camps and offline institutions conduct data science classes for interested candidates to train them efficiently and empower them to handle jobs in this sector. It is of great application in most fields as it helps companies add value to customers and the services provided to them by allowing you to analyze the varying market trends and predict their requirements.

Content Management System Skills

Employees with a good knowledge of Content Management System Skills have various interesting job opportunities in the current scenario as they are often thought of as complex and hard to master. It involves a proper understanding of the content management systems and keen presentation skills to organize the content and display it efficiently. These skills have great applications in digital marketing, project management, analytics etc. and can provide a good start for people looking out at new career opportunities.

Digital Design

Proficiency in the design and development of interesting audiovisual content is also a valuable skill that has widespread applications in our digital world. Experience with applications for image editing and video making applications like Photoshop and Power director respectively make the candidates an interesting addition to digital marketing and advertising teams. Digital design requires an aesthetic approach to the projects and adequate knowledge regarding concepts colour matching, design elements, the ratio etc. to achieve suitable results in their work processes.

Business Communication

Business communication is an important skill that can greatly improve your efficiency in interacting with your clients and superiors. It helps you negotiate deals and terms efficiently ensuring profit and successful collaboration with your partners and clients keeping all involved parties happy. You can build strong, stable relationships with your clients and ensure transparency and trust with them. This skill has great application in sales and marketing teams and HR teams to improve communication with your clients and colleagues. 

Coding and Application Development

Coding and application development are popular skills that have provided great scope for graduates over some time. While it is not everyone’s cup of tea, a cursory knowledge of the area will prove to be extremely useful in most fields and sectors with the development of low-code or no-code platforms assisting application designers. You will be able to identify bugs in the front end or the back end of application architecture and contact your app developer in time to rectify them without having to waste a lot of time in the process.

Never Settle

A good social media presence and constant lookout for new job opportunities is an important attribute that will progress your career to interesting and lucrative areas. Develop strong relationships with others working in your community and further your social circle beyond your department or your company. It will also help you stay informed regarding the availability of new job opportunities that open up in top companies allowing you to apply for the same. 

Online job platforms also provide great assistance in this respect as they help you stay updated regarding the availability of job opportunities at different companies and enterprises for interesting job positions. Utilize them efficiently to capitalize on the wide range of opportunities that have come up with the rapid growth of companies. 

Conclusion

The journey to great success and achievements in your career is not an easy one and requires utmost dedication and continuous self-improvement. Pick up new skills that help you stay relevant in our dynamic work environments and evolve to become highly versatile and proficient in multiple skills. 

Do You Make These 8 Common Profile Building Mistakes?

One of the biggest mantras for anyone looking forward to impressing another person, especially for job aspirants looking out for new positions at different companies and enterprises is “The first impression is the best impression”. Your profile is the first thing employers and HR teams go through before going ahead with interviews for any job position and a good profile will set you apart from the start, giving you the edge over hundreds of other aspirants applying for the same position. 

Many highly qualified aspirants lose out on the wonderful opportunities they deserve due to unrefined profiles that do not convey their efficiency and skills appropriately. A well-crafted resume presented in an orderly fashion will significantly improve your chances of getting the job of your dreams and boost your career to greatness. Here are a few insights on the most common profile building mistakes and how you can avoid them when applying for new job opportunities. 

  • Avoid Cliches

    Your profile has to be a short and crisp representation of your skills and achievements to make it appealing to employers and HR teams. It is wise to leave out highly common attributes such as “Good communication skills, Leadership abilities, Ability to collaborate and work efficiently as part of a team” on your profile as these are present in almost every profile they commonly come across. Unique profiles with original content produce a better impact on viewers than profiles filled with repetitive content. 


  • Error Proof with Spellcheck and Grammar Check 

    Your proficiency in language and vocabulary might not be an essential requirement for your desired job position, but they do play a huge role in creating a positive impression. Profiles filled with spelling mistakes and grammatical redundancies will negatively impact your chances of getting selected and might also be construed as a lack of efforts to design a proper profile from the employer’s perspective. Ensure your profile is grammatically sound and free of any spelling errors to enhance your probability of landing a good job. 


  • Formatting and Presentation

    Tailor the content in your profiles to best represent your skills and achievements by properly organizing and formatting your content. Segregate your content based on the level of importance and retain only skills and knowledge associated with your profession and desired job position instead of cramming everything in your profile. Maintain a neatly organized profile that can be easily read by employers in simple fonts like Arial, Times New Roman etc. instead of using complicated stylish fonts that make it hard to view and read.

 

  • Content is the King

    Focus more on your achievements and positions you have served in rather than the duties you have performed in your tenure. Freshers mostly restrict their profiles to a single page due to lack of experience and content to write about, but experienced professionals might have a lot of content to include in their profiles and it is essential to restrict it to highly essential content that holds relevant to the current scenario in their respective fields.

  • Accuracy and Honesty

    Accuracy and Honesty are significant factors that contribute to developing proper profiles as inconsistencies in the information provided in your profile can be easily tracked down and lead to a lack of trust from employers. Ensure that the details regarding your previous positions and their duration have been entered correctly to avoid any confusion that might affect the credibility of your profile. Avoid inconsistencies in your profile and add only the skills you have adequate expertise with, to avoid any embarrassing situations that might crop up during interviews for new job positions. 


  • Avoid Gaps in Profile 

    People rarely stick to the same companies they start at and generally tend to explore new job opportunities at different companies and enterprises. Ensure to fill any gaps in your career between different positions you have served by mentioning to have used that time to acquire valuable skills and expertise in your field. Attempts to improve knowledge and skillsets will be looked onto a sign of perseverance and dedication, helping improve your chances of getting your desired job and the presence of gaps in your careers without a proper reason often leaves the employers to assume reasons on their own, which negatively impact your profile. 


  • Personal Touch 

    It is essential to provide HR teams and employers who go through your profile with a few insights about your personal life and interests. It improves their understanding of your general character and lifestyle, improving your chances of landing the job. Mention your hobbies and interests in your profile and maintain a personal touch to it, keeping it to minimal and engaging. 

 

Conclusion

Your profile is your biggest asset that pushes your job applications past hundreds of similar applicants competing with you and it needs to be unique to make it appealing for employers. Avoid these regularly found errors in profile building and craft a short, crisp, neatly formatted resume that stands testament to years of your hard work and experience. 

5 Reasons To Choose No-Code Platforms For App Development In 2021

The growth of science and technology has propelled our transition to digital landscapes, keeping us on our toes as we struggle to keep ourselves updated on the latest advancements and innovations in different fields and sectors. Smartphones have transformed from luxury commodities to bare necessities to survive and function efficiently in a highly competitive environment. Mobile applications have simplified life for us, bringing the world within our grasp, providing us unfettered access to a wide variety of services and products. 

 

The growing demand for mobile applications has made it a lucrative area for growth and expansion and digital companies are investing to tap its potential. The development of No-code platforms for designing mobile applications has enabled companies around the world to work on developing mobile applications without having to employ professional coders who charge exorbitant prices for their services. 

 

Here are a few reasons that make No-code platforms the ideal medium for application development in 2021:

 

Fast Turnaround Time

No-code platforms improve the work efficiency of your design teams and allow them to deliver high-quality products within a reduced time frame, attracting new assignments and clients. The incorporation of no-code platforms provides users with a drag-and-drop model allowing them freely explore the software and design intelligent applications of high quality and standards. It allows for design teams to work with multiple projects at the same time without having to write every line of the code to make the application. 

 

Use of Internal Resources

The use of No-code platforms eliminates the need for hiring professional coders to work with your teams and design mobile applications. The advent of Rapid Mobile Application Development platforms has enabled companies and organizations across various fields and sectors such as Finance, Banking, Healthcare etc.  to design their applications without external assistance and develop customized applications for their use. The ease of use and freedom offered by the no-code platforms makes it preferable to collaborating with professional coders.

 

Adaptability and Ease of Use

The use of no-code platforms allows application designers to make modifications and changes with their applications without having to change much unlike coded platforms where even minor changes like the application will require many changes in the coding of the application. No-code platforms allow for streamlined application development processes and help clear backlogs, proving to be beneficial for companies in a state of constant flux and changes. Designers can make changes in the applications at different levels of the interfaces without having to worry about potential bugs in the application.

 

No-code platforms improve the scalability of financial institutions as they can use previous versions of the software to build on and improve the functionality of the software. The mobility offered by the application and access from different devices with internet connections proves highly beneficial for customers on travel. 

 

Cost-Effective

The use of No-code platforms reduces the time involved in the development of the applications and cuts down on the expenditure of time and resources for the same. Cloud-based software applications eliminate the need for servers and maintenance, allowing companies to gain access to the services without spending much for them. This allows companies to re-route their expenditure to other areas of requirement, improving the overall productivity and value of the company.

 

Lower Risk and High Return of Investments

Low risk and High Return of Investments (ROI) make no-code platforms the ideal solutions meeting the needs of growing companies and organizations. The reduced cost of owning the software ensures the return of investment within shorter periods. Any failure in the application will also not affect the company significantly as there are not many resources invested in making the application when compared to conventionally coded applications.

 

Various companies such as Futran Solutions offer stable no-code development platforms for companies to capitalize on and develop customized applications for their needs. Their client-centric, agile platform coupled with the robust API development wing make for a formidable combination that can help your design the best application for your company. Companies in the financial, banking, healthcare and life sciences sectors can begin their transition to no-code platforms under the able guidance of such efficient platforms assisting them through their digital journey. 

 

Conclusion

No-code platforms have been displayed a plethora of advantages over conventional platforms with the flexibility and freedom they offer, greatly boosting their demand. Companies are looking out for efficient partners to initiate the digital transition and get their employees trained and accustomed to no-code platforms for designing applications for their companies. No-code platforms do have a few inherent disadvantages but the huge number of advantages associated with them make them preferable to conventional systems. Get on board with Futran Solutions and explore the world of No-code platforms to design high-quality applications for your companies at optimal prices.

 

 

Automation in Recruitment Sector

Automation in HR/Recruitment Sector

The COVID pandemic has greatly affected the business world, crashing down economies with people getting laid off left and right by companies. We are slowly recovering from its devastating impacts. Getting back to our routines with companies opening back up and employees returning to their workspace. There has been a growing trend of automation-assisted recruitment by HR departments to simplify the process and bring back employee strength and performance to pre-COVID levels. Here are a few insights on how automation can influence recruitment

Introduction 

Automation has been an essential part of our work process since its inception and has diverse applications in various steps of our work. It has helped simplify work by handling repetitive, mundane work allowing employees to focus on more critical tasks that require dedicated focus and time, thus improving the overall performance and results of the company. HR is no exception to the growing applications of automation and has discovered great effectiveness in the incorporation of automation in HR. 45% of company representatives and HR leaders feel that automation makes their job processes better helping them save time. Polls suggest that HR employees spend nearly 14 hours per week on routine work that can be automated to save their time signifying how automation can simplify the recruitment of new employees. 

 

Applications of Automation in Recruitment

Robotic process automation involves the use of chatbots and digital software to communicate with new applicants and analyze various parameters required for recruitment of suitable candidates such as communication skills, personality assessment, etc providing HR and management with a holistic picture of their abilities. Polls suggest that only 26% of companies think HR utilizes data analytics efficiently and 61% of companies are modifying their jobs and recruitment tactics to better employ AI and automation in their work processes. Here are a few applications of automation in recruitment:

 

  • Sourcing of Candidates

    There are millions of candidates applying for job opportunities for different positions at companies and enterprises making it a humongous task for HR teams to go through their applications and assess them efficiently. Automated software helps weed out applications by intelligently weeding out unsuitable candidates and retaining only appropriate candidates for the interview process. Intelligent coding and properly planned out criteria establishment helps companies identify ideal candidates using techniques such as keyword tracking, applicant experience evaluation, etc. 

 

  • Communication

    Proper communication with applicants is essential to maintain company credentials and reliability to new applicants. Polls suggest 95% of the applicants would apply for a company again if they had a positive experience the first time and 80% of the applicants would not apply at a company again if they didn’t receive any form of communication from them. Applicants also report their bad experiences with such companies at social media platforms like Glassdoor affecting the overall reputation of the company. It is impossible for HR teams to directly engage with every applicant and that is where automation comes in to save the day, with efficient chatbots conversing with the clients and responding to them using bulk email systems. Proper analysis of their applicants is done using the software systems and appropriate feedback is generated by the systems to provide them suitable feedback about their application. Potential employees suggest that 69% of potential applicants prefer a reduced time of response from the companies.  

 

  • Enhanced Marketing Strategy

    Automation can help you plan out the email and social media campaigns meticulously with the software handling the major bulk of implementation of the strategy. Drip emails to active and passive candidates create a higher level of engagement with potential employees and improve correspondence with them. They help improve the reach of information and campaigns to people contributing to building robust talent pipelines and improving a company’s reputation. 

 

  • Interview Scheduling

    Automation also can assist HR teams in scheduling interviews with clients online easily after selecting suitable candidates from the initial pool of applicants. They interact with applicants and provide real-time access to the calendar of HR teams allowing them to select appropriate slots for their interviews making it easy for both parties. Chatbots can also answer frequently asked questions from applicants while leveraging computational linguistics and sentiment analysis to interpret communication and provide suitable responses. Companies with strong on-boarding processes after interviews increase employee retention by 82%.

 

How to Efficiently Tap in Automation Resources

Automation has a wide range of features to offer and as with all good things available; they come at a high price. HR teams should analyze and understand their requirements properly to employ automation efficiently in a cost-efficient manner. They need to train their teams to get them familiarized with the end-to-end automation of their recruitment processes. It helps them identify any inconsistencies in their software at the earliest to correct them as soon as possible. 

 

Compliance risks should be analyzed before initiating recruit processes to protect the company from potential risks and recruitment strategy should be discussed with stakeholders and partners thoroughly to ensure transparency in work processes.

 

Conclusion

Hiring suitable employees in companies is a tedious process with great responsibility ingrained in it. Companies need to recruit the right applicants for their job openings and retain them in their companies as it would cost them nearly 33% of their employee’s salaries in hiring a new one to replace their positions. Automated recruitment processes help build a diverse and robust network of talented employees improving the office culture and work environment. Understand automation processes and customize them to best suit your requirements to better enable your HR teams to empower your entire company.

 

Artificial Intelligence In Telecom: 5 Groundbreaking Findings Shaping The Future

It doesn’t take much research to know that telecom is one of the most consumer-hated industries. Out of the blue, this tells us two things about telecom in general. One, people need telecom. And two, telecom sucks at expectation management. In comes artificial intelligence. Like with every other industry that it’s touched, AI has come to telecom riding atop a pedestal of promises. However, Artificial Intelligence in telecom has been playing a vital role in the IT industry.

As it turns out, AI is delivering the goods in the telecom sector. Most importantly, every telecommunication company worth its salt is turning to AI to augment user experience and improve network reliability. Then, there is a whole new avenue of predictive maintenance. AI is kicking in big time to predict (and correct) faults and failures before they surface. Most experts believe that’s just the surface of what AI can do in telecommunications. Combined with machine learning, AI can help revolutionise the telecom sector for the better.

Here are five big ways artificial intelligence and machine learning are transforming the telecom sector right before our eyes:

5G Made Accessibility Easy

The US, the UK, and Korea have already rolled out their 5G accessibility in 2019. 5G guarantees greater bandwidths, higher speeds, and greater privacy. However, these additional features were not possible in previous generations. 

Meanwhile, artificial intelligence in the 5th generation has improved accuracy. It has enabled new connectivity and also enhanced layers of security at a fundamental level. Likewise, Artificial intelligence and 5G working together play a very powerful role in the new generation.

The Process of Systems Working Together 

MWC19 was an event organized in Los Angeles. It stands for Mobile World Congress. It was held from 25 Feb 2019 to 28 Feb 2019. That is to say, because the main theme of this event was mobile interoperability. This comes under system convergence.

IT Systems works on different standardized languages. It is impossible for two systems to communicate without using different dialects. To figure out what comes next, we need to step in and simplify it for humans to understand.

Data Organization

After the interoperability of the systems, AI plays a vital role in organizing the data.  Most importantly, standardized data is anyway more impactful. On the other hand, Artificial Intelligence reviews large batches of data and organize it in a way that is understood easily. Similarly, this helps in making better-informed business decisions.

Integrated chatbots and voice recognition are some examples of AI used in data organization. Similarly, it has become popular because of more time allotted to human interaction and discussion than standardization. 

Personalizing the experience

Meanwhile, the data is organized, it should be efficient enough for the business world. How does it help the telecommunication industry? Moreover, AI proves to be instrumental here as well. 

Personalization of services based on user preferences are on the cusp of breaking into the telecommunications scene. Identifying the user’s behavior and preferences and enabling personalized services is the forte of AI.

Customer satisfaction

Firstly, the usage of AI has cut expenses to a great level. Chatbots and virtual assistants automate to these support requests. They can handle a bulk of such requests without human involvement.

These virtual assistants automate the requests, analyze, and escalate customer queries if necessary. AI helps in identifying sales. Similarly, it also alerts the customer about other products and services. Keeping a track of all of this, AI improves customer satisfaction.

The New AI Machines on the Block: Is the Unicorn Turning Into a Behemoth?

Artificially intelligent or AI machines hit our imagination way before reality. Consider the Golem of Prague: a magically animated, mud-bodied robot with little to no imagination but insurmountable damage prowess. His character was written in the 1600’s – roughly 200 years before Frankenstein’s infamous monster. Of course, modern pages of robot-lore are filled with a laundry list of malevolent AI-powered machines ready to break out of 3D screens at movie theaters. Our imagination has even shaped AIs like Ultron and Skynet ready to threaten human extinction.

However, after all that hype and fear-mongering, what we really bring home is a mild-mannered AI-powered device playing songs and booking cabs with voice commands. You could term that split the difference between bestselling pop-culture content and ruthless consumerism.

We use the intelligence of AI machines like Google Assistant and Alexa to our heart’s content. After all, there’s the fear of missing out if not genuine use for such technology. But then, there’s the concern over privacy. It’s a just shadowy feeling of invasion though – like when you acknowledge that you might have left the front door open but are too lazy to get off the bed, so you trade off your sleep with what could be a potential disaster.

The industry is another dimension of AI in itself. Businesses continue to leverage AI and improve upon just about everything from chat support to workflow to brand intelligence. Aberdeen research indicates that one in every two organizations is leveraging artificial intelligence in some form or the other.

The Complexity of AI in Business

As we speak, AI is playing songs at our homes, gobbling up a hundred Excel sheets in seconds at the workplace and scaring us to the hilt in the movies. Effectively, AI participates in our lives all through the week – and on weekends, too. That’s smart to the point it’s scary.

Nevertheless, if you run an enterprise, you cannot possibly do without AI. But as is the case with every new technology, adopting AI into business can be trickier than it seems. You cannot just turn up at your technology provider’s and ask for an all-business-pervasive AI package. Businesses are feeling sufficiently roughed up even when it comes to implementing AI solutions to select verticals of operation.

Perhaps the most iconic hurdle to implement AI in business is the level of expectations of users. The best models of AI technology (Alexa and Google Assistant) are both affordable and accessible. This means regular folks all around the world now have hands-on experience of Artificial Intelligence making their lives easier and more entertaining. To wit, if your product is based on or makes use of any form or manifestation of AI, the experience has to be every bit as neat as Amazon, Google, or Facebook.

Concerns Over Privacy & Additional Regulations

Notwithstanding the gamut of applications and overwhelming contemporary relevance of AI, the technology is not free from concerns. So far, the outstanding concern over AI has been over privacy. Lately, there has been news of Alexa storing recorded conversations and Facebook displaying ads based on regular conversations between individuals. Such vaulting ambitions on the part of tech companies have aggravated the ‘AI-trumps-privacy’ stance of many consumers.

Plus, you have to consider something called the Turing Test. Wikipedia defines the Turing Test as

…the test of a machine’s ability to exhibit intelligent behavior equivalent to or indistinguishable from, that of a human.

The test itself was developed by a gentleman named Alan Turing in 1950. 68 years later, in 2018, we got to see something extraordinary at the Google IO – Google Duplex. Check out this clip:

Case in Point: Google Duplex

What we see in the clip above is either amazing or bone-chilling, depending on the way you look at it. While most tech enthusiasts rallied solidly behind Google and their technology (and how dumb they made Siri look), there were some that spotted an element of cheating in not immediately letting the respondent know that they were speaking to an AI assistant and not an actual human being.

To be honest, we already have AI chat assistants pretending to be humans and we can’t tell which is what. It’s just that the level of colloquial and sentential nuance with the ‘mm-hmm’s and ‘uh’s that the Duplex demonstrates at once injects a bunch of frightening realizations. If I recall this correctly, the only relevant examples of such trained AIs are Jarvis and Friday from the Marvel movies. That’s perhaps only one of the realizations that have been sending a chill down spines. And this value of shock will inadvertently play out every time we realize and materialize technologies from Sci-Fi movies.

The big question is about the necessity of something like Google Duplex. We understand the bit about the top brass of Silicon Valley decision-makers, who, in all probability, have shaped the theory of the Duplex. But is the average Google customer really that busy? Something tells me that technologies like Duplex are less about the ‘busi-ness’ of people and tell more of a story about their stark laziness.

Monetizing AI Machines: Cute or Cunning?

Cashing out on public laziness is not really close to being a danger – that’s just good enterprise. The real game where the plot gets murkier (and dangerous) is this: (how) does Google plan on monetizing a technology like Duplex?

When you come to think of it, the same technology that books an appointment for a customer at a hair salon can also respond to the customer’s call on behalf of the salon. Add one value to the other and the receptionist could summarily be forced into hunting for an alternative career – in a market with fewer jobs for humans anyway.

Be that as it may, there’s no doubting that this is a remarkable point (somewhere close to the crest?) in the historical revolution called Artificial Intelligence. Businesses will adopt AI because of its manifold benefits, which, at least on face value, outweigh the concerns. Artificial Intelligence will help companies reduce costs, make decisions with greater certitude, cut down on ‘human errors’ and hustle through process speeds to deliver a real winning strategy.

Trend Picking Intelligence

AI Machines and systems play a big collective role in predicting customer trends. As these trends are fragmented into categories and the categories subsequently analyzed, innovations will rise out of nowhere.

We will witness rather sudden products and platforms, many from unsuspecting market players. Moreover, there’s always the blessing of artificially intelligent customer service interfaces and bots that eliminate the inefficiency and time lag of the ‘the-team’s-getting-used-to-it’ phase. Aberdeen research indicates that businesses that use AI machines save significant IT costs and serve customers faster.

The irony with Artificial Intelligence in business is this: the line was drawn way before we discovered any scope for debate on the technology. Whether we like it or not, this is what the future looks like. Businesses that avoid Artificial Intelligence today will suffer the same fate as businesses that avoided computers back in the day. Put plainly, only fools would miss out.

AI, Machines & the Future of Business

No one’s asking anyone to overlook a definitive gamechanger like artificial intelligence. But organizations must also weigh in, what I like to call from here on, the Cost-to-Human (or CTH) factor of it. By all means, go for it if the consequences are a) irrevocable but small or b) substantial but revocable. However, if the underlying cost of leveraging AI machines in business is both grave and irrevocable, step back and find an alternative (not necessary an alternative technology though). Now that we live in Industry 4.0, it must be the collective responsibility of us all to ensure human well-being before anything else. Jyoti Vazirani, CEO of Futran Solutions has previously written elaborately about the conflict between artificial and natural intelligence.

With that, let’s go back to the question I started this piece with. In all likelihood, the golden unicorn called AI is turning into an all-pervading, oversized behemoth. But not all giants torture and maim and kill. That’s what our collective psychology would surmise since the tale David and Goliath was written. However, recent literary evidence shows us that the opposite could be just as true (think Hodor and Wun Wun from GoT).

My point is AI could go either the Goliath way or the Hodor way. What’s certain is that it will go one day (just like Goliath and Hodor). The thing that really matters is how we treat it while it stays. At the end of it all, history will remember us for the way we treated humans when we had a set of options to choose from.

Our stance

At Futran Solutions, we offer solutions in RPA and Artificial Intelligence. While respecting automation, Futran Solutions also participates in re-training of the employees who may lose their jobs to AI machines and systems.

Futran Solutions supports robotic process automation and artificial intelligence. We are a pro-technology company. And we believe that if a technology deserves to go viral, we must do our part in making it viral. We provide a range of RPA and AI solutions to industries across the board. Adjacently, we run a series of training programs to aid the displaced workforce.

Drop us a line to know how we can help you with RPA consulting and project implementation.  

Krishna Vemuri is the co-founder of Futran Solutions and the CEO of the up and coming tech startup Onata. He writes on technology industry dynamics and the rather eclectic tantrums of his husky, Loki.