Enabling Technologies.

Enabling Technologies:

1. OCR (Optical Character Recognition): Technology that converts different types of documents, such as scanned paper documents or images, into editable and searchable data.
2. RPA (Robotic Process Automation): Software that automates repetitive tasks traditionally performed by humans.
3. AA (Advanced Analytics): Data analysis methods that go beyond basic descriptive analytics, including diagnostic, predictive, and prescriptive analytics.
4. AI (Artificial Intelligence): Machine learning algorithms and systems that can perform tasks typically requiring human intelligence, such as decision-making and pattern recognition.
5. IoT (Internet of Things): Network of interconnected devices that collect and exchange data in real-time.
6. DLT (Distributed Ledger Technology): Technologies like blockchain that provide decentralized record-keeping.

Stages of Transaction Processes:

1. Pre-Transaction:
   • Product Selection: Involves selecting products for processing or sale. Technologies like RPA, AA, AI, and IoT assist here, automating product recommendations, decision-making, and optimizing selections.
   • Data Entry: Refers to inputting or capturing data into systems. OCR and RPA automate data entry tasks, reducing human errors.
2. Transaction Processing:
   • Workflow Management: Organizes and automates various processes within a transaction, streamlining operations. All technologies (RPA, AA, AI, IoT, DLT) can enhance workflow management.
   • Document Check: Verifies and processes documents related to transactions. OCR and AI play significant roles in automating document verification.
   • Compliance Check: Ensures that transactions meet regulatory and business standards. RPA, AI, and DLT enhance compliance by automating checks and maintaining audit trails.
3. Post-Transaction:
   • Problem Resolution: Involves addressing issues that arise post-transaction. AI, AA, and IoT provide insights, automate responses, and predict possible issues.
   • Client Management: Manages customer relationships and ensures satisfaction. AI, AA, and RPA automate client interactions, provide insights into client needs, and improve service delivery.

Key Insights:

• OCR: Primarily used in data entry and document checking stages.
• RPA: Versatile, involved across almost all stages, particularly in automating repetitive tasks.
• AA & AI: Play significant roles in analytics-driven decision-making, process optimization, and client management.
• IoT: Enhances real-time data collection and workflow management, particularly useful in connected environments like smart warehouses.
• DLT: Provides secure, transparent, and decentralized record-keeping, crucial for compliance and transaction validation.

Conclusion:

The integration of these technologies streamlines processes from pre-transaction to post-transaction stages, enhancing efficiency, accuracy, and decision-making across the supply chain and business operations. Each technology has a specific role, but the synergy between them is what drives true digital transformation.