BTC https://btc-me.com ERP Software Solutions In Dubai Wed, 22 Jan 2020 10:44:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 AI Invoice Processing And How It Is Saving Cost With Automation https://btc-me.com/blog/ai-invoice-processing-and-how-it-is-saving-cost-with-automation https://btc-me.com/blog/ai-invoice-processing-and-how-it-is-saving-cost-with-automation#respond Wed, 22 Jan 2020 14:41:13 +0000 http://btc-me.com/?p=4717

Processing invoices, when handled manually, is an expensive and time consuming function for any organization. With an invoice processing system from BTC AI, organizations can process invoices automatically, reducing accounts payable (AP) costs while improving both the accuracy and the speed of data extraction.

Realize a Measurable ROI with Automation

Introducing a tool to automatically extract information can improve the accuracy and speed of invoice processing, while reducing the overhead costs of accounts payable. Traditionally, processing invoices has been a manual, paper intensive task. Invoices are received in the mail, forwarded to the accounts payable department, and entered manually into the AP system. This procedure is expensive, time consuming, and error-prone.

Invoices can be handled programmatically by extracting relevant information from the invoices. A process that was previously handled by several employees can now be completed more effectively in a fraction of the time. By reducing the amount of time taken to manually enter information, organizations can realize a measurable ROI in a short period of time by the reduction of manual processing costs, early payment discounts, and improved vendor relationships.

Reduce Manual Entry Costs

After implementing an automated invoice processing system, it will take a fraction of the time and amount of employees to process the same amount of invoices.

AI is transforming AP

Deep learning AI gives the power to save mankind from the drudgery of manual data entry and the hassle of setting up templates and rules for traditional OCR software. In some ways, this real-life AI story is more exciting than the myths and legends it is rooted in, as well as the future tales it inspires.

Improve Invoice Processing Accuracy

Inputting inaccurate data from an invoice can be very costly; these inaccuracies can result in overpayments and employee hours spent resolving issues with vendors. By automating the accounts payable process, human keying errors can be eliminated.

Accelerate Invoice Turnaround and Benefit from Early Payment Discounts, Improved Vendor Relationships

Many vendors offer discounts for paying invoices early. With an automated system in place, invoices can be processed and paid more quickly. With automated accounts payable, organizations can start taking advantage of early pay discounts. By paying invoices faster, organizations can improve relationships with vendors, creating leverage to negotiate better prices or terms.

Configure Business Rules Unique to Your Organization

Validate extracted field data from the invoice according to your specific business rules.

Customizable XML and Database Export

Allows for a customizable system using XML-based scripting. Automatically encodes extracted invoice information for export to database.

Create a Measurable ROI

By automating invoice processing, organizations can save money by reducing the amount of time employees spend manually entering data, attain early payment discounts, and accurately pay invoices in a timely fashion.

Increased productivity

AI saves time on data entry and correction, and eliminates tiresome template and rule creation, enabling AP staff to focus on value-generating activities, such as

  • Financial planning
  • Tracking company spend
  • Deriving actionable insights from analytics
  • Collaborating with other corporate functions, such as Procurement
  • Strengthening vendor-customer relationships
Powerful but yet Simple to Use

AI Invoice Processing allows organizations to process invoices and AP documents, regardless of their source, format or location. By using BTC AI’s self-learning technology organizations are able to eliminate time consuming invoice templation. Organizations can also streamline invoice matching and validation to reduce manual steps and errors.

Highly Accurate OCR for Touchless Automation

Realize the most accurate data extraction by using our AI highly accurate, multi-engine OCR. BTC AI’s unparalleled data extraction knowledge base allows organizations to leverage more than 50,000 vendor invoices to reduce manual correction from day one. Prep time can be reduced by using advanced auto splitting technology to split invoices and other accounts payable documents accurately.

Easy Integration into the Accounting Process

BTC offers organizations the ability to integrate into their existing workflow. Data extracted from invoices can be integrated through desired specifications. Once the data is extracted, it can be outputted into industry standard formats including XML or CSV.

Advanced Machine Learning

Leverage advanced machine learning to continuously improve recognition rates. BTC AI’s expert learning system gets smarter over time yielding more extraction and automation. As more invoices are processed, and corrections are made, our AI system uses a feedback loop to learn and understand invoices.

Calculating the Value of an Automated AP System

According to industry studies, the cost of manually handling an invoice from start to finish is estimated to be $30-$50 per invoice. By automating pieces of the process, the cost per invoice can be reduced by more than 30%.

 

What will tomorrow bring? The gap between the manual, OCR and cognitive system will only grow further with the increase in the volume of the invoices, or any extra complexity in the process (such as line items, vendor address capture or purchase orders). Even today, staff willing to retype data is increasingly difficult to find. Isn’t it time to switch to an automated solution and unshackle your employees from the meaningless retyping of invoices? Contact our experts for more

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Role of HR in Making Organisation More Valuable https://btc-me.com/blog/role-of-hr-in-making-organisation-more-valuable https://btc-me.com/blog/role-of-hr-in-making-organisation-more-valuable#respond Wed, 15 Jan 2020 13:20:42 +0000 http://btc-me.com/?p=4709

Over the past few years, the role of HR has evolved swiftly and now HR professionals are not limited up to the recruitment and exit formalities of employees. Today, they have to work with the top management to combine HR functionalities with the intended organisational approach. Earlier, human resource department was mainly responsible for recruiting and on-boarding personnel in a company. Now, HRs are bound to play a strategic role in organisations’ innovation and success.

Considering the current scenario of HR industry in Qatar and UAE, it seems that HR professionals take extra effort in developing employee management programs and organisational development solutions. The basic idea behind creating these programs is to train and develop the staff so that the company and employees both can grow. It’s the need of the hour that HRs must involve themselves in the cultural changes of companies and initiates innovation in doing stereotypes administrative tasks.

Monitors KPIs

A Key Performance Indicator (KPI) is a measurable value that shows how effectively workers or a whole company are achieving their business objectives. Businesses should measure only things that really matter, and an HRMS can automate this process.

Improves Employee Self-Service

Employee self-service is one of the most in-demand features of modern HRMS software in Qatar and Dubai. Employees often have detailed questions about terms, conditions, salaries, leave, and so on. But it’s extremely difficult for the HR department to answer all these questions individually for hundreds of workers.

An automated HR management system provides better employee self-service and higher employee satisfaction. With an HRMS, if an employee wants to check their available paid time off, paid sick leave, or ability to work remotely, they can do it themselves. HRMS software usually provides employees with their own accounts where they can find any required information.

 Eliminates Human Error

Another leading source of unnecessary business costs is human error. Automating HR tasks reduces the likelihood of typical mistakes like double entries and gives employees the ability to double-check their work for any possible typos.

Handling Routine HR Tasks

In many companies, the HR department faces a dilemma. HR managers truly want to improve the overall work environment for employees, but most of the time they need to deal with paperwork and routine administrative tasks like processing employee information and answering questions. To address these routine tasks, companies can use a Human Resource Management System.

Manages employees efficiently

Reducing repetitive administrative tasks and automating some processes within a company improves overall efficiency. Most HRMSs make it easy to centrally collect data, automate business workflows, and add visibility by means of charts and graphs.

Is cost-effective

By replacing time-consuming data entry tasks with automated technology, you’ll save your company a great deal of money. Beyond the initial savings, automation frees a company from using paper by making all processes digital.

As with payroll management, companies also need an employee to monitor and track attendance and leave processes. But instead of hiring people to manage these processes, businesses can go digital and use an HRMS to streamline humdrum managerial tasks.

Below are some of the quick tips for HR to make the organisation more valuable:

Create a healthy working environment to encourage employees.

Involve goal-oriented staff in important decision making process.

Reward and recognition is must to appreciate the best work of employees.

Use few strategic tools to improve the inter-disciplinary information flow.

Social interactions among employees give rise to innovative processes that the management can implement.

Arrange sessions or workshops on relaxing exercises for employees to overcome their ineffectiveness or social pressure.

If HR departments are still using outdated HR systems, then it’s a big barrier in majority companies’ success. Take a small initiative and observe how technology can affect the overall organisational growth!

Adapt modernize human resource data system as a novel way to bring innovation to the company. This is the right time for employers to start using HRMS software for payroll management, employee performance appraisal, leave management, etc. Using HR software will make many HR functionalities such as administrative paperwork for new employees or training new staff for their positions or payroll processing easy and error-free. Innovation and organisational culture go hand in hand to make companies more valuable. Increase productivity and benefit the company by introducing new methods or ideas. In today’s highly competitive industry, aligning business with modern technology is a must!

Contact our HRMS team today and know how HRMS software modules can help your organisation with HR activities.

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Reduce Your Business Costs With SAP Business One In UAE And Qatar https://btc-me.com/blog/reduce-your-business-costs-with-sap-business-one-in-uae-and-qatar https://btc-me.com/blog/reduce-your-business-costs-with-sap-business-one-in-uae-and-qatar#respond Sat, 11 Jan 2020 14:14:18 +0000 http://btc-me.com/?p=4700

Business Organizations incur expenses while running regular operations. They could be in the form of travel expense, fuel expense, utility expense, and other overheads. While drawing up a business plan for a year, companies usually budget for certain amount towards various expenses. The idea behind the budgets is to set a limit on the expenses in relation expected revenues. However, setting up budget is just a starting point. The rubber meets the road when the actual expenses start getting incurred and booked into the system. If the organization is not able to keep a track of such expenses in a near real time basis, it would be a challenge to implement the budgetary controls, thereby rendering the budgeting exercise futile

 

SAP Business One has the necessary feature functionalities and tools which when used appropriately can deliver ability to track and control expenses.  Thanks to the strong integration between various functional modules it is possible to set hard or soft controls as needed at the point of expense. For example, if the budget for stationery items has been used up, system will stop the buyer from the raising the PO for this category of items, thus preventing a budget violation, should the material have arrived and vendor was paid.

Tracking Expenses – Cost Center wise

A cost center is a company unit or division that performs a specific business function like Sales, Administration, HR etc. The cost center you define here represents the respective division or department, and is used to consolidate the expenses and revenues resulting from the ongoing activity of the specific organizational unit.

In SAP Business One it is possible to set-up a cost center hierarchy. Further, expenses can be allocated to these cost centers based on distribution rules, cost centers can be assigned to expense/revenue/Cost of Goods Sold account and budgets can be set-up at a cost center and expense account level. Plan versus budget reports can be drawn up proactively which may lead to decisions that help in reducing further expenses.

Tracking Expenses – Project wise

In simplest terms a project is a set of inter-related tasks to be executed over a fixed period of time within certain cost and other limitations.

In SAP Business One, projects can be set-up and can be used to manage your projects from start to finish, centralizing all project related transactions, documents, and activities. Further it helps you to monitor the progress of tasks, stages and phases, analyze budget costs, and generate reports on various aspects of the project, such as stage analysis, open issues, and resources. Using this feature project level budget can be set-up and used for tracking plan v/s actual cost effectively. Also, you can run a project level P&L statement at any time to understand the financial situation of the project and take proactive actions to ensure that you are within budget.

Proactive Alerts – Raising the Red Flag

SAP Business One allows you to set-up alert for variety of business event triggers. It could be an alert for depositing tax to government before the last date or it could be for paying utility bills within time. The possibilities are many. Such alerts when received proactively can help reducing penalty or interest cost and improve company’s compliance towards statutory requirements.

Lower Technology Costs

SAP Business One is a software priced for small businesses, and offers a cloud deployment model for companies that want to avoid the capital investment and resources required by an on-premise software implementation.

  • Businesses are able to do away with the need for large IT departments or even the need for at least one IT personnel in each subsidiary.
  • SAP Business One is a system that can be implemented quickly with the help of BTC capable team, is uncomplicated to maintain, and minimizes end-user training.
In the Office

SAP Business One:

  • Helps you to analyze and manage your staff, your most valuable but also most costly resource. With efficient, automated data management processes reducing the need for manual tasks and double work, your employees will be able to work on critical tasks at more productive levels.
  • Allows you to intelligently identify and track KPIs, making it easy for you to reward the most productive members of your team, and either motivate unproductive employees or help them to achieve their KPIs by pointing out areas of improvement.
  • Generates reports in real time, so that you no longer miss out on sales opportunities or delay addressing critical issues. Heavy investments of time and money spent on creating reports internally or on outsourcing report generation can be spent on other income-boosting activities.
In the Warehouse
  • Manufacturing process glitches can be rectified quickly, avoiding costly delays and defects. Your employees are empowered to log issues with machines directly into your SAP ERP, system, complete with photos and scanning, to notify senior executives of what is happening on the ground immediately.
  • Intelligent procurement and production methods eliminate the need for manual stock counts and checking back against several sources of information before making decisions. The system automatically checks previous records of suppliers and customers for purchased models, quantities, prices, and so on.

Not only does this save time and manpower costs, you don’t have to worry about overpaying for stock or underpricing your products and services.

Reduce Your Paper Trail

Small to medium sized businesses are often bursting at the seams with printed materials. Digitizing your documents with SAP:

  • Helps you to save time, money, and physical space spent on printing and storing documents. Not to mention saving the environment!
  • Allows you to quickly sort through endless sheets of data for the information you require, and generates real-time reports to help your team make well-informed decisions.
  • Prevents you from losing important information to physical degradation over time.
Summary

The potential of SAP Business One helping companies in UAE and Qatar reduce their expenses is significant.  Whereas only a few examples have been explored here, there are many more methods and tools available in the system that can help setting up an environment which once active can spare the business owners additional time which can be spent towards more value adding activities for their business.

 

 

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Why you need to invest in automation -Accounting software? https://btc-me.com/blog/why-you-need-to-invest-in-automation-accounting-software https://btc-me.com/blog/why-you-need-to-invest-in-automation-accounting-software#respond Tue, 07 Jan 2020 16:42:35 +0000 http://btc-me.com/?p=4680

As a small business owner, you will be aware about the fact that there are numerous business elements that have a need of constant attention for facilitating the overall functioning of a business. Among these, one that needs to be up-to-date and scratch is an accounting and Bookkeeping methods. If these duties will be filled in-house, these will take a lot of time, requires more effort and limits efficiency and workflow. The other option is to hire an outbound accountant, but it needs high cost that is difficult to afford by a small business.

Fortunately,  accounting software is available that take care of all requirements and gives you permission to manage your accounts yourself, without creating a burden on your finances as well as on time. Here are some ways in which your small business will avail advantage after investing in financial accounting in UAE and Qatar:

Security

Most of the businesses hire the professionals for accounting and bookkeeping needs because their main concern is to secure their information. This increases the distance between people and online solutions. They have a fear in mind that if they will save data online, sensitive information will compromise. With this software, your account details will be absolutely safe, you can check the financial situation of your business anytime and makes client invoicing easy.

Intuitive user interface

This software is basically created for those people who do not have more experience in accounting and bookkeeping. It is easy-to-use and has capability to perform most of the work for you. Data will be maintained quickly and easily and you will remain on the top of your accounts without wasting time in complex software.

Cost

Undoubtedly, this software is a more affordable option to manage accounts in comparison to in-house servers that results in a large cost and outbound accountants to whom you need to pay high amount. There are some software providers who offer the business owners to purchase software along with a subscription.

Efficiency

Without accounting software means more paperwork that ultimately point towards an efficiency problem. This software provides a universalized system, in which you can store information, you will get fewer inaccuracies and you need to spend less time for correcting them.

Achieve efficient transaction- and position-based accounting

Our accounting software manages your company’s financial instruments in a seamless processing interface, saving everything in one place, with real-time data available for performance analysis and reporting at all times. When you close periods, you can keep and maintain separate holdings frozen for previous periods, and you can recalculate or recreate previous period results based on the original holdings.

Benefit from automated and flexible technology

To save you time and reduce operational risk, the accounting platform provides automation of daily, monthly, or yearly administrative and accounting work, such as amortization, accruals, mark-to-market, and calculation of unrealized P/L. Thanks to seamless platform integration, you benefit from the extensive instrument coverage and an efficient mark-to-market process. For asset control and auditing, you have online access to full pricing documentation and the capability to customize delivery of all required financial reports. The Portfolio STP functionality lets you replace time-consuming work common to batch processing with fully automated workflows. The Portfolio STP Dashboard and Alerts functionality gives you a visual overview of data values and related exceptions so you can act quickly.

Grow with multiple parallel investment accounting frameworks

The Investment Accounting Manager software allows you to keep dual or up to 10 books of records in parallel without the need to duplicate a trade. You can set up accounting rules per asset class or even sub-set of the asset classes for each book of records, and you can make general ledger postings from one or several of the different books.

Meet all your accounting needs within a single system

As part of our integrated solutions, the accounting for investments module offers:

  • Improved operational efficiency and transparency with a single-database system
  • Customized delivery of all required financial statements

 

If you are finding an enterprise resource planning software system for your business in Qatar or UAE, then Sage 300 ERP software is an option for you. With this, you will get help with various sectors and services of your business such as financial services, professional services, distribution and wholesale markets and public sector.

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Leverage Artificial Intelligence with better Financial Projection https://btc-me.com/blog/leverage-artificial-intelligence-with-better-financial-projection https://btc-me.com/blog/leverage-artificial-intelligence-with-better-financial-projection#respond Fri, 27 Dec 2019 13:23:30 +0000 http://btc-me.com/?p=4666

Industries across the spectrum are now finding ways to leverage artificial intelligence to better serve their customers—the financial-planning industry is no exception.

“AI is going down the same path. People say, ‘Robots are going to take over!’ But that’s just more noise and it distracts people from what they really should be focused on,” Fritz says.

Companies are now developing AI and machine-learning tools that advisors can use to more accurately predict when and how clients may need certain advice, freeing up advisors to do what they do best—help clients develop the right plan to meet their lifetime financial goals.

Custodians leveraging AI

The key to using AI and machine learning, the natural-language processing part of artificial intelligence, is to have high-quality data that is readily available and trusted by the advisor and other stakeholders, Fritz says. Without a centralized source of quality data, most of these tools don’t work, he says. But that takes the integration of information from the custodian, the CRM platform, and other platforms that advisors use in their practices.

The goal is for advisory firms to have their own set of data, emancipated from their technology and custodian partners, in which they can bring together client profile data, account holdings, price history of transactions, planning data, and compliance data, he says.

“The goal is to apply sophisticated algorithms to all of these integrated data sets, to provide advisors with suggestions on how to improve their practice,” O’Gara says. “It will also provide suggestions to advisors on what a client’s next action might be, based on client behavior.”

Currently, voice recognition technology exists in Alexa-type applications, where a client can get answers to questions such as “What is my account balance?” However, adoption is somewhat mitigated by the level of comfort with a given technology. “I don’t think we’re quite there yet,” O’Gara says.

There are also regulatory concerns. Advisor-client communications have to meet compliance standards, and firms need to get more comfortable with digital-channel adoption, though this transformation is starting to happen, he says.

“AI will ultimately help advisors move from reactive actions for their clients to predictive actions, where an advisor may be able to prevent a client from leaving,” O’Gara says. “Additionally, bringing in data aggregation tools, and looking at actions that clients are taking outside of their primary provider, will help advisors to deliver better advice.”

 Artifical Intelligence in UAE  enables us to learn from the past to predict the future, we can know WHAT WILL HAPPEN. The distance between DATA and ACTION is now shorter , the amount of MANUAL PROCESSES and human errors is lower.  ML forecasting model is now more accurate than the number created by human. Still, we run both in parallel, but gradually shifting to the ML model. The key message here is not only the accuracy but also freeing up all those employees involved. Now they can shift their time on more value-added work and drive executions.

While many companies have been slow to adopt the technology, due in part to steep implementation costs, AI and deep learning are rapidly appearing in the financial service industry. Financial advisors and RIAs, who have already been buffeted by industry changes, are at great risk of being left behind if the forgo this new innovation.

AI for Ordinary Investors

If you aren’t a Wall Street trader, you can still find ways to take advantage of the purported benefits of artificial intelligence in picking stocks or timing the market – but it won’t be found through most roboadvisors

Automating Client Service

It’s likely that many of your clients’ inquiries are questions that could be handled by an AI-driven assistant, guided by parameters that you set. This virtual assistant could perform an analysis of the client’s question and have some suggested alternatives ready for you to review and discuss.

This system could be set so that there is continual analysis of your client’s financial picture, suggesting options as the client’s situation evolves. Perhaps they have a loan that could be refinanced or there has been a recent change in the tax law that would trigger the system to automatically review the impact on all of your clients.

Costs of Falling Behind

While these scenarios may seem futuristic, many of them are already being implemented by industry giants. Lagging behind in technology can pose a huge risk to advisors, especially those that are working with the next generation

While AI and related technologies have not replaced human financial advisors and are unlikely to do so, AI will enhance advisor’s analytical capabilities and automate a number of mundane back-office tasks, reducing costs across the board. AI and other technologies are a tool and advisors who wish to continue to prosper will need to continuously stay on top of these technologies and strategically incorporate them into their practices.

Contact our experts for more understanding of AI technologies in your industry

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AI to Improve Business Performance In UAE https://btc-me.com/blog/ai-to-improve-business-performance-in-uae https://btc-me.com/blog/ai-to-improve-business-performance-in-uae#respond Tue, 24 Dec 2019 15:47:50 +0000 http://btc-me.com/?p=4658

Many businesses take up artificial intelligence (AI) technology to try to reduce operational costs, increase efficiency, grow revenue and improve customer experience.

For greatest benefits, businesses should look at putting the full range of smart technologies – including machine learning, natural language processing and more – into their processes and products. However, even businesses that are new to AI can reap major rewards.

Artificial intelligence impact on business

By deploying the right AI technology, your business may gain an ability to:

  • save time and money by automating and optimising routine processes and tasks
  • increase productivity and operational efficiencies
  • make faster business decisions based on outputs from cognitive technologies
  • avoid mistakes and ‘human error’, provided that AI systems are set up properly
  • use insight to predict customer preferences and offer them better, personalised experience
  • mine vast amount of data to generate quality leads and grow your customer base
  • increase revenue by identifying and maximising sales opportunities
  • grow expertise by enabling analysis and offering intelligent advice and support

Benefits of AI and humans working together

Research suggests that AI doesn’t always perform best on its own. AI technologies are great at driving or even replacing the lower-level, repetitive tasks, but businesses often achieve the greatest performance improvements when humans and machines work together.

To make the most of this powerful technology, you should consider AI as a means of augmenting rather than replacing human capabilities.

AI opportunities for business

Whatever your reason for considering AI, the potential is there for it to change the way your business operates. All it takes to start is an open-minded attitude and a willingness to embrace new opportunities wherever and whenever possible.

Keep in mind, however, that AI is an emerging technology. As such, it is changing at a fast pace and may present some unexpected challenges. Read more about the risks and limitations of artificial intelligence in business.

Save time and money

Machines are more efficient than humans. They can work 24/7, they don’t sleep, don’t need breaks, don’t get bored. This means you can rely on them to notify you about important events right at the moment, even in the middle of the night, or to chat with customers whatever time of day it is, etc. Artificial intelligence can analyze vast amounts of data in a blink of an eye – a task that would take hours of arduous human labor or would be even impossible to accomplish. AI can also take repetitive jobs away from people but automating routine work.

Generate Business Insights

Data is sometimes called “the new oil” as it’s become an invaluable resource of the digital economy. But even big data is useless when you can’t make sense of it. Artificial intelligence can help businesses data-mine processing billions of data points in an instant. Whatever question you need AI to answer, it can do it and it will keep getting better at answering. What movie will Jane like? Will customer X churn? Will this item sell out? AI can provide accurate predictions about future outcomes based on historical data. Artificial intelligence converts information into knowledge and even gives you insight into the future! Of course, AI is no fortune-telling technology but it can support your business with predictive analytics. Predictive analytics is a form of analysis with the use of machine learning – the algorithms analyze historical and current data to make predictions of future outcomes.

Reduce Error

Artificial intelligence isn’t error-free. It can make mistakes but generally speaking, it’s much more accurate than humans.

Bias can occur as a result of a number of factors, starting with how the data is collected. If, for example, data is collected by means of a survey published in a magazine, we have to be aware of the fact that the answers (data) come from those reading said magazine, which is a limited group of people. Data collected this way is not representative of the entire population.

Enhance Customer Experience

Artificial intelligence solutions are beneficial to both businesses and their customers. It’s much easier to justify collecting different types of data when you actually bring value. Most people are well aware of how much information companies such as Google or Facebook gather from them. But in return, we get what is called a “free” service. In reality, it’s “free” in terms of monetary payment – the currency we use to pay for such services is our personal information. And we’re mostly fine with that.

Another important thing here is that AI is available non-stop. AI-powered apps can assist customers no matter the time of the day. In the transport industry, AI is used to communicate with customers in real-time to send personalized travel information and provide them with up-to-date information about their transportation, e.g. where exactly they are or when they’re going to arrive at their destination.

 

For more contact our experts

 

 

 

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Choose the Best HR Software for 2020 https://btc-me.com/blog/choose-the-best-hr-software-for-2020 https://btc-me.com/blog/choose-the-best-hr-software-for-2020#respond Thu, 19 Dec 2019 15:35:24 +0000 http://btc-me.com/?p=4646

HR software is widely talked about these days. The power of automation that enables organizations to oversee key undertakings and procedures, overseeing employees has been around for several decades. All the more as of late, there are several HR software choices in the market, offering huge lists of benefits to the business organizations. Many can be customized to a great extent matching perfectly the business needs.

HR software benefits organizations in many ways, be it the carrying out of the business exercises, adding mechanization to the time-consuming and labor-intensive processes, adhering to compliances and HR norms or any other. HR software in UAE makes things simpler and easier.

HR software empowers the HR professionals to lead their work all the more rapidly, precisely and reliably. Numerous organizations of varying sizes and forms have started to see the advantages of HR software today.  Thus the HR software market has developed immensely.

Inquiries to pose before picking the HR Software

Before you pick the Human Resource Management System (HRMS) for your association, ask yourself the accompanying questions: 

  • Does the HR software framework meet my financial limit for both continuous expenses and usage/set up costs?
  • Does the HR software framework offer the key functionalities that are expected to fix issues or improve efficiencies over the HR group?
  • Does the HR software’s reporting capacities offer great variety and alternatives?
  • Will the HR framework develop with my business or will it remain scalar offering additional jolt on highlights and adaptable capacities?
  • Does the HR software vendor offer exhaustive and effectively available client service so I can resolve issues rapidly and guarantee that I am taking full advantage of my venture?

To know more read  Human Resource And Payroll Sysytem In Dubai, UAE

6 Must-Have Features of HR Software

The HR software that you pick will differ in its highlights and functionalities from others available – that is the reason you have to painstakingly take a look at the choices accessible before you purchase.

The most important features your HR software must have include:

1   Recruitment management function

Monitoring the different pieces of the enlistment procedure can be tedious and muddled. With HR software, you can rapidly make worksheets from layouts, candidate following arrangement, and streamline shortlisting. You can then promptly send automated replies by email, log talk with input and create new employee records before the beginning of the onboarding procedure

2   Onboarding

At the point when you have procured new employees for your business, it’s fundamental to facilitate adequate training and orientations. This guarantees that your new hire will have a consistent and pleasant beginning to their work with you. With HR software, boarding can be easily managed. It enables you to computerize your onboarding procedure and effectively make new employee records and create agreement and letter formats without moments of delay.

You can likewise orchestrate the instructional classes, monitor how the new hire is responding to the class and many more.

3  Employee performance management

With the employee performance management module, you can set up employee appraisal updates for workers and directors so they don’t miss evaluation gatherings. Besides, HR programming empowers you to naturally group input and target scores and report on group execution rapidly and effectively with benefits organization.

4  Leave management

An extraordinary advantage of HR software is that it enables employees to demand to leave on the web and managers to correctly approve it. In the conventional setup, leave management is a laborious task, especially if the workforce is large. There is always a chance to miss out on the leave request if your inbox is constantly flooded with messages.

5  Timesheet

Timesheet has its own significance when it comes to the management of workers. Often the employee payroll is calculated on the basis of entries made in the timesheet. The feature helps in the timely recording of the time spent by an employee on a particular task. From, the record, the managers can monitor any lapse in the work also ascertain the deadlines and commitments of the employees.

6  Payroll

Payroll is the most challenging and difficult job in any business. Any mistakes in calculating or assessing the payroll lead to the great uproar in the business. The crisis goes up with the intensity of mismanagement. With the payroll management system, the business can automate the calculation of employee pay. Moreover, it takes note of all the deductions, additions in the pay with correspondence to the HR norms and policies of the nation.

Sorts of HR Software

With the quick headways in cloud-based HR software over late years, there is an endless rundown of organizations offering different styles of HR frameworks.

5 Solid Benefits of Using HR Software

There are numerous advantages of using HR software, however, some of them will resound all the more profoundly with you, depending upon the business set up and style. Here are probably the most widely recognized advantages:

1  Less administrative work and a freed HR group

The HR software computerizes a large number of the monotonous regulatory assignments performed by an HR group. In this manner, it bears the business organization more opportunity to increase the value of their business by supporting and instructing employees and managers.

2  Quicker and increasingly solid HR information

Automatic generation of business reports helping quick business decisions. The reports give away information about various zones of your business – from employee turnover to enrolment lead time, and substantially more.

3  The decrease in HR headcount costs 

As you save time via computerizing a significant number of your HR capacities, you now hardly require staff to do undertakings physically, in this manner lessening your employee expenses in the office.

4  Increment in precision 

As everything gets automated with HR software, fewer mistakes are probably going to happen in the undertakings, compared to being done physically by an HR Administrator. A decrease in the mistakes leads to greater efficiency, fewer mistakes additionally by and large means fewer expenses in rectifying them.

5  Improvement in employee participation 

Connected to the idea of lesser mistakes, HR software can make smooth and streamlined procedures that can demonstrably affect staff assurance. In the event that an employee has confidence that the organization that they work for can process their extra time installments rapidly and effectively, offers them an organized and straightforward presentation evaluation process and enables them to demand yearly leave effectively, they are probably going to feel increasingly spurred and put resources into.

Do not think the benefits of HR software stops here. You have an n-number of advantages by the HR software helping you place yourself in the better position preparing for tomorrow. For more contact our experts

 

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Applications of Artificial Intelligence in Financial Services https://btc-me.com/blog/applications-of-artificial-intelligence-in-financial-services https://btc-me.com/blog/applications-of-artificial-intelligence-in-financial-services#respond Thu, 19 Dec 2019 13:34:48 +0000 http://btc-me.com/?p=4641

In financial services the competition for customer share of wallet is intense with firms looking for every advantage in marketing while fighting fraud, money laundering and other issues. Companies that are making extensive use of AI are reaping the benefits of increased customer satisfaction and loyalty, decreased fraud, and reduced regulatory penalties which adds to their bottom line.

Companies Use AI for a number of scenarios including anti-money laundering, fraud detection, credit risk scoring, and churn prediction. BTC the open source in AI, is empowering leading financial services companies in UAE to deliver AI solutions that are changing the industry.

Customer Churn Prediction

AI Helps Retain Valuable Banking Customers

AI is a great solution for customer churn prediction as the problem involves complex data over time and interactions between different customer behaviors that can be difficult for people to identify. AI can look at a variety of data, including new data sources, and at relatively complex interactions between behaviors and compared to individual history to determine risk. AI can also be used to recommend the best offer that will most likely retain a valuable customer. In addition, AI can identify the reasons why a customer is at risk and allow financial institution to act against those areas for the individual customer and more globally.

Credit Risk Scoring

Personalizing Credit Decisions with AI

AI is a great solution for credit scoring using more data to provide an individualized credit score based on factors including current income, employment opportunity, recent credit history, and ability to earn in addition to older credit history. This more granular and individualized approach allows banks and credit card companies the ability to more accurately assess each borrower and allows them to provide credit to people who would have been denied under the scorecard system including people with income potential such as new college graduates or temporary foreign nationals. AI can also adapt to new problems, like credit card churners, who might have a high credit score, but are not likely to be profitable for the card issuer. AI can also satisfy regulatory requirements to provide reason codes for credit decisions that explain the key factors in credit decisions.

Anti-Money Laundering

Stopping Crime with AI

AI, especially time series modeling, is particularly good at looking at series of complex transactions and finding anomalies. Anti-money laundering using machine learning techniques can find suspicious transactions and networks of transactions. These transactions are flagged for investigation and can be scored as high, medium or low priority so that the investigator can prioritize their efforts. The AI can also provide reason codes for the decision to flag the transaction. These reason code tell the investigator where they might look to uncover the issues and help to streamline the investigative process. AI can also learn from the investigators as they review and clear suspicious transactions and automatically reinforce the AI model’s understanding to avoid patterns that don’t lead to laundered money.

Know Your Customer/Client

Understanding the dynamics of your customer interaction with AI

AI is an ideal technology for finding anomalous patterns and identifying areas of risk especially where there are a large number of items of different types that need to be reviewed and potentially correlated. Machine learning can be used to perform analysis of transactions and can look for indicators of suspicious behavior including transactions with dubious jurisdictions, suspicious companies or known parties. AI can also offer better insights into transactions through analysis of both structured and unstructured data. Natural Language Processing (NLP) techniques allow AI systems to search through communications to find additional signal including extracting metadata, identifying people or companies referenced, and categorizing the intent or purpose of the communication. All of these can help pinpoint suspicious transactions and help investigators as they investigate transactions.

Fraud Detection

Stopping Fraud in its Tracks with AI

AI can be used to analyze large volumes of transactions to find fraud patterns and then use those patterns to identify fraud as it happens in real-time. When fraud is suspected, AI models can be used to reject transactions outright or flag transactions for investigation and can even score the likelihood of fraud, so investigators can prioritize their work on the most promising cases. The AI model can also provide reason codes for the decision to flag the transaction. These reason codes tell the investigator where they might look to uncover the issues and help to streamline the investigative process. AI can also learn from the investigators as they review and clear suspicious transactions and automatically reinforce the AI model’s understanding to avoid patterns that don’t lead to fraudulent activities.

Anomaly Detection

Finding Network Anomalies Faster with AI

AI systems have been proven successful at detecting anomalies in transaction volume data. This time series process looks at expected data volumes based on historical patterns. Upper and lower boundaries are also predicted based on volume variation. This system is then used to compare real-time transaction value to expected volume. This real-time system allows network administrators to be notified when transactions start to spike above or fall below these boundaries so they can take action before an outage in service.

 

Get more understanding of AI system and how BTC can help you using AI solution. Contact us for better guidance

 

 

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Artificial Intelligence In Financial Markets In Uae https://btc-me.com/blog/artificial-intelligence-in-financial-markets-in-uae https://btc-me.com/blog/artificial-intelligence-in-financial-markets-in-uae#respond Mon, 09 Dec 2019 14:50:20 +0000 http://btc-me.com/?p=4628

Modern markets are fast-moving, complex networks with numerous participants carrying out various functions. Effective oversight supports strong, well-working markets. As a market regulator, BTC could leverage AI to:

  • “Read” a complex marketplace and distinguish salient activity.
  • Use data to develop market models and identify risk factors.
  • Apply the models to conduct ongoing market and risk surveillance.
  • Help identify market manipulation, abusive trading, and fraud.
Challenges

AI presents opportunity, but also certain risks. Addressing the challenges will facilitate AI’s ongoing growth and help enable its value to be fully realized.

  • Operational Risk: To be effective, AI systems must operate as intended. What approaches can help ensure that they do?
  • Economic Risk: AI systems have economic impact. How can less desirable impacts on workers or other aspects of the economy be mitigated?
  • Trust: To provide value, AI systems interact with vast amounts of data, including personal information. What can be done to maintain public trust?
  • Accountability: AI systems raise novel questions about accountability. If something goes awry, who is responsible and for what? Regarding data, what rules apply?
  • Security Risk: AI systems are subject to various types of attack and must be resilient. What safeguards can mitigate this risk?
Responding to AI

While AI has the potential to enhance human capabilities and experiences, in their use of AI, financial market participants should work to ensure:

  • AI systems are working as intended.
  • AI systems are safe and do not generate or exacerbate systemic risk.
  • AI systems serve the needs of all relevant stakeholders and operate fairly.
  • AI systems protect privacy appropriately and as required. Further development of AI can benefit from collaboration and the open exchange of ideas between market participants, regulators, and other stakeholders. Key elements of a response include:
  • Development Standards.
  • Governance and Oversight.
  • Security and Resiliency.
AI drives cost savings for investors by being more effective 

AI as a tool for humans has the potential to make the markets more efficient, tighten the bid-ask spread, decrease processing times for transactions, more accurately monitor systems and behavior, and provide business analysis that is based on a greater depth of data — all at a cost savings to investors. It has the potential to dramatically lower operating costs for a firm, thus lowering fees to consumers.

AI and machine-learning are essential for improving market surveillance, cyber security, and fraud detection

AI’s important potential applications in the cybersecurity sphere, both in designing and operating secure systems based on data, can supplement the time and attention of human experts. Automating market surveillance has the potential to yield greater security for financial transactions at decreased costs, as well as a more rapid response time.

AI and Credit Decisions

Artificial Intelligence provides a faster, more accurate assessment of a potential borrower, at less cost, and accounts for a wider variety of factors, which leads to a better-informed, data-backed decision. Credit scoring provided by AI is based on more complex and sophisticated rules compared to those used in traditional credit scoring systems. It helps lenders distinguish between high default risk applicants and those who are credit-worthy but lack an extensive credit history.

AI and Risk Management

It’s difficult to overestimate the impact of AI in financial services when it comes to risk management. Enormous processing power allows vast amounts of data to be handled in a short time, and cognitive computing helps to manage both structured and unstructured data, a task that would take far too much time for a human to do. Algorithms analyze the history of risk cases and identify early signs of potential future issues.

AI and Trading

Data-driven investments have been rising steadily over the last 5 years and closed in on a trillion dollars in 2018. It’s also called algorithmic, quantitative or high-frequency trading.

This kind of trading has been expanding rapidly across the world’s stock markets, and for good reason: artificial intelligence offers multiple significant benefits.

Intelligent Trading Systems monitor both structured (databases, spreadsheets, etc.) and unstructured (social media, news, etc.) data in a fraction of the time it would take for people to process it. And nowhere is the saying “time is money” truer than in trading: faster processing means faster decisions, which in turn mean faster transactions.

AI and Personalized Banking

Artificial intelligence truly shines when it comes to exploring new ways to provide additional benefits and comfort to individual users.

In the banking sector, AI powers the smart chatbots that provide clients with comprehensive self-help solutions while reducing the call-centers’ workload. Voice-controlled virtual assistants powered by smart tech like Amazon’s Alexa are also gaining traction fast, which is no surprise: boasting a self-education feature, they get smarter every day, so you should expect tremendous improvements here. Both tools can check balances, schedule payments, look up account activity and more.

AI and Personalized Banking

Artificial intelligence truly shines when it comes to exploring new ways to provide additional benefits and comfort to individual users.

In the banking sector, AI powers the smart chatbots that provide clients with comprehensive self-help solutions while reducing the call-centers’ workload. Voice-controlled virtual assistants powered by smart tech like Amazon’s Alexa are also gaining traction fast, which is no surprise: boasting a self-education feature, they get smarter every day, so you should expect tremendous improvements here. Both tools can check balances, schedule payments, look up account activity and more.

AI and Process Automation

Forward-thinking industry leaders look to robotic process automation when they want to cut operational costs and boost productivity.

Intelligent character recognition makes it possible to automate a variety of mundane, time-consuming tasks that used to take thousands of work hours and inflate payrolls. Artificial intelligence-enabled software verifies data and generates reports according to the given parameters, reviews documents, and extracts information from forms (applications, agreements, etc.).

Inclusion is an important factor to consider as AI evolves

From a workforce perspective, it seems inevitable that as society shifts toward greater automation that there will be a growth in jobs in the coding/technology industries. It is obligatory on the private sector, educators, and lawmakers to drive initiatives that attract diverse candidates to the workforce, so they too may benefit from the economic opportunities of AI and machine learning.

There are reasons for optimism that AI will enable financial institutions to broaden access to banking and credit to traditionally underserved communities. There are new innovative business models evolving using responsible innovation including alternative data to, for example, replace credit scores with other data points to give the unbanked or underbanked communities access to credit. Further, data science can enhance “getting to know you” customer experiences to serve a broader array of communities.

 

What to Expect in The Future From AI in the Financial Market

Predictions for the soon-to-come AI applications in financial services are a hot topic these days but one thing is for sure: AI is rapidly reshaping the business landscape of the financial industry.

There are high hopes for increased transactional and account security, especially as the adoption of blockchains and cryptocurrency expands. In turn, this might drastically reduce or eliminate transaction fees due to the lack of an intermediary.

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Enchance traditional ERP performance with the help of Artificial Intelligence in UAE https://btc-me.com/blog/enchance-traditional-erp-performance-with-the-help-of-artificial-intelligence-in-uae https://btc-me.com/blog/enchance-traditional-erp-performance-with-the-help-of-artificial-intelligence-in-uae#respond Thu, 05 Dec 2019 13:06:16 +0000 http://btc-me.com/?p=4624
“If you don’t innovate fast, disrupt your industry, disrupt yourself, you will be left behind.” – John Chambers

Without a doubt, artificial intelligence (AI) will have a profound impact on the footprint of enterprise resource planning (ERP) solutions in the foreseeable future in UAE. AI will enable organizations to further optimize their operating model made up of business processes, software applications, governance structures and technology infrastructure.

To have this transformation, organizations must revamp their IT strategies and roadmaps and ingest the value of artificial intelligence and enterprise resource planning (ERP) integration. These technologies go hand in hand because they cover the same spectrum.

With the evolution of ERP solutions over the last two decades, organizations have gained access to a wealth of structured data. Nonetheless, they continue to struggle with transforming data in meaningful information, decisions and actions. The last five years, this situation got further challenged with the explosive growth of unstructured data that organizations capture without a clear approach on how to properly use it

Artificial Intelligence Within ERP Systems

AI allows ERP vendors to improve ERP systems using machine learning and natural-language interfaces. The AI in ERP systems provides actionable data insights enabling companies to improve their operational efficiency.

A good example of an AI-driven ERP solution is SAP Business One, which includes a number of microservices integrated with a cloud platform. Sage 300c also has introduced a number of AI-based tools for its ERP solutions, including digital assistants, advanced access and financial controls, and smart supply management.

SAP Business One is gradually moving into the AI space. SAP B1 has a cloud-based predictive maintenance solution that is based on prediction models and machine learning algorithms. The service technician has access to dashboards with key performance-indicators and ad hoc reporting capabilities. It helps the service technician to understand the real-time performance of the technical infrastructure and intervene when required.

The ingredients to solve this situation are available and becoming more and more mature every day:

  • ERP solutions that enable organizations to run cost-efficient and effective operations.
  • Big data solutions that can manage structured and unstructured data.
  • Business analytics solutions that can provide information with a user-friendly experience.
  • Cloud infrastructure that can make enterprise solutions widely accessible.
  • Computing power that allow enterprise solutions to manage large data sets and complex algorithms.
  • In-memory database technologies to explore large data sets in real-time.
  • AI solutions that can learn, speak, read, respond, predict and execute transactions.
  • Internet of Things (IoT) technology to capture real-time performance information.

9 Ways AI Improves ERP Software

 

1.         Advanced Analytics

AI’s ability to work with massive amounts of data enables real-time, accurate data insights.

For example, AI can analyze the buying behavior of different categories of customers, enabling you to tailor your products or services to the needs of a certain audience.

2.         Warehouse Management

Artificial intelligence can test countless demand forecasting models with precision, adjusting to different types of variables, including changes in demand, supply chain disruptions and new product introductions.

For instance, BMW uses learning algorithms to track an item from the manufacturing stage until the moment it’s sold, monitoring 31 assembly lines in different countries.

3.         Forecasting

AI-driven solutions can process historical data and make predictions for the future. These tools identify seasonal patterns in your business, offering suggestions on whether you should decrease or increase production.

Not only does AI reduce the costs of forecasting, but it also makes forecasting much more accurate. You can significantly reduce the risk of underproduction or overproduction, when you manufacture the right amount of inventory.

4.         Financial Management

AI can automate quarterly and monthly processes and closing operations by verifying reports for accuracy and comparing account balances between independent systems.

For example, AI can categorize invoice data into different accounts and discern the difference between a phone purchase and a monthly phone bill.

5.         Interdepartmental Processes

Connecting sales, inventory and accounting is not an easy task. However, AI is not afraid of massive amounts and various types of data, making it the perfect solution for creating a centralized platform.

6.         Customer Service

If your company does field service, AI can use information about performance evaluations and employee qualifications to schedule service calls and assist with planning.

7.         Production Processes

When integrated with an ERP system, AI can detect inefficient processes and suggest a solution that will cut costs.

AI also can identify processes that use too much energy. It enables predictive diagnostics, minimizing the waste of resources.

8.         Human Resources

Another advantage of AI-enabled ERP software is that it can be proactive. For example, it can detect what employees need a raise. In addition, it can analyze data on the skills and experience of applicants, expediating the recruiting process.

9.         Sales Automation

Chatbots powered by AI not only help customers but also conduct the whole sales triangle. Now, bots can cope with segmentation and provide responses in real time.

Should You Select an ERP System With AI Capabilities?

While ERP systems have always been able to integrate various functions within an organization, AI takes this integration to the next level. It does this by analyzing large amounts of data, making predictions and suggesting next steps.

The potential of AI-enabled ERP solutions is immense. There are a number of steps to take before you can embark on a project implementation. The formulation of a digital strategy is one of them.

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