Digital innovation refers to the use of technology to create new products, services, or processes that improve efficiency, effectiveness, and customer satisfaction. This can include the use of software applications, cloud computing, emerging technologies such as artificial intelligence, blockchain, augmented and virtual realities, and the internet of things. The use of digital innovation can help businesses reach and engage customers in new ways, streamline processes, and gain insights into customer behavior, enabling them to transform several industries, such as healthcare, finance, and retail.
One of the key benefits of digital innovation is its ability to help businesses reduce operational costs. For example, by using cloud-based software and mobile apps, businesses can reduce the need for expensive hardware and IT infrastructure. This can help them save money on maintenance and support costs, as well as reduce the need for IT staff. Also, digital innovation can help businesses streamline processes, such as supply chain management and inventory control, which can help them reduce costs and increase efficiency.
Digital innovation can help businesses grow revenue by providing new ways to reach and engage customers such as mobile apps, metaverse, and augmented reality to connect with customers and promote their products and services. Another key benefit of digital innovation is its ability to help businesses gain insights into customer behavior. By using NLP, data analytics, and artificial intelligence, businesses can gain a better understanding of customer preferences, needs, and behaviors. This can help them create more personalized products and services, which can lead to increased customer satisfaction and loyalty.
It is expected that there will be a significant increase in the number of cloud-native applications available globally by 2025 as businesses adopt these technologies to achieve strategic goals. The use of cloud-native applications allows businesses to easily scale. Additionally, cloud-native applications are typically more secure and reliable than traditional on-premises software, which can help businesses reduce the risk of data breaches and other security threats.
As we move towards digital economy, we are facing a looming threat of cybersecurity in banks. Leveraging techniques and practices that are designed to protect our data is paramount to successful digital revolution. Whether it is an accidental breach or a well-coordinated cyberattack, the strength of cybersecurity in banks determines the safety of our Personally Identifiable Information (PII), and by extension, ourselves.
While whole world has been fighting with corona outbreak, IT professionals across the globe were fighting a different pandemic – threats to Cybersecurity in Healthcare. Sudden need for advanced diagnosis technologies, mechanisms to handle massive records of new data, and rapid communication channels – everything the medical world did to increase their responsiveness and efficiency created new digital gateways for the cybercriminals.
Recently online shopping pattern has become a shooting trend. However, we believe that a phygital approach - with the agility of online and authenticity of offline will shape retail strategies of the future. Developing a comprehensive Retail strategy with technology is a must to stay ahead in the competitive market.
Some interesting data to consider while developing your retail strategy:
Digital commerce means trading online using digital money for the transactions. Digital learning is educating the students virtually using a digital device as the medium with the help of technology. But can Digital healthcare heal patients virtually? To some extent, yes! But in concept, it goes much deeper than just online consultation and prescription. This is how Food and Drug Administration of USA (FDA) describes Digital healthcare.
An excellent Retail Loyalty Program shapes customer satisfaction and loyalty. As a retail owner, you have to be specific while developing the program. There are multiple Loyalty programs available in the market, the point is to invest some time in knowing them and figuring out if they match your requirements. It might sound easy, but market research shows retailers often fail to understand the bridge between program and business objectives. Here are the stats that shows the same:
Even though banks were equipped with technologies and gradually embracing Digital Transformation in Banking, the pandemic revealed the urgency to transform digitally by exposing how the current BAU model is inefficient and incomplete to acquire, manage, and retain customers.
Majority of the banking processes can be done online, employee productivity will increase, TAT will reduce, and customer service should improve. New age technologies have been successful in accelerating Digital Transformation in Banking.
As more and more businesses move to Agile methods of software development, the need for software release management is becoming more apparent. A release management system should enable enterprises to track the creation of software, navigate between the various stages of code and user acceptance, audit changes made to the code, and manage the tasks related to the release. This blog will look at various ways to improve your Software Release Management.
Digitalizing a business that offers traditional Banking and Finance Services (BFS) can be challenging but scaling those digital initiatives is a much more tangled process. Even today, the discussion around ‘Digital Transformation in Banking and Finance sector’ is never complete without someone mentioning the undeniable security risks. Hence, introducing digitalization to a business operation or service requires a strategy that goes beyond implementation and includes the scaling possibilities too.
User Story mapping is a visual exercise carried out by team members, project managers, product teams for outstanding customer experience. It mainly reduces the gap between user's needs and product feature implementation.
Here is a short guide to User Story Mapping.
What is User Story Mapping?
It is a detailed or brief visual representation of user journey workflows used in software and design strategies. Before proceeding further, it is imperative to know the following terms:
Irrespective of the industry vertical, Digital Presence is an essential for businesses especially after the life-altering pandemic. It is uncertain if we can already say ‘we survived a pandemic’ but whether or not we are back to normal, having a digital presence is the only way for the businesses to stay sustained in 21st century. Most industry leaders are feeling strong about a global economic comeback, but the hopes can only solidify when there is an action towards the ambition.