An integrated business application software is at the root of driving an AI enabled enterprise. The cost of delay in taking a business decision can be costly with an increasingly competitive marketplace. 
But an AI enabled organisation can provide predictive insights to take decisions more swiftly. The AI driven organisation can help businesses take the steps according to their business goals and objectives. The data collected from business functions like sales, marketing, talent management, personalised customer support, finance, accounting, and IT etc.

The AI driven organisation uses enhanced learning techniques to devise strategies that can help them act swiftly to meet their business goals. Here’s a look at how business application software can be used to build an AI driven organization. 

1. Virtual Teams & Hybrid Offices:

Managing the talent pool across locations and different offices is best managed with the use of technology. The business application software can help teams collaborate, build and contribute effectively using AI.

The assisted chatbots for employee FAQs, supervising trainings for new employees, providing relevant and contextual information for employees based on their roles, locations and projects etc. can be dynamically managed using AI driven software. 

A dynamic AI based team collaboration tool creates a virtual office. It can be used to manage the operations and work from any place or location.  The AI software provides integrated Interface for business administration and managing employees from either office or home.

The key indicators governing performance can be monitored online with triggers for new project tasks, approvals, employee activity, customer escalations and other important events.

2. Talent Management & Analytics:

The web is a great place to attract talent for your company. It showcases your business to the prospective candidate who wants to reach you. However, online recruitment can be a challenge.

As many top businesses get plenty of job applicants, the hiring process can be automated using AI algorithms. The location of the candidate, their social profiles data, academic credentials, skillsets and verifiable track record are some of the things that AI based algorithms can validate.

The AI based recruitment process eliminates the candidates that don’t fit the bill for your company. Only the candidates whose backgrounds have been verified can be moved to the next level. It can help your company recruit better quality talent and authentic candidates.

3. Product or Services Marketing Automation: 

One of the most important aspects of an organization is to generate revenue consistently to grow the business. The products or services need to be pitched to the right customers that fit your criterion.

Companies are looking to build intelligent automation into their business. AI driven algorithms are helping companies make more sense with their data. 

Take for e.g. given a product or services, who are your target customers and how you can reach them. This is a complex problem for businesses when they do it manually. However, AI algorithms are helping companies generate contextual leads based on heuristics that best match their criterion. The data from the web, LinkedIn, Twitter and content leads etc. is then analysed to provide the most relevant leads for the organisation.

4. Customer Experience Management 

One of the key requirements for businesses today is to improve the retention rates for their customers. Across industries, it costs more to win new clients than to service the existing ones.

A lot of traditional businesses are experimenting with SaaS based products or services too. But many of these companies can significantly improve their retention of customers by improving their customer experience management.

When customers get attention and are onboarded to solve their problems, they stick around. Customer experience is shaped by helping users to uncover value from your product or service.

With AI, you can personalise recommendations, help tips, provide contextual emails and messages to users, ultimately leading to more loyal and engaged customers. The AI engine at the background is processing information about the client, their usage patterns, industry requirements, user roles and needs etc. It helps to connect and engage with customers proactively.

Organizations can make maximum impact with more focused, relevant, & personalised interactions with their customers.

5. AI Based Demand Forecasting

AI based business application software can be used for predicting the revenues and sales for an organisation with greater accuracy. The AI algorithm uses data from all the sales and marketing teams, & computes sales revenues based on advanced heuristics.

The data from previous years, average resource costs, changes in the market based on the latest news etc are taken into account before providing demand forecasting. 

Companies can predict and estimate their growth rates and earnings with greater confidence using AI based technology. The AI software also helps sales teams to improve their performance by providing them well qualified leads, providing them actionable prompts to take the next steps in closing the deals and by assisting with improved customer interactions too.

6. Document Processing System

Documents and standardized templates can be used to run a business more effectively. For e.g. when tasks are sent for approvals to managers, a standard process can be incorporated to improve communication. For meetings, a standardized circular before the meeting and minutes of meeting with action steps by particular dates can be sent to team members. 

The digital document system can enforce organisational footprint in a wide range of processes. It can also provide actionable inputs to employees for improving the quality of work.

Documents can be shared according to roles, business functions and hierarchies maintained by the organisation. Business process approvals, workflow and information sharing can be managed using a digital document system that uses AI.

The document processing uses AI and machine learning, for document classification, predictive analytics and making decisions. Document processing can help companies manage various business functions like:

Approvals and reporting for business tasks
Support documentation for completed works with assisted writeups
Invoices, Accounting, Bookkeeping, Quotations and Other templates Needed for Business
Online verification of documents
Legal documents with automatic reminders as per clauses 

7. Digital Content Management

Content management is a rich source of lead generation for B2B companies. It also helps them manage their online reputation & branding. A corporate blog can be used to create awareness about a company’s products & services. 

Companies spend a lot of money on creating a strong digital footprint. However, with AI based tools, the companies can proactively manage their content creation, marketing and lead management process. The traction and response can be measured using AI based tools.

The AI based algorithms can be used to manage the top performing content. It can also figure out the most relevant comments, leads and business contacts on social media channels with relevant interest in your content. The AI algorithms help you analyse streams of data for your specific products and services.

8. Assisted Intelligence for Business Targets

The AI based web application software has the potential to create new opportunities for a business. The dynamic data streams from social media and web can help a business to explore such opportunities.  The opportunities could be related to new channels for distribution of products, franchising options, partner enquiries in new geographies etc. 

The web application software manages these opportunities with an integrated tool that can connect to your corporate website. The AI helps your company create a more personalized user experience. By understanding the pattern of user’s browsing, social media data and buying history, your website can be modified to suit the tastes of the visitors.

It can offer the user personalized discounts on items of interest or offer specific services needed by the users. AI can help your business crawl the data from the web and offer recommendations, which may be useful for your products or services.

For e.g. retailers might be running offers on particular items in your location and your company could be advised to offer similar, if not better discounts to your customers.

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As technology continues to evolve more and more, it is finding its way into virtually all aspects of our lives. Whether it is a new app that can be downloaded to your smartphone or a new way to make automobiles even less dependent on a driver, the fact is software development is moving ahead by leaps and bounds. But as many people look to the future, numerous questions are being asked as to how application software will be used in our personal and professional lives. If you find yourself asking the same questions, here are some details about what many experts believe the future holds for application software.

Security Integration

As online security becomes a greater concern to all companies, most will look to have additional aspects of security integrated into their application software. To do so, high-quality code will be required, and most experts agree developers will need to learn to write it even faster than they do now. In part, this will be due to company’s wanting to make a stronger connection between their brand and the type of code they produce.

Real-time Data Processing

Along with greater security, application software will also move more toward real-time data processing. With streaming applications becoming all the rage with consumers, companies will want to invest heavily in new ways to increase streaming applications and make them run faster. By doing so, they expect to be able to reduce the manpower needed to make this happen, leading to greater cost-efficiency for the company.

Data Consumers

As many businesses and consumers have moved to cloud-based technology, the result has been a greater emphasis on improving developer productivity. Because of this, companies will focus on not only developers, but also data scientists, analysts, and engineers, all of whom will play a key role in continuing advances with application software. This will lead to cloud vendors, such as AWS, being able to focus more on data visualization, opening the door to expanded application opportunities in virtually all industries.

Autonomous Cars

If there is one area where application software is projected to have a big impact within the next decade, it is with autonomous cars. As more and more auto manufacturers begin investing in technology that leads to the production of autonomous cars, application software will lead to major innovations. In the not-too-distant future, it is expected Apple and Google will both begin autonomous car programs, aimed at competing with major auto manufacturers as well as Uber. When this happens, competition between companies will be intense, and will also have them opening up their wallets to attract the best and brightest developers to write code for these programs.

Artificial Intelligence

While humans haven’t yet developed artificial intelligence that can completely replace the need for human logic and reasoning, that day is much closer than many people realize. As a result, application software will continue to be used extensively in this area. With current technology being where it is, most companies will focus their efforts on developing application software that will allow artificial intelligence to use machine learning technology. When this happens, the technology can then be used to assist companies in analyzing massive amounts of data simultaneously, helping in a decision-making process that would otherwise prove impossible.

Workflows and Operational Blueprints

Since companies are always looking for ways to become more efficient, most tech experts predict application software will be used to create better workflows and operational blueprints for businesses. Specifically, the software can be designed to help companies use methods that have worked in the past to make current operations much more efficient. By doing so, the application software will in essence eliminate the need for trial and error, leading to cost-efficient and effective operations.

The Cashless Society

Perhaps more than any other area, application software is expected to play a major role in the continuing move toward a completely cashless society. As consumers shift more and more to a digital world where all financial transactions are conducted electronically, banks, insurance companies, and other related companies and institutions will continue to develop technology allowing for more digital transactions to occur. Because of this, banks and other companies will need to rely less and less on physical infrastructures, allowing them to invest more in digital technology rather than brick and mortar buildings.

With developers coming up with more and more uses for technology in all aspects of our daily lives, there is little doubt the future of application software appears to be brighter than ever.

Kreyon Systems is an offshore software Development Company, serving clients globally. If you need any assistance, please get in touch with us.

Caryl Anne Crowne is a contributing writer and media specialist for Allegra Network. She often produces content for a variety of software blogs.

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The shared economy has taken the world by storm. Ever since the launch of ridesharing apps, room sharing portals, peer to peer lending platforms, the  shared economy revolution keeps growing. We are witnessing an enormous demand for establishing and managing marketplaces. Here we explore how to build an online marketplace to create a value proposition for end users by mapping supply & demand.

An online marketplace could be an ecommerce portal where multiple vendors can sell or rent their goods or services to customers. Some very common examples of online marketplace are Amazon, Alibaba, Airbnb, Uber, and eBay. These online stores are considered to be online marketplaces because there are many suppliers who can sell their products or services to the customers who demand them.

According to sharing economy leader Robin Chase, the purpose of any marketplace platform is “to liberate the value hidden in excess capacity by engaging others: their assets, time, expertise and creativity.”

The online marketplace promotes sharing economy. Building a successful marketplace business takes diligent planning, good business model and great execution. Coming up with an idea and launching the portal is the first step.

While it is not very advisable to buy inventory for setting up the marketplace, you still need suppliers on the platform and users to generate the demand. Whom do you bring first, the suppliers or the users? This is commonly known as the chicken and egg problem.

Leah Busque, founder of TaskRabbit, one of the most successful online marketplaces shared her experience & suggests setting up the supply side of things. In other words, when you start an online marketplace, it is important to get the suppliers on board, say initial 50 or 100. Once they are done, you can then start to work on the user or the demand generation aspect for your marketplace.

An online marketplace is a bridge between online and offline worlds. It helps achieve value for users and suppliers through the use of digital technology.

If you are building an online marketplace, you could benefit from some of these tips to help you generate initial traction and scale up your idea to a bigger level. Here we go:

1. Sustainable Business Model :

The sharing economy platforms need to generate viable revenues for sustainability. It’s about working out a realistic value proposition which delivers great returns in the long run.

Your online platform needs to connect users and suppliers, generate revenue, provide seamless service and create a sustainable value proposition.

How will the users benefit from your platform? Will they be able to save money and discounts on services or products? What will be the benefit to the suppliers, will they generate more profits from the online platform? Will the technology help the suppliers scale up their operations? How would you be able to generate revenue from the platform? These are some of the questions that need to be addressed.

There are intriguing trends where even power and energy companies are trying to leverage SaaS based models to provide energy as a service to clients. The clients can lease energy services and equipments from these companies.

2. Engage & Create Value for Users :

Great user experience generates engagement with end users. Creating an online marketplace requires carefully crafting a pleasant experience for end users where they feel part of the sharing ecosystem.

Users should be able to use your online marketplace with ease and convenience to get what they want, else they will go away. For e.g. an online marketplace that personalises preferences of users before creating an automated match for the suppliers.

The goal of  an online marketplace should be to promote economic model of acquiring, providing or sharing products and services through the platform without any friction.

3. Evaluate the Market Size :

Evaluate the market size for your marketplace. The sharing economy is growing exponentially. Uber and AirBnB have proven that sharing economy can scale enormously. As of 2018, Uber is valued at $68 billion and AirBnb at $38 billion. Infact, Uber has received proposals valuing the ride sharing company for $120 billion from Wall Street banks for its IPO scheduled in 2019.

In a study published by Harper Collins, the peer to peer rental market is pegged at $26 billion. The new marketplace models & platforms are emerging to take advantage of the sharing economy and its vast potential.

When you launch your marketplace, understand the core elements that affect your market reach. Build a minimum viable product to gauge the product/market fit. When you build a marketplace that provides solution to a real problem for the customers, you have every chance for building a scalable solution.

4. Build Trust with Reviews & Identity Verifications :

The success of an online marketplace revolves around the trust it builds among its users. The online communities prosper with trust. Imagine living in a stranger’s house in a remote location that you’ve never seen before, but room sharing platforms have made this possible by building trust among the members.

Customer reviews help all these platforms to add credibility. With online reviews and identity verifications for all users and service providers, it makes things transparent, increases reliability and trust.

Customer reviews are generally unbiased and make the marketplace more authentic. For growing your brand, you need to encourage members to give feedback and reviews. Verified members also make people comfortable to do online dealings and transactions.   

5. Pricing & Commissions :

How can the marketplace or the sharing economy be monetised is one of the most important things that you need to consider. The right pricing or commission can be the difference between success and failure.

How much will you charge for the transactions? What will your revenue share for every booking on the platform? How to converge to the right pricing strategy for optimal growth? These are some of the basic things you need to address when you launch your marketplace.

Platforms like Uber, Airbnb, Postmates etc. charge upto 20% of the transaction amount from service providers. Some of the online marketplaces deduct amount from both the service providers and the users who book the services through the portal. In any case, the pricing and commissions should be calculated to cover the operational costs & excellent customer service for the users.

Kreyon Systems provides software product development services for building scalable online marketplaces that serve millions of users. If you need any assistance to build and launch your ideas, please get in touch with us.

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