Feature Technologies for Digital Transformations
Organizations observe and consider more dynamics to understand the nature of the business's disruption and adopt the Digital Transformations.
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Organizations observe and consider more dynamics to understand the nature of the business's disruption and adopt the Digital Transformations. Organizations are faced with evaluating the dynamics that play significant roles in digital transformations. Digital Transformation is adopting digital technology to transform services or businesses by replacing traditional processes with digital technology. Below are the sectors majorly concern about the digital transformations:
- Hospital management.
- Banking (FinTech).
- Health Care.
- Supply Chain.
Tech companies, especially FinTech (Financial technology), play a critical role in the IT industry's digital transformation. The digitalization and reengineering of front-, middle- and back-office processes and IT institutions make them more efficient and effective. In 2019, Accenture reported that only 19 of 161 leading financial institutions were committed to digital transformation.
The following are the major digital technologies in features that reinforce the IT industry's digital transformation strategy.
- Artificial Intelligence:
- Machine learning.
- Deep learning.
- Natural language processing.
- Ontologies and knowledge bases.
- Quantum computing.
- Cloud innovations.
- Internet of Things (IoT).
Some of the use cases for digital transformation using the above technologies in the FinTech industry is:
- Chatbots and Virtual Assistance.
- Authentication and Biometric.
- Automated Speech and Writing.
- Business Intelligence.
- Predictive Analytics.
- Regularity Compliances.
- Credit Scoring.
- Customer Loyalty Programs.
- Cryptographic Systems.
The above core digital technologies capable of disrupting the financial and IT industry. FinTech and Regularity Technology (RegTech) software start-ups, traditional IT institutions, are investing in these technologies for a variety of digital process, product, and service innovations, to reinforce new business models. These transformations help organizations enhance revenue models, build and sustain customer relationships and value through business process efficiency or automation.
Organizations have to build skills in the above technologies areas to support FinTech and IT applications for transformation from existing legacy and maintain the applications.
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