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.

Revolutionize Your Workplace With These 13 Simple Steps

Revolutionize Your Workplace With These 13 Simple Steps

We live in a constantly evolving world, searching for new ways to motivate ourselves to achieve more and improve the quality of our lives. It is ideal to find the right balance between work and personal lives to grow on both fronts and a well-designed, motivating workplace that makes employees feel at home, with a brisk environment and good interpersonal relationships plays a significant role in doing so. Your workplace is the cradle for all new ideas, innovations and creative inputs that can usher your work processes and overall productivity to its zenith and it is essential to pay attention to developing a congenial atmosphere for your teams to work. Here are a few simple ways by which you can revolutionize workplaces to further your success.

Interaction and Reiteration

Companies and enterprises often experience periods of a lull in between periods of continuous activity and intense work. It is necessary to maintain the morale of your teams during these lull periods and ensure they stay focused. Address your employees regularly and motivate them to work proactively by reiterating your objectives and goals to keep everyone on track and efficient. Customize your workplaces to design an open environment that motivates interaction among colleagues and superiors to ensure no gaps in communication or tension between them.  

Recreation Zones

Develop strong habits and activities that engage all your employees and organize stress-busting activities regularly to keep them relaxed and rested to focus better. Companies have shifted from conventional office spaces to employee-friendly spaces that have improved employee perception, reducing workspace related anxiety and stress. Office spaces with recreational zones like gaming zones, music areas etc. allow the employees to lay back after stressful assignments and take fun breaks in between their tasks. It also improves the morale of your teams and develops a sense of bonding and camaraderie between your teams. 

Acknowledge Performance

A healthy competitive spirit can go a long way in improving the performance of your employees and push them towards enhancing their efficiency. Recognize good performance from your employees and credit them for it to encourage their involvement and dedication. Many office spaces have various small rewards for their employees like the best employee award, Go that extra mile award, customer-friendly employee award etc. These awards are small incentives that help employees and superiors track their performances, helping them identify their shortcomings and working on improving them. 

Efficient Onboarding

The first impression is the best impression and it is essential to create an exciting experience for your employees as they join your team. Fresh employees are highly optimistic about joining new job positions and look forward to developing a good rapport with their colleagues and your workplace should be welcoming to them, allowing them to acclimatize better. Dedicate time and efforts to ingrain the values and objectives of your company and emphasize the value of their role in the enterprise. 

Career Growth and Professional Development

Focus on the holistic improvement of your employees and motivate them to chart out career plans for their growth. Most employees lack proper guidance and direction in ways to improve their careers and require intelligent mentorship by experienced professionals who can analyze their areas of strength and weaknesses. Your workplace should continuously evolve to incorporate new advancements in software and technology, encouraging employees to explore and learn more about them, helping them stay updated. 

Employee Health Benefits and Ergonomics

The physical and mental health of the employees plays a significant role in developing a good work atmosphere. Develop a health-friendly office space with features like ergonomically designed desks, wellness rooms for stretching or meditation, plants, adequate ventilation, natural lighting etc. to keep your employees active and healthy. Well-designed chairs and desk spaces help prevent strain accumulation in the neck and joints, ensuring the long-term health and safety of employees.

Vibrance

Colourful work environments boost the happiness and creativity of your employees as they define different zones of your workplace. Futuristic work environments with vibrant colour and illumination with a modular outlook increases the longevity of workspace investments. Intuitive concepts with abstract colour designs like quiet zones, collaboration zones, privacy pods etc., help employees of different attitudes and mindsets find their areas of comfort.

Sense of Security

Employees need to feel safe and secure in their office spaces to work without anxiety and stress. Protective surveillance systems with smart CCTV cameras tracking the entry and exit of people into your office and storage spaces helps protect your employees and assets. The incorporation of advanced security systems in your workplaces reduces the costs and manpower requirements for security purposes in the long run, with extra perks like temperature tracking, license-plate tracking in parking lots, nighttime surveillance etc. 

Flexibility and Freedom

Hierarchy based workspaces with rigid timings are slowly getting replaced by modern systems with flexible schedules that provide flexibility and freedom to the employees. Eliminate micromanagement by allowing employees to take responsibility for their tasks and assignments to be submitted within the deadlines. It improves transparency and trust between colleagues and superiors, crediting the progress of work done by the employees based on their quality and punctuality. 

Conclusion

Well-designed workplaces play a significant role in improving the efficiency and performance of your employees. Follow these simple steps to achieve harmony in your workplace as you progress towards your goals and objectives.

11 Workplace Improvement Ideas That Every Employee Wants to Give Their Employers, But Doesn’t

Workplaces are complex environments with a constant flurry of activities that keep everyone on their toes running behind their tasks and objectives. Employees often imagine innovative ways to develop their workspaces but do not enjoy the liberty to share their ideas with their superiors. Advancements in science and technology have brought about a great revolution in workplace designs with an increasing focus on developing employee-friendly workspaces to improve the efficiency and performance of employees. It is essential to consider the suggestions and ideas of employees to build a high-performance workplace that optimizes their performance. Here are a few workplace improvement ideas that will significantly improve the efficiency of your employees to reach their potential.

Recreational Zones

Most companies and enterprises often have stressful work environments with employees working extended hours to meet their objectives and tasks. Incorporation of zones of recreation in the office spaces help employees bust stresses in between their tasks and work efficiently after their breaks. 

The recreation zones consist of various fun activities like board games, indoor sports, music areas etc. that meet the diverse interests of different employees. It helps build a sense of togetherness and bonding amidst your employees that can improve trust and communication between them.

Offer Career Development Prospects

Employees look out for mentorship and guidance as they set out to shape their career paths and grow in their careers and personal lives. Dedicated employees focus on upgrading their skills and show immense interest in learning new and interesting aspects of their careers that could help them grow. Companies should organize regular training modules to improve the knowledge of their employees and keep them updated about recent developments and advancements in their fields. Providing opportunities for education and improving their knowledge also helps in retaining the employees in the companies, and putting their skills to efficient use. 

Focus Teams and Collaboration

Companies and enterprises operate with multiple teams of employees handling the different steps in the work processes independently to produce the final product. Lack of well-established channels of communication between the teams often leads to decreased efficiency and defects in the quality of the final product. Focus groups and collaborative meetings between the different teams of employees will help analyze different ideas and methods proposed by the teams that will best suit the design of new projects. Enhanced communication and interpersonal relationships between different teams of employees improve the overall performance and quality of the products and services provided by the companies.

Technological Advancement

Employees regularly update themselves with modern advancements in their fields and sectors and find that the equipment and software available in their companies are outdated and inefficient when compared to them. They look forward to working with new software tools and platforms and wish to work with them to improve the quality of their services with the ease and comfort that accompany them. It allows your teams to finish projects at a faster rate and reduce the turnover time, improving customer service and satisfaction. Employees also show interest in attending educational courses and hands-on sessions on the modern tools to improve their knowledge and skillsets and better enable them to use them in future projects.

Feedback and Suggestions

Employees face a lot of obstacles and difficulties in their work processes and the impact it has on their personal lives. They come up with different suggestions and innovations that can help them find the ideal balance between their work and personal lives but are often unheard of as they do not have a proper platform to convey their ideas. Regular meetings and assemblies should be conducted to provide an opportunity for the employees to voice out their concerns and suggestions to improve the quality of their lives at work. This also helps gain a consensus regarding employee acceptance of different ideas and suggestions to help prioritize the changes.

Social Events 

Social events and gatherings help bring employees together and provide them with an entertaining escape from their busy work lives. These social events allow employees to meet the families of colleagues and office staff to improve the quality of relationships between them. Employees from different cultural backgrounds can celebrate festive occasions with their colleagues and share their happiness with them. These social events can improve employee engagement and retention by diffusing the tension between different teams of employees and keeping them happy.

Appraisals and Insights

Employees’ performance should be analyzed regularly and critically evaluated to provide valuable insights on how they can improve their skills and performance. These appraisals can help track the growth and progress of the employees from their time of onboarding to their current position in the company. Proper guidance and insights regarding their performance and how they can improve their skills help channel their growth efficiently to boost their results. 

Conclusion

A good cordial relationship between the employees and management is essential to develop a congenial atmosphere for the growth of the company. We need to adopt new ideologies and trends to the work process to improve the efficiency of employees and keep up with the growing competition. Employee suggestions are often overlooked by seniors and management teams resulting in unhappy relationships that strain the office dynamic. Follow these simple steps to improve your workplace and create a highly productive environment for your teams to work peacefully in.

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. 

5 Ways You Can Reinvent Your Skills for Virtual Meetings Without Looking Like an Amateur

The COVID-19 pandemic is having a huge impact on our lives, affecting all the fields and sectors of our lives like Education, Finance, Employment etc. setting us back a decade. Progress in science and technology have provided a helping hand for us, allowing us to resume our lives digitally without any inconveniences. Virtual meetings in online platforms like Zoom, Cisco Webex, Microsoft Teams have become a regular part of our work processes with meetings held regularly to track the progress and growth of employees towards their targets. It is necessary to revamp our skills to better suit the digital world and improve our efficiency to adapt to the changing trends. Here are a few ways by which you can reinvent your skills to meet the growing needs of the digital world.

 

Introduction

The pandemic has ushered us to the digital age with the development of new applications and software platforms to allow employees to function efficiently and meet their targets. Planning and scheduling of activities happen in online platforms and content management systems that help in organizing and tracking them efficiently. Here are a few ways to reinvent your skills to suit the virtual world and meetings professionally. 

 

  • Upgrade Your Devices: 

Invest smartly in devices like laptops and smartphones to empower your skills and improve your work efficiently. Get familiar with using the devices and start collaborating with your colleagues on the digital workspaces to engage with them efficiently. Technical expertise with the devices often saves plenty of time in learning new applications and software platforms giving you an edge over the competition.

 

  • Interpersonal Communication:

Improve your conversational and communication skills with people on digital platforms to engage participants online. Various sectors like sales and marketing, finance, business, education etc. often require frequent meetings to continue efficiently. Good vocabulary and confidence while speaking often improves the quality of the presentations and allows you to produce a significant impact on the viewers. 

 

  • Applications and Software: 

Stay updated regarding the new applications and software that come up to simplify your work processes. Various application developers have focussed on making interesting and unique applications to allow easy collaboration of employees in digital environments. Content management systems and online modules help chart out activities in proper order to get the employees oriented towards the common goal for improvement. 

 

Applications like Teamviewer and Zoho Assist allow employees to access devices remotely and collaborate with their team members without inconveniences. Acquire adequate knowledge about these applications as you venture out to address virtual meetings to suggest and utilize innovative solutions to existing problems. 

 

  • Virtual Meeting Etiquette: 

Get familiar with the right etiquette to follow for virtual meetings and conferences to ensure smooth proceedings. Virtual meetings are new to many of us and we might not be aware of the exact etiquette to be followed in the meetings, which makes it essential for us to learn it and behave accordingly. Ensure you are properly dressed for the meetings with prior checking of the video and audio components in your devices. 

 

Modify the presentations to better suit the nature of the meetings and design it innovatively to keep the participants focussed on the meeting. Muting and unmuting audio components is a prime concern for most participants unfamiliar with the muting platforms as they often end up interrupting the speakers and participants due to background noises. Be punctual to the meetings and inform the participants about the starting time of the meetings well in advance of the meetings to ensure that time is not wasted in these events. 

 

  • Online Courses and Camps:

  • Various companies and enterprises have developed training camps and courses for their employees and teams to improve their knowledge and skillsets during the pandemic period. Join such camps and virtual conferences to boost up skills and improve your understanding of various technical and non-technical aspects of your work processes. They also give you a fair idea of the nature of advancements that are happening in your field and broaden your thinking and ideas regarding your field.

 

Conclusion

Continuous, dedicated efforts are required to stay ahead of the ever-growing competition in our goal-oriented world and the pandemic has spoiled the well-designed work environment we have constructed for ourselves. It is time to reconstruct our work processes and digitize them to ensure rebound to growth and economic stability. Explore the digital world and reach out to people through online meeting platforms to resume work and progress. Virtual meetings are a rapidly growing trend that will soon replace physical meetings due to the ease of conducting and participating in them.

10 Lesser-Known Factors That Could Affect Your Career Growth

We live in a goal-oriented world with every one of us running behind our ambitions frantically deeming our merit by whether or not we achieve the goals we set for ourselves. Advancements in the fields of science and technology have opened up various uncharted career paths for young aspirants to explore and grow. The Internet has brought the world to our palms, with unlimited access to information from all places across the world. Vast exposure to different fields and sectors allows us to make informed decisions regarding our career choices and how we can choose the optimal route to success and growth. Here are a few factors that could affect your career growth and help you grow immensely if you manage them right.

  • Reach Out to Opportunities – Digitization of companies and enterprises across the different fields and sectors has greatly improved the range of opportunities available for people interested in various job positions. The conventional approach of waiting for new opportunities to come up without looking out for them has been phased out with the onset of online platforms that help people reach out to companies from countries across the globe. 

  • Online Job Platforms – Look out for new job opportunities in your fields in popular online platforms to gain insights on the skill and expertise requirements required for these jobs. There are various communities and online platforms like Glassdoor which provide useful information regarding the work environment and nature of work in different companies as reported by employees who are working there or who have had an experience working there. They help make critical decisions that will significantly boost your career.


  • Develop Relevant Skills and Expertise – The world is a rapidly growing place and we need to constantly adapt to the new changes to keep in pace with it. New software and technological advancements revolutionize companies and enterprises in all fields and sectors and we must stay updated regarding these new advancements to stay ahead of our competition. Constant efforts to keep up with the latest advancements will reward you with wonderful opportunities to grow and expand.

  • Community Outreach – Valuable contacts and experience are two factors that set apart seasoned professionals from amateurs just entering the fields. While experience is an accumulating asset, we must develop good stable relationships with our colleagues and eminent personalities in our fields. It puts us in a position of great advantage as the web of contacts acquired by developing such relationships provides us great leverage when looking out for new opportunities by offering vital information and suggestions propelling our growth.

  • Interpersonal Skills – Creativity and good communication are important factors that can improve your career growth. Do not restrict your thought processes to conventional norms and protocols. Venture out to new horizons and communicate well with people of all age groups to gain a diverse perspective that is not constrained by preset norms and thought processes that are too stubborn to adapt to change. Good relationships built with all sectors of your companies and enterprises will provide you with a holistic knowledge of the work processes helping you make innovative changes that can boost the productivity and efficiency of your team, helping you grow your career.

  • Work-Life Balance – A peaceful and supporting home environment can help you progress your career greatly. Chaotic personal relationships and instability in lives negatively impacts your performance and efficiency and undermines your general quality of life. It is essential to find the ideal balance between the time spent on bolstering your career and nurturing personal relationships as they go hand in hand in improving your lives and getting you successful. 


  • Financial Security – Financial security plays a critical role in most of the decision-making processes involving the growth of your career. Shifting to new jobs or setting up new startups requires confidence and financial security as they are huge risks that could set you back in your career. Adequate financial support helps you mitigate the risks significantly allowing you to explore and implement your ideas freely without being restrained by caution and worries.

  • Mental and Physical Health – This is the most important factor that most of us tend to ignore and take for granted, with a great impact on our growth and development. Adequate time must be devoted to physical exercise to stay healthy and sharp, helping you stay focused on the task at hand. Mental acuity and the ability to adapt to changing surroundings is vital to stay relevant in different fields and sectors and good mental health help us achieve the same. 

 

Conclusion

We live in a highly competitive world with new companies and enterprises getting set up in different fields and sectors fighting for dominance and profits. Adaptability and the continuous desire to learn new things to stay ahead of the curve is what will help you progress and achieve your desired goals and desires. You must handle these factors suitably to allow the smooth and constant progression of your career.

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. 

Digital Transformation and the Cloud: What Lies Beyond Cost and Productivity?

Cloud computing has revolutionized the field of information technology for companies and organizations across different fields and sectors. It has attracted companies globally to initiate their digital transformation and discover the power of connectivity and cloud computing. Companies adapt to cloud computing and enjoy the various benefits offered by the resource as it provides them mobility and access like never before with decentralized storage systems with high security. Work from home and easy collaboration between employees have been made possible with seamless sharing of documents and data using cloud computing. Here are a few insights on the future of digital transformation and cloud computing and what lies in it for us.

Cloud Computing and Digital Transformation

 

Cloud computing has been a ray of hope for small and large businesses alike as it helps them handle huge loads of information and data without having to invest on physical data storage. It allows organizations to cut down on the workforce required to manage and store data allowing them to effectively redistribute their human resources to other areas of improvement. 

 

Digital transformation has become a necessary requisite for companies and organizations to sustain their growth and performance in the global markets. AI and machine learning have helped simplify work processes and boost their potential to handle more clients and provide services. Cloud computing has been the starting point for most companies as they expanded their reach to the digital world. 

Future Beyond Cloud Computing and Digital Transformation

 

The field of Information Technology has been constantly growing and evolving with time to suit the changing requirements of companies. Cloud computing has been no exception with new features upgraded to the online storage platforms that have enhanced their overall functionality and ease of use. 

 

The incorporation of advancements in areas of Intelligent Process Automation, Data sciences and new age application development such as low-code and no-code platforms for application development have enhanced the functionality of cloud computing. Robotic Process Automation for cloud applications is a rapidly growing trend that has brought about the development of cloud native applications designed to capitalize on all the features of cloud computing. 

 

Repetitive tasks and assignments can be automated on cloud architecture utilizing the widespread access to data and documentation to handle them without expending human resources. RPA is easily implemented for cloud platforms and it is also feasible to integrate the legacy applications and cloud versions of the RPA.

 

IT companies often play a great role in guiding the digital transformation of companies and organizations, smoothening their learning curve and getting them accustomed to it. Futran Solutions, one of the leading providers of cloud-based solutions, has assisted in the digital transformation of a number of companies in various sectors such as banking, finance, healthcare, insurance etc. Advanced tools facilitating new age application development are incorporated in the software solutions offered by Futran Solutions empowering its clients to develop customized applications of their own. 

 

Benefits of Cloud computing & Its Advancements

 

Cloud computing and the advanced tools associated with them offer a wide range of features and benefits for the users. Here are a few insights about the advantages offered by cloud computing: 

 

  • Reduced Cost: The transformation from on-site storage of data and documentation to cloud based storage has drastically decreased expenditure for data storage and organization. Cloud computing facilitates hassle free storage and organization of data with universal access on internet connected devices.


  • Advanced Security: Cloud computing protects data stored in the platforms with highly secure gateways allowing clients to store and organize their data efficiently. Sensitive information of valuable clients can be confidently saved in the cloud platforms and multiple backups of data are stored in them preventing accidental loss of vital information due to any unforeseen circumstances.


  • Improved Productivity: Cloud computing with RPA significantly improves the productivity of companies and organizations by automating repetitive tasks allowing faster processing of data and better usage of human resources. It allows for companies to quickly adapt to the market changes and save time by improving communication and transparency between employees facilitating better collaboration. 

 

Conclusion

Cloud computing with its advancements has gained great traction amidst small scale and large-scale companies allowing them to boost their potential and performance. Assistance from IT companies like Futran Solutions can help organizations identify their key requirements and provide tailored solutions for them with the appropriate tools cutting down on costs and expenditure. Begin your digital transformation with cloud computing and explore the diverse tools present in cloud platforms that can help improve your work processes and facilitate wider reach for your enterprise. Adapt to cloud platforms and empower your organizations to better adapt to the market changes and solve any issues with your work processes as and when they arise.