Now more than ever banks and insurance companies have realized the need for a personalized approach towards each and every client. This lets them both distinguish themselves among competitors and create meaningful relationships with their clients; thus, maximizing profit opportunities.
A useful tool is the so-called machine learning, through which computer systems are taught to solve problems according to information and experience they have accumulated through solving other tasks. Though machine learning may not seem directly connected to the finance industry, it is, in fact, a powerful tool for business analyses and forecasting. An example of such software already implemented in the finance sector, Next Best Action by VeriPark, helps banks understand their clients better.
Banks must be able to communicate with every client according to his needs and preferences, as well as offer services that would actually be of interest to him. This is where machine learning comes in – thanks to it, the bank representative gets suggestions what to say [to the client], what to offer him that is connected to him, helping the employee to understand the client better.
In the context of cross-selling, instruments like Next Best Action give suggestions for your “next move” in accordance with the concrete client and service that he is looking for. All this is based on a predefined logic, perfected by a vast data model which offers deeper insights on each client. This allows the bank representative to “discuss with the client according to the information he has, to finalize a sale using less paper, with fewer signatures and automated processes from every point of view”, says Çınga.
Contemporary finance institutions realize there is a need to make communication with the client meaningful and based on valuable insights and lead to mutually beneficial relationships between both sides. Software based on the machine learning principle is a powerful tool that makes this easier than ever.
The insights were shared by Onur Çınga, Regional Manager for CEE at VeriPark during the Finance Tech Forum in Sofia Event Center. The event, which took place on the 10th of April and focused on the digital transformation of the sector, gathered more than 200 attendees from the finance industry.
If would like to learn more about how specialized software can benefit your bank`s performance, get in touch with us. We will be happy to provide you with more information on the topic.
This article has been republished from the Intelligent Systems blog with their permission. Want to know more about their solutions? Visit their website to learn more!
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Originally published Jul 7, 2019 5:21:33 PM, updated July 15, 2019
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Few other industries are as competitive as hospitality is – the market changes fast and due to the numerous choices available, customers’ expectations are higher than ever. Diners demand fast service, convenience and impeccable experiences that feel personal. This may prove harder than it sounds (and it already does) due to several things. Keep on reading to find out what issues may arise from not having a fully functional POS system.
As we already mentioned, customers expect service that is above and beyond – and that often includes meal customization. A recent study by Deloitte[1] showed that 85 percent of people think that being able to customize their order is the most important part of the restaurant’s menu. Therefore, it’s important to consider a POS system that allows you to add and exclude ingredients from any dish, as well as one that sends information straight to the kitchen to avoid miscommunication. Furthermore, your POS system should give your staff the opportunity to view and activate meal deals and offers which the customer might be interested in based on their preferences and past purchases.
Each Point of Sale has many users – from waitstaff and kitchen staff to cashiers and managers. And even those may be further segmented. For example, the waitstaff may be separated into different groups for each area of the restaurant. At the same time, managers should be able to access all the sales and operations data, so they can plan the staff roster or make general business decisions. When none of this is an option, each group’s performance decreases. Managers don’t have the available data to make informed decisions and waitstaff must go through irrelevant steps to do their job properly; all this in an industry that requires quick judgment and fast reactions.
In the hectic atmosphere of a restaurant, it’s easy to forget or pass the wrong information to your co-worker. The kitchen staff could misread what the waitstaff jotted down on a piece of paper. The waitstaff may delay the order because of other clients they attended to. Wouldn’t it be great if there was a way for the kitchen to receive the correct information right away? Well, this isn’t outlandish at all: the right POS system would seamlessly connect the front of the restaurant with the kitchen, reducing such mistakes to a minimum and allowing your staff to deliver impeccable service from the meal to the attitude.
Most restaurants already possess some kind of business management software, but it often isn’t tailored to their needs. If it’s hard to find the pizza toppings and you’re running a pizzeria, something isn’t right! This could slow down your staff and unnecessarily complicate the restaurant’s processes, thus leading to lower customer satisfaction and disgruntled employees. The right POS system would support, rather than complicate your processes through an intuitive, customized interface that is just right for your restaurant. It would let your employees take full advantage of your system’s capabilities.
Many restaurants work with frustrating Point of Sale systems that can’t handle all the ways a customer may want to pay. A good POS system will be both secure and flexible when it comes to payment. It will make splitting the bill easy, rather than customers having to figure out who has to pay what. Restaurants should be able to accommodate for multiple payment options – credit and debit cards, gift cards and promotional codes, cash and checks – and the right POS system allows them to do that. On top of that, if you’re a restaurant that attracts many foreign visitors, your software should support multi-currency transactions.
Selecting the right software solution may seem like a daunting task, but it doesn’t have to be. Explore your options at Intelligent Systems.
This article has been republished from the Intelligent Systems blog with their permission. Want to know more about the solutions? Visit their website to learn more!
[1]Deloitte, The restaurant of the future: Creating the next-generation customer experience.
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The competitiveness and long manufacturing times make fashion retail a challenging business to be in. At the same time, massive opportunities exist for retailers to take advantage of. But it’s important for them to stay flexible and adapt to the changes in the market. Take a look at how a retail software solution could help them do that.
Planning collections is no easy task and it could easily get complicated, especially when your company works with subcontractors. A software solution would allow you to plan not only the materials used and the steps in the manufacturing process, but also distribute it across your network – whether that is to your own stores, franchisees or even market places. You’d be able to find out how long stocks will last and easily plan replenishment according to real-time data.
A must feature is a good POS system that is intuitive and simple to use. This will not only eliminate mistakes that employees may make but also allow them to provide faster and more pleasant service. And no one wants to wait in long queues. Such a system would provide better opportunities for cross-selling by giving suggestions for linked items, as well as support different types of payment, voucher options and gift cards. The POS system also allows employees to manage other devices such as printers, barcode readers and client displays. Needless to say, it also makes managing brand loyalty programs easier.
A fashion retail software solution would also function as a powerful tool for the head office, giving them a clear overview in order to take swift, confident decisions. It allows them to control different promotions, item costs and provides them with real-time data. Financial information is easy to find, which gives managers opportunities to increase revenue and reduce operational costs. Furthermore, a fashion retail solution allows an overview of returns and refunds, as well as other different transactions.
All things considered, it’s still important to use ERP software that is flexible and gives you an opportunity to integrate with different software, should the need arise. This is especially important when your company operates in several countries whose legal requirements for software may differ. Furthermore, in order to cover both offline and online shopping, a company would need a solution that can be easily integrated with an e-commerce platform.
Want to see a demo? Contact us to see all this and more in practice.
This article has been republished from the Intelligent Systems blog with their permission. Want to know more about the solutions? Visit their website to learn more!
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By subcontracting, your construction company outsources certain types of work to other companies. While this gives you an opportunity to work on more than one phase of development of a project, it can easily get messy when there are several going on. It can be hard to keep track of subcontractors’ engagements towards you, as well as yours towards them. Read on to find out if a software solution for construction companies can help you alleviate some of the pressure of working with subcontractors.
A software solution enables you to appoint specific tasks and projects to subcontractors directly from the bill of quantity, and then keep track of their obligations towards your company. The subcontractors would then report the construction work they have done of you and bill you for what you owe them. Subsequently, you may choose to charge the investor automatically.
Software solutions developed specifically for the construction business help you manage contracts better – whether that is with a subcontractor or an investor. This includes annexes and any changes, thus making it easier to see if a business partner is fulfilling their obligations towards you. You can also keep track of retention for each project.
Perhaps the biggest benefit of having a software solution that helps you manage subcontractors is that keeping track of data is much easier. If your company works with Excel instead, any changes would not be directly reflected in the accounting department.
Furthermore, you would inevitably encounter difficulties tracking information regarding all of your projects a single subcontractor is working on. Now multiply this by five, ten, or however many subcontractors your company works with. With software such as Dynamics 365 for Construction, you can access an overview of all sites a specific contractor is working on.
Overall, the software solution allows you to make a full circle in your relationships with subcontractors – you can appoint projects and tasks, keep track of progress and reports, transfer and receive payments automatically. This enables your company to focus on the big decisions without being buried in small, but nevertheless essential issues.
Want to know more? Contact us!
This article has been republished from the Intelligent Systems blog with their permission. Want to know more about the solutions? Visit their website to learn more!
Few other industries are as competitive as hospitality is – the market changes fast and due to the numerous choices available, customers’ expectations are higher than ever. Diners demand fast service, convenience and impeccable experiences that feel personal. This may prove harder than it sounds (and it already does) due to several things. Keep on reading to find out what issues may arise from not having a fully functional POS system.
The competitiveness and long manufacturing times make fashion retail a challenging business to be in. At the same time, massive opportunities exist for retailers to take advantage of. But it’s important for them to stay flexible and adapt to the changes in the market. Take a look at how a retail software solution could help them do that.
By subcontracting, your construction company outsources certain types of work to other companies. While this gives you an opportunity to work on more than one phase of development of a project, it can easily get messy when there are several going on. It can be hard to keep track of subcontractors’ engagements towards you, as well as yours towards them. Read on to find out if a software solution for construction companies can help you alleviate some of the pressure of working with subcontractors.
