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Introducing Top 3 Startups Ready to Take on Banking Analytics

Success of any business decision depends on the quality and quantity of information. Some firms have access to more information than others; particularly good examples could be banks.

The banking industry is subject to a wide array of stringent regulations that govern their daily operations. Remaining compliant with this environment requires banking institutions to memorize nearly all aspects of their actions, including conversations, transactions, and customer transcripts.

In short, banks produce reams of raw data daily, most of which are to be scarcely analyzed or reviewed. Data analytics is a powerful solution that enables banks to take advantage of the raw data by transforming it into highly useful analytical forecasts.

Like diamond amidst coal, raw data includes valuable information that is left undiscovered as its extraction is often burdensome and expensive. This has created an opportunity for entrants to help banks make complete sense of data and comply with the increasing regulations in a cost-efficient manner. Here is a glance on the three of the hottest banking analytics solution startups catching the attention of leading players in the industry.

• Hexanika

Hexanika is a forerunning data management and reporting solution provider for financial institutions. It uses artificial intelligence, big data, and robotics to automate the process of data management. Its solutions aid financial firms to tackle the rapid challenge posed by regulatory pressures and increasing global competition while reducing cost and time of the processes. Founded in the U.S., its innovative solutions improve data quality and keep regulatory reporting in harmony.

Hexanika’s unique big data deployment approach simplifies, optimizes, and reduces the cost of banking analytics. To streamline data, it offers end to end data management, analytics, and reporting platform making banking analytics effective. The company is providing its solutions to financial institutions and helping them keep pace with changing regulatory requirements by leveraging artificial intelligence.

• Flybits

Banks are looking for ways to maximize their use of data and better engage customers. The contextual data intelligence company, Flybits leverages the Read More

Fintech

Banking

Data Solutions

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The (E-) Doctor Is In: What Trends to Spot in Healthcare Technology Today

“Disruptive technologies” are the trending watchwords du jour, a catchphrase that encapsulates the displacement of existing market models with change, innovation and upheaval, and this phenomenon is as relevant as ever right now in the field of healthcare and medicine.

Earlier in the year, three behemoth corporate players, who are not traditionally associated with Healthcare— Amazon, Berkshire Hathaway, and JP Morgan Chase— forged a partnership to leverage state-of-the-art healthcare technology to provide to their employees “simplified, high-quality and transparent healthcare at a reasonable cost.”

So what is in the cards for the ever-evolving face of healthcare technology today?

Artificial Intelligence

AI has transformed the way healthcare providers render their services and how patients experience their level of care, in areas such as clinical diagnostic accuracy, acute care rehabilitation, predictive disease analysis, hospital operations, and population health.

It is an area that is teeming with possibilities for growth: by 2035, workplace productivity is projected to spike by as much as 35 percent and surpass the $6 billion mark as AI continues to play an integral part in alleviating physician shortage and patient congestion, as well as adopting more optimal and precise treatment plans.

As patients increasingly want more control over personal healthcare decisions, AI, Deep Learning and digital image content analysis can be tapped to analyze and anticipate disease, devise optimal care approaches and design methodologies of diagnosis and treatment of medical malaise. Pathology and Radiology specialties are in the early stages of AI transformation.

Augmented Reality

Immersive technologies such as Augmented Reality (AR) can be a huge opportunity for advanced visualization for healthcare providers and their patients, with a projected market share of $90 billion by 2020.

 For example, images from a real-world environment such as the OR can be embedded with computer-generated sensory input such as sound, video, and graphics, enabling surgeons to navigate their way around minimally invasive procedures or to develop 3D reconstructions of tumors without resorting to radiation exposure. Virtual apps have also been used to educate patients on the use of AEDs or defibrillators.

Wearables, IoT and Mobile Health Apps

The growing business of preventative care in the form of wearables—whether as part of corporate wellness programs or individual health and fitness markets—is expected to rise to $12.1 billion by 2021.

Remote health monitoring via wearables and mobile health apps could lead to a notable decrease in hospitalizations and ensure that those who need urgent care will have access to it more readily and with greater ease. For instance, the digital contact lens can be worn by diabetics to measure and maintain their blood sugar levels.

The advantages of wearables are diverse: they have user-friendly interfaces and boast of connectivity features such as wireless data transmission, real-time feedback, and alerting mechanisms, granting patients secured access to their health records and providing quicker diagnosis and treatment of conditions such as arrhythmia, asthma, and COPD.

Telemedicine

Although the words telemedicine and telehealth are likely to become obsolete within five years, the use of the latest technology advancements to provide healthcare to patients will become commonplace globally.

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5 Lean Manufacturing Benchmarks to Follow

Going lean has been the goal of most companies in the last few years because lean has proven to be an effective model for most demanding industries like software development, manufacturing, construction, and many others.

In today's cut-throat competition where improved quality, shorter lead times, increased profit, reduced cost, enhanced productivity and better customer service are used to measure a company’s worth, lean is the methodology to follow. Lean manufacturing is simple to understand and quickly makes an impact when implemented properly.

The 5 Lean Manufacturing Benchmarks To Follow:

1) Abolishing Waste

Lean principles revolve around the idea of detecting waste and minimizing them. It uses the acronym "DOWNTIME" which reveals the 8 types of waste Lean Manufactures target:

• Defects are arguably the most costly type of waste, especially if it reaches the customer. • Overproduction is making more products than ordered. It can cause raw material shortage and wastage of labor hours. • Waiting is when the line shutdown occurs while equipment repair or waiting for parts. • Not using people’s talents is when manufacturers fail to use their employee’s talents properly, holding back the innovation at the organization. • Transportation is what drives the manufacturing process, from material delivery to supply chain and specific production areas. • Inventory comprises of raw material, finished goods, sub-assembly, office supplies and Maintenance, Repair and Operations (MRO). Outdated inventory can take up valuable space. • Motion means reaching, bending, walking and lifting. Even sharing tools between workstations can waste a lot of time while retrieving it. • Excess processing is spending time on product features that don't affect the functionality.

2) Constant Improvement

Lean manufacturing is not a one-time job, nor is it ever finished. Thus, promoting a culture of continuous improvement instills Lean thinking throughout your organization. Constant Improvement can happen daily. Continuous improvement can also be attained through kaizen, a Japanese term translated... Read More

IoT, Big Data, and Blockchain: A Combination to Achieve Maximum Business Efficiency

Big data, Internet of Things (IoT) and blockchain are witnessing a radical growth in their functions and practices as technologies advance. Simultaneously, innovations in electronics and wireless communication technologies have contributed excessive benefits to these platforms.

These developments have resulted in various advancements in the number of suitable electronic devices in many industries as well as reduced costs in the manufacturing process of these devices.

The merging of big data, IoT, and blockchain into a single system provides effective and secure predictive analytics. On the other hand, this combination will provide more benefits in each of their functions and practices, by giving assistance and support to each other.

Read More: Maximum Business Efficiency by combining  IoT, Big Data, and Blockchain

Gamification Tied to Business Needs

In 2002, a British programmer and inventor, Nick Pelling coined the term gamification in which the advent gaming concepts are introduced in real life to achieve better user interface design amongst electronic transactions. 

Up to the year 2011, the gamification is not popular until Gartner realized the advantages of gamification and introduced the concept into his Hype Cycle list.

Gartner, a  leading IT research organization, has predicted that more than 50 percent of the organization will be replaced with gamification in the future and will be implemented in almost every part of the life cycle.

In recent years, design features captured through gamification has bought notable changes in the field of academia as well as industry. However, due to the dearth in comprehensive understanding and lack of resources has made gamification to fail.

Full article here:   Gamification tied to Business Needs

Internet of Things (IoT) drives various manufacturing and supply chain processes in its first phase of implementation. Now is the time for the world to witness the second phase of the implementation where IoT will transform the conventional industrial processes. Other technologies like Artificial Intelligence, big data, and cloud with IoT will give impetus to the development of new robust technological frameworks that drive automation to new heights off-loading burden from human shoulders.

Trends that are going to change the HR industry

Suitable candidates are considered as the assets for organizations. The hardships lead to be more strategic for the HR (human resource) team of organizations because HRs’ role is to recruit not only an employee but also understand if the employee can serve as an asset for the very organization and recruit accordingly.

Nowadays technologies have made HR industry evolving to become more efficient, profitable, and enjoyable for employees. This industry is converting into more productive one with the help of advanced technologies. 

Following are some of the trends, which are transforming the industry:

Artificial intelligence (AI): Talent acquisition is one of the important responsibilities of HR departments, but even they cannot be entirely sure about the hiring. AI technology streamlines this hiring process by relying more on the analytical process instead of by human observations. Also, AI helps in listing relevant interview questions according to the post, employee’s background.

Robotics Quotient: The HR department has many transactional activities that are ideally suited for robotic process automation (RPA). RPA enables HRs to automate tasks that are rule-based, repetitive, and standardized and results in free-minded HRs who can focus on more strategic and innovative functions as talent development, retention, and policy implementation.

Predictive analysis: HRs deal with large quantities of people data. With the help of predictive analytics, HRs need not rely on gut feeling or soft science; they can rely on proven and data-driven predictive models. Predictive analysis enables HRs to forecast the impact of people policies on the well-being and bottom-line performance of the employees.  

Cloud: Cloud applications play a significant role in the HR industry. Functions of organizations need fast and flexible IT frameworks. Cloud is redefining the frameworks and process of working of the organizations. The competitions in organizations on recruiting processes increase data of a number of candidates and push the organizations to move the information to the cloud. Moving data to the cloud makes HRs’ functions more efficient as it lowers the manual works of HRs.

By the advancement of technology, HRs are playing a leadership role in the growth of organizations. As HRs are adopting the change with the help of technologies, the organizations will become smarter and more productive.

Know More: HR Technology