Market Watch

(Image credit: Getty Images) Digital transformation for small businesses can be a hugely beneficial process, giving any firm the foothold it needs to establish itself in the market. But that first step up can be the most difficult. A lot of the guidance and advice relating to digital transformation comes with baked-in expectations, including two that are fundamental: that the business interested in what’s on offer understands where and how digital transformation can provide the greatest advantage, and that the business has in-house technical experts who are able to oversee, monitor and work on any digital transformation project. These are bold assumptions when you consider that smaller businesses, comprising anything from a handful to a hundred or so staff, may not have any technology-specific people on the payroll or specific tech expertise on the board. What is such a business to do? Scoping a project without in-house expertise The first thing for any small business leader to do when seeking out a digital transformation project is to recognize what the precise needs of their business are. Some key operational signs will become apparent, as Ham Patel, COO EMEA at Oracle NetSuite, explains. Patel suggests three clear signs that a […]

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Companies are supercharging productivity and efficiency with AI-powered tools like virtual assistants, intelligent search and content summarization. Credit: iStock As business leaders look to harness AI to meet business needs, generative AI has become an invaluable tool to gain a competitive edge. This breakthrough technology can comprehend and communicate in natural language, aiding the creation of personalized customer interactions and immersive virtual experiences while supplementing employee capabilities. What sets generative AI apart from traditional AI is not just the ability to generate new data from existing patterns. With generative AI businesses can now boost productivity and reduce costs, fundamentally changing how they work. Here’s how four generative AI use cases are changing the business landscape: Virtual Assistants Companies are turning to AI-powered tools like chatbots, copilots, or virtual assistants to improve productivity and customer experiences. These tools integrate generative AI with a company’s own data for precise responses, allowing the creation of customized virtual assistants that can handle interactive conversations. Internally, these assistants complement and even empower employees by automating tasks and providing insights, which frees up time for more strategic work. Externally, they improve customer interactions by quickly understanding and responding to queries through simple conversational prompts. For […]

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Generative AI is here to stay. Adhering to these five key points can ensure businesses keep pace and capitalize on the benefits of this revolution. Credit: NVIDIA Generative AI gives organizations the unique ability to glean fresh insights from existing data and produce results that go beyond the original input. Companies eager to harness these benefits can leverage ready-made, budget-friendly models and customize them with proprietary business data to quickly tap into the power of AI. The right generative AI solutions can unlock a world of opportunities for business leaders aiming to increase efficiency, drive productivity, and boost performance. But first, they need to consider where it fits in their organization, which processes will benefit the most, whether to buy or build it, and what it’ll cost. Business leaders ready to embrace AI can consider these five key points. 1. Enhance Job Functions and Operations Generative AI harnesses data, automates processes, and is reshaping the fundamental approach to businesses and job functions. Creating new insights from data lays the groundwork for a range of applications, from optimizing operations to driving innovation and creativity. Every organization has specific datasets that are crucial to its operations. By using retrieval-augmented generation (RAG) […]

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SNS Insider pvt ltd The increasing trend of implementing automation in the procurement process and introduction to e-Procurement technology innovation boosts the growth for Procurement Software market. Pune, Aug. 09, 2024 (GLOBE NEWSWIRE) — Procurement Software Market Size Analysis: “According to the SNS Insider Research, The Procurement Software Market size was valued at USD 7.71 Billion in 2023 & is projected to reach USD 18.76 Billion by 2032, with an increasing CAGR of 10.40% Over the Forecast Period of 2024-2032.” Market Analysis The rising adoption of procurement software across industries where there is a need for hassle-free, simplified, and fast-moving goods purchasing in order to make the process more efficient. It has solutions intended to fix inefficiencies and maintain control over inventory. This solution allows businesses to generate and approve purchase orders, request products or services for procurement, receive matching invoices, and process online payments. Procurement software empowers companies to perform optimal purchasing and pricing activities, essential for enterprises procuring large quantities of goods. This allows companies to work with suppliers, manage events, and reports, and analyze business intelligence data for predictive and planning purposes. Procurement software is in higher demand because of the benefits it offers, such as […]

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There are few sectors outside of healthcare that are more emblematic of both digital technology ’s potential and the challenges that come with implementing it. In an era where digital transformation is sweeping across industries, the healthcare sector finds itself grappling with the challenge of modernizing its payment systems. “Historically, [as it relates to payment flows between patients, providers and payors,] healthcare has not been a leader in technology adoption nor deployment, and … for that reason, it’s been challenging to keep up with the evolving needs and expectations of patients,” Simon Abtalion , healthcare solutions executive at Bank of America , told PYMNTS, noting that the situation is exacerbated by the healthcare sector’s complexity and regulatory landscape. Abtalion explained that this delay has resulted in a fragmented payment ecosystem that struggles to meet patient expectations. Outside of healthcare, consumers are accustomed to streamlined, omnichannel experiences where they can interact digitally at every touchpoint. In healthcare, however, such solutions have yet to be fully adopted. Transitioning to Cashless Healthcare The persistence of cash healthcare payments is an issue within the marketplace. Healthcare providers continue to accept cash, driven by the goal of maximizing bill collection rates. This results in […]

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WASHINGTON, Jul. 30, 2024 —World Bank Group President Ajay Banga today announced the appointment of Sangbu Kim as the World Bank’s first Vice President for Digital Transformation. “Digital technologies, including AI and data, present a unique opportunity to accelerate development,” said Ajay Banga . “The new Digital Transformation vice presidency will have the critical mission of delivering on this development promise. Sangbu’s mix of public and private sector experience gives him unique perspective on how the World Bank Group can deliver more impact, greater scale, and support countries on their development journey.” The new role will guide World Bank Group efforts to establish the foundations of a digital economy, build and enhance digital and data infrastructure, ensure cybersecurity and data privacy for institutions, businesses, and citizens, and advance digital government services. Over the past 27 years, Sangbu Kim has held senior positions in the office of the President, Republic of Korea, where he developed national ICT plans encompassing e-government, broadband network expansion, digital literacy, cybersecurity, and trade policy; in the Korean Communications Commission; and the Ministry of Information and Communication. More recently, he worked at Google as the Director of Government Affairs and Public Policy for Consumer Products in […]

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Singapore, Aug. 07, 2024 (GLOBE NEWSWIRE) — Orangekloud Technology Inc. ( Nasdaq: ORKT) (“Orangekloud” or “ the Company ” ) , a Singapore-based technology company offering the eMOBIQ® No-Code platform for the development of mobile applications, today announced a strategic partnership with the Electronics Industries Training Centre (ELITC), a premier institute offering training and educational programs in Singapore. This Memorandum of Understanding (MOU) signifies a commitment from both organizations to empower Singapore’s workforce with the necessary skills to thrive in the digital age. Partnership Highlights Integration of eMOBIQ Training into ELITC Curriculum: Orangekloud’s eMOBIQ training courses will be incorporated into ELITC’s existing training programs, equipping trainees with in-demand skills for using the No-Code platform to develop mobile application solutions used in the digital workplace. This will benefit both individuals seeking employment and those aiming to advance their careers. Equipping the Workforce for Digital Transformation: The partnership aligns with Singapore’s national emphasis on digitalization. By equipping the workforce with the latest digital skills and knowledge, Orangekloud and ELITC aim to empower businesses to embrace digital transformation and achieve greater efficiency. Leveraging ELITC’s Network for Wider Adoption of eMOBIQ Solutions: Orangekloud will leverage ELITC’s extensive network of Small and Medium Enterprises […]

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Dover Fueling Solutions (DFS), part of Dover (NYSE: DOV), has launched the PetroVend Synergy Fuel Site Controller (PetroVend Synergy FSC), a comprehensive platform for fleet operations. This innovative solution consolidates multiple functionalities, including advanced Proprietary Card File capabilities, into a single streamlined package. Key features include: – Remote monitoring and management of fueling devices – Real-time visibility into site operations, transactions, and alerts – Enhanced PCF capabilities for precise control over fuel distribution – Integrated dispenser communications for simplified hardware requirements – Upcoming support for Automatic Vehicle Identification (AVI) and fleet card processing The PetroVend Synergy FSC aims to simplify operations, reduce points of failure, and offer cost savings for fleet operators. It sets a new industry benchmark for operational excellence and cost-effectiveness in the fuel and convenience retail industries. Positive Launch of PetroVend Synergy Fuel Site Controller, consolidating multiple functionalities into one platform Remote monitoring and management capabilities for fleet operators Advanced Proprietary Card File (PCF) capabilities for precise control over fuel distribution Streamlined hardware requirements, potentially reducing costs for end-users Upcoming support for Automatic Vehicle Identification (AVI) and fleet card processing Negative None. The launch of PetroVend Synergy FSC represents a significant advancement in fleet fueling technology […]

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Amdocs (NASDAQ: DOX ) has announced that Globe, a leading digital solutions provider in the Philippines, has chosen Amdocs’ AI and Data Platform for its information data hub. The platform, hosted on Google Cloud , will enable Globe to enhance operations through data-driven decision-making and personalized customer experiences across digital services. Key points: The platform will serve as a single source of truth across Globe’s business support systems It aims to streamline data management, reduce complexity, and lower operational costs The solution leverages Google Cloud’s AI-ready data platform for real-time data delivery It utilizes the Google Cloud Architecture Framework for a layered, service-based architecture The platform incorporates a TM Forum-certified leading telecom data model Positive Partnership with Globe, a leading digital solutions provider in the Philippines Implementation of AI and Data Platform on Google Cloud Potential for enhanced customer experiences and operational efficiencies Integration of real-time business data across Globe’s systems Utilization of industry-standard enterprise data model Negative None. Globe’s adoption of Amdocs’ AI and Data Platform marks a significant technological leap for the company. This move towards a unified, AI-ready data platform hosted on Google Cloud Platform (GCP) is strategically sound for several reasons: Enhanced operational efficiency through […]

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