Digital Technologies - An imperative for business growth even amidst lockdowns
Businesses face disruptions from time to time. Quite recent 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 jump starting operations, business continuity, sustenance, as well as growth. These constitute a confluence of technologies, such as intelligent data capture (IDC) or intelligent optical character recognition (OCR), or intelligent document processing (IDP), 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 their scope as well as potential with the cloud offering models for a quick jump start of operations in the XaaS format (that is SaaS, PaaS, BPaaS, etc.).
Growth potential for the Holy Grail of digital technology confluence
The afore mentioned 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 intensive processes are involved. The digital convergence of IDP, RPA, AI / ML, advanced analytics, and cloud allows remote office operations or setting up of a digital workplace to facilitate anytime anywhere operations at scale.
Drug development is a tedious and lengthy process. It involves discovering the right drug from thousands of variants, 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 through various process iterations. 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 intervention enables 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 sample sets, the better the diagnoses.
Here, Digital Technologies offer an immediate solution for jump starting operations, business continuity, sustenance, as well as growth
BFSI, public services, and back office functions
These industries extensively work with high volumes of lengthy documents or long form text. Adopting digitalization powered by IDC, RPA, AI, and cloud oriented databases simplifies digitalization, data storage, and retrieval in an exponential manner. This confluence of digital technologies enables to classify and summarize these 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 a centralized AI / ML powered classification, and a role based, democratized access from all global locations. The use of increasing levels of AI algorithms helps to undertake tasks at a progressive levels of complexity including insurance claims, medical history collation, contracts’ summarization, etc. The mechanism is also proficient enough to detect frauds, which could be camouflaged in such documents, with precision and speed. (Read more on Digital Technology RPA use cases for data intensive domains >>)
The confluence of digital technologies offers a strategic solution to face business turbulences. At the same time it offers potential to scale up business and register exponential growth. It enables a business to look beyond just automating human workflows towards exponential business growth.