Can you imagine registering your name, phone number, email, and address every time you order anything online? Me neither. No matter how big the online market gets, it can’t grow longer without customer data. Forget the online market, huge brands that are dependent on the bricks and mortar model are also updating their methods of collecting and storing customer data in order to offer them a better experience. In which case it shouldn’t be overemphasizing to say that Customer Data Management has grown to become one of the most important tools for businesses in the present time.
But how can managing the information of your customer be so important? Take the example of a company that has recently acquired a new customer. However, the digital marketing team of that company isn’t aware of this acquisition and is still approaching the same customer via text and email. This isn’t just a waste of resources but also a threat to the customer experience. Having your database managed by a customer data management system makes the process of acquiring and retaining customer efficient. It also helps in understanding the needs of customers and deliver a better quality of products and services by analyzing the feedbacks which leads to higher sales numbers.
We live in an era where businesses are driven by the force called data. With the help of the same, enterprises are able to efficiently acquire potential customers and sustain the existing ones as well. It can also be used to understand what customers need in a product or a service which leads to a satisfied base of customers with exemplary solutions and optimization of available resources. Now, one might ask, how can random facts and figures avail enterprises such significant insights? The answer to that is data analysis.
There are numerous methods of analyzing data and the most popular among them are Statistics and Machine learning. Both the terms are often considered as one and the same but in reality, even though their purpose is the same, their use cases are different. Statistics is the science of classifying and analyzing data by using mathematical equations. On the other hand, Machine Learning is one of the applications of Artificial Intelligence which enables the system to learn on itself with the use of data. While Statistics is used to collect, analyze, summarize, represent, and organize the data and transform it into useful insights, Machine Learning uses data to learn, predict, and enable the system to perform cognitive tasks in an unsupervised setting.
The emergence of the digital revolution has brought numerous changes to our world. Especially, it has changed the course of how we run a business. Enterprises have gone through major shifts and bygone are the days when the customer was the king. Nowadays, they rely on creatively putting information as content has become the king.
Massive increase has been registered in the generation and consumption of content and this has clearly made an impact on several industries. And transcription services industry is no exception. Initially, the service was limited to the process of transcribing spoken words into text. However, now it offers various options across the world for transcribing including interviews, meetings, court hearings, lectures, podcasts (audio/video), etc.
There are numerous transcription service providers in the market claiming to offer the best services. Hence, it becomes quite difficult to choose a provider that would suit perfectly for your task. However, there are some key aspects that might help you narrow down the list to one. Following are the key features that will help you find the best transcription service provider:
Artificial Intelligence or AI, is drastically changing all major industries and businesses all over the world. AI has a plethora of applications and is used widely in different forms. One such medium of AI application is chatbots. Chatbots, powered by AI, has become an important part of customer delivery channel. Well-programmed and developed chatbots offer a customer delivery experience, wherein customers are not able to make out if they are communicating with a human or a computer. AI has come a long way in terms of chatbots. We will now see how chatbots are delivering exceptional customer delivery experience:
- 24/7 Service
One of the major aspects of customer service is convenience. Chatbots offer customers time flexibility. They can be available at every odd hour to serve the customers. If not some complex solutions, basic support can be offered through chatbots. With the advancements of AI, some chatbots can detect human emotions such as confusion, joy, anger, or frustration. They then transfer the interaction to a person.
In the age of digitization, Artificial Intelligence has become almost synonymous to technology. Over the past few years, we have seen some tremendous technological advancement in the field of AI. We have seen AI take off in almost all the industries and sectors. One of the major industries that have seen a major application of AI is the transportation industry. Below we will see how AI has and will impact the transportation industry.
How AI will help the transportation industry?
The insurance industry thrives on data. There is a huge amount of data involved in the insurance sector. The insurance professionals collect a humongous amount of data from the customers, and further hand it over to the underwriting analysts. The underwriters further evaluate the risks involved with insuring the person, based on various actuarial data, claims data, and some other techniques. From there on a policy is formed and initiated. Doesn’t it all boil down to data?
The problem with the traditional methods that have been followed for a while is that the data is restricted to only one device, and the underwriters can’t communicate with agents and brokers easily. The agents also can’t share their data across multiple offices. Also, the analysis of data is more complicated. Which is why, insurance companies are adopting upgraded systems, to implement data analytics. Let’s look at how data analytics is transforming the insurance industry:
- Preventing and Reducing Fraud
Actionable Intelligence from data analytics can figure out the most likely fraudulent persons. It can be used to predict an insurance fraud before it actually happens. For example, monitoring data in real-time from various social media platforms can be used to know if a policyholder is engaging in fraud. Suppose a person files insurance protection for a problem, but on social media, he is seen enjoying somewhere else, clearly, things are suspicious.
Artificial Intelligence has cast its spell on almost every functional industry. No industry is left untouched by Artificial Intelligence, but only for the better. AI has tremendously transformed the way a particular industry functions and operates, not only on a long-term basis but significantly on a day-to-day basis. One such industry is the gaming industry. The gaming industry relies heavily on technology, so the effect of the advent of AI on it will be quite substantial. Through this article, we will look at ways in which AI is transforming the gaming industry –
- More Realistic Games
This is one area of gaming that has grown significantly with the use of AI, over the last 10 years. The decade has witnessed some incredible technological advancements in terms of 3D Visualization Techniques, Physics-based Simulations, and some recent advancements like the inclusion of Virtual Reality and Augmented Reality in gaming. This has allowed the game developers to develop and create more visually appealing and at the same time more interactive games. Gamers also have evolved and want a realistic gaming scenario and not just good graphics.
One of the most difficult challenges for any business is lead generation. Every other thing that is done in the business boils down to lead generation. Leads give the business an opportunity to further implement itself, and to earn itself a profit. But it is not an easy task. 63% of the marketing professionals accepted that lead generation and earning traffic are their top challenges. One solution to this problem can be outsourcing lead generation services. Here are the top reasons why outsourcing lead generation services is a good idea:
- Improve Time Efficiency
Outsourcing lead generation services help eliminate the non-sales time, thus helping your sales staff work more on closing the business. This way, you can ensure the maximum utilization of your office’s time. This will impact the quality of your service thus benefitting your business.
Finances and their management is an important part of any business. The finances form the very pillar of the future of any business. Therefore, careful handling is very necessary. Most of the time, the person in high positions have a lot to cater to the daily function of any business. They can’t always find the time to handle the daily finance and accounting services. Also, any errata in the data could cost a fortune to the company. Therefore outsourcing finance and accounting services is the best solution to this scenario. Here are the top reasons why should businesses outsource finance and accounting services –
- Better Focus on Finance and Accounting Services
A professional business and finance firm, specializing in its domain, will give the utmost importance to your business needs. The on-point execution of the outsourcing services will let you focus more on revenue generation.
Bitcoin recently crashed, and it seemingly took down most of the other cryptocurrencies with it; despite that fact that some currencies were designed to keep their prices under control. The recent marketplace tumble appeared as a test for these stablecoins, as to whether they delivered their promise or were unreliable.
What drives the crypto space market is its volatility. People gamble on the cryptocurrencies to gain huge profits. But this feature, which may offer large profits, is rendered obsolete in the daily transaction.
Stablecoins try to confront this feature. The most important thing is that stablecoins are a financial vehicle i.e. it can’t be just ‘decided’ that gold can be traded for one dollar – what if people assume the gold to be worthless? No one would then sell anything for that coin, and the gold issuers will have to compensate more coins to convince the sellers. The whole point is to avoid this scenario. Therefore, 3 methods have been invented to tackle this issue – Fiat-collateralized stablecoins, Frypto-collateralized stablecoins, and Non-collateralized stablecoins.