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The recent past has seen a wave of technological advancements that have true potentials to enhance the ease of doing business.
Ranging from voice and fingerprint recognition to the transition of India into a digital economy, these technological upgrades can help give a major boost to the economic activities.
Here are some of the latest tech upgrades taken up by major industry players to keep their business models in sync with the changing tech and therefore, reap higher yields in scale and growth.
Digital payments:
India is witnessing a shift to digitisation, with customers resorting to online payment. It was time that the small and medium sellers come online too and take the digital plunge to become the part of the mainstream economy. Recently, IndiaMART entered the payments space, opening gateways for over three million sellers associated with the company to jump on to the digital bandwagon. The company has launched its buyer and seller protection program that will enable the sellers to remain free from the concern of payment risk and assure the buyers that they will receive exactly the product or service they expect before the payment is made. Since the pilot launch of online payments, there has been a week-on-week growth of 100 percent and more than 20,000 buyers and suppliers have already registered for it.
Artificial Intelligence (AI):
With AI being considered as the future of technology, Staqu created VGrep API suite, offering virtual search engine and a hybrid recommendation engine. It recently launched a Pilot project with Alwar Police by developing an app for police officers – ABHED (Artificial intelligence Based Human Efface Detection), an advanced AI app to assist police in criminal identity registration, tracking and missing persons’ search.
Iris Technology:
Bringing iris detection into its operations, Delta ID aims to make the iris in our eyes a secret password that no individual will ever have to remember. The company’s patented biometric technology, ActiveIRIS is the world’s first iris recognition technology that can be easily integrated into mass market mobile and PC devices, and is extremely easy for consumers to use. With ActiveIRIS, all users have to do is to just look to unlock their mobile devices, log into various websites, make an online or mobile payment or do an Aadhaar authentication or eKYC.
For consumers, the natural and fool-proof eye-based identification technology is incredibly fast, easy to use while being safe and secure if compared to other identification mediums existing in the space such as passwords, passcodes, face recognition and finger-print recognition, which depends on several external factors.
Geo fencing:
Be U Salons uses Geo Fencing, which is like creating a virtual geographic boundary around an area, by means of GPS or RFID technology, enabling software to trigger a response when a mobile device enters or leaves the area. It sends a notification to the customer registered through app that ‘Hey we noticed you were here, come avail this service’.
AMP:
Using the AMP technology, customers of NoBroker, a real-estate portal can seamlessly locate their houses. AMP supports the idea of an ‘organised realty sector’ in India where house owners and potential tenants both needn’t require tech-skills for a seamless exchange.