Great customer support plays a central role in a company’s success and profitability. Businesses with an excellent reputation for customer service tend to do better overall and stay in business longer. Companies that miss the mark often lose customers and generate negative reviews online. Unfortunately, bad reviews can deter new customers.
What makes some businesses fail to provide outstanding customer support? Usually, it’s because they haven’t employed the right technology. The reasons for this vary. Some business owners try to get by with the bare minimum, don’t know what they need, or can’t afford to hire programmers. This is where AI can help; with the right tools, there’s no need to hire developers.
AI greatly enhances customer support
Of all the advances in technology, AI has the power to enhance customer support like never before. Conversational AI, for example, completely transforms the interactions between customers and the support team.
The bottom line is that the majority of issues get resolved quickly, without involving a human agent. The business benefits by reducing agent workloads for repetitive issues that can be resolved with simple self-help solutions.
Through a conversational AI platform, users can engage with a chatbot and have a humanlike conversation instead of getting robotic, pre-programmed responses that don’t always help. Powered by generative AI and natural language processing (NLP), this technology can create customized, personalized responses that are relevant to the nuances of a user’s inquiry.
This technology isn’t just for customers – it can also be used to power internal help desk solutions, like the conversational AI platform from Aisera. When a business uses this technology for employees, they get answers and solutions fast, which makes them far more productive. When paired with ChatGPT, this technology gives automated support systems an even bigger boost.
Machine learning continually improves performance
Perhaps the best part of AI is machine learning. Companies that provide AI customer support solutions generally analyze mass amounts of user input, including tickets, to train the algorithm to respond appropriately.
This is an ongoing process, which means the effectiveness of an AI customer service tool is constantly improving. Compared to traditional tools, like rule-based chatbots that don’t improve unless they’re reprogrammed, conversational AI won’t fall behind.
Here are just some of the benefits businesses can get from using this automated AI technology:
Better customer service. Customers will always have questions, and AI technology helps them get the answers they seek. Self-service options. A conversational AI chatbot is ideal for providing users with self-service options, which happens to be what people want. According to data sourced by Customer Gauge, 67% of people prefer self-help over speaking to a human for support, and 40% of people who call in have already searched for answers on their own. Fast response times. Responses from an AI system are almost always faster than engaging a human. Cost-effective. Great customer service is priceless because it’s what keeps a business going. Using AI reduces expenses, like wasted payroll dollars for agents who spend all day answering simple questions users can handle on their own with the right resource. Less stress on agents. Since AI chatbots can resolve most customer issues automatically, support agents will have fewer tickets to manage. A reduced workload results in less stress and more time to focus on urgent matters. 24/7 support without live agents. Customers won’t have to wait to get support when you have a round-the-clock AI-powered chatbot available.
AI enhances customer service
Some people are worried that AI is going to obliterate the need for customer support agents, but that’s not true. There will always be some elements that require a human touch. This technology will transform jobs, but it’s only going to enhance – not replace – customer service teams.
Completely automating your entire customer service team won’t turn out well. However, you can use AI to support your teams by making them more productive and relieving them of the repetitive tasks that lead to frustration and job dissatisfaction.
The ideal solution is to use a blend of humans and AI-powered technology for customer service solutions.
AI chatbots empower businesses to succeed
When great customer service is the goal, AI delivers outstanding results through a variety of automated tools powered by NLP, machine learning, generative AI, and conversational AI. It’s even used in omnichannel marketing, which further supports this goal. For businesses that want to continuously improve customer service and reduce the strain on their agents, using AI technology is a must.
Few industries have been untouched by changes in artificial intelligence technology. However, the financial industry has been affected more than most others. Therefore, it should not be surprising to hear that the global market for AI in the financial services sector was worth $9.45 billion in 2021 and is growing at a rate of 16.5% a year.
AI is revolutionizing the financial industry by automating many processes and providing new, meaningful insights that were once impossible. From automated trading to fraud detection, AI has become a powerful tool for financial institutions trying to increase efficiency and improve their bottom lines. There are also many benefits for customers since AI helps financial institutions lower their fees, improve their product and service offerings, and offer their services to a broader range of consumers, such as approving a higher percentage of loans to reliable borrowers by improving actuarial decision-making.
AI also allows credit card companies to take advantage of predictive analytics capabilities, which can help make better decisions and identify trends in the market. With its ability to quickly process large amounts of data, AI is becoming increasingly important in the financial industry. It can help banks reduce costs while improving customer service and accuracy. As such, it is changing the way we interact with our finances daily.
The credit card industry is one of the financial sectors most affected by advances in artificial intelligence. AI technology has significantly improved analytics capabilities, which has helped solve many problems in the credit card sector. It can lead to lower interest rates and unique product offerings, such as great new student credit cards.
Ai Creates New Analytics Capabilities for Credit Card Providers and Customers
Disha Singha of Analytics Insights reports that AI technology has significantly changed the state of the credit card industry. She reports that AI technology can improve credit systems and increase the number of people using them. Banks worldwide offer credit cards with varying interests, deals, and rewards and do everything that they can to make it easy for customers to their balances. Credit cards are becoming the most common payment method for many products and services due to their convenience and the fact that they are more secure than cash.
Singha reports that marketing analysts believe the global credit card market will be worth $103.06 billion in 2021, which means it is growing at an annual rate of 3%. Meanwhile, the global market for artificial intelligence technology is expected to be worth S$228.3 billion in 2026, growing at a yearly rate of 32.7%. Therefore, leveraging AI technology can help credit card companies offer higher-quality services and increase their growth targets.
AI has been used by banking and fintech firms to improve fraud detection on credit and debit cards. It also analyzes patterns of defaulters and cautions users from overspending. Predictive analytics is now being used to enhance how credit and debit cards are used in real-time. Some companies have started using this technology
This has many incredible benefits for both credit card providers and their consumers. Credit card fraud is a growing problem that can be costly for both consumers and businesses. BankRate reports that credit card fraud costs nearly $6 billion a year, which requires card providers to charge higher interest rates for customers.
However, advancements in technology have enabled companies to reduce the amount of credit card fraud, which can help lower interest rates for consumers. By using AI to detect fraudulent activity, businesses can protect their customers from being victims of scams and other fraudulent activities. This will result in lower interest rates for consumers since credit card providers will no longer need to cover the costs associated with fraudulent activity. Additionally, companies can use AI to create better customer experiences by providing personalized services that reduce the risk of fraud.
While AI analytics is most useful for dealing with fraud prevention, it can be utilized by credit card companies to solve various other business challenges. For example, AI software can be used by credit card companies and financial institutions to enhance customer service and create targeted marketing campaigns for customers. One example of using AI for customer service is the use of AI chatbots, which are integral to many modern marketing strategies.
What Credit Card Companies Are Going to Use Ai Technology to Offer Better Service and Improve Profitability
In recent years, the credit card industry has become much more reliant on artificial intelligence. Credit card companies are using AI to offer better service and improve profitability. Customers benefit from lower rates as well. Overall, high technology has been highly beneficial for the sector, which means credit card companies are likely to dedicate even more resources to it in the near future.
The number of Americans affected increased by 42% compared to the previous year. Reports were significantly lower in the first half of 2022, possibly due to the war in Ukraine and volatile cryptocurrency prices. However, the number increased in the second half of the year. Most of the compromises in both years were classified as data breaches, but in a few cases, data was exposed in other ways that didn’t involve a breach of computer systems.
All organizations need to take the right steps to protect against data breaches. These attacks will become even more common now that many hackers are using AI to deploy more cyberattacks. This entails shielding applications from cyberattacks.
Since so many companies use Office 365, they need to make sure the documents stored on it are safe from hackers.
Office 365 Products Need to Be Protected from Hackers
Office 365 has become the go-to productivity suite for businesses of all sizes. Moreover, cloud-based productivity software is defining the way modern companies do business. Not only does this software digitize the workplace, but it improves collaboration, productivity, and connectivity with customers and coworkers.
But like any other cloud-based service, users must learn to protect Office 365 to prevent data breaches and loss. Luckily, Office 365 offers a myriad of data protection features. But to fully understand the protection capabilities of Office 365, we must discuss the available data and threat protection features.
This guide will offer a deep dive into the best Office 365 protection tips to give you an overview of the suite’s capabilities and why implementation is essential for business continuity. But first, does Office 365 offer enough protection?
Does Office 365 Do Enough Protection?
While Office 365 offers built-in security features, it is essential to understand that these measures alone may not be sufficient to safeguard your business data. Microsoft provides a secure foundation, but it’s up to individual organizations to implement additional security measures to ensure comprehensive protection.
Because of that, and despite the attention to detail and professionalism, the native features aren’t enough for full-scale protection. That’s what forces many organizations to seek third-party Office 365 protection software specializing in data security.
With that said the tips in our guide will enhance the security of your Office 365 environment and minimize the risk of data breaches or unauthorized access.
6 Tips for Office 365 Security
Below are six tips we recommend for securing the Office 365 suite against threat actors, accidental deletion, and data loss prevention.
Enable Multi-Factor Authentication (MFA)
An efficient and easy way to enhance the security of each Office 365 tenant is to enable MFA. MFA adds an additional layer of protection that requires users to use an additional verification form. This is usually a code sent to their mobile device and their password.
By implementing MFA, even if an attacker obtains a user’s password, they would still need physical access to the user’s secondary authentication device, significantly reducing the risk of unauthorized access. As a result, MFA is a standout feature of most modern cloud services and one that Microsoft actively recommends you enable.
Log in to the Microsoft 365 admin center to disable legacy authentication and enable MFA.
Regularly Update and Patch Applications
Keeping your Office 365 applications up to date is crucial for maintaining security. Unfortunately, hackers will often target employees with outdated software in hopes of breaching the Office 365 suite. Luckily, Microsoft frequently releases security patches and updates to address vulnerabilities and protect against emerging threats.
Unfortunately, many employees don’t go ahead with updates and simply click the “remind me later” button whenever they log in to Office 365. That’s why you must encourage them to update when a new patch is available.
On the other hand, Office administrators can schedule these updates and eliminate employees needing to update Office 365 and its many applications manually. Establish a process to regularly review and apply these updates to protect your environment with the latest security fixes.
Implement Data Loss Prevention (DLP) Policies
Office 365 offers powerful data loss prevention features that allow you to define policies to prevent sensitive information from being shared or leaked outside your organization. These policies will alert users whenever sending confidential or sensitive data through email or other communication channels.
By configuring DLP policies, you can detect and mitigate potential data breaches, ensuring that confidential data remains secure. Subsequently, you could pair these policies with the powerful encryption features in Office 365. For example, one way to prevent sensitive data from being stolen or lost through email is to encrypt email communications.
Enforce Identity and Access Management
Office 365 Identity and Access Management (IAM) is crucial to securing and controlling access to Microsoft Office 365 resources and services. It encompasses a set of tools, policies, and practices that enable organizations to manage user identities, control access, and authorization processes, and enforce security policies within their Office 365 environment through Azure Active Directory.
The primary goal of Office 365 IAM is to ensure that the right individuals have appropriate access to the right resources while maintaining data confidentiality, integrity, and availability. In addition, IAM helps organizations prevent unauthorized access, protect sensitive information, and manage user identities efficiently to strengthen security capabilities and management.
Monitor and Analyze User Activity
Similarly to IAM, we can analyze and monitor user activity within Office 365 to see first-hand which data employees access. The monitoring features of Office 365 will allow you to track user actions, detect suspicious activity, and identify potential security incidents.
Similarly, you can also enable conditional access to specific types of data and apps and prevent unauthorized users from accessing them. Monitoring user activity gives you the benefit of limiting security threats and taking appropriate action to mitigate risks.
Backup Your Office 365 Data
Lastly, Office 365 offers several data backup capabilities for your entire digital workspace from accidental deletion, malicious attacks, or software errors. Unfortunately, any of these events can result in permanent data loss, which could have far greater consequences for your business.
However, Office 365 offers few automation tools for backing up sensitive data. This forces companies to go with dedicated third-party tools for all of their backup needs. On the other hand, these tools are expensive, and the features Office 365 offers are free of charge.
Office 365 Applications Need to Be Secured Against Data Breaches
Securing your Office 365 environment is paramount to protecting your digital workplace and valuable business data against the growing the threat of data breaches. While Office 365 provides a solid foundation, it is crucial to implement additional security measures tailored to your organization’s needs. By following the tips mentioned in our guide, you can significantly enhance the security of each Office 365 tenant and minimize the risk of data breaches or unauthorized access.
AI has been the latest controversy, as it may seem to eliminate the need for human working positions in most professions. Artists, especially, were vocal about their concerns about the technology, considering the system’s merging way of creating art. ChatGPT doesn’t seem to think about the importance of artists after it tells a writer they don’t exist but after citing their previous work.
In most industries, AI is hyped, especially by companies looking to cut costs and minimise risks linked with occupational hazards. And although artificial intelligence is a useful tool that can extend one’s work and capabilities, it must not be included too much in certain sectors, such as marketing.
AI should be used with caution and consideration for people’s hard work. At the same time, it can be more powerful next to people’s contribution, which is why we’ll discuss its pros and cons and analyse the hype.
What can AI bring to marketing?
Marketing is always changing in a matter of strategies and methods in relationship with current world trends. Marketing is a mix of technology and human-based interactions, with customer support being the most important part of the advertisement and promotion process. During the steps of this development, marketers can recognise the number of repetitive actions that are time-consuming and don’t offer enough space for innovation and creativity.
Here comes AI technology, whose programmable system is capable of automating these tasks regarding the stage in the marketing process, be it data analysis or campaign personalisation. Artificial intelligence can indeed minimise human errors, such as grammar mistakes or incorrect data entry.
However, AI has some limitations in marketing
Of course, you can choose AI to do your whole marketing campaign, but customers will notice this change more likely and might not like it. In the marketing world, there’s nothing like human interaction to boost the company’s brand into fame, for which services like Savanta in Europe offer personalised research and consulting for B2B and B2C markets to create custom plans for each type of business.
Customers require human connection
Despite clients appreciating customer service chatbots for rapid inquiries, their disadvantage is the lack of emotions and empathy for people’s concerns. And it seems like customers are avoiding using the services or products of a company whose chatbot experience was unpleasant. Of course, that doesn’t mean not using AI in customer support, but your business shouldn’t rely on it fully because any kind of technology cannot overtake human interaction.
Even AI can be wrong sometimes
Although AI is believed to be always right, fast and efficient in providing answers and guidance, the truth gives us another perspective on its performance. For example, AI cannot fully notice different tones in people’s emotions, which is why performing a reliable sentiment analysis is challenging for the system. Intentions are also difficult to seize by technology, and this lack of human features can lead to inaccurate predictions and calculations, affecting data marketing.
AI requires huge sets of data for proper intervention
AI needs a lot of human intervention and considerable sets of data in order to contain all the knowledge required to perform on its own. The tool can only carry out tasks as long as it has the proper set of data with which it can make decisions ―otherwise, its efficiency is little to nothing. Therefore, your company needs someone who is trained in guiding AI by uploading the required data sets, which can also count as a tedious process.
AI can’t compete with human creativity
No matter how advanced this technology is, it can’t beat human creations. AI is merging human-made music and art to create unique pieces, so its activity is still possible with the help of previous human genius outcomes. If you base your marketing strategy on AI too much, the content exposed may seem disconnected from reality, which customers won’t appreciate. After all, your target audience includes only human customers, so why have a fully robotic approach?
How to blend AI and Human resources
Your business can be successful by implementing a fusion between artificial intelligence and employees. This will ensure enough support for your marketing campaign while keeping up with trends and customer demands.
The first thing you can do is conduct an audit and find the areas in your business where AI can bring the most benefits. You can involve your employees or team in this process to brainstorm ideas on the possible contribution of AI to your company. AI can do many repetitive and tiring tasks, so pinpoint them and then focus your attention on the creative process your team can do.
The following step requires you to collect relevant data because AI needs a lot of it to assure you of efficiency. Introduce your AI system to the information you’ve achieved to manage, but be prepared to work continuously in this process because AI and human tasks need to be optimised
Your staff shouldn’t worry about being replaced because AI can’t be reliable without human sustaining and training. AI can be a big help when it comes to automating tasks and collecting data, which are more or less the best things you can use this technology for.
AI shouldn’t be used to make a profit but to enhance people’s creativity resources. In marketing and similar sectors where employees are demanded to use their capabilities, this technological advancement is necessary to help a company flourish with all its employees contributing.
Final take: what’s your opinion on using AI in marketing?
AI is a pretty controversial topic for all professionals out there, and few of them had the courage to take control of the tool and use it solely to leverage creative outcomes. Still, others feel threatened, but technological advancements seem to eliminate the need for human services in most domains. However, AI is best used next to people’s contributions, which is why companies should adopt an inclusive approach and blend these two elements together to develop the economy and bring a new era to life.
AI technology has become crucial for modern businesses trying to maintain a competitive edge in the 21st Century. Around 35% of businesses are already using AI and another 42% plan to use it in the future. The rapid proliferation of ChatGPT has gained a lot of attention over the last few months, but it is not the only form of AI software impacting business.
Businesses are also using AI-driven ERP software. This software is a gamechanger for large businesses trying to bolster efficiency.
AI-Driven ERP Tools Are Becoming More Important than Ever
AI tools are becoming more common in enterprise software. This post discusses the types of AI tools, how they are used in ERP systems to improve business processes, and the challenges of finding a supplier that offers what you need.
ERP systems have been stagnant for decades in managing and processing enterprise data. People input data into the system and move it along to support business operations. Using ERP software that utilizes AI technology will change this process. People will no longer need to code every detail of a transaction or wait to approve reports. Reports will no longer need to be manually analyzed for business insights.
Whether business leaders are looking into new technologies to improve efficiency or they’re already familiar with enterprise resource planning (ERP) software but feel that it’s time to find a new vendor, the choice of which company to trust is difficult to make. There are hundreds of products available, each with different advantages, drawbacks, and price points.
They will want to look for an ERP vendor that has used AI technology to improve the quality of its products. AI has a number of benefits for ERP software:
AI technology can improve how ERP software handles and analyzes data. It can analyze larger data sets than ever before, leading to better real-time and accurate data insights. With AI, enterprises can analyze the purchasing behavior of different client categories and tailor their inventories to their needs. This is especially important for manufacturers.
AI also helps with automation. AI technology can improve the performance of an ERP through process automation. The AI can learn and make intelligent decisions, simplifying tasks like accounting and payroll administration. When integrated with an ERP system, AI can identify inefficient processes and suggest cost-cutting solutions. Predictive diagnostics are also possible with AI, reducing resource waste.
AI technology integrated into an ERP system can also be beneficial for UX optimization. It can learn from users and simplify the software, similar to how it improves smartphone usage. AI technology can also enhance the user experience by facilitating interaction with complex systems like ERPs.
Once you understand the importance of making sure an ERP solution uses AI, it is important to find a vendor that offers the solutions that you are looking for. Simply separating the wheat from the chaff is hard enough, but even among the top-performing ERP systems there will still be key differences to consider. When choosing an ERP, business leaders should be sure to take the criteria described in this article into account.
1. Business Requirements and Functional Fit
Some ERP systems are highly generalized and can be used by companies in almost any industry. This SAP ERP and Infor M3 comparison provides a good example. By comparing SAP ERP, a software suite that is suitable for just about any large business with Infor M3, which is much more specialized, the report makes it clear whether a generalized ERP will be sufficient for many businesses.
2. Key Features
Starting by determining industry and specific company requirements makes it easier to evaluate each ERP system’s key features. However, there are some modules that every business needs. Business intelligence, data analysis, and information security are important in all industries. Similarly, every company can benefit from an ERP with simple UI and UX design and easy-to-access end-user reporting tools.
3. Total Cost of Ownership
The cost of ownership for ERP systems varies based on the deployment model, as does the return on investment (ROI) that can be expected from them. On-premises ERPs require businesses to pay up-front for the hardware and software required to run the system. Companies will also be responsible for paying to implement, customize, upgrade, and support the system and keep it secure. Cloud-based ERPs have a much lower cost of ownership and tend to provide a better return on investment.
4. Initial Scope and Scalability
Mid-sized enterprise-level businesses shouldn’t have to pay for features that are tailored exclusively to the needs of their much larger peers. However, opting for an ERP with limited functionality and scope can also come at a price, as scaling up the business will mean going through the entire process of choosing an ERP vendor all over again. The ideal solution is one that can be scaled up with the business as it expands to new markets or adopts additional technologies.
5. Vendor Reputation
Business leaders should only consider ERP solutions from vendors that have been in business for long enough to have developed a positive reputation. They should expect to be working with the company during the initial deployment phase and for upgrades, updates, and expansions. A vendor that has a reputation for inadequate customer service or one that simply hasn’t been around long enough to guarantee it will be there to help when the business is ready to scale up won’t cut it. Choose a well-established, reputable provider.
Don’t Be Afraid to Ask for Help when Choosing an AI-Driven ERP
AI technology has made ERPs more effective than ever. However, it can difficult to choose the right one. There are a lot of ERP solutions available, even if they don’t all use AI technology. Unfortunately, not all companies’ business and IT leaders have the hours of extra time required to compare every vendor. If that’s the case, the most practical and cost-effective solution is to work with a business software consultant, so don’t be afraid to ask for help.
AI technology has taken off over the past year. While many discussions center around ChatGPT, some of the most critical developments in AI can be seen with mobile devices.
Android, in particular, is one of the most popular smartphones that 2.5 billion people worldwide use. David Curry of Business of Apps points out that the market for Android apps is massive since around 75% of all smartphone users have Androids. As a result, more developers are creating powerful apps that use AI technology to meet the needs of their users.
However, creating user-friendly and effective mobile apps takes work. Leading mobile app development, businesses face challenges in developing apps that keep up with evolving technology.
Therefore, if you plan on creating AI apps for Android devices, you should ensure you use the right tools. And in this regard, the Android SDK is definitely helpful.
What Are the Benefits of Using SDKs When Developing AI Apps for Android Devices
There are several significant benefits of using SDKs to create AI applications for Android devices. Some of the biggest benefits are listed below.
Faster Development and Deployment
Only 0.5% of apps are successful. One of the many reasons apps don’t succeed is that they need to be developed more quickly. If you take too long to deploy your app, competitors will create better ones and steal your market share. Fortunately, SDKs can help you bring your app to market more quickly.
AI developers only have time to code some tools from scratch, primarily since the average Android app uses around 18.2 third-party SDKs. Android SDK comes with libraries and development tools to speed up the process. For example, Facebook’s Android SDK toolkit can be used to obtain code that works for Android devices, saving time and effort. In addition, building an SDK for your product can give other developers the same efficiency when bridging your product with their apps.
AI technology has done many things. But, unfortunately, getting rid of security concerns is not one of them.
Using an SDK gives you control over your interface’s interaction with other apps. This control lets you regulate third-party processes to your advantage. For example, you can customize your app’s appearance and usability even after it’s been published. This includes redesigning the color scheme or tailoring it to customer feedback. SDKs also secure mobile apps against cyber-attacks and fraud, giving publishers more confidence in their safety.
Access Valuable Open-Source Tools
Apps that use sophisticated AI technology tend to have much more complex code. Installing an SDK on your platform provides documentation and code samples. This saves time and money searching for answers elsewhere.
These features can reduce the risk of going over budget during app development. In addition, pre-made SDKs give access to knowledge from other developers and decrease the sales cycle.
Since the launch of Smart Data Collective, we have talked at length about the benefits of AI for mobile technology. AI has been invaluable for e-commerce brands. AI has also helped improve the performance of apps for a variety of mobile devices.
However, AI isn’t just useful within the app itself. AI technology can also help developers create and launch apps more quickly, reduce bugs and lower development costs.
AI can be especially important for e-commerce companies trying to create apps to help them compete in an increasingly saturated market. Keep reading to learn more.
AI Helps E-Commerce Brands Stand Out by Creating Powerful Apps
The world of e-commerce has seen a dramatic transformation in recent years, with a significant shift towards the adoption of both AI and mobile technology. With customers increasingly relying on their smartphones to browse, shop, and make purchases, it’s more important than ever for businesses to adapt and stay ahead of the curve.
In this blog post, we will explore how AI-driven app development strategies can help your e-commerce business stay ahead in the mobile-first world.
Harness The Power Of AI with Magento Mobile App Development
Magento is a popular e-commerce platform that uses sophisticated AI algorithms to offer exceptional mobile app development opportunities. By investing in Magento mobile app development, businesses can create seamless, feature-rich, and user-friendly apps that cater to the needs of their customers.
Having a dedicated mobile app enhances customer experience, improves conversion rates, and ensures your business remains accessible at all times. These are just some of the benefits of using AI in the e-commerce sector.
Utilize AI-Powered Mobile App Analytics
Developing a mobile app is only the first step. Monitoring user behavior and tracking app performance is crucial for continuous improvement. App analytics provide valuable insights that help identify bottlenecks, improve user experience, and optimize marketing campaigns.
By analyzing user data, businesses can make data-driven decisions that lead to a more successful mobile e-commerce strategy.
AI-powered analytics technology has helped e-commerce companies leverage the benefits of analytics even more. AI analytics is a part of business intelligence that uses machine learning to find patterns and relationships in data. It automates tasks that a data analyst would typically do.
Offer Personalized Experiences
Another benefit of AI technology is that it helps with personalization. Personalization is becoming even more important as customers want brands to provide them with customized recommendations.
One of the most significant advantages of mobile apps is their ability to provide personalized experiences for users. By leveraging customer data and preferences, businesses can create tailored recommendations, promotions, and content that resonate with their audience.
This level of personalization increases customer engagement, encourages repeat purchases, and ultimately contributes to higher revenue.
Integrate Mobile Payment Solutions
The future of e-commerce is not just about providing a mobile app but also ensuring a seamless and secure payment experience. Integrating mobile payment solutions like Apple Pay, Google Wallet, and PayPal into your app allows customers to make quick, easy, and secure transactions, resulting in higher conversion rates and better customer satisfaction.
Leverage Augmented Reality (AR)
AI has also led to the inception of augmented reality. As AI technology evolves, so do customer expectations. Integrating augmented reality (AR) features into your mobile app can elevate the shopping experience and set your business apart from the competition. AR technology allows customers to visualize products in their environment, try on clothes virtually, and experience products in new and exciting ways. This immersive experience can be a game-changer in driving customer engagement and increasing sales.
Optimize For Voice Search
Voice search is becoming increasingly popular, especially on mobile devices and it has evolved considerably due to advances in machine learning technology. By optimizing your mobile app for voice search, you can provide a more convenient shopping experience for your customers. Integrating voice search functionality allows users to find products and complete transactions with ease, further enhancing the mobile shopping experience.
Implement Chatbot And AI Support
Providing exceptional customer support is vital for any e-commerce business, and mobile apps are no exception. Integrating chatbots and AI-powered support systems into your app can help streamline customer inquiries, offer instant assistance, and improve overall customer satisfaction.
With faster response times and personalized support, your business can build trust and foster long-term relationships with customers.
Focus On App Store Optimization (ASO)
Just like search engine optimization (SEO) for websites, app store optimization (ASO) is crucial for mobile apps. ASO involves optimizing your app’s metadata, such as the title, description, and keywords, to improve visibility and ranking in app stores. A higher ranking leads to increased visibility, more downloads, and ultimately, more customers.
AI Is Leading to Major Breakthroughs for E-Commerce Brands
The future of e-commerce is undoubtedly mobile, and businesses need to adapt to this shift to stay ahead in the game. AI technology is helping them make massive progress.
By investing in AI-driven mobile app development, leveraging cutting-edge technologies, and focusing on customer experience, e-commerce businesses can secure their place in the mobile-first world. By following the strategies outlined in this list, you can ensure that your e-commerce business thrives in the mobile era and continues to grow in the competitive landscape.
From embracing Magento mobile app development to optimizing your app for voice search and implementing AI support, these tips will set your business on the path to success in the ever-evolving world of mobile e-commerce.
The recent slew of bank failures have created a lot of concerns about the state of the global economy. The good news is that big data technology is helping banks meet their bottom line. Therefore, it should be no surprise that the market for data analytics is growing at a rate of nearly 23% a year after being worth $744 billion in 2020.
Bhagyeshwari Chauhan of DataHut writes that one of the major ways that big data helps is with identifying fraud. Predictive analytics and other big data tools help distinguish between legitimate and fraudulent transactions. Analyzing customer transaction history, spending patterns, savings, investments, and income sources can reveal any unusual activity that may indicate fraud. Banks that take immediate action based on their data analytics fraud scoring algorithms, such as blocking irregular transactions, can prevent fraud before it happens.
The American Association of Actuaries reports that big data can also help with actuarial decision making. Big Data is used more in property and casualty insurance than in other areas of actuarial practice. Health and life insurance have seen significant advances in Big Data use in recent years. Pension area advances have not been as noticeable. The banking sector, in particular, can use big data technology to improve the actuarial analysis of the loan underwriting and approval process. All areas of actuarial practice will likely be significantly impacted by Big Data in the next decade.
While these are some of the most important benefits of big data in the banking sector, data technology can help in other useful ways. This includes using big data to help customer relationship management.
Enhancing customer service within the banking industry is essential to staying competitive and remaining profitable. Without a strong emphasis on customer relationship management (CRM), banks will find it difficult to attract new customers while also retaining existing clients.
Fortunately, deploying a CRM system that integrates with your bank’s existing applications can help drive success in both areas. In this blog post, we’ll provide an overview of the latest CRM trends for banking and look at how you can use technology to unlock new levels of efficiency and profits by making sure that customer needs are met quickly and accurately every time.
Why CRM Matters for Banks
In today’s competitive landscape, customer relationship management (CRM) has become a critical tool for banks. By implementing a CRM banking strategy, banks can better understand and serve their customers, resulting in increased loyalty, retention, and revenue. CRM enables banks to personalize their interactions with customers, track and analyze customer data, and provide targeted marketing and sales efforts.
By utilizing a CRM system, banks can make informed decisions based on actionable insights, ultimately leading to increased profitability and customer satisfaction. With the ever-changing demands of consumers, it’s essential for banks to invest in CRM to stay ahead of the competition and meet the needs of their customers.
Understanding Your Customers’ Needs and Behaviors
Understanding your customers’ needs and behaviors is crucial for any business. In order to increase customer satisfaction and loyalty, you need to understand who they are, what they want, and how they behave. This can be achieved by conducting market research, analyzing customer feedback, and engaging with them on social media. By understanding their needs and behaviors, you can tailor your products or services to meet their specific needs, improve their customer experience, and ultimately increase your sales and revenue. Additionally, by gaining insight into your customers’ preferences and behaviors, you can identify potential problems and respond quickly to any issues that arise. Overall, taking the time to understand your customers’ needs and behaviors is an essential part of building a successful and sustainable business.
Benefits of using CRM software for banks
Customer Relationship Management (CRM) software has become increasingly important for firms across various industries to enhance their relationships with customers. As a result, more and more banks are adopting CRM software to facilitate better customer experiences, manage sales processes and improve operational efficiency.
Here are five ways in which CRM software can benefit banks:
Improved Customer Segmentation
CRM provides detailed insights into customer behavior, preferences, and patterns of interaction with the bank. This data is useful in segmenting customer bases into useful categories, allowing banks to tailor their services to meet the unique needs of each client group. This means that banks can better understand how customers engage with their brand, and personalize messages and products for them. Additionally, CRM software can help banks to determine the potential value of customers, allowing them to identify opportunities for cross-selling and up-selling.
CRM software can help banks streamline customer communication by providing a single view of customer interactions, no matter the department or channel. This gives bank staff the ability to access relevant customer data at any given time, making it easy to respond to queries and complaints in a timely manner. Moreover, these software solutions can automate communication workflows, allowing banks to reduce errors and waste less time.
Enhanced Sales Management
CRM allows banks to manage their sales processes more effectively, from lead generation to closure. By monitoring customer interactions and tracking leads through the sales pipeline, banks can identify and eliminate areas of inefficiency, enabling them to improve performance and increase revenue. CRM also provides useful sales analytics that help sales teams to refine their approach, and generate more accurate forecasts.
Greater Operational Efficiency
By providing all the information needed to serve customers in one place, CRM can reduce the need for duplication and decrease operational costs. CRM software solutions can automate low-value tasks and provide online access to customer information, thereby freeing up the bank staff to focus on more critical issues. Improved operational efficiency reduces costs and increases customer satisfaction.
Better Customer Experience
By implementing CRM software, banks can provide a more personalized customer experience that ensures long-term loyalty. Customers increasingly expect a seamless, omnichannel customer experience delivered in formats convenient for them. CRM software can help banks to meet these expectations by providing customized communication, personalized offers, and a consistent customer experience across all channels (email, text, voice, social media, etc.).
As banks continue to face harsh competition and rising customer expectations, technology like CRM is an indispensable tool for improving customer experience, operational efficiency and sales management. The right CRM software can help banks to identify market trends and capitalize on emerging opportunities, while at the same time building deeper, more meaningful relationships with their clients.
Banks Can Utilize Big Data and CRMs to Improve Customer Satisfaction
There are a number of huge benefits of big data in the banking sector. In addition to using data analytics to fight fraud and improve actuarial decision-making, a growing number of banks are using CRM tools and data mining to improve their customer satisfaction.
The advent of the digital age introduced a novel conundrum for businesses, and it is adhering to stringent government regulations related to record-keeping. This challenge becomes particularly pronounced for companies that manage extensive reservoirs of data. However, cloud computing has revolutionized how enterprises manage their records and make it easier for businesses to comply.
Cloud-based record-keeping solutions have advanced features like data protection and easy accessibility which have enabled efficient and secure record-keeping services. This article will explore the records that a business needs to keep, how cloud advances have made record keeping easier than ever, and how businesses can take advantage of these advancements to ensure compliance with regulations.
Records A Business Needs To Keep
There are a series of records that a business is required to keep by US law. Some of them are:
Business formation documents
Business asset records
Tax returns and supporting documents
Ledgers and registers
Leases or mortgage documents
Shareholder meeting minutes
Bank and credit card statements
Licenses and permits
Insurance policies and records
Some records can be kept for one to seven years, while those at the core of the business’s operation remain for a lot longer. For businesses that handle vast troves of data, maintaining records for such a period is taxing and risky due to factors like natural calamities, possible theft, and more. Cloud record-keeping services would therein come in handy.
Here are some of the ways cloud advances make record-keeping compliance easier:
1. By Offering Secure Record-Keeping Services.
Cloud advances offer records management service that helps businesses to gather, store and manage their records securely. With most businesses keeping sensitive records at the heart of the business’s operations, the cloud provides security measures that will guarantee safety.
Cloud servers ensure the records stored therein are secure by using modern encryption technology, which can protect data from hackers and other threats. Moreover, remote access to these records is limited exclusively to authorized users through password authentication. This is a stark contrast to traditional practices where documents stored in a physical room could potentially be accessed by anyone.
The cloud record-keeping servers are physically secure with security measures. Businesses using the cloud find it easy to comply with record-keeping regulations when they are sure their data is safe and secure. They can then spend more time adding value to their businesses than worrying about the security of their records.
2. Cloud Advances Make Record Keeping Easy And Efficient
Advances in cloud computing technology mean businesses can access records stored in the servers from anywhere, provided they can access the internet.
This capability proves beneficial to businesses with employees in different locations, provided they have the required permission levels. Cloud advances also allow businesses to store and access all records in one place, making them easier to manage.
In terms of efficient access, cloud servers have an organize and search function that enables businesses to find what they need quickly, much to the benefit of firms with a lot of records and those that receive many documents daily.
3. Cloud Services Are Cheaper To Maintain
Cloud advances make record-keeping compliance easier than ever because cloud-based systems are cheaper to have and maintain than traditional systems. Cloud-based record-keeping systems are hosted on remote servers. This can help your organization save costs that would have been spent on expensive hardware and software licenses. A business simply needs to pay for the storage space they need to keep their records.
Cloud servers are also more efficient than traditional on-site systems because they require less maintenance and IT support, as the cloud service providers handle that. A business, therefore, doesn’t need to allocate any of its resources toward maintaining a record-keeping system. Instead, it can focus its resources on growing its value.
Cloud record-keeping systems being more affordable and efficient than traditional record-keeping systems makes it easier to comply with record-keeping regulations.
4. Cloud Record-Keeping Services Regularly Backups Business Records
Loss of records is not new to businesses and organizations that swear by paper-based record-keeping systems. Natural events like hurricanes, floods, and even fires can result in the loss of essential documents and records. However, regular backups on cloud storage make it easier to keep the records intact for as long as needed.
Regular document backups benefit businesses by making it easier to recover from losses. Through regularly backing up the records, cloud-based record-keeping systems help companies to meet compliance requirements.
Dangers Of Not Complying With Record-Keeping Regulations
Failure to keep the appropriate business records may incur legal and financial penalties. Some of these penalties include:
Paying extra taxes, as without records of your business’s tax payments or planned deductions, you won’t be able to prove that you have paid your taxes and settled other financial obligations as required.
Losing out on contracts in the public service or private sector.
Neglecting to maintain crucial business records such as tax statements and other pertinent documents could jeopardize your potential collaborations with other organizations. This lapse could prompt questions about your credibility, thereby undermining your professional standing.
You may receive tax adjustments to a higher scale if the Internal Revenue Service (IRS) audits your business and you don’t have the relevant paperwork to prove that you’ve been paying taxes as per the law.
You risk audit failure, which may lead to huge fines and, in some cases, the closure of your business.
You may pay a heavy price in case of employee lawsuits if they take you to court on claims such as wrongful termination or failure to pay them due compensation. Without proper employment records, you’ll have no way to prove that your business acted in the right way when parting ways with the disgruntled employer.
You may lose out on insurance claims because the insurance firms will find it hard to compensate you if they can’t find proper records of your business operations.
You may have to pay huge sums of money in fines for improper record keeping.
Good records are essential for your business. They help you to monitor progress, prepare financial statements, identify and take advantage of sources of income, and track deductible expenses.
Using cloud technology to store these records can help to reduce costs associated with physical storage, increase accessibility, improve recovery in case of disasters, and ensure compliance with legal and regulatory requirements. Cloud record-keeping solutions will benefit your company in ways that traditional data-keeping methods may not have.
Cybersecurity is essential for any organization looking to stay competitive in today’s digital world. However, the average data breach cost is staggering—$3.86 million—and organizations are constantly at risk of cyber-attacks and malicious actors. In order to protect your business from these threats, it’s essential to understand what digital transformation entails and how you can safeguard your company from cyber risks.
This article will outline key steps companies should take to have a competitive advantage by adopting new technologies and incorporating them into their digital transformation strategy. Read on and learn how to keep your data safe and secure while streamlining your business processes in this digital age.
Understanding Cyber Risk
Understanding cyber risk is essential for organizations looking for successful digital transformation initiatives. Cyber risk refers to any potential threats that could compromise an organization’s digital products, from malicious actors or hackers to data breaches and phishing scams. In order to protect against these risks, organizations must invest in the latest security protocols and technologies to safeguard their legacy systems and have successful business outcomes.
What is cyber risk?
Cyber risk refers to any potential threats that could compromise an organization’s security from malicious actors or hackers. Cyber risks can range from cyber espionage and theft of sensitive data to cyber warfare and financial fraud.
Organizations must be aware of the latest trends in order to implement the most effective cybersecurity strategies. Such strategies should include awareness and prevention, detection, and response plans that you can quickly activate in the event of an attack. Additionally, organizations should ensure they stay up-to-date on all relevant security protocols to minimize the risk of a breach or cyberattack while on their digital transformation journey.
Types of cyber threats
Here are some of the most common cyber threats today:
Malware – Malware is malicious software which is designed to cause damage, disrupt, or gain unauthorized access to computer systems. It is typically spread through downloads, email attachments, websites, and other online sources. Hackers can also use malware to steal personal data, hijack resources, and carry out cyber attacks.
Malware is increasingly sophisticated and capable of infecting devices without users’ knowledge. It can attack computers and mobile devices and can even disguise itself as a legitimate app. As a result, organizations need to implement the latest security protocols, including anti-malware software, firewalls, and regular patches. Additionally, staff should be trained in recognizing malicious emails and links.
Ransomware – Ransomware is malicious software that encrypts data or systems and then demands payment to decrypt or restore access. It is becoming increasingly prevalent among cybercriminals due to its ability to quickly generate significant profits with minimal risk.
The most common form of ransomware is ransomware-as-a-service, whereby attackers offer a range of tools and services to support ransomware operations. This has enabled even inexperienced cyber criminals to launch successful attacks, making it more critical than ever for organizations to take the necessary steps to protect their data. New digital technologies such as artificial intelligence, data analytics, machine learning automation, and the Internet of Things (IoT) may seem like a breakthrough for decision-making, but they are not bulletproof.
In addition to deploying robust security protocols, organizations should also ensure that all employees are aware of the risks posed by ransomware and are well-versed in recognizing malicious emails and links. Additionally, it would be best to do regular backup workflows on your digital transformation efforts.
Distributed Denial of Service (DDoS) – DDoS is a form of attack in which multiple internet-connected systems flood a target with traffic after being compromised, making it unavailable for legitimate users. Hackers use DDoS attacks to overwhelm a website or online service with requests from multiple sources, causing it to crash and decreasing operational efficiency. This form of attack may degrade customer experience because it will render the apps useless.
These attacks are often conducted using a network of infected computers known as botnets, which are programmed to send large amounts of traffic to the target. DDoS attacks can cause significant disruption and damage to an organization’s digital business operations and brand reputation. They may even drag down the business value. And in some cases, it might even mess up the whole ecosystem.
Organizations must protect against these threats by deploying effective security protocols such as firewalls and anti-DDoS software. Additionally, it would help if you upgraded to the latest security patches to ensure that systems are up-to-date with the latest security measures.
Spam and phishing – Spam and phishing are done via automation. They are two of today’s most prevalent cyber threats. Spam is bulk email that is sent out indiscriminately to a large number of recipients, often containing malicious links or malicious attachments. Phishing is a social engineering attack wherein attackers attempt to gain access to sensitive information, including usernames, passwords, and credit card details, by sending malicious emails or links.
Organizations must take steps to protect against these threats by deploying effective security protocols such as email filtering and spam-blocking software. Additionally, staff should be trained to recognize suspicious emails and links to identify potential attacks and respond appropriately. Make sure to perform these checks before you save emails to PDF or other similar tasks.
Corporate Account Takeover (CATO) – Corporate Account Takeover (CATO) is a form of cyberattack in which an attacker gains access to a company’s accounts and uses them to steal money or data. In this type of attack, the attacker usually gains access to company accounts via phishing emails or malicious links sent to employees. Once they gain access, they can conduct malicious activities such as transferring funds, changing passwords, and accessing sensitive data.
Organizations should take steps to protect against CATO attacks by deploying effective security protocols such as two-factor authentication, limiting access privileges, and monitoring suspicious activity. Additionally, all staff members should be trained to recognize phishing emails and links to identify potential attacks and respond appropriately.
Developing a Cybersecurity Business Strategy
Here are some cybersecurity strategies startups and big companies can do to protect their data with their digital transformation projects:
Conduct a risk assessment
Risk assessments are critical to any organization’s cybersecurity strategy and roadmap. A risk assessment involves:
Identifying areas of vulnerability.
Analyzing potential threats and their impact.
Developing strategies to mitigate those risks.
The first step in conducting a risk assessment is to identify potential threats. You can do this by examining the current security landscape and looking for areas of weakness. Once potential threats have been identified, the next step is to analyze their impact and determine the best mitigation strategies. This may involve creating new security policies and procedures, implementing more robust authentication systems, or using data encryption techniques.
Finally, organizations must ensure that these strategies are regularly monitored and updated as necessary. You should conduct a risk assessment regularly to ensure the organization is as secure as possible.
Identify critical assets
Identifying critical assets is essential for any organization to ensure its data is not compromised by malicious actors. Critical assets are defined as data or systems which are most important to an organization and require the highest level of security. This could include customer information, financial records, intellectual property, and confidential documents.
Organizations must take steps to identify their critical assets and determine the level of protection needed. This can involve thoroughly auditing their current systems and data to determine what is most valuable. Additionally, it would be best to reimagine security protocols for determining who has access to the data and how it is stored.
Finally, organizations must ensure that all staff members are trained on proper security procedures to recognize potential threats and respond appropriately. By taking these steps, organizations can ensure their critical assets are protected from malicious actors while streamlining their business needs.
Establish security controls
Establishing adequate security controls is crucial in protecting an organization’s data from malicious actors. It would help if you tailored security controls to the organization’s specific needs and can include authentication systems, encryption technologies, access control policies, and real-time malware scans. These controls help protect against external threats while preventing internal company system misuse.
Additionally, during a business transformation, organizations should establish processes for continually monitoring and evaluating their security controls. This will help ensure the controls are up-to-date with the latest threats and technologies. Organizations can also regularly conduct penetration tests to verify that their systems are secure against malicious actors and have a solid change management system to promote a safer overall user experience.
Understanding Data Protection
It is critical to understand the fundamentals of data protection. This ensures that you avoid data loss and theft through your modernization efforts.
Encryption and data masking
Encryption and data masking are essential measures for data protection. Encryption is a process in which information is encoded to be read only by those with an authorized decryption key. It uses algorithms to scramble data, making it unreadable to anyone without access to the decryption key.
Data masking is a similar process that replaces sensitive data with simulated information, allowing organizations to use the data for testing and development without compromising its security. You can also use this to limit access to sensitive data by obscuring its original value. Both encryption and data masking helps protect an organization’s confidential data from malicious actors.
Data backup and recovery
Data backup and recovery are crucial parts of data protection. It involves regularly backing up the organization’s data to ensure that it can be restored in case of an emergency. This can include creating backups on external drives, cloud storage, and other services. Additionally, organizations should establish protocols for regularly testing the integrity of their backups to ensure they are tested and up-to-date.
Organizations should also have a plan in place for recovering data from any backups that may become corrupted or lost. A solid disaster recovery plan will help ensure that the organization can quickly recover its data and return to normal operations. Another option is adopting new products, such as cloud computing technologies, which ensure you don’t need to worry about manual data backups.
Finally, organizations must ensure all staff members are trained on proper data backup and recovery procedures. Doing so will help ensure that data is adequately backed up and protected in an emergency.
The Bottom Line
Data protection is essential for modern organizations and requires a comprehensive approach. Organizations must conduct an audit to identify their critical assets and establish security protocols, encryption technologies, access control policies, malware scans, data masking measures, and backup recovery plans.
Finally, all staff members should be trained on proper security procedures to recognize potential threats and respond appropriately and quickly. By taking these steps seriously and investing in the tools and systems needed to protect their data from malicious actors, organizations will have a better chance of staying safe online.