Business Process engineering advisory

4 Key Business Processes Essential for Business Growth

While mapping out the business processes for engineering/reengineering, businesses may leverage various processes based on the level of granularity and type of business. However, without professional business process engineering advisory services, businesses might not be able to exploit the processes for maximized output.

Here are the key business processes pivotal to enterprise growth.

  • Product development

A product is the heart and soul of an enterprise. Business planning does not begin and end with the product, but the customer.

This business-critical process would always have a scope for improvement as markets are highly disruptive due to volatile customer’s preferences and competitor’s upgrades. By persistently eyeing the dynamic external factors and staying close to capricious customers, businesses can stay ahead of the curve and devise suitable policies for product development.

  • Sales process

A product is nothing without a motive of earning profits and that’s where sales play its role.

Many professionals offering business process transformation advisory suggest that this process is a collection of various crucial processes that contribute to closing a deal. The process involves optimization of a buyer journey at several levels- from qualifying a lead and crafting convincing pitch deck to driving customer towards the sale.

  • Procurement

Simply stating, the procurement process involves selecting the right vendors and establishing payment terms, strategic examination, negotiations, and purchase.

A well-documented, scalable, and profitable procurement process fetches prosperity for enterprises by capacitating recognition, evaluation of opportunities of more cost, time, and resource-efficient strategies. By leveraging an effective procurement process, businesses can ensure cost reduction, quantity discounts, and quality assurance.

  • Customer support

The customer support process must be formally streamlined to achieve high efficiency and low complexity. Simplicity is the essence of an ideal customer support success.

Even if a customer acquires the complete knowledge of a product during the sale, the process doesn’t end. The same conduct is required when the customer seeks support while finding an issue using the product.

The aforementioned are the four core areas, that if engineered\reengineered strategically, can contribute to overall business growth. By embracing the services of the best business process engineering advisory providers, businesses can construct a well-developed plan and process the above-mentioned crucial business processes.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes 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 via our e-mail at info@millennial.ae.

Digital Transformation Strategy

Need for an Effective AI Strategy to Fuel Business Growth during Crisis – Part 2

In the last part, we studied how an effective AI strategy can play a crucial role in recovering from the adverse consequences of an unexpected event. In this part, we will study the strategic areas that need to be taken into consideration to devise a successful AI digital transformation strategy to prepare a business for recovery and growth.

2 Key Strategic Areas to Consider for a Successful AI Strategy

  • Discover and Develop New Business Competences Powered by AI

A well-planned response to a crisis is crucial to scale business growth. To counter the market turbulences and develop a measured comeback, businesses need to identify the remodeling needs of customers. Following this, appropriate measures can be taken by kinetic competitors and markets to reciprocate to them.

Today, businesses with physical offerings are shifting to digital twin solutions to limit the physical contact and curb the spread of the Coronavirus. By combining enterprise AI solutions and AI-powered digital platforms, businesses must step beyond their comfort zones and analyze places where value can be derived.

  • Integrate AI into Core Business Prototype

Businesses that fail to implement effective AI strategies into their operations are more likely to limit their ROI. A careful end-to-end view of business operations is preemptive to recognize areas for AI integration.

The current black swan event characterized by the Coronavirus is opined to bring an ecosystem-level change. Businesses that would devise a digital transformation strategy with AI integration to reset and rescale the plan and operations would eventually earn huge profits. In the long term, embedding AI into core functional areas would radically increase efficacy in operations.

Embrace Enterprise Artificial Intelligence Solutions from AI Consulting Specialists

An effectual AI strategy to recover from the COVID-19 crisis surpasses building lightweight, beta mode algorithms or addressing ad hoc business trends or problems. Partnering with a leading AI consulting specialist would help businesses revive and rise back stronger.

Millennial Partners (millennial.ae)prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes 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 via our e-mail at info@millennial.ae.

enterprise blockchain consultants

How can Blockchain Consulting Fuel Business Growth?

Despite the enormous potential of blockchain technology, this distributed ledger technology is gaining gradual adoption. Any technology of such huge potential has gained significant acceptance by industries but then the question arises – why not Blockchain?

One of the major reasons, according to subject matter experts, is the paucity of comprehensive blockchain consultancy solutions. Businesses lack solutions that can help them understand and harness the potential of disruptive blockchain technology.

Let us discuss the 3 prime decision areas where availing services of expert enterprise blockchain consultants can help a business increase their ROI:

  • Distilling Pain Points

Blockchain appears as an unrivaled solution to problems related to transparency, security, traceability, costs, efficiency, and speed.

However, the appropriate pain points need to be analyzed before blockchain is leveraged to address the problem areas. Top-notch blockchain consultants outperform in analyzing such challenges while applying their experience and deep understanding of use-cases.

  • Examining the Marketplace

After the pain points are identified, the company looking for blockchain integration needs to gather the most up-to-date data about the marketplace.

Usually, the required data revolves various points. These include the unique characteristics of a business and digital transformation strategy by which a niche can be created by your blockchain solution.

  • Discovering Use-Cases With Significant ROI impact

It is one of the evident facts that trust is the heart and soul of blockchain technology. Blockchain is, in fact, an ideal solution for the elimination of inefficiencies that arise due to intermediary involvement and other third-party engagements.

Trust fostering is something that is 99% of the time eligible to be that one use-case that has a remarkable impact on the ROI for every business. Your business can have additional potential points and blockchain consultants can help you identify them.

After planning follows implementation.

How Can Enterprise Blockchain Consultants Help In the Implementation Phase?

You may have various questions while integrating blockchain into your business – such as which blockchain solution to count on; who would own blockchain system; which type of blockchain to choose – permissioned or private; the need for knowledge proofs; hosting of blockchain nodes and many other technological factors. Here’s where you would be helped best by the professional blockchain consultants.

At Millennial Partners, we serve as your reliable enterprise blockchain consultants with real-world experience in blockchain implementation. We offer complete solutions – from use-case identification and implementation of the solution to deployment.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes 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.

Asset tokenization advisory

How can Asset Tokenization Revolutionize the Real Estate Industry?

The real estate industry is growing more complicated due to the involvement of more stakeholders, huger investments, diverse talents, and ever-changing regulations. Apart from the complexities, the billion-dollar worth industry is also inflicted by setbacks that are impeding its unflagging growth.

The most agile businesses of the industry have already devised strategies to integrate potential technologies in their operations. Asset tokenization is one of the disruptive technologies that is being harnessed to make a positive difference to the current scenario. Those who are new to revolution are leveraging professional asset tokenization advisory services to come up with a configurable strategy and end-to-end implementation plan.

3 ways Asset Tokenization can disrupt the Real Estate Industry

  • Immutability

Blockchain drives immutable transactions and creates a tamper-proof history of transactions, enabling stakeholders to provide evidence of their ownership.

If a stakeholder tries to sell the same token to multiple parties, the history of ownership associated with the token would make it impossible for him to falsify transactions or commit frauds.

  • Accelerated Settlement

The smart contracts can be configured in a number of logics in operations, thereby, facilitating automated transactions as soon as contractual obligations are met.

The well-structured system allows investors to have a tour of a clear, immutable record of data related to transactions during decision-making. Businesses can also rely on voting that is the essence of an ingenious system, thereby leading to better business decisions.

  • Better Security and Transparency

The tokenization tech employs blockchain that promises world-class security in a volatile digital world. Cryptography fortifies the security of tokens by clearly indicating assets owned by stakeholders.

Lack of transparency is one of the major lags faced by conventional the real estate industry and tokenization has the potential to eliminate this problem by providing enhanced transparency in operations.

Tokenization: A Reliable Solution

Apart from the above-mentioned benefits, tokenization offers many other refinements and improvements that can steer the real estate industry towards unobstructed growth. Businesses can also discover their untapped potential with the help of professional asset tokenization advisory services.

At Millennial Partners, we offer comprehensive asset tokenization solutions – from token development, deployment, and marketing.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes 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.

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Industries ripe for the adoption of Artificial Intelligence

Artificial Intelligence (AI) promises a new age of disruption and productivity, where human intellect is augmented by speed and accuracy. The technology has the potential to offer profound results across various industries – including healthcare, construction, real estate, and more. Many industry leaders have realized the potential of AI and are leveraging Artificial Intelligence consulting services to integrate AI into their business operations.

Here are 5 industries that are ready to embrace Artificial Intelligence.

  • Marketing

Marketing companies can harness the potential of Artificial Intelligence to devise better and well-informed marketing strategies. AI categorizes customers as per their interest or demographic and marketing companies can capitalize on this opportunity to target ads to their customers based on their browsing, consequently providing their customers with what they are seeking. In addition, the power of AI can be leveraged through chatbots that can help solve problems, suggest products or services based on customer interaction, and support sales.

  • Sales

Artificial Intelligence can equip sales professionals with actionable insights that can enhance the sales function. AI improves sales forecasting, anticipates customer needs, and enables better communication. Additionally, AI-enabled machines facilitate time management for sales professionals, simplifying it for them to identify who they need to follow up with and which customers are easy to convert.

  • Research and Development

Nearly every industry – such as pharmaceutical, healthcare, finance, agriculture, and more –is involved in research and development (R&D). Artificial Intelligence can automate various tasks and forge the path for novel discoveries as well as better ways to deliver improved products and services. Companies involved in R&D can harness digitaltransformation consultancy services to integrate AI into their businesses for more strategic and effective operations.

  • IT Operations

AI for IT operations, also referred to as AIOps, is the application of machine learning and data science to IT operations problems. AI can be used for IT system log file error analysistogether with IT systems management functions, and automate various routine processes. The technology can help identify issues upfront, helping IT professionals to proactively fix them before they lead to any serious problem.

  • Human Resource Management

AI has the potential to revolutionize various human resource activities – from recruitment to talent management. It can not only boost efficiency or alleviate the operational cost by automating repetitive tasks but do beyond this. AI-powered robots can interview candidates for any job position. In addition, AI can assist the human resources department with data-driven decision-making, thereby simplifying the recruitment process.

Take away

AI has immense potential to transform nearly any industry. More businesses are embracing AI and are generating real rewards from them. However, unlocking those benefits requires visionary leadership and the right technical partner.

We, at Millennial Partners, offer comprehensive Artificial Intelligence consulting services – from use-case identification and solution implementation to deployment – enabling enterprises to benefit from the disruptive AI technology. We leverage our domain expertise and technical prowess to deliver meaningful outcomes that fuel your business growth.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its 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

How can blockchain become a building block for next-gen healthcare services

Blockchain can be identified as a consensus-based immutable, secure, and decentralized database technology that holds significant potential to fortify the different commercial and non-commercial sectors. The disruptive technology has already been revealing remarkable revamping abilities while it is being integrated into several industries. Market forerunners of numerous industries have already started reaping rewards with the help of business transformation consulting services.

Blockchain bears the potential to be the next best thing in Healthcare. It is now the turn of the healthcare sector to adopt this sensational distributed ledger technology. According to BIS Research, the global medical market expenditure on the blockchain is expected to reach USD 5.61 billion by 2025.

Top 2 ways in which blockchain technology promises supernormal upsurge in efficiency through its integration into the current healthcare scenario

It is opined that the blockchain revolution would steer the conventional glitch-rich medical scenario to the next-gen efficient echelon.

  • Healthcare Data Distribution and Management

The US reports medical errors as the third big reason behind the fatalities. The reason is very clear. During the lifetime of a patient, he submits his crucial medical reports and details to various health institutions and due to the absence of a common data management system, the mass integration of data related to a patient’s health history becomes a fiasco.

Subject matter experts offering business transformation consultancy services suggest that immutable blockchain technology can enable the sharing of the same data to an unlimited number of parties with just an “add to” access. No party can delete a record permanently and all this efficiency comes with utmost security, promptness in operations, and cost-efficiency.

  • Medicinal Drug Development and Supply Chain Monitoring

Despite regulatory restrictions and certificate compulsion, second-rate drug manufacture has acquired a large proportion of the US drug market. On the other hand, if we talk about the developing countries, 1 in every 10 medical products is found to be counterfeit. The problem is incapacitating the drug market and is standing as a risk to global healthcare.

Top-notch digital transformation consultancy services suggest that globally adopted blockchain can improve the traceability and transparency to a large degree. From impeding of falsified certifications to connecting the strands of unalterable data, blockchain can instill an unparalleled level of efficiency in operations.

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

Our global and experienced team is available via e-mail to proffer solutions and answer questions regarding technological advancements and digital transformation!

business transformation consulting services

Strengthening Business Operations with Blockchain

Since the emergence of the digital era, businesses worldwide have been seeking ways to enhance theiroperations by upgrading their technology infrastructure. What motivates these businesses to embrace technology modernization is the ability to simplify complex operations while driving innovation. Today, businesses are trying to comprehend what role emerging technologies like blockchain can have in their business and are thus leveraging business transformation consulting services.

According to International Data Corporation (IDC), worldwide investment in blockchain was $2.9 billion in 2019 and is anticipated to soarto $12.4 billion in 2022.

Businesses are investing in blockchain to remain competitive and bring value across three main value dimensions – such as enhanced productivity and quality, increased transparency, and redefined products and processes.

How can blockchain help improve productivity and quality?

  • Auditability

Blockchain offers a shared ledger of transactions, providing all parties with full traceability of operations. Businesses can not only alleviate their auditing cost but also increase confidence in data that they produce while eliminating the need for manual data validation.

  • Data management

Blockchain holds immense potential to improve data management in three areas, including:

  1. Data provenance and accuracy by providing complete information about digital assets and relevant data.
  2. Data integrity by enabling authenticated access to the network and easy identification of data manipulation or tampering.
  3. Data aggregation and organization by enabling easy sharing of real-time data from a single data source.
  • Payments

Blockchain brings transparency to payments and eliminates the need to manually audit and track payments. Smart contracts automate payments and streamline the process, thereby removing unnecessary transactionprocessing cost.

How can blockchain help increase transparency?

  • Data sharing

When data is retained in silos and rarely shared between organizations, it loses its value and verifiability. Blockchain enables trading partners to share real-time data, the history of data,and any changes made in data.

  • Transparency

The distributed ledger of the blockchain technology empowers designated parties to view real-time data. With enhanced transparency, businesses can enhance their decision-making process and seamlessly track the outcome of their decisions.

  • Trust

Blockchain enables and automates trust through cryptographically securing information and providing transparency.

How can blockchain help improve processes and products?

  • Authentication

Blockchain’s public and private key cryptography help authenticate users across multiple networks, thereby increasing confidence in the overall network.

  • Identity management

As more and more business transactions are conducted online, blockchain eliminates reliance on physical documents to establish user identity. Ithelps build digital identity and the idea is gaining rapid global traction. Businesses are leveraging digital transformation consultancy services to implement digital identity verification processes.

  • Marketplace creation

Blockchain brings more confidence in products and services while leveraging distributed ledger, smart contracts, and digital assets to enable real-time peer-to-peer transactions.

Millennial Partners offers business transformation consulting services to help global enterprises with blockchain and AI implementation. We bring our rich technology experience and complement it with our technical prowess to deliver mission-driven solutions that provide meaningful business outcomes.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its 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.

enterprise blockchain consultants

How can Blockchain help Combat Coronavirus

COVID-19, popularly known as coronavirus, has affected hundreds of thousands of people globally. This human tragedy, declared a pandemic by the World Health Organization (WHO), has claimed over 8,700 lives and there are more than 214,000 confirmed cases across the globe.

The coronavirus is not the first serious pandemic that has claimed several lives and affected the global economy. The SARS epidemic, which outbroke in 2002, affected people worldwide – with 8,000 cases of the virus reported globally and taking away 750 lives.

COVID-19 is no different. However, its impact and consequences are more severe than the 2002 SARS outbreak. The economic consequences are difficult to measure. Fear of coronavirus impact on the global economy has affected global markets, alleviating stock prices and bond yields. Besides, the services industry worldwide is witnessing the impact of the virus – recording reduced consumer spending in retail stores, restaurants, hotels and aviation. Furthermore, the reduction in global economic activities has lowered the demand for oil, leading to a significant drop in oil prices.

Blockchain in action

While it is not practical to expect countries to be fully prepared for such severe incidents, there are solutions to limit the impact – blockchain being the ideal solution.

Tech companies and startups have recognized the potential of blockchain and are building solutions to track supply chain, medical data, and drive global transactions.

Let us explore how companies are leveraging the experience and expertise of enterprise blockchain consultants to build blockchain-driven solutions to combat coronavirus.

Tracking supply chain

Alipay, in union with the Economy and Information Technology Department and the Zhejiang Provincial Health Commission, has launched a blockchain-driven platform to enable users to trace the demand and supply chains of medical supplies – including coronavirus prevention materials like gloves, masks, and other protective gear.

Globally, companies are harnessing the potential of blockchain technology to augment the connectivity in the healthcare industry. Last year, the Food and Drug Administration in the U.S. approved a pilot to leverage blockchain to track shipments and use of medication in North Carolina, Indiana, and Tennessee.

Cross-border payments

A major challenge for governments, charities, and health organizations during large-scale disasters is the distribution of cross-border payments and donations. The United Nations World Food Program introduced blockchain technology for projects, like distributing financial aid to vendors in Jordan, enabling money transfers for over 10,000 Syrian refugees, and auditing beneficiary spending. This alleviated bank transfer fees by almost 98%.

Insurance claims

Xiang Hu Bao – an online mutual aid platform by Ant Financial –is a blockchain-based collective claim-sharing platform with more than 104 million users. Its latest function involves processing coronavirus claims, helping the company to reduce paperwork and mitigate the need for back-and-forth document delivery to clinics.

Another advantage includes the mitigation of the risk of infection from face-to-face contact since the blockchain-powered platform drives transactions without human involvement.

The world is fighting a battle to limit the adverse consequences of COVID-19 outbreak and blockchain can make a significant impact in such a scenario. Blockchain solutions can extend far beyond monitoring healthcare data and enable improvement in the medical supply chain management, food safety and insurance processing, product and vaccine verification to support the global community in its fight against coronavirus.

At Millennial Partners, we offer consultancy for enterprise blockchain, helping global businesses with blockchain integration. Our coherent roadmap and mission-driven solutions together navigate your development journey to offer meaningful business outcomes.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its 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.

AI and Blockchain Fueling the inception of the Fourth Industrial Revolution

AI and Blockchain: Fueling the Inception of the Fourth Industrial Revolution

AI (Artificial Intelligence) isbringing profound, positive changes to the world by redefining the way businesses compete, grow, and succeed. Simultaneously, blockchainis reinventing business processes, enabling confident and secure access to shared data between organizations. The combined power of AI and blockchain will enable organizations to expand their boundaries and tap into a significant amount of trapped value. Realizing the potential of AI and blockchain, many global enterprises are embracing digital transformation consultancy services to benefit from what these ingenious technologies have to offer.

Together, AI and blockchain are fueling the beginning of the Fourth Industrial Revolution by redefining information exchange. They are poised to offer transformational outcomes across diverse industries, including healthcare, supply chain, government, and more.

Let us explore how AI and blockchain can drive a revolutionary shift across various industries.

  • Supply chain

As goods move through production and supply networks, they have to traverse through various jurisdictions and industry players, connect advanced and emerging economies, and comply with various laws and standards. This adds to the complexity and cost of goods.

Blockchain-driven digital identity has the potential tosimplify the supply chainresulting in higher costefficiency. Digital identity for participants, goods, and locations in a supply chain enables provenance and trackability throughout the supply chain. With a digital representation of real-world assets and monitoring data related to those assets as a single and shared source of information, product improvements can be achieved. Instead of collecting the data in siloes and sharing them across various stakeholders,data can be shared across relevant stakeholders.

The integration of AI into the platform can further enable the use of various algorithms to feed the data and improve the supply chain.

  • Healthcare

AI is transforming the healthcare industry by redefining diagnosis and treatment planning. Many healthcare companies have leveraged digital transformation strategy consulting services to implement advanced technology solutions into their operations.

Smart machines can improve healthcare services but people are reluctant to share their personal data. Blockchain-powered systems enable secure and shared access to health data, allowing patients to retain ownership of their data and gain access to it as and when required. Through this, the patients will rest, assured that their data is encrypted, protected and at the same time, they can leverage AI-enabled personal care.

  • Smart devices

With the advancement in technologies, our lives are integrated with smart devices. Blockchain and AI will together drive decisions on how these devices operate and transact. The proliferation of sensors can be expected to ingest real-world information and AI will be leveraged to improve devices’ understanding based on the data.

Take Away

Blockchain, combined with AI, can together deliver new levels of data accessibility, trust, and security. Many organizations who haveembraced these technologies are running pilot programs. As companies unlock the trapped value, it will fuel the adoption of AI and blockchain technologies. Companies should act now to gain first-mover advantage and amplify their revenue.

Millennial Partners offers digital transformation consultancy services to help global enterprises with blockchain and AI integration. Our customized development solutions, in line with your business requirements, navigate your development journey – from use-case identification to development and deployment.

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

How Artificial Intelligence is Reinforcing the Insurance Industry

How Artificial Intelligence is Reinforcing the Insurance Industry

Artificial Intelligence (AI), which empowers machines to simulate and enhance human intelligence, is disrupting businesses across diverse industries. Although AI technology is still evolving, it has the potential to deliver real-world outcomes. The industries are embracing AI technology to address an array of challenges by enabling simpler and smarter machine interactions.

Insurance companies, too, are leveraging digital transformation consultancy services to navigate toward the intelligence age. Whether it is switching from manual tasks to intelligence automation, achieving improved customer interaction, or building intelligent products, Artificial Intelligence will drive profitability and growth for insurers who capitalize on the opportunity.

AI can enable insurers to redefine current processes, chart a path for ingenious products, and transform customer experiences. The technology can bring a revolutionary shift in the insurance industry by enabling the following:

  • Enhanced customer experience

Artificial Intelligence can play a pivotal role in enhancing customer experience by automatically capturing customer information and responding to inquiries.

AI tools can enable customers to provide their information to a chatbot and instantly receive personalized product recommendations and price quotes. Consumers as well as small and medium-sized businesses can quickly buy insurance products online in minutes. The process can be driven by AI tools that provide quick underwriting and pricing based on automated analysis of customers.

  • Accelerated and precise underwriting

AI technology can be harnessed by data sources to enhance the accuracy of risk assessment and quotes. For example, AI tools can be leveraged to automatically analyze real-time data when underwriting homeowner-insurance applications. Telematic data can be analyzed to gain insight into people’s driving behavior.

Many insurance companies are partnering with companies providing digital transformation strategy consulting to integrate AI into their business operations to analyze their customers’ driving data.

  • Augmented claims processing

Artificial Intelligence can automate the processing of most personal and small business claims, thereby significantly alleviating the operational costs. Furthermore, it can accelerate the processes and create a transparent ecosystem.

How can insurance companies harness AI?

Insurance companies need to devise an intelligent framework that enhances their people’s work, redefines their operations, and unlocks growth. By connecting with reliable companies that provide digital transformation strategy consulting, insurance companies can craft intelligent solutions that bring profound, positive results across the following:

  • People

By harnessing the potential of Artificial Intelligence, people can focus more on exceptional work. They can spend their time doing 20% of non-routine tasks that can drive 80% of value creation.

  • Process

Intelligent machines can analyze end-to-end processes and automate these processes to refine and optimize them.

  • Data

Insurance companies can apply Artificial Intelligence to augment large data analytics, quickly evolve algorithms with transactional data, and analyze data to discover trends.

Take away

Artificial Intelligence can redefine the way insurance companies orchestrate, operate, and grow their businesses. The companies can use AI to alleviate costs, drive innovation, and create better customer experiences.

The technology is here. It is time that insurance companies get smart and gear up for intelligent insurance.

Millennial Partners offers digital transformation consultancy services, helping enterprises to embrace and implement advanced technologies like Artificial Intelligence and Blockchain.

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