Category: Enterprise

Our Business Use Cases​ – Enterprise

Rating Notes Augmentation
Categories
Enterprise

Rating Notes Augmentation

Business Objective​

One of India’s largest rating companies want to introduce ML and AI to generate assessments and analysis to automatically create insight notes Qtabular information​

Problem Statement​

Rating Analysts need to ​Compute aggregated attributes of the company from their data.​ Plot this data and create notes based on visual analysis

Solution & Outcome​

MYSTiQUE is helping parse through information from these tables and graphical information and generates rating insights with detailed training from historical information​

Read More
Insurance Underwriting
Categories
Enterprise

Insurance Underwriting

Business Objective

Insurance providers wanted an onboarding process that used video to capture remote KYC and onboard customers as per regulator norms

Problem Statement

Insurers are mandated to collect:

  • Consent
  • Liveliness, face match with the ID
  • Document extraction for form pre-fill

Solution & Outcome

MYSTiQUE helped reduce on-site visits and customers can complete their process in under 1 minute with 90% accuracy

Read More
Data Ecosystem & Data Lake
Significance of Data Ecosystem & Data Lake for SMEs
Categories
Enterprise

Significance of Data Ecosystem & Data Lake for SMEs

Companies with large amounts of unstructured data turned to big data lakes, enabling large pools of structured and unstructured data stored in the cloud. In addition to enabling data scientists to process and analyze large volumes of unstructured information in real-time, data lake enables data to be dumped on-the-fly, without requiring any preprocessing steps.

A data lake provides a large staging area where data is processed. These data lake solutions can be structured or unstructured and can be accessed by systems regardless of any technology. This allows technologists to create views over the data and make informed decisions. They can also be accessible from any device. By creating these systems, companies can ensure that they never run out of storage space and are capable of keeping up with the growth of their business. And because of their high scalability, data lake and data ecosystem are a must-have for companies.

Data Privacy Act

A data privacy act protects your personal information. This includes your name, address, and contact information. It also includes any information you provide online. Many people are concerned about the collection and storage of their personal information. The act prohibits certain practices and sets out some of the rights of users. It is a great idea to read the law carefully. 

Here are some of the most common practices that are protected under this law.

You Must Not Store More Personal Data Than You Need

The Act is designed to protect you from having your information used by unauthorized parties. If you do not store your data securely, you will risk having it misused. By storing your data only for as long as is necessary, you can minimize the risk of it being misused or irrelevant. It is also inefficient and unnecessary for the business to retain your personal information for longer than you need to.

You Must Explain How You Use Your Customers’ Data

Data privacy laws protect individuals from companies and governments that use their personal information. The Family Educational Rights and Privacy Act (FERPA) sets forth the rights of parents and eligible students when requesting their education records. The Gramm-Leach-Bliley Act is another example of a data privacy act. It requires financial companies to explain how they use customer data and allows customers to opt-out. While these laws are far from perfect, they are good starting points for ensuring that your personal information is protected.

Data at Rest

The term “data at rest” describes the information stored on computer storage. This can be in digital form or in analog forms, such as a paper document or spreadsheet. There are two types of data at rest, structured and unstructured. Both types can cause problems if they are not regularly backed up. The first type is referred to as “non-active data” and is the most common. Keeping data at risk can be a good idea for several reasons.

Data at rest refers to digital data that has not been moved between devices or network points. It is not a permanent state; it moves from one device to another when processing a request or when a user needs to access it. Examples of such data include hard drives in PCs and laptops, portable storage devices, and edge-point devices. In addition to being inactive, the data at rest state can be vulnerable to attack.

The apt way to protect this type of data is to keep it secure. By using encryption, your data is protected even if it is not in use. By following security guidelines, you can reduce your risk of data breach and ensure your business’s data is secure. Moreover, this type of data is more secure and difficult to steal. It can be in the form of documents, archives, or reference files that change regularly. And hackers are ever-present, so it’s important to protect your data at rest from them.

Data at Rest Vs Data in Flow

Often, people confuse data in flow and data at rest. However, there is actually a distinction between the two types of data. While both are potentially vulnerable to hacking, they have different purposes and processing requirements. In this article, we will examine the differences between the two types of information. We’ll also discuss the ways to secure these types of information. Let’s get started! What is the difference between ‘data at rest’ and ‘data in use’?

‘Data at rest’ refers to data that has not been actively transferred between devices. It could be on a hard drive, a flash drive, or archived. The aim of data protection at rest is to protect inactive or unreadable information. This type of information is usually less vulnerable than ‘data in flow,’ but the risk profile varies widely between the two. Listed below are some examples of the difference between the two types.

Data at rest refers to data that hasn’t been moved between systems or processed on the CPU. Unlike data in flow, it’s protected by several security measures. Companies use encryption, hierarchical password protection, and secure server rooms to protect the privacy and integrity of their data. They also implement strict data security protocols, such as multifactor authentication and hierarchical password protection. Some organizations use data federation as a way to prevent unwanted access.

Companies Catering Better to Their Customers with Data Lake Solutions

Big data lake solutions are ideally located near the data and fed from external data sources, such as APIs and batch processing. Another perk of this aspect is that it can handle ever-increasing amounts of data. This approach can help companies eliminate data silos and speed up big data analytics. 

Companies that have a big data problem can benefit from a data lake. They can leverage big data analytics to make real-time decisions based on analytics. The data stored in these systems are constantly changing, and the users don’t have to worry about losing ongoing changes. A data lake turns out to be a single repository that allows consumers to read the same datasets in whatever manner they choose. That makes it extremely useful for companies looking to make decisions based on the latest data. Data lake allows for a 360-degree view of data, which makes it more useful for analysis and decision-making. Moreover, a well-engineered data lake can be scaled and managed fairly easily.

Data Lake Vs Data Warehouse

What is the difference when it comes to data lake vs data warehouse? The differences are in the structure and process of storing and analyzing large volumes of data. Both have their advantages and disadvantages. 

  • The first is that a data lake is more flexible and scalable, while a data warehouse is more rigid and can be difficult to scale and change. (Here we are assuming that data warehouses refer to significant amount of accumulated data at rest)
  • Historic data warehouses primarily use structured data. On the contrary, data lakes comprise a wider span of data while also covering unstructured data. 
  • Data warehouse is more complicated, requiring developers and integrations across different technologies.
  • Data lake solutions provide more cost-effective storage for huge amounts of data in comparison to the data warehouse. 
  • In contrast to data warehouses, which have very limited flexibility, data lakes can be used to process unstructured, unaltered, and hybrid data. 
  • The main difference while analyzing data lake vs data warehouse lies in the types of data stored within. A data lake contains unstructured data, such as texts and images, while a data warehouse stores structured data. 
  • A data warehouse can be difficult to understand or navigate. A data lake, on the other hand, has a greater range of possible uses.
  • One more difference between a data lake and a data warehouse is that the latter is lightweight & easy to manage, making it more suitable for non-missing-critical engineering and machine learning. 

Some Common Purposes That Both the Data Lake and Data Warehouse Serve

  • Both types of data lakes and data warehouses are built to be scalable and highly available. 
  • Both can be accessed by data scientists, CEOs, marketing teams, and business intelligence professionals. 
  • Both types of data can be used for analysis and decision-making.

An Insight into Big Data Ecosystem

As the universe moves toward a big data ecosystem, companies must make sure that the tools used to process that data are reliable and scalable. While there are a few key components of a big data ecosystem, many businesses are still struggling with how to get started. Luckily, there are now numerous options available to help them navigate the landscape. 

The first component of a big data ecosystem is an infrastructure that helps process, store, and analyzes large amounts of data. Relational databases have been utilized by enterprises for decades, but these tools were not designed to handle large, complex data. As the volume and variety of unstructured data have increased, new technologies were required to capture and analyze this information. These technologies can handle terabytes of data and can run on systems with thousands of nodes.

The big data ecosystem comprises a number of components. For example, the first stage of big data analysis is the extract, transform, and load (ETL), a process that prepares data for analysis. This pre-analysis work is known as data wrangling. While smaller analytics require minimal prep work, big-data analytics are more complex and require a much larger infrastructure than small-data analytics. The next component is visualization, which involves creating real-time dashboards, charts, graphs, and maps.

Importance of Data Ecosystem & Data Lake Solutions for SMEs

When implementing a big data analytics program, it’s important to evaluate the total cost of ownership and the capabilities of the solution. Another consideration is the security of the data. If a company has sensitive data, it will likely need to ETL sensitive data to another location or anonymize it for downstream consumption. For these reasons, a data ecosystem or a lake is the right choice. In addition, small enterprises should consider the lesser cost, risk, and time of implementation.

A data lake is for all the data generated by an organization. It eliminates data silos and makes historical data analysis available to all departments. By combining all data into a single repository, a company can perform all kinds of functions and make more informed decisions. The power of this technology is vast. By leveraging a single data lake, a small enterprise can power a wide variety of functions.

Big data analytics is critical for manufacturing companies. Real-time insight derived from data flows is a vital component of the manufacturing process. Millions of dollars of activity flow from factories to warehouses each year. Good business intelligence is essential for these companies to make smart decisions. In order to gain insight from this information, small enterprises can use a large-scale data ecosystem to turn their unstructured data into a valuable source of analytics.

SMEs are looking for solutions that comprise well-versed frameworks capable of accommodating their needs and addressing hyper-automation requirements as soon as a fair amount of data is analyzed in the ecosystem.

Read More
Environment, Social, Governance
Categories
AI Enterprise

Environment, Social, Governance & Sustainable Businesses

ESG stands for Environment, Social, Governance, primarily comprises the three vast areas for which the term “socially responsible investors” is conventionally used. Investors who won’t greedily and selfishly compute the potential profitability and give equal importance to values and environmental concerns while making investments are included in this category.

For example, under the classification, ‘environmental’ are issues like pollution or the amount of toxic waste an industry produces and the factors associated with climate change. Socially responsible investment can be apprehended as one that supports sustainable investment, mission-related investment, and impact-based investment. Investors who come under the category of ESG investors are more of the activist type who tend to participate in shareholder meetings and contribute to amending company policies and practices. 

Well, if you ask, ‘Why must businesses must focus on the true essence of ESG to run a sustainable business?” Then, we would like to elaborate on these points as – 

  • Sustainable approaches lead to more customers, optimize resource availability, lower energy and water usage, and, as a result, lower production costs.
  • Sustainable approaches promote social credibility, retain talent, increase job satisfaction, and strengthen community ties.
  • Government backing, incentives, overcoming increasing competitive pressure, and better investor relations, for example, in terms of better financing conditions or cheaper capital costs, are all possible outcomes of environmental sustainability.

ESG Criteria

Each of the three variables of ESG investments – environmental, social, and governance (corporate) – has a set of requirements that can be utilized by socially conscious investors or organizations looking to take a more ESG-friendly approach to their operations. Though many ESG criteria are subjective, efforts are underway on a number of fronts to provide more objective, trustworthy assessments of a company’s performance in terms of ESG policies and procedures. 

ESG – Environmental

The term “social criteria” refers to a wide range of potential difficulties. There are many different social aspects to Environment Social Governance, but they all revolve around social relationships. Many socially responsible investors consider a company’s relationship with its employees to be one of its most important ties. 

Here’s a quick glance at some of the factors to consider when assessing how a firm manages its social relationships:

  • Is employee compensation competitive, or even generous, when compared to similar jobs or positions across the sector? What types of retirement funds are accessible to employees? Does the corporation contribute to the retirement plans of its employees?
  • What benefits or perks do employees receive in addition to their basic income or salaries? If you do things like providing a free, very luxurious buffet lunch for all employees every coming Friday – or avail other types of perks that aren’t common at all workplaces, such as an on-site health club – it can make a major impact on the evaluation of your company with Environmental Social Governance – conscious investors.
  • Corporate policies on multiculturalism, inclusiveness, and sexual harassment prevention are regularly discussed.
  • Staff education and training programs; for instance, does your firm provide financial assistance for ongoing or higher education and/or flexible work schedules for employees seeking further education; what prospects do employees have at the company to be trained in new employable skills that will qualify them for higher-paying roles?
  • Is there a prominent level of employee involvement with management? How much say do employees have when it comes to defining operational processes in their departments?
  • The percentage of employees who leave.
  • What is the mission statement of the company? Is it relevant to society and profitable to society?
  • How well do you handle your customer relationships? Is there any interaction between the company and its customers on social media? What is the customer service department’s level of responsiveness and efficiency? Is there a history of customer protection issues, such as product recalls, with the company?
  • Is there a public or political stance taken by the corporation on human rights issues? Is money donated to charitable causes?

ESG – Governance

In the context of Environment Social Governance, governance refers to how a firm is run by officials in the executive suites on the top floors. How well do the company’s senior management and board of directors look out for the interests of the company’s major stakeholders, such as staff, vendors, investors, and consumers? Is the corporation involved in the community where it operates?

Transparency in finance and accounting, as well as complete and honest financial reporting, are frequently regarded as essential parts of successful company governance. Board members must also behave in a legitimate fiduciary relationship with shareholders, avoiding conflicts of interest while performing that role. Are the members of the committee of directors and the executives of the organization diverse and inclusive?

According to the ESG rating report, many investors are particularly concerned about CEO compensation, as they do not favor multi-million-dollar incentives for executives when the company imposes a salary freeze on all other employees. Is additional compensation for CEOs properly linked to the company’s long-term value, durability, and profit growth?

A rule that does require the top-level chief executive officer to maintain stock ownership similar in value to ten times their annual salary is one of the company’s corporate policies aimed at ensuring that company executives take a strong interest in the company’s ongoing success, rather than just in earning some quarterly bonus. Furthermore, executive rewards are computed using a variety of factors other than sales or profits, including workforce, investor, and client satisfaction.

ESG Metrics in Fashion Industry

In the modern-age fashion segment, ever-evolving trends are fabricated, manufactured, and supplied to users in increasingly quicker time slots, thus pushing a dramatic decrease in the number of times the clothing is worn before getting thrown away. Increasingly more clothes are getting discarded, the associated economic value is getting lost, while there are even worse environmental implications.

An apt part is that more and more people are aware of the same fact, specifically with the sustainability-driven credentials of the global fashion segment entering enhanced scrutiny. Many of the fashion industries are leading towards sustainable approaches with an aim to zeroing greenhouse gas emissions by the year 2050, reinstating the environment and ecosystems, procuring endangered species, and reducing single-use plastics by the year 2030.

Environmentally-Friendly Businesses Provide a Lot of Advantages

 Though there are no law mandates to pressurize you, environmentally-friendly business methods will merely assist you in limiting your environmental effect and protecting natural resources. Your company can benefit the environment in a variety of ways –

  • Reduce your reliance on natural resources by using items that do so, for example, rainwater tanks, solar hot water systems.
  • Utilize products made from recycled parts, for example, office supplies designed from recycled plastic, furniture made from recycled rubber. 
  • Examine all of your business activities to determine if you can make any changes, for example, reducing travel by conducting online conference calls instead of interstate meetings. 

Making your company more eco-friendly not only benefits the environment but can also save you money.

Recycling Helps You Save Money

You can save money by avoiding, minimizing, repurposing, and recycling. A few easy modifications to how you handle paper, for example, can engage your employees in ecologically responsible operations while also saving you money:

  • Excessive use of materials should be avoided.
  • By encouraging employees to print double-sided, you can save money on paper.
  • Encourage employees to take messages using scrap paper rather than buying message pads to save money.
  • By shredding extra paper, you can either recycle it commercially or allow employees to take it home to use in their compost.

Good Business Practices Can Help You to Gain New Customers

Branding your eco-friendly practices will help you stand out from the crowd and attract new consumers who want to acquire products and services from a company that cares about the environment.

Enhances Long-Term Durability

Reduce your organization’s environmental effect to uplift its long-term sustainability. Your firm will have a better chance of long-term success if you’re less dependent on natural resources than your competitors and have strategies in place to deal with rising costs as a result of climate change.

ESG ratings are aimed to aid investors in evaluating and comprehending a firm’s financially material ESG concerns. Firms are scored on each fundamental ‘E,’ ‘S,’ and ‘G’ topic, as well as an overall score, based on gathered data, including media sources and financial statements. In the past, a company’s ESG rating was often influenced more by the quality of its public relations department than by its substantive policies. Investors utilize these one-of-a-kind scores as a proxy for ESG performance. Companies that score highly on ESG parameters are considered to be better at predicting future opportunities and risks, more inclined to long-term tactical planning, and more focused on long-term wealth development. Being an eco-friendly company, Konsultera is working on a platform that aids in rating consumers on the basis of ESG. Hence, it can be proudly claimed that the use of technology in this field is rapidly increasing. 

Read More
sme-needing-credit-whats-holding-back-lenders
Categories
Enterprise

SMEs (Small and Medium Enterprises) Needing Credit? What’s Holding Back Lenders?

Is yours a newly established start-up? Are you facing problems while looking for a loan to support your small enterprise? If yes, then you should know that it can really be challenging for people who own small or medium enterprises to attain a lender or commercial bank loan. Banks or lenders often don’t lend money to newly established start-ups as those are the riskiest investments for them. But to be honest, it really is unfair for small and medium enterprises as taking money out-of-pocket cannot be possible for a long time. Hiring new staff, opening new branches, setting up an office, and purchasing inventory require investment which can only be supported with the assistance of additional working capital. There are several reasons why lenders and mainstream banks deny loan requests from SMEs (Small and Medium Enterprises). Let us take a glance at a few reasons in detail – 

1. Erratic flow of income – Mainstream banks only consider loan requests from those SMEs who have a predictable, substantial, and considerable cash flow every month. SMEs who do not provide proof of such stability and consistency of income stream is more likely to be rejected a loan from banks. The main aspect that concerns banks is whether the customer is capable of paying monthly installments on a regular basis while maintaining their payroll, rent, and other expenses. At times small businesses struggle in maintaining their bank accounts even while they are gaining profits just because they have to make upfront payments to their suppliers and other third parties before they get their pay in hand. 

2. Lack of experience – Experience is like abstract proof for the banks and lenders. If the client or customer does not have a minimum of one year of experience in the industry, banks do not consider them for loans. They are considered incapable on the note that their income might not be consistent or even substantial for them to repay the loan. 

3. Limited or lack of collateral – It is very well known that while filling the application for a loan, the bank asks for a valid piece of collateral for the bank to secure while the client obtains the money. Small and medium enterprises are mostly not provided loans due to a lack of proper or limited collateral. Though, that is not the case with large-scale business organizations and giant corporations who have high-value assets and real estate to surrender to the bank. 

4. Poor and unreliable credit history – Before approving or even considering a customer’s business loan, they go through their loan application to review their credit history. If they have a clear credit score, the bank will be assured that the customer has no past of bankruptcy and can manage their corporate and personal finances well without fail in timely payments. Considering the other aspect, if the bank finds out the customer to have a poor and unreliable credit history, then they will be convinced that they are incapable of making financial commitments as per the loan agreements. 

5. Elevated Regulation Standards – After the recession, regulation standards have been raised as banks have become more strict in their federal rules. Providing loans to SMEs is considered a risky investment when compared to well-established large-scale industries and firms. 

6. Debt-to-income ratio – Sometimes, it so happens that SEMs request loans from banks while they are already indebted to other money lenders. When customers have outstanding debts with other banks or money lenders, then the banks tend to hesitate before providing them with loans. At times they reject loan applications from companies and firms who have taken up loans in the past as well. Business start-ups might secure advance cash or loans from multiple sources, especially during their initial set-up phase, which can be a disadvantage for them while applying for a loan from a standard mainstream bank. 

7. Lack of guarantee – According to banks and lenders, newly set-up businesses, small and medium enterprises need to guarantee them the repayment of the loans borrowed by them. If they are not capable of personally guaranteeing them the repayment of the loan even in installments, then the banks do not consider them. Personal guarantees mean the customer is liable to repay the complete amount to the bank failing, which could cause unfavorable circumstances for the customers. 

Read More
Container Tracking System
Categories
Enterprise

Container Tracking System

Business Problem and Solution

  • A solution for the logistics industry where RFID is used to track containers in a container freight station.  
  • The solution eliminates manual tracking of containers, and the location of containers is updated in real-time using RFID, GPS & GSM devices. It helps CFS to track inbound / outbound containers, save on fuel cost, and fast retrieval of containers.

Benefits 

  • Real Time Container Tracking 
  • Optimal Space Usage
  • Reduction in Fuel usage
  • Identify exact tier location (height)
  • Capacity & Planning Management
  • Saves Time
  • Container Tracking for customers (Kiosk)
Read More
E-Surveillance
Categories
Enterprise

E-Surveillance

Business Problem and Solution 

  • A cloud based E-Surveillance application with business intelligence and analytics. The solution integrated Intrusion Alarm Systems with on-site CCTVs & Audio systems and allowed 2-Way Audio communication. 
  • The Alarm Systems were all connected on-line to the E-Surveillance system using secure wireless VPN connectivity that provides a very high level of data security. 

Benefits

  • CCTV Integration 
  • Sensor based ticketing system (IOT) 
  • Remote device operations 
  • Works on low bandwidth 
  • Central command center application 
  • Two way audio communication 
  • Remote viewing of incidents in real time 
  • Dashboards and Analytics (Web and Mobile) 
Read More
Legal Document Abstraction using AI
Categories
Enterprise

Legal Document Abstraction using AI

Business Problem and Solution

  • Our customer is a premium provider of Legal Document management platforms and wanted a way to abstract and annotate highly complex and length legal documents, especially for Mergers and Acquisitions 
  • Their current product allowed for classification, but the effort was manual without any systemic intelligence 
  • This solution aims to bring in an AI based document abstraction of fields and annotation for such legal documents 

Benefits 

  • Tremendous addition to value proposition of the legal document management platform 
  • Systemic abstraction saves tremendous amount of valuable legal manpower with savings in effort and time 
  • Reduction in errors and focus on quality through exception management for documents 
  • Highly scalable to any type of legal document using AI and new learning methodologies on the same base product platform 
Read More
Categories
Enterprise

Employee Compliance Management

Business Problem and Solution 

  • This solution is an alternate biometric solution for managing entry and exit of employees and visitors to a office premise. 
  • The solution captures all the employees that move in and out of the premise using cameras and tracks tailgating of employees

Benefits 

  • Image processing and face detection 
  • Employees images will be processed in real time at specified entry or exit points 
  • Images will be matched against enrolled information and updated for attendance purposes 
  • Unknown faces will be automatically detected and flagged for security purposes and admin reviews 
  • Eliminates proxy attendance, controls access to restricted zones, provides audit trail 
  • Attendance Tail Gate Prevention 
  • Field Employees & remote location attendance 

Read More