Posted On: May 15, 2019, By: Prabhjot Singh228 Views
Gone are the days when operational efficiency and productivity were monitored and improved manually. The emergence of IoT has facilitated seamless monitoring with connected devices that constantly sense and exchange data among themselves with no human intervention. Utilization of IoT is bringing us closer towards a world where everything will be in a connected ecosystem. Industries such as BFSI, Retail and more are adopting the benefits of IOT over traditional systems.
Even with the rising adoption rate of IOT amongst industries, firms need a plan of action to reap the benefits of it. Clear road maps are necessary for revolutionizing the internal processes to prepare the adoption of IoT. In this matter, Business Process Management (BPM) presents the guidelines to amalgamate IoT architecture and smart processes, enabling the companies to enhance the value generation from tons of data that is generated.
Business Process Management is an important method to formulate, monitor and improve processes. The integration of IoT into BPM is a common practice nowadays. Real-time data gathered by various sensors and gateways can not only reduce operational costs and improve efficiency but can also improve the business process and generate more revenue. The data collected over the array of sensors are required to be analyzed to take key business decisions.
Financial institutions such as banks and insurance companies handle large volumes of personal data of customers in their business process divisions. Any sort of mishandling would lead to high-security concerns. Few major challenges are:
One of the major mediums involved in such cases is the presence of cell phones and papers with employees at these workplaces. Employees have often been caught clicking photos of personal documents of customers and taking photocopies of the same. We regularly hear or read about cases of private information of customers being stolen or fraudulent banking transactions getting traced back to bank employees. The banks have now started issuing messages to customers to curb such cases. But these efforts have hardly had any impact on the problem.
Smart cameras and sensors could be installed at the business process divisions of the banks and insurance offices where a lot of documents are handled on a daily basis, which would actively detect, in real time, if any personnel is carrying a cell phone or any piece of paper. If found, an alarm could be raised to caution the surveillance team. Successful implementation of such solutions could reduce the cases of fraud and would also cover for the constraints of traditional CCTV surveillance systems that require constant human monitoring.
Harnessing the potential of Artificial Intelligence and Machine Learning improves detection abilities and enables the possibility of remote monitoring.
Harnessing the potential of Artificial Intelligence and Machine Learning in surveillance improves detection abilities and enable the possibility of remote monitoring. Integration with cloud storage makes it more effective and proactive.
The process of learning commences with the collection and observation of data. The collected data is analyzed for examples, experience, instructions, etc. to look for patterns and relations. These methods help in making better conclusive decisions in the future. The primary aim of Machine Learning is to enable computers to learn by themselves without human intervention.
The advent of Artificial Intelligence and Machine Learning has seen rapid rates of adoption among companies in various industries and has shown us a wide range of applications that are possible. However, this technology is still at its nascent stage and has a huge scope for enhancement in the range of applications offered.
ML-based data analytics solution can track irregularities in adherence to SOP and alert the command center team instantly. Being a proactive approach for enhancing operational efficiency, IoT based smart cameras/devices can be installed to detect events that could be a threat to security management.
Companies providing IOT solutions are well known about the digital involvement of smart security and can help in a long way to curb mismanaged and stolen data leading to security threats.
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