Emerging Technologies for Businesses in 2022

Updated: May 6, 2022

There are IT-based solutions to cater to different needs from sales to shipment, and management to administration. Businesses are using IT-based solutions and services to speed up sales, to faster innovate products, and to stay ahead in the competitive market.

Technology In Business Is a Growing Necessity

Banking

Customers would have to often visit the bank in person for wire transfer requests, to get the account statement, and even to enquire about any transaction history. The everyday business processes were slow and time-consuming for banks as well as customers Banking and customer service have changed completely since banks started to evolve the service delivery around IT-based solutions. Customers can do all kinds of transactions and access information on their phones, tablets, and computers at any time and any place, thanks to the powerful web applications and cloud services. Banking applications are not limited to customer service only, they assist staff and administrators in day-to-day operations. Bank applications cover almost every aspect of banking operations. Banking operations that can be handled by banking softwares:

Floating new accounts
Processing Deposits and withdrawals
Money Transfers
Loan and credit processing
Servicing loans
Calculating interests
Customer relationship management activities
Self Service Options for Clients
Marketing activities
Fraud management based on AI

Types of Banking Softwares

Merchant Banking Softwares
Retail banking softwares
SMS banking Softwares

Emerging Technologies and Solutions in the Banking Industry Cyber Security- is a subject that deals with how to keep your bank details safe and secure. They are adding more and more advanced analytic, real-time monitoring, biometrics, and behavioral analysis software to find risks and stop them from causing problems with the systems. They are also using anti-hacking software that protects the network by detecting suspicious behavior and possible threats. Cloud computing- is an important part of the service delivery architecture. It allows banks to enter new markets and use new distribution channels. Banks can save money on capital and operating costs by using cloud-based services to store and protect customer data. Thanks to the updated use of IT-based solutions and web applications that have changed everything about banking, and have eliminated the need for people to meet in person to do business. Every bank needs to be able to offer competitive customer service, efficient administration, and reliable management.

Education

Until a year ago, when the Covid-19 situation came up, schools, colleges, or institutions were the main way to get and give education. They were also an important part of the education industry. Teachers had to manually take attendance of students, keep records in registers, and prepare written lesson plans. Students, on the other hand, had to carry and refer to the study material which was available in physical format. Exchanging or sharing study material was difficult. Information Technology in education can improve collaboration, communication, and delivery of information. The introduction of IT-based solutions in the education sector has revolutionized the learning pathway. Teachers can now teach and students can now learn while sitting at long distances with the help of technologies such as Google Meet, Zoom, Google Classroom, etc. It has become easier for teachers to keep the record of students at one place, which is accessible at all times by the students as well as parents. Teaching-Learning operations that can be handled by education softwares:

Communication tools
Data systems
Education service provider
Finances ad fees
Fundraising
Student information system

Types of Education Technology Softwares Following are different types of key softwares that are built to serve different aspects of the industry.

Learning Management Software
Customer Relationship Management
Course ware
Online Assessment Software
Smart Classroom
Reference Software

Emerging Technologies and Solutions in the Education Industry Different web applications and IT solutions have given constant support to the education sector, especially during the times of the pandemic, when the schools and colleges were shut down. It is possible just because of IT that distance learning programs from top universities of the world can be completed while sitting in any corner of the world. Here are some of the best IT-based solutions that can help schools become more productive, save money, and improve their students' skills. Learning Management system A learning management system (LMS) is a software-based or SaaS-based platform that enables the administration, automation, and delivery of educational courses, training programs, or other forms of learning and development. It includes features that enable administrators to automate time-consuming and repetitive processes such as user grouping, group enrollment, deactivation, and new user population. Learning management systems enable content to be accessed via mobile devices, facilitating learning on the go. It is, without a doubt, a requirement at this stage. These LMS solutions ensure that this access is simplified in its travel and flow and is available on-demand, making it as simple as possible for learners to obtain the information they require. Customer Relationship Management (CRM) Education CRM integrates all lead generation channels, such as phone, chat, and email, and alerts your admissions team to take action immediately. Emails and other forms of communication can be automated to accelerate response times. Additionally, it may assist in spotting trends that serve as feedback to marketing, admissions, and other departments involved in the process. Workflow automation is another useful and extensively utilized element of a CRM system. This tool will ensure that you never again miss an opportunity to respond to or follow up on an inquiry. Tracking is another excellent function included with the majority of CRM systems. It helps colleges to determine which website(s) a particular student visited to locate your institution. This enables more intelligent marketing budget planning, with resources directed toward the most effective marketing efforts. Education and cloud computing Cloud computing allows for the storage of study-related data on remote servers that can be accessed from any device connected to the internet. They can access their homework and test-related materials via mobile or desktop devices, which helps students lighten their rucksack loads. With cloud-based technologies, educational institutions can now provide students with virtual classrooms. The course content, applications, and data are accessible to users at any time and from any location. They can also enroll in classes and participate in group activities. Cloud computing significantly cuts infrastructure expenses. Additionally, cloud-based solutions offer scalability, allowing for the management of usage peaks and traffic surges generated by events such as training registrations and assignment submissions. Accessibility and cost savings are not the only benefits of cloud computing. Additionally, it safeguards your data. Businesses that use the cloud to educate their employees can protect their data using a VPN. Protocols such as IKEv2 are responsible for automatically encrypting outbound data and traffic, such as when connecting via a VPN. Artificial Intelligence (AI) AI can assist teachers in creating intelligent content that makes teaching and learning easier for both them and their Students. AI can assist in the development of bite-sized learning, study guides, and digital textbooks, all within the context of digital education. AI can assist you in a variety of various ways to examine data, including through simulations, visualizations, and web-based learning settings. AI can ensure that educational software is tailored to the unique needs of each student. Students already have adaptive learning tools, games, and programs. Artificial intelligence will automate administrative activities like grading tests, analyzing homework, completing relevant paperwork, and creating progress reports, allowing teachers to focus on their core job of teaching.

Medical & Health Care

Before the advent of information technology, hospitals maintained patient medical records, registrations, and administrative data in handwritten formats in registers. It was highly time-consuming to locate a patient's history, with a significant probability of missing important documents. IT has had a significant impact on the medical industry. Physicians can now immediately access a patient's history for review and maintain a more accurate record. Along with the introduction of wearable equipment such as pacemakers and fitness trackers, IT solutions have made it easier to monitor one's health daily. Businesses and individuals can now maximize the value of that data for researchers through the use of customized IT solutions. Electronic health records enable the storage and retrieval of a patient's entire medical history. Healthcare operations that can be handled by Healthcare softwares:

Patient Portals
Telemedicine Software
E-Prescribing Software
Remote Patient Monitoring
Hospital Management
Health Tracking
Patients record maintenance.
Tele Consultation
Administration and payment processing.

Types of Healthcare Technology Softwares

Electronic Health Record (EHR) Software.
Medical Diagnosis Software.
Imaging and Visualization.
Medical Database Software.
E-prescribing Software.
Appointment Scheduling.
Medical Equipment Management

Emerging Technologies and Solutions in the Medical industry The medical sector has improved technologically with the convenience of treatment as a result of these solutions supported by the information technology sector. The following are some of the most widely utilized information technology-based technologies and solutions in the medical sector. Electronic Health Record (ERH) - With the advent of electronic health records, hospitals and physicians are no longer required to maintain physical records for their patients. Hospitals may save significant amounts of money and space by storing all of their information digitally, which simplifies the process of storing, retrieving, and sharing data. COVID-19 was discovered by Blue-Dot nine days before the World Health Organization issued a statement warning people to be on the alert for a new coronavirus. Blue-Dot's success is contingent upon possessing a wealth of knowledge of people and things. Natural Language Processing and Machine Learning techniques are utilized to collect data from hundreds of thousands of sources, including official public health pronouncements, digital media, worldwide airline ticketing data, and livestock health reports. It can process a large amount of data in just 15 minutes. It is capable of doing so all day, every day. Blue Dot: COVID-19 was found by Blue-Dot nine days before the World Health Organization released its statement about a new coronavirus, which told people to be on the lookout for it. The key to Blue-Dot is having a lot of information about people and things. A tool called Natural Language Processing and Machine Learning is used to get data from hundreds of thousands of sources, such as official public health statements, digital media, global airline ticketing data, and livestock health reports. In just 15 minutes, it can process a lot of information. It can do this all day, every day. IoT: The Internet of Things (IoT) has made it possible for healthcare workers to keep an eye on patients from afar, allowing them to keep patients safe and healthy and allowing doctors to provide the best care possible. It has also made it easier for patients to communicate with doctors, which has made them happier and more engaged. Remote monitoring of a patient's health also helps cut down on how long they stay in the hospital and prevents them from being readmitted. IoT also has a big impact on lowering healthcare costs and improving treatment results, which is why it is so important.

Logistics & Supply Chain

The Logistics sector has undergone enormous changes with the help of IT-based tracking and communication softwares. Web applications, tracking devices, and management softwares have reshaped the entire distribution set up to speed up the supply and delivery network. The Inventory and supply chain cost has also been reduced considerably. IT-based technologies like blockchain, EDI, AI, and Cloud Computing simplify the complex process of logistics. Let’s take a look at a few of the solutions and technologies that are shaping the next generation logistics and supply chain. Key operation in the Logistics & Supply Chain that can be handled by softwares

Supply Network Planning
Detailed scheduling
Sourcing and supplier management
Supply chain analytics
Inventory management
Customer requirement process
Returns management
Warehouse management

Types of Technology Softwares in logistics

SCM (Supply Chain Management Software).
TMS(Transportation Management Systems).
GPS and Tracking Tools.
OCR (Optical Character Recognition).
Procurement Management Software.
Dispatch Management Software.

Emerging Technologies and Solutions in the Logistics and supply chain A smart Contract is a self-executing contract between the buyer and seller that automatically gets embedded between the code. This mechanism allows the code and the agreement to exist across the distribution and decentralized blockchain network. The Smart contract helps buyers and sellers save paperwork, time, and money. EDI (Electronic Data Interchange): EDI is a standard format to exchange business or transaction information between two organizations electronically instead of through paperwork or manually. EDI-enabled systems between two organizations can automatically inform the seller about the requested products, inventory, etc. and the seller can send the order status and shipment tracking info automatically. EDI automates the processing of business information in a standard format to each other’s softwares. In simple words, seller and buyer get rid of manual paperwork of invoices, purchase orders, shipment notices, etc. Cloud computing and AI: Supply chain generates a huge amount of data for every movement that needs to be stored, fetched, and processed numerous times. Manual management of voluminous data is difficult and time-consuming and leaves a chance of human error. The computers have limited storage capacity and processing power to manage such data. Cloud computing with AI-enabled softwares and applications is way more powerful to process this data. Blockchain is a continuously growing list of data and records that get weaved together in a series with each having a unique ID and time stamp. It means that every transaction or change in the data is traceable. Blockchain-enabled solutions like Smart contract lets distribution firms reduce the red tape, automate the entire procurement and shipment process, and reduce human error while exchanging every bit of information. Smart contracts are one of the best examples of Blockchain technology solutions for the supply chain. IT solutions and softwares have shifted the logistics and supply chain from the back-office function to the driver seat of growth and efficiency. Progressive companies are already utilizing mobile and desktop-enabled applications like LMS( logistic management softwares) like Go Freight, ERP, and EDI to facilitate the exchange of business information in the supply chain.

Insurance

The insurance sector has seen a lot of changes with IT support. Insurance is a wide field with new policies coming up now and then. The insurance agents had to personally contact the customers to tell them about the new policies and also the status of their current policies. The customers had to contact the agent to know about their policy plans, status, etc which was very time-consuming. There was a major gap in the smooth communication process. The IT sector has given a boom to the challenges that the insurance industry faced. Chatbots are an instant way to respond to customer queries, update them about the new policies, and guide them about the process. The use of AI has made the insurance system more convenient to get an idea to better understand the customers. All the data can be accessed at a single platform, thereby providing flexibility. Operation in the Insurance industry that can be handled by softwares

Insurance lead management
Insurance workflow automation
Policy management
Underwriting
Claims management
Enterprise Resource Planning

Types of insurance software

Document management software
Customer relationship management software (CRM)
Insurance workflow automation software
Policy management software
Underwriting software
Claims management software
Enterprise Resource Planning software (ERP)

Emerging Technologies and Solution in the Insurance Industry The insurance sector has become convenient for all since the IT industry stepped in. One doesn’t need to wait to get their insurance details. Even the insurance agencies can update the customers about new policies with just a single click. Here are a few emerging softwares and technologies in the insurance industry Document management software Insurance companies need document management software to securely store, organize and access important documents such as policy applications, customer proofs, contracts, policyholder agreements, etc. However, Insurers don’t necessarily need a standalone document management system since their CRM, ERP, or other internal systems provide this functionality. Underwriting software Underwriting is the most crucial aspect of the insurance business as it evaluates the company’s risk in insuring a home, car, or an individual’s health or life. The purpose of underwriting software is to manage the underwriting process for insurance companies. It allows users to write rules and policies to execute automatically during the underwriting process – saving manual efforts and reducing human errors. Insurers also use Enterprise Risk Management (ERM) solutions to digitize their risk assessment process. Blockchain Blockchain is going to be one of the industry’s great allies in cybersecurity, as insurance providers are going to be able to use this technology to create smart contracts that are automatically executed, which translates into being able to track claims and update conditions. A recent report by PwC claims that Blockchain offers a $5 billion opportunity for insurance companies for damages. This could trigger “the transformation of business transactions and information exchange on the one hand and the elimination of costly layers of overhead dedicated to verification on the other. Potential benefits include a mutually trusted version of the truth, without the need for costly or error-prone manual re-entry of data. Machine learning Insurance deals with a lot of information about a lot of people, a lot of things that need insurance, and a lot of things that need to be done to solve the claims. Computers today can handle a lot of data, and complex regression analysis can do clustering that can help with data analysis. Machine learning can not only improve claims processing but can also automate it. When files are digital and accessible via the cloud, they can be analyzed using pre-programmed algorithms, improving processing speed and accuracy. This automated review can impact more than just claims: it can also be used for policy administration and risk assessment.

Conclusion

Every industry has relied heavily on IT to turn things around. There is no doubt that it is impossible to achieve business competitiveness and growth without harboring the benefits of information technology in the age of Digitization. The IT department has its fingers in several pies. They have a role to play in every aspect of businesses- from improving communications (internal and external), inventory management, database and data analytics, critical decision making, as well as customer relationship management.

References

https://www.netguru.com/blog/healthcare-software-types

https://mobidev.biz/blog/technology-trends-healthcare-digital-transformation