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Mitigating Risks and Costs The Imperative to Migrate to SAP S4HANA Now

Mitigating Risks and Costs: The Imperative to Migrate to SAP S/4HANA Now

About Cigniti (A Coforge Company)2024-07-18T17:41:09+05:30

Businesses today face constant pressure to stay competitive, agile, and efficient. One of the key strategies for achieving these goals is migrating to SAP S/4HANA, the latest enterprise resource planning (ERP) suite from SAP. The SAP HANA migration is more than just a technical upgrade; it’s a strategic move [...]

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July 18, 2024
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How An Effective TDM Strategy Can Provide Valuable Business Benefits

How An Effective TDM Strategy Can Provide Valuable Business Benefits

About Cigniti (A Coforge Company)2024-07-17T19:08:47+05:30

Test data management (TDM) is a time and resource-intensive process for numerous big corporations. To illustrate, at one American insurance company, test data collection accounted for 16% of all testing activities, translating into $3 million spent on TDM for a project costing $20 million. By introducing sophisticated TDM processes, [...]

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July 17, 2024
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Ensuring Accuracy and Reliability with ML Model Validation

Ensuring Accuracy and Reliability with ML Model Validation

About Cigniti (A Coforge Company)2024-07-08T17:13:18+05:30

As demand for machine learning (ML) grows, rigorous testing and quality assurance are crucial. ML models need quality training data and robust algorithms. Without thorough testing, inaccurate outcomes can occur, especially in sectors like healthcare, finance, and transportation. A 2023 ScienceDirect report found data leakage in 294 academic publications across [...]

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July 8, 2024
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Pioneering the Future: Generative AI's Impact on Medical Devices

Pioneering the Future: Generative AI’s Impact on Medical Devices

About Cigniti (A Coforge Company)2024-07-04T16:45:31+05:30

According to the World Health Organization (WHO), Up to 50% of medical errors in primary care stem from administrative issues. There is a projected shortfall of 10 million health workers by 2030. Given the statistics highlighting device errors and a shortage of maintenance professionals exacerbate healthcare challenges, Generative AI in medical devices [...]

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July 4, 2024
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In the world of banking, where customer expectations are continually evolving, and regulatory landscapes are becoming increasingly complex, the integration of intelligent automation stands out as a pivotal solution. Intelligent automation, which combines artificial intelligence (AI) with robotic process automation (RPA), allows banks to streamline operations, enhance customer experiences, and maintain compliance with ever-changing regulations. Here are three critical areas where intelligent automation is revolutionizing the banking industry. 1. Customer Service and Engagement One of the most visible impacts of intelligent automation in banking is in the area of customer service. Traditional banking systems often struggle to provide personalized, round-the-clock service that modern customers demand. IA addresses this challenge through several innovative solutions: a. Chatbots and Virtual Assistants AI-powered chatbots and virtual assistants are ubiquitous on banking websites and mobile apps. These tools can handle various customer inquiries, from balance checks and transaction histories to more complex issues like loan applications and financial advice. Unlike human agents, these virtual assistants are available 24/7, offering immediate responses and improving customer satisfaction. b. Personalized Financial Advice Banks can now analyze vast customer data using advanced analytics and machine learning to provide personalized financial advice. Intelligent enables the continuous monitoring of customer accounts, spending habits, and financial goals to offer tailored recommendations for saving, investing, and managing money. 2. Operational Efficiency and Cost Reduction The second critical area in which intelligent automation and intelligent process automation profoundly impact is improving operational efficiency and reducing costs. Traditional banking operations are often bogged down by manual, repetitive tasks that are time-consuming and prone to errors. Banking Automation transforms these processes by automating routine tasks, thus allowing banks to focus on more strategic initiatives. a. Automated Back-Office Processes Banks have historically relied on large teams to handle back-office tasks such as data entry, reconciliation, and reporting. RPA can automate these repetitive tasks, ensuring faster and more accurate processing. For instance, automation can significantly accelerate tasks like customer onboarding, loan processing, and KYC (Know Your Customer) verification. b. Fraud Detection and Prevention Fraud is a major concern for banks. According to McKinsey, ‘Estimates of fraud’s impact on consumers and financial institutions vary significantly, but losses to banks alone are conservatively estimated to exceed $31 billion globally’. Intelligent automation enhances fraud detection and prevention using AI to analyze transaction patterns and identify suspicious activities in real-time. 3. Regulatory Compliance and Risk Management The third area where intelligent automation is proving to be indispensable is in regulatory compliance and risk management. Banks are subject to many regulations, and maintaining compliance can be resource-intensive. Intelligent Automation helps banks stay compliant while reducing the burden on their compliance teams. a. Automated Compliance Monitoring Intelligent automation can continuously monitor transactions and activities to ensure compliance with regulatory requirements. By automating the monitoring process, banks can quickly identify and address any deviations from compliance, reducing regulatory penalties risk. b. Risk Assessment and Management Risk management is another critical area in which intelligent Automation makes a significant impact. AI algorithms can assess credit, market, and operational risks more accurately and quickly than traditional methods. This allows banks to make more informed decisions and reduce risk exposure. How Cigniti Is Helping Its Customers with Strategic Partnerships Cigniti Technologies has revolutionized the payments and financial services industry through strategic partnerships with leading RPA providers like UiPath, Automation Anywhere, and BluePrism. These alliances have enabled Cigniti to deliver robust, intelligent automation solutions seamlessly integrating into their clients' operations. By leveraging the strategic partnership with UiPath, Cigniti has addressed key challenges such as managing production maintenance, handling application errors, and ensuring proactive communication. Cigniti has successfully reduced operational hours by approximately 140 hours from a base of 60,000, achieved a 20% improvement in BOT availability, and fully integrated its automation solutions with ITSM tools. With 24 BOTS running at a 100% success rate in production, Cigniti has also boosted operational efficiency by 10% through close collaboration with application and database teams. This comprehensive approach has allowed Cigniti to maintain its service levels and deliver exceptional value to its clients, underscoring its leadership in integrated and automated payment technologies. Conclusion Intelligent Automation in banking is no longer just a competitive advantage. It is necessary to stay relevant in today’s fast-paced financial landscape. Intelligent Automation empowers banks to deliver superior value while maintaining robust, efficient, and secure operations by enhancing customer service, improving operational efficiency, and ensuring regulatory compliance. As banks continue to embrace these technologies, they will revolutionize their internal processes and set new standards for excellence in the financial industry. To know more, visit the Intelligent Automation page.

3 Critical Areas Where Intelligent Automation is Revolutionizing Banking

About Cigniti (A Coforge Company)2024-07-03T16:00:59+05:30

In the world of banking, where customer expectations are continually evolving, and regulatory landscapes are becoming increasingly complex, the integration of intelligent automation stands out as a pivotal solution. Intelligent automation, which combines artificial intelligence (AI) with robotic process automation (RPA), allows banks to streamline operations, enhance customer experiences, and [...]

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July 3, 2024
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Risk Mitigation through Generative AI: Safeguarding Revenue against Fraud and Cybersecurity Threats

Risk Mitigation through Generative AI: Safeguarding Revenue against Fraud and Cybersecurity Threats

About Cigniti (A Coforge Company)2024-06-27T16:03:56+05:30

In today’s digital age, businesses face an ever-increasing array of risks, particularly fraud and cybersecurity threats. McKinsey states, “Cyberattacks will cause $10.5 trillion a year in damage by 2025.” That’s a 300% increase from 2015 levels. These risks can significantly impact a company’s bottom line, reputation, and customer trust. To [...]

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June 27, 2024
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From Checkout Chaos to Seamless Transactions: The Power of Automated POS Testing

From Checkout Chaos to Seamless Transactions: The Power of Automated POS Testing

About Cigniti (A Coforge Company)2024-06-26T17:22:10+05:30

In the busy world of retail, the checkout process is the last and often most crucial step in the customer journey. A smooth, efficient transaction can leave a lasting positive impression, while any hiccup can lead to frustration, abandoned carts, and lost sales. With the rise of advanced Point-of-Sale (POS) [...]

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June 26, 2024
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Tackling Microservices Testing Challenges: Effective Mitigation Strategies

Tackling Microservices Testing Challenges: Effective Mitigation Strategies

About Cigniti (A Coforge Company)2024-06-24T18:16:20+05:30

According to Statista, the microservices architecture market will grow at a robust CAGR of 19.6%, reaching $10.86 billion by 2027, up from $4.44 billion in 2022. The shift to microservices architecture has revolutionized software design and development, significantly enhancing agility, scalability, resilience, delivery times, cost-effectiveness, and more. Since Dr. [...]

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June 24, 2024
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Connected and Protected: Navigating Cybersecurity in Medical Devices with IEEE 2621

Connected and Protected: Navigating Cybersecurity in Medical Devices with IEEE 2621

About Cigniti (A Coforge Company)2024-06-19T18:32:06+05:30

The healthcare sector is one where change occurs rapidly. Medical devices are now becoming more complex, networked, and downright indispensable to patients’ lives; such devices include pacemakers, insulin pumps, sophisticated diagnostic tools, and telemedicine platforms, contributing immensely towards modernizing medicine. Still, it takes much effort before outstanding innovations can materialize; [...]

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June 19, 2024
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The Critical Role of Testing in Seamless SAP S/4HANA Migration

The Critical Role of Testing in Seamless SAP S/4HANA Migration

About Cigniti (A Coforge Company)2024-06-17T16:51:19+05:30

Why Organizations Should Migrate to SAP S/4 HANA by December 2027? Organizations must migrate to SAP S/4HANA by December 2027. Using technologies beyond their End of Life (EOL) can lead to operational disruptions, increased maintenance costs, costly support services, security vulnerabilities, and compliance failures, ultimately resulting in higher expenses and [...]

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June 17, 2024
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