Ascent Business: Streamlining Digital Transformation for Enterprises

Ascent Business: Streamlining Digital Transformation for Enterprises

Ascent Business is a Singapore-headquartered SaaS, AI, and ML-driven company offering fintech solutions i.e Financial Reconciliation, Escrow, and BCM solutions. Today, the company has operations in India, Middle East, Singapore, and North America. It also offers Consulting and Advisory in the Business Continuity Management space, and product implementation services, which are managed by its in-house professional services teams. Ascent's product, Auto BCM, has been recognized by the leading global research and advisory organizations, Gartner and Forrester, in their BCM program solutions market.

Accelerating the Transformation of an Enterprise

If one talks about Digital Transformation, it means the application of new technologies and business models aiming to improve employee & customer experience, increase competitiveness and reshape markets in a digital economy and help the organization achieve Operational Resilience. Organizations need to identify gaps and opportunities and have a Digital Transformation strategy in place if they wish to remain relevant. However, keeping track of one's digital transformation progress without losing sight of the current digital operations, managing multiple systems, working on organizational change, and establishing a digital culture all at once can be quite a challenge.

Ascent's software solutions empower digital leaders to make well-informed and timely decisions through actionable insights. It drives digital culture in the organization by aligning multiple departments' digital initiatives in a user-friendly, configurable platform, thereby building a solid base for a digitally-focused and customer-centric enterprise. In the case of AutoRecon, implementing the Reconciliation product could achieve significant benefits to a company by reducing headcount, more efficient transaction processing, improving profit by reducing transaction anomalies, detecting fraudulent transactions, and improving liquidity risk.

Awards and Achievements

Ascent Technology CEO, Kundan Shekhawat was honored with the most prestigious awards for Entrepreneurs in UAE, APEA 2017. The company's cutting-edge enterprise resilience solution was awarded at the Express IT Awards 2016 under the IT Innovation (MSME) category. Global research and advisory firms Gartner and Forrester have recognized Ascent Business' solution under Business Continuity Management as below:

Gartner – Market Guide for Business Continuity Management Program Solutions, 2021

Forrester – Now Tech: Business Continuity Management Software, Q4 2020 Forrester's Overview Of 17 Business Continuity Management Software Providers

Overcoming the Challenges

Some of the major challenges for Ascent have been brand building, good talent acquisitions, and adequate capitalization during crucial economic times.

Biggest USP That Differentiates the Company From Competitors

Ascent's AutoBCM solution is a complete Enterprise and out-of-the-box BCM solution with best practices and Regulatory standards built-in along with emergency mass notifications (EMNS) tool bundled with Multi-lingual functionalities. The product is highly configurable and can be implemented in 3-4 weeks.

AutoRecon supports multiple channel payments and handles a large volume of transactions with an in-depth understanding and flow of all exception handling across most of the payment types.

Implementing AI to the Making of Products and Services

AI has immense potential and it creates the opportunity to re-imagine how businesses operate by seamlessly integrating technology, work processes, and people. Ascent is using it in its software to automate any business process end to end and reduce operational obstacles, organize and process complex data, eliminate errors and exceptions, ensure compliance and enhance customer experience, etc. The company is using AI in its software tools to liberate employees where they can focus on objectives that use their unique human skills.

The Future of IoT/ Artificial Intelligence/ML/Cloud Computing in India

As per a joint report by FICCI and Ernst & Young, the APAC region is forecasted to become the largest global IoT region in terms of both connections and revenue by 2025. India is expected to have 5 billion connected devices by 2022.

Certain key enabling factors in the Indian ecosystem such as Sensors, Networks, Standards, Augmented Intelligence, and Augmented Behaviour holds immense promise for its growth in the coming years.

A testimony of this is the recent report by NASSCOM, which highlights the filing of about 6000 Internet of Things (IoT) patents in the country from 2009-2019, of which over 5,000 were filed in the last five years. However, IoT still operates in silos, and there are untapped opportunities in various sectors that will see new developments.

Various startups are joining hands with state and rural government programs to solve urban development issues such as utility management and the growing energy and water crisis. Global industry leaders are investing in IoT applications to build innovative utility services such as mobility, buildings, water supply, power, and much more. For example, IoT-based smart meters are increasingly being deployed to remotely allow remote monitoring, analyze water treatment systems, water crops remotely, and monitor tap water quality. As per the research firm IHS Markit, more than 1.3 billion smart electricity, water, and gas meter units would be installed globally by 2021. Also, the technology used is now being advanced from monitoring to control, based on input data gathered by IoT devices. This will take the IoT ecosystem to the next stage of growth.

IoT also has had significant applications in the WellCare industry from biometrics to measure telomeres. AI will have a major role in many products and industries reducing machine and human errors. Money Laundering will continue to be a challenge for the payments industry for various payment types, such as SWIFT and wire. More companies will be moving to cloud computing as security issues are dealt with.

Current Focus and Go-to-Market Strategy

BFSI, Government, Power & Utilities, Oil and Gas, Manufacturing, and Telecommunications are the industries Ascent is focusing on. The company's go-to-market strategy is through direct presence where Ascent has its own offices along with channel partners of resellers, implementation partners in partnership with major Consulting firms.

The Future Ahead

Ascent is bullish with its product offering as the pandemic has made the BCM solution from a good product to a must-have as organizations are focusing on operational resilience. In fact, the company is anticipating a triple-digit million-dollar growth in the next 3-4 years.

Management:  Kundan Shekhawat, CEO, Ascent Technology


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