June 18, 2018
The world today is encroached by disruptive technologies such as cloud computing, big data analytics, Internet of Things, Artificial Intelligence, Machine Learning and other Cognitive technologies. The market is expected to grow from USD 205.99 Billion (2017) to USD 493.39 Billion by 2022, at a CAGR of 19.1%. (MarketsandMarkets)
Competing against major tech-giants, ONGO Framework, in this digitally disrupted world emerged as a thought leader pioneering in implementation of these cognitive technologies, since its very inception. It incorporated advanced self-learning systems to clients across globe. It enabled bots to take up the role of assistants, advisors as well as consultants. Cognitive assistance has leveraged human-like mental abilities to machines which have the potential to do repetitive tasks and make decisions without reprogramming. They have the ability to self-learn to operate.
Despite the cognitive technologies being in infancy, ONGO Framework introduced a dynamic mechanism in shaping overall business models of ENTERPRISEs and enterprises. It has identified 10,300 small and medium business segments which needs Digital Transformation of their procurement processes.
The technology innovations are moving in all corners to bring new dimensions to operating and performing tasks in different industries. Global businesses from manufacturing to transportation, industries are replacing humans with the Industry 4.0 technologies defined by computer code and algorithms. This upheaval of digital reinventions combined new sustainable business models are enabling to reach outcomes in a smarter way. These “smart innovations” have become the backbone for major organizations to reach their full potential.
This demands organizations to adapt to these newer technologies and find innovative answers to current challenges have become the primary objective of ONGO Framework. ONGO Framework, as an organization, designed a robust platform for businesses to permit their digital enablement and fostered the needs of contemporary automation.
The global market today demands a robust digital solution. Competitors across the world are looking at cognitive technologies in total to attain this transformative potential to mark exponential growth. Moreover, today, advanced automation has permitted to delegate tasks to robots and retrieve authentic results. ONGO, as a framework continuously incorporated changes to build platforms and saw it propitious to include new cognitive technologies to it. This has transformed both physical and digital components of automation and its logistics.
A Deloitte survey confirmed that robotics and automation will rise from 50 percent to 80 by 2020 and increase up to 93 percent by 2025. ONGO Framework becomes a part of this revolution in delivering cognitive strategies that will increase automation of all the major processes.
To harness the power of this convergence of industry 4.0 innovations, ONGO Framework assesses the operations of all procurement activities to imbibe algorithms to solve their mysteries. Amidst the innovations, ONGO Framework came out as a dramatic phenomenon revolving around algorithms that inherit mental abilities like humans to resolve complex problems.
What is Cognitive computing?
In the last decade, customer demands have changed drastically in terms of personalization and immediacy. It prompted a distinct approach to meet these demands. Procurement global leaders have landed in a complex situation where slower results and mistakes have no place. AI had come as an ally to solve this contingency. But, it is cognitive computing that provided the answer.
Cognitive computing churned out from the latest technology innovation and established as a relatively new term and still in its infancy as a process. It evolved as a new kind of procurement to ease up the tasks of procurement team. It involves coordination and cooperation between people and machines to complete processes.
It is closely associated with where the human thought processes are computerized. The processes of the computer mimic the human understanding which is closely with where the machines/computers mimic human thought processes. They act as “self-learning systems” to perform tasks. With the help of software and hardware, these self-learning systems have the ability to perform and automate cognitive functions without reprogramming. It involves ingesting data from all sources and drafting an algorithm that incorporate functions such as identifying and evaluating complex patterns.
It has the capacity to find the relationship among large and unstructured data which may be in natural language text in books, social media, journals, sounds as well as images. The outcome of such culmination enables to support human reasoning by analyzing and interpreting data contemporary to the context of findings. The foundational technologies underlying his magnificent technology include Computational linguistics, machine intelligence, artificial intelligence, expert systems as well as neural networks.
Cognitive computing allowed “hyper-connectedness” of machines with people. In other terms, Cognitive technologies in industries would mean the working of humans and robots together to elevate and accelerate the growth of organization. It deviated procurement from being a linear process where the major emphasis is on cost cutting. It made the aspect of procurement scalable, rapid and highly interconnected for constant changing requirements.
ONGO Framework integrated this exceptionally innovative technology in end-to-end processes of the procurement across industries and brought in a dynamic digitization of everyday processes. It has leveraged the advanced at every step making it possible for the enterprises adopt these systems in a cost-effective manner.
Cognitive computing leveraged technology into procurement to a great extent which reduced the dependency on humans tremendously. However, the scope that cognitive computing provided left the growing business leaders in skepticism. Some of the perspectives that they brought in include
a) Delusion of Reliability: The decisions taken by the cognitive bots are indeed based on facts and the data ingested in them. But, in order to attain a result, they are dependent on a single algorithm. This logic may or may not be applied to all the conditions. Exceptional cases would be deprived to obtain accurate results. Hence, this leaves a room for uncertainty while acquiring results.
c) Exorbitant Costs: Another major challenge is the investment that goes into developing cognitive computing. These augmented costs are not involved in programming the machines, rather in acquiring sufficient information to tune the machine. The more data, the better the results would obtain.
d) Limited Understanding of Cognitive computing: With the number of technologies that are constantly growing updating, the familiarity and the functioning of Cognitive computing has not been explored by procurement professionals. Many of the procurement organizations believed that their team does not have sufficient skills to compete in this technology-disrupted world. A recent global survey of CPOs showed that 60% of CPOs do not perceive that their teams have relevant skills to deliver on their procurement strategy.
ONGO Framework’s Role in Cognitive computing
As procurement leaders are adopting cognitive technologies to find intelligent solutions, a number of roles in the industry are automated. ONGO Framework created a conjunction between and supply of services/products to customers. It has renovated the facets of procurement in obtaining remarkable results.
One Step Closer
Today, leading organization in different industries don’t just measure what they do. They push their definition of procurement analysis. ONGO Framework enables encompass their total value contribution to the business, taking advantage of both conventional and newly accessible data sources to enable true supply analytics.
The Hackett Group in a study revealed “Mastery of analytics is a key enabler as procurement evolves toward being more of a trusted business advisor, the research found. Procurement has the opportunity to drive insights and powerful strategic advantage if it can improve its ability to capture and analyze both information generated internally and also data from suppliers and other external sources.”
Another report by Deloitte’s CPO reveals that 57% of CPOs already use some form of “intelligent and advanced” analytics for their supplier negotiations, and 80% believe that
Analytics will have the biggest impact on their business over the next two years.
The world today needs a well-designed methodology to the puzzle of tangible digital transformation. ONGO Framework development of solutions goes through systematic progression of actions. From Data Mining to Cognitive UI, it employs cognitive technologies like Artificial Intelligence and Machine Learning to increase efficiency and move towards automation. The application development with advanced learning is a two-fold process:
a. Business Cognition
b. User Cognition
The steps involved in this, focus on the backend structure and acquiring information from different sources using data mining and machine learning techniques.
Step 1: Selection of category
When an ENTERPRISE or enterprise aims to digitally transform itself, ONGO brings in an AI-built-in form. The well-designed form allows the user to drop in details of the business. It lets the business to choose its category from 10,300 categories identified by ONGO in three different levels.
If the user doesn’t identify his business among these specifications, the user can suggest a new area and continue the form just by a click.
Step 2: Data mining
As soon as the user makes his entry in the form, ONGO works in actual time to acquire all the data related to the mentioned category and makes a knowledge base in a “file flat”. This is unstructured information collected from different sources such as Google, Facebook, Twitter, LinkedIn and other platforms. This “flat file” constitutes all the information available using specific keywords associated with the business.
Step 3: Machine Learning
With Machine Learning and other advanced cognitive technologies, ONGO Framework identifies the most relevant information collected in “flat file” and represents the data in an organized manner and creates a robust base for deriving and designing the solution.
Step 4: Development of application with Framework
An application is developed with the help of the definite Framework including all the customized needs of the business. However, the features included in the application would be backed with relevance and deep research analysis. An API is generated at the end of this step.
Step 5: Workflow automation
The workflow of the application is completely automated. Step by step, functions are carried by the application with Artificial Intelligence, where the admin have to click a button to obtain the list of details/actions of the application. For instance, if user endeavors to book an appointment online, the processes following it are automated. Moreover, the business person as well as the user is notified about the appointment.
This is another dimension in accomplishing the successful development of the solutions. It majorly focuses on the user preferences, needs and interface.
Step 6: UI/UX
UI, now, is no more an art; it is an amalgamation of knowledge, process and science. Acquiring knowledge through long-term research and analysis, ONGO Framework drew specific conclusion that enabled the interface and user experience to be dynamic than ever.
For instance, "If I have to build an application for a restaurant, I have to ask for the logo, colour, location, menu and bookings etc but with ONGO one does not need to give me all these information, as ONGO will pick it all up from any of the social media sites the restaurant has presence on."
Another report of ONGO Framework says that, “47 percent of the users actually look for map distance in a food delivery industry.”
Below is the detailed figures for different sectors.
Step 7: Updating real-time
From colour preferences to display of features, the admin can modify the relevant features and the application reflects these features real-time (less than a sec). As the admin changes the preferences of the application layout, the modifications are observed.
Step 8: Cognitive UI- self learning (automation)
The next level of interface would include the admin can track the users-action on the screen and personalize buttons according to the patterns observed and change the UI without manual intervene. ONGO Framework, with assistance of advanced ensures automation on this digital platforms and allow enhance personalization.
The major trend across industries is towards automation of processes with virtual tools. "In a developer's language, I can tell you that it took us 82 sprints, more than 50,000 man-hours of effort and more than 18,000 code check-ins to build the 'ONGO Framework', which led to the creation of applications required for businesses to improve their customer experience and also their employee productivity in less than 60 minutes," Rama Krishna, CEO of ONGO Framework says. ONGO Framework’s solution development time is less than an hour for ENTERPRISEs and they can get these solutions can be live within no time. It focuses on ENTERPRISEs and large enterprises with reduced operational expenses and become their technology incubator making their place defined in the global market.
The market calls for viable digital strategy to make place in this competitive landscape. ONGO, in this fast pacing of digital adoption, evolved with cognitive intelligence and fast delivery (in 15 minutes) providing experimental platform for industries to apply them to automate their operations.