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.

artificial intelligence consulting services

How can AI Reshape the Future of Banking?

Artificial Intelligence (AI) is a set of technologies built to imitate and enhance human intelligence. It is a system that can assess and understand the data that it ingests and suggest actions based on that assessment.

AI’s potential is huge across the banking value spectrum – from driving better data-driven decisions in the back office to applying human intelligence to enhance automation in the middle office, to directing interactions in the front office to enable a better customer experience.

Harnessing Artificial Intelligence can bring the advantage of digitization to the banking industry, helping them to edge out the competition given by FinTech players. According to a report, 32% of financial services providers have already leveraged artificial intelligence consulting services to implement AI technologies like predictive analysis and voice recognition into their business operations.

AI is considered the future of digital banking as it empowersindustry players to combat fraudulent transactions and augment compliance by leveraging advanced data analytics. It aids banks with efficient management of huge volumes of data, concurrently deriving actionable insights from them. AI algorithms facilitate the identification of anti-money laundering activities in a few seconds, unlike conventional processes that take hours and days. Furthermore, features like biometric fraud detection mechanisms, AI bots, and digital payment advisors forge the path for quality customer services, leading to reduced costs and increased revenue.

AI is enabling banks to gain essential competitive edge through:

  • Predictive operations

AI enables banks to predict the future based on past behavior analysis. This helps banks with easy identification of fraudulent activities – such as identity theft and anti-money laundering –further enabling them to make customer recommendations. Additionally, AI helps detect suspicious data patterns among large volumes of data, thereby driving efficient fraud management. Realizing these benefits, many banking institutions across the globe have adopted AI by partnering with professionals offering digital transformation consultancy services.

  • Effective decision-making

Cognitive systems designed to think and respond like human experts provide favorable, real-time solutions based on data available. Banks are harnessing the potential of these systems to make strategic decisions.

  • Process automation

It enables automation of information-sensitive, error-prone, and cost-efficient banking services such as claims management. This alleviates costs, enables accurate and accelerated processing of services, and secures ROI.

Take away

AI will bring profound, positive changes to the banking industry by driving intelligent automation. The technology will enable banks to combine human and machine capabilities optimally to achieve operational and cost efficiencies and deliver customized services. By adopting Artificial Intelligence, many leaders of the banking industry have already capitalized on the opportunity to reap the benefits of AI.

Millennial Partners offers business-oriented artificial intelligence consulting services, helping global enterprises to integrate AI into their business operations. Backed by in-depth domain knowledge, rich experience, and a cross-functional team, we navigate and accelerate your AI development journey.

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, which includes incorporating the most cutting-edge technologies such as enterprise Blockchain, Artificial Intelligence, and Iinternet of Things (IoT).

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

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

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