Latest news with #automation
Fast Company
2 hours ago
- Business
- Fast Company
The AI era is here. Are you ready to lead?
Artificial intelligence (AI) is no longer a fringe experiment or a future-facing buzzword. It's a here-and-now force that's rapidly reshaping the modern business landscape. AI is already transforming how organizations operate—from how they close their books to how they engage with customers—and the pace is only accelerating. Are we ready for it? For too many leadership teams, the honest answer remains: not yet. AI's potential to improve back-office efficiency is well documented, particularly in finance functions that are often stretched thin. Intelligent automation can significantly reduce the time spent on tasks like transaction matching, reconciliations, and journal entries, freeing up teams to focus on higher-value activities like forecasting and strategic planning. Companies implementing intelligent process automation are seeing measurable impact in areas such as cash flow forecasting, anomaly detection, and real-time variance analysis. By drawing on clean, well-structured data, AI can surface patterns that eliminate risk and unlock opportunity, turning raw numbers into actionable insights. This evolution comes at a crucial time. Many finance departments are contending with a shrinking workforce and increasing expectations. Nearly 300,000 accountants and auditors have left the profession in the last two years, and the majority of CFOs now say they are responsible for enterprise-wide data and analytics. AI can help fill the gap if implemented thoughtfully. WHY RUSHING CAN LEAD TO FAILURE Obvious benefits aside, AI is not a silver bullet. Organizations that rush implementation without the right foundations risk doing more harm than good. Inaccurate data, poor governance, and a lack of human oversight can lead to flawed outputs, audit issues, and regulatory exposure. AI models trained on inconsistent or incomplete data can replicate human mistakes at scale, producing errors with more speed, not more accuracy. That's why clean, auditable data must be a non-negotiable starting point. Gartner predicted that 30% of generative AI projects will be abandoned after proof of concept by the end of 2025, in large part due to poor quality data. In other words: garbage in, garbage out. GOVERNANCE BEFORE GROWTH Before deploying AI at scale, leaders must build the proper guardrails. That starts with a robust data governance strategy that defines how data is collected, maintained, and used across the organization. Assigning data stewardship responsibilities, establishing quality standards, and ensuring alignment with regulatory frameworks are essential. Just as important is keeping human judgment in the loop. Especially in the Office of Finance, where compliance and auditability are paramount, AI tools should be explainable and traceable. The goal is not to replace decision makers, but to empower them with better information. Cross-functional collaboration between finance, IT, compliance, and legal teams is critical to achieving this balance. AI readiness is about people as much as it is about technology. Implementing AI effectively means helping employees evolve alongside it. That includes upskilling employees to become data-literate advisors, building comfort with new tools, and fostering a culture of experimentation balanced by accountability. Many of the skills teams already possess, such as data analysis, pattern recognition, and variance identification, map directly to AI-adjacent competencies. With the proper training and support, these professionals can become critical players in an AI-enabled function. LEADERS MUST GUIDE AI STRATEGY As AI becomes foundational to business success, it's no longer sufficient for executives to delegate its implementation to IT. CEOs and their leadership teams must play an active role in shaping AI strategy, from identifying high-impact use cases to defining clear KPIs. That includes assessing where AI can truly improve and where human judgment remains irreplaceable. It also means investing in the right tools—not necessarily the most complex or expensive ones, but those that simplify workflows and integrate well with existing systems. Ultimately, responsible AI leadership is about setting direction, removing friction, and creating a culture where teams feel both empowered and accountable. BUILD NOW OR SCRAMBLE LATER There's no doubt that AI will reshape how businesses operate. The only question is whether your organization will lead the way or struggle to catch up. A recent Deloitte survey of the financial services industry, an industry that typically is slow to adopt new technology, found that AI 'pioneers' or early adopters, see significantly more value from their AI deployments than 'followers' or those who are slow to bring the technology into their organization. Companies that act now by improving data quality, establishing governance, investing in their people, and piloting AI in high-impact areas will gain a durable competitive advantage. AI is not just a tool for transformation—it's a test of readiness. And in today's rapidly evolving landscape, readiness isn't optional—it's everything.
CNA
2 hours ago
- Business
- CNA
Why are vending machines popping up all over Singapore?
What do a fresh bouquet of flowers, a serving of durian and a pack of pimple patches have in common? In Singapore, you can get these items at any time of day – in the event of a looming anniversary, an insatiable craving or an acne breakout – courtesy of a vending machine. Once seen as nothing more than an emergency pit stop for a cool beverage on a sunny day, these machines have become a legitimate and increasingly sophisticated way of doing business across a variety of industries. Take the success of locally-founded orange juice brand iJooz for example. While growth was somewhat slow in its initial years, the business has since expanded to around 1,500 machines in Singapore alone. Its chief executive Bruce Zhang told CNA in January this year that his company was not a juice retailer but a technology company, powered by in-house software with data-crunching abilities and hardware that squeezes oranges to a perfect pulp. Likewise, Aikit Pte Ltd – a company that provides cook-to-order meals through more than 90 of its InstaChef vending machines islandwide – sees itself less as a vending machine player and more of an automated kitchen. This is because the technology within its machines allows for various methods of cooking food upon receiving an order. For instance, when making claypot rice, the machine is able to create a charred and crispy rice texture that is similar to what you would get from a traditional kitchen, said Aikit's vice-president for business and operations Sky Goh. This is opposed to the more common machine that uses an internal microwave to heat up pre-prepared dishes. But food and beverage is not the only product group where the use of vending machines is gaining traction. For instance, tastefully assembled roses and tulips have made their way out of the florist and into portable glass displays. Mr Perry Peng, the founder of White Dew Flower, told CNA TODAY that all four of his vending machines in Singapore have built-in refrigerators set at 5°C that keep the flowers fresh for a week — though he replaces them every three days to make sure they are in top condition for sale. The popularity of these vending machines as a new avenue for business is in line with changing consumer behaviour, with a stronger than ever emphasis on convenience. Statistics from data analytics firm Euromonitor International show that vending machine sales in Singapore increased for four consecutive years from 2020 to 2024. In 2019, sales stood at S$100.6 million (US$78.5 million), before the Covid-19 pandemic dipped that figure to S$85.7 million in 2020. Last year saw S$116.8 million in recorded vending machine sales – and that figure is projected to reach S$124.3 million by end-2025. What's behind the increasing ubiquity of these automated machines, and will this trend last? LOWER COSTS, HIGHER GAINS For brands like Kaki Kaki, a local durian seller that operates seven durian vending machines in Singapore, these machines offer a compelling alternative to traditional brick-and-mortar setups because the price of rent is 'significantly' more affordable. 'Singapore is quite a unique place, where even a clinic can pay S$52,000 in rent,' a spokesperson for the company told CNA TODAY. 'I can't sell S$52,000 worth of durians in a month.' He was referring to the price that a healthcare firm bid for a unit in a Tampines Housing and Development Board (HDB) estate earlier in June. In contrast, the monthly cost of renting the far smaller space needed for a vending machine can range anywhere from S$300 to S$800 in shopping centres, and between S$600 to S$1,100 at bus and train stations, according to some operators. 'At the end of the day, it's about how we lower the cost and provide the same kind of quality and convenience,' said the Kaki Kaki spokesperson. 'The more we save, the more we are able to purchase better quality durians and pass on the savings to the consumer.' Businesses that spoke to CNA TODAY declined to share specific figures, but most reported that demand for their vending machine products has been good. Ms Magdalene Lim, country head for acne-care brand Dododots Singapore, said that its vending machines that sell coloured hydrocolloid pimple patches typically turn a profit after anywhere between three and six months. 'It provides our customers a more convenient and instant way to get our products, while being able to save on costs involved like renovation, interior design and manpower,' said Ms Lim. OPENNESS OF CONSUMERS, LANDLORDS At the same time, vending machine operators note that landlords are increasingly open to leasing space to them – a trend perhaps exemplified by Kaki Kaki's durian vending machine obtaining permission to operate at Tampines MRT station. Netizens were initially intrigued, considering commuters are not allowed to bring durians into carriages. But its spokesperson said that its landlord, SMRT, was very supportive of the idea. Mr Justin Cai, an entrepreneur who tried his hand at running a fresh orange-juice vending machine back in 2018, said that setting up a vending machine operation was not that easy just a few years ago. 'As a small company, it was very difficult to get into malls and ask them for space. They felt we would be fighting (for business) against their existing fruit stalls, and end up with a lose-lose situation. 'Even the malls who agreed would offer certain rental rates that are just not viable for a vending machine business,' he added. Mr Vernon Tan, director of full service vending operator Allied Vending, said shopping malls typically have two considerations when it comes to vending machine receptivity: price and optics. 'If people are willing to pay more (for rent), I think they're more open,' he said. 'Space owners right now would also be more ready to think of where they can park machines and place them in aesthetically pleasing areas. Whereas before, it was more of an afterthought.' It also helps that customers like 25-year-old public relations executive Brenda Chan are coming around to the idea of purchasing machine-dispensed products too. 'For orange juice machines, for example, I used to be slightly apprehensive as fruits can go bad quite easily,' said Ms Chan. 'But once I witnessed the staff changing out oranges and maintaining the machines, it made me trust that the products are kept in an ideal condition.' GENERATING INTEREST FOR BRANDS AND CAUSES Sometimes, the appeal of the vending-style model goes beyond just sales or an immediate impact on the bottom line. Homegrown startup Ecoworks, for instance, has installed around 16 automated refill stations around Singapore. Instead of dispensing items in single-use packaging, its machines dispense laundry detergent or dishwashing liquid alone, allowing customers to bring used bottles to the machine to be filled up. Its founder Sean Lam said that its goal is to eliminate single-use plastic through what he termed 'reverse vending' – where each transaction saves a bottle instead of dispensing one. 'A lot of green initiatives here revolve around 'recycling', but the 'reuse' component is lacking. We are part of that solution. The bottle you have is still good enough for a second, third life,' he said. Mr Lam said demand and interest in his machines have been strong especially among the Build-to-Order estates, home to many young families. Apparel brand Ultifresh, which specialises in anti-odour and anti-bacterial sustainable clothing, also launched its first vending machine at AMK Hub two weeks ago. Touting itself as a mission-driven company, its founder Frank Yap said the vending machine model was a 'much faster' way than opening a storefront to achieve their objective of consumer education – wearing shirts more than once helps to reduce carbon dioxide emissions and save water. Over in the fintech world, the finance app and neobank Revolut launched a debit card vending machine in 2024 at the National University of Singapore (NUS), where one could collect and activate the card on the spot. Though it has recently relocated the machine to Galaxis in one-north, its novelty succeeded in drawing eyeballs from the NUS student population and ultimately downloads of their app – which aims to improve financial education in young adults. In these cases, the machine itself served as a touchpoint, not just a transaction. WILL THE TREND LAST? The Singapore government has for several years been encouraging businesses to adopt automation and other productivity-enhancing technologies. And if rent and manpower costs continue to be a major hurdle for businesses setting up shop, industry players said the vending machine boom may well continue. Euromonitor International forecasts predict total vending machine sales in Singapore to be on a consistent upwards trajectory and that they would reach S$140.1 million in 2029. But operators warn against the misconception that starting and operating a vending machine is a bed of roses. Despite the comparative amenability of landlords towards these machines today, Mr Tan of Allied Vending noted that finding a spot for them in the first place can be difficult. 'It's not always easy to secure locations. Singapore land is very scarce … As more people get into the space, location fees may start going up, and that eats into your business case.' Mr Peng of White Dew Flower said this was the main challenge he faced in growing his business – where sales performance differs from location to location. 'There is a lack of available space for flower vending machines in shopping malls. Most malls already have a flower shop, and those without one do not have designated spaces for vending machines,' he said. Ms Rohini Wahi, Asia Pacific senior strategist at consumer trend forecasting firm WGSN said vending machines had key advantages. Ultimately, as affordability remains a priority for shoppers amid socioeconomic instability, these machines will bring time-poor and cost-conscious consumers retail offerings that help them save time and money, she said. In order to counter the oversaturation that comes with the growing number of vending machines offering similar products, brands need to go beyond convenience by embracing playful, creative designs and customising their offerings to each location in order to stay relevant, she added.
Forbes
2 hours ago
- Business
- Forbes
The Low-Hanging Fruit That Can Transform Healthcare Today
Kamal Anand, chief product officer of TeleVox and Mosaicx, part of West Technology Group. In conversations across the healthcare industry, I see many healthcare leaders rightly focused on AI's long-term potential. But in doing so, they may overlook high-impact automation and digital engagement tools that can improve efficiency, reduce administrative burden and enhance patient experience and outcomes right now. I believe in the power of automation and AI as augmentation tools. The most effective technologies currently in healthcare aren't designed to take over for humans; they're built to support them. They help care teams focus on what they do best while offloading the repetitive, routine and administrative work that weighs them down. As a pragmatic product leader, I've seen firsthand that incremental improvements, particularly those powered by responsible AI and automation, can drive real, measurable impact. These smaller wins build confidence, prove ROI and pave the way for more transformative change down the road. By reframing digital transformation as a process of enhancement rather than disruption, healthcare leaders can unlock value sooner and with less risk. And they don't need to wait for external technology partners or major capital investment to do it. The opportunity lies in optimizing underused capabilities and aligning existing systems around immediate pain points. Transformation doesn't always mean disruption; it often means prioritization. While disruption focuses on replacing existing processes, true transformation enhances what already works. Many healthcare organizations are stalled by complexity, under-resourced teams or the misconception that meaningful change requires a wholesale overhaul. The result is digital paralysis—a wait-and-see posture that slows progress and sidelines practical improvements. Leaders often feel pressured to make one big bet on AI or commit to large-scale electronic health record (EHR) upgrades, rather than sequencing more minor improvements that can demonstrate value quickly. However, incremental progress compounds. One study suggests that even a targeted workflow fix—automating a common task or reducing administrative rework—can deliver immediate returns and help teams build the momentum and trust needed to take on more ambitious projects. There's also a misperception that if a solution isn't revolutionary, it's not worth the investment. But in healthcare, efficiency and access are deeply intertwined. In many cases, existing platforms already contain the capabilities needed to drive meaningful change, provided they're activated and aligned effectively. Here are three areas healthcare organizations can win by adopting a "start small, scale smart" strategy, without tearing down and replacing existing systems. Giving patients the ability to manage their care experience—like scheduling, prescription refills or updating forms—can ease administrative burdens and improve satisfaction. However, many health systems still require patients to use a single channel, such as a web portal, which limits adoption. A better approach is to meet patients where they are by offering self-service across channels they already use, including voice, text and online. Starting small means identifying one high-volume task and then piloting automation with clear feedback loops. Use existing tools where possible and ensure staff workflows evolve alongside tech so that value isn't lost to confusion or duplication. Referrals to specialists often involve manual outreach, missed calls and follow-up delays. For large systems, only a minority of referrals, as low as 34.8%, turn into appointments. That's lost revenue—and worse, delayed care. One way to begin automating this flow is by building logic into your existing customer relationship management (CRM) system that triggers outreach once a referral is made. Let patients schedule through secure text, voice or online systems, and use reminders to reduce no-shows. Even partial automation can reduce leakage and free up scheduling staff. The key is to avoid changing everything at once. Focus on one specialty or location and scale from there. Conversational AI tools have evolved far beyond basic chatbots. Today's AI-powered messaging systems can do more than help answer questions—they can provide educational resources and help patients navigate their care journeys. These systems scale communication efforts while preserving the human touch. For example, a conversational AI system might guide a patient through pre-visit instructions, post-discharge care or insurance questions, only escalating to a live agent when needed. The study mentioned above indicates that AI-powered chatbots help reduce healthcare providers' workloads, allowing them to concentrate on more complicated cases that require their expertise. These tools minimize call center strain, improve response times and keep patients engaged throughout the care continuum by handling routine inquiries and providing around-the-clock support. Organizations don't need to build from scratch to get started. Many can pilot AI-powered messaging by extending their current patient communication platforms or integrating with existing CRM systems. A small-scale rollout, such as AI for pre-visit preparation or post-discharge follow-up, can help teams test effectiveness, gather feedback and gradually expand based on need and performance. Generative and agentic AI may be stealing the spotlight, but it's not the only form of intelligent technology delivering value in healthcare today. Leaders don't need to start with the most advanced capabilities to move the needle. Beginning with smaller, manageable steps sets the stage for faster adoption, clearer ROI and more substantial team alignment. Getting started doesn't require major system upgrades. Many teams already have the infrastructure they need to begin automating routine workflows, whether it's appointment reminders, referral scheduling or billing notifications. The key is to take a realistic inventory of current platforms, identify friction points and apply automation where it can quickly relieve pressure. Internal alignment matters just as much as the tech stack. Teams should be looped in early, with clear expectations around what automation will do and how it fits into their day-to-day responsibilities. Focus on projects that improve staff workflows, not just patient-facing touchpoints. Small efficiency wins—like reducing phone traffic or eliminating redundant data entry—can deliver measurable time savings and morale boosts. Ultimately, digital transformation doesn't have to feel disruptive. With the proper framing, small-scale automation projects become a proving ground for larger innovation. They help teams build confidence, develop governance practices and scale what works. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Forbes
3 hours ago
- Business
- Forbes
3 Features Every Modern Anti-Fraud System Must Include
Marcin Nowak, board member at Decerto, has 20+ years in insurance, focusing on automation, technology impact and software solutions. If we compare the insurance industry to the human body, sales would be the heart pumping blood, while claims management would function as the immune system. Without a proper response from the immune system, even the most efficient organs won't prevent the body from collapsing. It's the same in insurance—overreacting to claims can damage customer trust, and trust is the very foundation of this business. Insurance is essentially a promise: when something goes wrong, someone will be there to support you. Unfortunately, some individuals try to exploit the system. That's why identifying fraudulent actors is crucial—not only to protect the company but also to safeguard honest customers from being affected. As I've mentioned in previous articles, I'm a strong advocate of iterative improvement rather than turning everything upside down. There's no need to scrap your existing claims management system just because it's weak in fraud detection. You can successfully implement—or integrate—a dedicated solution that feeds fraud probability assessments into your current process for further review by human experts. This approach aligns with modern IT architecture: leveraging specialized, best-in-class tools and orchestrating them to automate and optimize business processes. A modern, robust anti-fraud system should include AI-driven fraud detection, seamless integration with systems and business-controlled rules and scoring without IT intervention. AI has matured to the point where it can be used effectively without building models from scratch. While custom models are still valuable, the real breakthrough is AI's ability to 'read' and 'understand' documents in a way that closely resembles human comprehension. It can analyze data in various formats, extract relevant information, recognize context and draw meaningful conclusions. The first step in fraud detection and claim analysis should be document digitization and data extraction. Once the data is captured, inconsistencies can be flagged—these may indicate potential fraud. The next step is verifying that data against public and internal databases. For instance, if an invoice was issued by a company, the system should check whether that company exists and whether its address and identification numbers match public records. A truly effective anti-fraud solution should easily integrate with other platforms—whether through out-of-the-box connectors or by enabling the rapid development of new ones. While some developer effort may be needed, the key questions are: How long will it take? How complex is the integration? Is it prone to errors? Having clear answers helps ensure smoother implementation. Integration with public databases is also essential. In a recent client project, we applied a proprietary algorithm based on advanced matching logic to flag individuals or entities listed on sanction, watchlists or criminal databases. In practice, the system instantly compares customer data against international sources like the Dow Jones Watchlist. It can detect non-obvious similarities, such as variations in name spelling or transliterations—identifying potential matches within milliseconds. This is perhaps the most critical feature of all. If every change to the fraud detection algorithm has to go through the IT department, you might wait several months before it's implemented. Not because IT is slow—but because they're managing many priorities, and releases are done in scheduled cycles. Your fraud system should allow business users to create rules, assign weights and react quickly to emerging fraud patterns—without relying on IT for every adjustment. Fraud detection cannot be a static process. It requires flexibility, speed and autonomy. Only a system designed with these principles can truly protect your organization, reduce losses and maintain trust with your honest customers. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Daily Mail
3 hours ago
- Business
- Daily Mail
SMALL CAP MOVERS: Robot revolution bodes well for these three miners
We are on the cusp of a robot revolution. And that bodes well for an overlooked trio of junior members of the mining exploration community. Let me explain. As robotics and automation gear up to double in scale by 2030, demand for rare earth elements, like neodymium and dysprosium used in electric motors, is soaring. China currently controls around 70 per cent of the global rare earth supply, creating a geopolitical bottleneck that could disrupt the robotics revolution. UBS earlier this week warned of a 'materials pinch point' as the world's appetite for automation and electrification grows, making miners and processors of these metals increasingly important. It forecasts the global stock of industrial robots will nearly double to almost six million units by 2030, driven by falling costs, AI advances and labour shortages. Rainbow Rare Earths, Harvest Minerals and Altona Rare Earths are among the UK companies quietly emerging as key players in the race to supply critical materials for the new industrial age. While Rainbow and Altona continue to trade under the radar, it was a different story for Harvest, which skyrocketed 60 per cent this week. This came after it reported more positive assay results from its rare earth exploration programme in Brazil and confirmed plans to accelerate drilling activity. The AIM-listed mine developer said new tests on 36 historical samples from its Arapuá project, in Brazil, showed total rare earth oxide (TREO) concentrations ranging from 2,110 to 2,657 parts per million. The samples also returned high titanium dioxide grades of up to 15.42 per cent, confirming mineralisation in a rock type known as 'Bone'. The other two are making similar headway, which is yet to be rewarded. So, watch this space. Now, turning to the wider market, the AIM All-Share was almost static at 761.13 as mounting tensions between Israel and Iran hit sentiment. The performance of the small-cap index mirrored that of the FTSE 100, which was also moribund. It was a good week if you were looking to raise funds, particularly in the Bitcoin treasury space. The stand-out was The Smarter Web Company, an Aquis-listed venture which came to the market with little fanfare in April as a provider of web services with ambitions in cryptocurrencies. Those ambitions have been realised. Not only did SMC raise just under £30million in a massively oversubscribed City investment round, it also struck a deal that could see it access a further £80-odd million. Smaller aspirants used interest in the sector to bolster their Bitcoin buying power. Vinanz raised £3.7million and Helium Ventures raked in £4million as did Coinsilium. Usually, in the wake of chunky new share issues, stocks retrench. Not so with the quartet mentioned above. Vinanz was the comparative 'laggard' with a 46 per cent gain, while the others saw triple-digit advances. Onto the fallers. Down 41 per cent, the week's biggest casualty was Revolution Beauty, which tanked after Mike Ashley's Fraser's Group pulled out of the running to acquire the business. Year-to-date, the stock has tumbled 72 per cent amid accounting issues and boardroom disputes. It launched a formal sale process at the end of last month after receiving a preliminary takeover approach from an unnamed company. It was also a week to forget for Litigation Capital, a fund set to back high-payout legal cases. The shares fell 35 per cent after it announced a court defeat in one of its funded cases and flagged a sharp slowdown in investment returns in the second half of the financial year. After a sharp rise in the stock price it was back to earth with a bump for investors in Karelian, which issued stock equivalent to 12.5 per cent of its share base to bring in a paltry £185,000. The price dropped 32 per cent. Still, those invested a month ago are still sitting on a 48 per cent gain. Finally, ACG Metals is quietly making progress, although the market has been slow to respond. Giving investors a nudge, Canaccord Genuity has launched coverage with a 'buy' rating and an 830p price target, a 53 per cent premium to the current share price. The key to achieving this valuation is the shift from gold to copper at its flagship Gediktepe project in Turkey. The change, scheduled for 2026, will see ACG move from its current gold oxide production to a copper sulphide operation. Canaccord describes a 'smooth transition at Gediktepe' as key to the investment case. For 2025, ACG has guided for 30,000–33,000 ounces of gold equivalent at all-in sustaining costs (AISC) of around US$1,150 per ounce. Canaccord is slightly more optimistic on output and believes cost performance could improve, particularly with a strong end to the year. Although 2026 is forecast as a lower-margin year due to the transition, Canaccord expects robust cash flow to follow as copper production ramps up, with net debt peaking next year before rapid deleveraging. With prices of the red metal strong and multiple 'de-risking' milestones ahead, Canaccord sees ACG as well placed for a re-rating if it can deliver on execution.
