Home » Blog » Evaluating Quality of Chatbots and Intelligent Conversational Agents

Author – Aparajita Tiwari (Program Manager)

Home » Blog » Growth Triangle | Trust, Quality and Skills

Author – Nitin Mittal (VP of Sales) 

Home » Blog » Then – Unity in Diversity | Now – Success in Diversity

Mahatma Gandhi once stated-

Our ability to reach unity in diversity will be the beauty and the test of our civilization

Increasing your workplace diversity is not just a hollow catchphrase but also is the need of the hour for good business. According to McKinsey research conducted on 366 public companies, companies in the top quartile for ethnic and racial diversity, were 35% more likely to have financial returns above their industry mean, while those for gender diversity were 15% more likely to have returns above the industry mean.

Today, diversity has become one of the most essential business practices and is not just adopted but engrained in cultures of all successful organizations. Collaboration between individuals from distinct educational backgrounds, professions, skills, personas, gender, race, ethnicity, religions, and geographical regions, enhances value of business decisions in terms of, understanding and decision-making.

Diversity produces creative thinking and leads to organic innovation.  This assists organizations in enhancing company culture, building brand value, nurturing diverse problem-solving skills, and maximizing employee engagement.

In fact, Diversity is reaching to a new dimension where many organizations are exploring diversity beyond the backgrounds, skills, gender and race but of the personas mix within their teams, personas mix such as Idealist, Critical Thinker, Realist and Critic, have also proven as a successful strategy to achieve greater performance and resulted higher job satisfaction rate with enhanced trust among the employees.

Here are a few interesting facts due to a diverse workforce, organizations have observed

Innovation Revenue than others

 Higher Team Productivity 

Job Satisfaction and Employee Retention

For a smarter functioning, variety in thinking ways and ideas are necessary.  Professionals working in a team built on different cultures and ideologies, have proven to find best possible way to excel at assignments addressed to them. This allows organizations to deliver world-class products or services to its customers and fosters an environment that encourages best-in-class innovation. According to Harvard Business Review, varied teams can also result in better problem-solving and decision-making. The more differences a team has in opinions, and perspectives, Higher is the experience shared.The ability to approach problems from several angles and ideate a solution is the root of every innovation. Furthermore, being disparate at work boosts employee engagement and morale, which is one of its main advantages. Even on its own, workforce diversity can induce higher productivity and resilience. Moreover, hiring a diverse workforce can help organisations to stand out and results in a stable clientele.

The diverse nature enables in understanding clients’ requirements in detail from numerous perspectives and can channel marketing and sales effort towards audiences with diverse cultures, practices, and backgrounds.

Empowering people with different personas, abilities, experience, language, and nationality, adds a powerful essence to organizational work ethics, culture, team integrity and productivity. Diverse workforce has become one of the highest rated critical success factors for organizations that are striving to minimize employee attrition rate, land large customers, increase workforce productivity and expand revenue portfolio. IGS believes in embracing diversity and takes it as one of its core values.

Home » Blog » Customer Acquisition Strategy: Work Ethics Impact

Recently, we conducted a poll on LinkedIn to understand views of professionals on what helps build an organization’s brand value. Ethics ranked #1, followed by Career upliftment, Customer prioritization, and Creating a social impact respectively.
Results provided a clear picture of the importance of work ethics among professionals and the benefits it adds to brand enhancement. Considering Ethics receiving the highest ranking, we would like to share IGS’s perspective on the essence of work ethics.

Let’s analyze the perspectives of the participants and understand the importance and benefits of work ethics:

With work ethics being a necessity as it defines business values, it becomes imperative for business organizations to follow essential business practices, which can lead them toward achieving their goals. Practicing work ethics may not show results instantly, but there are certainly long-term benefits. Business ethics are essential not only inside the organization but also in social, cultural, and business aspects.

Work ethics can be defined as a set of rules, regulations, and advisories followed by organizations. Maintaining general work ethics can have numerous advantages, which include improving brand image and customer acquisition ratio, leading to customer loyalty and brand recognition.

In view of solidifying an organization’s brand image, we recognized the following characteristics that would help:

The Right Way of Doing Business

Unbiased decision-making is a major component of standardized enterprise-grade work ethics. Organizations must ensure that all constituents receive equal service and that their behavior aligns with professional standards and principles.

When handling client projects, it becomes essential to follow set principles. Adhering to principles makes managing project deliverables easier, resulting in client satisfaction and ultimately leading to a higher client conversion rate.
The basic principle of work ethics when handling a client project is: Do not promise what you cannot deliver. Any promise made to the client must be handled with utmost care and dedication, as delays or failures can harm the business’s reputation. Hence, all organizational policies and standards should be clearly articulated and widely disseminated.

Unbiased Behavior

Principles form the foundation of work ethics. They make organizations unbiased and accountable for their actions, fostering transparency and aiding in establishing a reputation as a loyal, trustworthy brand.

Work ethics help organizations make fair decisions, whether in client projects, hiring processes, or organizational operations. They develop a sense of equity among everyone involved in the process.

Equitable Access

Work ethics are no longer secondary but have become primary etiquettes representing the organization in society. Equitable access ensures employees and clients feel valued, creating a sense of integrity throughout the process.

It ensures organizations make fair decisions without any kind of influence, eradicating discrimination based on race, gender, ethnicity, sexual orientation, faith, national origin, impairment, age, economic status, or veteran status. It creates equal access to services and opportunities for everyone.

Compliance with the Law of the Land

Compliance with standardized laws is another major component of organizational work ethics. As businesses handle clients and customers, maintaining data privacy is crucial. Breaches can result in penalties, lawsuits, project loss, and damage to the business’s reputation.

When businesses comply with standard rules, regulations, and policies, clients feel secure and are more likely to maintain long-term contracts. Compliance also improves brand reputation, essential for attracting prospects.

Confidentiality and Non-Disclosures

In the digital age, ensuring end-to-end security and confidentiality of client and customer data is crucial. This also applies to employees, job applicants, and service partners.

All personal information regarding services, programs, background, and resources must be kept private. Failure to uphold confidentiality can challenge business growth.

To conclude, from maintaining a healthy work environment to ensuring a proper organizational structure, work ethics represent the authenticity of a brand, ultimately leading to brand building and client conversions.
At IGS, we believe work ethics are essential for functioning effectively. Our workforce and commitment to critical work ethics make us one of the leading premium global quality engineering teams. Our brand objectives are integrity, innovation, building high-performance teams, leadership, and inclusion, all supported by our strong work ethics.

Home » Blog » Cyber Risk Management in Core Banking System

How risk-free is your financial environment?

The latent occurring of risk and its impact is reduced by Risk Management. Risk Management circumscribes the process of identification, analyzing, controlling & reviewing risks to the business. It is imperative for any business to respond to the risks and usually the response takes one of the embodiments such as Acceptance, Avoidance and Mitigation. Organizations that do not have a well-thought out Risk Management Strategy are exposed to financial & reputational losses.

Key pillars of Risk Management:

Assessment: The risks should be proactively assessed by leveraging techniques & controls like threat modeling.

Acceptance: Based on the risk-appetite of an organization informed decisions have to be made with regard to tolerance for risk exposure.

Strategy: A comprehensive strategy should be crafted for prevention & mitigation of risks.

Action: A set of suitable actions have to be performed as per the strategy.

Mitigation: Plans for responding to security breaches have to be established a priori.

The Banking sector and financial institutions are most conducive for various risks and threats. Typically, risks are from Cyber Criminals and vulnerable breaches.

A look at the magnitude of exposure in this sector: On an average, there is an attempted ransomware attack once every 11 seconds! Some of these attacks are resulting in millions of dollars of losses to the banks across the globe, every month.

Magnitude of the risk

Banks carry 91% of the Cyber risks while insurance companies carry 7%. Drilling deeper, among banks, retail banking carries 39% of the total risks and credit cards account for 25%. The associated data breaches could impose huge penalties on the institutions. For example, GDPR perpetrators could charge penalty of up to 4% of the worldwide enterprise revenue.

An Example:

One of the Big Banks in the Asia pacific wanted to reduce the overall cyber risks by having appropriate controls as part of the risk management strategy. Security experts at IGS crafted and implemented a world-class security solution encompassing threat modelling, SCA, SAST, DAST, VAPT, DevSecOps and so on. Also, they automated loan processing system end-to-end with effective security controls. This resulted in reduction of security risks by over 60% along with reduction of loan application processing time by about 75%.

Click here to learn more about IGS security services