Well, there’s a new player in town – end-to-end third-party platforms. They’re like secret weapons that wealth and asset managers can use to tackle these challenges head-on.

These platforms bring some serious benefits to the table. They can help slash costs in the middle office and operations, open up exciting new business opportunities, and even create fresh revenue streams.

But here’s the kicker: picking the right platform isn’t child’s play. The top brass, including the CEO, must be in on it. It’s a two-step process. First, you’ve got to get a grip on your challenges, and second, take some savvy action to beat them.

Navigating Challenges in Wealth and Asset Management

Challenges abound! It’s a tricky trinity of rising costs, narrowing margins, and the ever-increasing demands of clients. Let’s break it down and see how these factors are reshaping the industry!

Note: Source information vetted from the BCG’s “Scalable Tech and Operations in Wealth and Asset Management.”

1. Escalating Costs in Technology and Operations

Major asset managers have seen their cost-to-income ratios (CIRs) gradually increase since 2018, reaching 74% in 2022. Smaller asset managers with less than $300 billion in Assets under Management (AuM) have experienced a more pronounced jump, reaching 78%. Meanwhile, in the wealth management sector, smaller players with AuM below $150 billion have encountered an even steeper rise, surpassing 82% in 2022. What’s fueling this surge in costs? It’s technology spending.

Notably, investments in application development and hosting have surged, reflecting the growing demand for new capabilities and the migration to the cloud. Moreover, the ever-evolving landscape of regulations adds another layer of complexity and cost.

2. Shrinking Margins and AuM

The industry faced an unprecedented event in 2022 when global Assets under Management declined by around 15%. This unfavorable outlook is exacerbated by the persistence of higher interest rates and sluggish GDP growth anticipated through 2025. Wealth and asset managers also find themselves caught in a web of relentless margin compression due to several market trends, including the growing presence of passive investments, digital competition, and the consolidation of industry giants. The result? A decline of 3% in return on assets (ROA) annually from 2018 to 2021.

Moreover, product fees have taken a substantial hit, with active funds experiencing an 11% decrease and passive funds witnessing a significant 35% drop since 2017. Model portfolio services have also seen a 12% margin reduction since 2017. Asset-servicing margins for typical wealth management mandates have plummeted to as low as 12 basis points. These challenges can be attributed to technology integration, scale advantages, and increased transparency.

3. Intensifying Client Demands

Client expectations are continuously on the rise, prompting wealth and asset managers to make significant investments. Notable areas of expenditure include hybrid advisory services, direct indexing, and managed portfolio solutions, all geared toward enhancing personalization. Clients increasingly seek complete transparency in their investments, particularly concerning sustainability and alignment with personal values. While fintech is a crucial enabler for wealth and asset managers to transform their business models, operational adjustments are equally critical for effectively adapting to the evolving landscape.

Given the formidable nature of these challenges, wealth and asset managers are exploring a viable solution – partnering with third-party service providers. As the industry transforms, outsourcing essential services becomes an attractive pathway to achieving operational efficiency and cost-effectiveness. This strategic shift allows wealth and asset managers to focus on their core competencies while efficiently addressing their multifaceted challenges.

Adapting Tech Solutions in Wealth and Asset Management

This surge directly responds to the escalating demand for streamlined digital experiences and automated operations. Notably, the share of third-party technology investment has soared by over 10% since 2018, impacting routine operations and strategic initiatives within wealth and asset management firms.

To comprehend these transitions, let’s deconstruct the conventional technology stack utilized by wealth and asset managers, identifying six key layers:

1. Digital Front End and Engagement: This layer is designed to provide multi-channel interfaces that manage customer and advisor interactions seamlessly.

2. Smart Workflows: These workflows structure, orchestrate, and automate processes, integrating them with various business solutions.

3. Core Business Capabilities: Offering product and service logic across the value chain, covering advisory, portfolio management, execution, and asset servicing.

4. Central Data and Analytics Platform: Acts as the hub for data ingestion, storage, and governance, enabling a unified client view and supporting AI and analytics-driven use cases.

5. Core Booking System: Functions as a central repository for customer and account data and transaction processing and facilitates reporting and third-party integrations.

6. Cloud Infrastructure: Essential for scalable computing and network resources, providing foundational services from developer tools to cybersecurity.

The most notable shift towards third-party solutions is observed in infrastructure and data layers, primarily driven by the migration of workloads to the cloud. A select few “hyperscalers” have seized the market by swiftly scaling computing resources and software architecture, a trend gaining traction due to cloud providers’ compliance with stringent data privacy and cybersecurity norms. Conversely, wealth and asset managers find opportunities for differentiation in the upper layers by focusing on well-designed customer journeys and seamless multi-channel experiences.

Embracing Novel Approaches to Technology and Operations

Traditionally, prominent players favored the in-house development of complex, stable operating models across major sections of their technology stacks. However, the evolving landscape of customer needs and the prevalence of software as a service (SaaS) solutions have led to an increasing adoption of a “best-of-breed” approach. This strategy involves integrating an expanded range of third-party solutions throughout the tech stack. While it expedites access to innovation, its successful implementation demands robust integration capabilities and rigorous architectural standards to manage the inherent complexity.

Moreover, as integration challenges persist, a growing trend is the deployment of end-to-end vendor platforms by financial institutions, covering non-differentiating activities. This approach significantly reduces the necessity for proprietary technology development and, in some instances, diminishes the reliance on in-house staff. Certain vendors offer outsourcing solutions for routine middle office and operations functions.

Although these vendor-based options were initially popular among smaller players or minor office locations of larger firms, they’ve recently gained traction among major incumbents. The pursuit of faster time-to-market strategies fuels this shift, the broader embrace of open finance and ecosystem use cases, and the scarcity of in-house tech expertise.

Of course, each approach has distinct benefits. The “in-house-first” and “best-of-breed” pathways afford control over technology specifications, customization, and differentiation while ensuring control over operational and security risks. Meanwhile, end-to-end platforms bring advantages like lower maintenance costs, automated upgrades, simplified integration, and greater flexibility for operational changes. For firms lacking the scale to independently develop and manage their solution stacks, an end-to-end platform emerges as a compelling option.

Taking the Bold Step

Wealth and asset management firms face significant challenges, prompting a need for digital and operational overhauls. Traditionally, in-house initiatives have encountered delays and budget issues, leading to a search for new solutions.

One emerging solution involves transferring certain tech aspects to end-to-end platforms. Vertically integrated providers offer services across the value chain, potentially leading to substantial cost savings. Alternatively, the “best-of-breed” approach allows institutions to pick solutions from various vendors but reintroduces some risks.

1. For leaders (CEOs, CTOs, and COOs), strategic decisions hinge on key considerations:

2. Flexibility: Does the new setup facilitate swift responses to market changes?

3. Coverage: Can it serve diverse markets and tap into new opportunities?

4. ROI: Is there a strong business case for savings or new revenue streams?

5. Vendor Reliability: Can the vendor be trusted for security, reliability, and innovation?

6. Alignment: Is the vendor relationship sustainable considering potential costs?

7. Migration: Can migration occur without compromising project benefits?

The post Is the Clock Ticking for CEOs to Revolutionize Wealth and Asset Management Tech and Operations? appeared first on Indium.

We’re about to spill the beans on everything you need to know about low-code in financial services. Buckle up; it’s gonna be a fun ride!

Rapid App Building

Low-code platforms are like the turbo boost for financial institutions. They come with a user-friendly, drag-and-drop playground and a treasure chest of pre-made components, making app development a walk in the park. Even folks in suits, like financial analysts and operations managers, can roll up their sleeves and get creative. With this speed boost, new solutions hit the market quicker, cutting down on wait time and ramping up how smooth things run behind the scenes.

Bend It Like Beckham – Agility and Flexibility

Finance is a dynamic game, with rules that change as often as the weather. Low-code platforms let you pull off those fancy agile moves and keep up with shifts in the market, those never-ending legal requirements, and the constant chatter from customers. Thanks to low-code’s magic, you can prototype and tinker with your apps at lightning speed, making it a breeze to adjust to whatever curveballs the business world throws your way. Whether it’s adding new features or tying into your existing systems, you won’t need an army of coders or disrupt your core operations.

Teamwork Makes the Dream Work

In the old days, IT teams and business folks used to speak different languages, and that led to some pretty epic misunderstandings and delays. But low-code is like the United Nations for business and tech. It brings them together, lets them hash things out, and builds apps that everyone can agree on. No more lost-in-translation moments, just smooth sailing toward those big goals.

Plug and Play

Financial institutions have a pretty tangled web of IT stuff going on. Low-code platforms are like the master key that fits all the locks. They’re pros at connecting with your existing systems, databases, and even those third-party apps you can’t live without. This seamless integration means data can flow like a river, manual tasks can vanish, and your whole operation can get a fresh boost of energy. Plus, they speak the same language as the hottest new tech, so you’re ready for whatever buzzwords come your way.

Playing By the Rules – Compliance and Security

The finance world has some pretty strict rule-makers, like the data privacy gurus and the financial regulation police. When you bring in low code, you’ve got to make sure it plays by the book. Look for low-code platforms that follow the rules, pack a punch with data encryption, let you set the right permissions, and give you a watchful eye with audit features. This way, you can keep the important stuff safe and stay in the good books with the regulators.

Roadblocks and Things to Think About

Even though low-code development brings a ton of perks, you can’t just jump in without a plan. Here are a few speed bumps to keep in mind:

1. Learning the Ropes: Introducing your team to low-code might require time and training investment.

2. Picking the Right Partner: Not all low-code vendors are made equal. You’ve got to be picky and look for the ones with a track record of awesomeness, top-notch security, and the ability to scale to your needs.

3. Tech Debt Pileup: Building apps faster is great but can lead to messy code and a mountain of technical debt. You’ve got to set some rules and keep things in check to avoid this pitfall.

4. App Life Support: Once you’ve got your shiny new apps, you’ve got to look after them. That means managing different versions, testing, and getting them out there into the world. You need processes and tools to keep everything running smoothly.

Digitalization takes center stage: Almost two decades ago, major financial institutions established separate units to explore e-commerce. Today, 70% of BFSI executives consider digital transformation essential (McKinsey & Company). The sector now focuses on payments, retail and online banking, and wealth management, extending into institutional banking. Despite progress in 2020, the insurance sector lags in digitization. To thrive, insurers must shift to a digital-first approach, offering personalized services to boost customer loyalty through unified views.

Replacing Legacy Systems with Modern Infrastructure: Change is vital as modern platforms offer superior benefits at lower costs. 79% of banking, fintech, and insurance CIOs recognize the influence of real-time, hyper-relevant experiences on customer expectations.

Rethinking Emerging Payments: Emerging payments are consolidating, not slowing down. It’s the right moment for the BFSI industry to develop frictionless, embedded, and native solutions for customer interaction, setting the stage for success.

Low code is like a superhero for financial institutions looking to make big digital changes. It hands the power to the business folks, speeds up app creation, and makes teamwork between business and tech a breeze. But there’s a catch. You’ve got to be ready for these challenges and always keep an eye on the rules and security stuff. If you do it right, low-code can change the game in finance, bring in some cool innovations, and give your customers the best experience they’ve ever had.

Exciting News! We’ve Got an Exclusive Ebook Coming Your Way – Stay Tuned and Follow Indium Software on LinkedIn

The post Spilling the Deets: Low-Code in BFSI Made Simple! appeared first on Indium.

But what exactly is Unified Commerce, and what does it entail? Unified commerce represents a significant shift in how technology supports the retail industry. When various front-end and back-end technologies seamlessly merge into a single unified platform, technology ceases to be a separate entity. Instead, it seamlessly integrates into the retailer’s business infrastructure, providing an agile system for delivering intelligent and efficient service at every touchpoint in the customer’s journey.

The evolution of shopping: 2013 vs. today

A decade ago, in 2013, my shopping journey involved a visit to the physical mall. Fast forward to today, and I start by launching a video conference with a store concierge, all from the comfort of my home. Thanks to the wealth of data, augmented and virtual reality (AR-VR), and the Internet of Things (IoT) infrastructure, the concierge suggests items by superimposing their images onto my digital avatar. I open another browser tab to research customer reviews and pricing, only to discover better offers at a different store, prompting me to place my order there. This shopping experience continues as I make one online purchase and then digitally visit another store to explore more options and find the perfect gift.

How do you predict an unpredictable customer?

Hearing a customer say, “I was just strolling by and noticed this, and I had to have it,” is music to a retailer’s ears, whether in a mall or a retail store. It’s a testament to the merchandising team’s exceptional job in curating gift options, making the shopping experience delightful. The customer finds a perfect gift basket more quickly than expected, and the checkout process is the final step to complete their visit.

As I reflect, engage in reading, and hold discussions with retail experts like  Kushal Kumar – Vice President of Strategic Delivery Organization at Indium Software – on how retailers aspire to craft extraordinary and personalized “unified” customer experiences, I believe that creating serendipitous moments like the one described above plays a crucial role.

As retailers navigate the opportunities and challenges presented by the COVID-19 pandemic, the seamless integration of digital and non-digital strategies becomes instrumental in gaining a competitive edge and future-proofing their businesses. Here, we explore three trends shaping retailers’ adoption of a unified commerce strategy.

#1 An Irresistible Opportunity – The Emergence of New Fulfillment Options

Prior to the COVID-19 epidemic, the proliferation of Buy Online, Pick Up In-Store (BOPIS) and curbside pickup was already on the increase. Nonetheless, the crisis has spurred consumer acceptance of these services. Online holiday sales in the United States climbed from $257 billion in 2021 to $270 billion in 2022, but worldwide holiday sales stayed flat at $1.14 trillion year on year. According to Salesforce, the development of the “buy online, pick up in-store” (BOPIS) option was a big cause behind this rise, with roughly one in every five worldwide online holiday orders.

An efficient unified commerce framework handles the inherent difficulties of operational management, from storefronts to the back office. Customers, for example, may always get real-time price and product availability. Integration with order and financial data provides clients with a complete record of all their cross-channel purchasing actions, including purchases, refunds, and exchanges made in physical stores and online.

Retailers are better positioned to improve the consumer experience by collecting data across the shopping journey by meeting customers where, when, and how they choose to make purchases. Furthermore, it gives useful insights that allow for the execution of a unified and seamless consumer and brand experience, both online and in-store.

In the words of a customer: “The app indicated that there were only two remaining – and there were two on the shelf.” Customers in the alternative situation just hope that the system’s accuracy matches the in-store reality when they arrive to make a purchase.

#2 Meeting the Demand for Personalized Experiences – Preparing for Tomorrow

Brick-and-mortar stores need a technological architecture that delivers insights akin to online experiences, extending beyond inventory display. Providing such information is paramount in today’s consumer landscape, where purchases are driven by lifestyle, value, and individual preferences. Customers now expect immersive shopping experiences enriched by virtual and augmented reality.

Retailers that tailor their services to individual customer preferences can offer personalized recommendations at every stage of the buying journey, guiding customers toward a successful checkout. To ensure a seamless experience, retailers must ensure the most relevant products are readily accessible, from fitting rooms to endcaps to BOPIS pickup points. Real-time sensor data, machine learning (ML), and artificial intelligence (AI) can revolutionize these processes, providing live inventory information, SKU-specific stock levels, and insights into consumer interactions with products.

Unified commerce amplifies the in-store shopping experience by consolidating consumer data from various channels into a single view, accessible to store executives through mobile POS devices. Yet, true success relies on the ability to collect and translate data into meaningful insights. Integrating intelligence at every stage of the commerce journey is vital for delivering unique and context-aware shopping experiences.

#3 The Growing Tech-Savvy Millennial and Gen Z Customer Base

As consumers entrust more of their personal information to their smartphones, digital payments are swiftly becoming the preferred payment method. Mobile payments offer immediate checkout, as a mere touch of the payment app icon triggers the transaction. In contrast, traditional POS systems take several seconds to approve and process chip credit card payments. Though seemingly minor, these seconds hold significant value for the modern omnichannel customer.

Beyond saving time, mobile payments profoundly influence a retailer’s brand. Retailers that are slow to adopt cutting-edge technology risk being perceived as outdated and out of touch. This is a critical concern, especially considering the preferences of a new, younger generation of customers who favor contemporary technology and expect businesses to keep pace.

A unified commerce framework’s adaptable design forms a robust foundation for engaging with state-of-the-art mobile technologies. By extending digital wallet support to various payment providers, unified commerce ensures the fulfillment of essential payment needs and provides comprehensive support for seamless purchasing experiences. Consolidating data and processes affords retailers the visibility needed to gain deeper insights into customer-facing aspects of their business, enabling continuous improvement and effortless integration with modern mobile technologies.

Concluding Thoughts

“I misplaced the receipt but can quickly find it on my app.” This level of convenience is exemplified by industry leaders like Amazon, Alibaba, Starbucks, Macy’s, and Lowe’s. Retailers must shift their focus from just the product to the individual customer, continuously monitoring customer share-of-wallet and lifetime value, transcending omnichannel strategies to excel in the intense competition.

To achieve this, retailers should adopt an open, secure, and agile platform that amalgamates retailer and third-party data sources and deploys advanced technologies such as AI and ML. This approach offers unparalleled visibility into operations and invaluable shopper insights. Regardless of their purchasing intent, whether it’s finding the perfect gift, selecting the ideal outfit, shopping for groceries, or decorating their homes, consumers crave surprise and delight. They desire hyper-personalized experiences.

Notes

Global Online Sales Top $1.14T During 2022 Holiday Season, Salesforce Data Reveals

The post 3 Serendipitous Ways Unified Commerce Wows Shoppers with Hyper-Personalized Experiences – Retailers Have a Catch! appeared first on Indium.

In today’s rapidly evolving business landscape, agility and innovation are the keys to success. Building and deploying applications that meet these demands can be a complex task. Organizations must harness the power of technology to stay competitive, and one platform that’s been gaining traction in recent years for building enterprise applications is Mendix. With its low-code development capabilities, Mendix empowers organizations to develop and deploy applications faster and more efficiently than traditional methods. But before you dive headfirst into your next Mendix project, here are 5 crucial things to remember that will help you build robust and future-proof enterprise applications.

1. Simplify application development with Mendix

Mendix is renowned for its user-friendly, low-code capabilities. Even individuals without extensive coding experience can create applications quickly. The platform provides an intuitive drag-and-drop interface, reusable components, and a visual modeler. This simplicity accelerates the development process and minimizes the need for specialized technical skills.

a. Intuitive drag-and-drop interface: Mendix offers an intuitive drag-and-drop interface that allows developers to build applications on the go. This visual approach makes it easy to create user interfaces, define data models, and configure application logic. Developers can visually assemble the building blocks of their applications without writing extensive lines of code.

b. Reusable components: Mendix encourages the reuse of components and modules. It provides a library of pre-built widgets, templates, and modules that can be easily incorporated into your application. This means you don’t have to reinvent the wheel for common functionalities like user authentication, data access, or reporting. Reusing these components not only saves time but also ensures consistency and reliability across your applications.

c. Visual modeler: Mendix offers a visual modeler that empowers developers to create data models, define workflows, and set up business rules using a visual representation. This model-driven approach is highly accessible, allowing even non-technical stakeholders to participate in the design and decision-making processes. Business users can provide input and validate application logic, leading to a more collaborative development environment.

d. Minimized need for specialized technical skills: One of Mendix’s core strengths is its ability to reduce dependency on highly specialized technical skills. While traditional application development often requires deep knowledge of programming languages and frameworks, Mendix services and its low-code approach enable developers with a broader skill set to be productive. This democratization of development allows subject matter experts and business analysts to actively contribute to the application creation process.

2. Assess Mendix’s capabilities for new app development and system enhancement

Mendix is a versatile low-code platform that addresses the complex needs of businesses, particularly those seeking to modernize legacy systems without disrupting existing operations.

a. Modernizing legacy systems

Seamless integration: One of Mendix’s key strengths is its ability to seamlessly integrate with legacy systems. Many businesses rely on older applications and databases that house critical data and processes. Mendix allows you to connect with these legacy systems through APIs, web services, and other integration points. This means you don’t need to scrap your existing investments but can build on them to create modern, feature-rich applications.

Enhanced user experience: Legacy systems often have outdated user interfaces that may not meet the expectations of modern users. Mendix allows you to build new user interfaces on top of existing systems, providing a modern and user-friendly experience without rewriting the entire application. This ensures that your users can interact with the system more intuitively.

b. Building new applications

Rapid application development: For businesses looking to create entirely new applications, Mendix’s low-code approach accelerates the development process. You can design and develop new applications quickly, even if you don’t have a large team of developers. The visual modeling tools and pre-built components streamline the creation of new functionality.

Customization and scalability: Mendix doesn’t limit you to cookie-cutter solutions. You can customize applications to suit your specific business needs. Whether it’s building a customer portal, a supply chain management tool, or an analytics dashboard, Mendix allows for flexibility and scalability to cater to your unique requirements.

c. Future-proofing

Mendix is not just a one-time solution; it supports continuous improvement. As your business evolves, you can easily modify and extend your applications to meet changing requirements. This adaptability future-proofs your technology investments.

3. Foster alignment between IT and business units with Mendix

Collaboration between IT and business teams is often cited as a critical factor in the success of application development projects. Mendix recognizes this and has designed its low-code platform to facilitate and enhance collaboration in several key ways:

a. Shared platform for design

Mendix provides a centralized, web-based platform that serves as a common workspace for IT professionals, developers, business analysts, and other stakeholders. This shared platform ensures that everyone involved in the project is on the same page and working with the same set of tools and resources.

b. Real-time feedback and adjustments

Mendix promotes real-time collaboration by allowing stakeholders to provide feedback directly within the platform. Business users can interact with prototypes and offer input on the application’s look, feel, and functionality. This feedback loop ensures that the final product aligns with business goals and user expectations. Developers can make adjustments in response to feedback, fostering a dynamic and iterative design process.

c. Rapid prototyping

With Mendix, it is possible to create functional prototypes quickly. This means that business users can see and interact with a working version of the application early in the development process. This hands-on experience helps bridge the gap between IT and business teams, as it allows stakeholders to validate their requirements and expectations in a tangible way.

d. Collaboration tools

Mendix offers collaboration features such as commenting, notifications, and task assignments within the platform. These tools ensure that communication between IT and business teams remains organized and transparent. For example, business users can flag issues or request changes directly within the application, and IT teams can respond promptly.

e. Alignment with business goals

Mendix’s emphasis on collaboration is geared towards ensuring that the final application aligns closely with business goals. By involving business users throughout the development process, the platform helps avoid misunderstandings and misalignments, resulting in a product that meets the specific needs and objectives of the organization.

4. Multi-device compatibility with Mendix

Modern users expect applications to be accessible across various devices, from smartphones and tablets to desktop computers. Mendix excels in this area, offering responsive design capabilities that enable the creation of applications that automatically adapt to different screen sizes and devices. This ensures a consistent user experience, regardless of how users access the application.

a. Fluid grid system

Mendix uses a fluid grid system as part of its responsive design approach. This grid system allows developers to define how page elements should behave and reflow as the screen size changes. Elements can be configured to stack vertically, horizontally, or adjust their size proportionally, ensuring that the user interface remains visually appealing and functional on any device.

b. Component-based responsiveness

Mendix’s low-code platform includes pre-built responsive widgets and templates. These components are designed with responsiveness in mind, making it easier for developers to create mobile-friendly user interfaces without needing to write extensive custom code. For example, a data grid or a form input field can automatically adjust its layout and behavior based on the device’s screen size.

c. Design preview across devices

Mendix provides design preview tools that allow developers and designers to see how an application will appear on various devices during the development process. This feature helps identify and address any layout or design issues early on, ensuring a smooth user experience across the board.

5. Accelerating time-to-market with Mendix deployment

Speed to market is a critical factor in today’s competitive landscape. Mendix supports continuous integration and continuous delivery (CI/CD), enabling rapid updates and improvements. Mendix’s cloud-native architecture ensures scalability, making it easy to accommodate growing user bases and changing business needs.

a. Streamlined deployment process

Mendix simplifies the deployment process significantly. Developers can publish applications with just a few clicks, eliminating the need for complex and time-consuming deployment procedures. This streamlined deployment ensures that applications can go live rapidly, reducing time-to-market.

b. Agile development

Mendix encourages an agile development approach where developers can work on small, incremental changes and improvements. This iterative development process allows for rapid prototyping and frequent feedback, ensuring that the application meets evolving business requirements and user expectations.

c. Real-time monitoring and feedback

Mendix provides real-time monitoring and analytics dashboards that offer insights into application performance and user behavior. This data-driven approach allows organizations to identify issues quickly, prioritize improvements, and respond to user feedback promptly, contributing to ongoing enhancements and faster iterations.  

Partner with Indium

Partnering with Indium and their team of experts is a strategic step towards achieving success with Mendix solutions. Their ability to build enterprise applications with Mendix can accelerate your organization’s digital transformation. By starting with a strong business case, embracing low-code while not skipping the fundamentals, and focusing on UX design, they set the stage for success. With Indium’s guidance, you can confidently navigate the complexities of enterprise application development, fostering a successful and impactful digital transformation.

Final thoughts

Mendix is a powerful low-code platform that empowers enterprises to build, extend, and deploy applications efficiently. Mendix’s user-friendly and low-code approach empowers a broader range of individuals to participate in application development. Its intuitive interface, reusable components, visual modeler, and minimized need for specialized technical skills contribute to a more efficient and collaborative development process, making it an ideal choice for organizations looking to create applications quickly and effectively. Whether you’re starting a new project or modernizing your existing systems, Mendix can be a game-changer in your enterprise application development services journey. Remember these five key considerations, and you’ll be well on your way to building robust and future-proof enterprise applications that propel your organization into the future.

The post Top 5 reasons why Mendix should be your go-to platform for low code application development appeared first on Indium.

• Volatile market conditions,
• Uncertainty around interest rates and inflation,
• Complex regulatory requirements, and
• Ambiguous economic indicators,

Together it’s a VUCA world, and the industry faces numerous hurdles.

Not Without Pitfalls

With vast amounts of data to process and analyze, the quality and reliability of financial data can be compromised, leading to errors, inconsistencies, and fraud. To keep up, financial services organizations must embrace data analytics, AI, and other emerging technologies to optimize operations, reduce costs, manage risks, and deliver value to their customers. Those who fail to do so risk falling behind in the VUCA world of today.

According to Gartner’s “IT Score Benchmarks for Data & Analytics in Banking, Finance, and Insurance,” BFSI organizations are investing heavily in data and analytics capabilities to improve their decision-making, customer engagement, and risk management.

1. Maturity levels in data and analytics indicate how advanced an organization is in implementing and utilizing data-driven strategies and technologies, from early stages to advanced adoption.
2. Importance levels reflect the significance of data and analytics activities in driving business value, decision-making, and achieving strategic goals.

However, the report highlights the top 3 biggest gaps between importance and maturity levels, which will be shared exclusively with you. By understanding these levels, organizations can prioritize efforts to improve data quality, implement advanced analytics techniques, and leverage data for informed decision-making, ultimately enhancing their overall data and analytics capabilities.

Challenges to Adopting Data Analytics Transformation in the Banking Industry

Above all, a well-crafted strategy is essential. Without a clear plan of action, investing in data analytics tools and technologies is a waste of time and resources. Here are the “Top 3 Insights from Gartner’s 2023 IT Score Benchmarks for BFSI”

Source: Gartner

Every data analytics effort should be built on a well-defined plan. Without one, you may buy all the technology globally and still spin your wheels. Any effective strategy begins with determining the main goals and objectives you want to accomplish. Not only will this offer you a clear way forward, but it will also make it simpler to interact with key decision-makers. Every company-wide project needs executive buy-in, so adequately explaining what your organization stands to gain through implementing banking analytics may assist in securing a “yes” from those in positions of authority.

Defining which metrics and key performance indicators to measure is difficult if important goals and objectives are not identified. Without a clear vision of what you’re striving for or how to measure success, it becomes more difficult for employees at all levels of your business to support banking analytics projects, which can interfere with organizational change management (OCM) and user adoption efforts. It also prevents you from implementing advanced data analysis in banking as effectively as you might or should: You may ask incorrect questions, preventing algorithms from providing useful insights.

Once you’ve established a solid plan, the next steps are to develop excellent data governance and execute the appropriate technology. Data governance assures that all large data gathered in banking is ethical, compliant, and responsible. It establishes essential requirements for where data is stored, how it is accessed, and how it is utilized — all of which guarantee that your employees are supported and that your data procedures are long-term. This is a target that most businesses in the BFSI sector have not met. But where do we stand on a scale of 1 to 5?

One important aspect missing from our list is setting a clear aspiration. However, we believe every institution should aim to establish analytics as a core business discipline used by decision-makers throughout the organization.

Analytics should be like a reflex, much like the human nervous system, with every part of the bank knowing how to react to specific stimuli. At the same time, different banks may have varying paces in building and training their analytics systems, some nerve paths will already be established, while others need to be developed and taught to react accordingly.

Then, old legacy systems that keep data segregated across multiple lines of business — even from one team member to the next — must be replaced. These divisions need greater work from both consumers and customer-facing team members, slowing operations and severely impacting the customer experience. As a result, banks and other financial institutions must invest in advanced analytics solutions that enable them to address difficulties and provide financial advice in a timely manner.

7 Tips for Success

Developing a successful banking analytics strategy requires careful planning and execution. Here are some tips to help set you on the right path:

1. Start Small & Scale Gradually: Instead of trying to take on too much too soon, focus on achieving small wins that can fund future projects while delivering the most significant ROI.

2. Adopt an Iterative Learning Approach: Learn from the experience and adopt an iterative approach to treat each project as an opportunity to improve and learn.

3. Build a Comprehensive Data Ecosystem: Utilize internal & external data sources to build a more comprehensive data ecosystem, providing valuable context and enhancing insights from internal data.

Source: Gartner

4. Right Questions: Determine what information you want to put forward; the right questions that will help you obtain the most meaningful data before committing resources.

5. Choose User-Friendly Solutions: Look for banking analytics solutions that feature intuitive and visually appealing visualizations and dashboards that make data-driven insights easily accessible and understandable.

6. Obtain Executive Buy-In: Executive buy-in is crucial to ensure that employees at all levels of the business are on board with new systems and strategies.

7. Automate Where Possible: Automating low-level service requests saves valuable time and allows employees to focus on high-level requests that drive greater value.

Remember to align your strategy with performance metrics, KPIs, and governance, and assemble a winning team with both data science expertise and industry experience. By following these tips, you can develop a successful banking analytics strategy that drives meaningful insights and improves business outcomes.

Energy Shots!

Digital transformation is a never-ending journey for BFSI, as they need to constantly evolve to meet changing customer demands, comply with new regulations, and stay ahead of their competitors. But upgrading legacy systems is not a quick fix and can be complex. Banks must prioritize the most critical areas for modernization and ensure that the transformation is comprehensive, swift, and customer-centric.

To successfully upgrade their core banking systems, banks should:

1. Create a clear roadmap that aligns with their vision,
2. Identify key metrics for measuring success, and
3. Expand their team with domain experts, data specialists, and tech professionals.

They should also prioritize cleaning up their data and ensuring it’s of high quality, conduct training for staff, and document all functional and technical knowledge around the core banking system.

Digital transformation requires careful planning and execution, and banks must be prepared to face new risks and challenges. By following these steps, banks can future-proof their operations, improve customer experiences, and stay competitive in the dynamic financial landscape.

EXCLUSIVE UPDATE – eBook coming soon!

The post Pivot or Persevere? Insights from Gartner’s IT Score Benchmarks for Data & Analytics in BFSI appeared first on Indium.

Digital transformation is not just about adopting new technologies; it’s a holistic approach that involves rethinking business processes, customer experiences, and organizational culture. It’s about leveraging digital technologies to create new opportunities, optimize operations, and deliver value to customers in innovative ways.  

Using the lens of digital assurance and digital engineering, we hope to further illuminate the idea of digital transformation in this blog. The blog will specifically emphasize digital engineering and assurance while highlighting their role in digital transformation. 

Let’s begin! 

The Importance of Digital Transformation 

The importance of digital transformation in today’s business landscape cannot be overstated. Here are some key reasons why enterprises must prioritize digital transformation to stay relevant and competitive: 

• Resilience: The pandemic has highlighted the need for businesses to be resilient and adaptable to changing circumstances. Digital transformation enables enterprises to build agility into their operations, processes, and customer interactions, making them better equipped to navigate disruptions and uncertainties. Example: During the pandemic, many companies had to adapt their business models to survive. Restaurants that implemented online ordering and delivery services were more resilient than those that didn’t, as they were able to continue serving customers even during lockdowns. 

• Customer-centricity: Customers today demand seamless, personalized, and digital experiences. Digital transformation allows enterprises to leverage data, analytics, and automation to understand customer needs, preferences, and behaviors, and deliver hyper-personalized experiences that drive customer loyalty and retention. For Example: Amazon is known for its hyper-personalized customer experiences, with personalized recommendations based on purchase history and browsing behavior. This helps drive customer loyalty and retention, as customers feel understood and appreciated by the brand. 

• Innovation: Digital transformation fosters a culture of innovation within organizations, empowering employees to think creatively, experiment with new ideas, and drive continuous improvement. It enables enterprises to explore new business models, revenue streams, and markets, unlocking new growth opportunities. Tesla is known for disrupting the traditional automotive industry by introducing electric cars and self-driving technology. This innovation has enabled them to capture a significant share of the luxury car market and expand into other markets like energy storage.  

• Efficiency: Digital transformation streamlines operations, automates repetitive tasks, and eliminates manual errors, resulting in improved operational efficiency and cost savings. It enables enterprises to optimize their processes, reduce overheads, and enhance productivity, driving better business outcomes. Banks have embraced digital transformation to improve efficiency in their operations. For example, many banks now offer mobile banking apps that allow customers to deposit checks, transfer funds, and pay bills without visiting a physical branch, saving both time and money for both the bank and the customer.  

• Competitive Advantage: In today’s hyper-competitive business landscape, digital transformation is no longer optional; it’s a strategic imperative. Enterprises that embrace digital transformation gain a competitive edge by staying ahead of the curve, adapting to market changes faster, and delivering superior customer experiences. Example: Netflix disrupted the traditional TV and movie industry by introducing a subscription-based streaming service that offers personalized recommendations and original content. This has allowed them to gain a competitive advantage over traditional cable and satellite TV providers, as they are able to offer more value to their customers at a lower cost. 

Read our success story on Implementing Critical and Inclusive Testing Methods To Accelerate The App Development Lifecycle For Complex Retail Applications. 

Definition of Digital Assurance and its effects 

In layman’s words, digital assurance is a collection of QA (Quality Assurance) practices that guarantee seamless communication between various digital ecosystem components. Digital ecosystems include cloud computing, online analytical processing, and even social networking. 

Data management and data systems are also essential components of any digital ecosystem. Effective data management involves collecting, storing, processing, and analyzing data in a secure and organized manner. Digital ecosystems generate vast amounts of data, and having the right data systems in place ensures that businesses can effectively use this data to make informed decisions and drive growth.  

For example, online retailers like Amazon use data systems to track customer behavior and purchase history, allowing them to provide personalized recommendations and offers. Another example is healthcare organizations that use data management systems to store and analyze patient data to improve diagnoses and treatment plans. In both cases, effective data management and systems play a critical role in optimizing digital ecosystems and driving business outcomes. 

How Digital Assurance Helps in Digital Transformation? 

Digital Assurance plays a crucial role in supporting successful digital transformation initiatives for enterprises. As organizations strive to embrace new technologies, processes, and business models, Digital Assurance provides a comprehensive framework to ensure that the digital assets are reliable, secure, and aligned with the desired objectives. Here are some ways in which Digital Assurance helps in driving digital transformation: 

• Digital Assurance ensures the quality and reliability of digital solutions. Through comprehensive testing and validation, Digital Assurance identifies and addresses potential issues, bugs, or vulnerabilities in digital assets, thereby minimizing risks of system failures, security breaches, or customer dissatisfaction. By ensuring that digital solutions are functioning optimally, Digital Assurance enables organizations to deliver seamless, user-friendly experiences to customers, employees, and other stakeholders, fostering their adoption and engagement with digital technologies. 
• Digital Assurance promotes innovation and agility in the digital transformation journey. By continuously testing and validating digital assets, organizations can identify opportunities for improvement, innovation, and optimization.  
• Digital Assurance allows for rapid iterations, testing of new features or functionalities, and experimentation with emerging technologies, enabling organizations to stay agile and adaptive in the dynamic digital landscape. This helps organizations to respond quickly to changing customer needs, market trends, and business requirements, and stay ahead of the competition. 

Digital Engineering: Definition & Its Impact 

Digital engineering is a comprehensive approach to design that utilizes models and data instead of documentation. This technique involves integrating data across various models and transforming the culture of project teams. By doing so, digital engineering can significantly reduce the risk associated with building costs and timelines. 

How Digital Engineering Helps In Digital Transformation? 

It goes beyond traditional software development, focusing on building robust, scalable, and innovative digital assets that drive business outcomes. Here are some key reasons why Digital Engineering is vital to digital transformation: 

• Digital Engineering is a powerful tool that enables organizations to develop cutting-edge digital products and services that meet the constantly evolving demands of customers. For instance, a bank might use AI to create a chatbot that provides personalized financial advice to customers, while a retailer might use Big Data to analyze customer behavior and tailor their offerings accordingly. 

• By leveraging Digital Engineering, organizations can stay ahead of their competitors in the rapidly changing digital landscape. For example, a car manufacturer might use IoT technology to create a connected car that offers new features and services to customers, thereby differentiating itself from its competitors. 

• Digital Engineering fosters agility and flexibility in the development and deployment of digital solutions. For instance, an e-commerce company might use Agile methodology to develop its website and continuously improve its user experience based on customer feedback. 

• Digital Engineering methodologies such as DevOps and CI/CD enable organizations to rapidly design, develop, and deploy digital assets. For example, a software company might use DevOps to automate its software development and deployment processes, thereby reducing errors and accelerating time-to-market. This agility is essential for organizations looking to drive digital transformation and adapt to the constantly changing needs of customers and market conditions. 

To sum up, digital transformation is now a vital part of an enterprise’s ability to succeed in the modern world, particularly in the aftermath of the pandemic. Rather than a trendy phrase, it is a critical strategic element that organizations must adopt to remain pertinent, competitive, and adaptable to changing circumstances. 

The post Digital Assurance and Digital Engineering – The pillars of Digital Transformation appeared first on Indium.

However, though businesses are flooded with internal and external data, there is no guarantee for data quality. The data is fragmented and often duplicated across the organization. In some cases, it is also incomplete, inaccurate, and unreliable. A McKinsey report on data in the pharma industry shows that increasing data complexity will throw up several challenges such as lack of quality and inherent bias, limiting the application and usefulness of real-world evidence.

This is a challenge, as data needs to be reliable for making meaningful decisions and determining its effective usage. This makes testing of data for quality critical and imperative for data handling at every stage of the process- right from collecting data and analyzing it to prepare it for presenting the data to the stakeholders. The quality of data will influence the quality of decision-making, making data verification and validation crucial.

Data validation, however, is often skipped due to the common perception that it delays the pace of transformation. While in the short term, this approach may seem beneficial, in the long run, it leads to inaccuracies, repetitions, and other data-related issues, which will impact decision-making and render the transformation ineffective or of limited use.

Instead, businesses can adopt automated validation processes through which the pace of data validation can be quickened to test the data quality for faster digital adoption.

The Need for and Types of Data Validation

Data validation for accuracy, clarity, and integrity mitigates the risk of potential defects in the digital transformation project. But along with testing the quality of data, validating the data model is also important as any poorly structured data model can throw up unforeseen issues when software and apps access data files.

To prevent this, businesses must run a variety of tests to validate the data and the data model. Some of the foremost aspects to be validated are data consistency, integrity, format standardization, data type, uniqueness, and ensuring there are no null values.

Format standardization will help to improve the structure of the data models and ensure compatibility with the applications for which the data is being used. Another standardization is with reference to the file formats for easy mapping and access.

Data validation can be done using scripts where codes are written to compare data values and structure with defined rules to ensure that the information meets the quality parameters. However, this requires a knowledge of coding and can be time-consuming for large volumes of data with an element of complexity. Open-source and proprietary tools are available and can be selected based on the business objectives and how the features of the tools serve those needs.

The End-to-End Data Validation Process

McKinsey recommends a framework-based approach to data validation. Data quality testing must be incorporated at every stage of the data workflow and must include the three steps of determining the sample data, validating the database, and validating the data format.

Selecting the sample data is a critical step for large volumes of data. Getting the size and the error rate right will impact the project’s success. For validation of the database, determine the unique IDs and the number of records needed for comparing source and target data fields. Data format validation should check for incongruent and duplicate data, null field values, and mismatched formats.

A clearly defined set of rules will ensure that only the correct type of data, in the right format or a specified range is accepted. Where applicable, one should use a valid list of standardized values such as postal codes and industry codes for data validation. Businesses should also check for consistency and uniqueness to avoid duplication and ensure no fields are left blank.

A batch control audit is a commonly used in-built data quality testing process to check the correctness of batches of input data, especially in the data-preparation stage. Batch control can be of two types:

Sequence Control: The records in a batch are numbered sequentially to ensure the presence of each record during data validation.

Hash Totals: Selected field values in each record are totaled or the total number of records counted and checked at the time of data validation. These are also called hash totals.

Check out our Success Story. For A Leading Mobile Engagement Provider, Big Data Security Using Kerberos

Indium Digital Assurance with Data Quality Testing

Indium Software is a cutting-edge technology company that integrates digital engineering with quality assurance to provide businesses with end-to-end solutions for improving their business outcomes quickly and efficiently. We work closely with our customers to understand their business objectives, data sources, and the current infrastructure to create bespoke digital transformation solutions and meet the desired end-state.

Our digital assurance stack integrates quality assurance best practices with quality engineering, future tech testing, and advisory services. Data assurance and ETL testing form a crucial part of the overall solution with automation to accelerate the process and deliver quick and effective results.

Indium brings to the table more than 20 years of experience in QA and Testing and a team of more than 400 SDETs (Software Development Engineers for Testing).

Indium has a well-established digital and data engineering practice that is growing fast and has helped us be counted as a trusted partner for the world’s fastest-growing companies in digital assurance. Through increased automation, productivity, and quality, we offer a value-driven transformation from QA to QE.

Our data assurance capabilities include:

• Ensuring that the data is fit for purpose and the qualified data is extracted, transformed, and loaded from the source into each layer with data lake/data warehouse testing
• Ensuring data completeness for data validation including app modernization/digital transformation
• Ensuring data consistency, appearance, and performance
• Performing data validation of the underlying data models/data when migrating from legacy infrastructure to a cloud-based platform

FAQ’s

The post Getting Your Data Validation Right with Quality Testing for Digital Assurance appeared first on Indium.

The numbers confirm this too: as per a survey of 500+ IT leaders and executives, the number-one driver of cloud migration is security and data protection. Fifty-eight percent of the respondents ranked security as one of their main priorities.

Then we have data modernization, which involves transferring the data from legacy to modern databases. According to the survey, 55 percent of respondents concurred that data modernization is a key factor in their companies shifting to the cloud. Cost savings and performance of IT operations rank third in the survey results. Cost is less of a factor compared to other key benefits of the cloud, which is a key enabler for organizations’ digital transformation efforts.

QA or Quality assurance and testing services are an indispensable part of any company’s cloud migration journey. For they help organizations avoid issues around cloud scalability, server breakdown, databases, website crashes and more which could potentially tarnish a brand’s reputation while costing time and resources.

In terms of application testing for cloud migration, the focus areas mainly include the following:

• Functional validation
• Integration testing
• Scalability and performance testing
• Security testing

Functional validation

This type of testing mainly validates the production readiness for applications moved to the cloud. The validation process typically involves the verification of key facets of migrated applications and whether they are performing according to the service level agreements (SLAs).

For robust cloud migration, organizations must verify SaaS (short for software as a service) and cloud services function and validate the end-to-end application’s function.

When it comes to cloud testing an application, the following test cases must be executed to check:

• Whether a valid input generates the expected results
• Whether object references and page layout work as expected
• Cross-platform compatibility
• Service integration with applications
• If the automated test suite is compatible with cloud applications

Integration testing

It must be noted that cloud migration is not only about moving the in-house workload to the cloud, but it also includes managing different variables such as authorization, authentication, integration, security, compatibility, testing and security.

Of the variables, integration with third-party tools is significant. Organizations must ensure their applications are well-integrated with third-party applications and communicate seamlessly without glitches.

It is also mandatory to identify dependencies among applications and the service level agreement with each app – because dependencies between systems and applications can make integration testing potentially challenging.

QA and testing teams must consider the following when performing integration testing:

• Cloud testing with third-party tools when varying service level agreements are at play
• Uncover coordination glitches in the cloud
• Application configuration within the cloud environment
• Resources for integration testing and validation
• Systems and interfaces that are part of integration testing
• Integration of multiple applications can complicate migration

Performance testing

This is a significant element of an organization’s cloud migration success while also being a critical part of application development.

When migrating an application to a cloud service, factors such as scalability and response time must be validated. Through automated performance testing process, a software or an application is tested for issues that require attention.

When it comes to performing performance testing, QA engineers and testers must consider the following:

• Identify the architecture of an incompatible application
• Identify the monitoring needs and setup tools
• Keep track to validate response time with regard to service level agreements
• Carry out load testing in parallel
• Record performance under different loads that meet service level agreements
• Check service level agreements, business transactions and end-to-end flow of applications

Security testing

Security is one of the main concerns of cloud migration, with service providers spending millions of dollars to provide optimal protection for their clients’ workloads.

Given the sophistication and sheer volume of cyberattacks, advanced cybersecurity measures must be put in place to ensure confidential organizational data is secure.

Business process security testing, user privacy security testing, application transaction security testing, data privacy and data security testing are the main types of testing a cloud application. 

Security testing helps eliminate the security risks of software systems and applications. The primary focus for organizations is user validation to go with validating data security in transit, during use and at rest.

The following factors must be considered at the time of security testing:

• How is data stored when idle?
• What are the different compliance requirements?
• Who has access to the data?
• Where, when and why users access data?
• What sensitive data is used, stored or transferred?
• Identify legacy applications running on obsolete systems
• Ensure only authorized users access the cloud network
• Ensure appropriate measures are put in place against Distributed Denial of Service (DDoS) attacks
• Validate application, frontend and backend processes

Plan for disaster recovery and business continuity

Despite taking all necessary precautions before cloud migration, organizations must brace themselves for possible worst-case scenarios.

The measures may include simple data recovery, taking stock of the various attacks, disaster recovery practice and more.

Organizations must validate their disaster recovery strategies in the event of cloud outages. The following practises will help:

• Periodically test, measure and update business continuity practises
• Update business continuity plan based on test results
• Run simulations and assess team’s readiness
• Validate application instances to automatically restore in case of hardware failures

Summary

As per a recent study, 77 percent organizations believe that cloud technology gives them a competitive advantage—which partly explains why an increasing number of them are transitioning to the cloud. Cloud is powering organizations’ digital transformation efforts and enabling them to build innovative, digitally-collaborative and customer-friendly products and solutions at scale. It is also helping organizations respond to opportunities with greater agility.

Not with standing all the key benefits of cloud migration, organizations must follow the above QA testing checklist to the letter to ensure they avoid security, performance, functionality issues and potentially extra costs, time and resources during IT migration.

The post The 5-step QA testing checklist for successful cloud migration appeared first on Indium.

Therefore, the retail brand must have a way to seamlessly interact with the customers from multiple touchpoints. Retail businesses also have a siloed approach to their customers, which limits the scope of engagement and leads to a loss of opportunities to serve the customers better and more comprehensively.

Getting a comprehensive view of customers, Customer 360 as it is referred to, can enable businesses to improve customer lifecycle management right from identifying the target customer to acquisition and retention with the right product mix, pricing, and personalization.

This is enabled through retail analytics, which is empowering retail businesses with Acquiring, Segmenting, Engaging, Campaigning, Recommending, and Retaining customers to reduce churn and forecast future trends.

Gartner recommends that embracing digital transformation technologies such as AI and data analytics will be critical for retail businesses to prevent stagnation. MarketsandMarkets estimates the global Retail Analytics market size to grow at a Compound Annual Growth Rate (CAGR) of 21.2% to touch USD 11.1 billion by 2025 in the next five years. It identifies growth factors as rising demand for dashboards, for data visualization, cloud, IoT, and the resultant increase in data generation.

Indium Approach to “Customer 360”

Indium Software has more than two decades of experience in leading-edge technologies, with a special focus on digital solutions such as Big Data, analytics, and AI. Its Customer 360 analytics focus enables:

• Retail businesses with multiple products to showcase a wide range of “personalized” options to prospective customers
• Those with a smaller number of products to increase repeat business, by helping with better marketing and campaign management
• Convert customers who make just “one purchase” to possibly become brand ambassadors

In addition to analytics and AI/ML, Indium has a strong data engineering team that enables data management and integration to extract data from external and internal sources, transform them, and load (ETL) to create data warehouses that can be effectively used for meaningful analytics.

Indium uses technologies such as Python, Tableau, Shiny, R, SQL, and NoSQL to provide actionable insights from data available across the different systems within the organization such as supply chain, inventory, sales and marketing, and customer behavior.

Indium’s patented text analytics tool, teX.ai, also enables extracting structured and unstructured data such as text, audio, video, and images. This empowers businesses to listen to social media chatter and perform sentiment analysis that provides deeper insights into customer expectations and provides the retail businesses with an opportunity to improve their product and service quality.

Some of the ways in which businesses can use these insights include:

• Optimizing customer experience by leveraging data: Fine-tune and enhance customer experience by measuring user experience
• Establishing a relationship between data and people: Respond in real-time for improving customer delight and improving collaboration between different departments
• Creating a single-source of truth: Get a unified view of enterprise-wide data to make informed decisions
• Integrating data from multiple sources: Data from sources such as CRM, POS systems, web and app analytics tools, campaign managers, marketing automation tools can be integrated into a data lake and transformed to provide insights
• Improving forecasting: Analyze past and present customer behavior to predict future demand

Indium’s teX.ai also can help retail businesses, especially e-commerce marketplaces, to improve their product classification, enhancing the chances of product discovery, cross-selling and upselling.

Benefits of adopting a “Customer 360” approach

Gaining deeper insight into the profile and needs of customers can help businesses improve the quality and nature of engagement with customers as well as increase operational efficiency and collaboration between teams.

Some of the key benefits of Customer 360 include:

• Personalization of services: Understanding user preferences can enable push marketing in a more focused manner, thereby increasing conversion rates. This can also help with cross-selling and upselling of products to increase the value of the transaction.
• Improved inventory management: Being able to forecast demand can help manage inventory and plan merchandise better to reduce inventory.
• Price optimization: Analytics can help with the pricing strategy based on customer behavior and alerting customers when value offers are announced to improve sales.
• Enhancing customer experience: To improve customer delight, an easy-to-use navigation system that is personalized can go a long way.
• Personalized marketing communication: Sending personalized communication of relevant offers and new products can increase and meaningful engagement with customers.
• Improved ROI: With business intelligence, retail businesses can uncover new opportunities and improve the return on investment.
• Run multiple campaigns in parallel: With on-demand prediction models, you do not have to sequence campaigns
• Gain insights about customer journey: Capture customer action and non-action data points to enrich customer profile
• Set scores for better insights: Integrate the insights such as scores, lists, characteristics, and metrics for customer deep dives to create meaningful campaigns

Retailers and brands can analyze the performance of different products, product categories, and stores to step up focus on areas that are lagging and strengthening areas where there is already good traction to expand the reach. With Indium’s Customer 360, retail businesses can create a comprehensive strategy aimed at improving customer satisfaction and retention.

To know more and increase your ability to engage and delight customers more, contact us now:

https://www.indiumsoftware.com/customer-360/

The post Rethinking the Customer Journey with Indium’s Customer 360 Analytics Capabilities appeared first on Indium.

View Indium Software’s GoodFirms’ profile to know about its whereabouts and the way of working to stand out amongst its competitors.

Rich in catering to the clients with the technology solutions, Indium Software solution is based in Chennai and was incepted in 1999.

Since its inception, the company is delivering the best possible solutions to the clients in different categories, like Big Data engineering and analytics, blockchain development, QA, and gaming.

Having more than 20 years of experience, Indium Software has served more than 350 clients of different verticals in different geographies.

The company has served different kinds of businesses like startups to Global enterprises, and Fortune 500 companies.

Indium software caters to its global customers through its registered offices based in New Jersey, California, Singapore, and Kuala Lumpur.

Not only this, Indium Software is globally recognized and has its delivery centres in Chennai and Bengaluru, India. With this, the mission of the company is to provide customers with high-quality solutions delivering business value and generating ROI.

Indium Software was evaluated by GoodFirms, which is an analysis and review portal that evaluates different services offered by various brands, affirming their overall achievement based on three parameters – Quality, Reliability, and Ability.

After a meticulous evaluation, GoodFirms research unit authorized Indium Software as one of the leading big data, testing, and BlockChain development companies in California, Georgia, and Atlanta respectively at GoodFirms.

At Indium, the professional team of developers leverages end-to-end Big Data services and high-level analytics solutions delivery skills, to recognize the exact solution that satisfies the clients’ business, time-to-market, and objectives.

The expert professionals understand the business challenges and know the right mixture of tools and technologies from the combustion of alternatives available in the Big Data ecosystem.

With rich delivery experience and a highly capable workforce, Indium Software is able to provide a wide range of services in Big Data to the clients of different verticals and different geographies.

The team with the proper roadmap enables the clients to procure actionable insights in order to make smarter and acquired decisions. The services provided by the experts to the clients are inclusive of consulting, implementation, on-going sustenance, and managed services.

Thus, backed by such an expert professionals team delivering the best possible solutions to the clients facilitates the company to burgeon amongst the top big data analytics companies in California at GoodFirms.

The company not only produces and delivers the solutions but also practices in providing end-to-end application testing solutions incubating niche testing needs on the latest tools, trends, and techniques at optimal cost, desired Quality and ensure delivery at the right time every time.

Since its inception, with proven expertise and experienced professionals, Indium software has catered its services to the clients of SMEs, large scale enterprises, and also to the clients from Fortune 500 companies.

The team specializes in providing different QA services such as – DevOps testing, API testing, cloud testing, data quality validation, Compliance testing, packaged application testing, test advisory services, and a few others.

Hence, backed by the team who keeps themselves upgraded with the relevant testing approaches endows Indium Software to stand in the front line amongst the top software testing companies in Georgia at GoodFirms.

At Indium, the professionals possess the essential skills and knowledge to promote projects launched on the BlockChain.

The services catered to clients include – cryptocurrency exchange solutions, cryptocurrency development services, ethereum development services, and many others.

The expert team at Indium produces the solutions through a particular process which can be defined as – solution architecting, infrastructure, development, and smart contract. Thus, with years of experience by developing modern and customer-centric solutions, and also having expertise in creating ICO platforms and crypto exchanges, Indium Software taps in the list of the top Blockchain developers in Atlanta listed at GoodFirms.

About GoodFirms

Washington, D.C. based GoodFirms is a maverick B2B research and reviews company that helps in finding Big Data, testing, and blockchain development companies rendering best assistance to its customers.

GoodFirms’ extensive research process ranks the companies, boosts their online reputation and helps service seekers pick the right technology partner that meets their business needs.

The post Driving Digital Transformation- Indium Software appeared first on Indium.