Monthly Archives :

November 2019

Top 5 Applications of VR and AR in Healthcare
Top 5 Applications of VR and AR in Healthcare Raju G

Top 5 Applications of

VR & AR

in Healthcare

In recent days, the implementation of AR and VR in Healthcare appears to be a perfect fit. Both technologies proved themselves to provide a much easier and effective solution to various challenges of the health care system and as such offer numerous diverse opportunities for its implementations in various areas - such as general diagnostics and medical training.

Transforming the training of Medical Professionals

The training of medical professionals or surgeons is a domain in which Virtual Reality can be implemented and proved to be extremely beneficial. Implementation of VR in healthcare was first performed at the Royal London Hospital in the United Kingdom where the elimination of malignant tissue with the help of a VR camera. This helps the aspiring medical students to watch the operation ‘live’ instead of trying to catch a glimpse over a surgeon’s shoulders.

 

Application of AR in healthcare can be demonstrated by taking the instance of AR in surgery by a colorectal surgeon at St Bartholomew’s Hospital in London (UK), where Microsoft’s HoloLens VR headset has been used to virtually bring together surgeons worldwide to operate on a patient.

 

Analyzing cancer in 3D

Another example of the implication of VR in healthcare is Virtual Reality enables the researcher to have a deep understanding of Cancer, a VR 3D model of cancer has been recently discovered by scientists from the Cancer Research UK Cambridge Institute (UK) which provided an advanced technique of looking at the disease. After taking a cancerous tumor sample from a patient, Virtual Reality allows studying the sample in detail and from all angles – with each and every cell mapped out. The main idea behind the VR 3D model is to help cancer researchers’ to gain a better understanding of cancer and help find new treatments for the disease.

Lowering the symptoms of depression

Nearly 30 percent of patients with clinical depression are experiencing clinical progress from using virtual reality and augmented reality as part of their diagnosis process. Research suggested that from University College London (UCL) and ICREA-University of Barcelona, an advanced type of VR therapy where depressed patients get their own soothing words of comfort has been found to relieve symptoms of depression.

Patients are trained to convey compassion and affection towards a suffered virtual child. Later the patients are incorporated into the same child (virtual) and encounter their own affectionate gestures and compassionate commands. This kind of VR diagnosis has led to patients involved in the research of suffering lowered depressive symptoms.

 

 

Advanced detection of Alzheimer’s disease

Another instance of an implementation of VR used by clinicians to figure out the signs of Alzheimer’s disease in patients. The primary study from the University of Cambridge used a navigation test completely dependent on virtual reality on patients that were found to be flawlessly accurate in diagnosing mild symptoms of Alzheimer’s disease, as opposed to traditional cognitive tests.

AR Surgery Assistance

Another implementation of AR in healthcare is in surgical processes which are no doubt one of the most promising areas where Augmented reality can be utilized. There can be multiple ways it can be done like:

  1. As a visual shorthand for handling different procedures required in different cases like, with the implementation of Hologram monitors.
  2. Dashboard with several data emerging at request – such as patient care, patient’s vital stats, critical information on a disease and its treatment, etc.
  3. As remote assistance in complex scenarios that require increased awareness over possible results.

 

Both augmented reality and virtual reality are under cutting edge technologies which are on the verge of transforming the entire daily process, it will change the way we consult doctors or medical professionals, perform in retail, and communicate with students, and other people. In order to gain maximum profitability in the business, one must utilize Augmented Reality and Virtual Reality technologies into the overall business processes. In the coming days, these technologies will be in great demand and organizations from different sectors implementing AR and VR for customer retention with mobile apps and also increase their sales, providing better customer service, and support

Top three best practices for Banking and Financial Institutions
Top three best practices for Banking and Financial Institutions Raju G

Top three best practices for Banking and Financial Institutions across their digital transformation journey

Digital transformation is all about providing little extra benefits on online and mobility platforms. The classical banking approach needs to integrate digital speed and ease with human interference that is both practically accepted and aiding at important times in the customer success roadmap. Eight out of ten financial institutions accept that the implication of advanced digital technology will profoundly change the banking industry and will completely change the domain’s competitive scenario.

To create a flawless strategy on digital transformation, banks and financial institutions needs to consider the following best practices across the digital transformation journey:

(1) Improving the customer success procedures

The road of customer journey currently getting much advanced. Banking and financial institutions need to identify what is crucial in the customer journey — which is going to make a remarkable difference and will create a major impact between contrasting consumer segments — and then work continuously to improve the consumer experience.

A digitized environment is not only implemented to fetch happiness to consumers, it also provides open hands to employees for more important tasks like cross-selling and maintaining a relationship while simultaneously lowering the operation cost by smoothing processes. Even changing just a few processes can create a major impact. According, to BCG one large bank modified its credit lending process and reduced the timeframe from application to funding in half, saving 30% in costs related with the procedure. Another bank tackling the same process saved nearly $200 million in tenure of four years.

(2) Implementing Data Analytics

Data analytics emphasize banks to get a better insight into their consumers, determining new and efficient business opportunities and lowering operational costs. Business intelligence and advanced analytics permit financial sectors to flawless predictions in loan defaults or to identify defaulters, consumers who are underpaying the loan etc. The use of granular cluster analysis is a good idea to analyze a consumer product mix and average for that consumer type and using these derived insights helps the sales team to pitch the product more efficiently and strengthening the relationships.

Banks and financial sectors can implement data mining for better expectations and customer targeting. On the promising side, generating important leads and establishing connections between current and prospective clients. Implementing behavioral analytics to recognize unsatisfied customers and then design separate action plans to retain these consumers.

(3) Redesigning the Operating Model

Consumers now a days want the best of both the segment: a digital outlook when they need pace and benefit and a human affair when they seek support and advice for more complex banking products such as investments or mortgages or trading in stock markets when they have a blockers or issues. BCG suggests that the percentage of customers who want an integrated experience has raised to 43% from 36.8% in 2015.

Banks and credit institutions that integrate human interaction with digital and owned functionality is what BCG terms a bionic network and can anticipate to a 15% growth in revenue, up to a 35% depletion in branch operation costs and up to 15% rise in customer satisfaction.

Invoice Automation: Automating Critical Business Processes for a True Digital Future
Invoice Automation: Automating Critical Business Processes for a True Digital Future Raju G

Automating Critical Business Processes for a True Digital Future

Invoice Automation

Invoice
Automation

Invoice automation (also called automated invoice processing) is in the progressive stage of robotic process automation, which carries a significant value with reduced operational risks and adding valuable support to the organization. Invoice automation helps automate major time consuming and repetitive manual tasks at the backend of an enterprise.

Invoice automation grants straight-through processing without the requirement of any human involvement in the entire invoice process. Invoice automation includes tracking for invoices which reach to companies in different file formats like words, Jpeg, PDF, etc. and very often in hard copy papers and documents.

In case of any digital invoices, any general email automation tool or RPA bot can indicate emails with distinguished invoices and forward them quickly for extracting data from it. Organizations are shifting focus towards using a uniform address to centralize invoice scanning for maintaining hard copy invoices.

Capturing Invoice

Extracting required data like bank account details and order details from the invoice. Sometimes the software is not sure about the authentication process, thus the invoice needs to be sent to employees for a manual check and confirmation.

Revising Invoice

On order records and other processes, to make sure that the payment process and gateway is definitely a valid one. 

Evaluation includes the following processes

  • Crdoss-checking on all the available invoice on all the orders
  • Carefully cross-checking invoice to avoid duplicity
  • Implementing human labor policies to decide payment time and gateway, making it easy to decide whether to manually process an invoice or to continue with the automation process. 
  • Accumulating information on the invoice in systems
  • Creating the necessary payment to settle the invoice
    All the above processes excluding the invoice capture are completely based on rules. However, invoice capture completely depends on machine learning to pull out the required data from the invoice.
    Before automation, back-office teams would
  • Review invoices to get a better understanding of the relevant data in the invoice
  • Storing it to the relevant systems so each and every payments and system records would be up to date

Artificial Intelligence for invoice processing will be much more advanced and will have more salient features, including detection of fault transactions, predictive analytics on spending trends, and auditing expenditure.

Benefits of invoice automation

  • Lowers operational costs in invoice processing
  • Improves productivity and add higher value
  • Decreases invoice processing errors
  • Importance of Invoice Automation

Since the complete invoice management process is totally digital, many companies neglect invoice processing automation. This would be a huge mistake because even though the entire business ecosystem is digital but without automation there is a huge dependency on human workforces. In a digital set-up prior to automation, the invoices, the extracted data and the payment methods are digital but the process is no less time consuming than a completely analog process.

Conclusion

Allocating human workforce in executing repetitive manual tasks across the digital workflow is a critical issue as companies concentrate on digitizing the business operations, keeping automation technologies at bay. But currently, this issue is slowly getting fixed as companies are more shifted towards investing in implementation of automation technologies to automate repetitive processes. They attain this mostly with Robotic Process Automation. It can be expected that in near future, Artificial Intelligence for invoice processing will be much more advanced and will have more salient features, including detection of fault transactions, predictive analytics on spending trends, and auditing expenditure. The growing possibilities to implement Artificial Intelligence for invoices are nearly infinite: from cleaning invoice payments and making them primary, the entire processes are based on a set of internal rules to monitor financial and bankruptcy risks by analyzing the balance. RPA coupled with Artificial intelligence has very high potentials of revolutionizing the business process automation landscape.

Read our latest Blogs...

Have a Business Inquiry?

Privacy Preferences

When you visit our website, it may store information through your browser from specific services, usually in the form of cookies. Here you can change your Privacy preferences. It is worth noting that blocking some types of cookies may impact your experience on our website and the services we are able to offer.

Our website uses cookies, mainly from 3rd party services. Define your Privacy Preferences and/or agree to our use of cookies.