In the rapidly evolving business technology landscape, Enterprise Resource Planning (ERP) systems have emerged as essential tools for organizations looking to streamline operations, enhance efficiency, and elevate decision-making processes. An ERP system integrates various business processes, such as finance, human resources, sales, and inventory, into a unified platform, fostering cohesion and productivity.
In the ever-evolving world of banking technology, the traditional core banking systems have long been the backbone of financial institutions. However, the limitations and challenges associated with these systems have paved the way for a paradigm shift towards coreless banking. Let us delve into the concept of coreless banking and explore how it is reshaping the banking industry.
In the ever-evolving landscape of technology, where uptime, performance, and user experience are paramount, Site Reliability Engineering (SRE) has emerged as a crucial bridge between development and operations within organizations. SRE goes beyond traditional IT roles by emphasizing the fusion of software engineering practices with IT operations to ensure systems are functional, highly reliable, and scalable.
Interactive Voice Response System (IVRS) is an automated technology that permits interaction with a customer (end user/caller) with the support of a DTMF (Dual-Tone multi-frequency) keypad and voice input. IVR mechanism is the perfect way to route customer calls. It helps customers resolve their queries/issues 24/7*365 days with the menu options and. also it will help customers route their calls to the live agents if they are not satisfied with the predefined menu options.
IFRS 17, an International Financial Reporting Standard promulgated by the International Accounting Standards Board, supersedes IFRS 4 regarding insurance contract accounting. Its effective date is January 1, 2023. IFRS 17 introduces a comprehensive revamp of the treatment of insurance contracts, entailing novel prerequisites for data, systems, and procedures that impact various departments within the organization, such as Investment, Actuarial, Accounting, Finance, and IT.
According to the most recent statistics, on a global scale, approximately 1 in 31 organizations encountered a ransomware attack each week during the initial quarter of 2023. Additionally, there is a daily identification of over 560,000 new instances of malware, contributing to a staggering total of more than 1 billion malware programs currently in circulation.
Organizations nowadays are constantly being disrupted by new technology, disruptive startups, geopolitical issues, and economic changes. As organizations face a fast-changing world, the risks of geopolitical instability, surging inflation, and economic insecurity have become increasingly common. Cybercrime, supply chain disruptions, and climatic catastrophes have also arisen as severe and unpredictable concerns.
In the Age of the Consumer, loyalty often equals the absence of something better. To sustain loyalty, we must continuously earn it in every interaction. That means today’s winning Retailers must provide: Clearly, this is easier said than done. Delivering the compelling experiences that consumers expect is a tall order, and it requires a consumer-obsessed culture of quality focused on the Consumer Journey.
Design thinking gained importance and popularity over the years due to several factors and shifts in the business landscape. As markets became more competitive and saturated, businesses recognized the need to differentiate themselves by offering products and services that truly address customer needs. Design thinking’s emphasis on understanding and empathizing with users provided a robust framework for creating customer-centric solutions.
In the realm of technology, fields such as Artificial Intelligence (AI), Machine Learning (ML), Blockchain, and Data Science have witnessed remarkable advancements that shape the future of our world. However, as these industries flourish, the lack of diversity within their ranks has become glaringly apparent. At Cigniti, we believe in ‘building bridges and embracing togetherness’ and are committed to Diversity, Equity, and Inclusion in technology.
