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Automation is the new normal to drive transformation in business processes. Companies are using big data, machine learning, and IoT for better time management and efficiency in operations.

Brief About the Organization

Aegeus Technologies aims to design and develop robotic technologies and solutions. The company’s flagship product is the Intelligent Waterless Solar Panel Cleaning Robot which helps the customers reduce soiling losses, increase solar plant efficiency and save huge amounts of water. The organization engages with the customers right from the design stage to understand their challenges, develop products, and offer services to improve efficiency. Also, their products and solutions help protect the environment.  

A Glimpse of the Journey Since the Inception

Is the world truly producing clean energy that preserves our natural resources, protects the environment? The journey of Aegeus Technologies began with a quest to find a sustainable solution to the above challenge. It operates at the intersection of two of the world’s biggest challenges- clean energy generation and water conservation. Today, solar panels are deployed at a massive scale to help drive the transition towards clean energy. But, soiling is a major challenge that can reduce the plant efficiency anyway between 3-40%. The present method of cleaning uses another valuable natural resource, which is water. It is not realistic to solve one problem by creating another. Over the past three years, this organization has been relentlessly working with solar power producers, O&M companies, and field-level operators capturing their CTQs. The challenges of the Indian installations are incredibly unique. Thus, Aegeus has developed an indigenous technology that addresses these challenges viz: portability, speed, efficiency, undulation, etc. It is designed for India but suited for the global markets.  

The Visionary Leader Behind the Entire Operation

Suraj Vernekar is the Co-founder and CEO of the company. He has over two decades of experience with large MNCs like GE, Eaton, etc., in different roles and geographies. Suraj was a Global Product Manager based in the UK, responsible for a P&L across Global IEC markets. He is also passionate about developing technologies that can help protect the environment. Motivated by the Make In India initiative, he returned to India and set up Aegeus Technologies with a young team of engineers. His global experience, strong understanding of technology, and customer-centricity are visible in the products which maintain global standards and with no compromise on the quality of product & services. That is imbibed in the entire team because of his leadership.  

Ways in which the Company Serving the Industry and its Clients

Aegeus is the only Indian company with indigenous technology for intelligent waterless cleaning of solar panels, and that is unique to any other design in the world. It has received patents in India and has applied for patents across different parts of the world and has also earned a lot of appreciation from various customers across the world and is now gearing up to export the products to the global market. It strongly believes that India has the potential to become a global supplier of high-quality, state-of-the-art technology products and the company aims to become a part of that ecosystem. Over the past couple of years, it has helped customers save millions of liters of water, increase the solar plant efficiency and also reduce the carbon footprint.  

Leading Sustainability with Automation and IoT

According to Suraj, the past few years have seen a tremendous improvement in robotics and automation technology, aided by massive developments in the fields of AI, ML, and IoT. This has a large impact on a wide variety of industries, including healthcare, manufacturing, logistics, mobility, and energy. Aegeus Technologies is working on addressing multiple challenges and has a product roadmap wherein it will deploy several of these technologies.  

Winning the Challenges

Aegeus’s journey as a startup has not been any different. It has been a roller coaster journey since its inception. The variables are way too many when one is trying to design something indigenous and there are only a few reference points. Hence, getting the right design was the first challenge. There was no doubt in their minds on the market potential, but technology adoption took longer than we imagined. The vagaries of weather and the pandemic have not helped it either. Funds then became a major bottleneck. The company owes its success to the strong team, who persisted despite all the challenges. They are driven by a strong passion and are now backed up by investors who firmly believe in their capabilities and support the vision.  

Achievements and Distinctions Creating the Difference 

Aegeus engages with its customers as its partners in growth. It is constantly working with them to understand their needs and customize our products/solutions to cater to their requirement. Users find their robots easily portable, easy to operate and maintain. The company attributes the current product design to the feedback it has received from the users over the past three years. Aegeus has been recognized among The Most Innovative Startup at ELEVATE100. It has been the finalist at various startup events and has been identified as Most Innovative and Most Promising Startups of India by various magazines. Aegeus is also a part of the ICC-sponsored India Pavilion at World Future Energy Summit 2023, Abu Dhabi. Aegeus is also a recipient of financial assistance from the Dept. of Science, Govt of India under the SRIJAN scheme.  

A Uniqueness that Attracts More Customers

Automation is the new normal to drive transformation in business processes. Companies are using big data, machine learning, and IoT for better time management and efficiency in operations. Aegeus Technologies is one such organization that is aiming to create 100% made-in-India robotic technologies and intelligent solutions for complex challenges. The company aims to understand the challenges faced by the customers and design end-to-end strategies that will meet their problems head-on. Aegeus Technologies also aims to promote sustainability and protect the environment by developing technologies that will preserve nature.Aegeus Technologies aims to design and develop robotic technologies and solutions. The company’s flagship product is the Intelligent Waterless Solar Panel Cleaning Robot which helps the customers reduce soiling losses, increase solar plant efficiency and save huge amounts of water. The organization engages with the customers right from the design stage to understand their challenges, develop products, and offer services to improve efficiency. Also, their products and solutions help protect the chúng tôi the world truly producing clean energy that preserves our natural resources, protects the environment? The journey of Aegeus Technologies began with a quest to find a sustainable solution to the above challenge. It operates at the intersection of two of the world’s biggest challenges- clean energy generation and water conservation. Today, solar panels are deployed at a massive scale to help drive the transition towards clean energy. But, soiling is a major challenge that can reduce the plant efficiency anyway between 3-40%. The present method of cleaning uses another valuable natural resource, which is water. It is not realistic to solve one problem by creating another. Over the past three years, this organization has been relentlessly working with solar power producers, O&M companies, and field-level operators capturing their CTQs. The challenges of the Indian installations are incredibly unique. Thus, Aegeus has developed an indigenous technology that addresses these challenges viz: portability, speed, efficiency, undulation, etc. It is designed for India but suited for the global markets.Suraj Vernekar is the Co-founder and CEO of the company. He has over two decades of experience with large MNCs like GE, Eaton, etc., in different roles and geographies. Suraj was a Global Product Manager based in the UK, responsible for a P&L across Global IEC markets. He is also passionate about developing technologies that can help protect the environment. Motivated by the Make In India initiative, he returned to India and set up Aegeus Technologies with a young team of engineers. His global experience, strong understanding of technology, and customer-centricity are visible in the products which maintain global standards and with no compromise on the quality of product & services. That is imbibed in the entire team because of his leadership.Aegeus is the only Indian company with indigenous technology for intelligent waterless cleaning of solar panels, and that is unique to any other design in the world. It has received patents in India and has applied for patents across different parts of the world and has also earned a lot of appreciation from various customers across the world and is now gearing up to export the products to the global market. It strongly believes that India has the potential to become a global supplier of high-quality, state-of-the-art technology products and the company aims to become a part of that ecosystem. Over the past couple of years, it has helped customers save millions of liters of water, increase the solar plant efficiency and also reduce the carbon footprint.According to Suraj, the past few years have seen a tremendous improvement in robotics and automation technology, aided by massive developments in the fields of AI, ML, and IoT. This has a large impact on a wide variety of industries, including healthcare, manufacturing, logistics, mobility, and energy. Aegeus Technologies is working on addressing multiple challenges and has a product roadmap wherein it will deploy several of these technologies.Aegeus’s journey as a startup has not been any different. It has been a roller coaster journey since its inception. The variables are way too many when one is trying to design something indigenous and there are only a few reference points. Hence, getting the right design was the first challenge. There was no doubt in their minds on the market potential, but technology adoption took longer than we imagined. The vagaries of weather and the pandemic have not helped it either. Funds then became a major bottleneck. The company owes its success to the strong team, who persisted despite all the challenges. They are driven by a strong passion and are now backed up by investors who firmly believe in their capabilities and support the vision.Aegeus engages with its customers as its partners in growth. It is constantly working with them to understand their needs and customize our products/solutions to cater to their requirement. Users find their robots easily portable, easy to operate and maintain. The company attributes the current product design to the feedback it has received from the users over the past three years. Aegeus has been recognized among The Most Innovative Startup at ELEVATE100. It has been the finalist at various startup events and has been identified as Most Innovative and Most Promising Startups of India by various magazines. Aegeus is also a part of the ICC-sponsored India Pavilion at World Future Energy Summit 2023, Abu Dhabi. Aegeus is also a recipient of financial assistance from the Dept. of Science, Govt of India under the SRIJAN scheme.Aegeus endeavors to help customers truly produce clean energy. It focuses on developing solutions that help the customers increase efficiency while conserving natural resources. It also believes that technology is just an enabler. Aegeus is deploying image recognition, IoT, and ML technology not only for solar module cleaning but, also for predictive maintenance of the plant. The company is constantly identifying new challenges and developing roadmaps to innovate new solutions.

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Fix: Cricut Not Cutting All The Way Through Or Not Cutting At All

Is Cricut not cutting your materials? Fix it in 6 easy steps

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If your Cirut machine is not cutting through your material or the Circuit is not cutting at all, you can repair it with some simple troubleshooting. So many times, you attempt to use Cricut for a design, but the machine completely messes it up.

A lot of users have had the challenge of Cricut not cutting through the material, so we will explore the solutions for this problem here. Let us go through troubleshooting tips for when Cricut is not cutting or when it does not cut all the way through.

How do I fix my Cricut not cutting correctly? 1. General troubleshooting tips

Ensure that the blade depth is deep enough to cut cardstock. In most cases, five is perfect.

Increase the pressure to the highest setting.

Make use of a Circut brand blade.

Remove the blade and reinsert it the correct way – the cone point end should not be the side sticking out.

The material you intend to cut must match the one you selected in the material setting.

Try using a different web browser.

Clean the mat to remove debris and create some clearance in the front and back of the machine.

The tips above are the general troubleshooting steps to take when you notice that Circut is not cutting correctly.

If you attempt 1 to 7, and the machine is still malfunctioning, then proceed to the specific solutions that follow.

2. Install the green/gold assembly into the cutting arms correctly

Always insert the green/gold assembly in the middle groove area. Users mistakenly put it in the lower groove area, and this can be why the Cricut is not cutting.

If you install the assembly correctly, there will be no space between the bottom of the machine and the blade.

3. Determine why Cricut is not cutting using an assembly test

Remove the blade and reinsert it slowly.

While reinserting the blade, check how it enters. Make sure that the blade goes in naturally.

If the blade is not inserted correctly, it would look like it does not fit or stick while going in.

4. Check blade height setting

Without additional external testing, you can confirm if the blade extends out of the green/gold blade assembly. If it does, then you need to adjust the blade height settings.

It is tough to estimate the correct height. So, change the blade height to around 6 (1 mm) and adjust it from there.

5. Determine why Cricut is not cutting using an arm buoyancy test 6. Adjust the sizes

Increase the image size and retry.

If there are texts, increase the font size and try again.

Bolden the font.

If you can afford to, delete the section of the design.

Images and texts may be too small to cut. Changing the size of the fonts and images can fix this issue of Cricut not cutting.

Several factors can be the reason for Cricut not cutting all the way through, and we have explored the solutions. Begin the troubleshooting with the tips in the first section, as these are sufficient for most cases.

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Nexar: Delivering Revolutionary Deep Learning Solutions To Improve Safety

The company’s technology impacts consumers, automakers, municipalities, fleets, and insurers in unique ways. Consumers benefit from safer driving and increased road safety through the Nexar app or dashcam and from the V2V network. Automakers can collect vast data to make smarter road insights from Nexar’s deep learning algorithms. By scanning and processing traffic patterns and urban dynamics in real-time, Nexar turns every vehicle into a city surveyor, offering municipalities’ a new perspective for urban planning. Finally, insurance companies save vast time, money, and resources with Nexar’s automatic collision reconstruction reports as it instantly generates a comprehensive report including visual footage when an accident occurs, removing any bias or delay in claims processing.  

Experienced and Visionary Leadership Harnessing Deep Learning for a Guarded Drive

Together with Berkeley Deep Drive, Nexar recently released the world’s largest dataset of annotated visual driving scenes to help researchers and companies train self-driving cars. The BDD100K dataset is the largest and most diverse open driving dataset for computer vision research, consisting of 100,000 videos. “With a large and geographically diverse body of drivers, Nexar has over 150 million recorded miles driven from cities all over the world, from New York to New Delhi. Its database has recorded and analysed driving situations from a wide range of real-world, often bizarre, edge-case driving scenarios, inconceivable weather and lighting situations, which will play a key role in the development of autonomous driving systems, as to create fully safe systems, needed to be ‘driven’ in all different types of scenarios.” Says Eran. The unique ways in which Nexar collects and analyses data benefits its clients and users in a number of ways. For drivers and insurers, Nexar has been able to reinvent the way they detect and process collision claims. Traditional methods of detection rely on embedded sensors but lack cameras to capture the accident’s context, so the data is incomplete and often bias. Nexar realized the sensors on most smartphones are sensitive enough to capture high-quality data, and by combining this data with video context captured by the phone camera, comprehensive collision reports are created in minutes.  

Driving Growth Through Product Innovation and Networking

Other differentiators include that the company has the first and largest vehicle-to-vehicle network dedicated to reducing road collisions, its technology is hardware agnostic, so drivers in any type or model of vehicle with either Android or iOS devices can benefit from its features without an extensive and expensive integration process through Nexar’s biggest dataset of miles driven and analyzed (over 150 million miles).  

Significant Milestones and Awards

Nexar is proud to have reached significant and noteworthy milestones so far. A few of the notable ones include: •  The company currently has drivers in 160 countries and has logged more than 150 million miles driven by users. In NYC alone, 10% of rideshare drivers use Nexar, and collision rates among Nexar drivers in NYC have decreased by 30%. •  The company started 2023 with the announcement of a $30 million Series B funding round, which was instrumental in growing its network globally. •  Nexar announced Lights API, the first in a series of data products coming as part of its new data platform, which will create a new type of map. The platform will roll out features including traffic light monitoring, congestion, road hazards, infrastructure malfunctions, stopped cars, pedestrians, street signs, cyclists, emergency vehicles and more, enabling the next step in safety and vehicle coordination. •  Nexar’s insurance solution was recently chosen by Efma and Accenture as the winner in the annual Innovation in Insurance Awards for its ability to reconstruct accidents via mobile phone.  

Turning Challenges into a Roadmap of Opportunities

A growing number of drivers, insurance companies, and OEMs are starting to depend on Nexar, and as a result, there is a need to keep growing the Nexar platform to meet their needs, while at the same time, continuing to keep the drivers happy and increasing the safety capabilities. An additional challenge often perceived as the biggest opportunity is to improve its capabilities for predicting collisions based on the company’s V2V network and then close the loop by preventing them ahead of time. The company had a great success and strives to be better as that is the only path to its ultimate goal to eliminate fatalities on the road.  

Fostering Relationships for Future

The main focus for Nexar is to expand its driver network among professional and everyday drivers and create new relationships with dashcam providers, insurance carriers and other entities that are looking to raise awareness around road safety. The company offers a unique set of AI-powered tools to aid in the claims process created specifically for the insurance industry, such as comprehensive collision reconstruction reports. Nexar is already working with several providers not only to streamline their processes but effectively eliminate the opportunity for fraudulent claims and encourage safer driving overall.

9 It Technologies That Drive Product Development

If you’re in the IT department of a manufacturing company, this is your lucky day.

A new survey by Harvard Business Review Analytic Services has documented proof that nine IT technologies are pre-requisites for organizations that want to produce more and better new products. These technologies also drive more profitable new products as well.

Essentially, organizations were twice as likely to be highly satisfied with new product development if the IT department was a true partner in the process.

While only 23% of the survey population (1,200+ respondents from around the world) said their new product development process was good, 45% of the respondents with solid IT support said that their processes were good. And good processes lead to more and better products, and more and better value from R&D, according to the respondents to the poll, which was conducted in November 2010.

It turns out that 9 technologies were viewed as proven tools that boost new product development success:

• Design and analysis tools – your typical Cad/CAM/CAE

• Supplier management

• Product requirements management—typically in a product lifecycle management (PLM) package

• Change and workflow management

• Regulatory compliance

• Product traceability

• Integrated bill of materials (BoM) and ERP

• Request for proposal preparation

The vast majority of the respondents who are already using IT to monitor new product development say these nine technologies will be extremely or very important within two years.

Source: Harvard Business Review Research Services, 2011

Note that the importance of these tools didn’t vary that much by the respondents’ size of company, geographic region or their role. The big differentiator was type of industry. Companies that manufacture high tech devices, automobiles, trucks, engines, chemicals, medical devices and other manufactured goods consider these tools even more important.

And those that weren’t already using IT to monitor new product development had a much lower opinion on the importance of these technologies. Essentially, they’re clueless about the benefits and ultimate value. This ignorance is a great opportunity for IT departments to deliver top line benefits.

Another area of IT that is considered crucial for successful new product development is the ability to enhance collaboration. While only a minority of companies have been relying on partners for new product development ideas and support in the past, the majority expect to be at least partially dependent on third parties in the future.

And given the increasing role of third parties, as well as the increasing role of other internal departments in new product development, it comes as no surprise that the use of IT to enhance collaboration was the most commonly cited change in R&D activities since the recession.

The rising dependence on third parties for R&D support has led to a tough dilemma for most large companies: the amount of external access to internal data and systems. Respondents showed a remarkable degree of schizophrenia about providing data to even their most important partners.

The study report notes that fewer than “four out of ten companies provide their most important partners with full access to their systems and data at least sometimes. What’s worse, only half provide read-only access to their most important partners at least sometimes.”

The conundrum presents a huge challenge and opportunity to IT practitioners and vendors. Developing the level of digital rights management to protect intellectual property while allowing unfettered access to authorized users is clearly a huge, and unfulfilled need. Ironically the DRM tools are out there, but they do not appear to be tightly integrated with the other systems.

Interested in more information about the report? The editorial director of Harvard Business Review Research Services, Angelia Herrin, gave a presentation on the survey results a few weeks ago. Here’s a video summary of her presentation on managed innovation. .

Note that not only was this survey base huge, but it also represented a significant number of large companies. The average number of employees was 3,810. The average annual sales in 2009 were $1.8 billion. Note also that 36% of the respondents’ organizations had annual sales in excess of $1 billion, while 44% had less than $150 million.

Almost a third of organizations were in the manufacturing sector (30%); other industry sectors cited by respondents included professional services (17%); financial (10%); and healthcare (7%).

Around half of the respondents’ organizations were based in North America; 32% were in EMEA; 12% were based in Asia.

More than half of all respondents were in executive/senior management positions. Just over a third (36%) had other management positions. More than a quarter were in general management. Just under one fifth (19%) worked in R&D or product/operational roles. And 16% of respondents had marketing or sales roles.

Fortnite Sound Lags Or Stutters Or Audio Cutting Out On Windows Pc

Fortnite has taken the world by storm. It is one of the best games in the world, however, this doesn’t mean that everything is perfect with the game. A lot of users have said that Fortnite sound lags on their computers. In this article, we are going to see how you can resolve the issue.

Why does my sound keep cutting in and out on Fortnite PC?

There are many reasons why Fortnite sound keeps cutting in and out or lags on your computer. To resolve the issue, we are going to take every single reason into account and then fix them.

More often than not, the issue occurs when Fortnite, which is a demanding game, trickled down on the scale of priorities. So, now the game, which is supposed to have all the resources of your computer at work at the same time, is unable to quench its thirst for power and end up either crashing, freezing, or their audio lagging. That’s why we are going to give them the required power and see if that works

Another reason for the issue is corrupted or missing game files. Hence, you should also check whether the game files are corrupted or missing. If they are, then they can be resolved. It’s quite simple, just verify the game from the Epic Launcher and the issue will be resolved. Sometimes, audio issues occur in Fortnite and other games due to outdated or corrupted audio drivers.

We will also see some solutions that will take Windows audio problems into account and see how you can fix the problem.

Fortnite Sound lags or stutters or Audio cutting out on Windows PC

If Fortnite sound lags on your system, then start troubleshooting by restarting the computer. Restarting the computer will stop all the applications that could have interfered with your program.

After restarting, you should check out these solutions to resolve the issue.

Disable Audio Enhancement

Update your Audio drivers

Change Priority

Verify your game files

Troubleshoot in Clean Boot

Let us talk about them in detail.

1] Disable Audio Enhancement

Audio Enhancement is used to improve the audio coming out of your speaker good. Now, the thing is, this can backfire and if you are facing an audio issue, then try disabling Audio Enhancement and see if that works. Follow the given steps to do the same.

Open Control Panel.

Change View by to Large icons.

Go to Enhancements and tick Disable all enhancements.

Hopefully, this will resolve the issue for you.

2] Update your Audio drivers

You need to make sure that your Audio drivers are up to date as that can resolve the issue. This solution itself can resolve a lot of audio-related issues. We are going to do the same.

Following are the methods to update your Audio Drivers.

Update your computer to update your Audio Drivers.

Go to Device Manager and update your drivers.

Download the latest version of the driver from the manufacturer’s website.

Hopefully, this will resolve the issue.

3] Change Priority

It is recommended to set the priority of your game manually. This is something that has worked for many users, and that’s somewhat right. We are going to set the priority to high and hopefully, that will work.

Launch Fortnite and then minimize the game.

Open Task Manager.

Go to the Details tab.

Then open your game and see if the issue persists.

4] Verify your game files

Sometimes, the audio may lag because of corrupted or missing game files. However, you can easily verify your game files and resolve them. Follow the given steps to do the same.

Open Epic Games and go to your game library.

Wait for the process to complete.

Once your game is verified, restart your computer and see if the issue persists.

5] Troubleshoot in Clean Boot

Fortnite can have an audio issue because of some other application that can interfere with your game. These applications, may or may not be visible to you, but they are running in the background. So, you can try troubleshooting in Clean Boot and see which app is causing the issue. Once you know the name of that app, you can remove it, or disable it temporarily and see if the issue persists.

Hopefully, your issue will be resolved.

Read: Fortnite Client Entry Point Not Found, Exception Processing Message.

Why is Fortnite on PC so laggy?

If Fortnite is lagging on your computer, then you should check your computer specification and make sure that it meets the system requirement. The following are the recommended system requirements to play Fortnite.

Video Card: Nvidia GTX 960, AMD R9 280, or equivalent DX11 GPU

Video Memory: 2 GB VRAM

Processor: Core i5-7300U 3.5 GHz, AMD Ryzen 3 3300U, or equivalent

Memory: 8 GB RAM or higher

OS: Windows 10 64-bit or later.

If your computer is matching the requirement, then check out the solutions mentioned above to resolve the issue.

Also Check: How to fix Login Failed in Fortnite.

Top 10 Technologies Enabling Finance Digital Transformation In 2023

Per Google Trends, there has been a sustained rise in interest in finance automation. Since the COVID outbreak, around 88% of finance and insurance executives have reported an increase in the implementation of AI technologies

One possible reason for this phenomenon is workload reduction: Gartner claims

1. RPA 

RPA are bots programmed to undertake repetitive tasks. RPA bots are being used in finance because they can reduce the workload of accounting teams, by automating numerous tasks, such as journal entries or intercompany reconciliations, and only requiring a final review from them.

Their other benefit is their consistency. For periodically-repetitive procedures, such as journal entries during financial close, these bots can be scheduled to work as commanded (i.e. recording sales data on journals as they come in), thus minimizing the possibility of missed deadlines.

2. AI

Artificial intelligence covers a variety of technologies that can be used to enhance financial tasks, such as credit extension.

For example, in the order-to-cash (O2C) process, once an item is added to the cart, retailers have to assume that the costumer has the money to pay for the good, so that they can set the logistical wheels in motion. That “assumption” is basically extending the customer a line of credit (LC) until it comes to payment processing.

Financial solutions leverage AI to evaluate applicants’ credit history more quickly, efficiently, and accurately. There are pay-as-you-go credit agencies that can do that for you. So the automated financial solution and the credit agency collaborate with each other to gather credit score on one end, and send it to your ERP on the other, thus allowing the wheels of the O2C process to be set in motion.

3. Workload automation 

Speaking of scheduled processing of tasks, another technology used in financial transformation is workload automation. Workload automation is using software to automatically schedule and initiate workflows, thus requiring minimal human intervention.

A use case of workload automation is payment collection. For this process, employees can either manually create the invoice or leverage RPA to do that. However, to keep up with invoicing deadlines, employees can leverage workload automation tools to initiate the sending process once the triggering event (e.g. invoice file creation) occurs.

Sponsored:

An example of file transfer is Children’s hospital and medical care center. It handles 350,000+ patients a year, generating a large amount of data to be processed and delivered to hundreds of employees around the hospital. Children’s hospital and medical care center used ActiveBatch job scheduler and workload automation solution in order to consolidate multiple schedulers in one application. That allowed the hospital to automate 40+ file transfer processes to their 40+ vendors. The result was a 50+ hours of reduced workload for their staff.

4. Blockchain 

Blockchain is a distributed ledger for recording all decentralized transactions.

In finance, it can be used to improve the transparency and security of data, thus reducing the possibility of fraudulent tampering. For instance, a company’s financial documents and statements can all be secured on blockchain. This lower the feasibility of any employee or executive to make changes to the data on the sheets once they are on the chain, because they become instantly verifiable by auditors.

In a survey by Duke University

5. Cloud computing

Cloud computing is the practice of having data storage spaces without on-premise IT infrastructure. This technology is useful for most automation solutions as the back-end processes and functionalities do not require on-premise infrastructure. All that responsibility is passed on to the developers. Moreover, cloud functionality makes for 24/7 remote and online accessibility by all authorized personnel. This will mean that the progress of financial tasks, be it close or O2C or S2P, can all be remotely monitored independent of location.

Data privacy is another benefit that cloud computing offers financial services. Gartner claims that through 2023, public cloud infrastructure as a service suffered 60% fewer security incidents than those in traditional data centers. So, as they argue, “security should no longer be considered a primary inhibitor to the adoption of public cloud services.”

Security of financial data is of the utmost importance, and leveraging cloud solutions can offer enhanced protection of data and documents.

Document automation is a technology for creating electronic documents, such as invoice issuance for processes in accounts payable, accounting, and tax filings. The software can gather sales data such as, order quantity, price, customer information, and other usable data from underlying ERP systems such as order management software or CRM systems to automatically, and accurately, create an invoice in real-time based on the data it can create thanks to OCR technology.

7. NLP & reporting automation bots

NLP is a sub-field of AI that gives computers the ability to understand and interpret human language. NLP has many use cases in finance, but is arguably most efficient and effective for extracting large volumes of data across different silos and giving it to RPA bots that are specialized in reporting. These bots, then, will generate periodic financial reports, such as P&L statements, tax reports, and other financial statements.

The benefit of NLP being used complementary with reporting bots is that generating reports will be automated and shorter to complete. In addition, because financial reports are meant to educate high-level executives and investors on the financial state of the company, it will mean that they are provided with the most possible accurate sets of data.

8. Orchestration

Orchestration is a tool that allows for the automatic coordination of different financial ERP systems found in the infrastructure of a modern enterprise. Much like an orchestra conductor, orchestration automates the sequential undertaking of processes.

In financial close for instance, there is an eight-step process in the checklist that should be carried out before the close is achieved. Automated solutions leverage orchestration tools to allow all these different tasks in the checklist, such as balance reconciliation and intercompany accounting, to be in progress.

9. Process mining 

Process mining is an analytical tool that helps businesses understand and analyze the speed and efficiency of their everyday processes by detecting patterns in process event logs. It’s through process mining that businesses would identify the bottlenecks in their financial department that could be remedied with automation.

For example, in the purchase-to-pay process, it’s claimed that sourcing, procurement, and accounts payable have their own specific department, with each optimizing their functionality subjectively. Businesses can leverage process mining software to get a more accurate estimate of how long each purchase-to-pay cycle takes.

10. Web scraping

Lastly, automation tools are not only for back-end financial procedures. They can also be used for investment.

Let’s say a company wants to invest in a business or even a financial automation product. They can use web scrapers to scrape the internet for public reviews, prices, and capabilities of the product. Alternatively, they could scrape publicly available financial documents and other factors of interest regarding the investment project that they are interested in.

Learn more about using web scrapers for investment.

For more on FinTech

If you are curious to learn more about the technologies being used in the finance sector, read:

If you would like to leverage a FinTech solution for your business, we have prepared a data-driven list of vendors.

And if you believe your business would benefit from a digital transformation software, we have a data-driven lists of digital transformation consultants.

And we will help you find the best one suitable for your business:

He primarily writes about RPA and process automation, MSPs, Ordinal Inscriptions, IoT, and to jazz it up a bit, sometimes FinTech.

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