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LOS ANGELES, June 29, 2021 /PRNewswire-PRWeb/ We have to encourage as many Bahamians as possible to remain on the cutting edge of technology, to understand the new way of doing business and to ensure that we compete with the rest of the world, said Bahamas Director of Labor, John Pinder at the opening ceremonies. As many as 40% of Bahamian workers were either unemployed or facing furloughs in September of last year due to the COVID-19 pandemic. A larger digital workforce could help the economy in the Bahamas, largely based on tourism, to grow and diversify. Digital skills have become a requisite to excel, not only in prioritized economic sectors like financial services and tourism, but in all Bahamian industries that desire to compete internationally, said Avasant Partner and President of the LAC Region, Anupam Govil.
Avasant s Empowering Beyond Annual Summit, Transcending Digital, Considers What s Next
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Digital transformation is well under way. Artificial intelligence, the Internet of Things, intelligent automation, the cloud, and ubiquitous networking have made it possible to augment or replace people in nearly every business function. Technology is omnipresent in our lives and in our work. The digital age is here, but is it working? Deploying technology is just the first step. Integrating that technology into the enterprise and into the lives of customers should be the ultimate goal. We need to transcend digital, to take those digital solutions and make them work for people to create a better future. That is the theme for Avasant’s 2021 Empowering Beyond.
AI emerges as the foundation of enterprise decision-making
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Over the past 12 months, the number of artificial intelligence (AI) and advanced analytics projects in production has increased by 54%. Much of this growth is due to AI-enabled digital workplace solutions and self-services capabilities, allowing for low-touch operations needed during the pandemic. New use cases have emerged in areas such as advertising, media, and marketing where consumers now expect personalized content and communications. AI is creating a shift in how enterprises consume data and make decisions. These emerging trends are covered in Avasant’s new Applied AI and Advanced Analytics Services 2021 RadarView report™.
Anupam Govil, a partner and the head of insurance practice with
Avasant, congratulated the winners noting, The pandemic has exacerbated vulnerabilities in traditional insurance business models. Customers expect more personalized solutions that align with their lifestyle and budget. Carriers need to leverage behavioral economics and collaborative ecosystems to compete in the post-COVID economy. Some of the findings from the full report include the following: Property and casualty (P&C) insurance companies should: 1. Leverage behavioral economics, IoT, and telematics to develop personalized insurance plans and proactively mitigate risks. Use behavior incentivization through telematics and real-time monitoring technologies to offer more flexible and usage-based insurance (UBI) products, especially for auto coverage.