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Some industries, such as healthcare and financial services, have been subject to stringent data regulations for years: GDPR now joins the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Basel Committee on Banking Supervision (BCBS).
We also forecast an ongoing strong demand for IDP solutions to automate Accounting processes while e-invoicing mandates expand, broadening into P2P and OTC automation. Second tier verticals with a growth rate above the industry average in 2023 were Retail, Telecommunication & Utilities, and the Energy sector. grade schools).
For example, organisations in the Legal and Retail sector may see impressive ROIs. These solutions are designed to acquire, classify, validate, and convert business inputs into valuable data for use in business transactions, analytics, records management, discovery, and compliance applications.
Data is extracted, validated, and augmented to create the required information for a business process related to an Accounting Workflow, Case Management type applications, to comply with Records Management requirements or to fulfill analytics or discovery needs. CAPTURE INPUT SOURCES.
Promote cross- and up-selling Recommendation engines use consumer behavior data and AI algorithms to help discover data trends to be used in the development of more effective up-selling and cross-selling strategies, resulting in more useful add-on recommendations for customers during checkout for online retailers.
Much of background is what we now call customer experience and its predecessors of CRM and eCommerce applications in Retail and CPG as well as PLM, ERP and supply chain. Many more regulations are being adopted as consumers demand full accountability – less “creepiness” if you will!
The most advanced sectors in digital transformation, such as Banking and Insurance, are leading in AI adoption. Sector-Specific Opportunities : The report identifies significant opportunities in sectors with advanced digital transformation, such as Banking, Insurance, Healthcare, and Manufacturing.
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