Digitization

What Defines a Data Strategy?

 
Each organization needs a strong Data Strategy to make efficient decisions.  

But why exactly do you need a Data Strategy?

Data is inevitable for a business, and the main reason why you need a data strategy is because it helps in efficient data management. Your data strategy outlines a definite set of goals and objectives across numerous projects. An efficient data strategy ensures data is used effectively and efficiently and is made available to the right people at the right time through any connected device over the cloud.

An enterprise data strategy acts as an umbrella for all domain-specific strategies like enterprise data management, Business Intelligence, Bigdata, etc. Agile Business Transformation is achievable through effective data management strategy. Most businesses today are still alarmed with not much clue about how to make efficient use of the vast repository of data which is scattered and available through numerous sources. This is exactly when your business needs a smart data strategy!

You can efficiently manage all your data using Nuvento Enterprise Data Management Services. Data management cloud ensure effective cross-functional collaboration and better data governance, quality and policy compliance.

The relevance of a fool-proof Data Management Platform

 
Reputation of a brand depends largely on its customer satisfaction scores, customers act as your brand’s mouthpiece and they can make or break your brand in this aggressive tech era. Decision makers in most enterprises are often confused amidst Complex processes and inefficient data management systems. This negatively impacts the information they pass on to a customer while offering a product or service through the internet or any other channel. This calls for the need for a strong and secure data strategy which ensures such information is regularly updated and scrutinized before it reaches the customer.

A simple example which illustrates this is the instruction passed on to the customer while dispatching a bank product like a debit/credit card. The product brochure which contains contradictory information can prove as lethal as far as brand image is concerned. The details which guide the customer as to how to activate the card should be simple to understand and easy. An effective data management platform scans your entire data storage and looks for correct information. This process goes through numerous security checks to detect faults. Finally, correct information gets ready which can be passed on to the customer as part of the product offer.

What is new in Data Warehouse as a Service (DWaaS)!

Customer data is securely stored over Microsoft Azure which is one of the most modern data warehouses optimized for maximum efficiency in decision making. In simple terms, data warehousing model configures and manages your entire hardware and software infrastructure and serves as a Hub for all your business data needs.

Digital transformation strategies require robust Data Strategy as a starting point. Nuvento collaborates, stores and processes all your data, be it structured, unstructured, static or streaming. Transformative developments in BI and Advanced analytics gets easier with Microsoft Azure.

Data warehouse architecture is also witnessing changes, businesses rely largely on the cloud these days and are making a smarter move towards cloud from the traditional on-premise servers. Cloud based data warehouses are comparatively quicker to set-up and scale. Time to market also gets accelerated compared to traditional systems. Data marts ensure smoother workflow within an enterprise. For instance, your marketing analyst can pick useful indicators on customer behaviour and make strategic decisions on targeting. Analytics using complex data gets easier since DataMart makes it possible to tailor data based on user requirements. In simple words, data mart precisely summarizes huge data pertaining to a specific line of business, then makes it available for further analysis.

Few essential components of an effective data strategy

 
Businesses are taking data strategy as an inevitable factor which directly impacts their profitability. Data driven organizations like Nuvento considers data integrations services as vital for smoother operations. Few essential components of an effective data strategy are as follows:

  • Identify Data:

Data comes in numerous forms from various sources, some might be reliable others might need stricter segmentation and analysis to arrive at meaningful insights. Being able to identify the data and its sources is the crucial element of any effective data strategy. Yes, that is the first and foremost step!

  • Data Provisioning:

Data which is arranged and stored in a specific pattern is made available without tampering the rules and access instructions. Data provisioning is an important step in deciding how stored data is structured and disseminated.

  • Data Store:

Your business application-based data is stored in a structured pattern and made available for further processing. Data onboarding is also an essential step, how you navigate across the site and get access to data, how you segment the data, and how far you are able to manage changes/modifications in data are all crucial for the development of a good data strategy.

  • Data Integration:

Data combinations which are identified are moved to desirable locations based on demand. Identifying and matching data, applying identity rules and precise analytics are some of the key fundamentals in data integration.

  • Data Governance:

Data management is a vast area for which governance rules are detailed and complex. Information policies need to be regularly updated and communicated. Methods to ensure effective and efficient data use must be the priority. Data quality, data security, data rules, and policies are all evaluated as part of a strong data management strategy.

Contact us today to learn more about an accelerated Data oriented strategy!

The managed services market has huge growth potential; this is expected to grow from an estimated $152.45 billion in 2017 to $257.84 billion by 2022, representing a CAGR of 11.1%. Aligning managed IT services with all levels in business ensures reliability and continuity of business goals. Managed Services is nothing but proactively outsourcing certain business processes and functions which are meant to improve operations and reduce expenses.

Nuvento Managed Services Are Built Around The Following Main Features:

  1. Systems Administration: Management and maintenance of business operating systems, database servers and applications. We ensure your systems and servers run efficiently, with effective and fast troubleshooting applications. We provide network administration services which fits into your business within your budget. An outsourced Managed IT Service provider like Nuvento gives you access to the best trained and certified IT professionals. We monitor your servers and network round the clock; we address your connectivity issues, event log monitoring, disk/memory space related issues, backup monitoring, cloud management, routine maintenance activities.
  2. Support: Nuvento supports each component of your IT environment which includes workstations, servers, network devices. Typical support includes Router, firewall, network switch support, monitoring and maintenance,Computer application support,Computer help, both remote and on-site, all these within your budget.
  3. Monitoring & Reporting: Nuvento ensures your entire network is tuned, efficient and hassle- free. Managed Monitoring and Reporting Service can alert you to any business critical event like slowed server, slower response times. This enables you to decide who within your business team gets what type of alert, reason, time etc. This service also allows sending notifications based on the type and circumstances.
  4. Training: Nuvento provides expert guidance through remote sessions or on-site training, one- on-one and group instruction, be it for training your trainers or end-users. We have expert learning professionals for transforming your training function through training outsourcing services which curtail costs, add measurable value, provide efficient operations, and enhance business impact.
  5. Deployment and Support: Nuvento provides new dimensions to your business starting from strategy formulation to legacy systems migration, to hardware/software sourcing, maintenance and support. We tailor a world of technology which is perfectly suited to your business specific needs.
  6. Security: Nuvento makes sure your business network and data is safe with intelligently deployed security solutions, which includes firewall management, VPNs, intrusion detection monitoring. Managed security services are network security services which are outsourced to a service provider. Businesses turn to such providers to deal with information security issues such as malware, data theft, skills and resource constraints.

Benefits of Nuvento Managed IT services:

  1. Reduce Risk:

Government regulations, technologies, markets, financial conditions and markets all change at a rapid pace. Nuvento manages a lot of this risk for you because of our industry expertise in areas such as compliance and security issues.

  1. Proactive Solutions:

You receive better performance, prevent IT related problems from becoming worse which can otherwise turn into expensive repairs and increased downtime.

  1. Controlled and Predictable Spending:

Nuvento managed services help your business achieve better profitability through controlled and predictable spending, We ensure Immediate, round the clock and cost-effective technical support.

  1. Level the Playing Field:

One of the benefits of managed IT services is that outsourcing helps gain the expertise and the insight that larger companies have. This can help level the playing field between you and your competition.

  1. New Technology and access to expert IT team:

We are able to start projects utilizing the expertise of our IT team, right away, saving you valuable time and money.

  1. Faster Response Time:

When businesses work with NUVENTO, they receive the quickest response time support. We are able to repair most network problems that your business may have from our network operations center.

  1. Stay Focused on Business:

We help you stay focused on your business needs and let us deal with the complex IT situations. Our Managed IT services operations help businesses to reduce the largest cost driver of their operations and thereby re-focusing their efforts towards business growth. Our offerings include DBA Automation, Level 1 Support Automation, Technical Self Helps and Remote maintenance.

Call Nuvento To Know More!

Optical Character Recognition (OCR) is the most widely used and implemented data entry methods. OCR involves digital scanning and identification of written or printed text or images. Using this technology text is scanned, analyzed, and translated into character codes which are easily searchable and shareable through electronic medium. OCR technology considerably increases productivity and efficiency in organisations where work was mainly dependent on human workforce. This particularly applies in niche businesses which deal with huge document inflow and high volume scanning. OCR is able to perform a quick search through vast content and extract meaningful data which helps in decision making. This technology is particularly applicable in data intensive and sensitive businesses like banking and insurance.

Main advantages of OCR:

  1. Improved Productivity:

OCR software improves business productivity by facilitating faster data retrieval based on requirements. Workforce can get into more productive activities because they can access the needed documents easily without much manual work.

  1. Reduced Cost:

OCR cuts down tremendously on cost side by reducing manpower expenses which was otherwise required for carrying out huge manual data extraction activities. It also reduces other costs incurred in copying, printing, shipping etc. Hence OCR eliminates cost of misplaced or lost documents and offer better savings.

  1. Improved Accuracy:

Automated data entry tools like OCR helps in improved accuracy and reduced errors, which results in efficient data entry. Problems like data theft and data loss can also be tactically tackled by OCR software deployment. Issues like keying in wrong information accidentally or otherwise can be eliminated.

  1. Huge Storage Space:

OCR allows data to be stored in an electronic format in servers, this eliminates the need for maintaining huge paperfiles. OCR software thus helps in realising the paperless approach across the business.

  1. Improved Data Security:

Paper documents are easily prone to damage or destruction. Using OCR, data is securely stored in digital formats. This technology also prevents unauthorized access and mishandling of the digitized data.

  1. No-error Text-searchable Documents:

OCR data processing digitizes documents text searchable. This enables businesses to easily and efficiently lookup numbers, addresses, names or any other parameters that differentiate the document which is searched.

  1. Enhances Customer Service

Quick data accessibility is crucial in call center scenarios where customers need instant access to product information. OCR helps in storing and retrieving organized data about products and services at higher speed and accuracy. This considerably reduces call wait time and improves customer experience.

  1. Editable Documents:

OCR enables editability of scanned documents , especially when some information has to be updated. This is of great utility when huge contents have to be regularly updated or changes to be incorporated.

  1. Disaster Recovery:

Storage of data in secure servers is very crucial since it can be extracted and put to use in emergency situations. Business continuity is ensured during disaster situations and data remains safe and can be retrieved later on.

OCR software is useful to businesses in banking, mortgage, financial, legal and healthcare sectors. A reliable partner like Nuvento can help you save big costs and time using OCR software technology.

Call us to know more.

Optical character recognition (OCR): Mechanical or electronic conversion of scanned or photographic images of handwritten, typewritten or printed text into machine-encoded or computer readable text/images. The main application of this technology is in industries where a lot of data entry happens, and numerous printed records are to be decoded. This enables digitization of printed texts to enable data extraction, electronic editing, compact storage and online display and is used in machine processes such as machine translation, text to speech and text mining.

There are quite a few barriers in Insurance Industry such as duplicate and manual processes, knowledge/data/organizational silos, complex business models etc. Achieving digital operation excellence and digital customer experience is the main challenge faced in data intensive industries like Insurance. Few areas with automation potential are insurance proposal and claims data entry, payroll audit, insurance certificate generation, and invoice processing where a lot of manual workflows are still prevalent. Nuvento Robotic Process Automation (RPA) manages operational challenges and boosts digital transformation by streamlining all processes; this leverages analytics/cognitive/ML/NLP on a large scale.

Few benefits of OCR in Insurance Industry:

Benefit#1: OCR helps in strategic customer acquisition: Matching your insurance products and services to customer needs is a key improvement area in better customer acquisition. Automated analytic tools analyze the insurance policy document which is uploaded online and compares it to your own products/competitors’ products to see if you can offer a better/cheaper plan. Since this involves huge quantity of data, manual processes may not be capable of handling the data capture process at an efficient rate. OCR automatically transforms any no. of documents to accurate/structured data in a format suitable for further analysis.

Benefit #2: OCR enhances Customer Service:

OCR is a technological breakthrough in replacing manual scanning of paper documents. Traditionally paper documents were scanned and converted to flattened digital image files then manual indexing on each document. This process had human intervention involved which turned out to be error prone, inconsistent and expensive. This manual work process couldn’t handle the huge volume of content which in turn resulted in delays in workflow. Uncontrollable work delays can tarnish customer experience since customers require immediate resolution for each of their issues. Delayed claim settling creates additional customer stress thereby deteriorates retention rates and brand image. OCR deployment enables customers to turn out to be the business’s workforce, customers can process their own documents in an easy format ready for use.

Benefit #3: OCR improves margins and profitability:

OCR enables your insurance business to reduce costs by minimizing manual data entry mistakes which are common in traditional data capture methods. Switch over from manual indexing to automated OCR process would result in reducing manpower and associated costs and increases accuracy by avoiding errors and omissions. A minute error result in bulk of costs in data capture process, mainly in the form of time wasted searching for documents which are incorrectly indexed through manual process. OCR considerably reduces these kind of errors and improves profitability by way of cost reduction.

Benefit #4: OCR provides High precision predictions.

OCR converts bulk data into easier formats that are usable by AI or ML software. Historical data are analysed to make predictions about trends in market place, customer behavior and emerging risks. Huge amounts of content can be fed into OCR software which generates cause and effect predictions and identifies massive datasets. Automated OCR process are usually error-free, hence business can extract maximum value from their data to make meaningful predictions and harness AI power.

OCR is a revolutionary technology in enhancing data capture and management process and improving automated workflows in the insurance industry.

Contact Us to know more on OCR.

 

Learn finer detail about your competition, enhance customer acquisition , improve your brand image, enhance customer service round the clock and reduce costs with AI powered Chatbots. Gone are the days when your customers forget about insurance premium due dates and nag your call center agents to blame about forgetting to send premium reminders, this has a negative impact on productivity due to long call queues and ultimate jamming of your telephone lines.

Nuvento can empower you with a Fully Automated Insurance Agent who would alert your customers at the right time before they consider your competition, would alert your customers about premium due dates and diligently provide round the clock support to your customers especially in emergency situations when your customers are stuck with a claim.

According to Juniper Research Chatbots are expected to trim business costs by more than $8 billion per year by 2022. Few reasons why customers prefer chatbots:

  1. Nuvento Chatbots are almost like self-service portals or some knowledge encyclopaedia which can provide precise solutions/quicker resolutions to your customers’ insurance related queries.
  2. Nuvento Chatbots engage customers and avoids call waiting time which would otherwise frustrate customers if they are contacting a human insurance agent over IVR.
  3. Our Chatbots don’t judge your customers, also chatbots are free from cognitive biases. A human agent can irritate a customer but chatbot conversations are pre-programmed and customers feel more valued and respected in comparison to a human agent.

Nuvento ChatBot : Key Differentiators

  1. Provide an Instant quote: Nuvento Insurance bots can provide instant quotes which are customised as per customer requirement without engaging in detailed conversation.
  2. Insurance Premium calculation: Chatbots can easily calculate premium and eligibility based on different criteria. Apart from this, chatbots provide an easy platform to make premium payment process hassle-free.
  3. Advising customers on how to ensure regular savings through multiple policy discounts: Customers who are engaged properly would come back to your brand especially when you offer additional benefits and advise them on how to save regularly.
  4. By being with the customer in traumatic situations: AI chatbots can help the customer proceed with the claim in emergency situations where customer is unable to make a phone call to the insurance co.

Artificial intelligence powered chatbots can considerably speed up claim management and underwriting. According to McKinsey, Chatbots and associated technologies would automate 29% of customer service positions. The equation is somewhat like this:

1 phone representative handles only 1 customer at a time.

1 Live chat agent chats with about 3 customers at a time.

1 chatbot can handle unlimited number of interactions simultaneously.

“In Sales, You Let the Prospect Talk 80% of the Time and You Talk the Other 20%.” Chatbots diagnose customer conversations to find out which is the best suited plan for them, then suggest the best deal; this is a process which human brains are unable to achieve in a limited time. Nuvento AI chatbots help  digitally transform your business and win you repeat sales and brand loyal customers.