It will not be an overstatement to say that some of the most revolutionary breakthroughs have been driven by and taken place in the aviation industry. Decades ago, jet engines catapulted the airline industry out of capacity constraints, enabling it to carry many more travelers. The deregulation of the airline industry provided flexibility and freedom for players to set competitive ticket prices.
Have you ever thought about how you can make payments for a movie without standing in line or pay utility bills without stepping out of your home via Paytm or Google Pay? Yes, you can name many applications that make instant payments happen. But how is this happening? How are conventional banks getting replaced with digital transactions? The answer would be embedded financial services.
In the past 10 years, the term ‘disruption’ has been abuzz across business and industry circles. Whether succeeding as a disruptive innovator or defending against a challenger as an incumbent, the nature of innovation has focused on the ability to re-imagine and execute business models. The nature of such business models has shifted the trajectory of demand either to totally non-existent markets or delivered from low-end footholds to scale.
According to a McKinsey report, companies making intensive use of customer analytics are 2.6 times more likely to have a significantly higher ROI than their competitors. Intensive users of customer analytics are 23 times more likely to outperform their competitors in terms of new customer acquisition than non-intensive users, and 9 times more likely to surpass them in customer loyalty.
Digital aspirations for global organizations are driving innovation-led initiatives. As Agility and Flexibility within the development life cycle become the norm, it is essential to re-emphasize the need for not just delivering fast, but also delivering quality and value at speed. By putting customers at the center of the value chain, organizations are aiming to streamline their value delivery systems.
Whether deployed as part of an ERP software package or as a standalone system capable of integrating with external ERP systems, a warehouse management system has become an essential instrument to optimize the inventory management and order fulfillment processes of warehousing, which is a crucial function of supply chains today. Speed, precision, and efficiency in data processing are the key factors for a successful warehouse management system.
Artificial Intelligence (AI) is revolutionizing the way healthcare is delivered today. The industry’s data-driven evidential approach to medicine combined with AI is set to transform both the practice of medicine and how the treatment is delivered. AI is already being used to reinvent how people manage their health and access care, automate care delivery plans, and help with tedious tasks.
The metaverse is steering the next wave of digital transformation, which will provide insurers with powerful technology tools for differentiation as well as challenges to navigate. In the years ahead, the rise of the metaverse will begin to influence every facade of insurance, from the workforce experience to distribution, marketing, products, revenue pools, and operations.
