Monthly Archives: January 2021

Powering Digital Transformation with Analytics

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Powering Digital Transformation with Analytics

The retail analytics market is growing at a rapid rate. As per a report by Research and Markets, the global retail analytics market is expected to grow at a rate of 18% from 2019 to 2025 and will be valued at over $9.5 billion in five years. Multiple factors are driving this growth which includes adopting cloud-based software, IoT, and even AI-driven solutions. Since data and analytics are an integral part of these technologies, it allows businesses to have information at their fingertips.

As per a report by Gartner, a whopping 90% of corporate strategies consider information as a critical enterprise asset and analytics as an essential competency. Companies are investing more in this space and consider data and analytics as a solution to gain a competitive edge over others in the market. 

Nowadays, customers are more empowered and connected than ever before and it is becoming increasingly important for companies to obtain insight into customer buying behavior. Analytics employs various tools to understand consumer buying habits to accurately predict their future buying preferences. This helps businesses to attract, rather than alienate consumers. 

Data has gradually become a touch point for most retailers to understand customer needs and wants. To derive meaningful insights, data must be presented in a user-friendly way, and give you the ability to study this information and gain insights into what your business needs to not just survive, but thrive. 

How can you accomplish that?

TraQiQ offers a range of business intelligence and analytics solutions that can help you see beyond raw data. Our experts work with a variety of third-party tools to help with data preparation, mining, management, and visualization. TraQiQ can help in building the right dashboards for AI-based decision-making tools or build real-time systems that monitor data feeds. Insights from this data can be used to improve customer experience, resulting in better business operations, and provide the right target audience for marketing initiatives. 

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Should a Company Build its Last-Mile Distribution Network or Partner up?

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Should a Company Build its Last-Mile Distribution Network or Partner up?

Last-mile delivery aims to transport or deliver an item to its recipient in the quickest way possible. Consumers look for alternatives if a company fails to deliver top-notch supply chain services which include user-friendly last-mile delivery software. The success, and perhaps the survival of a business depends on keeping their customers happy, which is what makes the last-mile distribution network so important. 

COVID-19 has altered many aspects of our daily lives and nothing is more noticeable than the soaring demand for last-mile delivery. Once regarded as a ‘valuable addition’ has slowly transformed into a ‘must-have’ capability. It has become increasingly important for a business to differentiate themselves from others in their last-mile delivery strategy. 

While most of the bigger companies look to build and develop their last-mile delivery network, it has been seen that some of the smaller companies prefer to partner up with DNCs to handle the delivery. 

The traditional approach to last-mile delivery which is owning an operational fleet poses a high risk and added costs whereas a delivery network carrier (DNC) model enables retailers to transfer a portion of the risks to one or more DNC providers. DNC providers often adopt a “gig” mindset, which allows companies to transact and operate at a fraction of the cost of retaining and operating a delivery fleet. 

During these uncertain times with evolving business landscapes, the rapid development of technologies, and increasing customer expectations, an appropriate solution today might not be the right choice tomorrow. Careful consideration is required when deciding on the right delivery model for your business. 

How can TraQiQ help?

TraQSuite, by TraQiQ, is a unique, flexible, and responsive platform, that will ensure timely customer service, increase productivity, and business profitability. TraQSuite analyses customers’ omnichannel behavior and using leading data analytic tools and AI models for commerce, it can deliver real-time, automated, and targeted recommendations with personalized content across all customer touch points. 

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From Conversation to Conversion: How AI-powered Chatbots are Driving Growth in Banking

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From Conversation to Conversion: How AI-powered Chatbots are Driving Growth in Banking

The future of banking and many other industries has become entwined with the rise of conversational AI. Businesses are trying to integrate AI with their operational strategies and banks are no exception. Evolving customer expectations and a need for personalized and fulfilling digital experiences are driving banks to conceptualize, test, and deploy new consumer tools. Chatbots are one such tool within this realm that is fueling a new era of conversational banking. 

Let us take a closer look at how AI-powered chatbots are positively impacting the banking industry.

Lower operational costs:

In the long run, chatbots prove to be less expensive than human staffers. There is an initial expense which is incurred by an organization for the development of chatbots with periodic upgrades that enable them to serve customers across various touch points. Comparatively, the cost to train and employ voice executives is much higher.

An intuitive interface:

By mimicking human patterns of interaction and learning from each engagement, chatbots enable us to seamlessly communicate with enterprises and quickly execute financial tasks in a manner that is personalized and intuitive.

Speedy resolution of queries:

Speed is another factor that has made chatbots so popular with customers. Imagine waiting in a never-ending queue to talk to a voice executive as compared to an instantaneous response from an AI-powered chatbot. 

Personalized advice using Analytics:

Some of the more complex AI platforms are well-equipped to manage your financial portfolio. Using analytics, AI chatbots are capable of analyzing all your data and delivering insights that can improve your financial management. 

24/7 customer support:

By adopting chatbots to serve the digital customer, banks can now boast of always being available for their customers.

As chatbots learn to handle more complex queries, they enable us to reduce the human footprint of your customer support division, saving you time and resources. TraQiQ can help in building the right dashboards for AI-based decision-making tools or build real time systems that monitor data feeds. 

Our analytics solutions can help you with data preparation, mining, management, and visualization. Insights from this data can be used to improve customer experience, result in better business operations, and provide the right target audience for marketing initiatives. 

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Has the Last Mile Revolution Changed the Supply Chain Forever?

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Has the Last Mile Revolution Changed the Supply Chain Forever?

Consumer demands and expectations are increasing, and the last mile revolution has enabled businesses to provide goods and services to the end consumer as quickly as possible. 

Let us have a closer look at how the last-mile revolution is affecting and transforming the supply chain. A few trends which are having a positive impact in the industry are mentioned below: 

Speedy resolution of deliverables:

The prime objective of the last mile delivery is to deliver the package to consumers as quickly as possible. This is pushing companies to develop and sustain a delivery eco-system that is efficient and effective. 

Employing effective tech tools for tracking:

Emerging technologies like IoT and even AI are playing a crucial role in the success rate of last-mile logistics. Now, it is easier to track your shipment with smart technologies at your disposal. 

Data Analytics reduces last-mile logistics costs:

With the amount of data at a company’s disposal, analytics allows supply chain entities to isolate the cost-impacting factors across all shipments and provides a solution for its optimization.

Increased Profitability:

Last-mile delivery software boosts productivity, optimizes delivery routes, scales your business, enhances consumer satisfaction which in turn increases consumer retention. All these factors combined increase the profitability of your business.

Streamlined and flexible delivery options:

The last-mile delivery solution automates repetitive tasks thereby saving on time, money, and energy. Flexible delivery options allow consumers to change the time and location of delivery thereby increasing customer satisfaction. 

Exciting things are happening in last-mile logistics, and the level of technology leveraged to push the frontiers of last-mile delivery is growing in complexity and scope. Is your organization prepared to handle the rising demand for more last-mile logistics deliveries by consumers? 

TraQSuite, by TraQiQ, is a unique, flexible, and responsive platform, that will ensure timely customer service, increase productivity, and business profitability. TraQSuite analyses customers’ omnichannel behavior and using leading data analytic tools and AI models for commerce, it can deliver real-time, automated, and targeted recommendations with personalized content across all customer touch points. 

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Mobile Wallet Trends that will Shape the Future of Digital Payments

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Mobile Wallet Trends that will Shape the Future of Digital Payments

Mobile wallets have gradually evolved from being a niche payment method for consumers who are digitally-savvy, to a payment method that is mainstream. Innovations in technology have diversified how and where mobile wallets can be used which has led to their rapid growth in the past 5 years. As per a report, the mobile wallet transaction value is set to reach a staggering figure of nearly 14 trillion USD by 2022, worldwide. 

Future trends for mobile wallets reveal that advances in this field might eliminate the need for paper money altogether. Here, we aim to highlight some of the top trends that will influence the growth of mobile wallets across the globe, help in making payments more secure and convenient, and pave the way for a digital future. 

Top 5 trends:

Banking through Mobile Apps:

Mobile wallets were first introduced in 2014 via Apple Pay and owing to its success, competitors designed and launched their own apps like Android Pay, Microsoft Wallet etc. This has led to the spawn of many apps which have ditched traditional methods of payment and adopted mobile payments as a vision for the future. Traditional banking Institutions have also worked to develop mobile wallets for customers to assist and improve their banking experience. 

Loyalty Rewards:

Everyone likes being rewarded, and many banking institutions and retailers have started offering discounts and rewards to customers each time they use their mobile wallets. It is a way to incentivize customers to remain loyal to their brand. Retailers across the world are expected to follow suit or get left behind. 

Near Field Communication (NFC):

The security and simplicity of NFC technology have been the greatest inspiration for digital payment solutions. It greatly reduces the time and effort needed to carry out multiple transactions. 

Artificial Intelligence (AI):

Due to advances in this field, AI is being used by companies across the world to manage routine interactions with their customers. For e.g., Chat bots &voice instructions greatly reduce the need to speak with an agent, thereby reducing operational costs.

Crypto currency:

Crypto currency eliminates the need for a third party in the payment process which makes transactions secure and convenient. Businesses that adopt this tech can expect to thrive better than those that do not.

As consumers become more proficient with tech and keep these trends in mind, payments through mobile wallets will be the new future. Additionally, we can also expect rapid growth of digital banking solutions, remote bank accounts and even digital credit cards. 

TraQiQ offers digital solutions to help large corporations across the world serve their customers better. A robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. TraQiQ also offers solutions that payment service providers need to launch and scale their businesses. 

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How to Drive Successful Digital Migration

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How to Drive Successful Digital Migration

Digital Migration has become a necessity rather than an option for most enterprises as companies look for the right tools to successfully execute their operations. Paving the way for an automated and a digitally connected world, companies need to ‘digitally transform’. 

However, traversing this path is often met with obstacles and viewed with apprehension. If your enterprise is contemplating a migration to digital services, there are a few principles one should keep in mind to drive this transformation while keeping collateral to a minimum with respect to the company’s business strategies and operations. 

Connecting the dots:

As an organization, one needs to successfully match the company’s overall business strategy with the migration strategy which will drive digital transformation. This is normally done to achieve a sort of harmony between the two and create an eco-system where both can co-exist and grow.

Putting the customer first:

It is essential that organizations remain customer-centric and realize that customers form the backbone of their enterprise. Taking a few steps in the shoes of the customer never hurts anyone and provides necessary insights into their needs and wants. Understanding how digital transformation can increase your customer database rather than decrease is of prime importance and this can only be done by creating a pleasant experience for both your customers and your business.

Evaluate and adapt your strategy:

It is essential that organizations regularly evaluate their business needs to avoid common traps like inflated costs, extravagant manpower requirements etc. which obstruct successful migration.

‘Inclusiveness’ is the need of the hour:

Companies need to make sure that their employees are on the same page regarding the ‘digital migration’ of their organization. Everyone needs to be aware of how they can play a part in this transformation and construct a meaningful ‘digital connect’ for their enterprise.

Owing to the pandemic, digital transformation has become the norm for many businesses and adopting an effective migration strategy could be key for driving positive change in this ‘digitally connected’ world. 

TraQiQ can help create a viable road map for your company with a robust ‘Digital Transformation’ strategy. With powerful AI solutions and analysis of current market trends, our strategy team can help facilitate growth for your organization at a ‘digital’ level and help you kick-start your transformation journey. 

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Paving the Way for a Better Future in Latin America and the Caribbean

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Paving the Way for a Better Future in Latin America and the Caribbean

Digital Payments have become an indispensable part of the economies in Latin America and the Caribbean and has created many business opportunities for budding and established companies. Statistics indicate that nearly 70% of the adult population in Latin America is either unbanked or underbanked and this sector represents a market of approximately$34 billion per year. This presents a huge opportunity for the global banking industry which has seen only moderate growth during recent times. 

There are two major types of companies that will benefit from this digital boom: FinTech enterprises that have a sizeable presence in the region, and small-to-medium-sized businesses (SMBs) who are able to leverage the advantages of mobile banking and payments. FinTech solutions enable SMBs to reach customers in rural areas and offer cost-effective solutions to customers as compared to traditional banking services. 

Some of the key challenges that SMBs may have to overcome to capitalize on this market are:

  • The need for an easy user interface for the entire customer Eco-system.
  • The regulatory environment for digital payments in Latin America and the Caribbean is still volatile and new regulations are needed to assure SMBs that their digital payments are secure.
  • There is an urgent need for predatory practices to stop, which endangers progress for SMBs and destabilizes business growth in the region.
  • Finally, security concerns of online payment platforms need to be addressed.

If these challenges can be overcome, business opportunities in the region for companies will be huge. At a more technical level, the focus on tokenization in digital payment systems could be the key to growth in the region as it will allow companies and banks to adopt similar systems worldwide. 

TraQiQ offers digital solutions to help large corporations across the world serve their customers better. TraQiQ’s cutting edge FinTech and AI-driven solutions have been deployed with leading multi-national customers around the world and are helping to increase customer loyalty, improve profitability and drive efficient financial transactions. 

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AI’s exponential growth due to COVID-19

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AI’s exponential growth due to COVID-19

Tackling the COVID-19 pandemic has required the support of many emerging technologies like Artificial Intelligence (AI), Internet of Things (IoT), Big Data and Machine Learning (ML). Here, we aim to delve into the role of Artificial Intelligence (AI) as a decisive technology to analyze, prepare us for prevention, and fight against the COVID-19 pandemic.

Has Corona virus made AI a household name? Many feel that AI is still in its infancy, whereas many tech experts would agree that AI has crossed its nascent stages of development and is ready to be assimilated into the mainstream. Organizations are in dire need of decision-making technologies which can perform real-time operations and help by giving proper suggestions which would save both time and effort. 

AI has seamlessly crossed over from mere prediction of recommended movies on Netflix or suggesting what to shop on Amazon. It is seen as a major force in driving digital transformation and for facilitating progress for many businesses across the globe. Its use and application across different industry verticals is set to grow exponentially as tech resources become more affordable and easily available. 

Organizations, especially those in the medical industry would most likely continue with their research on ways to tackle the pandemic with the help of emerging technologies like AI and capitalize on opportunities and solutions that it has provided, for a better future. This result-oriented tech is used for proper screening, analysis, prediction and tracking of data related to the current pandemic. 

Being an evidence-based medical tool, AI has the potential to improve the planning, treatment and reported outcomes of various COVID-19 cases. Powered by super-computers and backed by masses of data, it works in a proficient way to mimic human intelligence and may also play a vital role in understanding and suggesting methods for the development of a COVID-19 vaccine. 

TraQiQ offers a range of business intelligence and analytics solutions that can help you see beyond raw data. Our experts work with a variety of third-party tools to help with data preparation, mining, management, and visualization. TraQiQ can help in building the right dashboards for AI-based decision-making tools or build real time systems that monitor data feeds. Insights from this data can be used to improve customer experience, result in better business operations, and provide the right target audience for marketing initiatives. 

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