In a rapidly evolving business landscape, micro, small, and medium enterprises (MSMEs) in India are increasingly recognizing the importance of digital transformation. A recent survey  of Vodafone Idea’s enterprise arm reveals that 43% of MSMEs plan to increase their digitalisation budget next year. This trend underscores a growing awareness of the benefits of digital tools and technologies in driving growth, enhancing efficiency, and remaining competitive. In this blog, we explore the reasons behind this shift and what it means for the future of MSMEs in India.

The Driving Forces Behind Increased Budgets

1. Enhanced Efficiency and Productivity: Digital tools streamline operations, automate routine tasks, and improve overall efficiency. For MSMEs, this translates to reduced operational costs, faster turnaround times, and increased productivity. By investing in digital technologies, businesses can optimize their processes and focus more on strategic activities.
   
2. Improved Customer Experience: Today’s customers expect seamless, personalized experiences across all touchpoints. Digital technologies enables MSMEs to better understand customer preferences through data analytics and offer tailored solutions. Enhanced customer experience leads to higher satisfaction and loyalty, crucial for business growth.
   
3. Greater Market Reach: Digital platforms provide MSMEs with access to a broader audience. E-commerce, social media, and digital marketing tools help businesses reach potential customers beyond their geographical boundaries. This expanded market reach is essential for scaling operations and driving revenue growth.
   
4. Resilience and Adaptability: The COVID-19 pandemic highlighted the need for businesses to be agile and resilient. Digital tools allow MSMEs to quickly adapt to changing market conditions, maintain business continuity, and explore new revenue streams. Increased adoption of digital technologies prepares businesses for future uncertainties and disruptions.
   
5. Data-Driven Decision Making: Digital technologies provide businesses with valuable insights through data collection and analysis. MSMEs can leverage this data to make informed decisions, identify new opportunities, and address challenges proactively. Data-driven decision-making enhances strategic planning and business outcomes.
   

Key Areas of Investment for MSMEs

1. Cloud Computing: Cloud solutions offer flexibility, scalability, and cost-efficiency. MSMEs are increasingly adopting cloud services for data storage, collaboration, and application deployment, enabling them to operate more efficiently and reduce IT infrastructure costs.
   
2. Digital Marketing: Investment in digital marketing tools and strategies is on the rise. MSMEs are leveraging social media, search engine optimization (SEO), and pay-per-click (PPC) advertising to increase brand visibility and attract new customers.
   
3. E-commerce Platforms: E-commerce is a vital channel for MSMEs to sell products and services online. Investing in robust e-commerce platforms allows businesses to tap into the growing online consumer base and expand their market reach.
   
4. Customer Relationship Management (CRM) Systems: CRM systems help businesses manage customer interactions, track sales, and improve customer service. Therefore, by investing in CRM software, MSMEs can build stronger customer relationships and drive sales growth.
   
5. Enterprise Resource Planning (ERP) Systems: ERP systems integrate various business processes into a single unified system, providing real-time visibility and control over operations. For MSMEs, ERP solutions streamline processes such as inventory management, procurement, finance, and human resources, leading to improved efficiency and reduced costs.
   
6. Manufacturing Execution Systems (MES): MES solutions are crucial for MSMEs in the manufacturing sector. These systems monitor, control, and optimize manufacturing operations, ensuring high quality and efficiency. By investing in MES, MSMEs can improve production planning, track real-time progress, and enhance overall operational performance.
   
7. Cybersecurity: As digital technologies increases, so does the risk of cyber threats. MSMEs are prioritizing investments in cybersecurity solutions to protect their data, systems, and customer information from cyberattacks.
   

Challenges and Considerations

While the increased focus on digitalisation is promising, MSMEs must navigate several challenges to maximize their digital investments:

1. Skill Gaps: Implementing digital technologies requires a skilled workforce. Hence, MSMEs need to invest in training and upskilling their employees to effectively leverage digital tools.
   
2. Budget Constraints: Despite the intent to increase budgets, many MSMEs operate with limited financial resources. So, prioritizing investments and seeking cost-effective solutions is crucial for maximizing returns on digital investments.
   
3. Integration with Existing Systems: Seamlessly integrating new digital tools with existing systems can be complex. MSMEs must ensure that new technologies complement their current infrastructure and processes.
   
4. Change Management: Digital transformation involves significant changes in business processes and culture. But, MSMEs need to manage this change effectively to ensure smooth adoption and minimize resistance from employees.
   

Conclusion

The planned increase in budgets among MSMEs in India signals a positive shift towards embracing digital transformation. By investing in digital tools and technologies, MSMEs can enhance efficiency, improve customer experiences, expand their market reach, and build resilience. However, it is essential for businesses to address challenges such as skill gaps, budget constraints, and integration issues to fully realize the benefits of digitalisation.

Why Fusion

At Fusion Informatics, we specialize in providing tailored digital solutions to help MSMEs navigate their digital transformation journey. Contact us today to learn how we can support your business in leveraging digital technologies for sustained growth and success.

The post Embracing the Digital Future: 43% of MSMEs in India Plan to Increase Digitalisation Budget Next Year appeared first on AI, ML and IoT application development company | Fusion Informatics.

Unveiling the Potential: A Glimpse into Chatbots

Chatbots, the virtual avatars of AI, have proven their mettle in revolutionizing customer interactions. These digital assistants have transcended mere automation and have become a cornerstone of personalized customer experiences. By simulating human conversations, chatbots effectively bridge the gap between customers and businesses, providing real-time assistance, information, and solutions.

Enhancing Customer Experience through Personalization

In the pursuit of customer-centricity, businesses are harnessing the power of chatbots to create tailored experiences. Chatbots possess the ability to accumulate vast amounts of user data, enabling businesses to glean deep insights into customer preferences, behaviors, and pain points. Armed with this knowledge, companies can orchestrate personalized offers, recommendations, and solutions, thereby amplifying customer satisfaction and fostering brand loyalty.

Moreover, chatbots are proficient in identifying and anticipating customer needs through their conversational history. This proactive approach not only enhances the customer experience but also positions businesses as attentive and responsive partners in their customers’ journeys. By leveraging these insights, companies can curate interactions that resonate with customers, building a lasting emotional connection.

Empowering the Customer and Business Nexus

A pivotal hallmark of chatbots lies in their dexterity to empower both customers and businesses. For customers, chatbots are the epitome of convenience. They provide swift access to information, troubleshoot problems, and even aid in purchasing decisions, all without the limitations of business hours. On the other side of the spectru, businesses can utilize Chatbot services to engage with customers on a 24/7 basis, thereby optimizing resources and ensuring a seamless and consistent customer experience.

Additionally, Chatbot services contribute to streamlined customer journeys by reducing wait times and expediting issue resolution. Customers no longer need to navigate complex IVR systems or wait for an available agent. Instead, they can engage with a chatbot that understands their queries and guides them through solutions with unmatched efficiency.

The Unbreakable Duo: AI and NLP

As we gaze into the horizon of Chatbot services evolution, one trend that emerges prominently is the integration of Natural Language Processing (NLP). This AI subfield empowers chatbots to comprehend and generate human language naturally. The goal is to bridge the gap between customers and AI, fostering an environment where complex queries can be comprehended and responded to accurately. This shift not only augments the efficacy of customer interactions but also liberates human agents to focus on more intricate tasks.

NLP-equipped chatbots are rewriting the script of customer engagement. They can understand context, interpret nuances, and provide contextually relevant responses. For instance, a customer seeking assistance for a technical issue can engage in a detailed conversation with the Chatbot services, which not only diagnoses the problem but also offers step-by-step solutions. This level of sophistication enhances user satisfaction and paints chatbots as trusted companions rather than automated scripts.

Chatbots in the Corporate Ecosystem

Beyond customer interactions, chatbots are rapidly carving a niche within internal business communications. From assisting employees in navigating company protocols to aiding in HR-related tasks, chatbots are becoming indispensable components of modern workplaces. By automating mundane tasks and guiding employees through processes, chatbots contribute to increased productivity and streamlined operations.

For instance, chatbots can serve as knowledge repositories, answering employee queries about company policies, benefits, and procedures. They can even facilitate onboarding processes, guiding new hires through paperwork and familiarizing them with company culture. By serving as digital mentors, chatbots foster an environment of self-sufficiency and continuous learning within organizations.

The Melody of Voice-Bots

In an era where speed and efficiency reign supreme, voice-bots are orchestrating a symphony of convenience. As customers demand swifter ways of accessing information, voice search and text-based messaging platforms are becoming the choicest mediums for connecting with businesses. These voice-bots are transforming the way customers seek information, allowing for hands-free interactions and expediting the customer journey.

The integration of voice technology with chatbots is revolutionizing customer engagement. Customers can initiate conversations through voice commands, eliminating the need for manual text input. This seamless interaction fosters a sense of natural dialogue and expedites information retrieval. As customers increasingly gravitate towards voice assistants in their daily lives, businesses are adapting their chatbots to resonate with this preference, ensuring a harmonious and user-friendly experience.

A Human Touch through Live Chatbots

The trajectory of chatbots is poised to ascend higher, embracing a more human touch. Live chatbots are exemplars of this evolution, engaging with customers through natural and flowing conversations. These virtual agents are seamlessly integrated into sectors such as customer service and retail, simulating human interactions and fostering authentic connections.

Live chatbots possess the ability to interact with users in a conversational manner, mirroring the way humans communicate. They can understand nuances, express empathy, and adapt their responses based on the user’s tone and sentiment. This evolution bridges the gap between human agents and AI, providing customers with a holistic and personalized experience.

Embracing Tomorrow: The Way Forward

As businesses stand at the cusp of a new era, the future of chatbots gleams with promise. These AI marvels are not just tools; they are transformative companions in the journey towards customer-centricity, efficiency, and innovation. Through the amalgamation of AI, NLP, and evolving capabilities, chatbots are set to redefine customer engagement, empower internal operations, and herald a future where every interaction, be it customer or employee, is enhanced by their virtual presence.

In this digital epoch where the symbiotic alliance of technology and human experience reigns supreme, chatbots stand as emissaries of this synergy. The path forward is illuminated by the convergence of AI brilliance and the human desire for seamless and meaningful interactions. As businesses continue to embrace the potential of chatbots, the future is destined to be a realm where customer engagement transcends expectations, and the possibilities are as boundless as the capabilities of AI-driven chatbots themselves.

The post The Future of Chatbots: Drawbacks and Trends to Watch appeared first on AI, ML and IoT application development company | Fusion Informatics.

Enhanced operational efficiency, improved patient care, and many more, technology is helping healthcare providers, as well as patients and their caregivers in massive ways.

Let’s explore and see how technology is impacting the healthcare industry that is adopting massive digital tools and technologies in the ecosystem.

Telemedicine & Remote Healthcare

AI-ML-powered remote healthcare technologies like telemedicine are considered a boon to the healthcare industry. As per Deloitte, during the first few months of the pandemic, the online healthcare consultations on a remote basis shot up from 0.1% to the massive 43.5%.

And as Deloitte analysts say, this trend of virtual visits will continue in the coming years, too! Varied telemedicine types like online real-time, remote patient monitoring and store-and-forward telemedicine are leveraging digital technology tools and technologies to help healthcare providers and patients alike. Remote healthcare and telemedicine

Automated  Administration Processes

Technology is helping in automating areas such as medical & non-medical administration processes. Numerous records, admin processes, documentation, etc. need to be duly maintained while maintaining the accuracy and efficacy of those sensitive data and records.

They should not go into the wrong hands, too! Thus, digital technology in healthcare helps to facilitate improved workflows and daily activities. Automation in form filling, documentation, client & customer support, approving/sanctioning certain appointments, so many things under the administration department are automatically handled by AI automation tools and digital chatbots, virtual assistants, and the likes.

Big Data

Big Data digital capabilities help the healthcare industry to provide easy and convenient access to huge data, structured & unstructured data, pooling the right information at the right time to the right (authorized) person.

Big Data technology helps to store and process data enhancing sharing ability, enabling access to patient’s information, and medical history /records while ensuring 100% privacy and security, the safety of these sensitive data & information.

The very technology facilities analytical ability while allowing researchers, and providers to draw comprehensive data analysis, and analytical reports from more diverse population groups and communities. A deeper meta-analysis is possible now with the help of metadata.

Integration of Medical Records (EMR)

EMR means Electronic Medical records and is proving a big boon to the healthcare industry. In the legacy healthcare model, medical records/information of patients were maintained in respective locations, such as, if patients visited physicians, records like prescriptions had to be maintained manually or on a local computer/hard disk.

Then, the same patients who saw a dentist or gynecologist in their medical journey had to secure all medical reports, and prescriptions and store them somewhere safe for future reference. In case they got misplaced, it would prove a challenging time for patients and related consulting doctors, too.

But, EMR technology in healthcare is addressing this challenge perfectly well by securing all medical history, records, and healthcare reports online and centrally stored.

XR/AR/VR/MR for Treatment Process & Clinical Training 

XR(Extended Reality) refers to VR(Virtual Reality), AR(Augmented Reality), and MR (Mixed Reality), and are technology wonders for the healthcare sector. These digital technologies create a virtual environment, such as overlaying virtual elements on respective real-time images and contribute to the clinical/treatment processes. They have immense use-cases in the healthcare sector.

VR headsets, for instance, are used for training surgeons, doctors, healthcare specialists, and in varied treatment processes. XR can be used for therapies, treatment of patients suffering from autism, schizophrenia, and so on.

Digital is the Core

Digital technology is the base of any transformation happening in the healthcare industry. AI/ML, NLP-powered digital chatbots, IoT, Robotics, AR/VR, and RPA are a mere few names that the industry is leveraging to their full potential.

Remote patient care and monitoring, telehealth/telemedicine, and varied other technologies are impacting the healthcare industry incessantly at a global level.

Are you a healthcare provider, hospital, or clinic and want to know how technology can help boost the ROI of your healthcare business? Connect with our experts today, and get started!

The post The Impact of Technology on Healthcare appeared first on AI, ML and IoT application development company | Fusion Informatics.

The healthcare industry has undergone a massive transformation in the past couple of years. There was a time when we thought of an artificial limb as a striking invention, and today companies are trying to collect genetic data for creating bio databases. There’s no dearth of innovative opportunities in healthcare provided there are the exquisite technology sets to give them fillip. The pandemic has only hastened a transition to digital health, while industry players are keen on investing more in them seeing how AI-ML-driven digital tools and applications are driving the whole game!

Digital Trend #1 Telemedicine

Telemedicine has come out to be the trendiest trend post-pandemic and is only getting stronger in the years to come. The shift in the healthcare practice after 2020 to restrict the spread of infections, emphasis on remote patient care, real-time virtual consultation, telePharmacy, teleradiology, teleNeurology, etc. are going to pick massively as a trend in the year 2022, and way beyond until this technology transforms to the next level. As per sources, telemedicine is expected to reach 460 billion USD by the year 2030.

Digital Trend #2  AI/ML

AI/ML  industry players are interestingly watching how these digital technologies are emerging as a trendsetter, and are keen on investing more in them. As per HIMSS survey conducted from March-April 2021, one-third of the total health system respondents (2,743 in the US) said AI/ML to be their top on the list for the coming five years. AI-ML-based treatments, discovering newer facets in medicine and research, avoiding physical tests, and using simulations to find the answers, all are on the list of trends in 2022 and beyond.

Digital Trend #3  AR/VR/MR

Modern healthcare practices are much influenced by computer-generated 3D graphics and several digital imaging tools. AR/VR/MR alongside AI-ML digital tools & technologies can create ripples in the healthcare domain and transform the ways of modern medicine being practiced. For instance, the medical fraternity can plan surgeries, therapies much in advance using simulation tools, and can see the procedures, results way ahead in advance. MR is used to control/manage medical procedures, equipment remotely and on time. These three ‘realities’ will become a massive trend in 2022, no doubt.

Digital Trend #4  AI-Robotics

AI (Artificial Intelligence)technology dons innumerable roles. If combined with Robotics technology, it can create robots that can act as an assistant to the medical team of doctors and nurses. Especially during the COVID times, we have seen how difficult it was to cater to COVID patients as infection could be transmitted to the attending doctors/nurses. AI robots can assist in many areas like remote diagnostics, administration, cleanliness, and the likes. This technology will become a trend next year onward as it is increasingly helping healthcare professionals while minimizing the risk of potential threats like disease transmission (for example COVID).

Digital Trend #5  Big Data & Analytics

Data is the core of healthcare management. Right from diagnostics, consultations, treatment plans to varied medical procedures, patient files generate enormous volumes of data, that are duly digitalized and securely stored somewhere in the Clouds. Big Data and analytics help to evaluate each piece of data, arrange them properly and accurately, in an organized manner. Thus, the advancement in computing capabilities, analytics, advanced databases all greatly prompt Big Data in healthcare to manage things as mentioned. Further, big data analytics tools process data and provide actionable insights, information that helps in the decision-making process of the healthcare stakeholders.

Digital Trend #6  IoMT

IoT ( Internet- of- things) combined with telehealth technologies, IoMT (Internet-of-Medical-Things) have emerged. The healthcare sector has been leveraging the technology in a big way and the market is expected to reach 6.2trillion USD by the year 2025. Looking at the scope of telemedicine, IoMT is equally going to be a bigger trend in 2022.

Digital Trend #7 Cyber Security & BlockChain Technology

Data security, data privacy is paramount. Digitalization of medical information, healthcare services call for total protection of data. Patient information like bank account detail, payment identification numbers, social security numbers, etc. need strong firewalls to secure, hide those sensitive data, and other AI-powered cyber security tools to protect. Blockchain technology also seals the authenticity of the authorized members as there is no chance of making any modification once the data are entered.

What Tech Trends Suit Your Healthcare Business?

The healthcare technology trends or the digital healthcare trends have started picking up albeit not at the same pace and proportion but Yes, they are! A majority of these trends are surely going to become an integral part of the healthcare ecosystem, the way healthcare services will get delivered and the way consumed. The bottom line is, which trend does meet your healthcare business requirement!? Point to ponder.

Are you a healthcare company, hospital, Start-UP, SMB, or enterprise, willing to explore the healthcare digital technology trends that might uplift your business prospect? Contact our experts!

The post Top Healthcare Digital Technology Trends 2022 appeared first on AI, ML and IoT application development company | Fusion Informatics.

Digital technologies have transformed consumer habits by allowing them to get what they want almost at the moment they need it. Research shows, that initially customers often rate an organization based on its digital customer experience.

Moreover, digital transformation not only offers an organization an opportunity to understand its customers but also the ways of engaging with them and delivering on their expectations.

Traditionally, companies were deploying their communication channels in silos, which is why agents were lacking the knowledge of customers’ prior digital interactions and were failing to understand the customer’s prior actions on their website before they address the customer’s queries.

This resulted in the customer’s frustration as they have to keep repeating the information that is already communicated. This issue could be well-addressed by multi-channel digital customer experience.

Different Types of Methodology in Customer Care

• OmniChannel Digital Experience

Any company which deploys multiple customer channels to provide better customer experience leads in the digital ecosystem. Hence basis your audience you should step up to chart the customer’s journey through various channels like web, phone, emails, and social media to identify their preferences and provide support on all channels

• Social Media

Social media has empowered the customers, the consumers prefer to trust their peer’s opinions on your products and services, so equipping your customer service team with a consistent and effective response plan could be your winning strategy. Offering support on Twitter, Facebook, and other social channels has become standard in recent times

• Chatbots and Self-service

Digital chatbots are the most demanding applications that can fulfill and play the role of customer service whether you wish to opt for a completely automated AI-based Chatbot or Semi-automated service with human intervention. With the use of Machine learning the chatbots can be trained to handle complex queries and also drive a visitor to perform specific actions

• Chat and Co-Browsing

Co-browsing allows the customer support agent to collaborate with the customer’s browser in real-time. This helps an agent view the issue and navigate over the customer’s screen to guide the non-technical customers through the complex processes.

For enhanced visibility, one can display such options next to contact details. Alternatively, one can change the script of a voice agent to help customers discover the digital engagement options available.

• Digital Voice

This feature will engage your customers via digital voice from your web or mobile application. One can allow its customers to select a time that is convenient for them to receive a callback and reach them at their convenience.

• Interactive Voice Response (IVR) and Chat

While customers queue up for an interactive voice response (IVR), one can offer them a link to start a chat by sending an SMS, clicking on the link can initiate a chat with the agent, and the gap can be minimized by forwarding the IVR data to chat agent, which will allow the customer to restart the conversation where they left it.

• Blend Digital and Physical World

When digital experience is blended with the physical world, it creates impactful results. Let’s take an example of QR codes, the company can attach a QR code to its products, and develop an application to allow its customers to scan such code, which can further help customers to understand the maintenance schedule and other aspects of the product.

This will not only help in providing quality customer service but also enhance customer satisfaction and reduce the strain on the customer service workforce.

Sounds good, isn’t it? We are here to make it true. If you are looking forward to digitizing your customer service, we would be happy to assist you in developing applications like chatbots, AI-guided self-service, Product maintenance, Virtual assistants, and much more that will empower your customers and drive business for you.

The post How Digital Technologies are Redefining Customer Services appeared first on AI, ML and IoT application development company | Fusion Informatics.