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DATAART REPORTS RECORD REVENUE IN 2018

DataArt, the global technology consultancy that designs, develops and supports unique software solutions, today announced that it reported record annual revenue of $140M in 2018.

 

DataArt’s steady and significant growth is due to the enduring success of all the company’s practice areas. More than 50 long-term partners continue to rely on the DataArt Finance Practice to run their critical IT systems development and transformation, and 22 new clients chose DataArt in 2018 for the firm’s technical expertise and cutting-edge capabilities. Several new customers, including one of the largest global insurance firms, have engaged DataArt for development of blockchain-based projects. DataArt continued its investment in digital transformation for clients in retail finance and asset management, and completed massive enterprise modernization projects for key financial data and analytics clients.

 

DataArt’s Healthcare and Life Sciences Practice saw continuous revenue growth in 2018, with a focus on the operational efficiency and portfolio expansion, and the signing of major new clients, such as AiCure and OmniComm. The practice put significant effort into business development and expansion of the German market, which resulted in new contracts such as ClinicAll, and other lighthouse opportunities.

 

DataArt’s Travel & Hospitality Practice has partnered with several new clients, including one of the world’s largest online travel agencies (OTA), completed six projects in the thriving business travel sector, and co-launched a dedicated AI & ML Center of Excellence. The group invested in internal processes, domain training and education to maximize client return on investment, completed integrations with over 300 APIs, and further invested in blockchain research and development, co-leading the HTNG blockchain working group. To support its momentum, the DataArt travel practice appointed industry veteran Max Zhdanov, former head of travel at Luxoft, as Vice President of Travel and Hospitality at DataArt.

 

DataArt’s Media Practice reported record revenue of $23M, an increase of 37% from 2017, expanding the executive team in the U.S. with the hire of digital media industry veteran Russell Karp. The practice signed eight new clients, including Meetup, the largest network of local communities that meet offline concerning their shared interests. The group brings its decade-long expertise of product development for the UK betting industry clients, such as Betfair Paddy Power, to the emerging U.S. sports betting market, where enterprise-grade skills in data services and real-time analytics are in great demand.

 

The Blockchain Center of Excellence entered into a partnership with R3 to develop innovative products and solutions on R3’s Corda platform, and has completed its first batch of projects. DataArt’s iGaming Practice has built on its blockchain expertise and won the 2018 Malta Blockchain Summit Hackathon, the world’s largest blockchain event, with its DataArt Blockchain Charity Gambling Platform, built on Ethereum. The team has also announced a partnership with Playtech.

 

DataArt’s Retail and Distribution Practice has developed several new solutions, such as Digital Platforms for Delivery Time and Cost Optimization, and Smart Ecommerce, and signed a number of well-known European retail clients, including Farmdrop.

 

“2018 has been a significant year for DataArt,” said Eugene Goland, President of DataArt. “We’re proud of our achievements and of the trust that our clients, and the market at large, have put in us. As a global company, we strive to create innovative enterprise solutions and provide exemplary client service.” 

 

For the ninth consecutive year, DataArt was included in the annual Inc. 5000 List of the U.S. fastest-growing private companies. In November 2018, DataArt secured a private equity investment from Da Vinci Capital.

 

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CUSTOMER CARE TODAY WILL BUILD RESILIENCE FOR FUTURE CRISES

Cathal McGloin, CEO of ServisBOT writes, “The COVID-19 pandemic has created major spikes in calls to financial sector helplines dealing with customers who are concerned about temporary business closures, or seeking information on mortgage holidays and insurance cover.

 

Easing the pressure

With call volumes surging at many contact centres, moving customers from a voice to a text-based channel and encouraging some of them to self-serve via your website or mobile app helps to reduce pressure on contact centre agents. A call-deflection solution doesn’t have to be complex, costly or time-intensive, but it can be extremely effective in managing additional call volumes more cost-effectively, while still providing your customers the information that they need to allay their concerns.

If customers are able to interact with a chatbot initially and this resolves their immediate queries, this can significantly reduce call volumes and the business can still enable the bot to handover to a customer service agent for customers that require further assistance.

 

Setting up a Chatbot in 48 hours

Whether your interactive voice response (IVR) is based on legacy technology or is a modern cloud-based solution, it’s possible to deflect customers from an inbound voice channel to a messaging channel. We know, because we have done this for a client who considered this impossible with their legacy on-premise IVR system. Spinning up a solution took just 2 days and allowed them to successfully deflect calls, automate the response, and still offer customers a path to live chat.

 

Employing a Chatbot as a Call Deflection Solution

Financial services businesses can launch a very simple bot. The bot can be as simple as just pointing a customer to the COVID-19 FAQ page or it can be an extension of an existing customer service bot that offers multiple capabilities. On day one it may just be used to quickly assess queries and handover to a live agent. However, by gathering the training phrases from customer chats, the bot can be made progressively smarter and add capabilities, so that it can be trained over the course of  a week to start automating your customer service

After a week the bot can start automating to become more self-sufficient and take more of the burden from your customer service agents, allowing them to handle more complex customer issues.

Using a chatbot opens up a whole new path to automation.  Once customers start to engage with your intelligent virtual agent, the bot can handle simple requests, direct them to the relevant information on your website, or help them transact in a self-service manner. All of this can happen without the need for them to engage with an agent unless they specifically request this, or the bot escalates the request to an agent. It can even be integrated with your live chat systems so that the bot works in parallel with live agents when needed.

 

Future proofing

During crisis periods, when interactions with concerned customers need to be handled well, call deflection using a chatbot or virtual agent takes the pressure off contact centre agents. It also introduces an automation path that can help customers around the clock.

Once your chatbot has been trained to respond to common customer queries round the clock and reduce the pressure on your contact centre staff, your employees can focus on providing the best care for your customers who urgently need to speak to them. Introducing virtual assistants sends a clear message to your customers that they are your priority and increases the resilience of your business against future emergencies.

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NEW IVALUA STUDY SHOWS TECHNOLOGY CHALLENGES ARE HINDERING PROCUREMENT TEAMS FROM ACHIEVING BUSINESS OBJECTIVES

Lack of system integrations and actionable insights are stopping organisations from accurately measuring performance

 

Ivalua, a leading provider of global spend management cloud solutions, has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on Effective Procurement Performance Measurement. The study revealed the challenges procurement teams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams.

 

The research, conducted by Forrester Consulting and commissioned by Ivalua, found that procurement teams are increasingly being measured by non-cost KPIs such as revenue opportunities being created, payment performance (e.g. on time payments) and spend visibility. However, a lack of data integration between systems (44%), lack of relevant insights (40%) and insights not being made available at the right point in the process (39%) are preventing organisations from accurately measuring progress against business objectives. This is because organisations continue to face challenges when it comes to harnessing technology in procurement, with existing systems not being fit for purpose (36%), poor data quality reducing trust in information (36%) and staff having inaccurate expectations of what technology can do (34%).

 

The research went on to reveal that more digitally “advanced” procurement departments are far exceeding “beginner” procurement departments that are less digitally mature in the range of KPIs they track, how frequently they measure success and the levels of planned technology investments. Key findings include:

  • 97% of advanced procurement departments say procurement strategy is well aligned with overall business strategy versus only 14% of beginners.
  • 51% of advanced procurement departments measure performance weekly or biweekly, versus only 26% of beginners.
  • Only 16% of beginners proactively monitor suppliers’ contracts for expiration and risk, versus 94% of advanced – this is critical for helping organisations manage today’s global supply chain challenges, such as the Coranavirus outbreak.

 

“In order for procurement teams to achieve their growing list of objectives and become strategic enablers for their organisations it’s clear they need to overcome a number of technology challenges” said David Khuat-Duy, Corporate CEO of Ivalua. “As we can see from more digitally advanced procurement departments, technology adoption has helped them to align with business objectives, actively measure performance and add value in areas such as risk management. Their investments and approach to leveraging technology is building a competitive advantage.”

 

According to the study, the amount organisations are spending on procurement technology has been rising and expected to accelerate. In the past 12 months, 46% of organisations increased spending by 5-10%. In the next 12 months, 39% plan to increase spending by 5-10%, while a further 43% plan to increasing spending by 10% or more. Procurement leaders are also looking to fully digitise procurement processes (40%), becoming the preferred customers of strategic suppliers (40%), implementing new software for sourcing/procurement (38%) and improving reporting and insights (38%) to help achieve objectives.

 

“It’s encouraging to see organisations investing more in technology, which will help procurement become a key strategic enabler that goes beyond cost reduction to build a competitive advantage,” added Khuat-Duy. “Increasing adoption of technology will allow procurement teams to gain complete visibility into all suppliers and spend. This will open up further opportunities for procurement to help identify revenue opportunities, track risk and improve sustainability, helping to contribute towards wider procurement and business objectives.”

 

Download the full study here.

 

*The February 2020 study was conducted by Forrester Consulting on behalf of Ivalua and is based on a survey of 409 finance, procurement and supply chains decision makers throughout North America and Europe, as well as several in depth interviews.

 

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