Digital transformation advisory service

Unlock the Benefits of Digitalizing the Construction Industry

The so-called “brick-and-mortar” construction industry is moving forward and entering the digital era. Although the transition was slow initially, it has now accelerated in speed. The big market players are redefining their processes to keep pace with the new wave of digital business.

The following three Ps play a crucial role to chart a path for digitalization of construction industry:

  • Prepare for it

The construction industry has lagged in the race of digitalization mainly because of the psychology of people working in the industry – human processes were deemed better than the machines. However, as the industry has evolved, so has its outlook on digitalization. It is important for those driving the construction industry to identify the areas ripe for digitalization and prepare themselves for the change.

  • Pilot it

For successful digitalization of construction industry, the key is to start small. Ideally, enterprises should pilot it among a small portion of their business or a single project and give time for their team members to understand the technology and get used to the change. Long-lasting, sustainable changes happen gradually, so go slow.

  • Process it

To create and amplify impact across the entire enterprise, there is a need to process it. Businesses should capture changes, comprehend how the results were achieved and repeat the same process. Additionally, enterprises should review existing processes to identify more areas for digital transformation to maximize their benefits and revenue.

Take away

Digitalization in construction industry is in its infancy; however, it is poised to reinvent the industry, leading to efficient business processes, reduced operational costs, and improved productivity. Embracing digitalization is no longer an option – it is a necessity.

At Millennial Partners, we offer business-oriented digital transformation advisory service to help enterprises across various industries integrate blockchain into their operations. We offer comprehensive solutions – from use-case identification to solution implementation to deployment – to help businesses accomplish their goals.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae

Digital transformation consultancy services

Use-cases for Blockchain in Healthcare

Blockchain technology can radically transform how healthcare players operate. In addition to enabling efficient management of current processes, blockchain has the potential to upend the healthcare industry by eliminating third-party involvement and charting a path for new business models.

From the supply chain to aggregating clinical data to streamlining health insurance, there are several ways blockchain can drive value to the healthcare industry. Many leading industry players globally are leveraging digital transformation consultancy services to ride the next wave of progress in the healthcare industry.

Applicability of blockchain across the healthcare industry

  • Counterfeit drug detection

Counterfeit drug estimates range between $75 billion and $200 billion globally, and counterfeit drugs make up 50% of all drugs sold in low-income countries. Simultaneously, consumers are asking for better transparency about the products they buy, especially drugs and food.

Blockchain can authenticate drugs that are sold and provide a full audit trail of production – from provenance of raw materials to manufacturing, packaging, and distribution. In addition, blockchain can automate the supply chain and empower healthcare organizations with real-time tracking of drug manufacturing details, like the ingredients and distribution across the supply chain.

  • Peer-to-peer health insurance

Peer-to-peer (P2P) health insurance driven by blockchain technology holds massive potential to transform the health insurance market, making it more transparent and cost-efficient. Furthermore, smart contracts can replace many administrative functions to settle claims, forging the path for P2P business models. The new entrants will likely harness digital transformation advisory service to identify, implement and pilot blockchain use-case for health insurance.

  • Improved data quality and reduced errors

Healthcare organizations need solutions to ward off medical fraud and false claims. Blockchain can help achieve the same through automatic identification of duplicate claims or prescriptions by providing stakeholders with a clear view of transactions. Furthermore, blockchain enables the sharing of attested provider credentials and other data, thereby eliminating redundant processing costs. The ease of real-time tracking of transactions, offered by blockchain, can prevent problems such as double spending and inappropriate repudiation.

  • Better patient care through data interoperability

Blockchain has the potential to enable efficient aggregation of clinical data across various healthcare organizations visited by patients over their lifetime. This can allow the physicians and clinicians to gain an in-depth understanding of the medical situation and history of each patient, enabling the physicians and clinicians to make well-informed decisions about their patients. Better access to clinical data can also reinforce research carried out on the effectiveness of medical procedures. The underlying technology of blockchain, Distributed Ledger Technology (DLT), can also provide a single source of truth, irrespective of patient, payer or provider records. It can lead to better collaboration and improved efficiency.

Take away

Blockchain promises to transform the way healthcare organizations conduct business. Organizations should act now to devise a cohesive blockchain strategy to gain first-mover advantage, rather than following a wait-and-see approach.

At Millennial Partners, we offer digital transformation advisory service to help enterprises identify and harness the potential of blockchain. We, backed by a cross-functional team, offer complete solutions – from use-case identification to pilot use-case to implementation and deployment – to help enterprises ride the next wave of digital business.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae

Digital transformation consultancy services

Use-cases for Blockchain in Finance

The disruptive blockchain technology has the potential to drive a significant change across the finance industry. Combined research by Accenture and McLagan, a world-class capital markets benchmarking provider, shows that blockchain can lower the cost for central finance reporting by 70 percent.

Blockchain can eliminate the need for bank branches, or enhance competition by lowering market entry barriers.

Here are the five most common use-cases for blockchain in the finance industry that explain now is the time for digital transformation and enterprises can partner with the right digital transformation strategy consulting company to pilot these use-cases.

  • Clearing and settlement

The centralized nature of clearing and settlement processes makes them ripe for blockchain adoption. Fortifying the clearing and settlement procedure with blockchain will forge the path for an expedited, transparent, and cost-efficient process.

It is even anticipated that blockchain will eliminate the need for clearing and settlement. Whether it happens or not, one thing is for sure that blockchain is poised to bring a revolutionary shift to the finance industry. Many financial services organizations are harnessing the potential of blockchain to enhance their clearing and settlement process. Some of these include Euroclear, SETL, and Citi and CME Clearing.

  • Trade finance

The old practice of trade finance has witnessed a little transformation over its history. The integration of blockchain into trade finance will lead to a modern world, reinvigorated with greater transparency, more efficiency, amplified opportunities for new revenue, and lower cost.

  • Cross-border payments

The international payments have to traverse through multiple banks to reach the final destination. This makes cross-border transactions slow, expensive, and uncertain as the amount of money that reaches the other end is not known until the payment reflects into the account.

Blockchain-driven cross-border payments can address these shortcomings, paving the way for transfers that are 388 times faster and 127 times cheaper than through conventional remittance channels.

  • Know your customer (KYC) and Anti-money Laundering (AML)

The Immutable and secure nature of blockchain makes it a perfect option for complying with KYC and AML regulations, and serving as trusted repositories to identify information. Many banks in Singapore and India are seeking digital transformation strategy consulting services to identify opportunities for blockchain adoption to strengthen their KYC and AML verification paradigm.

  • Insurance

Blockchain has various applications in the insurance industry. The transparency and efficiency offered by blockchain technology can help reduce fraud and automate compliance. It can be leveraged to create a secure ledger of information and ensure trusted and verifiable provenance information. A research by Accenture shows that 33 percent of insurers are planning for blockchain adoption in the next two years and 36 percent insurers have already integrated blockchain-based smart contracts into their systems.

Take away

Blockchain is transforming the future of the finance industry. The transactions held on Blockchain’s distributed ledger system enable the participants to see an identical version of records, thereby improving trust and transparency and eliminating the need to maintain intermediary ledgers.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae

3 P’s of Digital Transformation

The Three P’s Driving Digital Transformation

Digitalization is transforming enterprises. According to Gartner, 87% of senior corporate leaders believe digitalization is a company priority and 78% of corporate strategists say that digitalization is transforming their business – paving the way for new revenue streams.

But how can enterprises embark on the digital transformation journey? The answer lies in simply following the three P’s of digital transformation.

  • People

Successful digital transformation is all about people. For an enterprise to digitize, its people need to transform in the first place. People need to go through self-assessment and determine how the changes will affect them.

Simultaneously, enterprises should be charged with roping in the right people with the right skill sets. They need to clearly define the roles that people will play in the transformation process. Without the right people, digital transformation will merely be a siloed initiative.

Enterprises can always seek digital transformation consultancy service to chart the path for successful digital transformation.

  • Products

The present-day products strive to be a perfect combination of a product and an excellent user experience. Enterprises need to know what impact digital transformation will have on their product and experience. Once this is determined, it is crucial to embrace the right technology to drive digital transformation. Today’s enterprises are readily adopting ingenious technologies like Blockchain, Artificial Intelligence and the Internet of Things (IoT) to ride the next wave of digital business.

Next, how can enterprises gauge success? Digital transformation requires considerable investment in people, technology, and products, so what is the ideal way to measure success? Many believe revenue is the right parameter to measure the value of digital transformation to a business; however, the most crucial performance metric is customer experience – what impact did digital transformation have on customer experience, which leads to increased customer retention and revenue.

  • Processes

Digital transformation should happen across the enterprise, but the ideal way is to start small. Begin where the transformation can have the biggest impact and amplify the chances of success. A reliable digital transformation consultancy service can help identify the right use-cases and implement the chosen solution. Small successes are better than a big strategy with a high degree of risk. For example, AI-powered bots are still in their nascent stage but enterprises are adopting them to leverage the benefits that they offer, such as reduced customer costs and accelerated response times.

The process employed by enterprises to steer digital transformation should be diligently complemented with the right technology.

Take away

Digital transformation is an amalgamation of three P’s that together reinvent the way enterprises operate. Technologies like Blockchain and Artificial Intelligence are moving so quickly that if enterprises do not start looking into it now, they are more likely to fall behind the competition.

At Millennial Partners, we offer mission-driven digital transformation strategy consulting servicesto help enterprises navigate to the next wave of digital business. We harness our technical prowess and experience to devise a coherent roadmap to help enterprises capitalize on the digital transformation opportunity.

Blockchain

Artificial Intelligence: Redefining Possibilities across Business Functions

Artificial Intelligence: Redefining Possibilities across Business Functions

Blockchain

Artificial Intelligence (AI) drives significant value across the business, especially in cost reduction, customer experience, and revenue generation activities. The successful integration of Artificial Intelligence in a business can unlock new opportunities and help accomplish business goals. Owing to the massive potential of AI, digital business is expediting interest in AI at a pace that many global enterprises are partnering with subject matter experts for artificial intelligence consulting services to identify AI use-cases and run pilot programs to witness the impact that AI can make on their operations.

Let us explore some ways Artificial Intelligence is unleashing new possibilities and delivering meaningful outcomes across industries.

Supply Chain

With the evolution of customer expectations and preferences, supply chains relying on legacy systems are facing challenges delivering the right products to their customers without affecting their margins.

Artificial Intelligence empowers the supply chain industry to cater to changing customer demands while achieving global efficiency. AI delivers solutions that help augment visibility across the supply chain and create a customer-oriented operating model that is more transparent, agile and efficient. The data-driven insights help improve precision forecasting and enhance decision-making, enabling businesses to innovate around customer demands.

Healthcare

The healthcare industry is shifting toward a new science landscape and emphasizes delivering consumer-oriented services. Incumbents can capitalize on the opportunity to take the lead by harnessing the potential of AI to deliver more efficient, effective and affordable healthcare solutions.

Artificial Intelligence helps the healthcare industry to generate insights and devise intelligent processes to deliver top-notch customer experience at a cost-efficient price. The technology can help healthcare professionals deliver improved patient care with precise chart reviews to augment care planning. Additionally, AI can enhance operational efficiency by enabling optimized scheduling, improved processes, and streamlined management of patients’ claims and payments.

Customer Engagement

Today, the leaders providing customer services struggle to craft great experiences that users expect.

Artificial Intelligence can empower businesses to unlock new insights and create intelligent processes as well as strategies to deliver excellent user experience at a cost-efficient price. The technology holds massive potential to transform customer interactions – from payments and account maintenance to troubleshooting to support. Businesses can harness the power of AI to reinforce their workforce and delight their customers.

Revenue Growth

Industries like retail and consumer goods and media & entertainment need to be relevant to fuel revenue growth. As consumers constantly assess the options available, businesses must stay relevant to build credibility and capture new opportunities to grow.

AI-based solutions can provide businesses with real-time, data-driven insights that could not be seen before, thereby enabling businesses to devise new strategies and capabilities for growth.

Take Away

Artificial Intelligence is poised to augment quality, improve efficiency and productivity, accelerate implementation, and save costs. Businesses that act now are more likely to gain first-mover advantage in terms of better customer acquisition and growth.

At Millennial Partners, we offer mission-driven artificial intelligence consulting services to help global enterprises integrate AI into their existing processes to improve efficiency, deliver better customer services, and amplify growth.