Comprehensive New Report Reveals How Companies Are Redefining Business Models And Reimagining Operations And Supply Chains
Over the past few years, enterprises have been sailing the digital transformation voyage at their own pace. But due to the coronavirus, they were forced to accelerate their initiatives. Digital became a necessary prerequisite to survive and thrive in this COVID era.
Cybersecurity Services: Moving From Cyber Prevention To Cyber Resilience
The pandemic is accelerating distributed service architectures, which is driving changes to the security landscape. Changes in working practices are exposing different attacks, altering the types and severity of threats an organization is exposed to. Though phishing remains the most common attack mode, the SolarWinds exploit has brought attention back onto supply chain-based attacks.
Covid Accelerates Digital Disruption And Innovative Business Models In The Insurance Sector
Changing risk landscapes and worsening loss ratios are shifting the role of insurance companies from risk mitigation to risk prevention. Additionally, the pandemic has put new pressures on business models. Newer risks, evolving customer expectations, and increased competition combined with business continuity challenges have made digital transformation a top priority for insurance carriers. Insurance companies are significantly investing in building digital capabilities to optimize core operations, create nontraditional products, and enhance and personalize the customer experience. These trends are covered in Avasant’s new Insurance Digital Services 2021-2022 RadarView™ report.
Transforming The Customer Experience During Covid-19 And Beyond
The pandemic resulted in changing consumer behaviors with a significant uptick in the use of digital services. As new digital channels emerge, multiple technologies and trends are reshaping the customer experience (CX). The increased emphasis on data, personalization, and multichannel communication requires that enterprises focus on trust, empathy, and replicating the offline experience.
Redesigning Business Processes With AI And Automation
The number of intelligent automation engagements has increased by 75% in the last 12 months, with industry-specific process automation accounting for 70% growth in the share of new automation implementations. Growth in AI-enabled hyperautomation has increased use cases for prediction, recommendation, analytics, and reporting. Other areas in order of enterprise priority were workflow integration and automation, intelligent data capture, iBPM, and process discovery. As automation tasks become more sophisticated, we would expect continued growth in this area.
Service Providers Helping More Firms Cash In On Digital Finance Transformation
COVID-19 has revealed that many enterprises need to shift from in-house finance and accounting (F&A) process management to outsourcing it to F&A service providers. Technology is less and less being treated in a siloed manner, and instead it has now become an integral part of operations. As a result, F&A service providers are leveraging their existing technological capabilities and addressing enterprises’ demands, minimizing the siloes between technology and process management. Additionally, enterprises are striving for coverage of related functions, such as supply chain management, procurement, and order management, leading to a surge in multi-tower deals. To cater to diverse and emerging business needs, service providers’ offerings are playing a pivotal role in the business process transformation space.
Avasant Named One of Top Five Analyst Firms of the Year
The Institute of Industry Analyst Relations (IIAR) has bestowed this highly coveted award on Los Angeles-based Avasant, along with analyst firms IDC, Gartner, Forrester, and 451 Research. Avasant came in fourth place.
Hybrid Cloud: Centerpiece To It Modernization
Cloud has progressed from the simple migration of infrastructure and applications to a tool which improves application performance and achieves cost optimization. Hybrid cloud, in particular, is an enabler of business transformation. Hybrid cloud allows enterprises, especially in highly regulated industries, to satisfy on-premises requirements and leverage hyperscaler services from their own data centers. These emerging trends are covered in Avasant’s Hybrid Enterprise Cloud Services 2020 RadarView™ report. The report is a comprehensive study of industry-wide adoption of hybrid cloud services, including the current landscape, impact of COVID-19, enterprise recommendations, and a close look at the leaders, innovators, disruptors, and challengers in this market.
Blockchain Starting To Show Business Value
Over the past 12 months, blockchain has moved beyond the hype as companies have realized business value from select use cases. Even though overall blockchain adoption has slowed down, the number of production-grade implementations has doubled, showing that blockchain is gaining a new level of maturity. These emerging trends are covered in Avasant’s Blockchain Services 2020 RadarView™ report. The report is a comprehensive study of blockchain services, including top trends, analysis, recommendations, and a close look at the leaders, innovators, disruptors, and challengers in this market.
Manufacturers Reduce Human Intervention by Accelerating Digital Adoption
Historically, manufacturing has been highly dependent on the human workforce and a little conservative in adopting advanced digital technologies such as robots, immersive reality, and IIoT to replace the human intervention. However, this changed drastically when manufacturing companies reported losses due to workforce shortages during pandemic, as they started relying on AR/ VR based solutions for remote assistance and training, bots for technical assistance on shop floor, IoT for reducing onboarding time and simplifying reskilling, and AI-based visual inspection to detect defects. The investments on real-time monitoring and AR/VR-based remote assistance could help manufacturers realize 11% productivity gains through reduction of human intervention.
