Organisations and service providers in our sector are rapidly transitioning from using outdated traditional tech to high-performance digital applications, powered by automation and AI. BlueMeg is leading the way across verticals to automate and improve the quality and efficiency across the board.
In this article, we review how technology is spearheading global innovations across this sector, and outline some of the key areas to watch in 2019.
RPA/BPA & E-Signature
E-signing and RPA/ BPA ( robotic/ business process automation) rollouts, along with the subsequent connections between the public and private sector are helping our businesses to become more productive, and more efficient.
RPA and BPA both provide companies now with a seamless and cost-effective way to eliminate low-return, high-risk, manual data entry and processing work around the clock while increasing efficiency, accuracy and innovation for employees which can also result in a better customer experience. Both technologies are a critical part of digital transformation initiatives.
E- signatures, which are legally binding since 2000, provide a time - and cost-saving solution for company incorporation and any type of business contract for the global entrepreneur. More importantly, they can be a safer option than handwritten signatures which can be forged, as reputable e-signature providers offer detailed audit trails that keep track of who signed what, where, how and when.
If your organization isn’t using e-signing or any process automation, then you could potentially be sitting on a pool of opportunity. Investment costs for software are usually managed on a per month basis, making automation in corporate services highly affordable.
API’S — Connections with Government and E-registries
The ability for businesses to stay connected 24/7, as is the case with e-registry; and to be able to communicate electronically isn’t anything new. These ‘always-on’ systems are becoming more widely adopted, linking to government systems and e-registries through APIs are becoming more than commonplace, and they’re working!
Secure API access provide reassurance and secure enable core integrations between the public and private sector, helping them to become better connected, and enabling information to pass between these companies more seamlessly.
The amount of new corporations in HK/SG has been 220k/60k respectively. Services like e-registry are driving efficiencies throughout the government and helping to support the thriving business economy.
Chatbots — AI — Machine Learning — NLP
Technology innovations that are powered by AI, NLP, and Machine Learning are huge this year. While they’re relatively new to the market, they are still having a real impact on the corporate service industry.
Chat Bots and AI
With chatbots now becoming more sophisticated than ever before, this is having a significant impact on the cost of delivering corporate customer support, and it’s improving the customer experience at the same time.
According to Gartner, by 2020, it is predicted that more people will be talking to bots more than they do with their own family.
Machine Learning & NLP
Natural Language Processing technologies have now reached a point where their business integration capabilities are slowly but surely being realised. Voice technologies have already been creeping into the corporate world; Alexa for Business, as just one example, is fully launched and set to become more widely adopted as the year unfolds.
All the major players in this sector are now creating platforms for use in the corporate world.
Voice technology is going to be transformational for the enterprise, and here’s why.
· Most people who use voice technologies in their homes will end up using at work much sooner than they think. By 2021, it is forecast that up to 35% of web searches will be done without using a screen.
· Almost 75% of corporate businesses intend making an investment in customer-facing voice systems.
· Voice-based note-taking, voice-based communications, voice-based procurement, voice-based search, and voice-based business advisory services are just a few applications that will disrupt the corporate services sector this year.
· Cisco, a major player in corporate services communications, has begun developing its own virtual digital assistant that it plans to build into all the conference room devices they make.
The future of digital procurement is going to be impacted heavily by innovations in the technology sector. One of the most exciting trends to watch out for has to be the implementation of mobile technology solutions into the procurement space.
New apps are now starting to find their way into the market, that enable corporate organizations to make approvals, purchase requests, set budgets, and more, all while mobile from an easy to use app. Decisions on spend no longer need to be made from a desktop, wait times are reduced, backlogs can be avoided, and lead times improved.
Separately, automation technologies are again, set to revolutionize the age-old procure-to-pay pricing models that have existed for decades. A recent study into the forecasted evolution of procurement in a digital era states that certain systems will need to evolve or else they will simply die off.
While we aren’t anywhere near complete automation in the procurement services sector, the horizon is most certainly in sight. AI assistants, automatic purchasing, intelligent chatbots all provide instant support and insights to inquirers.
The corporate services sector is being fuelled by technology. Although many companies are still making the switch from legacy technology to digital; 2019 is truly a transformational period. With a growing number of business applications using machine learning, AI, and automation technologies; the ability to serve more effectively and deliver quicker responses at a lower cost is immense.
We at BlueMeg are part of this change wave and are leading the trend from the analogue to the digital era by providing a revolutionary platform for the corporate services sector that allows you to set-up and start your company completely online. By eradicating the unnecessary paperwork trails that exist when forming a new business or buying an existing business we offer an automated and efficient solution for utmost convenience.
Complex processes become easy tasks that are done-for-you in a matter of minutes; saving time, hassle, and mitigating the risk of errors and delays when setting up or buying a new business.