Enter AI, a powerful tool that holds the potential to optimize operations, improve patient experiences, refine diagnostics, and pave the way for personalized treatment plans. 

Studies by the Arab Artificial Intelligence Council (AAIC) estimate that AI could add $200 billion to the combined GDP of Arab countries by 2030, while McKinsey & Company forecasts it could unlock up to $580 billion in economic value across the Middle East and North Africa by 2025. 

From streamlining hospital operations to powering life-saving diagnoses, AI is poised to transform every facet of healthcare in the Arab world.

AI in Healthcare Administrations

Arabic studies by the University of Sharjah show that AI-powered automation tools can reduce administrative workloads by up to 70%, allowing healthcare professionals to dedicate more time to patients.

Administrative Workflow

AI-powered systems can automate routine tasks such as appointment scheduling, billing, and insurance processing. This not only reduces the burden on administrative staff but also minimizes errors, leading to more efficient and cost-effective operations.

Virtual Nursing Assistants

These virtual assistants can provide real-time support to patients, offering medication reminders, answering queries, and monitoring vital signs. The results are enhancing patient engagement and allowing healthcare professionals to focus on more complex tasks, ultimately improving overall patient outcomes.

Connect Disparate Healthcare Data

AI can connect disparate healthcare data, ensuring that information flows efficiently between departments. This integrated approach improves communication, collaboration, and decision-making across the entire healthcare ecosystem.

Revenue Cycle Management

Hospitals and medical institutions can benefit from AI to streamline financial processes, from billing to claims processing. Automated systems can identify billing errors, reduce payment delays, and optimize revenue collection, ensuring the financial health of the hospital.

Clinical Documentation Improvement

AI can enhance clinical documentation by automatically extracting relevant information from medical records. This not only improves the accuracy and completeness of patient records but also reduces the administrative burden on healthcare professionals, allowing them to focus more on patient care.

Supply Chain Optimization

Efficient supply chain management is crucial for ensuring the availability of essential medical supplies. AI can analyze usage patterns, predict demand, and optimize inventory levels, preventing shortages and reducing costs associated with excess stock.

Fraud Prevention

Healthcare fraud is a growing concern, leading to financial losses and compromised patient data. AI can play a crucial role in fraud prevention by analyzing patterns in billing data and flagging anomalies. This proactive approach safeguards the financial integrity of the hospital and protects patient information from potential breaches.

AI Enhances Patient Experience

The UAE’s bigger image: Forget long wait times and frustrating phone calls. 

In Abu Dhabi, patients can schedule appointments, access medical records, and even consult with AI-powered virtual assistants, all through a user-friendly app. 

A recent survey by the Emirates Telecommunications Regulatory Authority (TRA) revealed that 82% of UAE residents are open to using virtual health assistants for basic medical consultations. 

This empowers patients, improves accessibility, and promotes a more proactive approach to healthcare.

AI-Assisted Patient Scheduling

Long wait times and scheduling inefficiencies can negatively impact the patient experience. AI-powered scheduling systems can optimize appointment bookings, ensuring efficient use of resources and minimizing patient wait times. This way the integration of AI enhances the overall patient experience but also improves the utilization of healthcare facilities.

Virtual Health Assistants

AI-driven virtual health assistants can serve as a valuable resource for patients, providing information, answering queries, and offering support between doctor visits. These virtual assistants contribute to a more patient-centric approach, empowering individuals to actively participate in their healthcare journey.

Patient Treatment Personalization and Optimization

A 2017 survey by PwC conducted on the urban representatives of Saudi Arabia and the Middle East reveals that:

“A noteworthy percentage, ranging from nearly half to as high as 73%, expressed a willingness to allow a robot to perform minor surgical procedures instead of a human doctor. In the Middle East, this openness varied from 50% in the UAE to 55% in Saudi Arabia and Qatar.”

The predominant motivations for acceptance were the desire for easier and quicker access to healthcare services (36%) and the need for speedy and accurate diagnoses (33%).

Precision Medicine

AI plays a pivotal role in advancing precision medicine by analyzing genetic and molecular data to tailor treatment plans to individual patients. This targeted approach increases the likelihood of treatment success while minimizing potential side effects, ushering in a new era of personalized medicine.

Less Invasive Surgeries

AI can transform surgical procedures by making them less invasive and more precise. Through the analysis of medical data, AI can assist surgeons in planning and executing surgeries with greater accuracy. This not only reduces recovery times for patients but also minimizes the risk of complications during and after surgery.

Drug Dosing and Monitoring

AI algorithms can assist healthcare providers in determining optimal drug dosages based on individual patient characteristics. Additionally, these systems can continuously monitor patient responses to medications, allowing for real-time adjustments to treatment plans and minimizing adverse reactions.

Predictive Analytics for Treatment Success

By analyzing historical patient data, AI can predict the likelihood of treatment success for specific conditions. This empowers healthcare professionals to make more informed decisions about treatment options, increasing the overall efficacy of medical interventions.

A Quick Tour of the Arab African Region

In Tunisia, researchers at the Institut Pasteur are developing AI models to predict and prevent the spread of antibiotic-resistant bacteria, a major challenge in the region. This shift towards “precision medicine” promises to transform chronic disease management and cancer treatment across the Arab world.

In Morocco, AI-powered systems are analyzing large datasets of public health data to predict and prevent outbreaks of infectious diseases. 

In Egypt, AI algorithms are optimizing supply chains for essential medical supplies, ensuring their availability even in remote areas. 

These applications go beyond individual treatment, strengthening the entire healthcare ecosystem and improving preparedness for future health challenges.

AI-Powered Medical Diagnostics

Image Analysis and Radiology

AI excels in image analysis, particularly in the field of radiology. Algorithms can swiftly and accurately analyze medical images, aiding radiologists in diagnosing conditions such as tumors, fractures, and abnormalities. The remarkable results are expediting the diagnostic process and enhancing the accuracy of results.

Pathology and Lab Tests

AI applications in pathology can assist in the analysis of tissue samples and lab tests. By rapidly identifying patterns and anomalies, AI enhances the speed and accuracy of diagnostics, enabling healthcare professionals to make informed decisions about patient treatment plans.

Electronic Health Record Analysis

Efficient analysis of electronic health records (EHRs) is crucial for comprehensive patient care. AI can sift through vast amounts of patient data, identifying relevant information for healthcare providers. This ensures that medical professionals have a holistic view of a patient’s health history, facilitating more personalized and effective treatment plans.

A Blooming Oasis of Healthcare Innovation

The integration of Artificial Intelligence in the Arab world’s healthcare systems is not merely replacing human expertise, but creating a powerful partnership. 

It’s about harnessing the power of technology to empower doctors and nurses, personalize care for patients, and build a more resilient and equitable healthcare ecosystem. 

As the region embraces AI and navigates the challenges, a flourishing oasis of healthcare innovation will emerge, transforming the Arab world into a global leader in medical advancements.

Your Thoughts

We would love to read about your opinions and your personal experiences with AI in the healthcare industry, whether you are a patient or a medical professional. 

The post AI Integration Into Arab Healthcare Systems: KSA & UAE As Examples appeared first on SoftGrad.

It is a reminder to us, businesses, to answer the call of the Global Compact to improve our own processes, technologies, and consumptions to positively contribute to a more equal, fairer, and healthier world.

The global warming and the rise of artificial intelligence (AI) are also pressuring us to act faster and wiser.

In this article, we will discuss what are sustainable technologies and how we can adopt more advanced technologies in a greener way.

A Digital Yet Green Future

The glittering skylines of Dubai and Riyadh are testaments to the Arab world’s economic powerhouse status. But with progress comes responsibility. As the region embraces digitalization, a crucial question arises: can we grow not just faster, but greener? 

The answer lies in sustainable technologies, innovations that drive digital advancements while minimizing environmental impact.

The UN’s 17 Sustainable Development Goals (SDGs) and the Global Compact offer a guiding light for this journey. Let’s dive deeper into key goals for the Arab world:

SDG 3: Good Health and Well-being 

Telemedicine platforms like Saudi Arabia’s DoctorNow bridge healthcare gaps in remote areas. A woman in Jordan could consult a doctor via the DoctorNow app, about her health concerns addressed without crossing vast distances. Another Yemeni woman could receive vital nutrition advice through the UNICEF SMART program. 

These are just two examples of how telemedicine and digital tools are bridging healthcare gaps and saving lives.

SDG 4: Quality Education

The UAE’s Noon Academy democratizes access to knowledge, offering affordable online courses that reach students across borders and socio-economic barriers. 

Imagine a young girl in a rural Moroccan village gaining access to world-class education from her smartphone. This is the transformative power of educational technology.

SDG 6: Clean Water and Sanitation

In arid regions like the Gulf, water is a precious resource. Smart irrigation systems like Netafim developed in Abu Dhabi optimize water usage in agriculture, conserving this vital resource for future generations. Picture lush farms flourishing in the desert, fed by precise water delivery systems made possible by sustainable technologies.

SDG 9: Industry Innovation and Infrastructure 

The integration of smart technologies into infrastructure development using IoT improves the monitoring of energy consumption, the use of data, and the efficient application of new solutions.

Saudi Arabia’s NEOM project envisions a futuristic city powered by artificial intelligence (AI) and renewable energy, paving the way for sustainable urban living.

SDG 11: Sustainable cities and communities 

This goal focuses on creating green spaces and reducing pollution. Dubai’s Smart City initiative incorporates smart irrigation systems and electric vehicles, promoting environmental sustainability within urban landscapes.

SDG 17: Partnerships for the goals 

We are in this together! Adopting sustainable technologies shouldn’t be an individualistic effort but a collective effort by fostering responsible  collaboration between governments, businesses, and NGOs. 

The UN Global Compact provides a platform for these entities to collaborate on projects that advance the SDGs, further amplifying the impact of individual efforts.

Sustainable Technologies Defined

Sustainable technologies are not just the latest gadgets; they’re the bridge between human progress and environmental well-being. Unlike their resource-guzzling, data-hungry counterparts, sustainable technologies offer solutions like:

• Cloud computing: You can reduce your physical server footprint and its carbon footprint with cloud-based solutions. Picture data centers powered by renewable energy, humming away efficiently in the background of your digital operations.
• Virtualization: You can run multiple applications on a single server, maximizing resource efficiency and reducing hardware needs. Imagine leaner, greener IT infrastructure, saving energy and reducing e-waste.
• AI-powered energy management: You can now invest in buildings that learn and adapt, optimizing their own energy use through the power of artificial intelligence. Envision smart thermostats adjusting themselves, dimmers fading lights automatically, and all based on the building’s needs and the ever-changing environment.

But with great technological power comes great responsibility. We must embrace digital responsibility, ensuring technology serves, not harms. This means adopting corporate digital responsibility: minimizing e-waste, prioritizing data privacy, and promoting ethical AI. 

Best Practices for Greener Tech

Now, let’s get practical! Here’s how businesses in the Arab world can go green with their technology:

• Embrace the cloud 

Migrating to the cloud reduces your physical infrastructure and its associated carbon footprint. Think of it as trading gas-guzzling servers for a sleek electric car for your digital needs.

• Manage cloud power 

Within the cloud, configure settings to automatically power down inactive devices and optimize server utilization.

• Tackle dark data

Clean up unused data. Purge old files, optimize databases, and free up storage space. Remember, dark data consumes energy even when it’s just sitting there collecting digital dust.

• Go green in practice

Implement power-saving settings on devices, switch to energy-sufficient software, and consider eco-friendly packaging. Every byte saved translates to a greener footprint.

• Choose green partners

Choose providers committed to sustainability, prioritizing those with renewable energy policies and responsible data management practices.

• Code for efficiency

Streamline your software to eliminate redundant scripts and processes, reducing processing power consumption.

• Store smart 

Opt for energy-efficient storage solutions, like solid-state drives (SSDs), and avoid data hoarding to minimize energy consumption.

• Leverage server virtualization 

Run multiple applications on a single server, reducing hardware requirements and overall energy demand.

• Utilize AI and the IoT 

Optimize energy use: Implement AI-powered systems that analyze and optimize energy consumption in buildings and facilities.

• Go paperless

Adopt digital workflows and document management systems to minimize paper usage and printing-related emissions.

Conclusion

The Arab world stands on the cusp of a momentous transformation. By harnessing the power of digital technologies responsibly and prioritizing sustainability, the region can not only propel itself toward economic growth but also ensure a future that is prosperous, equitable, and environmentally responsible. 

Let’s embrace this opportunity, share our experiences, and inspire each other to build a greener digital future for the Arab world and beyond.

The post Sustainable Technologies in The Arab World: Grow Digitally and Greener appeared first on SoftGrad.

Those reluctant to embrace this transformative wave run the risk of being left behind, while forward-thinking organizations must commit substantial investments in their resources to not only stay ahead of the competition but also to position themselves as the preferred choice for their discerning customer base.

In the forthcoming blog, we will delve into the six paramount technological trends that companies should strategically leverage to ensure a prosperous 2024 and beyond.

The Top 6 Tech Trends for 2024 

In the midst of the digital era, we find ourselves amidst a continuous stream of breakthroughs, each one more transformative than the last. The best way to handle these changes is not just to accept them but to really understand them from the ground up.

With more than ten years of experience and by working closely with big companies regularly, SoftGrad is well-placed to spot trends and offer advice on the best ways of doing things. Our office in Silicon Valley adds to our ability to stay on top of what’s happening in the tech world.

 The top 6 tech trends for 2024

1. Generative AI
2. Spatial Computing
3. Industrial Metaverse 
4. IoT 
5. Datafication
6. Zero-Trust Model

Generative AI (GenAI)

Generative AI, propelled into the spotlight by the buzz surrounding ChatGPT, has likely become a familiar concept for many companies. But why is it the leading trend in 2024?

Generative AI, or GenAI, is a subset of artificial intelligence focused on machines creating new content, whether it’s text, images, music, or other media forms. At its core, this technology excels in learning patterns, styles, and structures from existing data and subsequently generating content that either replicates or builds upon these learned patterns.

Here are the key reasons why every business should consider embracing generative AI

Automated Content Creation 

The adoption of automated content creation results in the generation of a higher quantity and improved quality of content within shorter timeframes. This efficiency translates to reduced labor costs, allowing marketing departments to operate more productively with optimized budgets.

In fields like design, architecture, and product development, generative AI tools play a pivotal role by offering inspiration and fresh perspectives. This, in turn, fosters innovation within businesses operating in these sectors.

Increased Efficiency in Research & Development 

In sectors such as pharmaceuticals and materials science, generative AI plays a crucial role in expediting the research and development process. By efficiently analyzing extensive datasets and suggesting potential solutions, it speeds up the discovery of new drugs, materials, or formulations. This heightened efficiency not only contributes to a faster time-to-market but also provides a competitive advantage.

Personalized Customer Experience

Generative AI plays a pivotal role in shaping personalized customer experiences through the analysis of customer data, enabling tailored content and recommendations. In the realm of e-commerce, businesses leverage generative models to craft personalized product recommendations, elevating customer engagement and satisfaction.

Across diverse sectors such as banking, finance, travel, events, and education, AI-powered chatbots emerge as formidable conversational tools. These chatbots adeptly address queries, furnish information, calculate financial plans, and handle complaints, all without the need for human intervention.

Optimized Decision-Making

Generative AI proves instrumental in optimizing decision-making processes by offering data-driven insights and recommendations. In sectors like finance, where robust data analysis is paramount, these models excel in scrutinizing market trends, evaluating risks, and suggesting investment strategies. Businesses, armed with the discerning outputs of generative AI, can make more informed decisions, thereby contributing to overall operational excellence.

Spatial Computing & Industrial Metaverse

Spatial Computing involves the integration of digital information into the physical world, creating immersive and interactive experiences. It incorporates augmented reality (AR) and virtual reality (VR) technologies to enhance the human’s perception of the surrounding environment. 

On the other hand, the Industrial Metaverse extends this concept to industrial settings, creating a virtual space where physical and digital elements seamlessly coexist. This interconnected digital ecosystem allows for the simulation and optimization of real-world scenarios, fostering innovation in training, work processes, and collaboration.

The Business Benefits of Spatial Computing and Industrial Metaverse:

IoT & Datafication

Internet of Things (IoT) and datafication, intertwine to reshape the landscape of connectivity and intelligence. IoT, is a network of smart devices that spans from homes to vast industrial landscapes, each embedded with sensors and software actively generating a constant stream of data, breathing life into the concept of datafication.

Smart devices act as data conduits, translating the physical world into a language of bits and bytes. This inherent connection between IoT and datafication marks a fundamental shift, turning the mundane into the measurable and the everyday into the analyzable.

The process of converting real-world activities, behaviors, and environmental phenomena into digital data gains depth and precision with the continuous influx of information from IoT devices. 

3 top benefits from IoT and datafication

The Zero Trust Model

Unlike traditional security approaches that rely on perimeter defenses, the Zero Trust model operates under the assumption that no entity, whether internal or external, should be trusted by default. Every user, device, and application is treated as untrusted, requiring continuous verification and authentication throughout the entire network. 

The Zero-Trust model involves a comprehensive reassessment of access controls, where Authentication becomes a continuous process that adapts to user behavior and contextual information. 

One pivotal component of the Zero-Trust model is the Biometrics identification, which leverages unique physical or behavioral characteristics to authenticate and verify individuals. This can include fingerprints, facial recognition, iris scans, voice patterns, and even typing dynamics. Unlike traditional password-based systems, biometrics offer a higher level of security and convenience.

This shift from a perimeter-based to a data-centric security strategy ensures a robust defense against the sophisticated cyber threats of the digital age.

Why Those Trends?

Technology, in essence, isn’t an end goal; rather, it’s the underlying purpose that demands our focus and encourages us to invest our resources in that direction. In 2024, both businesses and international organizations (IGOs) are actively championing digital responsibility and emphasizing the associated benefits.

Sustainability & Sustainable Technology

As we approach the year 2030, the deadline set by the United Nations to accomplish its 17 Sustainable Development Goals, there is an increasing onus on businesses and organizations to embrace sustainable technologies in both production and consumption.

These technologies encompass innovative solutions to environmental challenges, such as carbon capture and storage, green cloud computing emphasizing reduced energy consumption and carbon emissions, and the development of sustainable applications. The collective adoption of such solutions points towards the realization of smarter and more sustainable cities.

Cyber Resilience & Security

In an era marked by increased technology adoption and internet connectivity, individuals and entities must elevate their awareness of cybercrimes and fortify themselves against potential cyber attacks. Studies reveal that one out of every two companies has fallen victim to a cyberattack in the past three years, and if this trend persists, it could lead to a staggering cost of around $10 trillion for businesses by the close of 2024.

However, cyber resilience transcends mere cybersecurity. It encompasses proactive measures aimed at recovery and ensuring business continuity in the aftermath of breaches or circumstances beyond our control. This might involve implementing remote working protocols to ensure business functionality in situations where staff cannot access central locations – a technological solution that may not conventionally be considered a component of cybersecurity.

Conclusion

As we wrap up our exploration of the top tech trends for companies in 2024, the significance of embracing innovation becomes crystal clear. From the creative synergy of Generative AI to the security fortifications of Zero Trust Models, businesses that adapt to these trends will not only survive but thrive in the digital landscape. The journey may be challenging, but the rewards are boundless.

The post The Top 6 Tech Trends Reshaping The Business Landscape appeared first on SoftGrad.

The need for innovation and optimized customer experiences is driving the adoption of cutting-edge technologies. 

In this context, Insurtech has emerged as one of today’s hottest trends, reshaping the traditional insurance landscape and offering immense potential for financial companies seeking to embrace digital transformation.

What is Insurtech?

Insurtech refers to the use of technology to improve the insurance industry. 

This encompasses a wide range of solutions, from online platforms for policy comparison and purchase to AI-powered risk assessment tools and automated claims processing systems. 

Essentially, Insurtech leverages technology to enhance efficiency, personalize customer experiences, and make insurance more accessible and affordable.

Insurance 2.0: A New Paradigm

The rise of Insurtech has ushered in a new era for the insurance industry, paving the way for Insurance 2.0. This new paradigm is characterized by:

• Personalized and data-driven insurance products: By leveraging data analytics and AI, Insurtech companies can offer customized policies that cater to individual needs and risk profiles, resulting in fairer and more competitive pricing.
• Convenient and accessible user experiences: Through online platforms and mobile apps, Insurtech companies provide customers with 24/7 access to their insurance information, quotes, and claims processing, offering unparalleled convenience and ease of use.
• Faster and more efficient claims processing: By eliminating paperwork and automating various processes, Insurtech significantly streamlines claims processing, resulting in quicker resolution times and improved customer satisfaction.
• Enhanced risk management capabilities: Advanced technologies like AI and IoT enable real-time risk monitoring and prediction, allowing insurers to proactively mitigate risks and tailor insurance solutions accordingly.

The Latest Technologies in Insurtech

Several cutting-edge technologies are driving the Insurtech revolution:

1 Artificial intelligence (AI) and machine learning (ML): AI and ML are used for diverse applications, including risk assessment, fraud detection, personalized pricing, and automated underwriting.

2 Big data analytics: By analyzing vast amounts of customer and risk data, Insurtech companies gain valuable insights to make informed decisions, optimize their products, and personalize customer experiences.

3 Internet of Things (IoT): Connected devices and sensors enable real-time data collection for usage-based insurance, allowing for more accurate risk assessment and personalized pricing models.

4 Blockchain: This secure and transparent technology facilitates efficient and tamper-proof insurance transactions, enhancing trust and reducing administrative costs.

5 Cloud computing: Cloud-based solutions offer cost-effective and scalable infrastructure for insurance companies, enabling them to access advanced technologies without significant upfront investments.

Impact of Insurtech on Insurance Companies and Customers

The adoption of Insurtech offers significant benefits for both insurance companies and customers:

For insurance companies:

✔️ Improved operational efficiency and reduced costs

✔️ Increased market reach and customer acquisition

✔️ Enhanced customer satisfaction and loyalty

✔️ Improved risk management and underwriting accuracy

For customers:

✔️ More affordable and personalized insurance products

✔️ Convenient and accessible online platforms

✔️ Faster and more efficient claims processing

✔️ Greater transparency and control over insurance policies

Case Studies

Several successful Insurtech companies in the Arab World are paving the way for the industry’s transformation. 

For example, Bayzat in the UAE offers a comprehensive online platform for employee benefits, while YallaCompare in Saudi Arabia provides a convenient platform for comparing and purchasing insurance products. These examples showcase the potential of Insurtech to improve the lives of customers and revolutionize the insurance landscape in the region.

Stats and Insights: Insurtech in the Gulf

Market Size and Growth

• KSA: The Insurtech market in Saudi Arabia is expected to reach $545 million by 2027, growing at a CAGR of 35.6% from 2022 to 2027.
• UAE: The UAE Insurtech market is projected to reach $365 million by 2027, with a CAGR of 29.5% during the same period.
• Qatar: Qatar’s Insurtech market size is estimated to be $35 million in 2023, and it is predicted to reach $85 million by 2027, growing at a CAGR of 27.2%.
• Bahrain: Bahrain’s Insurtech market is still nascent but has the potential for significant growth. It is estimated to reach $15 million by 2027.

Investment Landscape

• The GCC region, including KSA, UAE, Qatar, and Bahrain, attracted over $100 million in Insurtech investments in 2021.
• Major investors in the region include Mubadala Ventures, STC Ventures, and Saudi Aramco Ventures.
• There is a growing interest from international investors in the GCC’s Insurtech ecosystem, fueled by the region’s young population, high internet penetration, and increasing smartphone usage.

Government Initiatives

• Governments across the GCC are actively supporting Insurtech development.
• Initiatives include regulatory sandboxes, innovation accelerators, and funding programs.
• For example, the Saudi Arabian Monetary Authority (SAMA) launched a FinTech Regulatory Sandbox in 2018 to promote innovation in the financial sector, including Insurtech.
• The Dubai International Financial Centre (DIFC) has established itself as a hub for Insurtech companies, offering a supportive regulatory environment and access to investors.

Key Insurtech Segments

• Insurtech platforms: These platforms offer comparison shopping, policy management, and claims processing services.
• Micro-insurance: This segment focuses on providing affordable insurance solutions to low-income individuals and businesses.
• IoT-based insurance: This segment leverages the Internet of Things (IoT) to offer usage-based insurance policies and personalized risk assessments.
• InsurTech for SMEs: InsurTech startups are offering specific solutions tailored to the needs of small and medium-sized enterprises (SMEs) in the region.

Challenges and Opportunities

• Lack of awareness: Many people in the region are still unaware of Insurtech solutions.
• Regulatory uncertainty: The regulatory landscape for Insurtech is still evolving in some countries.
• Data privacy concerns: There are concerns about data privacy and security in the digital age.

Despite these challenges, there are significant opportunities for Insurtech in the GCC region:

• A young and tech-savvy population: The region has a high percentage of young people who are comfortable using technology and open to new solutions.
• High internet and smartphone penetration: The region boasts high internet penetration and smartphone usage, enabling widespread access to digital insurance solutions.
• Government support: Governments across the GCC are actively supporting Insurtech development, creating a favorable environment for innovation.

SoftGrad support for Insurtech companies

SoftGrad is a leading Digital Transformation company in the Middle East whose mission is to digitize, automate and transform companies through cutting-edge technologies. 

We meet our clients and partners’ aspirations and goals by strategizing, developing, and implementing digital solutions to enhance their customer service, streamline their operations and processes, and optimize their revenues.

One of our best projects in the healthcare and insurtech industries is “Best Assistance” which we helped in creating a user-friendly, and highly secured mobile app from scratch to meet the needs of customers and the agility of the company.

Ready to unlock the power of Insurtech for your company?

Book your FREE discovery session to explore SoftGrad’s services and products and how they help you achieve your vision and business goals.

The post Is Insurtech The Hottest Technology Trend in The Arab World? appeared first on SoftGrad.

In this blog, we will unveil some of the AI revolution taking place in Saudi Arabia, as a leading country in the tech field in the MENA region.

The Table of Contents

1. AI adoption by the banking sector
2. How can Saudi institutions benefit from AI?
3. Saudi Arabia: “THE” financial hub
4. Case Study 1: Al Rajhi Bank’s AI-driven Chatbot
5. Case Study 2: STC Pay AI-Powered Fraud Detection
6. The future landscape

AI adoption by the Banking Sector

People and businesses are divided over their fast adoption of AI in their daily lives and business operations, as there are challenges and threats that come with AI, not only opportunities. The banking industry appears to be a notable outlier both globally and in the MENA region. According to Google, the financial services and banking sector will be the Middle East and North Africa’s largest spender on AI technology. This observation could be explained by the banking sector’s service nature and importance in people’s lives. Consumers are more and more eager for speed, secure, flexible, and convenient financial services, therefore financial institutions must respond quickly.

How can Saudi Financial Institutions benefit from AI?

AI has numerous applications in the financial sector and it benefits all stakeholders, by ensuring convenience, streamlining processes, and improving user experience. 

1- Fraud Detection and Prevention

AI algorithms facilitate the detection of fraudulent transactions in real time preventing financial losses for the bank and its clients.

2- Customer Segmentation and Personalization

AI-powered customer segmentation based on behavior, demographics, and psychographics enables the personalization of products, marketing campaigns, and the overall customer experience.

3- Credit Scoring and Risk Assessment 

AI algorithms empower data-driven lending and credit decisions to provide more accurate credit scores resulting in improved loan portfolio quality and lower default rates. 

4- Chatbots and Virtual Assistants

AI-powered conversational chatbots provide 24/7 customer support with the ability to answer people in a similar human manner. Their primary functions are to answer queries and assist in transactions while reducing response time and labor costs, leading to more customer satisfaction.

5- Algorithm Trading and Investment Management

AI algorithms analyze market trends, news, and historical data to predict stock prices and make trading decisions in real time. Direct benefits include optimization of investment portfolios, confident decisions in volatile markets, and effective risk mitigation.

6- Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance

AI and natural language processing (NLP) are used to analyze large volumes of data to improve the detection of suspicious activities, reduce false positives and manual investigations, and enhance regulatory compliance.

7- Customer Churn Reduction

Predictive analytics allow the early identification of a possible customer churn and incite the bank to implement new retention strategies and proactive activities such as personalized offers and targeted messages.

Saudi Arabia: “THE” Financial Hub

Saudi Arabia’s Vision 2030 fosters a business-friendly environment and regulatory reforms encouraging international financial institutions to expand their fintech operations in the Kingdom. 

5 main goals are behind these initiatives: 

• Diversify the Saudi Economy
• Position Riyadh as a global Fintech hub
• Create 18,000 direct jobs in the financial sector by 2030
• Increase the Foreign Direct Investment (FDI) by $3.2 billion by 2030
• Increase the share of non-cash transactions among individuals to 70% by 2025

The development and implementation of the Kingdom’s Fintech Strategy in 2022 transformed Saudi Arabia into a home for over 200 fintech firms as of August 2023.  Furthermore, the Saudi Central Bank (SAMA) designed a Regulatory Sandbox welcoming local and international enterprises interested in testing their products on the Saudi market by minimizing their risks and creating new opportunities. By 2030, the Kingdom hopes to have 525 active fintech enterprises. 

Case Study 1: Al Rajhi Bank’s AI-driven Chatbot

Al Rajhi Bank, one of the Kingdom’s leading Islamic banks, intended to enhance customer service and streamline routine interactions. It implemented an AI-powered chatbot named “Rajhi” to assist customers with inquiries, account information, and transactional activities. The conversational chatbot could interpret and answer client concerns in real-time and in a human-like manner by utilizing natural language processing (NLP).  The adoption and integration of the Al-Rajhi conversational chatbot

1. Reduced response times
2. Provided 24/7 customer assistance 
3. Reduced the need for manual intervention
4. Enhanced customer satisfaction

Case Study 2: STC Pay AI-Powered Fraud Detection

STC Pay, a prominent Fintech company in Saudi Arabia, aimed to strengthen its security measures and combat fraudulent activities. To achieve its goal, it integrated AI algorithms for fraud detection, analyzing transaction patterns, user behavior, and other variables to identify potential fraud.

Success was tangible through

1. The detection and prevention of fraudulent transactions
2. The adoption of the algorithms to new fraud patterns
3. The protection of users’ funds and prevention of evolving threats
4. The minimization of disruptions for genuine users

The Future Landscape

Artificial Intelligence is changing the way financial institutions work and consumers benefit from financial services. 

Saudi Arabia is leading the way with a solid vision, a well-implemented strategy, and active strong partnerships. 

The challenge remains how to choose those partners and what kind of partnerships the Kingdom can build. 

The answers will either support the efforts of Saudi Arabia or slow it from its goals… let’s discover this in the next blog.

The post The Impact of AI on Saudi Arabia’s Banking and Fintech Sectors appeared first on SoftGrad.

And with a Global non-cash transaction volume set to reach $1.3 trillion in 2023, online fraud statistics are becoming alarming.

Just this year, online shopping scams added up to more than $48 billion worldwide! 

So, the big question is, how can AI (Artificial Intelligence) make our banks safer and stronger? That’s what we’re diving into in this blog

Table of Contents

Why AI has become crucial in the financial sector

The most common types of banking fraud

The role of AI in fraud detection

Case study: Danske Bank

AI alignment with regulatory compliance

3 powerful ways conversational AI prevents fraud in banking and fintech

AI for safer and more convenient banking and fintech

Why has AI become crucial in The Financial Sector?

The financial sector connects all business and non-business sectors, for-profit and nonprofit, entities and individuals together.

What drives its evolution and technological adoption can be summarized by 3 key motivators: 

• Delivering a better customer service
• Responding to external threats
• Creating new financial opportunities

Banks and Fintech companies have a moral obligation to move as fast as the technological wave and optimize their services and operations to be up to standards and customers’ needs.

The Digitization of Banking Products

Digitizing banking products resulted in a surge of new payment types such as instant payment and e-payments, and gave users access to online applications.

This pivotal move in financial transactions and consumer behavior improved the overall customer experience but resulted in a surge in fraud. 

Banks and Fintech companies were pressured to recur to Machine Learning (ML) and Deep Learning (DL) to stay ahead of tech-savvy fraudsters.

Shift in Consumer Behavior

“We are moving into an era of frictionless, or intuitive, payments” – Mastercard. 

Consumers are becoming fast and educated adopters. They require top-quality products, convenience, flexibility, and privacy. 

In response, banks shifted their focus from keeping fraud low and limiting losses to providing the best consumer experience with the least amount of fraud thus introducing friction when it is absolutely necessary.”

AI Fraud Detection vs Conventional Fraud Detection

Traditional fraud detection methods often rely on rule-based systems, using predefined rules to flag potentially fraudulent transactions. 

While effective to some extent, these systems may need help to analyze vast amounts of data in real-time.

AI-based fraud detection relies on AI, especially machine learning, which excels in processing and analyzing massive datasets. 

It can identify subtle patterns and anomalies by learning from historical transaction data, enabling more accurate and timely fraud detection.

McKinsey’s AI Playbook announces, “With AI-based software solutions, businesses have the potential to unlock up to $1 trillion in extra value!”

The Most Common Types of Banking Fraud

The types of banking Fraud are enumerable, and with new tech adoption comes new challenges every day. 

Here are the most common types of banking fraud around the world. 

Unauthorized Transactions

A Forbes article reported that roughly eight in 10 mobile banking users are concerned about credit card fraud.

Fraud prevention through AI: AI detects anomalies in the card owner’s spending patterns and flags them in real-time.

By building predictive models of the user’s future expenditure it immediately sends notifications in case of suspicious behavior. 

The legitimate card owner can then block the card and contain damages.

AI-powered banking systems can also create ‘purchase profiles‘ for customers and identify transactions that deviate significantly from the usual.

Real-life application: Mastercard’s Decision Intelligence employs AI to analyze cardholder spending behavior (historical shopping), set a behavioral baseline against which it compares each new transaction, and evaluate the risk of fraud in real-time, enabling it to block suspicious transactions before they are authorized.

Phishing Scams

Both consumers and corporate employees can fall victim to phishing attacks leading to unauthorized transactions, account takeovers (ATO), data breaches, or identity theft.

Fraud prevention through AI: Machine learning (ML) algorithms can detect fraudulent activity in emails based on subject lines, content, and other details and label them as spam. This warns the user and reduces the danger of fraud.

Identity Theft

This type of fraud is the most common complaint among consumers. 

In this case, cybercriminals steal a customer’s identity by hacking into their account and changing crucial account user credentials like passwords. 

Fraud prevention through AI: Because AI recognizes the customer’s behavior patterns, it may detect unexpected activities such as password changes and contact information. To avoid identity theft, it warns the customer and employs measures such as multi-factor authentication.

Document Forgery

Here we talk about forged signatures, fake IDs, and fake credit card and loan applications which are common issues in banking.

Fraud prevention through AI: AI/ML algorithms learn the patterns of a signature and an ID, and detect minor flaws imperceptible to the human eye. 

This is how banks can differentiate between original and fake identities, authenticate signatures, and detect forgeries with extremely high accuracy.

They can also reduce the possibility of someone cashing a cheque with a phoney ID.

Other useful tools could be multi-factor authentication and AI-backed KYC measures.

The Role of AI in Fraud Detection

AI brings a new dimension to fraud protection, employing advanced algorithms and machine learning to analyze vast datasets in real-time. 

Here’s how AI can detect Fraud and prevent it:

Pattern Recognition: The Power of Anomalies

AI excels in recognizing patterns and identifying anomalies within vast datasets. 

By establishing a baseline of normal user behavior, AI algorithms can swiftly detect deviations that may signal fraudulent activity. 

This dynamic approach enables banks to stay one step ahead of fraudsters who continually refine their tactics.

Behavioral Biometrics: Unmasking the Fraudsters

In addition to standard security measures, AI uses biometrics based on behavior to verify users. 

To confirm a user’s authenticity, factors like typing patterns, mouse motions, and even the unique cadence of voice can be analyzed. 

This not only adds an additional layer of security but also ensures a smooth and user-friendly experience.

Predictive Analytics: Anticipating Fraudulent Moves

AI doesn’t just react to known threats; it anticipates them. 

Through predictive analytics, AI models assess historical data to forecast potential fraud trends. 

This proactive approach allows banks to implement preemptive measures, protecting both their assets and the trust of their customers.

Real-time Monitoring: The Need for Speed

Fraud doesn’t wait, and neither should protection measures. 

AI enables real-time monitoring of transactions, swiftly identifying suspicious activities as they occur. 

This rapid response time is crucial in mitigating potential losses and preventing fraudulent transactions from being completed.

Case Study: Danske Bank

Danske Bank is a Nordic universal bank, though it has 145 years of experience in the market, its fraud detection rate was as low as 40%. 

Out of 1,200 false positives per day, 99.5% of all cases the bank was investigating were not fraud-related.

To put an end to these dead ends, the Bank decided to strategically apply innovative analytic techniques, including AI, to better identify instances of fraud while reducing false positives.

The results speak for themselves: 

1. A 60% reduction in false positives, with an expectation to reach as high as 80%.
2. A 50% increase in true positives.
3. Focus resources on actual cases of fraud.

AI Alignment with Regulatory Compliance

The General Data Protection Regulation (GDPR) stands as a cornerstone for safeguarding customer data privacy. 

AI, with its ability to analyze and process vast datasets, aids financial institutions in adhering to GDPR by implementing robust data protection measures. 

Through advanced encryption algorithms and anonymization techniques, AI systems contribute to the secure handling of sensitive information, aligning with GDPR’s principles of lawful and transparent data processing.

Moreover, the Payment Card Industry Data Security Standard (PCI DSS) imposes strict guidelines on the protection of payment card data.

Financial institutions leverage AI-powered fraud detection systems to meticulously scrutinize transactions in real time, identifying anomalies and potential threats to cardholder information.

By employing machine learning algorithms, these systems continuously evolve to recognize new patterns of fraudulent activities, thereby ensuring ongoing compliance with PCI DSS requirements.

The adaptive nature of AI not only fortifies defenses against unauthorized access but also positions financial institutions to proactively address emerging challenges, a crucial aspect in meeting the ever-evolving landscape of regulatory expectations.

3 Powerful Ways Conversational AI Prevents Fraud in Banking and Fintech

Talking to your customers is crucial to preventing fraud. 

Any person may break their behavioral patterns for any reason; Financial institutions certainly don’t want to cancel a legitimate transaction. 

Conversational AI can make these checks fully automatic, which is the perfect balance between being strict about stopping fraud and making things easy for customers.

Conversational AI for Transaction Verification

Conversational AI allows an automated system to respond in real-time to human speech, resulting in dynamic, lifelike discussions.

This achieves two critical goals for fraud detection: 

1. Increasing consumer trust in your voicebot. 
2. Enabling voicebots to collect the data required by their systems to validate legitimate transactions and invalidate fraudulent ones.

This transition to voice-based verification makes push notifications more accessible and convenient for all users.

Voice AI to Prevent Voice Phishing Attacks

In voice phishing scams, fraudsters call your customers, often using poor-quality TTS voices to automate the attempt. 

They may claim to represent you to get personal information they can use to drain account credentials.

This is a serious challenge to banks because their systems aren’t involved in the scam. You can’t control them!

Thus, the key to preventing phishing is to give customers the power to authenticate you.

How can customers authenticate their banks’ representatives?

By presenting a single, unmistakable voice for your brand: a fully custom-built branded TTS voice, also known as a custom voice, unique to your institution, built on neural networks that produce warm, lifelike speech.

Voice AI also helps banks and fintech to authenticate the people they serve.

Voice Biometrics for User Authentication

Voice authentication is a new form of biometrics that can prevent identity theft in voice-based interactions between banks and consumers. 

By using AI it identifies a speaker’s voice as belonging to them and only them, as it has more than 100 unique identifiers contained within the human voice.

However, these speech biometrics systems must also guide users through the log-in process, which necessitates the usage of voice output. 

A recognized bespoke branded voice provides consumers with the confidence they require to accept this new verification approach. 

AI For Safer and More Convenient Banking and Fintech

AI is establishing a new era of convenience and security for financial institutions and consumers alike. 

By embracing the power of artificial intelligence in all its aspects banks, fintech and consumers can ensure accurate data analysis, prompt response, secure transactions, and unwavering fraud prevention.

The post How Does AI Help in Financial Fraud Detection and Protection appeared first on SoftGrad.

Table of contents

Introduction

Saudi Arabia’s Vision 2030

The National Strategy for Data and AI

Smart City Initiative in Riyadh

AI-Powered Healthcare at King Faisal Specialist Hospital

SoftGrad Hand in Hand with Saudi Arabia

Introduction

Artificial intelligence (AI) is changing the business and career landscape worldwide; countries and companies are already competing for leadership and dominance.

 The U.S. and China are predicted to account for about 70% of the global economic impact of AI by 2030.

This number doesn’t seem to intimidate Saudi Arabia and other Arab countries, especially in the GCC, from entering the competition. 

The estimated economic impact of AI in the Middle East by 2030 is $320 billion, of which $135.2 billion is expected to accrue to Saudi Arabia.

 “The annual growth in the contribution of AI is expected to range between 20 and 34% per year across the region, with the fastest growth in the UAE, followed by Saudi Arabia.” Quoted from PWC. 

In this blog, we explore the efforts of Saudi Arabia (KSA) in leading this movement in the Middle East, the Arab World, and internationally. 

Saudi Arabia’s Vision 2030

Advanced technology is at the heart of Saudi Arabia’s Vision 2030. In fact, the Saudi government estimates that achieving 66 of its 2030 Vision objectives is directly tied to the development and deployment of AI-powered applications.

The core of the 2030 Vision is to propel Saudi Arabia towards a more diversified, sustainable, and knowledge-driven economy, ultimately improving the well-being and opportunities of its citizens.

Let’s dive into some objectives and how AI can help achieve them. 

1- Diversifying the economy

The KSA is striving to reduce its usage of oil and its exports as its ultimate source of revenue. One of its efforts in this field is its transformation into an AI powerhouse, attracting $20 billion in foreign and local investments by 2030 and harvesting AI-oriented entrepreneurs and businesses. 

2- Increasing Employment and Job Opportunities

Saudi Arabia is determined to future-proof its workforce against potential AI threats by investing in growing tech-oriented talents. 

It has already started training and developing a pool of 20,000 AI and data specialists by 2030. 

3- Developing the Private Sector

By launching its “National Strategy for Data and Artificial Intelligence” in October 2020, Saudi Arabia is anticipated to secure a 31.3% share of the technology’s growth between 2018 and 2030 in terms of average annual growth in its contribution by region, according to the PwC report.

4- Improving Education and Training

Saudi Arabia is nurturing homegrown talents by promoting AI competitions and “hackathons” and encouraging its researchers and students to tackle AI-related challenges to gain valuable hands-on experience.

It is also in the process of establishing the International Centre for Artificial Intelligence Research and Ethics in Riyadh.

Advancing technological infrastructure, strengthening social protection and healthcare, improving quality of life, and empowering women in the workforce are all on the list of objectives of the 2030 Vision. 

The National Strategy for Data and AI (NSDAI)

Since its launch in 2020, it has ushered in the most significant regulatory development impacting the emerging tech ecosystem in Saudi Arabia. 

Upon it, the Kingdom established the Saudi Data and Artificial Intelligence Authority (SDAIA) and its three sub-entities 

• The National Centre for AI (NCAI) 
• The National Data Management Office (NDMO) 
• The National Information Centre (NIC) 

SDAIA, in partnership with the Ministry of Telecommunications and Information Technology (MCIT), led the G20’s Digital Economy Task Force and guided the Kingdom’s response to COVID-19 through the launch of apps such as ‘Tawakkalna’ and ‘Tabaud’.

The (NSDAI) has 6 main pillars:

• Ambition: to place Saudi Arabia amongst the top 15 countries in the development and application of AI by 2030
• Skills: to train more than 20,000 data and AI specialists and experts by 2030.
• Partnerships: with leading AI countries, international organizations, and private sector institutions.
• Investments: of over USD 20 billion in Data and AI
• Regulation: to foster a business-friendly regulatory environment based on international best practices.
• Ecosystem: more than 300 active data and AI start-ups hosted in the Kingdom by 2030, and world-class regulatory sandboxes for the development and deployment of AI-powered technology.

Smart City Initiative in Riyadh

In an attempt to achieve its 2030 vision, improve the quality of life, and transform the capital, Riyadh, into a smart city, Saudi Arabia is integrating AI-driven solutions to enhance urban planning, infrastructure, and public services.

Some Breakthroughs:

✅ AI-powered traffic management systems dynamically regulate traffic flow, alleviating congestion during peak hours.

✅ Predictive analytics assist in resource allocation for services like waste management and energy consumption.

✅ The employment of AI-enabled public safety measures, utilizing real-time data to enhance emergency response times and ensure citizen security. 

Neom is another visionary project unfolding in Saudi Arabia, and it will be a huge step for Humankind.

AI-Powered Healthcare at King Faisal Specialist Hospital

This premier healthcare institution is embracing AI to revolutionize patient care across the Kingdom. 

By employing cutting-edge AI algorithms it is empowering its healthcare providers to detect (through swift and accurate diagnoses) and treat diseases at earlier stages, significantly improving patient outcomes. 

Its utilization of AI-driven predictive analytics is optimizing patient flow, ensuring timely access to care, and reducing waiting times.

The hospital also wanted to enhance patient engagement and streamline administrative processes, so it integrated AI-powered chatbots.

SoftGrad Hand in hand with Saudi Arabia

To achieve its ambitious vision, Saudi Arabia is building strategic partnerships with countries and business entities that have the knowledge, experience, expertise, and skilled workforce. 

Since its foundation in 2010, SoftGrad has accumulated more than a decade of experience and introduced next-gen technologies to the Middle East. 

Our presence in Silicon Valley, U.S., serves us in terms of industry updates and research, and our physical operating offices in Lebanon, KSA, UAE, and Cyprus help us operate closely with all the GCC countries. 

We assisted many leading Saudi companies like MBC Group, in leveraging advanced technologies to create new revenue streams and engage a wider audience. 

Our collaboration with the Saudi Government and Saudi investors can supply the Kingdom with world-class AI-powered services and products and transform its cities into smart cities. 

SoftGrad Academy is also ready to contribute to the skilling up of Saudi youth and the workforce in the fields of AI, programming languages, and tech development. 

Conclusion

Localizing the AI revolution in the Arab World is in good hands as it perfectly matches the historic role of Saudi Arabia in leading the region on many levels. 

Bringing AI innovation, not only its consumption will propel local societies forward as well as diversify and enhance our economies. 

SoftGrad couldn’t be happier to see this innovative scene unfolding in front of its eyes while proudly contributing to it through its services, products, and Academy. 

The post How Saudi Arabia is leading the AI revolution in the Middle East appeared first on SoftGrad.

Table of content

What is Mixed Reality Technology?

3 Universal Practices Among all Industries

(3 case studies)

SoftGrad Support Businesses in Spatial Technology

What is Mixed Reality? 

Mixed Reality (MR) is the combination of both Augmented Reality (AR) and Virtual Reality (VR). 

MR technology incorporates real-world objects into a virtual environment, as well as it integrates digital objects into the real world enabling them to interact with any physical surroundings the user occupies.

One of the most significant key advantages of Mixed Reality is its ability to understand the depth of any environment you are in which allows the natural interaction with virtual objects using eye-tracking or speech recognition. 

3 Universal Practices Across All Industries

Though each industry can benefit from Mixed Reality in a unique way, some benefits can be reaped by any business in the world. 

Improving The Customer Experience

Businesses like retailers, real estate, and car manufacturers, can utilize Mixed Reality to facilitate their buying decisions. 

Real Estate: inspecting properties through virtual tours

Furniture: visualizing how furniture would look in their homes

Retailers: try on clothing before making a purchase

Case Study: Ikea AR Furniture App

Ikea’s loyal customers, like others, often had difficulties visualizing how furniture would look and fit in their homes. 

To improve their customer experience, Ikea developed an AR furniture app, enabling customers to virtually place furniture within their own living spaces. 

This AR app boosted customer satisfaction by reducing the likelihood of returns due to misfitting or dissatisfaction. 

Streamlining Training, Learning, and Onboarding

Many industries such as healthcare and manufacturing are empowered by Mixed Reality in delivering immersive training. 

Employees, trainees, and students can learn in a life-like environment with fewer materials but with a better view and control. 

Mixed Reality allows learning outside traditional classroom settings, and real-time personalized feedback for learners. 

Case Study: Surgical Training with Osso VR

Every aspect of healthcare requires thorough training especially surgical ones. 

However, access to a real surgical environment for practice is limited and costly. 

Osso VR, a virtual reality surgical training platform, was created to provide realistic and safe hands-on experience to practicing surgeons in a virtual environment. 

As a result, the platform demonstrated a 230% increase in performance scores compared to traditional training methods. 

And the time required for surgeons to become proficient in new procedures was significantly reduced, leading to better patient outcomes. 

Enhancing Remote Work 

Mixed Reality transforms remote work from a detached and isolated experience into a fully interactive and collaborative endeavor. 

By creating personalized virtual workspaces workers can optimize their workflow and boost their focus by using virtual screens, sticky notes, and digital whiteboards. 

Virtual meetings become an exciting and rewarding experience and collaboration becomes more interactive as participants (team members and customers) can 

• Use AR capabilities to overlay digital information onto their physical environment. 
• Share 3D models, interactive documents, and holographic presentations. 
• Appear in avatars and have their faces and facial expressions replicated through a 3D digital representation

Case Study: Ford’s Immersive Design Process

The automotive design process is time-consuming and resource-intensive as it involves extensive prototyping, physical mock-ups, and iterative model adjustments. 

Coordinating the efforts of global teams poses an additional tremendous challenge faced by all car manufacturers. 

In an attempt to reduce these costs and facilitate global team efforts, Ford established a virtual design studio using VR headsets and advanced spatial computing software. 

All its designers around the globe can now converge in a shared 3D space, and by using VR headsets they can view and interact with virtual car models in real-time.

And instead of building costly physical prototypes. They create virtual models that are examined from every angle. 

In this revolutionizing step, Ford enhanced the global collaboration of its teams, reduced its manufacturing costs, and accelerated the design cycle.

SoftGrad Supports Businesses in Spatial Technology

SoftGrad facilitates businesses’ investments in Mixed Reality by designing, developing, and integrating digital products with Mixed Reality headsets. 

Games
We create fully immersive and engaging games on all devices, using 3D models, AI-powered NPCs, superimposition on the elements, and advanced wearables.

Mobile Apps
We develop AR apps by overlaying digital information on real-world objects. Such apps can improve the customer experience in a way similar to the Ikea AR furniture app. 

Digital Twins
We build digital twins for a variety of industries, including automotive, healthcare, retail, and manufacturing, as well as for smart cities. By using real-world data, we create simulations that can predict how a product or process will perform, like a vehicle, wind farm, or organ donation.

Remember the Ford Case study!

Wearable Apps
We create apps for wearables like smartwatches and wristbands, as well as we support wearable virtual reality devices like Apple Vision Pro, Meta Quest Pro, Oculus, Rift, Magicleap, Samsung Gear, Google Cardboard, and HTC Vive.

The post Unleashing Uncharted Business Potential By Harnessing Mixed Reality Technology appeared first on SoftGrad.

But do they really have to worry about Artificial Intelligence (AI) or should they consider investing in it? 

Table of content

The Opportunities presented by AI to Universities

4 strategies universities need to apply to stay relevant in the age of AI

The huge gap between the university curriculum and the job market

4 Gulf countries are leading the digital upskilling revolution

Eursiko Academy: Tech Skills Upgrade for Arab Students

The Opportunities Presented by AI to Universities

Artificial Intelligence (AI) presents immense opportunities to universities in administration and education, by reducing costs, saving staff time and effort, and elevating the learning path of students in all majors. 

Administrative Work

Virtual Assistants and Conversational Chatbots: In their basic form they can provide students support with information about the campus and the curriculum. In their most advanced form, they are useful tools for assisting in mental health and learning difficulties. 

Automated Grading and Feedback: Professors and administrators can now benefit from machine learning (ML) and natural language processing (NLP) to grade certain assignments and exams or even get instant feedback on objective and subjective questions by analyzing patterns and language usage. 

Campus and Student Security: More and more universities are counting on AI-powered technologies and AI algorithms to protect campuses, and students’ lives and physical properties through video analytics, facial recognition, and anomaly detection. 

AI In Education

Personalized Learning: Not all students are equal in talent and have the same level of learning, that’s why some universities and institutions have adopted intelligent tutoring systems (ITS) to personalize the learning experience of their students in all majors. By using machine learning (ML) these systems can analyze individual learning patterns, identify the students’ needs, track their progress, and deliver tailored feedback.

Medical Education: Medical schools can immensely benefit from AI, and VR/AR to reduce training costs while improving efficiency. Medical education powered by AI includes VR surgical training, anatomy study, and educating care providers on the latest therapies and drugs. 

Research and Curriculum Upgrade: Professors and academic researchers are increasingly using AI and data analytics to conduct studies and get data-driven results, so they can improve their methods, solutions, and curriculum. Students are also empowered to use AI and VR/AR technologies in their research and projects whether in engineering, medical, Anthropology, Economics, etc. 

4 Strategies Universities need to apply to stay relevant in the age of AI

AI Literacy for All: AI is the top future skill any person who wants to stay relevant in the job market should have, thus universities should prioritize AI literacy as a foundation skill for all students. AI literacy includes understanding the basics of AI, and its ethical implications on privacy, bias inherent from those who programmed it, job displacement, and social inequality, and how to use AI tools for faster work and better results.

Adopting Interdisciplinary Curricula: Universities should encourage projects involving students from different educational backgrounds such as engineering, computer science, human sciences, etc. to work interdependently on real-world problems so students can better understand AI’s potential and limitations during the implementation. 

Collaboration with Industry Experts and Tech companies: University professors alone can’t cover the gap between curriculum and fieldwork, that’s why all educational institutions are encouraged to establish partnerships, internships, and collaborative research projects with tech leaders and practitioners to enable students to get hands-on experience and relevant skills. SoftGrad is already assisting schools and universities in Lebanon to achieve this goal through its “SoftGrad Academy” and is now expanding in the Gulf region.  

Adopting Reskilling & Upskilling Programs: Universities and educational institutions should now consider opening reskilling and upskilling programs besides the traditional degree programs to encourage students to close the gap between their current skills and those required AI jobs. Such programs facilitate career transitions and help individuals remain relevant in the changing job market through lifelong learning. 

The Huge gap between University Curriculum and the Job Market

The global fear of AI replacing human labor is blinding academic leaders and the workforce from seeing the enormous opportunities AI brings to the table. 

According to Goldman Sachs research, generative AI such as ChatGPT could replace 300 million jobs.

IBM goes even further by saying it could replace 800 million jobs. 

But the other side of the story is told by the World Economic Forum which predicts that 1 billion jobs will be transformed by technology by 2030. 

It is not all loss, but new opportunities to take advantage of: 

Upskilling, reskilling, learning, and relearning for more prosperous societies in the digital era. 

The same research reveals that 8 in 10 employers in the tech sector said they have difficulty filling open roles.

This is due to the huge gap between university curriculums and actual job requirements in addition to the skills shortage by those in the job market. 

IBM’s report found that 28% to 34% of recruiters struggle to find applicants with experience in deep learning, machine learning, and data engineering and analytics. They also struggle to find job seekers skilled in programming languages and software engineering. 

This challenge extends to interpersonal skills, as AI jobs require skills such as problem-solving and critical thinking, which are not well-developed by the workforce. 

4 Gulf Countries are leading the Digital upskilling revolution

Saudi Arabia (KSA), Bahrain, Qatar, and the United Arab Emirates (UAE) are not afraid of AI and instead of declaring war, they are leading a revolution with the world’s giant tech leaders such as IBM, Meta, Microsoft, Google and Cisco. 

Educational plans, over the span of 5 years, project to upskill 100,000 young Saudis as well as the employees of government agencies to meet the growing demands for digital expertise. 

In Bahrain, the government already started the journey of training 20,000 Bahrainis in cybersecurity as part of its information technology strategy under the Economic Recovery Plan.

Similarly in the UAE, the government has secured deals with giant tech companies to train 100,000 computer coders open for residents and non-residents. 

They are also leading the AI educational revolution with Mohamed Bin Zayed University of Artificial Intelligence (MBZUAI) which is ranked 18th globally in AI, CV, ML, NLP, AND Robotics. 

Will you join the efforts of those Arab Gulf countries in their revolution?

SoftGrad Academy: Tech Skills Upgrade for Arab Students

As a leading Tech company, SoftGrad previewed the lack of technological skills among graduates and the enormous gap between education and fieldwork, since its foundation in 2006. 

For this reason, it established its own academy, “SoftGrad Academy” to pave the way for graduates and undergraduates to embrace next-gen technologies and be able to fill newly created job positions by Artificial Intelligence. 

Since its establishment in 2019, Eursiko Academy has trained over 1000 students and is expanding its activities and collaborations for more impact. 

Our programs target 3rd year and 4th year university students, to train them over a period of 4 to 12 weeks, on multiple IT programs such as front-end and back-end development and game development, etc. 

The scope we cover is broadening, as we are increasingly introducing new programs to our curriculum, such as AI & Data Analytics-related programming languages such as Python, and R, because they are the basis for any AI job. 

And to empower students beyond skills and knowledge, SoftGrad is devoted to assisting promising talents with their tuition fees, and it offers them part-time and full-time employment opportunities, so they can start building a career and contribute to the economies of their countries. 

Finally, SoftGrad Academy believes in the growing potential of new generations, therefore it has designed specific programs to introduce children to the world of coding. 

Conclusion

AI is here to stay. Instead of fighting it, let’s invest in it to improve the learning experience of all students, and open them new doors of recruitment. SoftGrad is supporting Arab Universities and schools in their efforts for digital transformation through its services and academy. 

The post How can Universities lead with AI?  appeared first on SoftGrad.

Artificial Intelligence is exponentially powering sectors in most of our industries. In the banking & finance world, AI is progressively contributing in simplifying the industry’s different use cases. The below diagram from BI Intelligence illustrates how AI is shaping the different sections of the banking world:

The post Maturity of uses of Artificial Intelligence in Banking & Payments appeared first on SoftGrad.