Digital Technologies: An Imperative for Business Growth Amidst Lockdown
Businesses face disruptions from time to time. Quite recently being the disruption due to the COVID-19 outbreak. A quite peculiar situation where resources are available, capital expenditure is in place, but every passing day could mean losses if the investments are kept un-utilized. Here Digital Technologies offer an immediate solution for business continuity, sustenance, as well as growth. These are a confluence of technologies such as intelligent data capture (IDC) or intelligent optical character recognition (OCR), robotic process automation (RPA), artificial intelligence (AI) / machine learning (ML), and advanced analytics towards end-to-end automation with minimal human intervention. These technologies when used over the cloud extend the scope as well as potential with the cloud offering models for a quick jump start in the form of XaaS format (that is SaaS, PaaS, BPaaS, etc.).
Growth potential for the Holy Grail of digital technology confluence
The aforementioned digital technologies offer scope for remote operations and business continuity at one end and tremendous growth potential at the other end in almost all business workflows where data is involved.
Drug development is tedious. It involves discovering the right drug from thousands, each of
which is composed of different active pharmaceutical ingredients (APIs) and key starting material (KSMs) in varying proportions to induce different pharmacological actions. This process results in high amounts of data generation. A simulation approach powered by RPA, AI, and cloud, improves the results by manifold and speeds up the process while creating the right documentary evidence for statutory compliance at the same time.
Some diseases such as cancers and tumors have complicated diagnoses. Data augmented across multiple confirmed medical cases including the reports of multiple medical interventions enables us to build a massive intelligence repository powered by RPA and AI. This system helps to diagnose some unfathomable health conditions with high accuracy allowing medical practitioners to deliver telemedicine across geographic boundaries even during lockdowns. The higher the amount of data across different demographic samples sets the better the diagnoses.
The confluence of digital technologies offers a strategic solution to face business turbulences
BFSI, public services, and back office functions
These industries work with high volumes of lengthy documents of long form text. Adopting digitalization powered by IDC, RPA, AI, and cloud-oriented databases simplifies data storage and retrieval exponentially. This confluence of digital technologies enables us to classify and summarize the lengthy documents. This could involve the use of IDC in different corners of the globe, data collation using RPA at a central cloud-enabled location, followed by AI/ML powered classification, and access from all global locations. The use of increasing levels of AI algorithms helps to undertake tasks of progressive levels of complexity including claims, medical histories, contracts, etc. The mechanism is also proficient enough to detect frauds, which could be camouflaged in such documents, with precision and speed.
The confluence of digital technologies offers a strategic solution to face business turbulences. At the same time it offers potential to scale business towards exponential growth. It enables a business to look beyond just automating human workflows towards exponential business growth.