INFOGRAPHIC: PUBLIC SECTOR TECHNOLOGY TRENDS TO WATCH FOR IN 2022

This infographic provides an overview of public sector technology trends in 2022 that can guide public sector leaders in accelerating digital transformation and minimizing disruption risks. Our visual briefing determines key trends that lie in the spaces between several emerging technologies and the impact they are likely to bring about to the public sector. Over the next 12-18 months, these technology trends could disrupt the way public sector organizations engage with citizens, execute tasks, and prepare for the future.

Cloud-Computing-Market-Overview-2017

WHAT TO EXPECT FROM AWS RE:INVENT 2021

What To Expect From AWS reInvent 2021

AWS re:Invent 2021 is an Amazon Web Services annual technology conference scheduled for November 29 through December 3 in Las Vegas, Nevada. This is the largest annual Amazon Web Services (AWS) conference for partners and customers. The event is scheduled to include 1,500 technical sessions, a partner expo, training and certification opportunities, and multiple keynote announcements. Also, AWS re:Invent 2021 is dedicated to cloud strategies, IT architecture and infrastructure, operations, security, and developer productivity with a focus on AWS products and features. Irrespective of whether you are an engineer, a business leader, or just embarking on the cloud journey, this is an opportunity to discover everything the event has to offer. As an AWS Advanced Consulting Partner and Managed Service Provider (MSP), Idexcel is much excited and looking forward to this event.

Key Note Sessions

Keynote Session 1: Global Partner Summit – November, 29 (3:00 PM – 5:00 PM PST)

Doug Yeum – Head of AWS Partner Organization: Yeum is currently AWS’ head of worldwide channels and alliances. His responsibilities included engaging with c-level executives about their digital transformation and innovation strategies, developing business through channels & alliances, and managing business operations.

Sandy Carter – Vice President for Worldwide Public Sector Partners and Programs at AWS: She is responsible for driving next-generation partnering and evolving partner models to intensify partner innovation and AWS Cloud adoption.

Stephen Orban – General Manager of AWS Marketplace and Control Services: Orban formerly served for three years as general manager of AWS Data Exchange, a service launched in 2019 that makes it easy for AWS customers to find, subscribe to, and use third-party data in the cloud through Marketplace.

Keynote Session 2: AWS Customers, Products, & Services – November, 30 (8:30 AM – 10:30 AM PST)

Adam Selipsky – AWS CEO: Adam would take the stage to share his insights and latest news about AWS customers, products, and services.

Keynote Session 3: Databases, Analytics, & Machine Learning– December, 01 (8:30 AM – 10:30 AM PST)

Swami Sivasubramanian – Vice President at AWS: Heading up all Amazon AI and Machine Learning services and leading on all aspects of Machine Learning, from ML frameworks and infrastructure to Amazon SageMaker and AI services.

Keynote Session 4: AWS & Cloud Infrastructure – December, 01 (3:00 PM – 4:30 PM PST)

Peter DeSantis – Senior Vice President of AWS Global Infrastructure and Customer Support: Leading the AWS teams responsible for designing the data centers, servers, and network that underpin AWS services and for deploying and operating this infrastructure worldwide.

Keynote Session 5: Future of Software Development – December, 02 (8:30 AM – 10:30 AM PST)

Dr. Werner Vogels – Chief Technology Officer at Amazon.com: Dr. Werner is responsible for driving the company’s customer-centric technology vision and is one of the forces behind Amazon’s approach to cloud computing.

Offerings of re:Invent 2021

Here is a lineup of some of the expanded offerings of the event that you may want to check out:

Presentations

  • Keynotes from AWS on cutting edge-technology and industry trends
  • Leadership Sessions on a range of hot topics
  • Breakout Groups and Q&A Sessions
  • Expert Learning Lounges
  • Builders’ Fair with Presentations and Question & Answer Sessions
  • AWS Product Announcements

AWS Training & Certification

  • Exam Readiness Sessions
  • Remote Certification Examinations
  • Hands-on Labs & Bootcamps

Hands-on Learning & Fun

  • AWS DeepRacer Competitions
  • Jams, Game Days & Hackathon
  • Virtual Play Events

Performances & Entertainment

  • Cooking Demonstrations
  • re:Play – a Live Concert by a National Act

Our AWS re:Invent 2021 Predictions for ML Services

  1. Release of new generation ec2 instance for faster Machine Learning Training and Inference, which will offer a better Price-Performance Ratio.
  2. Amazon Textract will soon penetrate the market by providing extraction solutions that are domain-specific, covering specific types of document extraction solutions. We may see examples of specific types of documents that will be extracted.
  3. As we are in the midst of guiding ourselves through the pandemic, we will be aware that 2020 was a big year for medical image processing, particularly for chest x-rays. In this regard, we are expecting Amazon to announce a service similar to “Lookout For Vision” which will be used for anomaly detection, specifically focused on radiology-based images.
  4. An enhancement to Amazon Health Lake is expected to augment patient tracking and management.
  5. With the recent acquisition of Wickr, improvements in Lex are likely to be out later this year or early next year.
  6. A range of Automation options within AWS Service is likely to be announced.
  7. Furthermore, we look forward to big announcements of several incremental improvements to Amazon Rekognition service offering and additional flexibility in Machine Learning Training Models for images and videos.

Schedule a meeting with our AWS Cloud Solution Experts and accelerate your cloud journey with Idexcel.

Digital Transformation Starts with Data Extraction

Digital Transformation Starts with Data Extraction

An Allied Market Research report published in March 2021 showed that digital transformation in the BFSI industry globally generated USD 52.44 billion in 2019. Between 2020 to 2027, it is expected to register a CAGR of 15.4 percent, reaching USD 164.08 billion by 2027.

The outbreak of Covid-19 has accelerated the adoption of digital transformation in the BFSI sector. For example, borrowers are now more inclined to upload the requisite documents onto an online application to apply for loans rather than visit the lenders in person.

An example of how Digital Transformation is changing the BFSI landscape

According to a report published by forrester.com in 2020, banking would be purposeful, insights-driven, connected, and invisible by 2030. Soon, trust between the financial institutions and their customers would be indispensable for business success.

Unfortunately, an error-prone and time-consuming onboarding experience erodes this trust. According to Thomson Reuters, 89 percent of the surveyed corporate customers reported a poor KYC experience. As a consequence, 13 percent of them changed financial institutions.

Thankfully, digital transformation initiatives such as digital KYC can vastly improve customer experience in the banking sector. Instead of employing teams to verify and extract data, FinTechs and banks can use comprehension and data extraction tools to accelerate their paperwork. These tools can extract data and digitize documents from both structured and unstructured documents powered by machine learning and AI.

Achieve Digital Transformation Success with Idexcel AIDE

According to a report by researchandmarkets.com, 2.5 quintillion bytes of digital data are globally generated in a single day. Therefore, organizations worldwide have to ensure that such large volumes of information are efficiently and accurately processed.

Digitization of data is the first step towards Digital Transformation. This means data extraction from the non-digital medium is the first step for Digital Transformation.

Digital Transformation Starts with Data Extraction

Handwritten forms and text-based documents were never designed for electronic workflows. As such, extracting information and converting the same into digital data poses inherent challenges. Traditional solutions such as OCR are often niche and do not offer widespread application benefits.

If the nature of the document to be converted has complex features and variations, a rule-based extracting information approach such as OCR is not feasible. In addition, multilingual content and handwritten text can make the digitization process even more difficult.

Idexcel AIDE is an intelligent and automated data extraction framework that can process documents rapidly. It can digitize data from handwritten forms and papers. It can also perform unstructured data extraction from structured information such as data from financial statements, extract data in Excel, texts from images or extract tables from PDF documents.

Just like humans, AIDE can execute data extraction from multiple formats, features, and layouts. In addition, it can process documents across numerous languages and digitize them into machine-readable formats that can be analyzed and stored efficiently. Using Amazon Textract, a powerful machine learning tool, AIDE’s storage, and security practices are the best that the industry has to offer.

Why AIDE Is A Good Tool For Data Extraction

  • Save Significant Time: AIDE can perform large volumes of data extraction at a rapid rate without compromising accuracy. This allows the organization to focus its manual resources on building meaningful services, innovation, and creative thinking.
  • Improve Accuracy And Speed: When humans perform data extraction and entry, they become error-prone and tedious. Using intelligent and automated data extraction solutions such as AIDE, organizations can vastly improve the speed and accuracy of their digitization process.
  • Enhanced Data Value: With fast and more accurate data in hand, organizations can make informed decisions and not miss market opportunities. This enables them to generate higher RoI from their data extraction processes.
  • Language Agnostic Data Extraction Power: Leveraging AI data extraction, AIDE can efficiently extract information from physical documents across multiple languages. This is very helpful if your company is a large MNC spanning multiple geographical locations and having a multilingual workforce.
  • Better Security: Powered by AWS cloud solutions, AIDE comes equipped with state-of-the-art security features. Your crucial and confidential business data is safe and well protected.

Accelerate your digital transformation and make your data extraction process more accurate using our AIDE framework.

Top Digital Transformation Trends in the Financial Industry

Top Digital Transformation Trends in the Financial Industry

When it comes to the financial industry, the year 2019 is going to prove to be a changing point, especially concerning digital transformation. There will be a paradigm shift for the banking industry, especially for those who have functioned within the brick and mortar layout. The point is that consumers have been split for choices, which would, in turn, mean that financial institutions need to adapt to the new age technological trends, to stay in business.

Even though the word ‘digital transformation’ might seem like a buzzword, there is a lot more to it than meets the eye. Through the implementation of digitization, financial services can be altered effectively, to ensure economic growth is visible clearly. Let’s take the example of mobile banking — banks are competing with each other in the virtual space to help ease their customers’ financial transactions. The smoother the banking app, the better would be the digital transactions and the economic growth of a banking organization.

On the other hand, banks and credit card companies rely heavily on enhancing their mobile customer experience, without incurring any downtime during the transaction stages. This way, other financial establishments like fund managers, capital markets, equity markets, etc., can utilize tools like big data and machine learning to automate their existing processes and drive automation in a more structured and reliable manner, thereby making the process seamless and extremely user-friendly.

The services listed below can prove to be the game changers in the year 2019, which will shape up the financial structure with their digital transformation trends.

Mobile Banking

Mobile banking has eased the way consumers access their banking accounts and other banking services. When was the last time you set foot in the bank? Right from depositing checks, applying for loans, to transferring money, everything is happening at the click of a few buttons, right from our mobile devices. Customers of today don’t want a brick and mortar bank; instead, they want something which can be accessed from their mobile phones. A combination of 24/7 access, ease of use, and almost negligible waiting time has changed the way banking and other financial institutions are functioning; this will continue to evolve, as more and more customers prefer mobile banking over other forms of banking.

Mobile Pay Utilities

Apps are evolving at the speed of light. There was a time when mobile wallets were unheard of to the average consumer. While some people have argued over the security of storing electronic money, many others refrained from using this payment method due to lack of knowledge. However, times are changing, and so are ways of storing wealth and making payments. Mobile wallets have become the rule of the market; merchants, shopping complexes and other sellers prefer to use mobile payments versus traditional cash and checks. Convenience, security, and ease of availability have given way to a digital transformation over the years, which continue to evolve as time passes.

Blockchain

Blockchain might not have been an enormous success in 2018; however, it is slated to pick up in 2019. There will be more emphasis on blockchain concerning digital payments, escrow facilities, loan processing, etc. There is also an expected use of Blockchain in RegTech, wherein processes governed by regulations need to be automated to avoid unnecessary regulation breaches.

Automated Wealth Managers

Artificial Intelligence has become the talk of the era, given its magnitude of automation and possibilities. Wealth bots, or automated wealth managers, use complex algorithms to calculate the best investment opportunities, along with the best interest rates, the best loan providing institutions, etc. Financial planning has become a cinch, all thanks to automated wealth managers, which are rapidly helping people meet their financial goals with utmost precision and well-calculated returns.

Big Data

The fact today is that data is everything. Banking and financial institutions are rapidly making use of machine learning to process data to drive effective analytical solutions out of this data. This way, banks, and other financial institutions can better serve their customers, as well as improve their overall services to bring in more investment and create better work environments for their employees and customers alike.

The trends are endless; it is to see how the financial industry reacts to these changes eventually, which can prove to be a turning point in their existence.

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Top 5 Key Benefits of Digital Transformation

Top 5 Key Benefits of Digital Transformation

Digital transformation has become a buzzword for organizations these days. The world has gone digital; but does that mean that businesses are ready to revel in the era of digitization? The response is somewhat mixed; however, the benefits of digital transformation are still unknown, which makes the unexplored territory dangerous.

To usher in the true meaning of digital transformation it’s imperative to make companies, organizations and, businesses alike understand the five key benefits so that the adaptation process becomes more accessible and more lucrative.

Improved Efficiency
What does every organization crave? Customer satisfaction might be one of the benefits, but improved efficiency is a significant drive for digital transformation. Organizations are moving away from manual interventions, as effectiveness is beginning to become the critical phrase. When manual processes are replaced with electronic versions, there is a quicker process flow which is put into place, thereby making the organization efficiency model a success story to reckon.

Customer Experience
Customer satisfaction is of utmost importance; for any organization, the customers come first. For this very reason, if an organization needs to measure their success, it’s important to understand the quality of customer satisfaction and the methods which are used to arrive at the final verdict. The better the customer satisfaction levels, the higher the digital transformation success rate for organizations.

Robust Decision Making
What helps businesses achieve the first two points? When the management has sufficient, well-planned data to make sound decisions, it shows in the success rate, brand suitability, and brand name of the business. The sounder the decisions, the better would be the chances of achieving the organizational goals in the long run. Eventually, these methods of driving organizational goals are what leads a business towards success.

Enhanced Profitability
Digital Transformation is best measured with profit margins at the end of the year. The higher the profits, the better would be the motivation of the employees, and more significant would be the trust of the customers in the brand. When profits are enhanced, more decisions can be taken towards improving efficiency in business processes, which can be geared towards improving customer service.

Better Market Penetration
New customers can be added to existing business norms by penetrating unexplored markets. When new products are marketed, it’s essential to perform segmentation, to gauge the quality of the target territory. With improved efficiency and better decision making, the process of market penetration becomes more effective, which helps bring in loyal customers. As the customer base expands, so will the need for profits and improved customer satisfaction.

When all these processes are combined, they form a chain, which leads to the achievement of the pre-defined business goals. Each benefit is interlinked with the other, which is required for reaching the overall organizational goals.

Sound decisions are always a requisite for better profitability and customer satisfaction, to drive the essence of digital transformation and efficiency within each organizational realm.

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