New Delhi [India], May 29 : HCLTech and Newgen Software, have announced the launch of pioneering generative AI (GenAI) solutions designed to transform asset utilization in enterprises and hyper-personalization in the banking industry.
HCLTech has integrated GenAI capabilities into its iMRO/4 maintenance, repair, and overhaul (MRO) solution. This innovation aims to enhance the performance and efficiency of complex, high-value assets across transportation, technology, energy, and aerospace and defence sectors.
The initial phase of this integration will see the deployment of a GenAI bot designed to streamline service instructions for users, significantly reducing the time required for complex asset maintenance processes in SAP S/4HANA.
Following this, the GenAI-enhanced iMRO/4 will enable comprehensive natural language inspection and repair findings reports, leveraging operational data within SAP S/4HANA.
"With GenAI enhancements embedded within existing processes, HCLTech iMRO/4 will go even further to help our clients in asset-intensive industries achieve greater efficiency, enhance asset utilization and reduce cost," stated Sadagopan Singam, Executive Vice President of Digital Business, HCLTech.
HCLTech's iMRO/4 offers a comprehensive set of advanced, integrated MRO capabilities, improving processes across the maintenance lifecycle, including engineering, operations, scheduling, supply chain, customer engagement, and support.
As a global SAP EAM partner and SAP co-development partner for complex MRO operations, HCLTech leverages technologies such as connected assets, geospatial databases, predictive analytics, machine learning, mobility, and AI to optimize business processes.
Meanwhile, Newgen Software has launched LumYn, the world's first GenAI-powered hyper-personalization platform tailored specifically for the banking sector.
This platform is poised to enhance profitability and improve customer experiences for banks worldwide by offering hyper-personalized services and solutions.
LumYn combines predictive intelligence with advanced conversational AI capabilities, enabling banks to develop a deep understanding of each customer's needs, behaviour, preferences, and intent.
This allows for deeper customer engagement while ensuring data privacy and security.
Key features of LumYn include conversational AI, which facilitates natural language interactions with customer data, aiding seamless insight generation and growth strategy development.
Rapid development through customizable AI models addresses unique business challenges, promoting growth through quick iteration and refinement.
The platform maximizes customer lifetime value by creating behavioural segments based on spending habits and lifestyles, enabling targeted marketing campaigns.
Accelerated time-to-market is achieved through a comprehensive library of pre-built AI models, delivering faster insights and quicker deployment, enhancing cross-sell opportunities. Additionally, LumYn ensures reliable and secure AI with data transparency and robust security technologies.
"LumYn is not just a personalized AI platform; it's a hypersonalized one, layered with Gen AI capabilities. This means
that LumYn goes beyond traditional personalization by understanding and adapting to customers' evolving preferences, behaviours, and life stages in real-time", commented Virender Jeet, CEO of Newgen Software.
Rajan Nagina, Head of AI at Newgen Software, added, "We are delighted to introduce LumYn to our portfolio. This platform's ability to derive actionable insights from customer behaviours and preferences is a testament to Newgen's expertise in banking and cutting-edge AI/ML technology. LumYn will significantly deepen customer engagement and drive business growth."
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