Category Archives: #DigitalTransformation

[:es][:es][:es][:en][:en][:en]Digital Transformation[:][:es]Transformación digital[:][:][:][:][:]

How Technology is Driving the Future of Payments?

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How Technology is Driving the Future of Payments?

Our systems of monetary exchange and payment have evolved swiftly in tandem with technical innovation over the last few decades. Businesses must adapt to and accept changing payment technologies in the face of extraordinary technological innovation, new and demanding regulatory frameworks, and changing consumer and corporate needs.

What is the reason for the shift in payment methods?

  • Digital technology advancements and changes.
  • Demand from customers.
  • Competitive forces.
  • FinTechs, merchants, and social media behemoths have all launched their own digital payment services.

So, how is technology influencing the future of payments, and where are we headed? Here are a few trends and technologies that are influencing how we pay:

Mobile Wallets

Mobile payments have a bright future ahead of them. Through convenience, communication, and rewards, mobile payment and online banking apps are increasingly boosting user experience.

Biometric Security

Consumer products are increasingly using biometric technology (such as smartphones). Biometrics provides an extra degree of protection to mobile payment systems, removing the need for passwords. As a result, customers can feel more comfortable utilizing online payment methods and have a more consistent user experience.

Omnichannel payment processing

Payment processing based on omnichannel will unlock considerable benefits, such as boosting customer loyalty and happiness, enabling enhanced sales efficiency, and preventing fraud, for many merchants who handle several retail channels and formats. The best method to offer payment processing is to provide a uniform customer experience across numerous channels and locales.

Blockchain

Cryptocurrency and blockchain technology are poised to become a fundamental vehicle of value exchange, despite their tumultuous and unconventional reputations. Blockchain technology should be adopted by the financial world and implemented in specific use cases.

Artificial Intelligence

Artificial intelligence (AI) applications are increasingly disrupting today’s commercial environment. Chatbots, which can arrange and perform basic transactions using simple voice commands, is one example in the payment business.

Focus on Customer Experience

Customer experience is at the heart of the payment revolution. Institutions are increasingly required to use new technology and harness digital innovation to improve the customer’s payment experience.

How do you keep up with payment technology?

To meet client demand and stay ahead of (or at least keep up with) the competition, it’s a good idea to keep up with the latest payment technology. Although switching to new payment methods may require some upfront expenditure, it may wind up saving you money in the long run.

How can TraQiQ help?

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.

We are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. 

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TraQiQ, Inc. is a Global Technology company with a suite of products designed to identify customers, facilitate payments, and fulfill transactions.

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Digital Transformation: Moving the Entire Company’s Operations to the Cloud

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Digital Transformation: Moving the Entire Company’s Operations to the Cloud

One of the main pillars of achieving digital transformation has been undoubtedly through ‘The Cloud’. With emerging technologies set to take over business operations around the world, Cloud tech is at the forefront of this transformation.

Nowadays, enterprises depend heavily on the effective use of technology to facilitate their business operations. Digital transformation cannot happen overnight but requires concerted efforts over a period and the aim is to identify business opportunities, increase operational efficiency and make company product and services easily accessible to the customer through technology.

Cloud services are key to achieving a user-friendly interface for all customers. It has laid the foundation for design of business frameworks and for expediting company operations. A cloud-based digital transformation strategy can be beneficial in the following ways: 

  • Reduced cost.
  • High scalability.
  • Provides faster execution options and enables informed decision making.
  • Offers replacement for redundant and heavy back-office applications.
  • Flexible to changes as per business needs.
  • The ability to handle large volumes of data.
  • Using cloud to incorporate emerging tech like AI, IoT etc.
  • Provide winning digital customer experiences.

The cloud has much to offer but transitioning to cloud Tech must be meticulously planned and well executed. If not, it could cause major disruptions in company operations and their day-to-day activity. Executives should focus on how they can derive maximum benefit from this tech to help facilitate progress for their business. 

Digital transformation is for the future of business, and hence a business-driven strategy should be given priority rather than IT-centric concerns. The company should focus on how transformation to cloud will drive success for its business and how they can use their strategy as a formula for success. 

A well planned and executed transition to cloud-based solutions can help provide a significant competitive advantage. With tools like TraQiQ’s document digitization platform (TraQData), innovative AI solutions etc., TraQiQ can help you create an effective strategy for your organization’s migration to cloud-based services and solutions. 

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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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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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The Future of Insurance Industry- Digital Customer Engagement

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The Future of Insurance Industry- Digital Customer Engagement

2020 is the new age of digitization and modernization! Through technical advancements, companies across the world have been able to streamline their work processes as a whole and the insurance sector is no exception to that. When it comes to the insurance industry, however, the use of technology has been restricted to the job processes alone, neglecting customer interaction.

Customers go digital through the Smartphone, web, and social media and the insurers are still far behind when it comes to interacting with customers on the digital front or understanding the opportunities these channels give them. 

Such opportunities are best achieved by using powerful analytics and artificial intelligence techniques, as they literally allow insurers to sense consumer needs and address the same needs accordingly, ultimately gaining trust and loyalty. 

Whatever the form of business is, consumers prefer the digital approach to purchase and engaging with one brand over another. The insurance industry is one sector in which consumers often attempt to clear up their questions about new insurance plans or current ones. 

They need digital solutions for that, as they don’t want to wait in the physical locations or over the phone calls. They want the insurers to support them round the clock in the form of chat bots, live video and more with the help of technology. 

Besides this, the use of technology helps insurers to follow the right customer personalization approaches, engage with new and existing customers and provide good customer service and seamless experience. 

A successful digital transformation strategy is just as much about changing company behaviors to adapt to customer trends, as it is about a shiny new product that promises to radicalize how an organization conducts business. This is where TraQSuite can help businesses build the right solutions for their customers.

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A Happy Customer and Lower Operational Cost

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A Happy Customer and Lower Operational Cost

Need to maximize operational efficiency, make better use of on-field capital, increase vehicle utilization, meet more customers and boost customer satisfaction? Efficient logistics management is the main differentiator that determines the performance of many businesses. Increasing consumer demands and deliveries from the doorstep only add to the complexity of supply chain processes. New-age deep-tech companies provide a variety of value-added services to meet demand in the logistics space. 

As logistics and transportation expenses take a bigger bite out of every dollar of revenue, companies are constantly evaluating this expense related to their overall business cost. Logistic expenditures usually account for 8–10 percent of a company’s operating costs, and most companies are attempting to control the dynamic operations by implementing resources of technology. A business can make significant strategic changes and increase its operating performance with an integrated, cost-effective logistics system. This also increases scalability, reduces human errors, and offers a constructive approach to satisfying the customers. 

Traditionally, corporate managers have treated transportation as an unavoidable bucket of costs. However, top-performing businesses like Amazon now understand that it can be more than managing supply chain operations: it can be the source of competitive advantage. 

Factors to be considered to save cost and time:

Consumer satisfaction:

Customer loyalty is important, as attracting a customer costs five times more on average than maintaining one. To keep customers happy requires that the logistics costs per order are low. By retaining customer loyalty, companies can keep up and thus spread the logistics service costs over a larger number of orders/customers. Because of this strong link between customer satisfaction and overall cost savings, customer service should accordingly be factored into every calculation of improvements in logistics costs.

Labor costs:

Every project should be seen through the prism of labor costs and attrition rates. If well structured, incentive programs for field executives really work in reducing both. Automation systems that provide end-to-end metrics of success in terms of distance travel, number of tasks performed, time on the road, and transaction time can help to build the much-needed incentive programs.

Faster processing and delivery:

It results in more pleased consumers and a lower cost of transporting inventories. Reaction time is a strategic tool of rising significance in the competitive arena. Leading firms seek to respond to orders in a minimum amount of time as delay costs directly affect prices, operating policies, sales, and the profits of the firm in a competitive environment. These time-based strategies can be dealt with through the use of technological innovations. In an era of free shipping, one-hour delivery, and drone drops, customers have high expectations about efficient product delivery.

Failed deliveries:

This raises retailers’ prices, both in terms of redelivery fees and the logistical expense of rescheduling orders, and deciding the exact addresses. It also contributes to disappointed customers who are unlikely to return to your site, and who can harm the credibility of your brand.

When the appropriate tools to manage complexity are in place, organizations have greater opportunities to continuously create operational efficiencies and keep customers happy. This where TraQiQ can help businesses build the right solutions for their customer in the digital age. 

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The Future of the Digital Supply chain: The Worlds Collide

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The Future of the Digital Supply chain: The Worlds Collide

Historically, we have viewed the world through a couple of lenses – a consumer lens and a business lens. So, where does an Uber driver fit it. A little bit of both worlds. The driver is both a consumer and a small business. So, what are the elements that we consider as we investigate the future? 

Universal devices like Mobile phones and tablets (reduced dedicated hardware units like credit card terminals & ATM’s). Many of the local coffee shops and restaurants have made the migration. Most others will follow. The flexibility and ease of use of these devices is driving adoption. The consumers will continue to migrate more payments to phones – away from cards and towards QR codes and other contactless systems. And remember, these devices are being used to buy, sell, transact – for both the consumer role and the business.

Payment gateways and mobile wallets started the revolution. Today, cloud-based Software with API’s are connecting all the players. These software platforms must be extensible, interconnected and evolve rapidly. As we take a wholistic view of where the transaction originates (a mobile device), to where the multi-party settlement happens (in the cloud), and the triggers to the supply chain to build/deliver a product or service. The supply chain of tomorrow has employees, vendors, and an army of independent professionals who may or may not be available at any given time – so real time changes will be the norm. 

Technology solutions like Blockchain offer security and transparency. These encrypted distributed ledgers will continue to provide trusted real-time verification of transactions with the need for intermediaries like correspondent banks and clearing houses.

We went from a world of passwords to two-factor authentication. Now we are gradually moving towards biometric solutions for authentication and decision. Voice, fingerprints, retina are just the beginning. Good technology innovation almost always gets noticed by bad actors who want to prey on the weak. It is likely that the biological and structural characteristics of a person will help eliminate most of that. 

Social platforms altered digital payments solutions a few years ago when Venmo allowed users to transfer money and share transaction details with their social eco-system. It is unlikely that the trend will change in the near term. It is another example of multiple world’s colliding. It is not just about making digital payments. It is a newsfeed that tells you who is going to a concert, paying rent and dining out (and with whom). 

Emerging markets are bringing in a couple more billion people to the connected universe. It is likely that those markets will drive the evolution of these solutions. Not just language, but social and cultural elements that will impact product design.

Smart home solutions like Amazon Dash allow one tap re-ordering. There are other sensors that automatically reorder. Similarly, as we communicate via voice with Siri, Alexa or Corona, we are driving up Voice based transactions and commerce. That trend is likely to grow. The voice authenticates, instructs and completes the transaction. 

Analytics, Artificial intelligence and Machine learning. Some of these are used interchangeably. Arguably, these will have the greatest impact on digital payments in the future – starting with preventing fraud, helping businesses recommend products and services to their customers, and helping drive automated transactions. It is as simple as the Netflix or YouTube dashboard – the media recommendations that show up are clearly based on the user’s preference and history….and drive many new media purchases, all done in a seamless manner that maximizes the user’s media watching experience. 

TraQiQ offers Digital payment solutions that have been in production for over 10 years. These solutions have evolved rapidly and provide great value in a socially connected world where barriers are coming down and emerging market consumers are driving change. 

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Digital Transformation

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Digital Transformation

We hope everyone in your ecosystem is healthy and safe, as we go through this global pandemic. The TraQiQ team sends healing thoughts to those who have been unwell and impacted in any way. 

Our teams have been working for the last few weeks – in the safety of their homes. While there have been infrastructure issues, we have been able to stay on top of our commitments and deliverables. 

As a technology and services provider, we must stay on top of technology – we transition to cloud-based solutions for our own operations. It did not take much for us to start working from home. We have been talking to many of our customers about the challenges that they faced, and we have been surprised by the extent of issues that we have seen. So, we thought we would send out a note starting a conversation with many of our customers and partners. This is a great time to start working on building a long-term road map, as we restart and rebuild our current operations. 

Digital transformation started with reducing reliance on user-owned hardware and increased reliance on subscription-based cloud services. Some of these digital solutions enhance capabilities of traditional software products while others are entirely cloud based. 

Transformation is not a check-the-box, one-off project – it’s ongoing. Quick wins are important. However, it is critical to have a roadmap that brings everything to focus. 

Technology is needed to deliver optimal customer experiences. Customers’ preferences, purchasing power, and loyalty need to be the catalyst that drives any digital transformation strategy with AI providing meaningful insights that motivate companies to change. 

Companies must be continuously reinventing their business – with technology at the core – or watch from the sidelines while their market is disrupted by organizations proficient at digital transformation. 

The experts at TraQiQ can help build a roadmap and kick-start your journey. 

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Customer Focus

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Customer Focus

The rules of business are being rewritten nearly every day with this imperative for business digital transformation. Every business leader must apply these rules to engage, compete, and grow. Every industry has a unique digital transformation opportunity. 

Improving customers’ experiences needs to be the cornerstone of any investment in new technologies or business processes. It’s important to get beyond digital transformation as purely a technical, abstract construct and see it as a must-have strategy to retain customers and attract new ones. 

Every company needs to build platforms and partnership to accelerate and scale this transformation. This brings into focus the ability to innovate at the intersection of experiences and operations. Better data leads to better customer results. 

AI is helping to more precisely define customers’ preferences and needs. Organizations that are the most successful with digital transformation initiatives can see improvements in customer loyalty rates and customer satisfaction. AI-based algorithms are making it possible to create models that are invaluable for predicting which customers will act on a bundling or pricing offer. These models rely on predictive analytics including machine learning to predict the probability a given customer will act on a bundling or pricing offer, e-mail campaign or other call-to-action leading to a purchase, upsell or cross-sell. 

Capitalizing on insights gained from AI, organizations are redesigning their technology infrastructure and process to improve customer experiences. This infrastructure needs to scale rapidly, change rapidly and integrate with the cloud-based infrastructure of the entire supply chain. 

TraQiQ can help in designing, building, and running cloud-based technology platforms and AI models that help our customers and partners bring their offerings to market rapidly.

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Digital Transformation in Insurance

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Digital Transformation in Insurance

Digital transformation is revolutionizing the insurance industry. This is driven primarily by the consumer looker for better policies. Agile young insurance companies are fanning those desires and that is eventually driving the larger companies to jump on the innovation bandwagon. 

Consumers are looking for more personalized insurance policies and greater control over their coverage. They prefer self-management of policies via digital channels. 

Insurance companies have deep expertise in risk management. They have used these models for decades to define and build their business models. Over the last few years, Insurance companies have started to invest resources in understanding their customers – these customer analytics models are helping to understand the preferences of their customers. This is resulting in a lot more policies and therefore more profits. Some of these policies are in the traditional areas like Life insurance. A lot more are micro-policies that are bundled in with smaller consumer transactions. Companies like Slice and Insurance.com are driving the process and making insurance transactions smarter, faster, and better.

In the past, the claims process was always a huge investment of time and resources, by everyone involved. Filling in forms, reviewing them, etc. has always been viewed as a painful process by everyone. Today, all of that can be done by clicking a couple buttons on a mobile device. Technology is enabling the industry to settle claims more quickly, dramatically improving the customer experience. Machine Learning technology is helping to detect potential fraud, pinpoint high-risk scenarios and automate the prevention processes to limit exposure and damages. Artificial Intelligence models can assist underwriters and automate simple processes. AI reduces the risk of human error and resubmissions, while increasing individual underwriter bandwidth. Blockchain enabled smart contracts allow Business-to-Business transactions to be smooth, efficient, and secure This in turn strengthens the policyholder-insurer relationship and brand loyalty. 

Insurance companies need to upgrade how they interact with customers across all devices and all communication channels. Millennials seek greater control over their coverage, insurers are under pressure to modernize and personalize policies with swifter rollouts and more customization of offerings. 

TraQiQ can help integrate data from fragmented internal systems to present a single view of your customers and business to your team. Take it even further by adding data from external systems to increase your business intelligence. A cohesive business framework, customer analytics, and an optimal customer experience lead to business growth and success.

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Digital Transformation in Government

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Digital Transformation in Government

In recent years, agencies across the federal government have embraced cloud computing architectures and solutions to provide services to constituents and reduce the need for large-scale, traditional IT infrastructure investments. 

Governments are in the midst of a historic transformation as they move towards a Cloud based infrastructure. Digital technologies are disrupting the public sector. While most governments are at very different stages in their journey of digital transformation, most lag behind the private sector. In general, their readiness to respond to digital trends is considered low. 

Cost and budget pressures and citizen demands are far and away the two primary drivers of digital transformation. Local, state and federal governments are using technology to improve their citizens’ lives. From automation, to using the IoT to make cities smarter, these entities have discovered how to use tech to improve workplace efficiency and improve the lives of citizens. Data collection and analytics continue to improve various facets of government, with officials acknowledging the necessity of establishing concrete rules for how data will be used.

Most of the current government budgets are meant for ongoing operations. A very small component is focused on innovation. Automation is the solution to freeing up more of the budget. The government agencies have to use technology solutions from Customer centric dashboards to AI/ML models to create more customer centric experiences. 

Cybersecurity attacks are a form of 21st-century warfare which is why governments are working around the clock to protect citizen data and infrastructure. With citizen’s increased virtual presence and the large amount of highly sensitive information now stored online, all sectors continue to make improvements to cyber security and protection. Understanding that a risk-based approach is best to aid in governments’ informed decision-making, technology is now being used not only for defense but detection.. 

With the abundance of sensors around us – in cars, trash cans, buildings and devices, data and information are automatically collected and distributed. IoT based smart meters connect with utility companies to save energy and road sensors that track and manage traffic patterns. In addition to these infrastructure projects, IoT is also at work behind the scenes of service efforts like public transportation, public safety, and sustainability. 

TraQiQ can help develop and deploy a comprehensive Digital Transformation strategy. This would involve building a complete migration plan, defining the cloud infrastructure, and seamlessly integrating with a diverse platform of external services. 

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