Tuesday, June 2, 2020

Why the COVID-19 Crisis is a Catalyst for Digital Transformation

The COVID-19 outbreak has made a seismic impact on people's memories. Businesses around the world have had to take work-from-home or social-distancing measures — or even temporarily cease operations. Digital transformation is essential with regards to operational resilience for enterprises as the COVID-19 crisis continues to affect the world economy.

The pandemic continues to cause political and economic turmoil and is affecting business operations. Some businesses have indeed been able to play to their strengths. Others are now taking digitization seriously.

Growing demand for secure cloud solutions

Just as businesses were beginning to recognize adoption of ‘the cloud’ as a vital catalyst for business transformation, the COVID-19 pandemic outbreak has made it a key enabler to ensure business continuity. During these challenging times, the cloud's power to transform backup data into an asset, making it more open and accessible, can help organizations gain critical insights into uncovering opportunities and expediting decision making.

Even so, with more workers connecting remotely to work from home, cloud adoption without data protection could be ineffective. Cloud data protection systems are a must as they can ease data complexity, provide a central point of access, increase data visibility, reduce legal and regulatory risks and save costs.

Businesses must set up a foundation for data protection

Businesses are helping employees to work from home to try and safeguard business continuity and security. Simplifying data backup and recovery is one of the measures that can be taken in order to make the data management and accessibility process easier and faster (especially when the entire company connects remotely). While conventional backup systems are both cost-intensive and time-consuming, the backup process can be accelerated through a cloud data protection system.

There is a shift in digital security priorities

In the face of cybercrime, the need for safety and security remains paramount. However, to bring about change and realize the scale and potential of digitalization for industries, one might need to be more open. Building a wall, whether physical or virtual, hampers data, information, and knowledge exchange. These are the foundations of the digital world and it's the speed at which we can turn that knowledge into an important product that really matters.

In order to bring about change, trust must be created not only in the data itself (especially when critical decisions are based on it) but also in those who use the data. Scandals like the Cambridge Analytica incident have lessened our trust in such things. This ultimately leads to the need for behavioural change and system modernization within the industry and among policy-makers.

It is a cultural transition of epic proportions that must happen if we are to realize the potential of the digital era.

There's a sense of urgency to move forward

For many corporations, speeding up their digital transformation is the only option. That involves moving from abstract conceptualization to active scale-up, backed by continuous testing and continual learning. These moves should take place in two areas: at the core of the company and through new business development.

Despite the enormous difficulties that CEOs manage today, it's time to act now. In fact, we've seen that the significant decrease in travelling time has provided more time for CEOs and their top teams to focus on new initiatives. For example, a leader at a large bank recently said they were finally getting around to deploying a major Customer-Relationship-Management (CRM) program that they had no time for before. Given how rapid the change that’s taking place is, it might be too late to wait until you see signs of recovery.

Besides, businesses also start to recognize the fact that physical document signing is no longer just a disruption for a month or two of pandemic lockdown period, but a sustained challenge for any activity that relies on face-to-face workflow. Just among Innov8tif’s clientele, we have witnessed the following problem statements related to document signing:

1. How could a mobile network operator seal postpaid subscription contracts with customers, truly online while still legal-binding and complying to Malaysia’s Digital Signature Act 1997?

2. How could the authorized signatory of a MNC who is subject to stringent audit requirements, approve payment instructions online while addressing the need for non-repudiation requirements?

Such requirements can be easily accomplished with document approval workflow which addresses digital workflow routing needs, plus a seamlessly integrated digital signing solution that accomplishes legal binding document signing, and even enhanced biometrics authentication to provide additional level of confidence towards the identity proofing process. It sounds like a complex solution, but it has been simplified by Innov8tif with an out-of-the-box offering.

Enterprises must accept the new digitized norm

Prominent economies are already looking at confining themselves and carefully thinking about how individuals will move around. This phase might be long (possibly two years) for businesses, uncertain and will have a lasting effect on corporate roadmaps and organizations. In concrete terms, most corporations are likely going to face uncertainty and economic recession.

Remote work has become the new norm. Flexible working will become the norm for most organizations as it is the simplest solution for helping to watch out for the daily well-being of workers. As a result, company roadmaps and digital customer experiences are likely to be effected within the next 18 months. Workflow gives you the power to work better — no matter the circumstances. So employees can be productive, wherever they are. And customers can get what they need, when they need it.

As the COVID-19 crisis continues taking a toll on the world economy and affecting business operations, digital transformation is crucial. With most people isolating themselves at home and working from home, more businesses are now taking digitization seriously. The COVID-19 pandemic has become a catalyst for digital transformation.

Saturday, May 23, 2020

Giving Back to Our Local Community

As COVID-19 sweeps across the world, all lives are being upended. This global pandemic crisis is unlike anything we have seen before.

One of the core components in Innov8tif that we value the most is putting a human face on business entities by communicating empathy, understanding and support, both moral and financial, for those who need it the most. We understand that when it comes to giving back to the community, any action, big or small can make a real difference.

“With that in mind, we want to do our part to give back to our local communities by contributing through Sumbangan Kasih program, a program under Majlis Perbandaran Subang Jaya (MPSJ) that focuses on the welfare needs of B40 groups in Subang Jaya. We all hope for the fastest, safest resolution possible to the health crisis and for breadwinners to resume the productive role as soon as one can reasonably be expected,” George Lee, Innov8tif’s CEO.

Sunday, May 10, 2020

Digital Health Declaration to Promote Safer Workplace

The Prime Minister of Malaysia has just announced that CMCO (conditional movement control order) is extended to June 9. And it is generally believed that, the Covid-19 pandemic will not end anytime soon, not even in the next 12 months. While Malaysians are now experiencing some relaxations in movement control, provisions in CMCO does not mean return to normal life.

Contact tracing is one of the crucial SOPs to be adopted by businesses. This means that, Malaysia's residents will be asked to register personal contact information when visiting any premise. The Selangor State government has rolled out SElangkah Initiative, which aims at facilitating the registration of individuals entering any premises in the state to protect the business operators and customers during the implementation of the CMCO.

A number of business premises I have visited in the past few days were still relying on paper logbook for visitor registration. Which led me to the following concerns:
  1. Sharing of writing instrument when physical contact is supposed to be minimised. 
  2. Some of the logbooks were even asking for IC (identification card) number, which in my opinion, is a potential infringement of personal data protection practices.
  3. Illegible handwriting, which defeats the purpose of contact tracing. And I am guilty for this. 
In March, during the second week of Covid-19 lockdown, Innov8tif rolled out a digital version of health declaration form for business offices, production plants and logistics warehouses to adopt best practice in contact tracing. 

Friday, May 8, 2020

Looking to Implement A Digital Transition Strategy for Your Business? Here are 5 Tips!

You’ve probably realized that you need a strategy for ‘going digital’ efficiently. However, as prominent as the topic is, it's still a common challenge. Adaptability to new technology and staff competency towards the technology are a few of common challenges that business owners need to overcome as they realize how important digital and mobile platforms are, which are important for customer’s acquisition and retention.

Unfortunately, a large number of businesses lack an integrated strategy for expanding and effectively engaging with their audiences. System modernization is only one part of it.

If your company has no strategy in this arena, expect to lose out to more competent rivals. Transitioning to a new digital infrastructure doesn't have to be rocket science. Here are several tips to help you and your team get started.

1. Set Specific Objectives

A lot of people might view digital transformation as this fairly vague concept that doesn’t really mean anything other than having an internet connection and a couple of work apps. In reality, the transition to digital is quite comprehensive, as it can become rather overwhelming if you don’t have any clear objectives in place.

Discuss your company’s current goals and milestones with your team and work out how the digital landscape can bring you closer to these goals.

Take a look at your current customer journeys. Is there any room for improvement? What about customer acquisition? Are there any gaps that can be filled through the use of technology? Do you need an efficient customer onboarding solution? Is it time for your business to reinforce mobile biometric capabilities? Asking yourself these and other similar questions can help to bring your objectives into focus and make your path to digital clearer.

2. Identify Opportunities

Digital transformation brings opportunities to the table that may otherwise never have been possible. As leaders and business owners, our job is to have the vision and diligence to identify those opportunities and decide which ones should be acted upon. The COVID-19 pandemic has brought the concept of “social distancing” to the forefront. With the help of technology, your business could offer innovative solutions via a contactless digital process that prioritizes safety and convenience.

Monday, April 27, 2020

4 Digital Trends that are Propagating Contactless Behaviour for The Low-Touch Economy

Over the last few years, major changes have occurred in the payments space. As we move into a new decade, change is likely to continue. Payment patterns for 2020 appear to push the market in a far more consumer-centred direction, focusing on how payments can be made as simple and convenient as possible. With recent events, fear stirred by the pandemic and a looming recession has magnified this push towards a more consumer-centred approach.

Digital trends are underway. These prompt contactless behaviour in the name of economic survival and continued digital transformation.

Biometric Authentication

Consumers have been using their fingerprints to unlock their smartphones for many years. These same fingerprints also allow for mobile banking transactions and mobile payments. Corporations, consumers and service providers all rely on fingerprints or other kinds of biometric identification tech to make payments much more effective, accurate and safe. Security via reinforced authentication also drives seamless online experiences. 

Biometric authentication solves a very relevant problem that gets in the way of contactless payments. As one could imagine, the pandemic has brought fear to contact-based biometrics, such as fingerprint scanner. India's local authorities were also seen instructing businesses to stop the use of fingerprint-based biometric system to curb COVID-19. This trend has given a rise to requirements for contactless biometrics, such as facial and iris recognition.

Reliability, authenticity and trust are all concepts that are not as strong online as they are in ‘real life’. Biometrics revolve around stronger components that relate to self-identification. These can fortify systems, software and platforms, particularly those that involve financial details and other sensitive information prone to being affected by cybercrime.

Friday, April 24, 2020

Customer Success Story: Joget (Low-Code Platform) Helps to Drive Digital Transformation in Public Sector

Key findings:

• The Ministry of Energy and Natural Resources Malaysia (formerly known as Ministry of Water, Land and Natural Resources) embraces low-code agile development with the aim to rapidly digitalize ministry-wide operations.

• The Information Management Department is staffed with a small software development team that wears multiple hats – business analyst, software engineer and quality assurance engineer.

• Building an application using traditional coding isn’t a competency challenge but making sure that an application adapts to on-going requirement changes is a challenge of sustainability addressed by a low code platform. 

Kementerian Tenaga dan Sumber Asli (Ministry of Energy and Natural Resources Malaysia), abbreviated as KeTSA (formerly known as KATS), is a Malaysian Ministry comprises multiple agencies and several statutory bodies tasked with responsibilities for energy, land management, forestry, geospatial, biodiversity conservation and management, as well as the management of minerals and geoscience.

For a Government Ministry with vast accountability to the public, it is crucial to driving transparency, effectiveness and efficiency of their daily operations. Afterall, these are the key factors that drive towards success in civil services. Often, the needs for digitization and automation across various stakeholders and working groups go without saying. Joget as a low-code developer platform enables an agile team of application builders to focus on getting the requirements right, then ploughing energy on traditional coding, and roll-out software applications that embrace continuous improvements.

Photo taken on 07/Feb/2020 

Acquiring New Perspective in Developing Secure Enterprise Applications for Government Agency 

As technology keeps on evolving in a blink of an eye, digitization and automation is needed to solve daily operations; this requires a tactical move from KeTSA to upgrade their system while improving their standardized management system. With a tight deadline, an agile team of six application developers from KeTSA’s Bahagian Pengurusan Maklumat (Information Management Department) successfully developed a number of comprehensive and well-outlined systems with functionality that fulfill and satisfy stakeholders needs and requirements. The timeline is inclusive of detailed requirements from different stakeholders, solution design, low-code development, quality assurance and continuous deployment.

From zero to hero, a team who is completely a stranger to Joget low-code application has witnessed the future of application software development – low-code/no-code. Some of the use cases implemented are project monitoring, record management, change request management and communication logging, which involves common application system components such as multi- channel e-forms, review and approval workflow, user directory integration, record search and traversal, reporting and executive dashboard. Interestingly, one of the applications is aimed at Biosafety use cases – to monitor activities pertaining to the living modified organism (LMO) and products of such organisms in Malaysia.

Monday, April 6, 2020

Could Biometrics Solve Your Business's Contactless Payment Challenges?

Amidst the uncertainty being experienced with regards to public health and economic stability, it may be worth looking back on certain technological developments to try to find a way out.

As nations around the world implement various lockdown measures to try and contain the spread of coronavirus, social distancing has become a trending topic of discussion.

Now, the possibilities granted to us by technology might seem more relevant and more urgent than they did before.

In a world where handing people wads of cash may have become outdated, could biometrics - an advanced form of authentication - be the key to pushing contactless payments even further? 

It's a step up for digital security

First and foremost, biometric authentication can act as a remarkable innovation that fortifies digital security. Identity solutions are quickly becoming a common part of online safety, especially as consumers become aware of the weaknesses in conventional and outdated authentication methods.

A simple password might not be enough anymore, and biometric verification seems more like the future when dealing with many aspects of the digital sphere. This includes contactless payments, as part and parcel of a more convenient, instantaneous mode of transaction processing.

Biometric demand is coming from diverse markets

Although determined by different factors and a multitude of market maturity levels, biometric card adoption is spreading gradually. A diverse payments landscape means that the trend is being driven by different priorities. Mature regions, for example, might prioritize card fraud (which is an aspect that biometrics can help tackle).

Thursday, April 2, 2020

6 Key Points for Building a Great Digital Customer Experience

Research shows that the quality of digital customer experience management can affect business results. Customer engagement has historically focused on gathering multiple connections and experiences over the customer journey, rather than just one encounter.

Now that much of the customer journey is digitized, a range of digital experiences requires differentiated management, particularly as customers demand more immediate and personalized online experiences.

From a digital standpoint, customer journey and customer experience management are essential concerns for businesses. A strong technology framework is needed for data collection, management and analysis. This is to help deliver great digital customer experiences across various channels and stages of the customer lifecycle and play a part in your entire business’ digital transformation.

Explore the capabilities of AI

Nearly 66% of customers switch brands due to poor customer service, according to Conversocial. Internet of Things (IoT)-era and the emergence of all things “smart”, has brought hyper-speed, real-time experiences and instant responsiveness to tech infrastructures.

With regards to digitization, brands are already starting to warm up to the idea of AI and chatbots to help bridge the speed gap. Social messaging is a prominent part of the customer experience these days, and AI can be integrated into the process. A combination of AI, chatbot technology and social messaging can help brands automate and personalize the customer experience to a decent extent.

Consider experimenting with emerging technologies that incorporate AI (such as digital signage, smart speakers and wearables). Many modern consumers prioritize convenience, and these newer tools provide just that. For example, Innov8tif’s eKYC solution helps businesses to speed up the process of user onboarding through combination of computer vision, deep learning and image processing technologies - aimed at simplifying onboarding journeys and automating the 24/7 onboarding process.

Monday, March 16, 2020

The Rise of RegTech and Its Impact on The Future of Financial Services

When it comes to reporting, compliance and regulation, the global financial crisis of 2008 was a game-changer. Over the last decade, you may have become aware of an evolution in Financial Technology (FinTech) that has resulted in tech for financial regulation or Regulatory Technology (RegTech).

In a December 6, 2018, MarketsandMarkets report, it was estimated that the RegTech market today could expand to $12.3 billion by 2023. By innovating common regulatory problems, RegTech makes use of developments like Blockchain technology, Artificial Intelligence (AI), Machine Learning and Big Data.

However, as evolution continues in the solutions found within RegTech, the regulatory landscape may have to surmount many obstacles in order to keep pace with the ensuing disruption.

What might the future hold and how could RegTech impact your overall digital strategy?

Regulations are skyrocketing

A massive deployment of new regulation has emerged as a result of the global financial crisis, with over 50,000 new regulations since the catastrophe. To put things into perspective, that's one new regulatory alert every seven minutes!

This development has taken a toll on the financial service industry, with banks alone spending hundreds of billions of dollars annually.

Monday, March 9, 2020

The Evolution of the Digital Wallet - A Reflection on its Past and What Might Lie Ahead

It has been described as the future of payments. The digital wallet (commonly known as the e-wallet) essentially lets users store all their cards, bank accounts and financial necessities in a virtual system. 

How did e-wallet make its way into our lives?

How does it remain such a prominent part of the digitization and digital transformation happening in this era and what’s in store for its future?

What is a digital wallet?

In a nutshell, the digital wallet works a lot like your physical wallet, only it’s an electronic version of the same concept. It lets people store their money and make payments all from the comfort of their homes (or wherever they are for that matter). It’s a virtual mobile bank at your fingertips. Digital wallets these days are also reinforced with security measures, so your financial information can be kept safe during transactions.

This remarkable innovation provides us with accessibility and convenience, offering loads of features all from our smartphones. There are various types of e-wallets available, each with their own unique sets of features.

Mysterious beginnings

For all the attention given to the digital wallet, its origins are pretty murky. The very first instance of an e-wallet can't exactly be pinned down. What’s known is that the idea had been in circulation since the late ‘90s, with discussions about a concept made up of virtual payment systems and capabilities for storing cash. However, very few people were using it at the time.

In fact, several companies and individuals tried to come up with early versions of the e-wallet but nothing much came out of it. Even eBay launched a series of early e-payment programs but these failed to take off due to poor publicity. Ultimately, the timing just wasn't right.

E-wallets took time to conceptualize

The first series of e-wallets that was developed was basically considered a failure and is now known as the first generation. The second-generation garnered a little more traction, with even MasterCard and Visa coming on board. However, there just wasn't enough focus on simplification and integration of solutions was practically nonexistent.

Wednesday, February 26, 2020

Benefits of Automated Workflow for Your Business

Ushering in a new era of growth, the world is currently amidst technological transformation that will fundamentally change the way we work and live. In order to stay relevant in today’s current market, companies will have to adopt new technologies, such as automated workflow to unearth new opportunities for their businesses. Automated workflow is a technology that automates the routing for a series of sequential steps involved in a business process.  Often, a business process involves human-to-human activities such as request review and approval, as well as system automation such as sending out notification messages and posting approved transactions to an integrated system.

Here are 5 benefits of automated workflow for your business.

1. Reducing turnaround time

One of the key challenges that business often encounter is the duration of delivery time. With automated workflow, it can reduce turnaround time. Approval cycle can be sped up with electronic and automated routing of e-forms and workflow task assignment in business processes. For example, approval form can be easily accessible from email and mobile application, making it more convenient for Managers and Senior Management to perform on-the-go decision making. Those in managerial level can focus more quality time on key managerial activities that help spur company's growth, instead of spending time on mundane data collection, reporting, and following-up on disjointed processes — which are better done by automation.

Turnaround time is also reduced from elimination of issues introduced by wrong routing of approval, which is often witnessed from a manual form routing process (whether through emails or physical documents). Not only that, automated workflow also improves efficiency. More automation in a workflow equals shorter delivery times, optimizing business operations while boosting productivity. 

2. Simplify business processes

The opportunity for business process re-engineering is made possible by improving business process flows. When opportunity to simplify business processes came knocking on the door, business processes that have been carried -out for years are possible to be fully optimized by automated workflow. For example, elimination of the “checker” role from a process as electronic form will have the capability to automatically enforce form input validation prior to a request being completely submitted.

Monday, February 10, 2020

5 Simple Ways to Protect Yourself from Identity Theft

In today’s interconnected tech-driven industries, computer security has become a huge priority. It may have once been considered merely an afterthought for businesses and users but has quickly grown in prominence. 

Malicious attacks can cause massive devastation, compromising important parts of how systems have been built to run. According to a report issued by Javelin Strategy and Research, 14.4 million people fell victim to identity fraud in 2018 alone! 

If you haven’t experienced it for yourself, you might know someone who’s fallen victim to it. Even Jack Dorsey, co-founder and CEO of Twitter, was not exempted from such a risk, with hackers using a SIM-swap technique to infiltrate his phone. Cybercriminals have targeted personal bank accounts, as well as company databases. It’s time that you try and stop yourself from becoming a victim of identity theft. Here are a few simple steps you can take in order to stay protected.

1. Practice Basic Online Safety

If you’re accessing a public computer, don’t shop online or fill in details containing sensitive information. This goes for devices with unsecured Wi-Fi too. Hackers may be lurking just beneath the surface, between the user and the unstable internet connection. Passwords, credit card information and sensitive identifiers can be stolen from a user as the data gets sent out.

2. Update Your Security Software

If you are using your home or office machine, consistently update your security software. Firewalls and antivirus systems make up the first line of defence when it comes to digital crime. If you are surfing online or if you’re an avid online shopper, only visit reputable retail sites. Phishers and identity thieves often set up fake sites that prompt you to key in your personal details. Sometimes, these sites can even resemble real and reputable sites. Check that the “https” line is included before the URL (just in case). Also, be careful when downloading apps and files. Check that they’re from reputable sources because hackers might rig them with malware that infects your device and let them gain access to it.

Thursday, January 30, 2020

7 Digital Transformation Trends that could Catch Fire in 2020

In an increasingly technology-driven world, digital transformation is likely to become even more commonplace. Repetitive terms like edge computing, cloud, augmented reality and IoT are probably here to stay, but these developments could merge with even more prominent aspects of the business landscape. 

Several core technological services appear set to dominate future discussions, making an impact on the fundamentals as we continue this journey of digital transformation. The modernization of legacy systems and even more digitization across the board appear set to take centre stage this year.

Here are a few digital transformation trends that could take off substantially in 2020.

1. The Arrival of 5G

5G has been a long time coming, and many consider this is the year of 5G. Telecommunications giants such as Verizon, Nokia, Ericsson, Huawei, AT&T and Qualcomm are working diligently to try and make sure global 5G deployments stay on track. Meanwhile, handset manufacturers are already releasing 5G phones. Malaysia has also witnessed the launch of the 5G Demonstration Project (5GDP) in Langkawi on 19th Jan 2020.

Aside from faster broadband (5G could be up to 100X faster than 4G at its theoretical top-speed) and stronger mobile networks, the proliferation of 5G also includes accelerated advancements in smart systems. Vehicles, manufacturing industries, cities and industrial operations could become highly IoT-intensive and connected. 5G is paving the way for true digital transformation (the likes of which we are likely to have never witnessed before).

Despite concerns around the possible environmental consequences of deploying 5G, industry leaders and corporations seem persistent about making 5G more widely available. In August 2019, data showed that only four months after local carriers commercially launched the technology, the number of 5G subscribers in South Korea hit the 2 million mark.

2. Artificial Intelligence (AI) and the rise of Robotic Process Automation (RPA)

If you haven’t noticed, the adoption of AI has gained considerable traction recently and the mainstream media has homed in on its potentially transformative capabilities. AI is already around us, in many products that we use. Innov8tif is using image processing and deep learning techniques to automate cognitive intelligence in identity verification. Business decision making can also be assisted with smart data-driven suggestions or predictive analytics, as part of an automated workflow, realizing the future of “AI as co-worker”.

Presently, RPA is one of the major innovations that can be found out there. RPA uses bots to execute small, repetitive tasks and transactions with more precision and significantly fewer errors compared to their human counterparts.

Tremendous improvements to efficiency and workflow have been made as a by-product of using RPA.

It is estimated up to 40% of enterprises are keen on adopting some form of RPA in response to increasing automation to try to keep ahead of the competition.

The RPA market could reach nearly $4 billion by 2025.

Thursday, January 16, 2020

Innov8tif Inks MoU with Securemetric to Integrate Innov8tif’s EMAS eKYC and Workflow Solution with Securemetric’s Centagate Cloud and Signing Cloud

Kuala Lumpur, Malaysia 16 January 2020 - Innov8tif Solutions Sdn Bhd (“Innov8tif”) has entered a strategic partnership with Securemetric Berhad (“Securemetric”) to develop technological solutions by utilizing a cross-technology innovation between the two parties.  

With the signing of Memorandum of Understanding (“MoU”), both parties agreed to establish and enhance the collaboration to work together to achieve mutual sharing of digital expertise and innovation; in which Innov8tif’s solutions will be integrated to Securemetric’s Centagate Cloud and Signing Cloud to enable electronic know-your-customer (“e-KYC”) and workflow digitisation capabilities. At the same time, Innov8tif will enable the support of strong authentication through Securemetric’s Centagate Cloud for their application access control and offer it as an optional feature to their customers. 

This MoU was signed by Mr. George Lee, Chief of Executive Officer for Innov8tif and Mr. Edward Law, Chief Executive Officer and Executive Director for Securemetric. The MoU signing ceremony took place in Aloft Hotel Kuala Lumpur during the official launch of Securementric’s Centagate Cloud.

George Lee said “The MoU is a strategic alliance – we hope this collaboration can enhance and strengthen our working relationship with the pioneer in information security technology industry. There are vast amounts of collaboration and advanced technology transfer possibilities between the two companies. We are delighted for this partnership and look forward to the prospect of further developing our partnership in the future”.