Categories
Technology

How Chatbots Were At The Centre of Fighting Against The Pandemic 

With months-long, recurring lockdowns keeping many of us shuttered in our homes, smartphones have become a lifeline to life outside. 70% of internet users worldwide reported using their mobile or smartphones more due to the COVID-19 pandemic. As anxieties surrounding COVID-19 persist, these changes are likely to persist: life, for the foreseeable future, will be mediated through device screens.

In these periods of isolation, one thing that people crave is interaction. And, where other people are unavailable, artificial intelligence has stepped in.

The accelerated digital transformations due to the pandemic has led to a surge in chatbot use across multiple industries, as they turned to them to help meet the needs of people and answer as many queries as possible.

Travel companies used bots to respond to thousands of queries about cancelled flights and refunds, something that would have been difficult to manage manually. In other cases, where call centers were forced to close, chatbots were left as the only points of contact for customers.

Even in a post-pandemic world, as digital transformation expedites across all sectors in the APAC region and beyond, responsive and available around-the-clock, with guaranteed immunity against health scares, chatbots are poised to meet the need for conversation in the new age of mediated interaction.

On the Online Frontline of Medical Care

Since before the pandemic, there has been a significant rise in the use of chatbots in the fields of telemedicine and pharmaceutical services, alleviating burdens on overworked and understaffed healthcare providers by automating the processes of diagnosing symptoms, assessing the need for emergency intervention, and monitoring patient adherence in their place.

Amidst the pandemic, when the medical sector is under more pressure than ever, chatbots have become invaluable in freeing up time and resources, allowing healthcare providers to focus their efforts on fighting the outbreak and attending to their patients.

In Singapore, Doctor Covid, a chatbot developed by SingHealth and the Agency for Science, Technology and Research with support from the Integrated Health Information Systems, improves communication with 3,000 patients in community care facilities, while minimising transmission risks to healthcare workers. The chatbot broadcasts reminders and medical information to patients, and periodically checks in on their mental well-being throughout their stay. Available in multiple languages, the chatbot has been helping overcome language barriers, as well as relieving manpower constraints. Data collected from the chatbot can also be used by researchers to identify trends and risk indicators related to the virus.

Chatbots have also been used to bridge gaps in mental health support during the pandemic.  NCSS’ Facebook helpbot Belle has placed information on mental health-related services in Singapore right at the public’s fingertips—information on helplines, services, useful articles and videos and volunteering opportunities can be easily pulled up via the chatbot, wherever and whenever one needs them.

Furthermore, by linking up the Samaritans of Singapore (SOS), Belle supports individuals having suicidal feelings and thoughts, by redirecting them to SOS’ Facebook messenger page where they can chat with volunteers on duty, a crucial service during these periods of isolation and uncertainty.

Reshaping Retail Through Conversational Commerce

Before the outbreak of the pandemic, it was forecasted that, by 2023, retail sales from chatbots would reach USD 112 billion. Post-COVID-19, this trend is expected to grow multifold.

Amidst lockdowns across the region, alongside the meteoric increase of mobile phone usage, e-commerce has spiked as stay-at-home orders kept shoppers at home. In particular, businesses handling necessities like groceries were among those who found chatbots crucial in ensuring business continuity freeing up hands of essential service staff during the Circuit Breaker period. As the demand for online grocery shopping surged, chatbots were on the frontline of handling customer queries, from inventory lists to restock timings, and delivery options.

And, they have gone beyond these services: As businesses look to digitize their sales floor or showroom experiences, they have been incorporating chatbots in the creation of this new breed of digital experiences.

Cycle & Carriage Singapore incorporated chatbots into their inaugural Live Stream Sales event on Facebook, which brought the showroom experience to at-home audiences on both desktops and mobile devices. The chatbot allowed audiences to seamlessly view the live stream, even as chatbots addressed their queries, sent promotional codes and followed up on the live experience. With more trade shows, fashion runways and other businesses events making the jump to a virtual stage, chatbots will see more and more creative usage that goes further than the rote answering of FAQs, tapping into the needs of a more tech-savvy generation of consumers.

Now valued at USD2.6 billion, the chatbot market share is projected to grow up to USD 9.4 billion in the next four years. That’s a compounded annual growth rate of 29.7 per cent. In the Asia Pacific region, chatbots are growing at a compounded annual growth rate of 9%.

Chatbots have seen adoption in industries as varied as healthcare and retail where they have been streamlining manual processes and relieving loads on human staff. With the pandemic forcing the world to pivot to a digital-first approach across all sectors, they have become an invaluable asset to many businesses.

And, as consumers and retailers gain their digital sea legs and adapt to these new circumstances, we may move into a new normal where there may be days in which we spend as much time chatting with bots as with other humans. The pandemic has started a movement towards heightened curation, in-depth digital experiences and “low-touch” interactions that will continue even after the pandemic ends.

These new trends will be facilitated by chatbots, whose functions have evolved beyond simply answering queries to more sophisticated purposes—from quick queries about delivery times for your latest online shopping spree or booking an appointment with your therapist, to curating product recommendations and preempting your preferences.

Or, they may even be woven in memorable digital experiences, as friendly digital chaperones. The opportunities for chatbots are expanding in almost every vertical.

How Chatbots Have Been at the Centre in the Fight Against COVID-19 [Entrepreneur]

Categories
Technology

The Next Big Thing in AV Control Systems

Discover how AV control systems will improve the overall user experience.

The user experience and behavior are dynamic and changes at any time, depending on several factors. The big question is, can the AV control system do its part to ensure a perfect experience during usability? For every high user, technology incline will expect seamless and uncomplicated experience because they want to have total control over their devices. With the right AV control systems, the user’s control level is automatic; tap or click leads to the desired feature. No matter how an AV control system may be, the bottom line is that its unique feature must meet the user’s needs. The generic interface must ensure a custom-made solution during listening, presentation, or meetings.

AV control system is the central collection unit of pieces of information, and the information is being controlled, managed, and utilized using software and hardware technology. Every AV system comprises different specifications of hardware, and several organizations and corporate bodies are beginning to realize the value once incorporated in their technology setting and routine. The use of AV control systems can make a difficult task easier to fix using simple automation.

For commercial and residential purposes, AV control systems can manipulate various projects, and it just needs the attention of someone with the experience and operational knowledge to handle the equipment. Another big thing in AV control systems is that it is intuitive and only consists of the necessary features for users; that’s why many users consider it a top priority technological tool. The satisfaction of all these big things lies therein, by choosing the right AV control systems suitable for your specific need, and should be installed by an AV expert or installer, not the regular TV installer.

Categories
Technology

Why You Should Look for Speed and Reliability From Your Internet Service Provider?

Many people searching for an ISP get hung up on whether they should opt for higher speeds or reliability from the service. The fact is, both are important to the overall value of the service, but if you’ve got specific internet needs, you may want to focus more on one over the other. Whether you’re a small business looking for an ISP to meet your business needs, or you simply need service for your home, here are some tips on choosing a service while considering speed and reliability. Here’s why you should look for both speed and reliability.

Speed

How fast is your internet service currently? Do you spend hours waiting on large files to download, or is your streaming service constantly buffering? The speed of your internet refers to how quickly data is transferred in your connection, and the higher your speed, the easier it is to download large files quickly or to stream HD video or audio. Many people get hung up on speed as the primary concern when it comes to internet service, and it’s easy to see why.

The first thing you’ll probably notice in an ISP advertisement is its speeds. ISPs advertise speeds as the differentiating factor between them and the competition. Cable internet boasts the “highest speeds”, but satellite internet isn’t far behind. You should definitely consider the internet speed when you’re looking for a new ISP, but don’t get hung up on only this part of the service.

Reliability

A reliable connection is perhaps more important than the speed of the connection because even if you have the fastest internet available, you will not find it useful if the connection constantly fades in and out. We’ve all been victim to such a connection at one point or another, and frustration is hardly the word for it. You can’t exactly be productive with a connection that never stays connected!

Reliability depends largely on the equipment you’re using, and if you’re using satellite, it will depend on the quality of the signal and anything that is between your dish and the satellite itself. A good way to gauge the reliability of an internet service is to check out the customer reviews.

You can be certain that any customers who have suffered from an unreliable connection will be quick to leave a review about it. You can learn quite a bit from these reviews, not only about the reliability of the service but also about the company itself and its policies.

Why Both?

Besides the fact that slow internet makes productivity screech to a halt, and an unreliable connection can cause more than its share of frustration, you need both also because you’re paying for a service, and you shouldn’t be subjected to poor service for your efforts. When it comes to internet, some packages can cost well over $100 per month, and if they’re not working correctly, what are you paying for?

Unfortunately, not every ISP cares much for its reputation or the quality of its services. Large ISPs like Spectrum have been sued by previous customers for lying about speeds or providing services that were unlike what was advertised. A good web connection is pretty much an essential tool for modern life, so you would think ISPs would take their customer service and products seriously.

Luckily, you don’t have to stick with the large ISPs for your internet service. There are thousands of ISPs throughout the country, so you can find a locally-based smaller ISP with a better focus on its customer service and products. If you’re in the market, you can find the best ISP in your area on sites like Internet Advisor.

Consider Price

Don’t pay extra for higher speeds alone, but rather for better customer service, speed, and reliability together. The price of your internet service should reflect its quality. You don’t want to overpay for slow service, which is an all too common occurrence in the ISP industry. Be sure to read your terms of service carefully to be aware of any hidden fees or charges.

The Bottom Line

Choosing an ISP is no easy task, especially with so many options available and the largest IPSs seemingly drowning out the smaller local competitors. It can be easy to get lost in the endless marketing from large ISPs, and while they certainly control a large portion of the market, they’re not the only options available. Don’t forget that you don’t have to settle (unless that’s all there is available in your area).

Speed and reliability are both as important as the other. Without a reliable connection, your speed won’t matter much, and without decent internet speeds, you’ll become frustrated when you’re trying to stream or download large files.

Categories
Business Trends Technology

How Blockchain Is Changing Commercial Real Estate

The future of dealmaking, specifically in the commercial real estate market, is in blockchain technology, says Inveniam Capital Partners’ Patrick O’Meara.

“It’s kind of like when you maintain your house so that it’s ready to be sold any day of the week,” O’Meara says. “The value is not necessarily that you’re going to sell it, but that you’re capable of selling it and socializing that data. Blockchain allows you to reprice assets on a weekly, monthly or quarterly basis using agreed-upon procedures and test it against other empiric trades of assets that might be happening globally.”

Blockchain is most widely known as the means by which cryptocurrencies such as bitcoin can function. It’s a digital, decentralized and public ledger for recording transactions. It’s also very secure, giving it countless potential applications beyond just bitcoin.

Enter the commercial real estate market. If commercial real estate properties are accessible through blockchain, O’Meara says, key data points about a parcel would become available to anyone with access to the internet.

“People complain about Google and Facebook knowing everything about us, but we get ads that are catered literally just for us,” says O’Meara, who has spent more than 20 years studying the capital market and structuring and executing M&A transactions. Inveniam has offices in Northville and New York. “That’s eventually going to happen with real estate.”

Market transformation

One common characteristic of real estate investing is that it typically has only been available to those with large amounts of assets and the right connections, but that has the potential to change in a big way through blockchain, according to a report published last week by NuWire Investor.

“Real estate investing networks will start using tokenization to sell partial investments in raw land, single-family rental properties, multifamily buildings and even commercial properties,” the report states. “As a result, individuals won’t need hundreds of thousands of dollars to add real estate to their portfolios. For a few thousand dollars — or perhaps even a few hundred — anyone can get started. Tokenization will essentially transform the world of private real estate into a P2P equity trading exchange with coins that are securely swapped without the need for any sort of intermediary.”

This could create an influx of real estate investment dollars into smaller markets where it wouldn’t otherwise be likely to go, O’Meara says.

“It’s adding a level of trust to data so that global players can move into more markets more efficiently,” O’Meara says. “MetLife used to only buy the biggest of the big deals. And you have these smaller firms that were working on these Tier 2 or Tier 3 automotive suppliers that may only have $50 million or $70 million in revenue. It’s a really nice little business, but their access to capital was much lower. The more data that’s there, the more these smaller companies can compare themselves to other data sets and onboard themselves to the new digital global economy.”

Subjective analysis will still be critical

Yet to be determined is the impact that blockchain would have on the investment bankers and real estate brokers who traditionally have done much of the legwork required to facilitate client transactions.

“They are going to have to recondition themselves and add additional value if they want to continue to be used,” O’Meara says. “The advantage with blockchain is you’re not going to be able to just collect basic data. You’re going to be able to collect all the data. Environmental, energy utilization, key fob data, foot traffic, occupancy certificates. Every one of those individual pieces of data is going to be able to be notarized, validated and indexed so it’s fully searchable.”

While the access to data could increase exponentially, investors and dealmakers are still likely to find great value in experienced, knowledgeable advisers who can use that data to better inform their strategic analysis of a particular opportunity.

“There are people who add great value because of their expertise or their work in structuring or putting a deal together and we’re still going to need that,” O’Meara says. “To do the quantitative, you need to have qualitative data sets because not everything is empiric. Is it a good management team or a bad management team? Does the food taste good at this restaurant or does it not taste good? Are these homes ugly or is this what the market wants? These qualitative components will continue to be important.”

Time will tell how quickly the industry shifts and incorporates technologies like blockchain into its day-to-day functions. O’Meara is confident it will happen.

“If you’re not adding value, the function that you just have a Rolodex to support someone, that’s going to go away in three to seven years,” he says.

Categories
Technology

5 Ways Technology Is Assisting Small Businesses

By: Donna Jo

A wide range of new technologies are making it easier than ever to start and run a small business. From online businesses to local businesses to solopreneurs enterprises like freelancing and consulting, there is no shortage of ways to avoid the corporate rat race. Here are 5 types of technology that will have an impact on the future of small business.

  1. Automation

Most small business owners just don’t have enough time in every day to do everything that needs to be done. With various types of automation, however, you can spend a few hours getting a number of weekly, monthly or even permanent tasks set up in advance and just let them go from there. From social media posting to sending out marketing emails to paying bills, automating tasks cuts down significantly on the number of tasks you need to do each day and makes sure nothing important falls through the cracks. Instead of having to compartmentalize your day into small daily tasks, you can compartmentalize tasks into a few hours each week or month.

  1. Integrated cloud accounting

Small businesses used to have to repeat a great deal of work when it came to accounting. From invoicing to billing to inventorying to tracking daily, weekly or monthly sales, each task generally had to be performed separately and manually. Today, with a range of integrated accounting platforms, inventory management can be integrated with the same system you use for accounting, which can also be integrated with payroll and POS systems. Integration also helps provide incredibly detailed analytics to help you tweak your business for maximum performance and efficiency.

  1. Security

While most businesses once had to not worry about protecting their inventory, now most businesses have to worry about protecting information. Even online businesses or businesses that don’t sell a physical product have to protect both their own proprietary information as well as that of their customers. From VPN’s to encryption to apps with multi-factor authentication, state-of-the-art internet security is now available for even the smallest of businesses. Small brick-and-mortar businesses can even benefit from smart security systems that can be operated from either a central alarm panel or remotely from your smartphone.

  1. Social media marketing

Although even the largest of brands have begun to take advantage of all of the opportunities that social media marketing offers, it is perhaps the biggest boon to small businesses that don’t have a huge marketing budget. Apps like Hootesuite can help you automate and manage all of your posts, while apps like Buffer or Canva can help you create stunning marketing and promotional materials. If you want to use just one app that can do it all, you can try Pagemodo.

  1. CRM

Customer Relations Management remains one of the largest challenges for small businesses. Whether it is hiring a receptionist for initial client interaction or providing a customer support line on the back end, few businesses have the budget for a full staff of customer service agents. A growing range of CRM software and products, however, can help small businesses meet all of their client and consumer needs. From virtual assistants to online chatbots to dedicated customer service agents, there are a wide range of technological solutions to help even the smallest of businesses to offer world-class customer service and support.

No matter what size of business you run, there are a range of technological solutions available to help you juggle all the many balls SMB owners have to juggle. From project management to planning to budgeting, marketing and payroll, you no longer need an MBA to run your own business, you just need the right software and technology solutions.