Enhanced Customer Segmentation
Big data has enabled marketers to move beyond traditional demographic segmentation and delve deeper into understanding consumer behavior. By analyzing vast amounts of data collected from various sources such as social media, website interactions, and purchase history, businesses can identify patterns and trends that were previously unseen. This enables them to create more precise customer segments based on interests, preferences, and buying behavior, allowing for highly targeted and personalized marketing campaigns.

Improved Personalization
With the wealth of data available, businesses can now create highly personalized marketing experiences tailored to individual customers. By leveraging big data analytics, companies can gain insights into customers’ preferences, browsing behavior, and purchase history. Armed with this information, marketers can deliver targeted advertisements, personalized recommendations, and relevant content that resonates with each customer, increasing the likelihood of engagement and conversions.

Data-Driven Decision Making
In the past, marketing decisions were often based on intuition or limited data. However, big data has empowered marketers to make more informed decisions backed by concrete insights. By analyzing large datasets, businesses can uncover valuable information about their target audience, market trends, and competitor analysis. This data-driven approach allows marketers to allocate resources effectively, optimize campaigns, and identify new opportunities for growth.

Real-Time Campaign Optimization
Gone are the days of waiting weeks or months to measure the effectiveness of a marketing campaign. With big data, marketers can monitor campaign performance in real-time, enabling them to make immediate adjustments and optimizations. By analyzing metrics such as click-through rates, conversions, and engagement levels, businesses can identify what’s working and what’s not, making necessary changes on the fly. This agility and responsiveness significantly improve marketing ROI and campaign outcomes.

Read Also: Prunedge CPIO, Lanre Akomolafe, Urges Policy Reforms and Collaboration for Nigeria’s Digital Economy Growth on Silverbird Breakfast Show

Predictive Analytics
Another transformative aspect of big data in marketing and advertising is the use of predictive analytics. By analyzing historical data, businesses can predict future trends, customer behavior, and market dynamics. This allows marketers to anticipate customer needs and preferences, enabling proactive campaign planning and product development. Predictive analytics also helps in identifying potential churn, allowing businesses to take preemptive measures to retain customers.

Improved Customer Experience
In the era of big data, delivering exceptional customer experiences has become a key differentiator for businesses. By leveraging data analytics, companies can gain a holistic view of each customer, allowing them to personalize interactions at every touchpoint. From targeted advertising and tailored offers to personalized recommendations and customer support, big data enables businesses to deliver a seamless and personalized experience, fostering customer loyalty and advocacy.

Big data is transforming marketing and advertising strategies, empowering businesses to better understand their customers, make data-driven decisions, and deliver highly personalized experiences. Enhanced customer segmentation, improved personalization, and real-time campaign optimization are just a few of the benefits that big data brings to the table. As technology advances and data continues to grow, leveraging big data analytics will become increasingly crucial for businesses looking to stay ahead in the competitive marketing landscape. By harnessing the power of big data, companies can unlock valuable insights, drive innovation, and achieve their marketing objectives more effectively than ever before.

Remember, in today’s data-driven world, the key to successful marketing lies in harnessing the power of big data. To embrace the possibilities and embark on a journey of transformation and growth, contact us by clicking on the “get in touch” button located at the top right corner of this page. We offer a free 30-minute consultation to help you explore your options and make an informed decision that aligns with your business goals.

Therefore, staying updated on the latest trends in mobile app development is crucial for businesses and developers to thrive and succeed in the industry. The purpose of this article is to shed light on some of these trends and their significance for the mobile app development industry.

Cross-platform Development

One of the most significant trends in mobile app development is the move towards cross-platform development. Cross-platform development allows developers to create apps that work across multiple operating systems, such as iOS and Android, with a single codebase. This approach can save time and resources, as developers only need to create one version of the app instead of separate versions for each operating system.

Internet of Things (IoT) Integration

As the Internet of Things continues to expand, more and more devices are being connected to the internet. This presents an opportunity for mobile app developers to create apps that integrate with IoT devices, such as smart home appliances and wearables. This can allow users to control their devices through their mobile apps and can provide businesses with valuable data on user behavior and preferences.

Read Also: The Role of 5G in Advancing the Next Generation of Technology

Augmented Reality (AR) and Virtual Reality (VR)

AR and VR are rapidly emerging technologies that are gaining popularity in mobile app development. AR allows developers to create apps that overlay digital information on top of the real world, while VR creates a completely immersive experience for users. These technologies can be used to create engaging and interactive mobile apps for entertainment, education, and more.

Artificial Intelligence (AI)

AI is becoming increasingly important in mobile app development, as it allows apps to become smarter and more personalized for individual users. AI can be used to provide personalized recommendations, predictive analytics, and even natural language processing for chatbots and virtual assistants.

Cloud-based Apps

Cloud-based apps are becoming more popular, as they allow users to access their data from anywhere with an internet connection. These apps can also be more easily updated and maintained, as updates can be pushed out to all users at once. Additionally, cloud-based apps can be more cost-effective, as businesses don’t need to invest in as much hardware or infrastructure.

Emerging trends in mobile app development offer new opportunities for businesses to create more innovative and engaging mobile apps that can cater to the evolving needs of their users. By keeping up with these trends, developers and businesses can ensure that their apps remain relevant and competitive in a rapidly changing market. With cross-platform development, IoT integration, AR and VR, AI, and cloud-based apps, businesses can transform the way they interact with their customers, offering more personalized and engaging experiences that can drive user engagement and business growth. To learn more about how you can take advantage of these trends for your business, please do not hesitate to contact us by clicking on the “get in touch” button located at the top right corner of this page. We offer a free 30-minute consultation to help you explore your options and make an informed decision that aligns with your business goals.

5G is built to support a wide range of applications, including those that require high-speed data transfer, ultra-low latency, and massive machine-to-machine communication. This makes it ideal for emerging technologies such as virtual and augmented reality, autonomous vehicles, smart cities, and the Internet of Things (IoT).

Faster Data Transfer

Perhaps the most obvious advantage of 5G is its speed. With data transfer rates up to 100 times faster than 4G, 5G networks can provide lightning-fast download and upload speeds. This is particularly important for data-intensive applications like streaming video and gaming, where even minor delays can cause frustrating lag times. With 5G, users can enjoy seamless, high-quality streaming with virtually no buffering or lag.

Lower Latency

In addition to its speed, 5G also has lower latency than previous generations of wireless technology. Latency refers to the amount of time it takes for data to travel from one device to another, and back again. With 5G, latency is reduced to just a few milliseconds, making it ideal for applications like remote surgery, autonomous vehicles, and real-time gaming. In these scenarios, even the slightest delay can have serious consequences, which is why the low latency of 5G is so important.

Improved Reliability

Another key advantage of 5G is its improved reliability. 5G networks are designed to be more resilient than previous generations, with better coverage and fewer dropped connections. This is particularly important for applications like IoT devices, which rely on a consistent and reliable connection to function properly. With 5G, users can be confident that their devices will stay connected even in areas with weak or spotty coverage.

Read Also: Transforming Customer Experience with Chatbots and Virtual Assistants

Greater Capacity

One of the most exciting aspects of 5G is its ability to handle a greater number of connected devices. With the rise of the Internet of Things (IoT), the number of connected devices is expected to grow exponentially in the coming years. 5G networks are designed to handle this increased demand, with the ability to support up to 1 million devices per square kilometer. This makes it possible to create large-scale IoT networks that can support everything from smart cities to industrial automation.

New Applications

5G is paving the way for a wide range of new applications and use cases. From augmented and virtual reality to edge computing and AI, 5G is providing the foundation for the next generation of technology. With its speed, low latency, and improved reliability, 5G is opening up new possibilities for innovation and creativity in a wide range of fields.

To conclude, 5G is poised to play a critical role in advancing the next generation of technology. With its speed, low latency, improved reliability, greater capacity, and support for new applications, 5G is providing the foundation for exciting new advancements in fields like IoT, AR/VR, edge computing, and AI. As we continue to explore the possibilities of 5G, we can look forward to a future that is faster, more connected, and more innovative than ever before. To learn more about how you can take advantage of the 5G network for your business, please do not hesitate to contact us by clicking on the “get in touch” button located at the top right corner of this page. We offer a free 30-minute consultation to help you explore your options and make an informed decision that aligns with your business goals.

Chatbots and virtual assistants are software applications that use natural language processing and artificial intelligence to interact with customers and provide assistance. They can be used to answer common questions, provide product recommendations, and even process orders. In this article, you will explore how chatbots and virtual assistants can transform your business experience. These include:

24/7 Availability

One of the most significant benefits of chatbots and virtual assistants is their 24/7 availability. Unlike human customer service representatives, chatbots and virtual assistants can be available at any time of day or night, providing your customers with assistance whenever they need it. This can be especially helpful for customers who need assistance outside of normal business hours or in different time zones.

Faster Response Times

Another benefit of chatbots and virtual assistants is their ability to provide faster response times. Chatbots and virtual assistants can quickly process your customers’ requests and provide immediate responses, reducing the amount of time they have to wait for assistance. This can be especially important for customers who are in a hurry or have urgent needs.

Personalization

Chatbots and virtual assistants can also be customized to provide a personalized experience for each customer. By analyzing customer data, chatbots, and virtual assistants can provide personalized product recommendations and tailored responses to customer inquiries. This can help to increase customer satisfaction and loyalty to your business.

Read Also: Mobile App Design: 3 Key Stages to Your App’s Success 

Cost-Effective

Chatbots and virtual assistants can also be cost-effective solutions for customer service. By automating customer interactions, businesses can reduce the number of customer service representatives they need to employ, which can result in significant cost savings over time. Additionally, chatbots and virtual assistants can handle multiple customer inquiries at once, further reducing the need for additional staff.

Consistency

Another benefit of chatbots and virtual assistants is their ability to provide consistent responses to customer inquiries. Unlike human customer service representatives, chatbots and virtual assistants are not subject to human error or bias. This means that your customers can expect the same level of service every time they interact with a chatbot or virtual assistant.

Improved Customer Satisfaction

Finally, chatbots and virtual assistants can help to improve overall customer satisfaction. By providing fast, personalized, and consistent service, they can help to build customer loyalty and increase repeat business. Additionally, they can provide customers with a positive experience, which can lead to positive reviews and word-of-mouth referrals.

In conclusion, chatbots and virtual assistants have revolutionized the way businesses interact with their customers by offering unparalleled benefits such as 24/7 availability, faster response times, personalized service, cost-effectiveness, consistency, and increased customer satisfaction. By leveraging these cutting-edge technologies, businesses can not only streamline their customer service operations but also deliver a superior customer experience that can set them apart from their competitors. To learn more about how chatbots and virtual assistants can benefit your business, please do not hesitate to contact us by clicking on the “get in touch” button located at the top right corner of this page. We offer a free 30-minute consultation to help you explore your options and make an informed decision that aligns with your business goals.

What is digital transformation?

Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how businesses operate and deliver value to customers. Digital transformation enables businesses to leverage new technologies to improve their processes, products, and services, leading to increased efficiency, effectiveness, and customer satisfaction.

Prior to the COVID-19 pandemic, digital transformation largely focused on customer experience. Then, everything changed—and accelerated. Now, digital transformation is the centerpiece of operational efficiency and innovation across the organization. Business Leaders can now harness key cloud technologies, including AI, to outpace their peers. By adopting innovative technology sooner and reinvesting more frequently, they direct their IT budgets toward innovation. The benefits are more revenue and more growth—and the ability to stay ahead of the curve.

Why is digital transformation important?

Digital transformation is crucial for businesses that want to remain competitive and grow in today’s digital age. Across industries, change is happening in shorter waves than ever before, and CEOs feel the pressure but recognize the opportunity for the entire organization. Accelerated digital transformation, including cloud and data, has become the number-one topic CEOs prioritize for the board since the pandemic hit.

With the rise of digital-native companies and the increasing demand for personalized experiences, businesses must embrace digital transformation to meet customer expectations and stay ahead of the competition. Leading companies in enterprise technology were growing two times faster than most companies, and by doubling down on their tech investments recently, they are now growing five times faster.

Digital transformation also enables businesses to make better data-driven decisions and improve their overall operational efficiency.

To achieve successful digital transformation, businesses must address several areas, including:

• Strategy: Businesses must develop a clear digital transformation strategy that aligns with their overall business objectives.
• Technology: Businesses must leverage new technologies such as cloud computing, artificial intelligence, and the Internet of Things to enable digital transformation.
• Culture: Businesses must foster a culture of innovation and agility to embrace digital transformation and adapt to new technologies and processes.
• Skills: Businesses must develop the skills of their employees to adapt to new technologies and processes that come with digital transformation.

Read Also: How Technology Has Affected Globalization, International Trade, And Financial Stability

How to enable digital transformation:

To enable digital transformation, businesses must:

• Define your goals and objectives: Before starting the transformation process, it’s essential to determine what you hope to achieve with digital transformation. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals and objectives that align with your overall business strategy.
• Conduct a digital readiness assessment: Assess your current digital capabilities, including your technology infrastructure, organizational culture, and workforce skills. Identify the gaps and areas that require improvement to support your digital transformation strategy.
• Create a digital transformation roadmap: Develop a clear roadmap that outlines the specific steps and milestones required to achieve your digital transformation goals. Break down the plan into manageable phases and prioritize them based on their impact and level of effort.
• Foster a culture of innovation: Digital transformation is not just about technology. It requires a mindset shift and a culture of innovation. Encourage creativity and experimentation, provide training and development opportunities, and recognize and reward innovative ideas and behaviors.
• Invest in digital technologies and capabilities: Identify the technology solutions that will support your digital transformation strategy and invest in them. This could include cloud computing, artificial intelligence, machine learning, data analytics, and other emerging technologies. Additionally, invest in building the necessary capabilities and skills within your workforce to leverage these technologies effectively.
• Monitor and measure progress: Set up a system to track and measure your progress toward your digital transformation goals. This will help you identify areas that require improvement and make necessary adjustments to your strategy. Regularly communicate the progress to your stakeholders to keep them informed and engaged.

Conclusion:

Digital transformation is no longer an option for businesses; it is a necessity. Businesses that embrace digital transformation can improve their insights and drive business value, leading to increased efficiency, effectiveness, and customer satisfaction.

Click the “get in touch” button on the top right section of this page for a free 30-minute consultation to find out how we can help provide your business with bespoke strategies by addressing the major areas required to enable and achieve digital transformation to meet your customers and clients expectations in today’s digital age.

While there is overlap between the skills each role requires, technical leadership and engineering management are very different paths. Deciding which one to take depends on your natural strengths and interests.

The basic distinction between technical lead and manager roles is the emphasis on technology vs. people. Technical leads spend more time writing code and learning new technologies. Engineering managers spend more time helping people grow and collaborate effectively.

Alex Kavalsky, a Software Development Manager at Amazon, advises that management isn’t the right track for everyone. “Some engineers become managers because they like the idea of leading other people. I don’t think that’s enough.”

An effective software engineering manager is essential for the success of any engineering team. The following are some of the key qualities that make an engineering manager effective:

1. Technical knowledge: A good engineering manager should have a strong technical background, including hands-on experience in software development, to be able to understand the challenges faced by the team and provide effective solutions.

2. Communication skills: Engineering managers need to have excellent communication skills, both written and verbal, to be able to convey information and directives to their team, as well as to effectively communicate with stakeholders. Communication is vital for managers and engineers alike – teams perform best when everyone shares information effectively. However, becoming a manager significantly increases your communication responsibilities. For instance, EMs are expected to

• Set and communicate expectations to their team: “As a leader, your role is to connect everyday tasks with the larger question: Why does my team exist? When employees understand how their contributions impact the mission of your team and company, they will feel more engaged and inspired.” – Magda Miu, Engineering Manager at Adobe. Also, translate between executives and engineers
• Translate between executives and engineers: As a manager, your performance is measured by the business impact of your engineering teams. This means that you need to communicate effectively with executives and engineers – two groups that speak very different languages. “As an engineering leader, a regular part of my work was explaining the tradeoffs of technology investments to business people. Let’s say the business wants to implement two-factor authentication. From a business perspective, I can affirm the value of the idea while explaining the technical complexity behind it: it’s not as simple as adding a field to an existing feature.” – Karl Hughes. On the flip side, it’s also important to explain business decisions to your engineering teams. This can be challenging when the decisions require engineers to scrap a project or change course. However, you can maintain morale by communicating clearly and leading with empathy. “How can a manager ensure these drastic changes do not devalue dev work? By understanding the external changes from a business perspective, and then connecting those product imperatives to the team’s technical interests. Managers must communicate the why that drives a change in scope, and assure the team that the change is meant to empower their work to be even more valuable, more effective.” – Fahim ul Haq.

3. Lead by example: An effective engineering manager should be a role model for their team, setting a high bar for work quality, commitment, and collaboration. They should also be proactive in addressing any challenges the team faces, rather than simply delegating responsibilities.

4. Strategic thinking: Engineering managers should be able to think critically and holistically about the development process, and be able to identify areas for improvement. They should also be able to set clear goals and prioritize tasks to ensure their team stays on track.

5. Problem-solving skills: Effective engineering managers need to be able to identify problems and develop solutions in a timely manner. They should also be able to anticipate potential roadblocks and be proactive in preventing them from occurring.

6. Emotional intelligence: Engineering managers should be able to understand the emotional state of their team and provide support and guidance when needed. They should also be able to handle conflicts in a professional and respectful manner.

7. Adaptability: In today’s fast-paced and ever-changing technology landscape, engineering managers need to be adaptable and willing to embrace new technologies and methodologies. They should also be able to motivate their team to continuously improve and evolve.

8. Extreme sense of ownership: Engineers measure their success by the quality of their code. For engineering managers, success is measured by the impact of people, processes, and delivery. Moving into management means owning new processes. Instead of focusing on writing great code, you will be expected to show bias for action by looping in the right people, providing feedback, and communicating with stakeholders as well as Making tough decisions that will benefit the business when a group can’t reach a consensus. Being empathetic doesn’t mean avoiding uncomfortable conversations. In fact, a lack of clarity around changing goals and expectations will prevent your team from adapting successfully. Depending on your management style, you may need to make a conscious effort to be more transparent and ensure your team has the level of structure and clarity they need.

9. Interest in Mentorship: Engineering management is all about supporting business goals and people’s career growth. To find a successful balance, Ariel Weinberger keeps these 3 things in mind which are:

• The business strives to make money.
• Your team needs the motivation to achieve business goals.
• Software engineers want to grow and work on exciting projects

The trick is to negotiate these 3 points and find as many win-win solutions as possible. Through ongoing mentorship, you can help engineers grow in a way that also serves the business. As an EM, you will spend a lot of time helping engineers identify strengths and opportunities for growth. This includes regular 1:1s to help engineers find projects that advance their careers while accelerating the team

In conclusion, an effective engineering manager possesses a combination of technical expertise, leadership skills, strategic thinking, problem-solving abilities, emotional intelligence, and adaptability. These qualities allow them to effectively guide their team to deliver high-quality products and achieve their goal

Article Submitted by Daniel Ale, Chief Technology Officer, Prunedge. 

Now that the world has gone largely digital, companies and businesses have moved their dealings to websites and online stores. Hence the need for conversational UI, in other words, it functions like a conversation between a customer and a salesperson in a real store. 

A CUI, which stands for “conversational user interface,” is a user interface that works like normal human conversation. The easy-to-understand language and conversational tone make you feel like you’re talking to a friend. The customer is talking to a machine, but the language and logistics are meant to make it seem like they are talking to a real person. A conversational user interface (CUI) is a way for people and computers to talk to each other, just like they would with a real person. 

Read Also: Every Industry Needs Robotic Process Automation (RPA) Here’s Why 

These days, internet shoppers are looking for a more interactive and personal experience than what they find on most sites.  The expectations of shoppers who prefer to do their shopping online have increased.  They seek out opportunities to engage with businesses and develop meaningful relationships with them. 

Traditional websites’ user interfaces are restrictive and prevent users from interacting with brands. If a customer’s interaction with a brand falls short of its increasingly high standards, the customer is more likely to look elsewhere.  

A conversational user interface brings the one-on-one service of a store clerk to the convenience of the Internet. It makes online shopping a more personal and interesting experience.  In other words, it gives an eCommerce site a personal touch by making customers feel valued and cared for. 

A chatbot is a type of virtual assistant that is used to qualify leads on websites and apps.  This frees up your sales conversational interface so that your company’s resources can focus on high-quality leads instead of chasing after many low-quality leads that waste everyone’s time. Chatbots can do simple jobs that are done over and over again, like qualifying leads and helping customers. One of the most popular ways to use chatbots today is to automate the process of qualifying leads.  

Conversational technology can make things better for both customers and employees when it is used well. It can also save money and make information easier to find and share. It could also make systems easier for all customers or employees to use by letting people talk to them instead of using a keyboard or mouse.  

Voice assistants and chatbots are both becoming more popular as everyday tools. Businesses can use the technology easily and for a low cost. The user tells the computer what to do when using a conversational user interface.   

Chatbots can help you with your business no matter what it is, where it is, or how big your market is. Today, conversational UI is steadily pushing the limits of how simple and easy it is for people to use software. If a person who has never used an app before opens it and learns how to use it in a few minutes, the user interface (UI) is successful.  

Unlike automated chatbots, which answer specific questions about returns, hours of operation, and other frequently asked questions, conversational UI considers omnichannel marketing and gives customers more intelligent, human-like interactions. 

One of the biggest benefits is that a chatbot can accurately represent a brand’s personality and tone based on its target audience. The goal here is to give AI more of a human side, because these more emotional and personal connections matter. Make your eCommerce brand customer-centered and let your customers know that you’re always there for them. 

Read Also: Fraud Detection, One Click payments, And Other Reasons Why Major Banks Are Adopting IoT In 2022 

We believe your business would benefit from adopting this conversational AI technology and we can help you with getting the best one tailored to your specific needs: whether lead generation, customer insights, onboarding, and customer support scalability. Click the “Get in Touch” button for a free 30-minute consultation and start delivering value to customers. 

Technology underpins the significant advances in globalization. For instance, there has been an increase in smartphones and other devices that have enabled individuals all over the world to have a means of communication and idea-sharing right from their location. Also, there is the Internet of Things (IoT), which has made data collection processes easier and more dynamic. People may now connect more easily because of the increased speed at which information is moving.

There is an ICT revolution, which has led to a major rise in the internationalization of all digital services and made society more competitive, demanding, and fast-paced. The reason for this is not farfetched. Since many businesses and professionals make deals on trade, investments, and communication largely over the internet, there is more pressure to compete on an international level. So, the life cycle of products gets shorter, and over time, the production, distribution, and supply chains get more integrated. 

Foreign direct investments, trade, migration, and even the flow of capital are all examples of how this trend has contributed to what is now known as economic globalization. Collectively, these factors promote global trade, the development of which is heavily reliant on the internet. Almost every company in the world uses technology to conduct business. 

Technological advancements that have affected globalization in several ways including;  

•  Mobile payments : In the past, individuals had to be ready to pay any amount in cash. When people were required to pay large sums, they carried large amounts of cash in bags and often hired security to help the money safe which in turn cost more. After sometime, cheques came into the picture however even till now people don’t trust the validity of cheques as they bounce and take long hours to clear. Mobile payments however have changed how we live, putting more people in touch with business opportunities. Mobile payments are making a big difference in how we live. As it is fast, simple and safe.  Mobile payment services make it possible to safely pay on the go, these same services are making life easier and more convenient especially for people around the world who live in remote places. It is much easier for them to take part in global trade, either as consumers or as businesses. 
• Blockchain:  The global trade supply chain is changing a lot by blockchain and distributed ledger technologies that use blockchain.  Blockchain technology is being used to solve problems with global trade, like high costs and a lack of security and transparency.  Blockchain-based solutions are not only making the movement of goods faster and more reliable, but they are also shaking up the world of trade financing.  For example, blockchain is being used to make it easier to get a Letter of Credit (LoC), which is a way to pay for international trade. Getting a LoC used to be a long and complicated process. 
• Machine learning and artificial intelligence : Artificial intelligence and machine learning are being used to find the best trade shipping routes, manage ship and truck traffic at ports, and translate e-commerce search queries from one language into other languages and respond with translated inventory.   AI is being used to make global trade more stable in more ways than just making it more efficient and giving customers better service, examples include chatbots, etc 
• Digital Trade and E-commerce Platforms : Online platforms like Upwork make it easier to trade services. Users can find service providers from all over the world for a wide range of services. These digital platforms make it easy for customers and service providers to connect in a way that wasn’t possible in the past, when these kinds of professional services were mostly done in person. Digital platforms help business customers around the world connect with service providers and make it easier to find the right professional for their needs.  

The effect of these technologies has been especially good for emerging market economies, which have been using more foreign knowledge and technology to help come up with new ideas and make their workers more productive.  With all the uncertainty in the world today, the future of international trade looks exciting because of new technologies.  With the right way of doing things, these new ideas will make trade growth more efficient and open to more people in the future.  Because of progress in technology, the world has become a global village where people can talk, work, and do business without leaving their homes.  As new technologies are made every day, there is a better chance that these and other fields will get better in the near future. 

 Article Submitted by Aderonke Folorunso, Director of Enterprise Sales, Prunedge

People often mix up the meaning of RPA and AI because of some similarities they have in common. Either is best not to work in isolation as they complement each other to successfully carry out tasks. AI can help RPA automate tasks more fully and handle more complex use cases. RPA also enables AI insights to be actioned on more quickly instead of waiting on manual implementations. RPA is process driven while AI is data driven. RPA bots can only follow the processes defined by an end user, while AI bots use machine learning to recognize patterns in data, in particular unstructured data, and learn over time. In other words, AI is intended to simulate human intelligence, while RPA is solely for replicating human-directed tasks. The use of artificial intelligence and RPA tools minimize the need for human intervention, the way in which they automate processes is different.  

INDUSTRIES THAT NEED RPA/AI 

• Banking & Finance: As a result of the huge amount of account information, documents, and transactional files of countless customers, RPA/AI technology simplifies the processing time while reducing the chances of errors. It also helps banks ensure that customers’ queries get quick and prompt responses. RPA can also help banks to increase their compliance standards by increasing the accuracy of processes and making the audit more convenient.    
• Telecom: Telecom providers often struggle to manage their data and streamline their workflow. There are large volumes of rule-based operational processes in the telecom sector. By automating these tasks through RPA implementation, companies witness a two-fold increase in employee productivity and better customer relationships. It allowed them to deliver a more personalized service to the customers.   
• Healthcare: During the Covid19 lockdown, most hospitals saw the need to automate and upgrade their process from the traditional paper method to a digitalized method. From scheduling appointments to processing bills, the benefits of RPA in healthcare are many. It helps simplify and hasten processes and allow doctors and staff to focus on better serving the patients. Scheduling patient appointments and their data management is a repetitive and complex task that can be made better with RPA. Handling the administrative side of things also results in a better patient experience that makes them loyal to the healthcare service provider.  With these benefits and time saved, doctors can utilize the time to efficiently treat more patients.   
• Utilities: Utility companies have to regularly process tremendous transactions that can be automated by utilizing robotic process automation services. From PHCN to DSTV and other utility establishments, utility companies have been able to eradicate queues by simplifying bills payments. The new technology has also helped to effectively handle customer queries better.   
• Insurance: Insurance companies have to process a big volume of claims on a daily basis. Automating back-office processes and data management for claims processing becomes easier with robotic process automation solutions. It also helps brokers in the comparative analysis by offering insurance options to users based on certain specific parameters.   
• Education: The education industry regularly faces staffing challenges and high costs of administration. More often than not, the operational tasks in educational institutes are fixed and occur at different intervals. By implementing RPA, the education sector can reduce the dependence of management on the staff. Apart from that, institutes that cannot afford enterprise software, RPA can help them in completing tasks while they are teaching the students. Tasks like new application fulfillment, vendor management, ordering, etc., can be delegated to RPA services.   
• Hospitality: RPA technology can help smoothen the booking process and undertake back-office tasks, leaving more time for hotel staff to concentrate on customers. RPA bots can provide answers to common customer queries and enable the staff to focus on activities that can improve the customer experience. On top of that, processing invoices in hotels takes a lot of time. RPA implementation allows the hotel to generate quick bills and receive payments without making the customer wait for a long time.    

For businesses, incorporating robotic process automation into the KYC process will minimize errors, which would otherwise require unpleasant interactions with customers to resolve the problems. It will not only accelerate customer onboarding but also enhance customer experience.  It also has a systematic way of handling its allocated tasks which will increase output quality by eliminating errors and ensuring efficiency and as a result, people do not need to waste time and energy on routine duties.   

Article Submitted by Segun Shogbanmu, Chief Strategy Officer, Prunedge. 

Here are reasons why banks and financial companies are using IoT technology

1. Improved customer view and personalized customer experience: IoT solutions collect and process customer data (like regular payment locations, consumer preferences, driving behavior, etc.) that helps BFSI businesses learn more about their customers and figure out their needs and risks. With complete and up-to-date customer profiles, companies can tailor their interactions with customers, offer them targeted services, and help them get the money they need.
2. Automation: Some tasks, like processing requests, opening bank accounts, turning off credit cards, etc., can be done automatically by IoT-powered systems, which reduces the need for human help and, as a result, human mistakes.
3. Better security: IoT helps connect and remotely control CCTV cameras, smart alarm systems, vehicle telematics, and other monitoring technologies to keep buildings and equipment (like offices, ATMs, CIT vehicles, etc.) safe 24 hours a day, 7 days a week, and send alerts when something bad happens. IoT also helps to improve cybersecurity. For example, when people use mobile apps to pay for things, wearable devices like fingerprint scanners, retinal scans, and face IDs let them prove who they are.
4. Fraud detection: The Internet of Things (IoT) and analytics powered by artificial intelligence (AI) help find fraud and hacker attacks by collecting and analyzing user account data. If suspicious activity is found, the user can be told right away, and their account can be turned off temporarily.
5. Payments with one click: When banking IoT solutions and wearables are combined, users can make payments without directly using their credit or debit cards. Devices with NFC, like smartphones and smartwatches, make it possible to pay without touching the card reader. This makes it easier to do financial transactions.
6. Trade finance: IoT makes sure that banks can see the physical flows they are financing and lets them make decisions based on real-time information. IoT-generated data helps banks better assess risks throughout the life cycle of a trade, allocate funds more efficiently, and scale up their financial strategies.

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The IoT offers a wide range of digitalization benefits, such as a 360-degree view of the customer, better financial security, fraud detection, advanced insurance strategies, and more. Innovations made possible by the Internet of Things (IoT) help banks and other financial companies meet their customers’ needs and give them a better experience. Every year, more and more devices connect to the Internet. This is proof of the IoT evolution. IT experts come up with solutions that get rid of security problems and technical limits that stop digital transformation from happening.

Stop falling behind and use this tech trend to your advantage to find new business opportunities. The (IoT) team at Prunedge will help you find and tailor many IoT opportunities for your business. Click the “Get in Touch” button for a free 30-minute consultation.