digital transformation strategy consulting

Industries Ripe for the Adoption of Artificial Intelligence – Part 2

In Part 1 of this blog, we talked about five industries – including Marketing, Sales, Research and Development, IT Operations, and Human Resources – that are ready to embrace Artificial Intelligence (AI).

In this blog, we will outline five more industries prepared to ride the digital wave of Artificial Intelligence.

Contact Centers

The contact center of an organization is one of the areas to have already adopted Artificial Intelligence. Organizations that have leveraged Artificial Intelligence consulting services to integrate AI into their businesses in the right way are the ones that harness AI to augment their operations rather than replace humans. These centers gather a large amount of data to learn more about their clients, analyze customer behavior, and predict the “next best action” for their users to ensure better customer engagement. In addition, machine learning can be used to analyze the unstructured data collected from contact centers to identify customer trends and then enhance products and services.

Building Maintenance

Another industry to benefit from AI technology is Building Maintenance. The technology is enabling facilities managers to optimize the use of energy and for the comfort of occupants. Building automation, which involves the use of AI to manage buildings and control lighting and heating or cooling system, leverages internet-of-things devices, and sensors to track buildings.

Manufacturing

Many companies, such as Heineken, use data analytics at every step of their manufacturing process – from the supply chain to inventory tracking. Predictive intelligence can help anticipate demand and improve the production while sensors on equipment can predict maintenance needs. AI helps identify and address areas of concern in the manufacturing process, preventing them from turning into costly issues.

Accounting and Finance

Many organizations are utilizing digital transformation strategy consulting services for AI use-case identification and solution implementation, realizing how technology can help alleviate the cost and enhance efficiency. According to Accenture Consulting, robotic process automation can be a great solution for the accounting and finance industry. While it can free-up finance professionals from repetitive tasks and reduce human errors, it can also provide real-time status of financial matters since it can track communication using natural language processing.

Customer Experience

According to Forbes, top fashion brands like Burberry are harnessing the potential of AI to enhance sales and customer relationships. The company uses loyalty and reward programs to collect shoppers’ data and then uses this data to offer customized recommendations to its customers – whether they shop online or in brick-and-mortar stores.

We, at Millennial Partners, offer all-inclusive Artificial Intelligence consulting services – from use-case identification and solution implementation to deployment – enabling enterprises to benefit from the disruptive AI technology.

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.

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

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.