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Global CBDC strategies, technologies, and challenges

Global CBDC strategies, technologies, and challenges

During the first wave of the pandemic, over 80 million adults in India made their first digital merchant payment. It’s because most of them were concerned about the hygiene of currency notes since they get exchanged very frequently. Such widespread events have changed their mindset about making payments, and they are slowly shifting toward adopting digital currency payment technology for processing cashless transactions.Paying close attention to consumer psychology and the evolution of blockchain and cryptocurrency in financial services, central banks from all over the world have adapted to the wave of digital currencies. In this blog, we will go through the global strategies and impact of CBDC on the financial ecosystem and why this currency needs to be issued worldwide! What is a CBDC?You are probably wondering, what exactly is a CBDC? Well, CBDC stands for Central Bank Digital Currency and is a digital form of money issued by central banks that has a fixed value. With more people choosing to go cashless, central banks stepped up to meet their demand and created this digital currency. Unlike physical cash, CBDC exists in the form of digital coins and is accepted everywhere. It’s not tied to any physical assets like gold and silver. Instead, you can use it to buy goods and services. A very specific type of digital ledger technology is used in CBDC to preserve the integrity of data records. As of now, 87 countries have already explored the Central Bank digital currency, while 9 of them have launched a state-owned digital currency. Breaking down the types of CBDCCBDCs exist in different forms depending on their purpose of usage. These CBDC models were proposed by members of central banks and international agencies. As technologies become more advanced, more versions of CBDCs will likely be introduced. They will add more transparency and efficiency to processing transactions. At present, CBDCs can be classified as follows: 1) Retail CBDCIt is issued for the general public, where people can make their regular payments without worrying about its safety. This electronic currency is supported by the country’s central bank and the government. It protects consumer assets by eliminating the role of intermediaries and can be beneficial for the innovation of financial ecosystems.2) Wholesale CBDCFor large-scale transactions like transferring funds between banks, wholesale CBDC is used by commercial banks and financial institutions. It is not directly available to common people and is designed for making settlements spontaneously. It supports higher-value digital payments between banks and conducts transactions quickly and automatically.3) Hybrid CBDCThis adaptable CBDC is a combo of both models, as both people and commercial banks can use it for conducting quick transactions. However, the catch is that customers need the support of intermediaries to gain access to their CBDC. Consumers can claim their account on the central bank, and it preserves their financial records and stability. Innovative CBDC Strategies in Various RegionsMost of the global monetary authorities are taking steps to see how the digital form of currency can be utilized to its true potential. Some of them are not fully convinced to deploy it due to the resistance of the private sector, the degree of digitization of the economy, and regulation policies. Every region has its own set of decision-making factors to create a regulatory framework for issuing its digital currency. Let’s explore the innovative CBDC strategies of the most prominent regions.  1) EuropeThe economists at the European Central Bank analyzed the 2022 ECB study on Payment Attitudes of Consumers in the European Union (SPACE) to prepare a model on how to persuade users to adopt the CDBC and fill the gap between adoption and usage. It was observed that after the pandemic, people began using mobile phones mostly for peer-to-peer payments, and this behavior increased from 3% in 2019 to 10% in 2022. Many European countries have capitalized on this opportunity and adopted CBDC in their infrastructure. a) European Central Bank (ECB)ECB has issued the digital euro, an electronic equivalent to cash that would give an extra payment option to users. It will be accessible to all Euro area countries and stored on the user’s bank or with the support of an intermediary. It will build up the monetary sovereignty of all Euro areas and protect them from potential cyberattacks and technical challenges.b) SwitzerlandThe Swiss National Bank has expanded its digital currency project with other commercial banks to increase transaction volumes. They have improved their financial stability by terminating credit card risks and reducing liquidity risks. They are looking into how central bank money can be beneficial for settlements when assets shift from centralized markets to tokenized platforms.c) United KingdomThe Bank of England (BoE) has decided to use distributed ledger technology (DLT) and blockchain in financial services for their CBDC strategies, to promptly deal with risks associated with the payment industry. It is going to collaborate with the Treasury, the Payments Systems Regulator, and the Financial Conduct Authority to make sure that all types of currency can be traded with each other. 2) Asia-PacificThe Asia-Pacific region has seen some of the most noteworthy leaps in CBDC adoption. Countries in this region have been exploring CBDC for its usage and applications in the retail and wholesale sectors. According to the Bank for International Settlements (BIS), 93% of central banks have initiated the development of CBDC in their infrastructure, and this digital currency is set to promote financial inclusion and modernize payment technology for the greater good of its population. a) IndiaThe Reserve Bank of India has acknowledged CBDC strategies as the future of finance and has integrated CBDC into the financial ecosystem. It is creating a regulatory framework for tackling money laundering and terrorism financing and considering including a scalable and long-lasting technology stack in its existing infrastructure.b) ChinaThe digital yuan, also known as e-CNY, hasn't been very successful since the market is mostly dominated by Alipay and WeChat Pay. The Chinese government has put strict limitations on the power and market share of commercial banks and digital payment corporations. Still, the e-CNY struggles to deal with many technical challenges, like liability for claims.c) South KoreaThe Bank for International Settlements (BIS) is collaborating with the Bank of Korea to innovate banking technology through the implementation of the pilot project. The Bank of Korea is given the independence to create its policy. They are taking steps to solve the challenges of monetary and financial stability along with the integration of technology into the financial systems. 3) Middle-east and AfricaSecure and quick cross-border payments are a priority for most oil exporters in the Gulf region since data is available in various formats and every nation operates on its own regulations. To support financial inclusion and enhance the quality of cross-border payments, 19 countries in this region are already exploring CBDC as a digital payment option. Some of these countries are still in the pilot stages of research and haven’t progressed to an advanced POC stage. While a few countries in this region have successfully adopted CBDC as a form of digital payment. a) Saudi ArabiaNoticing the shift to digital currencies, Saudi Arabia decided to become part of the multi-country initiative for Central Bank Digital Currency and initiate cross-border digital payments. It has joined hands with China and the UAE in the “mBridge project” that is currently in its initial stages. The goal is to reduce the expense of payments and fast-track the settlement process.b)  QatarThe Qatar Central Bank has developed its CBDC infrastructure with artificial intelligence and distributed ledger technology. They have tested it for high-value payments and settlement of transactions, with the assistance of a group of local and international banks. This project touches on the uses of CBDC as digital coins to provide access to capital markets for setting up banks in the country.c) South AfricaThe South African Reserve Bank (SARB) is going to use stablecoins to aim for financial inclusion, interoperability, reducing costs, and encouraging innovations. In the coming years, it is going to explore the feasibility of digitizing the cash and follow the sandbox approach to evaluate payment use cases and other prospects of using digital payments. 4) AmericaDue to the legislative resistance, the adoption of CBDC in America is at a halt. The CBDC Anti-Surveillance State Act prohibits the formulation of CBDC as there are several privacy issues and data security risks associated with it. Some of the American states, like Nebraska and Florida, don’t even recognize CBDC as legal tender and have passed laws to prohibit this form of digital currency. Financial control and surveillance are some of the major reasons behind the formulation of this law.a) USAThe CBDC of the USA hasn't been issued yet due to safety and liquidity risks. The Federal Reserve has concerns that the funds must be easily transferable irrespective of the intermediaries used, and the identity verification technology must be robust. Its CBDC will behave like a legal tender and act like a tokenized and blockchain-based form of the US dollar.b) CanadaThe Bank of Canada adopted CBDC after observing the reduction in cash transactions. They partnered with the Creative Destruction Lab and formed the Blockchain Research Institute. The Canadian CBDC enhanced the financial inclusion of their citizens, who initially didn’t possess credit or debit cards, and encouraged the development of innovative financial technology.c) CaribbeanThree retail rCBDCs were introduced in the Caribbean to convert the cash-based economy into a digital economy. However, the Sand Dollar network wasn’t adopted widely by merchants and consumers, as the Sand Dollar wasn't unified with the traditional banking system. The people were not financially educated to understand the benefits of cashless transactions. Challenges associated with CBDC1) Technical issues: Connecting a broader networkIf we think of rural areas that regularly deal with internet connectivity issues and power outages, it creates a challenge for the central banks to include them in the network. Even the integration of existing systems and spending on the infrastructure is another hurdle for CBDC.2) Financial awareness: Orthodox mindset of peopleA lot of people are still stuck in the Stone Age and aren’t ready to accept this form of electronic currency, and that is affecting the speed of digitalization. Central banks might have to make extra efforts by organizing awareness campaigns just to assure them that digital currencies are the future.3) Disintermediation: Affecting the overall economyCBDC can shake up the financial stability of any bank’s business if it is not issued and designed properly. Since these banks are a part of some of the segments of the financial ecosystem, it will gradually affect the overall digital economy and cause severe consequences.  4) Supervision: Protecting Data from cyber threatsSince cryptocurrency has always been on the radar of cybercriminals, the government will have to put extra effort into monitoring, supervising,  and protecting sensitive data from cyberattacks. Strict measures need to be taken as digital currencies are more vulnerable in nature. Top Reasons Why CBDC Should Be Issued Everywhere1) Impenetrable securityCentral bank digital currency works on transparent blockchain technology. Using blockchain in financial services reduces the amount of fraud and identity theft as it provides a secure and transparent payment architecture backed by impenetrable authentication protocols. It keeps a clear record of every transaction that can contribute to warding off money laundering crimes.  2) Boosted payment efficiencyIntegration of CBDC in the existing infrastructure will enhance the payment speed and reduce settlement time, as there is no involvement of intermediaries. With quick, easy, and secure transactions, the user retention rate will improve proportionally. More customers will be drawn toward adopting cashless payments.3) Financial inclusionThe majority of the public in remote locations doesn’t have access to financial services and internet facilities, and even the banks aren’t interested in covering these regions. For those people, Central Bank Digital Currency can provide secure and affordable options to manage their money without the requirement of carrying physical cash.  4) Accessible without internetConsumers can transfer funds without the need for an internet connection. This is due to the functionalities of programmability in CBDC supported by Bluetooth technology, because of which you can scan the payment code at any grocery store and transfer with limited or no internet connectivity. ConclusionThe emergence of CDBC has provided a substitute for traditional payment models and has disrupted the financial ecosystem worldwide. It is a dynamic mix of regulatory, economic, and technological components that drastically enhance the quality of cross-border payments with its transparent and robust blockchain technology.Speaking of blockchain, Webelight Solutions Pvt. Ltd., our future-forward fintech software development company, also specializes in providing blockchain development services and software development solutions for fintech firms. Whether you are looking for secure payment gateways, digital wallets, or mobile payment apps, our experienced team carries the skill and expertise to serve all your needs. Book a consultation with our resolute tech-driven team, and let’s take your organization to the next level! 

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Estimating Cost of Software Development Project for Fintech

Estimating Cost of Software Development Project for Fintech

It’s a golden period for the fintech industry since the fintech software market is on the rise with a prediction to increase by USD 22.66 billion between 2023-2028, with the focus being on phenomenal sustainable growth. Most fintech software development companies do not want to miss out on the boom where everyone else is looking to change the way their consumers access, handle, conduct, and keep track of their finances through advanced technology. But most of them are pondering around the same question. How much do I have to pay for developing Fintech software, and how long is it going to take? Is your mind buzzing around the same question? Well, it can depend on several factors. Estimating the costs at the planning phase could save you from uninvited troubles. This blog is a roadmap for you to understand how much it can cost to develop fintech software, the hurdles you may face during development, and how you overcome those challenges.  Source: www.technavio.com Factors influencing the cost of developing Fintech software 1) Project complexityRequirement gathering is one of the initial phases of software development for fintech, where we define the project scope and its complexity. We decide upon the features, efforts, and development time required for incorporating those features. The difficulty of developing the project increases with the complexity of your project. 2) Time invested in developmentThe time required in software development for fintech depends proportionally on the complexity of its features and the platform version. If you are going to implement advanced tech like real-data processing, artificial intelligence, or blockchain, it may take plenty of time than usual, depending upon the skillset of your development team. 3) Need for flawless UI/UXUsers like to use those fintech apps that have a simple yet flawless user interface where there is a balance between the two.  To give your users a great experience, it's important to invest in user interface design. Pick the right animations, transitions, and layouts, and test everything to ensure it works smoothly and is easy to use.  4) The location you choosePick the geographical location very wisely while estimating the cost of developing fintech software since currency value varies for different countries. You will get a much more affordable project quote estimate from an offshore fintech applications development company that’s based in your location as compared to the ones that belong to America or Europe. 5) Maintaining software qualityEven after the launch, the app may crash due to poor performance or bugs that are complex to resolve. The software also must remain functional despite the updates in third-party APIs. Some improvements come from the user’s feedback as well that need to be implemented in the software and require an extra investment of money.  6) Development team’s skillsetHiring fintech software developers in your company who have previous experience in providing fintech software development services will make them more familiar with its ecosystem. However, the disadvantage is that you would have to manage extra expenses like their salaries and taxes. So a better option would be to outsource fintech software developers from reputable outsourcing firms or a fintech app development company that specializes in fintech development outsourcing. Advanced features that could cost a pretty penny 1) Know Your Customer (KYC)Fintech software solutions must be able to verify the identity of a user and determine if the person has any fraudulent intentions. Any illegal money obtained from money laundering or drug trafficking can ruin the reputation of a fintech app development company. This is the reason why you need KYC verification to make sure you are giving the services to the authenticated user and protect yourself from fraud.  2) Multiple Payment OptionsConsumers are more likely to pay when they find a payment method that suits their preferences. By providing multiple payment gateways to users and adapting to how they prefer to pay, you can enhance your conversion rate and broaden your consumer demographic. With a simple transaction process, consumers will be compelled to use your services again. 3) Personalized pop-ups Fintech companies also need to focus on personalizing the messages for a better user experience. Personalized notifications keep the users up to date on their finances and alert them in case of fraud. You can also market the schemes and offers with updates and announcement messages to make the most of their campaigns.  4) Biometric authenticationIt's necessary to detect fingerprints or physical behavior for cybersecurity, but customers don’t want to wait a second longer for transactions. If you invest in biometric authentication, users can quickly get authorized, sign in to their account, and make quick transactions. Even fraudsters with 3-dimensional face maps or eye scans can’t beat this technology.  5) Interactive AI ChatbotAI chatbots and virtual assistants can handle everything from payments and transfers to loans and account management. Having them integrated into your fintech software is a must, as they can provide human-like customer service, deal with payments and investments tirelessly, prevent data leakage, and also improve the productivity of your team. 6) QR Code ScannerA recent study by Juniper Research forecasts that global spending through QR code payments will cross $3 trillion by 2025, and it will become a common mode of payment, thanks to its frictionless and error-less payment service. The end-to-end data security properties that QR code offers are an important feature that can’t be neglected while developing Fintech software. 7) Real-time Analysis and ReportsWith the real-time data analytics feature in your software, you can stay compliant with regulatory standards, take immediate action on cases involving suspicious transactions, and reduce the chances of financial risks. It also helps in continuously monitoring financial portfolios and adjusting them according to market fluctuations.   Let’s break down various kinds of Fintech apps 1) Budget expense tracker appsPersonal finance apps act like financial advisors who help you keep track of your salary and expenses automatically. You can organize your bills, check your balance, get payment reminders, manage credit/debit cards, and make money as well through referral programs from such apps. YNAB and Goodbudget are some of the best apps you will find to keep track of every penny you earn and plan your finances wisely. Estimated development cost: $50,000 to $300,000 Development time (roughly): 1500 to 2500 hrs 2) Money lending appsLending apps offer a bunch of options for users to use their funds for their personal needs, like healthcare check-ups, education loans, marriage, family trips, home refurbishment, and settling debts. They nullify the need for paperwork and require minimal documentation. Investkraft and Navi are some RBI-approved apps that allow you to get all kinds of insurance, FDs, loans, and mutual funds.Estimated development cost: $50,000 to $300,000 Development time (roughly): 2000 to 2500 hrs 3) Trading appsIf you are looking to manage your portfolio, get an overall view of the market, and buy and sell stocks, cryptocurrency, and ETFs, then investment apps can help you with that. You will get detailed and well-researched reports on various publicly traded companies. If you are looking to automate investing, you can go for apps like Betterment, and just in case you are new to this game, Charles Schwab can guide you in managing your portfolio.Estimated development cost: $60,000 to $120,000  Development time (roughly): 1500 to 2500 hrs  4) Banking appsBanking apps are mostly used in PSUs and private sector banks as they offer convenience in doing quick online transactions. Users can schedule credit card payments, get their account summary, set limits on purchases, and automatically pay their bills without having to be at the bank physically. Kotak-811 and HDFC Bank Mobile Banking are some of the popular banking apps that are known for their modern UI and stunning features. Estimated development cost: $30,000 to $300,000 Development time (roughly): 2000 to 3500 hrs 5) Insurance appsInsurance apps raise the bar of customer satisfaction and safety that many insurance companies offer. These companies offer the best commission plans for their users. Insurance apps help them choose the best options. These apps provide an easy way to monitor their spending and get updates on credit card returns. Bajaj Allianz Insurance Wallet App and Policy Bazaar are a few notable apps that users can use for complete financial analysis.Estimated development cost: $30,000 to $300,000 Development time (roughly): 2000 to 3000 hrs Learn how to develop the best Fintech software step-by-step 1) Gathering requirements When you have the idea in your mind, it's necessary to begin from the smallest details and understand the user psyche and the market you are targeting, apart from determining the monetization model. Then you can easily estimate a rough budget and projected deadline. 2) Designing the interfaceThis is where the users will interact with the system, so you need to make sure the interface, its features, and its functionality are easy to use. The user should be able to navigate without any struggle, and you should try to avoid bombarding the system with irrelevant features. 3) Developing the MVPUnderstand what problem your product solves and create an MVP with basic features that can be used as a sample for gaining user feedback. In this way, you will determine the feasibility of your project as well as get insights into the features that could be included in your project. 4) Testing its feasibility Testing of the product is important to make sure it is reliable and can securely handle sensitive data, manage their finances, and is compatible with the regulations. It also involves simulating cyberattacks on the system to spot its weaknesses and fix them effectively.   5) Deploying the productAfter rigorous testing, your product will be prepared for deployment. When it gets deployed, your job will be to continuously monitor the performance and resolve any performance issues that occur. You can also gather reviews and improve the functionality as per their preferences. 6) Maintenance and updateAs financial regulations keep on changing with time, you should conduct compliance monitoring in a short span of time to avoid getting into legal trouble and fines.  Your focus must be on these 3 areas—security of data, compliance with regulations, and continuous improvements through feedback. Challenges in Fintech software development 1) Being compliant to regulationsWith the introduction of new technology and market demand, the regulatory standards also change. To counter these changes, you need a development team that is well aware of financial regulations and adheres to them. This is where you could integrate AI to make the process error-resistant and smooth. 2) Security of vulnerable dataThe issues of data ownership, compliance, and security risks are bound to arise as most fintechs partner with banks and other financial institutions. A major problem is the lack of data standardization, as fintechs often aggregate diverse data sources to maintain data integrity. With increasing regulatory scrutiny, you'll have to invest in robust data security planning. 3) Integration of advanced techOne of the main problems is the slow speed of building integrations from scratch, which can stretch the development time. However, there is a growing need for end-to-end monitoring and low-code solutions. It permits the fintech software developers to manage integrations. However, data mapping can be a slow process, so it's important to have tools that let non-technical staff take part in it. 4) Scalability and reliabilityTo improve load distribution and accommodate an increasing user base and high transaction volume without hampering performance, you need a scalable cloud-based architecture right from the beginning. Based on the demand of users, you can scale your resources dynamically. with cloud computing, as it permits the addition or removal of servers to handle fluctuating loads. Outsource the best software development team to minimize costs Predicting the future of the fintech industry would be like estimating the weather conditions—nearly impossible. But as you might have understood by now, the cost of developing fintech software isn’t the sole factor behind launching fully functional and secure FinTech software. It is the factors around it that determine if the project will turn out to be a success or not. But it’s clear that having a proficient and well-experienced custom software development team by your side can significantly minimize the expense of the fintech software solutions you need.  With more than 10 years of experience in software development, Webelight Solutions Pvt. Ltd. carries the expertise to provide fintech software development services and help the fintech industry automate and modernize its manual operations.  We are one of the best fintech software development companies out there that also specialize in fintech development outsourcing and can develop customized fintech software solutions for you with real-time data processing, secured gateways, and advanced data analytics features that are compliant with regulatory standards and provide a smooth user experience. Get a quote from us today for budget-friendly, secure, and scalable FinTech software solutions.

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17 Most Popular Digital Marketing Trends in 2024 and Beyond

17 Most Popular Digital Marketing Trends in 2024 and Beyond

This year, digital marketers faced new challenges related to AI in digital marketing that required focus and adjustment because 63% of users want products that are actually tailored to their spending history. Changing consumer behaviors drives how brands connect with their audiences. From the application of artificial intelligence and machine learning to the production of captivating short videos and monetization of content through NFTs, the landscape of marketing is expected to transform in the year 2024. Further, apprising of these trends and following them isn’t only useful but is also a must if one hopes to remain relevant in an overpopulated market.  However, with all this return to normality, or rather with the closing of the pandemic period, we have all noticed such things as work within the office or physical shopping in the stores, and immersing experiences seem to take the lead. Closer budgets and tough competition in the market have resulted in the re-emergence of AI in digital marketing trends, thereby making it necessary for digital marketers to devise the best digital marketing strategies possible. Therefore, while we look at the 17 most popular digital marketing trends today and even further, we might point out that being at the top is possible but only through creative approaches combined with flexibility and plans. Such recent trends that our blog will focus on will provide insights into competitive brand differentiation and inner brand-building challenges, as well as how brands will be able to dominate their competition. 1) GMB Optimization: Improve Local Search Visibility GMB optimization for business profiles seeks to raise their visibility online and, consequently, improve their ranking on search engines. It also includes optimization of the Google My Business listing to enhance the visibility of the business on local results, protect it from negative effects caused by spam or fake reviews, and drive potential customers toward it. They optimize their descriptions, photos, and other key details to enhance their rankings in search results. The professional GMB optimization services will provide insights in the form of performance reports and allow tracking effectively.2) Opinion Mining: Fetching Consumer Insights with Big DataBy understanding user experience and feedback, the best content marketing agencies analyze their sentiments and gain deep insights into customer emotions and opinions. One of the common social media marketing trends called opinion mining is used to analyze unstructured data from social media, reviews, and customer service to gather public sentiment about a brand. Big data stored in the cloud also plays a key role in advanced product recommendation systems by conducting customer behavior analysis with metrics like pricing and spending limits. The demand for a product, its production scheduling, and inventory management can all be optimized with demand forecasting methods.      3) Behind the Mic: Building Brand Loyalty Through PodcastsPodcasting serves the on-the-go lifestyle of modern audiences. Unlike static content such as articles or videos, podcasts provide a flexible audio format that allows listeners to engage with content while driving, exercising, or performing daily tasks.  The content speaks to people even when they are working. The podcast picks up topics in minute detail and makes an interesting connect with the audience. Announcing product launches, and promotions, or giving information about what was happening backstage, is one sure-shot way to make a brand sound more human and hence build partnerships with other companies.4) Inclusive Marketing: Social Commerce with ConscienceInclusive marketing means having different voices and views from images to words in a way that the customer feels appreciated. Nowadays, customers have more power than brands; their voices and values have become loud through social media, and they are now a part of how marketing works. Brands that utilize one-dimensional, generic marketing strategies risk alienating diverse customer bases. Inclusive marketing strategies, on the other hand, build a unique brand perception through diverse models in campaigns and make content that resonates with various demographic groups.   5) Mobile-First Strategies: Capturing Attention in Three SecondsTo fit the unique characteristics and behaviors of mobile users, mobile-first social media advertising trends and strategies are implemented by the best content marketing agencies. Due to the omnipresence of smartphones and mobile apps, it doesn't take much time to get more reach and accessibility and improve engagement through interactive ad formats that capture users' attention. Due to the short attention span of people, the Three Second Rule is followed while preparing interactive posts and banners to increase effectiveness. One of the famous social media marketing trends is that more efforts are being put into push notifications to trigger curiosity among users about a specific product and make them click as well as buy the product online.   6) The Rise of PWAs: Fast, accessible, and engagingNative apps require users to download them to their devices as well as install them. PWAs are easily accessible with just a URL, thus making them user-friendly. They also hasten the process of development since they do not require submissions to app stores for inclusion and updates. Their easy access helps reach more people, especially those who do not want to waste extra storage on their devices. Easier to develop than native apps, they also support push notifications. It can help keep users interested and coming back more effectively. 7) Monetizing Content: Engaging users with non-fungible tokensThe more emerging content economy has brought in the use of NFTs that focus on engaging users and holding their loyalty. By issuing NRFT to customers, brands can also explore ways to redeem their branded content advertising policies in this case. Customers feel that they will be loyal to a particular brand and buy its products, simply because it is supported by an NFT. In addition, they further enhance the exposure of the brand due to their online activity and easy-to-share features. Last but not least, social media strategies also get the leverage of NFTs by raffling them. 8) Influencer Marketing: The Effect of Long-Term CollaborationsInfluencers are increasingly active across multiple social media platforms and use their diverse followers to maintain an everlasting brand message across different channels. Live shopping on e-commerce websites is on the rise, where influencers are selling products directly through live video. More brands are shifting towards long-term partnerships with influencers because sustained partnerships with the influencer would make their brand more authentic. Most influencers put a strong emphasis on brand authenticity, genuine connections, and reliable collaborations. Chief Influence Officers (CIOs) too have been brought into the game to strategize influencer marketing activities in various organizations so that they can plan campaigns and target their prime demographic.   9) Automated Email Campaigns: Reaching Leads at ScaleEmail marketing is a very affordable idea to get the highest return on investment and maintain good customer relationships. The importance is for personalized marketing and messages that are addressed directly to the subscribers who chose to get regular updates. Calling subscribers by name, changing content according to what they like makes messages more relevant to a better connection with the brand. The automation of follow-up or welcome emails helps businesses target a large group of potential leads in one go. 10) CRM and Automation: The Mother of all Demand Generation This strategy encompasses the use of different strategies to create awareness, generate traffic, as well as raise and sustain interest in a business’s products or services. Companies resort to intent data to analyze customer behavior, which looks at web behavior in order to determine which prospects are in the market looking for what the business offers. These insights inform marketing strategies such as developing triggers and using campaign management software to execute plans that help target the right people with relevant messages and shorten the timeline to close them. They also use a customer relationship management system and marketing automation tools, to generate leads and maximize the ROI. 11) User-generated content to Build Trust: Speaking as a Consumer Unlike being generated by a brand, the content is created by the user itself. It's about the brand in itself. It considers pictures, videos, and other forms like reviews and social media posts of the people who have used the products of a certain brand. UGC helps a company in gaining more attention and builds up its reputation by honest, unbiased reviews. It helps to showcase actual examples and opinions in order to persuade indecisive customers. Brands may also ask for user-generated content through promotions based on hashtags, contests, or by asking direct questions. 12) Search engine optimization (SEO): TOP SERP rankingsSEO is one of the best digital marketing strategies since it boosts website traffic, enhances lead generation, and improves overall online visibility. Locating the business in such channels becomes easy for customers if the quality of the content maintains relevance and usefulness to the customers. By choosing keywords, on-page techniques, and strategic link-building, a business can provide a boost to its ranking on the search engine results page or SERP for increased organic traffic. Other than that, local SEO will increase the visibility of businesses with a physical location by targeting searches that are locally based. SEO, in turn, decreases cost per acquisition and increases organic search visibility to complement PPC.13) Cryptocurrency and Bitcoins: A New Era of Transparency Traditional digital marketing relies heavily on central platforms, such as social media networks. Advertisers pay for the possibility of displaying ads. The biggest chunk of money is retained by these platforms. Bitcoin is different because it is decentralized and bypasses regular banking fees. It is a cheaper alternative for businesses in handling transactions. Most of the fintech companies benefit from this since it ensures safe and open transactions via blockchain technology, which aids them in collecting correct consumer data with the possibility of fraud detection. A balance is struck by creating a Basic Attention Token, whereby users are rewarded with their valuable attention.14) AI-Powered Marketing: The Next Level of Personalized CommunicationChatGPT and Google Gemini have made it easier to generate content in digital marketing, conversational marketing, and generative AI. They do this either by suggesting the ideas or text, or by generating the entire piece themselves.  Social media platforms are also integrating AI, with TikTok, while  Instagram is experimenting with AI-generated stickers.  In customer service, AI chatbots and virtual assistants interact with users and solve their issues quickly. The adoption of AI has created a perfect balance between advanced automation and human creativity and resolved issues of data transparency and legal compliance.15) AR Shopping: Try Before You Buy in the Virtual WorldShoppers are able to preview a product while sitting at home. It's like buying a rug in their living room or putting on outfits virtually. With an accurate representation of the product, a consumer would have more confidence in the product that they have brought and be less likely to return it. Other social media advertising trends involve the AR technology-based running of campaigns, which create memorable, strong brand experiences different from those marketed by old means. For increasing brand awareness, AR filters, interactive games, and storytelling are incorporated into brands to connect with audiences in fun and meaningful ways. 16) Voice search: significance of Position Zero for visibility Most of the voice search queries are done through mobile devices. An organization has to educate its team on optimizing the content, including the keywords for position zero. Popular AI voice assistants like Siri, Cortana, and Google Assistant read the snippets and provide results based on your search. They give guidance on various user prompts like where to go, what to do, and how to do it. Companies smartly try to optimize their voice search strategy and reach the position zero spot that guarantees their online visibility and ranks them higher on search results. For any kind of small local business or a large store, voice search is the best way to reach the right set of audiences and get more sales. 17) First-party data approach: Double your online revenue  Due to GDPR regulations, brands can no longer collect and track user demographics through third-party cookies. So now they have to gather this data through their own channel only if the user allows them to share their information. The data collection can be done through social media, a website, a newsletter, or customer feedback by using data tracking tools like Crazyegg and customer relationship management software. First-party data can cut unnecessary costs and reach more people through audience segmentation, account-based marketing, A/B testing, and paid advertising strategies. From Behind the Curtains to the Spotlight: Win Consumer TrustAs the online market evolves, following the trends is the only way to build your brand identity. The emphasis will be on leveraging these trends to enhance transparency, authority, and automation in marketing strategies. With the rise of digital marketing challenges, including tighter budgets and increased competition, businesses need to fulfill consumer needs. Companies that can strike the perfect balance between using these trends in their campaigns and maintaining a strong online presence will capture the attention of a wider group of audience and achieve long-lasting growth. You need the support of a top digital marketing company that can increase your conversion rate and build your brand value.Our digital marketing team at Webelight Solutions Pvt. Ltd. offers a full range of digital marketing services to establish your everlasting brand presence. Our expertise in search optimization (SEO) and pay-per-click (PPC) advertising will make your brand seen on the map and bring targeted traffic to your platform. Our team has the experience to improve how your social media looks with our content marketing efforts and engaging strategies. This is what makes us one of the best content marketing agencies out there. Not only that, we can help you improve customer interactions through personalized marketing campaigns and online reputation management strategies. Do check our comprehensive blog, “15-Point Digital Marketing Checklist for SaaS Products,” to learn about advanced tools and strategies for a successful Software as a Service (SaaS) launch.    Time to convert pointless clicks into happy customers. Let’s chat and get your brand trending all over the feed. 

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Hyper-Intelligent Automation: Simplify Finance & Accounting

Hyper-Intelligent Automation: Simplify Finance & Accounting

Most fintech companies are heavily dependent on mechanical systems to conduct their operations, and the digital skillfulness of their finance and accounting (F&A) department determines where the entire firm stands in terms of finances. Ever-changing regulations and market turmoil can be a nightmare for the company’s Chief Financial Officers (CFO), let alone the changing consumer needs and geopolitical drifts. There’s a chance of so many errors due to the involvement of manual labor, which can consume your time. On the other hand, robotic process automation in finance can finish the same tasks in a short span of time with minimal errors. Because of that, there is an undeniable need for artificial intelligence and machine learning applications in finance to be incorporated into organizations to make your systems smarter and more conscious. This technology needs to be securely installed in your infrastructure, and the best way to make that happen is through hyper-intelligent automation. Let’s discuss the potential of hyper-automation in financial operations and see how it can assist in risk management, optimizing resource usage, personalizing customer journeys, and much more!  Role of Hyperautomation in Finance and Accounting Hyperautomation technology is one of the flag bearers of the Industrial Internet of Things (IIoT) or the fourth industrial revolution, Industry 4.0. Hyperautomation in finance is a business-driven approach that requires identifying patterns and anomalies for making accurate decisions. It refers to integrating RPA in financial services, intelligent business management software, machine learning, data analytics, and artificial intelligence in finance within your systems so that they can conduct processes on their own with contextual decision-making skills. This can turn out to be a productive approach as automated systems handle end-to-end tasks tirelessly and kill the need for human intervention. In the customer-centric era, it is evident to provide end-users with errorless solutions within the defined timeline, as hyper-automation in financial operations is going to be the most agile method in financial reporting automation to fire up the customer retention rate.  How does Hyperautomation operate in Finance? 1) NLP and predictive analytics with AI/ML techArtificial intelligence and machine learning applications in finance use NLP for processing human language and advanced computer algorithms to mimic human decision-making skills and make systems smart enough to adapt to changing conditions. This technology uses predictive analysis to gather insights from collected data and formulate the most optimal strategy to move ahead. 2) Robotic Process Automation for mundane tasksRobotic Process Automation in accounting is the execution phase of automation, while artificial intelligence is the brains behind it. It contributes to data fetching from accounts and processing it with AI algorithms. RPA in financial services forms the base of intelligent automation in finance and hyper-automation. The AI engine assesses the data and transactions and detects any suspicious and fraudulent activities.   3) Process mining for defining future state processesProcess mining monitors the efficiency of the existing methodology and finds out how it can be improved with its knowledge-growing ability. It models the current state of the system, assesses the improvements required with the Japanese 5S methodology, conducts deviation and performance analysis, and forecasts the required improvements in the current process.4) Accurate forecasting with Business IntelligenceData warehousing, data visualization, OLAP, and financial reporting automation tools are used in business intelligence for making data-driven decisions. Business intelligence in finance manages associated risks, tracks performance, creates optimal budget requirements, and predicts the change in consumer behavior while adhering to the laws and guidelines of legal compliance.Benefits of Hyperautomation in Finance 1) Manages risks in advance and remains compliantWith accurate data collection, data analysis, and detailed reporting, hyper-intelligent automated systems create comprehensive digital audit reports and adhere to regulatory-compliant requirements. Accurate reporting, notifications, and periodic audit alerts help prevent fraud or cyberattacks that can penetrate the systems containing sensitive consumer data.   2) Improves productivity with less resource usageHyperautomated intelligent systems have the capacity to learn from their own mistakes as well as find faster ways to enter and retrieve data. They can respond to requests quickly and identify rule-based tasks that can be easily automated. They free up resources that can be utilized for other important tasks and cut down costs on resource allocation.   3) Personalizes customer journey with CRM toolsCustomers look for more personalized and convenient transaction processes while banking. CRM tools improve their money lending process by offering competitive loan terms, and that enhances customer retention rates as they benefit from repayment plans. Through transaction history and feedback surveys, they spot trends and align their policies to consumer needs. 4) Reduces errors through accurate decision-makingDecision-making is more about accuracy than going with an expert’s gut feeling. Due to quick access to data in real-time with data analytics, it becomes easy to track the performance of the system and make the entire process more transparent with hyper-automation in financial operations. Hyperautomation lays out a true reflection on what improvements need to be made through detailed reports. 5) Scales as per the evolving market demandsYour business may need to keep up with the changing market trends. With the shifting market changes, hyper-intelligent automated systems have the properties to stay in sync with transformations and scale efficiently. By monitoring and auto-remediation tools, you can keep track of your scaling configurations and take the necessary steps directly.  Use Cases of Hyperautomation in Finance 1) Approves the loans quicklyHyperautomation tools reduce manual errors by using user-intelligent OCR and machine learning to extract and validate data. From data collection and credit report analysis to income verification and final approval, hyper-automation automates the entire loan process. It involves no use of manual paperwork that can elongate the process. 2) Handles claims cognitivelyHyperautomation speeds up reconciling tasks and data verification to provide a pleasant experience to the clients. It consolidates information from multiple systems and manages communication happening through emails. It analyzes data in various types, namely audio, images, and text, using cognitive automation to extract useful information. 3) Safeguards data with KYCKYC Portal CLM simplifies the integration by providing a secure API that connects systems with third-party applications. The dynamically synchronized data makes it easier to monitor and manage risks. Hyperintelligent systems can automate background operations and conduct them across internal and external systems to detect and respond to cyber fraud.   4) Anti-money launderingThe traditional AML framework is tricky and involves labor work where they track transaction details and review historical alerts. Hyperautomation uses robotic process automation in accounting and artificial intelligence in finance to automate alert generation and transaction reviews. Apart from that, it validates data accurately as well as personalizes compliance training. Challenges for hyper-automation in Finance 1) Initial investmentIn the initial weeks, organizations have to spend time and money to understand how the technology works. They will have to set up workshops and training sessions to make their staff familiar with hyper-intelligent automation tools that can temporarily halt their in-house work.2) Data securityCustomers are doubtful that automation can’t keep up with the evolving techniques of cyberattacks and may stall authentic user traffic. They still need to be convinced that intelligent automation in finance can cope with advanced persistent attacks and protect their data.3) Lack of expertiseDue to the talent gap, artificial intelligence cannot be successfully integrated into existing systems. The lack of knowledge makes it difficult to install automation tools, develop AI models, and use data to its full potential. It also hampers the return on investment in AI technology. 4) Data qualityManaging inconsistent formats from multiple sources, filling gaps in datasets, resolving duplicate records, and dealing with inaccuracies are common hurdles for automation tools. Maintaining data quality requires the collaborative efforts of human experts and technology. Top-class AI and advanced automation expertise for smooth integrationWith hyper-intelligent automation systems, fintech businesses can check all the boxes of the payment lifecycle, like extracting data, anomaly detection, preventing fraud, solving discrepancies, and staying compliant with regulations. They can understand where their business stands and where it is headed with hyper-intelligent automation. But the real trouble lies in the initial phase, where this technology needs to be integrated within the legacy systems. It requires an expert team with finesse in artificial intelligence and advanced automation.Being one of the best artificial intelligence and machine learning service providers, Webelight Solutions Pvt. Ltd. provides advanced automation services that redefine the fundamentals of software development while meaning quality assurance at its best. Robotic process automation in accounting, intelligent process automation (IPA), business process automation (BPA), automated data processing, workflow automation, custom automation solutions, AI automation, automated testing, and QA are some of our advanced offerings. We will ensure a smooth integration of automation with a sprinkle of AI and ML into your existing infrastructure.    Let’s get in touch so that you can cut down processing time, manage risks productively, and improve decision-making with hyper-automation to scale your financial operations confidently!

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Lean MVP Launch: Affordable Tools & Techniques for Startups

Lean MVP Launch: Affordable Tools & Techniques for Startups

Launching a Minimum Viable Product (MVP) is as tough as converting a brilliant startup idea into a product that hits the pain points of customers and is ready to hit the market. However, many founders choose to skip this crucial research and end up exceeding their budget and wasting their resources and time. This is the reason why 35% of startups don’t succeed, as there is no need for their product in the market (CB insights). Our blog will shed light on why MVP development is extremely important for early-stage startups, how to build MVP, where to look for MVP software development services, and how to successfully launch MVP into the competitive market. But before we explore how to launch a lean MVP, let’s begin right from the basics and learn about product launch and its various approaches. What is a Product launch?Product launch refers to bringing your latest innovation or revamped product to the market and making it available to the end users. It needs a lot of time, step-by-step processes,  and smooth management to ensure that the MVP development for startups is successfully launched. Whether your product is successful or not depends solely on the consumer demand and the overall sales figure that builds your brand value. 3 Diverse Product launch Approaches 1) Soft LaunchSoft launching a product implies showing your product to relatives and friends instead of putting it out there for the common users. In this way, you can get feedback about your product on how it can be improved from people close to you who could potentially be your first customers. It's a good way of trying our product out in front of a small group of known people before presenting it to the general public.  2) Hard LaunchThe hard launch is a relatively bold approach where you can present your product in front of a wider group of audience to gather as much feedback as you can for improvements. It also requires you to spend heavily on product marketing. This idea can backfire if a wider group of people can’t resonate with your product which can result in a loss in the form of startup funding and damage the reputation of your product. 3) Silent LaunchAs the name suggests, you don't announce showing your product publicly in this approach. Unlike the hard approach, the product is rolled out in small proportions. The potential users are not made aware of its launch. This is also called a stealth method as you don't market or promote your product directly but the users may find out about it if they happen to research it.  MVP and its Main PurposeThe term MVP ( Minimum Viable Product ) was first coined by Lean Startup expert Eric Ries. It is the simplest or the most basic version of your product which is built up to the point where it can be presented to users to collect their reviews and valuable feedback. Through continuous iterations, enhancements are made to the product so that it can suit user requirements and solve their problems. The purpose of opting for MVP development services for startups is to build a beta version of the product, test it in front of the users, and then conclude if it is in demand or not. 4 Major Types of MVPs You Must Know About 1) Concierge MVPIt's a manual method by which you can test the idea of your product before actually creating it. For testing, you can give a walkthrough of your project idea to a group of people to collect their responses. After the survey, you will gain a better understanding of what the product lacks and how it can be developed effectively.  2) Wizard of Oz MVPWith this approach, you can present your product to users that seem to be automated but are in fact, controlled manually behind the scenes. If consumers are satisfied with the automation demo of your product, you can proceed to actually invest in its automation costs. The purpose is to test the viability of the experience it provides the users and help you gain more clarity on how to build MVP that’s fully functional and ready to hit the market.  3) Landing Page MVPBefore launching your full-fledged development process, you can get user feedback in a short span of time by describing your anticipated product on a single webpage. The goal is to attract visitors, get their attention, and convert them into customers. You can make this happen by enticing users to take certain actions like signing up for a newsletter or filling up a form.  4) Email MVPWith this strategy. Startups can launch an email campaign that covers their product overview, its features, and user benefits to monitor the responses of people who receive and reply to the emails. This quick approach is adopted by various startups that have set their consumer base and it is proven to be a very impactful digital marketing strategy.  Importance of MVP development for industries For any kind of business, MVP development is the smartest way to get a high return on their investment. It basically lays down the foundation of a risk testing field where you can examine what works for your product and what doesn’t. This can be tricky as consumer pain points and market demand vary for all industries. Let’s go through the needs of some industries in brief where MVP development can be influential. Fintech:- Improving product assessment, building a security-centric prototype, and maintaining regulatory compliance. Real estate:- Minimizing risk, refining product, competitive advantage for entrepreneurs, and planning a structured product roadmap. E-learning:- Gaining student interest, learning resource optimization, monitoring usage patterns, and refining visual concepts.  6 Steps to Build and Launch a Lean MVP 1) Ideation and definition of your problem statementFor starters, you will have to define your goals and identify which problems need to be addressed. To identify these problems, you can research the issues with the existing methods and opportunities for improvement. You can also approach MVP development companies that can help you come up with strategies and planning to solve that problem. If the problem you are trying to solve aligns with the demand of customers, then only should you move forward with the validated idea.  2) Carrying out thorough market researchAfter carefully deciding your problem statement, you need to conduct comprehensive market research to know it inside out and make a clear estimation of what is your product’s unique selling point (USP). It is the initial discovery phase of your project where you define user needs, core functionality, and expected outcome of your project. You can make a note of how your competitors are strategizing and also map out the section of the audience that will benefit from your product and is most likely to buy and use it. User expectations need to be considered in stages right from the beginning till the final phases. 3) Finalizing features and creating a prototype In this phase, you create a prototype with minimalistic features for better visualization of your final product. This will be an unfinished product consisting of features that can’t be neglected and services that are beneficial to the users. To make it simple, you can divide your list of necessary features as per their priority ( low, medium, and high ) and finalize the features that solve the problem. Low and medium-priority features are time-consuming, costly, and not required in some scenarios. So these features shouldn't be considered while building such a prototype.  4) Begin the MVP Product development MVP development for startups can be quite challenging if not planned carefully. After thoughtful planning, finalizing the important features, and developing a prototype that can meet consumer expectations, you need to strike the right balance between the developed product’s features and user needs. It will be like a simple sketch or a mockup that can mimic your product. For that, you can use wireframing software to design suitable wireframes. Your MVP web development structure must be simple, interactive, and valuable to the users to create a positive impact on the advanced version it can potentially become.   5) Testing and Review from the end-users Testing a product increases its chances of gaining success after a product launch. For testing out the MVP, you can let your development team utilize it and give their suggestions on how it can be enhanced, what features should be included or discarded, its user-friendliness, and what the final product might look like. With an agile approach,  the team can make necessary iterations on the product’s functionality and test it rigorously to align it with the market demand. Even if traditional methods aren’t effective, you can always take help from feedback software that takes consumer responses into account while churning out our suggestions on refining your MVP. 6) Launching the MVP and bringing it to life   After continuous feedback and improvement, your final MVP is ready to be launched. After its launch, it's important to monitor its success and verify if your desired goals were accomplished or not. You can calculate the engagement rate of users, their frequency, and duration to assess the product’s attractiveness. You can measure the responsiveness by tracking the bugs and technical issues. Revenue growth rate and sales can also be carried out through monitoring software.  With social media, you can judge the impact it has on the users by sentimental analysis and brand outreach.  Essential MVP tools for startups 1) User research tools:- Miro, CoNote, Ethnio2) Landing page MVP tools:- Strikingly, Leadpages, Instapage.3) Feedback monitoring tools:- Hotjar, Optimal Workshop.4) Prototype designing tools:- Figma, Marvel, Uizard, Moqups.5) Customer interview tools:- Google Forms, SurveyMonkey, Visme.   6) Wireframing tools:- Lucidchart, Balsamiq. 7) MVP planning tools:- FigJam, Roadmunk. 8) MVP launching tools:- Product Hunt, Mailchimp.9) Performance analysis tools:- Ahrefs, Google Analytics.10) User persona tools:- Make My Persona, Venngage.11) MVP development tools:- Bubble, Thunkable. All of these advanced tools categorized for the various stages of startups can accelerate the MVP development process and make a difference in your venture's success. Our development team at Webelight Solutions Pvt. Ltd. also believes in working with an in-demand technology stack to keep up with the times and stay at the top of the cutthroat market. We have experts who have proficiency and knowledge in working with these modern technologies and adaptability to learn and get familiar with new technologies for MVP development.  Secret Tips for an impactful MVP launch 1) Rigorous TestingMake sure that even the limited features of your MVP work flawlessly. A comprehensive test can eliminate glitches and improve the overall user experience.  2) Prepare for ChallengesBe ready for potential issues during your MVP release. Have a plan to address infrastructure issues or browser inconsistencies to manage and mitigate risks. 3) Manage Your BacklogGather user feedback to make further improvements. Maintain an organized backlog of tasks and utilize data visualization tools to track progress efficiently. 4) Speed Over PerfectionWhile ensuring that a bug-free MVP  is necessary, launching quickly allows you to start gathering feedback and making iterative improvements as needed. Secure investor funding for your startup idea with Webelight Solutions as your sidekick So if your startup is within its early stages and requires direction on how to build MVP and launch it, then your quest has finally come to an end. Now is the perfect opportunity to begin testing and improving your big ideas with targeted users in the market. Being in this business for more than 10 years, Webelight Solutions Pvt. Ltd. is one of the leading MVP development companies out there that has developed many bug-free, valuable, and fully functional MVP development services for startups within their expected deadline.  After validation, we have also served these startups with our end-to-end software development solutions. Our proficient team can refine, scale, and breathe life into your vision. Not only that, but we also specialize in offering all-around MVP development for startups, such as Single Feature MVP, Pilot MVP Development, MVP Web Development, Clickable Prototypes, Full MVP Development, and MVP consulting. Together, we can build something that solves the existing problems of your customers. Roll out your MVP, stir up interest, and win the investor’s trust in your product. Reach out to our experienced team for the best MVP software development services!

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Close Deals Faster: Get WhatsApp API for E-commerce Success

Close Deals Faster: Get WhatsApp API for E-commerce Success

Whether you are in B2B or online retail and e-commerce, providing a service that leaves your customers happy is vital to the success of any business. With the gradual increase in competition and the cutthroat nature of business, firms started to make happy customers their only priority. WhatsApp and Facebook Messenger make direct, personalized communication possible. In that scenario, WhatsApp accounts for more than 2 billion monthly active users worldwide, and its user base generates over 65+ billion messages per day on the messaging app. WhatsApp is nowadays considered the most important key player in sales, commerce, and marketing. With challenges such as abandoned carts and increasingly higher customer expectations to meet, delving deeper into the use of WhatsApp Business API can shape a better customer experience for these companies. In this blog, we will discuss-- how you can create WhatsApp business account, change the e-commerce face with WhatsApp for Business, and the need for a modernistic e-commerce approach to become successful in the future. WhatsApp Business API: Hotspot for Your Customer Connections WhatsApp Business offers two options depending on the size of your business. One freely available option is the WhatsApp Business App, and the other one is the WhatsApp Business API. The WhatsApp Business App is a freely available alternative. It is a user-friendly tool made for small to medium-sized enterprises with around 100 users. It lets users interact with basic WhatsApp business features for messaging.  While this app supports fundamental functions such as WhatsApp automated messages and replies, conversation labels, and desktop access, it imposes several limitations that make it less suitable for larger organizations. You can’t link your business with a toll-free number, and messages can only be sent to a limited number of contacts.WhatsApp Business API, introduced by Facebook (now Meta), is engineered for larger enterprises requiring more sophisticated communication capabilities. The API does not come with a front-end interface but instead integrates with existing CRM software and marketing platforms. Businesses can send and receive messages on a much larger scale with the use of the API. Users have access to messaging an unlimited number of contacts, automate WhatsApp messages and responses through AI chatbots, and get detailed messaging reports. The level of customization and automation that it offers makes it the best tool for enhancing your customer engagement rate, providing the best e-commerce customer service, and ultimately getting more sales. How can the WhatsApp Business API bring success to your ecommerce business? 1) Revives sales: converts opportunities with constant remindersBusinesses can send personalized reminders to customers who have left items in their carts along with product images and customized messages. These reminders can be smartly paired with incentives like discounts or free shipping to entice customers to complete their purchases. Follow-up WhatsApp automated messages can get more conversions by drawing attention to the urgency of limited stock or expiring offers. By analyzing the performance of recovery campaigns, businesses get insights into customer behavior and refine their strategies for better results.  2) Instant support and trust: better customer serviceThe WhatsApp Business API helps build trust and satisfaction by giving quick answers to customer questions. Customers can fill out forms about products or payment issues and get immediate help. Businesses can use the customer data to derive better suggestions by integrating their system with CRM software. They can automatically deal with common user questions and forward personalized requests to human agents who have the expertise to handle such situations.3) Survey and follow ups: analyze customer opinionsAfter a purchase, businesses can use WhatsApp for business to send surveys and get customer feedback. This helps them see where they can improve and shows customers that their opinions matter. Businesses can also ask happy customers to leave positive reviews on review sites or the company’s website. Handling negative feedback well shows that the business cares about customer satisfaction and can turn a bad experience into a good one. 4) Targeted promotions: special offers to boost salesBusinesses can get more customers by sending them special offers that match their interests and previous purchases by using WhatsApp for advertising. For example, they can offer discounts for birthdays or rewards to regular customers. It's a great idea to send such amazing offers through special messages. Businesses can create a tickling sense of urgency with messages along with countdown timers and discount codes for a short period. Businesses can improve their digital marketing, engage customers better, and increase sales by planning promotions that match customer interests and timing. 5) Active communication: keeping customers updatedBusinesses can keep customers informed by sending quick order confirmations through WhatsApp business features. This message includes important details like order numbers and delivery dates, which helps reduce any worry customers might have. Providing real-time updates on shipping and delivery keeps everything clear and builds trust. Regular notifications about dispatch, tracking, and delivery help customers stay informed and cut down on the number of support requests. Guide to apply for the WhatsApp Business API 1) Choose your way of applyingThere are two ways to apply for the WhatsApp Business API: directly or through a Business Solution Provider (BSP). If you wish to apply directly, you should definitely use the WhatsApp Business API website. There can be complications in this process, and it can take a long time. This is the reason why this option works for bigger companies that have the right technical skills and professionals. Taking the help of a BSP is a much quicker and simpler choice. They take care of the technical work and provide extra customer engagement tools to manage and operate on customer data. The approval process usually takes one or two weeks this way. 2) Provide essential information to get startedYou should brief your BSP about where you want to offer WhatsApp services, the country where your company is based, your website URL, and how you plan to use the API. You’ll need to estimate how many messages you expect to send each day and how you plan to launch. When you give the BSP this information, they’ll start organizing everything for you. 3) Get your phone number up and runningThe next thing you should do is activate your phone number for the WhatsApp Business API. You can choose to use either a new or an existing phone number. If you opt for a new number, it must first be registered with the WhatsApp Business App before activation. To create WhatsApp business account,  you need to provide additional information like your Facebook Business Manager ID, the phone number for your WhatsApp business account, the name associated with the number, and the app’s region. Once activated, communications are managed through a virtual server or the BSP’s system rather than directly through your phone. For example, most BSPs offer customer engagement tools for managing WhatsApp campaigns, bots, and live support through their platform. You can also register up to a certain number of phone numbers per WhatsApp Business Account, though each number requires a separate server, which can increase operational costs. 4) Set up and submit HSM templatesOnce your phone number is activated, you need to create and submit HSM (Highly Structured Message) templates. These templates are for sending messages like booking confirmations and shipping updates. They must follow WhatsApp’s formatting rules. HSM messages should be text only and help the customer. You need WhatsApp’s approval to use these templates, which takes 2-3 days. Messages you send in reply to customer questions within 24 hours are free and don’t need approval.5) Get verified with a green tickYou can try to get the green tick badge for your WhatsApp Business account. The green tick badge is given to well-admired brands that send more than 500 messages a day. The green tick helps customers have more certainty and trust in your brands. Let's say even if you don't have the green tick badge. Still, the WhatsApp Business API is going to be important for improving customer communication and service. It’s a great tool for businesses wanting to improve their e-commerce customer service. How are top brands dominating e-commerce with WhatsApp? 1) ZaraZara, one of the leading brands in Spain, was able to personalize its services through WhatsApp. They build a customer service model that could behave just like any real person and manage the queries of customers like shoe size, outfit colors, materials used for production, updates on delivery tracking, refunds for the order, and much more in a matter of a few minutes. 2) FlipkartFor its much-anticipated flagship sales event, Flipkart planned to make its platform more engaging and conversational. They introduced a customer care chatbot on WhatsApp that was developed by Netcore. This was no ordinary chatbot, as it could interact with users using audio, emojis, pictures, and videos to help them visualize the product's quality, features, and discounts. 3) JioMartJioMart, launched by Reliance, partnered with WhatsApp to help customers add items to their carts, confirm, and pay in seconds. Their goal was to provide users with an end-to-end user experience. Users could buy food items, clothes, devices, or any product through WhatsApp. Because of its omnichannel network, its customer base grew rapidly in a few months.  Choose The Best Business Solution Provider (BSP) When selecting a solution provider for integrating the WhatsApp Business API into your eCommerce operations, choose a Business Service Provider (BSP) authorized by Meta. The authorized BSPs are great in managing API access and billing and are evaluated to make sure they can always support your business.An approved BSP can guide you on using WhatsApp for advertising, help with data protection rules like GDPR, and provide ongoing help with any tech problems. They will also assist in connecting your current system with a good-looking and easy-to-use interface. Additionally, they will offer continuous support and expert advice. We help you turn leads into conversions. Choose Webelight Solutions as your WhatsApp business partner. WhatsApp API integration has many benefits. It helps you plan marketing strategies, create targeted campaigns, and potentially double your conversion rate. By looking at customer feedback and their needs, you can tailor your products to better match their preferences. If you want to use WhatsApp for business, Webelight Solutions Pvt. Ltd. can help. We can set up WhatsApp so you can send automatic messages, grow your brand, and reach more people. Now is a great time to start! Give us a call to set up and improve your e-commerce business and make sure your customers get what they need.

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Healthcare Digital Twins: Improve Operations & Patient Care

Healthcare Digital Twins: Improve Operations & Patient Care

Imagine a world where doctors can predict a heart attack before it happens or customize treatment plans with precision. This thought has been brought to life with the help of digital twins in healthcare. Healthcare digital twins offer the ability to create dynamic, virtual replicas of physical entities, such as organs, medical devices, or even entire healthcare systems. Valued at $1.6 billion in 2023, digital twins are expected to skyrocket to over $21.1 billion by 2028. These replicas are not merely static models but are constantly updated with real-time data. This data helps healthcare professionals to simulate, predict, and optimize patient care. But what exactly makes digital twins so powerful, and how are they being integrated into healthcare today? Let’s find out together!  Healthcare digital twins and their significance  Healthcare digital twins are highly detailed virtual models that mirror the physical and biological characteristics of a patient's body or a specific organ. These digital counterparts are constructed using a wide range of data, including medical imaging, patient history, and sensor data, which are continuously fed into the model to ensure it accurately reflects real-time conditions. The most significant advantage of healthcare digital twins lies in their ability to predict health events before they occur. Predictive analytics in healthcare help medical professionals counter diseases before they can take over the human body and cause fatal loss.Digital twins in healthcare can model population health trends, predict disease outbreaks, and assess the impact of public health interventions by simulating complex interactions within biological systems. These virtual models assist researchers in exploring "what-if" scenarios and testing the potential outcomes of new treatments or medical devices without risking patient safety.  Working of digital twins explainedDigital twins that track your health work by creating a virtual replica of a physical object or system, which is designed to mirror the real-world counterpart in every significant aspect. This begins with software engineers gathering comprehensive data on the physical asset, its physical properties, behavior, and operational data. Engineers use this data to build a detailed mathematical model that accurately reflects the real-world object’s characteristics. Sensors and IoT devices are integrated with the physical asset to continuously transmit real-time data to the digital twin. The continuous data flow makes sure that the digital health twin remains synchronized with its physical counterpart, which allows it to accurately simulate the physical object’s performance and behavior.Once created, the digital health twin can perform various functions depending on the complexity and data it receives. At a basic level, it monitors the physical object and provides real-time feedback on its condition and performance. More advanced digital twins can analyze data, predict potential issues, and suggest personalized healthcare solutions before problems escalate. By using artificial intelligence and machine learning algorithms, these digital models can optimize operations, predict maintenance needs, and improve decision-making. Their ability to continuously analyze and adjust based on real-time data makes digital twins powerful tools in various industries, especially in the context of Industry 4.0. Applications of digital twins in the healthcare sector 1) Emergency ward design managementHospitals can manage their patient flow and refine management protocols with the help of detailed simulations and scenario testing provided by medical Digital Twin workflow simulation solutions. They create a 3D digital model of the emergency room in a matter of a few days that presents practical animations of the process so that its implementation can be tested. With this technology, the wait times for CT and MRI scans, as well as overtime and staffing costs, are significantly reduced.   2) Replicated critical surgery practiceSurgical digital twin (SDT) maps out the entire human body and forms its exact replica through surgery digitization. SDTs can automatically generate medical simulation training data as they are trained on machine learning algorithms. Critical surgeries that can be dangerous for a human life are tried out on these virtual digital twins first to understand the anatomy. Surgeons can operate virtually on the damaged areas using such stimulators, select the optimal stabilization treatment method, and conclude the feasibility of their approach. 3) Personalized healthcare treatment plansDigital twins in healthcare create a detailed virtual model of their health by integrating detailed genomic profiling with real-world data that considers their genetic, clinical, and lifestyle information. They mostly offer personalized healthcare solutions in USA region by simulating how different therapies might affect a patient with a specific type of cancer. The simulations help determine the most effective treatment strategies by integrating diverse data sources, genetic markers, and environmental factors to predict therapeutic responses with high accuracy.  4) Professional scenario-based trainingCareless training in hazardous environments like the military, aviation, and healthcare can sometimes lead to death. To mitigate this risk, a medical digital twin creates scenarios where the patient is in danger, requires some medication, and has limited time to escape death. They train nurses and employees to handle patients, use equipment, understand medical terms, control blood loss, treat infections, and react to emergencies with engaging methods. In this way, trainees can become more professional at their jobs.   5) Improve surge planning and modelingThe COVID-19 pandemic caused a surge in the healthcare industry that nobody was prepared for. To control a surge like this, predictive analytics in healthcare tools use historical data and machine learning algorithms to forecast patient inflows and resource needs during surges, like seasonal spikes in respiratory illnesses or unforeseen epidemics. Such tools can also predict patient stay durations and hospital flow, while scenario analysis tools can contribute to preparing for diverse possible surges. 6) Pharma drug development and deliveryUnlike traditional trial recruitment tools used in pharmaceutical research, digital twins use big data, artificial intelligence, and modeling to lower the amount spent on R&D and speed up the treatment. They optimize the time to market for pharmaceutical companies by improving their dosages and assessing how compounds will act in cells before conducting clinical trials. Researchers can optimize medication release rates and doses by implanted devices or nanocarriers using digital twins that track your health.     7) Optimize device functionality and designDigital twins in healthcare simulate individual patients or populations to give insights throughout the product lifecycle. These computational models ensure that the functionality of the device is fit by gathering detailed anatomical data to refine device design. During the verification and validation stages, they take tests on realistic patient replicas and identify issues before actual physical trials. They enhance regulatory submission and mitigate risks by basically predicting how a device will perform in various circumstances.  Real-life examples of healthcare digital twins 1) NVIDIA OmniverseEricsson has utilized NVIDIA's Omniverse platform to advance the development and optimization of 5G networks. By creating a detailed digital twin of their network infrastructure, Ericsson can simulate and analyze signal propagation in a virtual environment. With this approach, they can troubleshoot easily, develop features, and optimize performance before any real-world implementation. The real-time ray tracing and immersive VR experiences have significantly enhanced Ericsson's ability to test and refine network configurations. 2)  Twin healthWhole Body Digital Twin technology addresses chronic metabolic diseases such as diabetes, obesity, and PCOD by targeting the underlying causes of metabolic dysfunction. This personalized program provides users with personalized recommendations on nutrition, sleep, activity, and stress management through an app, supported by a dedicated care team that monitors progress and adjusts guidance as needed. The approach focuses on recalibrating metabolism to reverse chronic conditions and improve overall well-being. Overcoming challenges for digital twins in healthcare ChallengeHow to overcome it?1) Poor data quality can impact the simulation outcomes.1) Use data cleansing tools and conduct regular audits of your data.2) Researchers wouldn’t prefer simulation training in healthcare over a hands-on, practical approach.2) Organize training activities to demonstrate the benefits and break cultural stigmas. 3) Variable healthcare data formats can be problematic while integrating with legacy systems.3) Use an incremental approach to ease the integration process.4) Breach of sensitive data and compliance with HIPAA regulations.4) Train your team well and build a cybersecurity shield to protect your assets. 5) High initial costs due to infrastructure and medical simulation training investments.5) Seek government or industry grants for innovation funding.             The Future of Medical Digital Twin Technology in Healthcare  1) Educating employees with XR techEducating medical professionals with medical simulation training and designing medical equipment can be costly. Outdated educational lectures don’t interest trainees who are looking for hands-on experience in treating patients. This is where Extended Reality (XR)-powered digital twins can be used that use more engaging and visualization methods to train the employees. They offer realistic simulation-based training so that employees can train to use the equipment more properly. 2) Minimizing waste and reducing fuel consumptionIn manufacturing, a digital health twin can simulate production processes to minimize waste and enhance resource efficiency. They can be used in urban planning to model and evaluate development strategies, balancing growth with environmental preservation. Similarly, the transportation and logistics industry can use them to optimize routes, reduce fuel consumption, and lower carbon emissions. 3) Cloud-based offerings and DTaaSMedical Digital Twin as a Service (DTaaS) is a specialized cloud-based service that provides real-time digital replicas of buildings, transportation networks, or manufacturing equipment. DTaaS integrates easily with various sensors and actuators to monitor, manage, and optimize physical assets. This service model is delivered using an enterprise approach due to its complexity and the critical nature of the applications it supports.   4) Injury-free abode with Edge computingEdge computing provides a local data processing capability by which devices can minimize latency and dependency on servers to make quicker decisions. Edge computing can process data from an ambulance’s sensors in real-time, while digital twins simulate potential future scenarios and road conditions. Their perfect synergy assists self-driving ambulances in reacting swiftly and accurately to constantly changing surrounding environments. 5) Quick data transfer with a 5G connectionAs 5G networks provide enhanced data transfer speeds and connectivity, they significantly boost the effectiveness of digital twins. 5G’s low latency and high bandwidth facilitate the real-time data exchange necessary for managing complex systems. In this way, infrastructures can be precisely monitored. Digital twins can also help accelerate 5G deployment by simulating network performance and testing different scenarios before physical implementation.How does digital health twin technology benefit other industries? 1) Energy and utilityDigital twins provide continuous monitoring of energy grids, detect performance issues in real time, and execute simulations for predictive maintenance and risk management. This approach helps optimize energy production, reduce costs, and improve service reliability. 2) Sports and FitnessDigital twins can create a virtual replica of players, teams, and stadiums by using data collected from IoT sensors. They ignite a new level of fan engagement through AR and VR, where fans can experience games from different angles or access real-time player statistics and replays.  3) Retail and e-commerceBig retailers like Amazon and IKEA enhance customer interaction through augmented reality (AR) by using 3D product models. This technology rapidly boosts e-commerce engagement by improving conversion rates, increasing buyer confidence, and reducing product returns. 4) Construction sectorData from various sources like sensors, 3D models, and Building Information Modeling (BIM) is integrated by digital twins to offer comprehensive simulation training in healthcare scenarios like weather impacts or resource allocation so that stakeholders can quickly resolve future hurdles. Prevent catastrophic operation failures with our Neoteric AR/VR personalized healthcare solutions To sum it all up, integrating your legacy systems with innovative medical digital twins will help you improve your patient’s experience significantly as well as enhance workplace productivity. As an experienced and highly innovative artificial intelligence and machine learning solutions provider company, Webelight Solutions Pvt. Ltd. excels in creating innovative and personalized healthcare solutions in USA and Canada region using computer vision, deep learning, XReality, and many such innovative technologies. To operate on a complicated technology like a healthcare digital twin, you will need the support of a reliable partner like us who knows how to implement and scale digital twins smartly with evolving market demands. Get a hold of our AI/ML developers and enter the modern age of virtual healthcare that can help save countless human lives!

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How Robots Gain Intelligence and Develop Adaptive Behaviors

How Robots Gain Intelligence and Develop Adaptive Behaviors

Introducing self-aware robotsThe concept of self-aware robots, once relegated to the domain of science fiction, is now gaining hype in scientific research on the future of AI and robotics, thanks to advancements made in artificial intelligence and machine learning. This burgeoning interest reflects a deeper exploration into the dimensions of robotic awareness. Experiential awareness is one such foundational aspect that is characterized by an agent's perception of and interaction with its environment. However, self-awareness is the ability to introspect and comprehend one's internal state. By integrating these aspects, researchers aim to build robots that can understand and articulate their internal states, which is expected to enhance their interactions with the human race. Let’s understand how these robots become self-aware and can develop free will and what the future is going to look like for humanity in the coming years.  Creating consciousness in robotsDrawing from psychological theories and human developmental stages, self-awareness in adaptive robots involves creating a system where the robot can internally monitor and reflect upon its states and actions by developing qualities of self-observation, introspection, and self-focused attention. For machine learning robots, this means developing an architecture capable of individuating, processing, storing, and retrieving information about themselves.A self-aware robot would ideally be able to engage in simple forms of self-reflection and respond to self-focusing stimuli, similar to how humans use mirrors or cameras for self-awareness. This capability should extend to basic forms of metacognition, insight, and agency in a way that they can persuade their thoughts, emotions, and actions like an actual human being. Artificial Intelligence: The Foundation of Robotic IntelligenceIn robotics, AI integrates with various technologies, such as engineering, electronics, and computing, to enhance the capabilities of robots. Unlike basic machine learning with robotics, which executes predetermined functions without adaptability, AI in robotics equips robots with the capacity to learn from data, make independent decisions, and interact meaningfully with their environment. Adaptive robots become self-aware easily and can autonomously process data from their sensors to interpret and react to their environment instantaneously.  Various ways AI contributes to robotics 1) Natural language processing (NLP)With NLP, robots can interpret and interact with human language in a way that mimics human understanding. The technology starts with breaking down the text into its fundamental components, such as phrases or individual words, and then moves on to analyze the meaning, sentiment, and context of the text with high accuracy. It is currently utilized in many applications, like automating support ticket handling, invoice processing, and contract analysis. 2) Machine Learning  By integrating algorithms of machine learning with robotics, machine learning robots gain the ability to perceive, learn, and make data-driven decisions about their environment. It improves their perception and sensing, where algorithms process data from sensors like cameras and LIDAR to understand surroundings through techniques such as object detection and semantic segmentation. It refines sensory processing, improves navigation through SLAM, and optimizes path planning using reinforcement learning.   3) Computer visionThis technology helps adaptive robots interpret and analyze visual information similarly to human vision but with far greater precision and consistency.  It is used frequently in quality inspection, object tracking, and automated assembly with high accuracy. The 2D approach is used to analyze flat images to detect and measure objects based on their physical characteristics, while the 3D approach is used for tasks requiring precise object manipulation and spatial awareness.  Techniques for Developing Robotic Self-Awareness  1) Genetic algorithmsCertain systems use genetic algorithms to evolve robot capabilities, which opens up prospects for autonomous adaptation and improved recognition based on feedback from the robot's internal state and performance. 2) Attention MechanismsAttention to internal states is identified as a key component in achieving self-awareness, with ongoing research into how attention and related processes can be integrated into robotic systems for enhanced self-awareness. 3) Global Workspace TheorySome cognitive architectures that are inspired by the global workspace theory aim to integrate awareness through mechanisms that allow robots to handle multiple cognitive processes simultaneously. 4) Attentive Self-Modifying FrameworkOne approach presents a framework where attention mechanisms perform the role of mediating internal states and adapting the robot’s behavior. Emotional and learning mechanisms are used in this approach to optimize performance. 5) Architectural DesignContemporary designs often integrate various cognitive functions, like working memory, reasoning, and socio-emotional intelligence, into comprehensive architectures that facilitate self-awareness in adaptive robots. 6) Computational ModelsVarious models have been proposed to simulate self-awareness in robots that focus on computational theories and frameworks and address how machine learning robots can reflect on their mental states and processes. 7) Self-consciousness TestsTests such as the knowledge game and theoretical axioms aim to assess self-consciousness in robots. They assess the robot’s ability to understand and reflect on its state concerning specific scenarios. 8) Hybrid Cognitive ArchitecturesThere is a call for hybrid designs that merge problem-solving approaches with cognitive theories with the purpose of bridging the gap between engineering and psychological influences on robot cognition. Use cases of robots in every field of work 1) Business: Automation of repetitive and monotonous tasksModern robotic solutions autonomously capture precise data in challenging environments, such as archaeological sites or hazardous locations. Cobots are used to handle dangerous tasks with advanced automation that can harm the safety of humans. Despite fears of robots replacing human jobs, they often create new roles in programming and maintaining robotic systems. 2) Household: Cleaner and smarter home at convenienceChores can be very dirty and time-consuming. Robotic vacuums can assist in autonomously cleaning floors with minimal human intervention, and robotic lawnmowers can manage your garden with ease. Other specialized robots tackle tasks like gutter cleaning and pool maintenance, which are not only labor-intensive but also potentially hazardous. 3) Agriculture: Managing irrigation and crop surveillanceRobots can be programmed to create driverless tractors and aerial drones to carry out simple tasks like harvesting fruits and vegetables, planting seeds, or monitoring soil conditions. They can distinguish between ripe and unripe produce and estimate the timing and quality of harvest. Farmers can use them for crop seeding, packing produce, palletizing, and waste management.     4) Healthcare: Taking care of patients’ safety efficientlyIn the healthcare sector, autonomous mobile robots (AMRs) handle tasks such as cleaning, disinfection, and transporting supplies. They reduce exposure to pathogens and free healthcare workers to focus more on patient care. Surgical robots with advanced AI and computer vision facilitate minimally invasive procedures with greater precision and shorter recovery times. 5) Manufacturing: Boosting productivity and saving labor costsRobots are utilized to perform tasks like material handling, welding, and assembly automatically in manufacturing. Automation accelerates the production rate, improves quality, and minimizes human error. Today’s robots are connected to vision systems to inspect with higher precision and adapt to different tasks with minimal reprogramming.  Are self-aware robots a threat to humanity? 1) Job displacement and economic anxietyHistorically, new technologies that threaten job security have been met with resistance and aggression. Self-aware robots, perceived as a threat to employment, could provoke similar reactions. The fear of losing jobs to robots could drive further negative attitudes and actions against them, possibly resulting in sabotage or other forms of resistance. 2) Human prejudice and hostilityThe tendency for people to exhibit negative behavior towards robots, such as verbal abuse or physical attacks, highlights a deep-rooted discomfort with robotic entities. This behavior may be exacerbated if robots were to achieve self-awareness, potentially leading to increased animosity and conflict. The negative interactions observed with less advanced AI suggest that self-aware robots could face even greater hostility. 3) Complexity of Trust and EmpathyThe difficulty in establishing trust with current AI systems suggests that self-aware robots might face challenges in gaining human empathy. The potential for robots to be seen as malicious or threatening could be heightened by the existing lack of understanding and the tendency to view robots as AI tools rather than entities deserving of ethical consideration. This lack of empathy could complicate human-robot interactions and increase the risk of conflict.4) Perception of Robots as 'Other'The view of robots as fundamentally different and separate from humans contributes to fear and distrust. This sense of 'otherness' can spark anxiety about their capabilities and intentions. If robots become self-aware, this perception might intensify and lead to more fears about their role in society and their potential to disrupt human norms.Famous real-life examples of self-aware robots 1) NASA’s spot robotsThe project involved NASA's Jet Propulsion Laboratory's AI system, NeBula, collaborating with Boston Dynamics' Spot robots to explore Martian-like caves on Earth autonomously.  This initiative was designed to test the robots' ability to navigate unknown and challenging terrains without prior mapping. The Spot robots, known for their flexibility and maneuverability, successfully explored the caves, relayed valuable images back to scientists, and demonstrated the potential for autonomous robots to identify and investigate points of interest independently.   2) Hanson Robotics’ SophiaSophia, a prominent humanoid robot developed by Hanson Robotics, demonstrates the intersection of advanced robotics and artificial intelligence. It has gained fame for its human-like appearance and interactive capabilities. Designed with a face modeled after Audrey Hepburn, Sophia features expressive facial movements and can engage in natural conversation using sophisticated chatbot software and machine learning. Despite her advanced design, her ability to recognize faces and hold eye contact is commendable. 3) Toyota Research Institute’s PunyoThe Toyota Research Institute (TRI) has introduced the Punyo Soft Bubble Gripper, a significant advancement in soft robotics. This innovative gripper, which utilizes an air-filled, elastic bubble design, enhances robotic manipulation by providing flexible and adaptive contact with objects. Unlike traditional rigid grippers, the Punyo gripper incorporates visuotactile sensing technology that helps robots detect object shapes, track their orientation, and sense interaction forces more effectively. Our futuristic AI/ML solutions for creating intelligent robotic systemsAs we debate whether self-aware robots might become a threat to humanity, it’s important to recognize the broader context of AI’s progress. Without a doubt, artificial intelligence (AI) is a groundbreaking domain within computer science, acting as a central element in a range of emerging technologies such as big data, the Internet of Things (IoT), machine learning, and robotics. It is set to remain a driving force of technological advancement in the years ahead. We now inhabit an era where the once-imagined world of AI has become a reality. Leading companies around the world are using AI in robotics to address major global issues and improve sector-specific challenges.With a strong portfolio of artificial intelligence and machine learning, Webelight Solutions Pvt. Ltd. is already tunnel-visioning into the future of AI and robotics. Whether you need to integrate advanced facial recognition software, deploy natural language processing tools, or develop intelligent robotic systems, we have the expertise and experience to meet your needs. We offer custom solutions such as AISaaS (Artificial Intelligence Software as a Service) to provide scalable AI capabilities via the cloud, generative AI for creating innovative content and designs, and AI Ops to streamline IT operations and automate routine tasks. Our recommendation engines deliver personalized content, while our predictive modeling and data strategy services provide valuable insights to guide your decision-making.Connect with our skilled AI/ML engineers today if you are looking to automate repetitive tasks, reduce production errors, and maintain quality control!

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Effortless AWS Resource Integration into Terraform Workspace

Effortless AWS Resource Integration into Terraform Workspace

Managing cloud infrastructure can be a complicated challenge. However, Terraform offers a streamlined solution through Infrastructure as Code in AWS. This tool simplifies the creation and management of cloud resources with its intuitive, declarative language. While integrating existing setups into Terraform might seem challenging, Webelight Solutions Pvt. Ltd. provides a bridge to make this transition smoother with its secure and robust DevOps solutions. By combining Terraform’s power with an easy-to-use visual interface, our team makes automating infrastructure tasks faster and more accessible.Overview of Our Task We needed to rename our Amazon web services infrastructure from "LoveBell" to "JustDate." This change would help us standardize our naming conventions and streamline our management processes.  The process involved not only renaming the existing resources but also integrating them into Terraform to manage and automate infrastructure efficiently.  We were looking to streamline our management processes and improve resource organization by using its powerful Infrastructure as Code (IaC) capabilities.  Problem StatementWebelgiht Solutions Pvt. Ltd. relies heavily on Infrastructure as Code in AWS, using Terraform to manage and automate our infrastructure. Different teams take charge of various parts of the infrastructure. Our team is responsible for provisioning and managing most of our resources. There are instances where resources are created manually, and we later need to bring these resources under Terraform management. Manually renaming resources would increase the risk of errors. Without Terraform code for our existing infrastructure, renaming resources would have been an incredibly complex and time-consuming task. Using the Terraform Import CommandTerraform helps in planning and applying changes by referencing configuration files and the Terraform import module that outlines the desired infrastructure state. The Terraform import command brings existing cloud resources under Terraform's control by updating the Terraform state locally. It reads and imports existing resources into Terraform. By doing so, future modifications can be managed through Infrastructure as Code (IaC). Adopting Terraform for cloud resource management can be difficult and time-consuming due to its complexity and the need for training. Consequently, teams may opt to manage resources directly through cloud provider consoles.  It helps avoid resource duplication by integrating existing resources into Terraform, which is especially beneficial for dealing with legacy systems. This feature ensures consistent management of all resources, regardless of their origin, and prevents manual configuration drift by maintaining a unified source. It also supports the incremental adoption of Terraform and allows you to transition to managing your infrastructure with Terraform gradually and without disruption.  Arguments:1) ID: resource ID2) ADDR: resource addressThe existing AWS resources are imported into Terraform workspaces for both development and production. Then, the resource names are changed within the Terraform configuration files for both workspaces. Finally, the updated configurations are applied, and the AWS resources are renamed to "Just Date."  Terraform import of AWS infrastructure Key Issues Addressed By The Terraform Import Command 1) Incorporating Legacy Resources: It allows organizations to bring in resources that were created using different tools or methods.2) Integrating External Resources: It helps manage resources that were added or modified outside of Terraform after its initial deployment.3) Recovering from State File Loss: It provides a solution when the Terraform state file is lost or becomes irreparably corrupted.4) Reorganizing Terraform Code: It facilitates the reorganization or restructuring of the Terraform import module and other modules and configurations as the infrastructure grows.Seamless Solution for Integrating AWS Resources into Terraform Workspace 1) Import existing infrastructure a) We used Terraform to import our existing Amazon Web Services infrastructure into new workspaces for both development and production environments. A workspace in Terraform is like a separate project folder where all configurations are managed.b) By importing the current state of our resources, we created a representation of our infrastructure in Terraform, even though the original code was missing. 2) Renaming Resources a) Once we had our infrastructure imported into the development and production workspaces in Terraform, renaming the AWS resources became straightforward.b) We updated the resource names within the Terraform configuration files for both workspaces, utilizing variables to ensure reusability and maintainability.c) After making the changes, we applied them using Terraform. This ensured that all resources in both environments were renamed accurately and efficiently.  Benefits of Using Terraform for AWS Infrastructure Management   1) EfficiencyThe entire renaming process was completed quickly. Terraform's automated process significantly speeds up the renaming of multiple resources compared to manual methods. By automating the renaming process, you eliminate the need for time-consuming manual configuration changes.2) ConsistencyUsing Terraform, AWS infrastructure management remains consistent and well-documented. It provides a centralized platform for managing all AWS resources, improves maintainability, and reduces the risk of configuration errors. In this manner, it consistently adheres to the naming conventions and unifies management. 3) ScalabilityWith Terraform, we can easily manage future changes and expansions. Its declarative approach allows you to easily manage and scale your infrastructure as your needs evolve. You can gradually import existing resources into Terraform and make them suitable for large-scale environments. 4) Time-savingRenaming resources manually would have taken a significant amount of time and could potentially involve hours of work and attention to detail. Our solution allowed us to rename the resources quickly and efficiently. Advanced Automation freed up time for the team to focus on more strategic tasks and improved their overall productivity.5) Error-FreeWhile no system is entirely error-proof, Terraform's approach significantly mitigates risks by ensuring that changes are applied consistently across the entire infrastructure. Our solution minimized the risk of errors, as we were able to import and rename resources using Terraform. Teams could identify and correct errors before they affect the live environment.6) Version ControlOne of Terraform's key strengths is its compatibility with version control systems. Our solution allowed us to maintain version control of the infrastructure code, making it easier to track changes and collaborate with team members.  One can see who made the changes, when, and why. It provides a clear history of the infrastructure's evolution.  Considerable Downsides To Using Terraform 1) Backend Configuration Risks Copying Terraform’s backend configuration can lead to problems if the configuration keys or prefixes aren’t updated. This can result in referencing the wrong state files, which could potentially cause issues with your infrastructure, such as applying destructive changes.2) Lack of Stack Management Terraform’s single-directory approach can be restrictive for managing complex infrastructures. Without a built-in stack concept, organizing and coordinating multiple resource collections becomes cumbersome, making it difficult to manage large-scale environments efficiently.3) Resource Aggregation ChallengeManaging extensive resources within Terraform can lead to a high risk of errors and slow execution times. Issues with a single resource can affect the entire system, and large-scale updates can be time-consuming, impacting overall productivity and efficiency.4) Version Management Issues Terraform’s inability to dynamically interpolate variables within the source and version attributes of module blocks limits flexibility in managing module versions. This can lead to challenges when attempting to configure modules dynamically across different environments.  What sets Terraform apart from other IaC tools? 1) Other IaC tools, like Chef and Puppet, require installing agents on servers to manage configurations, which adds maintenance and security challenges. Terraform, Ansible, and CloudFormation are agentless and use existing infrastructure capabilities to apply changes. 2) Chef and Puppet rely on a master server to manage and update infrastructure, which adds complexity and security risks. Terraform, Ansible, and CloudFormation operate in a masterless manner to simplify AWS infrastructure management and reduce overhead. 3) Chef and Ansible use a procedural approach, defining step-by-step instructions. Terraform and CloudFormation infrastructure as code take a declarative approach, where you define the desired end state, and the tool figures out how to achieve it. 4) Chef, Puppet, and Ansible manage and configure software on existing servers, while Terraform and CloudFormation handle provisioning the entire infrastructure. Terraform is used to set up servers, while configuration tools like Chef are used for software management. 5) Configuration management tools like Chef and Ansible update software on existing servers, creating mutable infrastructure. On the other hand, Terraform creates immutable infrastructure by deploying new servers for every change. 6) Terraform has a large, active community and a mature codebase, providing extensive support and resources. It is cloud-agnostic, unlike CloudFormation infrastructure as code, which is limited to AWS. This broad community makes it easier to find solutions, plugins, and expertise. Final Reflections on Efficient AWS Renaming and ManagementIn conclusion, we successfully renamed the Amazon web services infrastructure from “Lovebell” to “JustDate” by importing all infrastructure in the Terraform workspace and then renaming the AWS resources. Our solution saved time, minimized errors, and maintained version control of the infrastructure code. At Webelight Solutions Pvt. Ltd., a top artificial intelligence solution provider, software, and mobile development company, we turn complex cloud management into a straightforward process, helping you streamline and simplify your operations. Our wide range of DevOps solutions will fulfill all your deployment needs, from faster software releases to smoother cloud migrations. Ready to see what our team can do for you?  Get started today for an automated and optimized software delivery lifecycle.  

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