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How Data Digitization Improves Decision-Making Processes

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Data digitization !

How Data Digitization Improves Decision-Making Processes

Every business, whether small or large, has used digital technology to extend the limitations of the traditional business world. New and advanced technology helps companies release their products and services to the market faster to reach their target audience while providing the most satisfying user experience.

There is a wide range of technologies that businesses continuously adapt to fit in the competitive world. However, relying on paper documents for different business operations may restrict your business and prevent you from achieving the most substantial benefits of digitization. Digitization is essential to transform data into digital technology to offer actionable information that helps carry on business marketing, sales, and production most effectively and efficiently.

Data digitization is becoming more crucial for businesses for better management. It is the first step every company should take to start its journey toward digital transformation. There are various ways in which digitization provides aid to business processes, such as improving the decision-making process, managing communication, reducing the need for paperwork, etc.

Table of Contents

What does Data Digitization Means?

Data digitization is the process of converting objects or information into digital data. Data digitization involves converting something that has mass into 1s and 0s. It is the primary process of storing images in a suitable form for transmission and computer processing, whether captured or scanned, with the help of sensor-equipped tools. The digitization process may involve the following:

  • Transforming an audio recording into a digital file.
  • Scanning an image.
  • Downloading an application to the phone.

Why is data digitization necessary?

Data digitization is the most valuable business skill that helps improve systems and business operations processes. Data digitization offers a cheaper, faster, and more convenient solution. From business to government to individuals, digitizing data is necessary for everyone as the transformed digital data helps offer better audience engagement. Digitizing makes it efficient to boost business plans most effectively, which also helps eliminate issues and errors.

Various tools and analytics offer project leaders and managers access to information that can drive better decision-making. It helps to improve consistency and reinvent processes and quality. Organizations can collect, store and analyze digitized data through technological improvements, informing smarter and more efficient decisions. Besides increasing business continuity, planning, and decision-making, it also helps reduce operational costs, boost response time, etc. 

How does digitization help in management?

Data digitization helps every business area by offering a wide range of benefits. However, there are various ways digitization can help business management and data-driven decision-making become more effective in achieving future goals. You can also get insight into the organization’s operations.

Enhance the Decision-Making Process

Data digitization significantly improves the organization’s decision-making process. Digitized information offers the pace needed to deliver and exchange quickly with the proper individual. Different tools and devices provide access to analytics and data that help to make more informed and beneficial decisions, which will eventually help the business. For instance, data from financial reports help make better financial decisions; on the other hand, customer surveys help enhance customer services. Moreover, it can draw on past and present data to create a more confident and reliable future decision.

Improve Communication and Transparency

Data digitization offers various digital platforms and tools that help improve communication and transparency within the business. These tools and platforms help you stay connected and updated by sharing information effortlessly.

Boost Collaboration

Data digitization offers an effective way for team members to connect and work together, which helps boost collaboration within the company. Online collaboration tools allow staff to share ideas, resources, and files for better workflow.

Focused Knowledge

It helps to understand the essential elements that can improve business outcomes and the negligible factors. Managers or project leaders can target their investment and attention on the factors more likely to offer the desired result.

Improved Performance

Digital devices, as well as tools, permit businesses to automate inner events as well as tasks, enhancing efficiency. It helps personnel remain organized, track progress on numerous projects, and offer insight into employee performance.

Greater Effectiveness

With the help of specialized digital details as well as digital devices, a business can conveniently automate processes as well as jobs, which results in boosted effectiveness. For instance, automated payment as well as online order monitoring assistance eliminate the extra time invested in handling repayments and also orders.

Risk Management

Digitized data and advanced analytics help to identify the risk, inform business models that reduce the risk, and help businesses make data-driven decisions based on insight. It also helps mitigate regularly, enhance governance, and manage compliance risk.

Impacts of Digitization

Data digitization offers easy and quick access to data, changing how a business operates. It positively impacts business, the economy, and society by bringing data across different areas to the workforce for more effective workflow. However, here is the critical impact of data digitization on other sites:

Improved Customer Experience

An organization may suffer a loss due to poor customer experience. Whether verifying the customer’s identity, resubmitting personal data, or rescheduling appointments, it all affects the business if it does not offer the right and quick measures. However, data digitization makes these tasks more effective and seamless to control.

Robust Digital Infrastructure

Governments have begun digitalizing the country’s economy to improve citizens’ access to public and private services. However, a robust digital economy needs a powerful digital infrastructure with digital payments, money, etc. Hence, data digitization helps to build a strong digital infrastructure that enables efficiency and transparency for government, citizens, and businesses.

Simplifies Lifestyle

Digitization has simplified everyone’s lifestyle, as every aspect of daily life is built with integrated sensors and computers, effectively increasing living standards.

Omnichannel Interactions with Buyers

The audience uses many communication channels, making it difficult for businesses to track histories and correspondence with different users. With the help of digitization, organizations can offer their customers centralized systems that can save and log data from their interactions with them. Omnichannel approaches help more customers and increase their satisfaction.

Better Environmental Performance

Data digitization and leveraging different digital technologies help improve environmental performance by addressing environmental and social issues. It helps to increase the global attractiveness and competitiveness of the country.

Reduce Costs

Managing paper documents is time-consuming and expensive, as you will spend much of your time and resources recording the data. However, digitization will reduce operational costs and effort in the future.

Data Analysis and Collection

Data digitization improves data collection and analysis for every industry. Sophisticated tools and access to business data quickly enable businesses to operate more innovatively, better, and faster.

Competitive Benefits

Embracing digitized tools as well as devices that provide far better customer support aids the business to obtain affordable advantages versus those firms that require it to be faster to adapt to changes and patterns.

Conclusion

Data digitization is crucial for all companies to benefit from all locations of their organization. It is an efficient procedure to boost organizational decision-making, cut maintenance prices, as well as make management easy and efficient. So, it would be best to take on data digitization in your company to get one of the most significant benefits.

If you are looking for the best data digitization provider in India after that MIMOIQ will certainly be your ideal option. We offer the best, safest, and most exact information digitization solutions, which will aid you to lower the high maintenance expenditures of storing your physical files.

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How Data Digitization Improves Decision-Making Processes

Data digitization helps every business area by offering a wide range of benefits. It is an efficient procedure to boost organizational decision-making, cut maintenance prices, as well as make management easy and efficient.

April 25, 2023
All

The Gig Economy and Rural India: A Look at its Potential

The gig economy generates more efficient, cheaper, and flexible services as gig workers can work accordingly. It also has a lot of potential for workers in rural areas in India. Here you can learn how the gig economy influences workers in rural areas of India.

April 17, 2023

The Future of Work in India: How the Gig Economy is Shaping the Labor Market

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The Future of Work in India

The Future of Work in India: How the Gig Economy is Shaping the Labor Market

Today’s generation has more versatility in their workforce model, as they do not have to rely on traditional 9–5 jobs to provide for themselves. Different elements like telecommunications and email have brought people together and made work more flexible. However, it is only possible with the rise of the GIG economy. People now have an efficient and more creative work life, taking on only short-term work because of the GIG economy.

It is a significant environment where businesses can contract freelancer workers for the short term, so both businesses and workers can benefit from this technology platform. The GIG economy offers the most beneficial opportunities for workers and companies, dramatically impacting the future labor market. However, this guide will help you understand the GIG economy’s impact on shaping the future labor market.

Table of Contents

GIG Economy - A Primer

A GIG economy is an essential digital economy that operates with the flexibility of the workforce. It involves the exchange of workers and resources via digital platforms that actively offer seller-to-buyer matching. It is a free-market system where organizations temporarily or part-time hire independent laborers based on short-term contracts.

It is a contract-based economy where businesses fill part-time positions of freelancers for specific projects according to the needs and skills of workers. GIG workers gain independence and flexibility but need more job security. It can benefit businesses, workers, and consumers by making work more easy-going to meet demand needs and for a flexible lifestyle. The outcome of the GIG economy is more efficient services that are affordable for those willing to use the digital platform.

However, people who don’t use digital services may be left behind by the advantages of the GIG economy. An extensive range of positions falls into the category of GIG, which can range from delivery partners to freelancer developers. It has become an excellent source of job and income opportunities for working people, students, and people occupied with other work.

Some Examples of GIG Economy

A prominent example of the GIG economy is freelancing. Big data and the internet have played an essential role in scaling up the GIG economy so people can use it. The Internet makes it easy for freelancers and businesses to transact or make deals. However, the GIG economy’s different platforms make it efficient to assemble independent laborers, employees, and customers. Moreover, jobs like ride-hailing drivers, home improvement projects, freelance services, delivery services, tutors, independent consultants, etc., are great examples of the GIG economy.

Who is involved in the GIG economy?

The GIG economy consists of workers, companies, and consumers. But all gigsters are not the same. However, here is the list of people who are a part of the GIG economy.

  • Part-time hires who are working for a fixed amount of time,
  • Freelancers who get paid according to their projects,
  • The project-based worker who gets paid after completing the project,
  • Independent contractors who do work and get paid according to contract basis,
  • Part-time workers who perform their job less than full-time hours.

The GIG economy offers consumers a substitute for commercial industries and products. Consumers turn to it for better services and convenience. GIG platforms or apps have also been designed to meet consumer demand where a service is temporarily supplied and sometimes at lower prices.

Driving Factors of the GIG Economy

The rise of technology-based workplaces has played a significant role in the growing interest in independent or self-employed workers and work that is more versatile. The current workforce is more inclined toward gigsters or freelancers, and the COVID-19 pandemic makes it a more appropriate job option for everyone.

According to a study, the GIG economy in India is likely to rise to $ 455 billion by 2024. As the demand for gigsters also increases, the purpose-driven and supported platforms help to overcome the issue. Companies, gigsters, and GIG platforms are building a mutually-beneficial environment to meet each other’s needs and demands. GIG platforms not only help freelancers get opportunities and work but are also very beneficial in providing support through online consultations, courses, and specializations.

GIG platforms are increasing to bridge the gap between the demand and supply of gigsters and companies. Organizations seeking qualified and skilled workers can leverage freelance platforms to attract the right candidate. Therefore, online freelance platforms are working as a stimulant to connect companies and freelancers.

Perks of GIG Economy for Businesses

The GIG economy offers significant opportunities and benefits to both workers and businesses. Workers get flexible jobs at home and can set their working hours. Independent workers can easily choose their interested job according to their schedule and preferences, which also offers them new opportunities. However, the GIG economy is incredibly beneficial for businesses as well.

Businesses can easily save their resources and money as they are not responsible for providing various employee benefits. It also enables companies to contract with experts who might be too expensive to hire full-time for a specific job. Still, they can easily hire experts for part-time positions in the GIG economy. Freelance platforms help businesses fill the skill gap as workers become more innovative and expand their skills with new projects.

The GIG economy also helps eliminate the need to set up a physical location, office space, and utilities for a business, reducing the additional cost. Specialized and independent contractors do not require high levels of training and supervision, which helps reduce development and coaching costs. Moreover, hiring an independent worker allows a business to have flexible staffing. The company can get the necessary staffing, whether the project is small or large.

Impact of GIG Economy on the Future of Work

As per the survey of current market trends in India, the future of work will depend on the amalgamation of a larger and more digitized workforce. Due to the opportunities and various benefits to all sectors, more and more people will inevitably transfer into the GIG economy.

However, the future of the GIG economy is expected to employ around 23.5 million people by the end of this decade. 

However, here are some points that demonstrate the impact of the GIG economy on the future of work:

Technological Development

Technological development has expanded the opportunities of the modern workplace. Seamless integration of technology can increase business productivity and improve the living standards of GIG workers.

Supporting the Rapidity of Business Change

GIG models save money and help businesses invest resources and time in the technical department. It allows new start-ups to increase their workforce to adapt to shifting goals.

Changing Mindset to Work

The rise of the GIG economy changed the working mindset and allowed freedom, flexibility, and personal fulfillment.

Clarifying Work Structure

The GIG economy benefits both employer and worker by offering flexible and more productive work arrangements for workers and lowering company training costs.

Conclusion

Since the GIG economy offers different advantages to everyone, including companies, consumers, and workers, it will significantly impact the future of work in India as more and more people will work on a contract-to-contract basis for a short-term to do a specific project.

MIMOIQ is an excellent GIG platform that can help you join the GIG economy. We offer online training, job opportunities, and incentives to strengthen your growth and help you achieve your goals.

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How Data Digitization Improves Decision-Making Processes

Data digitization helps every business area by offering a wide range of benefits. It is an efficient procedure to boost organizational decision-making, cut maintenance prices, as well as make management easy and efficient.

April 25, 2023
All

The Gig Economy and Rural India: A Look at its Potential

The gig economy generates more efficient, cheaper, and flexible services as gig workers can work accordingly. It also has a lot of potential for workers in rural areas in India. Here you can learn how the gig economy influences workers in rural areas of India.

April 17, 2023

The Gig Economy and Rural India: A Look at its Potential

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The GIG Economy in Rural India

The Gig Economy and Rural India: A Look at its Potential

The gig economy has risen drastically in India due to its flexibility, cost-effectiveness, and independence. According to a survey, India’s gig workforce comprises 15 million workers. The pandemic is a key factor in the rising gig economy, as employees who loved the work-from-home model are no longer interested in traditional jobs. Nowadays, the gig economy model has become a primary source of income for many people.  

The gig economy generates more efficient, cheaper, and flexible services as gig workers can work accordingly. It also has a lot of potential for workers in rural areas in India. Here you can learn how the gig economy influences workers in rural areas of India.

Table of Contents

What is the GIG economy?

Before you learn about the gig economy’s potential, you should clearly understand the GIG economy. It is a popular term that describes the working model for independent workers or freelancers who provide their services on a short-term or project basis. It is growing rapidly worldwide, and it has the potential to transform how people work and make a living in urban and rural areas.  

The gig economy gained momentum when new platform-based companies emerged. It comprises workers of all ages and genders, such as students and women. It offers excellent opportunities for workers to work part-time or full-time from home.       

Why are gig workers essential in India?

About 31% of gig workers are in low-skilled jobs, 22% in high-skilled jobs, and 47% in medium-skilled jobs. It indicates how valuable gig workers are for organizations and businesses in India. The gig workers provide a labor force that directly suits the company to the freelancer. GIG Economy in India removes the hassle of dealing with a middle person throughout the hiring process.

Gig workers also reduce operational costs as the organization isn’t required to cover the health benefits for their workers. With the gig economy, businesses can hire off-site workers without requiring them to manage large, expensive offices.

Another reason gig workers have become an important part of the economy is India’s output production. The gig model allows individual workers who like to work for extra money to apply for positions that offer unique working hours. With this flexibility, workers can work with motivation and increase the output production of the company.

Most suited gig economy jobs in rural India

The gig workers in rural areas perform various gig economy jobs to create an earning. Here are the top gig jobs available for people living in rural areas in India, including:

Agriculture-related services

Rural India has a large number of farmers and agriculture workers. They provide agriculture-related services that include supplying crops, livestock management, farm maintenance, and more to the farmers. Various food processing industries are dependent on agriculture-related services to execute their operation. By leveraging the power of artificial intelligence, remote sensing, and other technologies, agri-tech companies can adopt sustainable approval for farming at a large scale.

Content creation

The rural part of India has internet access, which allows them to connect with urban cities and international countries to learn new ways to make an earning. Many gig workers use technological advancement to learn new skills and provide services to clients worldwide with emerging platforms. Some common types of jobs for content creation include content writing, web design, data entry, and digital marketing.

Online tutoring

Many teachers and trainers are now working from their homes and teaching students. With the help of mobile and internet access, anyone can educate and provide awareness to the world. Without proper infrastructure and school buildings, students can access online tutoring via various online platforms and learn essential skills. Local teachers have successfully gained popularity for teaching students from rural areas.

Translation services

Rural India is filled with diverse communities, which create language barriers. People from rural areas can provide translation services to reduce the language barriers between businesses and native people. Gig workers can translate books, literary texts, and novels into various languages, allowing others to learn about the Indian rural culture.

Delivery services

Online shopping is also famous in rural areas, with a growing demand for delivery services. Gig workers can work in rural areas to reach local customers. They can also be cost-effective for companies. 

However, many gig workers have started offering delivery services for local shops in India. Online companies can provide fast delivery services within a particular area with gig workers’ help.

How do gig workers in rural areas make a living?

Generally, gig workers in rural areas work to support and provide for their families. There are several ways to earn money by freelancing as a delivery partner or tutor. The average monthly income for a gig worker is Rs. 18,000. The income of gig workers rarely has any spot for saving as they spend most of their income on rent, education, household, and medical. However, some gig workers utilize the power of the right financial tools and services to reach a sustainable monthly income.

What is the potential of the gig economy in rural India?

According to a report, the gig economy generates 56% of new employment across the white-collar and blue-collar workforce. The gig economy has great potential for rural people as it can provide up to 90 million jobs to the non-farming sector in India. The demand for gig workers in white-collar jobs such as salespeople, project-specific consultants, content writers, web designers, and software developers are emerging.

The gig economy provides flexibility, convenience, higher unit pay, and more benefits. But it must meet the minimum wage requirement, consumer rights, and worker protection to allow workers to live sustainably.

Regulation for gig workers to improve their standards of living

Most gig workers don’t have post-school education, and most learn skills through gig jobs. To address these issues, organizations or governments provide free courses to learn valuable skills. Another problem gig workers need help with is job security and regular pay. Government should also provide a trusted platform for gig workers to find gig jobs. 

Is the gig economy beneficial for women?

The gig economy empowers women to join the rural gig workforce by educating them about technology, money management, and digitization. It offers equal opportunity to all genders and allows women who have faced discrimination in a traditional workplace to work.

Women with many responsibilities can work flexibly, as many gig economy jobs offer flexible work arrangements. It also gives women the power to work remotely and access clients from all over the world.

Wrapping up

The gig economy offers various benefits for both workers and organizations. The gig economy in rural India has begun emerging as it creates more employment opportunities and empowers students and women. The gig workforce in India is expected to grow to 2.35 crore gig workers by 2030.

MIMOIQ offers excellent opportunities to people in rural areas to work in the gig economy. You can develop popular skills according to your preference and earn a living from your home. You can become a MIMO task associate and perform various tasks, from delivering packages to a cash settlement.

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How Data Digitization Improves Decision-Making Processes

Data digitization helps every business area by offering a wide range of benefits. It is an efficient procedure to boost organizational decision-making, cut maintenance prices, as well as make management easy and efficient.

April 25, 2023
All

The Gig Economy and Rural India: A Look at its Potential

The gig economy generates more efficient, cheaper, and flexible services as gig workers can work accordingly. It also has a lot of potential for workers in rural areas in India. Here you can learn how the gig economy influences workers in rural areas of India.

April 17, 2023

Impact of GIG Economy on Traditional Jobs: What it Means for Workers and Employers

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How the gig economy impacts traditional jobs

Impact of GIG Economy on Traditional Jobs: What it Means for Workers and Employers

Traditional workplace employees typically work for 9 to 5 full-time and work in a physical location. The traditional job has undergone many changes in the past few years, which has given rise to the GIG economy. It offers workers more flexibility and freedom in their employment model, which causes more and more workers to adapt to the gig economy.

The gig economy offers various benefits for workers and organizations. However, if you are wondering how the gig economy impacts the workplace and jobs, you can learn about the gig economy’s effect on the business landscape in India.

Table of Contents

What is the GIG economy?

The term gig is a slang word for a short-term job. Whereas a GIG Economy is a free-market system that allows organizations to hire independent workers for short-term commitments. In simple terms, it is a digital platform that connects individuals and companies in exchange for money or labor or vice versa.

What are examples of a GIG economy?

Examples of the gig economy include freelancing, independent contractors, project-based jobs, and part-time hires. Generally, workers and organizations use gig apps and digital technology to connect with each other. Other common gig economy jobs include:

  • Graphic designer
  • Content writers
  • Administrative assistants
  • Substitute instructors and tutors
  • Technical writers and photographers
  • Network analyst
  • Ride-hailing driver

Advantages of the GIG economy for workers and organization

The main benefits of the gig economy for the worker include the following:

  • Flexible working schedule as gig workers can pick up jobs and earn anytime.
  • Higher salaries but it is based on the worker's performance.
  • A large variety of gig platforms in different niches.
  • Location-independent opportunities to work with big companies.

The advantage of the gig economy for organizations includes the following:

  • Cost reduction in hiring, recruitment, and interviews.
  • Save more money due to innovative new employment models.
  • Access to a wide range of talent via gig economy platforms.

Effect of the GIG Economy

The gig economy is changing the way people do a job as this concept allows workers to choose between part-time and full-time options. Here’s how the gig economy changed the traditional working model.

Worker's perspective

The main impact of the gig economy on the young generation like Gen Z and Millennials is how they perceive work. Nowadays, the younger generation prefers working in the gig economy rather than a traditional model in which they must work full-time.

The modern workforce allows the worker freedom, versatility, and personal fulfillment. Moreover, the young generation is more likely to multitask, meaning performing more than one job at a time to maintain a good career profile. 

Smaller gig jobs offer workers more control over their life and allow them to focus on things they adore. However, some independent workers choose to work as gig workers full-time or use it as a supplemental income.

Organization's perspective

Companies and organizations benefit from the gig economy as they can keep the focus on core operations and hire gig workers when they need them. Simply put, employers can call independent service providers for services they don’t specialize in and require regularly. 

By hiring on-demand, organizations can add new skills and capabilities that their employees may lack. Hence, the gig economy provides a more agile workforce and the ability to manage the workforce, the number of people, and people’s expertise depending on their needs. Also, gig workers are more efficient and productive for the organization as they can control their work location and hours.

Refining work structure

The gig model is the perfect solution for workers and employers as it provides benefits to both. It allows workers to find jobs regardless of where they are from and how long they work. If they work productively, they can earn better than the traditional job. This model is more beneficial as employees don’t require to work 9 to 5 jobs to make a living.

Employers are also promoting the gig economy as they don’t have to put much money into training costs for new workers. They create a more flexible and productive structure of work rather than work driven by schedules. Moreover, employees and employers can communicate via email, allowing them to collaborate regardless of geographical location.

Save time and money

Another benefit of the gig economy for the organization is that they can save time and money as the gig economy doesn’t require office space for workers. Hence it cuts the office space costs and other expenses associated with operating work from the office.

It also saves companies from paying for healthcare and other benefits for gig workers. Companies can focus their money on profitable investments as they don’t have to provide their workers with training, equipment, and other needs.

Catalyst the pace of business change

The gig economy supports the pace of business change by offering flexibility and agility for companies. With this model, businesses can scale up or down as required to adapt to shifting objectives without the administrative burden and overhead cost. Moreover, it helps various start-up businesses to shift their focus on essential tasks by hiring freelancers to handle a single task or outsource a complete project.

Gig models encourage new businesses to be more responsive and agile to market changes by hiring specialized skills or expertise to adapt to the changing market.

Technological development

The gig economy also accelerates the development of technology in the workplace. Nowadays, employers utilize the power of robotics, artificial intelligence, and data analytics to overcome the restrictions of the modern workplace.

Nowadays, smartphone connection has replaced the bridge that connects producers and consumers. With smartphones, gig workers can perform various tasks for business in real-time demand. Also, technology can help improve the work quality for gig workers. They also use technology to manage their schedules and workloads, allowing them to reduce stress and improve work-life balance.

The Future of the GIG Economy

According to a survey from MISI, 31% of professional workers take part in short-term gigs and make a living. Nowadays, freelancers can get their first client without spending a lot on building a professional reputation. Also, it is estimated that the gig economy will become a $5 trillion economy by 2025 in India.

Many GIG Economy platforms in India are responsible for the rise of this flexible employment model. These platforms reduce employers’ concerns about bad hiring by providing transparent customer assessment tools, rigorous verification processes, and simple dispute resolution mechanisms. Moreover, telecommunication tools like WhatsApp and Skype cut the cost of international communication and allow gig workers to find jobs internationally. Various universities are also now offering a range of free, world-class courses on their site that people can easily access. It will give rise to a gig economy associated with highly-skilled independent workers rather than low-skill workers.

Conclusion

Observing the current position of the gig economy, you can say that it is not downsizing anytime soon. In fact, the GIG Economy in India is rising because of flexible jobs. It has also provided new opportunities for workers and organizations but challenges the traditional job market.

MIMOIQ is a gig economy platform that provides a range of services to its clients. You can work as a gig worker and earn while you learn at this company. You can empower yourself and others around you with this opportunity from MIMO. 

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How Data Digitization Improves Decision-Making Processes

Data digitization helps every business area by offering a wide range of benefits. It is an efficient procedure to boost organizational decision-making, cut maintenance prices, as well as make management easy and efficient.

April 25, 2023
All

The Gig Economy and Rural India: A Look at its Potential

The gig economy generates more efficient, cheaper, and flexible services as gig workers can work accordingly. It also has a lot of potential for workers in rural areas in India. Here you can learn how the gig economy influences workers in rural areas of India.

April 17, 2023

The 10 Skills You Need to Succeed in the GIG Economy

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The 10 Skills You Need to Succeed in the GIG Economy

According to a report, India’s GIG workforce consists of more than fifteen million people across various industries.  Leading business experts suggest that the freelancing economy will show no sign of stopping in the next few years. Soon, more than 25 million workers will become freelancers to earn a living in India. A career as a freelancer is full of opportunities, though it also brings many risks. For example, you may need help finding the right jobs and employers, especially if you are a beginner.

A thriving GIG economy suggests that the freelancing industry has no job shortage. Employers look for freelancers nowadays to save time and money. Moreover, the freelancing industry encourages hiring people from different places, as working remotely has become convenient due to the advancements in internet-based communication. Even though the industry offers ample opportunities, only a few people can sustain them. The reason behind the failure is the need for more essential skills to succeed in the GIG economy.

Table of Contents

Top 10 Skills for GIG Economy Success

So, what essential skills do you need to improve your productivity as a freelancer? In the following section, find a detailed discussion on thriving in this industry.

1. An Initial Motivation

Freelancers require initial motivation to survive in the industry. However, obtaining an initial motivation may take much work in the industry. Successful freelancers devote 5-6 months to their jobs to become somewhat successful. Real growth starts with gaining more experience in this field. Therefore, patience is always the key in this industry. You must maintain patience even though you do not get an initial motivation.

Freelancers can get initial motivation by choosing short-term jobs.

For example, a writer can write gigs and create an online portfolio. The portfolio will attract many clients who can offer you assignments. Completing these assignments will earn you instant money. You can gradually grow and develop a good client database to get regular jobs.

2. Understanding the Alternatives

Understanding the alternatives is a key skill for freelancers working in the gig industry. For example, you have an excellent command of language and literature. Therefore, you can find various content writing jobs. However, jobs are not regular in the freelancing industry. Therefore, a content writer can start personal blogging and earn revenue through advertising networks.

Every freelancer has multiple alternatives, and searching for those alternatives is essential. The search must go on to grab and explore new opportunities. Moreover, you may add more skills to serve a large client base.

3. Sole Responsibility

Working remotely as a freelancer is fun, as you can balance professional and personal lives in a better manner. But freelancing can often become boring since you work alone from home. You should maintain the correct schedule to follow the deadline and keep clients happy. You must not take your work casually because clients want quality services from freelancers. Understanding the responsibilities and working accordingly is crucial for everyone in the gig industry.

4. Problem and Goal Orientation

Since the GIG economy platforms are growing, the scopes are getting larger for freelancers. But, a thriving industry also brings tough competition. Many people want to become successful in this field by showcasing their skills. People who stay organized with their jobs will likely stay ahead of the competition. It would help if you had a career goal as a freelancer. You will need more motivation to work and grow in the gig industry. Moreover, you should understand and cope with the industry’s challenges to improve your skills.

5. Evolution

In conventional jobs, people can excel in their skills slowly. For example, a plumber can stay the same in his approach to working anytime soon. But freelancers work in a competitive and dynamic environment. They should update their skills after certain intervals to stay relevant and efficient in the gig industry. A person, who does not adopt the changes, will soon find themselves losing jobs quickly in the gig economy. You should be ready to take on new challenges and understand the latest industry trends.

6. Assertiveness

Self-belief is the most crucial thing in the freelancer industry. You should believe in your skills and knowledge to succeed in this industry. Beginners often face challenges and start losing faith in their skills. As a result, they leave the industry and pursue something else to earn a living. The gig economy offers endless scopes for those who are believers. Your assertiveness will make you an excellent prospect in the gig economy.

7. Source of Capitals

Managing and understanding capital sources are crucial skills for people working in the gig economy. A good source of capital is required if you want to start a freelancing job that requires time and money investment. Investing in both for a certain period will yield the best result for your career. On the other hand, investing money without conviction in a job may eventually lead to financial losses. Therefore, you should handle your capital sources better for a better financial decision.

8. Maintaining consistency

Sometimes, jobs can be redundant in the gig industry, and you may need more scope to showcase your creativity. In such cases, consistency becomes an issue for budding freelancers. But seasoned freelancers never compromise on skills and qualifications. They remain focused on delivering consistent services even though jobs are redundant.

9. Willingness to Learn

Do you love learning new things to improve your skill? Sometimes, you may need to learn things that will not directly impact your skill. A willingness to learn is the most crucial thing for a professional freelancer. The gig industry will offer ample opportunities to those ready to learn. Knowledge will improve your skills, eventually enabling you to deliver better services to clients.

10. Other Soft Skills

Freelancers should develop multiple soft skills to improve their chances of finding success in this industry. For example, you should acquire exceptional communication skills to contribute significantly to India’s GIG economy. On the other hand, your personality is also essential to improve your stature as a freelancer. An attractive personality will help you find prestigious clients in the industry.

So, these are some crucial skills that individuals must obtain to improve their chances of success in the gig industry. Develop these skills gradually to make your growth in the freelancer industry faster.

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What is a Customer Satisfaction Survey? And its Types

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Customer Satisfaction Survey

What is a Customer Satisfaction Survey? And its Types

Connecting with customers to understand their needs and solve their issues makes a brand popular and increases customer retention. It is essential to know how customers feel about your product and services.

But the hurdle comes in front of the company in connecting with customers to get feedback. For this problem, the Customer satisfaction survey helps the brand connect easily with its customers.

The concern is which type of survey is helpful to get feedback from the customer. This post will give you an idea about Customer satisfaction surveys and their types. So that you can use it while interacting with customers.

Table of Contents

What is a Customer Satisfaction Survey?

The customer satisfaction survey is a questionnaire that many enterprises use that helps them understand how satisfied their customers are with their customer support team’s service or by the customer service knowledge base content like FAQs, help articles, etc., on the company’s website.

Does a customer satisfaction survey typically include questions about delivery, product quality and value, delivery speed and availability of products, product information via the website, technical support, and service quality? 

Customer satisfaction surveys are often conducted online but can be completed in person or via telephone.

Now the market is competitive, and the company is trying to improve its services and products for customers. In this, the Customer Satisfaction Survey plays a critical role in understanding how many customers are not satisfied with services and products provided by companies.

The collected response helps to evaluate why your customer like your product over your competitor and how you can work more on customer satisfaction. 

How to calculate the Customer Satisfaction Survey?

To calculate the Customer Satisfaction Survey, divide all positive responses by the total responses received and multiply them by 100 at the end. The digit you get in percentage is the complete satisfaction level of your customers.

For example:- Let’s calculate the CSAT score.

Survey with a question like “How satisfied you are with our service” they can answer it by only rating your service in a number, and it is easy to answer for them. The rating will be 1 to 7, 1 to 3 being the worst, four average, and 5 to 7 satisfied. 

It is easy to interact with customers to know their experience and whether they are happy with the services. If customer experience could be better, then it is easy to know at which point it needs to improve so that it will not affect the customer cycle. So you can use surveys at various touchpoints to get the big picture of how the customer feels during the process.

You can do this customer satisfaction survey questions of different types according to the need of the process. Now let’s discuss the types of Customer Satisfaction Survey questions.

Customer Satisfaction Survey Questions

The customer satisfaction survey is one of the most important ways to measure customer satisfaction. While interacting with agents, It can be done in a number of ways, by phone, email, etc.

A great way to know how customers think is to take the survey after completing the interaction with the brand so that customers can respond honestly. While doing the survey, always use unbiased questions so that you can get honest feedback. The survey should be short and to the point. 

Customers take surveys because they want feedback, so don’t make it too long.

The following are the different customer satisfaction questions that can be used in a survey:

  • What did you like about our service?
  • Why do you choose us over other brands?
  • How likely are you to recommend our services to others?
  • What could we improve?
  • How was your last experience with us?

4 Types of Customer Satisfaction Survey

A survey is a tool used to collect information from a group of people. It allows you to gather data about their opinions and feelings toward specific issues, services, or products. Surveys let you make decisions based on this data and help you better understand your customer base. 

To give your customers the best possible service, you should consistently ask them for feedback and survey opinions to keep up with industry trends.

There are four types of customer satisfaction surveys that you can use to gain valuable insights into how your customers feel about your brand.

Net Promoter Score (NPS)

The net promoter score NPS survey help asks customer questions like “How likely are you to recommend this product to your known ones,” and they can answer it by rating you 1 to 10.

This survey helps you to know how many customers are satisfied with your services and products. Give you an overview of how many customers like your product and service so that you can work on it. NPS is used to get an overall view of customer satisfaction with your service and products.

It helps understand customer loyalty and how likely they are to recommend your service or product.  NPS also provides you with a benchmark of your business so that you can compare it with other companies in the industry.

Customer Satisfaction Score (CSAT)

A Customer satisfaction score is also known as CSAT. Businesses use this customer service metric to determine how satisfied customers are with a company’s services and products.

It helps measure customer experience while interacting or on specific services and products. A customer satisfaction score survey can be used at every touchpoint to gather customer satisfaction levels.

The survey is just in a rating form with a question so that a customer can relate to it and share the worst or good experiences with the product. The survey format will be like the given image.

Many companies implement CSAT surveys at the end of their knowledge base guides that help users self-serve. From that CSAT score, admins can know if the principles serve their purpose.

Customer Effort Score (CES)

A CES survey helps to know how much effort a user makes in using features or performing actions in your product. This survey will help you find flaws in your product so that you can work on it.

In a customer effort score survey, you ask a question about a particular process and feature so that getting customer feedback can help find flaws. Ask customized questions from your user base to get more insights on your product.

Visual Rating Survey

Visual rating is one of the most used surveys by companies because it helps them interact with customers differently. Where customers have to write or rate to give answers to survey questions. Visual rating surveys are impactful and easy to answer.

This survey is in three types of formats – stars, smiles, and thumbs up / thumbs down.

This survey is elementary to answer and understand. In this survey, customers have to give a rating from 1-5 stars on a given question. The ratings are shown in images such as smiley faces, thumbs up/down, etc. These images help customers understand what they must do to answer this survey question.

Conclusion

We discussed every aspect of the Customer Satisfaction Survey so that you can use this knowledge and implement it in your business. This article will help you to understand how good your product and service are from the customer’s point of view. 

Do share your views in the comments on what more can be included in this article to make this a better resource for all visitors.

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How MFI, NBFC, and Banks can Operate at 10x Faster Speed and Generate More Profits

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The key to operating at 10x faster speed

How MFI, NBFC, and Banks can Operate at 10x Faster Speed and Generate More Profits

By using digitized technologies, MFI companies, banks, and non-banking financial companies have started to make more money. A company must adopt the right technologies to grow faster in this situation. At the same time, such businesses can reduce their operational costs to a large extent by implementing the technologies.

People have become well-accustomed to digitalized financial transactions nowadays. Therefore, the mobile banking service brings more customer satisfaction. On the other hand, digital processing of various financial services saves people time. Banks and other financial institutions can reduce loan processing by simplifying KYC verification and implementing the latest technologies. In the following section, you can find a guide on how financial institutions can operate faster and generate higher revenue.

Table of Contents

Advanced Self-Service Capability

An advanced self-service capability will help small-scale financial companies to a large extent. The banks often hire third parties to deal with various jobs. For example, a third-party service provider is required for KYC verification. Technology can help banks and other financial institutions adopt self-service capabilities. The financial companies will perform multiple complex tasks without requiring any third-party intervention.

On the other hand, banks and other financial institutions must offer self-service facilities to customers. People want banking services without the hassle of a long verification process. Moreover, people also seek transparency in financial transactions. A digitized platform ensures transparency and provides a self-service facility for customers. Financial institutions can render more satisfactory services to customers with minimal interactions.

API integration for Task Management

A financial organization may have to deal with multiple non-skilled and repetitive tasks. Hiring employees to manage such tasks increases the organization’s operational costs. At the same time, the efficiency of humans is limited. You can get an output at a particular level from a human employee.

The APIs can manage various repetitive tasks with precision and achieve higher efficiency. Moreover, API integration helps financial organizations reduce their dependence on human workers. Many tasks will be automated, which eventually reduces operational costs. As a result, financial organizations can become more profit-making institutions.

Instant Payment Processing Networks

Payment processing is a concern for both small and large financial institutions. Imagine that you run a lending company or a MFI. People expect faster loan processing from such companies. However, quicker loan processing is not the easiest thing to achieve for financial institutions.

Developing a secure payment processing channel is essential. Conventional payment processing is time-consuming, and you can reduce the time by embracing electronic payment.

A digital payment process can happen instantly. However, it may take one to three days for MFIs in most cases.

Cloud Computing for Easy Data Access

Data is the most important thing for a business, and today’s financial institutions make decisions based on data. When you collect and understand data in the right way, it will help your financial institution make better decisions. Most banking and non-banking financial companies invest in developing a powerful cloud infrastructure.

Cloud infrastructure provides easy data access to companies. Financial companies can maintain company portfolios and customer data on cloud storage. Data stored in the cloud is accessible anytime, and KYC verification is expedited. Nevertheless, financial institutions often check the data of loyal customers to provide better services. The overall financial verification will happen seamlessly with the cloud data storage.

Biometric Technology for a Faster Identity Verification

The financial industry has been developed on the foundation of trust. Developing trust is essential to improving customer satisfaction. At the same time, businesses should build a trustworthy brand by adapting to standard security practices.

Biometric technology has become a key technology in such a scenario. The technology assures seamless security in the verification process. Moreover, it brings quicker identity verification for financial institutions. As a result, loan requests have been processed faster due to digital identity verification.

Chatbots for an Automated Customer Support

Besides selling a product, financial organizations must render seamless after-sales service. The customers may have multiple queries regarding a product. Nevertheless, they may inquire about obtaining certain information from a financial company. In such cases, small financial institutions and non-banking companies need help managing a separate customer support department.

Instead of recruiting humans for customer support, implementing chatbots can be more cost-effective and productive. The chatbots deliver all necessary information to the customers without requiring human intervention. With the advent of time, chatbots will become more efficient in providing information to customers or clients.

Process Automation through AI and ML

Intelligent Automation is another key technology for MFI and non-banking financial organizations. The banking sector has already implemented automation and started reaping the benefits. Nowadays, banks can manage multiple tasks without human intervention. Small-scale financial companies should also focus on automation to reduce operational costs.

Artificial intelligence can make an organization less dependent on human resources. Various non-skilled tasks will be performed quickly and accurately. At the same time, machine learning can slowly take over a skilled job while making it easier to manage.

Facilitating Micro Services

Traditionally, the banking sector works with a monolithic approach, which refers to a uniform approach for everyone. But financial requirements vary from one person to another. A lender should check the creditworthiness of a person. Every person has a unique credit behavior, and financial companies must understand their clients with precision.

Understanding the clients helps financial institutions provide various MFI services. 

Instead of adopting one approach for everyone, financial companies can offer more customized products for their clients. Introducing such products will enhance the credibility of financial institutions to a large extent.

Internet of Things for Faster performance

Financial companies must embrace the Internet of Things (IoT) to improve performance. The technology helps with faster payment processing. Moreover, financial institutions can introduce smart notifications for their customers. The Internet of Things can also help in developing and managing digital wallets.

Advanced Analytics through Big Data

Financial organizations should adapt to advanced analytics for better decision-making. Making the right decisions is the key to running a business seamlessly. A data-driven approach to decision-making can improve decision accuracy. Moreover, business managers can make critical decisions with more conviction.

Conclusion

So, these are the technologies that MFI, non-banking, and banking institutions can adopt to improve productivity. Technology helps financial companies render better services to their clients. Moreover, adapting to the latest technologies improves organizations’ security of sensitive data. As a result, NBFCs and banks can reduce operational costs and improve revenue. The overall profitability of such organizations increases drastically.

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Why Your Success Today Depends on How Tech-friendly You Are?

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Tech-friendly

Why Your Success Today Depends on How Tech-friendly You Are?

Success depends on multiple factors, and technology is one of them. For instance, a business can do well by making good products and using unique ways to market them. However, you may have noticed that even though many businesses make great products, they still need help to succeed. The reason for failure is a need for more innovation and technological advancements. You must adopt the latest technologies to increase production and bring innovation to the sale of those products.

Technology is dynamic, and you need to accept it with the advent of time. Technology that you deploy today may become outdated tomorrow. Therefore, upgrading technology to cope with changing scenarios is crucial. In the following section, you can explore a detailed discussion on the connection between technology and success.

Table of Contents

Inspiring Stories of Businesses That Adopted Technology

Many businesses have experienced rapid changes after technological adaptations. According to a report, around 52% of businesses worldwide stated that technology improves workers’ efficiency. On the other hand, more than 40% of businesses stated that technology brings better performance. In the following section, you can find the inspiring stories of a few businesses.

  • Domino’s Pizza: Domino’s, the well-known pizza delivery restaurant chain, has branches in multiple countries. The company expanded rapidly by adopting technology that improved the delivery experience. Therefore, it is about more than just food; giving customers a good experience is also crucial. Technology helped the company grow faster and become a leading global food chain.
  • Walmart: Walmart, the retail giant of the USA, has also expanded formidably due to technology. According to the reports, the company invested around $11 billion to bring about a tech revolution. Walmart’s digital transformation has helped meet customer demands with the changing global scenarios.
  • Nike: Nike does not need an introduction as a brand since it develops top-class sports accessories, apparel, and shoes. The company’s biggest challenge was reaching a global audience more conveniently. Digitalization helped the brand fulfill its target and enhance profitability.

Seven Reasons Why Success Depends on Tech-friendliness

So, why is technology so important for becoming successful? The following section provides a guide to the seven reasons technology brings success.

1. Technology Improves Communication

Communication is a key success element, and you should communicate clearly. An organization that communicates well with the customers can find quick success. Establishing good communication also enhances transparency, essential for a company’s seamless growth. Nevertheless, transparency helps a business turn into a well-trusted brand.

Modern digitized technology has improved communication for both small and large enterprises.

Therefore, adopting digitization is crucial for the success of your organization. You should also continue upgrading the business’s digital infrastructure to improve communication.

2. Technology Streamlines Workflow

A business should streamline workflow through various measures and strategies. The existing workforce may not give optimum productivity due to multiple reasons. For example, a lack of motivation can be a reason. However, workflow mostly depends on technology for small-scale businesses. Such businesses work with a small workforce and need more to reach their target.

Technological innovations can motivate the workforce and help them increase productivity. Technology also reduces the errors that humans often commit during a work process. Moreover, technological implementation helps achieve goals within a small period.

3. Technology Improves Collaboration

A lack of collaboration between different departments often leads to poor productivity. Many businesses fail for this reason, and technology can quickly resolve such issues. For example, developing a digital project management platform will help business managers track all activities from one virtual platform.

Similarly, by adopting technology, businesses can run verifications and background checks in collaboration with multiple agencies. You can improve business collaboration to a large extent and derive higher profitability through technological implementations.

4. Technology Helps in Accurate Decision-Making

Decision-making is the most challenging aspect of running and managing a business. Certain decisions can change your life, while some may not bring any positive changes. Ideally, a business owner should have data to make decisions. Now, data available in its raw format indicates something if you convert raw data into structured data.

Technology automates data collection and creates reports using data. Business owners and managers find insights and analytics to make decisions. As a result, decision-making becomes easier for them. On the other hand, decisions become more accurate since data backs them.

5. Technology Brings Unique Ideas

Businesses often need more ideas, and technology can become a key transforming factor. Many businesses start well and get stuck into a conventional model. A lack of innovation leads to defeats against rivals. Moreover, businesses with prominent plans will only survive for a while. Technology helps develop new ideas and implement them with precision. Therefore, businesses should invest in technology to enhance productivity and adopt new ideas.

6. Technology Helps Achieving Goals Quickly

Technology is crucial for achieving goals without hassles. Many businesses adopt multiple goals, but they need more technological support. For example, digitized technology will help you track your progress in reaching your goals. Nevertheless, you utilize resources accordingly to reach the goals.

7. Technology Empowers Everyone

The best thing about technology is that anyone can use it to change fortune. A business needs financial investments to adopt technologies. However, it takes a small amount of money to bring technological changes to a company. 

Both small and large businesses will find ease in implementing modern technologies and derive success. Technology helps a small-scale enterprise to compete with a large-scale company

Applications and How TraQSuite Can Help

Today, people are surrounded by multiple applications that serve specific purposes with precision. Businesses use applications to automate multiple tasks and increase efficiency in task management. TraQSuite is a business application that optimizes the operational efficiency of organizations. The application is suitable for multiple industries, including banking, insurance, telecom, logistics, NBFC, entertainment, etc. The application identifies the areas technology can be implemented so that operations efficiency increases. At the same time, the operational cost will be reduced to a large extent.

Conclusion

So, these are why businesses should consider adapting to modern technologies to succeed. Businesses can switch to work automation, which reduces the dependency on the human workforce. As a result, the overall productivity increases due to the omission of the human workforce. On the other hand, it helps businesses run their commercial activities at a low expense.

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How Intelligent Automation Is Transforming Financial Services

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Intelligent Automation Watering the Seeds of Digitization in the Financial Services Sector

How Intelligent Automation Is Transforming Financial Services

Companies in the financial services industry have long embraced automation. Businesses today consider it a necessity to explore the potential of Artificial Intelligence (AI) to generate value through enhanced revenue, customer service, efficiency, and risk management.

According to surveys, the financial services sector accounts for 29% of the total market for Robotic Process Automation (RPA), which is more than any other industry. So, it makes sense that the sector is an early adopter of Intelligent Automation, which combines RPA and AI. And the future looks even more promising!

“Intelligent Automation,” which combines the benefits of Robotic Process Automation (RPA), Artificial Intelligence (AI), and Human Intelligence, will drive the future of financial services organizations. This entails the skillful application of a variety of automation techniques and tools, ranging from the incorporation of simple robots to the complete digitization of systems and processes.

Financial institutions have embraced a variety of use cases for Intelligent Automation, ranging from straightforward cognitive service connections into RPA systems to, in a few instances, AI-powered decision-making. Sounds interesting right? So, let’s dive in to experience the top applications of Intelligent Automation in the financial sector.

Table of Contents

Applications of Intelligent Automation

Curious to know about the magic spilled by Robotic Process Automation in banking? There are many applications for Intelligent Automation in the financial services industry. Let’s list some top ones here:

Detection of money laundering

One of the primary applications of Intelligent Automation in the financial industry is fraud detection because it not only expedites procedures but also improves the effectiveness of finding instances of money laundering. It gathers client and counterparty data from a variety of sources and issues warnings about possible AML transactions.

Automated financial consultants

These computer systems, also referred to as “robo-advisors,” offer financial advice with little to no human interaction. Using Machine Learning, they develop a unique financial strategy for each client based on characteristics like age, investment objectives, and risk tolerance.

Automated trading

It is a type of financial trading where automated choices are made using sophisticated algorithms. To trade equities, bonds, foreign exchange, and other financial instruments, banks, hedge funds, and institutional investors use this.

Transaction analysis and risk monitoring

In financial services, Intelligent Automation enables quicker data processing, precise forecasting, and the early detection of possible issues.

Document processing and scanning

Several manual operations can be automated thanks to Intelligent Automation, including the creation of customer accounts, which take a lot of time to complete. By extracting important data and information and examining legal papers, its use in financial reporting enabled data verification and improved reporting. Financial services organizations may change manual and data-intensive procedures with Intelligent Automation while still adhering to constantly evolving regulatory standards.

Personal finance management

AI is being used by an expanding number of personal financial management (PFM) apps to assist users in managing their finances. They can keep tabs on your spending, provide budgeting guidance, and provide recommendations for how to spend your money. Further “round-up” functions that automatically invest your spare change are now available in several PFM programs.

Blockchain

A decentralized, distributed ledger that records financial transactions is known as a blockchain. It is safe and impervious to tampering, making it the perfect platform for financial institutions. Companies utilize it to improve security, cut expenses, and streamline business processes. Banks, for instance, use blockchain to settle international payments and trade finance agreements.

Accounting closure

Supporting a financial closing is one of the top RPA in banking use cases. A sub-ledger must be maintained for all of the year’s spending, receipts, and transactions, which takes a lot of work. Companies can automate the process of data extraction and recording in the appropriate sub-ledgers thanks to RPA technology. You don’t need to account for hundreds of invoices, receipts, and paperwork. RPA assists staff members with closing yearly and monthly accounts by delivering the appropriate data at the appropriate time and in the appropriate format.

Peer-to-peer lending (P2P)

People can borrow and lend money through P2P lending, a financial technology, without using a traditional financial institution. Borrowers can get money more quickly and affordably, and lenders can make interest on their loans.

Enriching customer services

Intelligent Automation simplifies locating the most suitable financial products for customers while maximizing sales and customer support. A few examples of use cases in this area include – the introduction of chatbots in financial services, which decreases waiting times and gives clients a self-help option, enhancing the customer experience.

Nearly one-fifth, or 17% of financial services executives, confirm that investing in innovative digital capabilities is a must to prepare for the future. 

By automating application logins or commissioning procedures, financial organizations also empower customer service representatives to enjoy their jobs with the minimum workload, allowing them to provide consumers with better, quicker service.

Advantages of Intelligent Automation in Financial Services

Let’s now concentrate on the advantages of employing Intelligent Automation in the financial services industry:

  • Reduced costs: Automate manual and data-intensive operations to boost output and cut down on the cost of manual labor.
  • Improve operations and lower risks: Reduce operational risks by streamlining and automating manual procedures and getting rid of processing errors.
  • Streamline compliance: To enhance customer knowledge (KYC) and anti-money laundering (AML) process analysis, automate monitoring of ongoing transactions, and keep track of regulatory changes, direct customer data access is necessary.
  • Enhancing client service: Get real-time access to client data, quicken the processing of their requests, and discover additional needs for products and services.
  • Increase return on investment quickly: Get quick ROI by implementing Intelligent Automation without any complicated integrations required.
  • Improve employee productivity: Improve employee satisfaction and productivity by deploying digital workers, who will empower staff and boost capacity during periods of high processing load.

Automation Intelligence Leads Financial Institutes to the Tech-Ready Future

RPA technology is required due to the increased complexity of financial operations and the ever-increasing demand for excellence from customers. With automation at play, the team can concentrate on direct revenue-generating tasks and innovation.

Truly, the future of the financial services sector appears promising with the development of AI and automation. These innovations will improve transaction efficiency and accuracy, freeing up staff time for higher-value activities. Financial institutions that adopt this cutting-edge technology will be competitive in the future.

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How Digital Tools are Transforming the Way Microfinance Institutions (MFIs) Collect Loan Repayments

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The benefits of digital tools in loan repayment collection

How Digital Tools are Transforming the Way Microfinance Institutions (MFIs) Collect Loan Repayments

Microfinance institutions (MFIs) are financial agencies that provide small loans to customers who need access to banking facilities. A loan below Rs. 1 lakh will be considered a microloan microfinance institution’s offer. Microloans have various benefits for people and are essential to economic development. However, microfinance faces several challenges, including a need for more investment validation, debt collection, and more.

Table of Contents

The Challenges for Microfinance Institutions (MFIs)

The main objective of the microfinance concept is the financial growth of backward sections, especially women in India. This concept has helped improve the country’s economy since it was introduced. But MFIs still face several challenges that they must overcome. The MFIs face indebtedness because of poor risk management. Microfinance institutions provide collateral for loans, increasing the risk of bad debt. Hence, microfinance institutions require a robust risk management system.

Another issue microfinance institutions face is regulatory oversight. The RBI is the premier regulatory body for MFIs in India. Some regulations from the RBI benefit MFIs, but other regulations must address any issues. With new regulations, microfinance experiences structural and operational changes, which also cause ambiguity in norms of conduct. Hence, the microfinance industry requires separate regulatory authorities to survive.

Microfinance institutions are as dependent on the Indian banking system as commercial banks, and most MFIs are non-governmental organizations (NGOs). The banks help MFIS stabilize the fund and carry out their lending activities. The commercial banks that offer loans to microfinance institutes charge higher interest rates for a shorter period. It causes microfinance institutions to charge higher loan interest rates than mainstream banks. Also, people prefer loans with low-interest rates, causing MFIs to lose potential customers. 

The solution to these challenges for the microfinance institution includes proper regulation, a complete variety of products, different sources of funds, technology like debt collection software, etc.

The Benefits of Digital Tools in Loan Repayment Collection

Digital tools like automated cash collection solutions help MFIs minimize the risk of defaults. Moreover, digital tools offer more benefits to MFIs. Let’s look at the key benefits of digital tools hold for loan repayment collection:

Tracking the Loans Correctly

With a digital solution, MFIs can track debtor accounts. You can easily access the unpaid loan data immediately with the help of a Cash collection system. For instance, one of your customers purchases a loan from you to buy a car and pay off their loans. Normally, it takes a long time to update this information. However, if you have an automated system, you can see loan repayment updates immediately. You can also track your buyer’s financial position and find the right time to connect and remind them to repay the remaining loan.

Automate Communication with Borrowers

Debt collection software allows lenders to automate communication with their borrowers across several channels, such as SMS, email, and calls. People have different preferences for communication channels. You can improve your customer contact strategies by using digital tools to determine which communication channel each customer prefers.

For example, some customers may feel more comfortable sending an email, while others may prefer a live chat. The digital solution gives you a clear picture of which channels your customers prefer so that you can tailor your message to each one. You can also automate contacting people to improve your debt collection.

Sending Timely Repayment Notifications

Aside from recovering debt, a digital solution can make any process automated. Hence, improving the workflows for the organization. It will help the MFIs to reach the larger customer pool as your service volume increases.

Automation also helps you regularly send notifications to customers to help them remember to repay their loans. It reduces the risk of bad debt and allows you to recover the loan on time. It can send messages to customers via different channels and can keep a conversation with them at any time. Digital solutions also analyze and predict the best time to contact clients.

Streamlining the Tasks

Another benefit of automation in the operation of the microfinance sector is that it drives more efficiency. Digital solutions help generate machine learning-based chatbots that communicate with your clients in their language. It can also increase agent efficiency by freeing call center agents for other, more complex tasks. It also saves a lot of time to conduct manual and transactional processes for the organization.

Automation also aids MFIs in testing different strategies and discovering one that works best. You can make small changes in send time or written copy and compare them with each other to find the best engagement results.

Better Transparency between Lenders and Borrowers

Using digital solutions to maintain transparency between the borrowers allows lenders to obtain comprehensive insight into customers. Lenders can easily access the data describing borrowers’ behavior with a cash collection tool. It helps lenders choose the right borrowers and better understand the customer’s credit risk. It also helps MFIs to make better and faster decisions regarding loan applications. In simple words, digital solutions help collectors to predict future repayment and the risk of delinquency. With this MFIs can significantly protect themselves from the risk of delinquency. It also allows lenders to find trustworthy clients who can repay their loans on time.

Calculating Additional Charges Due to Late Repayment

A debt collection software is integrated with various digital tools and technologies. Hence, MFIs can use this software to instantly calculate their customer’s overall due loan information. It can also send this information to respective customers and help them understand the repayment plan. Knowing the penalties on their late loan repayment will prevent the customers from becoming delinquent. It enables you to get your money fast and maintain the cash flow. Effective collection software solutions include convenient payment options for customers, making a collection of signatures for payment arrangements easier

Quick and Hassle-free Dispute Management

With digital solutions, you can notify your clients about the progress of their disputes, analyze the cause, and speed up the resolutions. It will help MFI boost its image as a reliable sales partner. Automating the collection process allows you to send the payment reminder notice before the invoice is due. It also reduces the risk of errors, meaning less cause of dispute between the customers. A cash collection software tracks and collects all relevant information about the customer accounts to reduce the chance of misunderstanding when different employees work on the same accounts. Hence, you can improve customer satisfaction with digital solutions by providing accurate and responsive information about their account status. 

Conclusion

Nowadays, people prefer companies that offer a wide range of payment options. The microfinance sector also uses the technology to improve its Cash collection system. MIMOIQ offers a well-integrated software solution for NBFCs and microfinance institutions along with cash collection services. The cash collection software helps the MFI handle all their cash management needs. The key benefits of debt collection software service from MIMOIQ include simple-to-use service, reduced risk of fraud, theft, & mismanagement, and fast settlements.

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