Financial institutions use business applications to provide services to their users. They have to continuously monitor the performance of business applications to enhance service reliability. During peak business time, the number of impactful incident increase that downgrades the performance of business applications. IT experts have to spend more time addressing the incidents one by one. Financial institutions can use an AI-based platform for maintaining business continuity and service reliability. Let us know how ZIF enhances services reliability for financial institutions via AIOps.
What is service reliability?
Financial institutions are undergoing digital transformation quickly. For providing a digital user experience, financial institutions use software systems, applications, etc. The business applications need to perform continuously according to their specifications. If the performance gets deteriorated, business applications may experience downtime. It will have a direct effect on the ROI (Return on Investment).
Service reliability ensures that all the business applications or software systems are error-free. It ensures the continuous performance of IT systems within any financial institution. Business applications should live up to their expectations without any technical error. Financial institutions that have better service reliability also have larger uptime. Service reliability is usually expressed in percentage by IT experts.
What is AIOps?
AIOps (Artificial Intelligence for IT Operations) is used for automating and enhancing IT processes. AIOps uses a mixture of AI and ML algorithms to induce automation in IT processes. In this competitive era, AIOps can help a business optimize its IT infrastructure. IT strategies can be deployed at a large scale using AIOps.
The use of AI in IT operations can reduce the toll on IT experts as they don’t have to work overtime. Any issues with the IT infrastructure can be addresses in real-time using AI. AIOps platforms have gained popularity in recent times due to the challenges posed by the COVID pandemic. Financial institutions can also use an AIOps platform for better DEM (Digital Experience Monitoring).
What is ZIF?
ZIF (Zero Incident Framework) is an AIOps platform launched by GAVS Technologies. The goal of ZIF is to lead organizations towards a zero-incidence scenario. Any incidents within the IT infrastructure can be solved in real-time via ZIF. ZIF is more than just an ordinary TechOps platform. It can help financial institutions to monitor the performance of business applications as well as automate incidence reporting.
Service reliability engineers have to spend hours solving an incidence within the IT infrastructure. The downtime experienced can cost a financial institution more than expected. ZIF is an AI-based platform and will help you in automating responses to incidents within the IT infrastructure. ZIF can help financial institutions gain an edge over their competitors and ensuring business continuity.
Why use ZIF for your financial institution?
ZIF has multiple use cases for a financial institution. If you are facing any of these below-mentioned challenges, you can use ZIF to solve them:
- A financial institution may receive alerts at frequent intervals from the current IT monitoring system. An institution may not have enough workforce or time to address such a high volume of alerts.
- Useful IT operations for a financial institution may face unexpected downtime. It not only impacts the ROI but also drives the customer away.
- High-impact incidents within the IT infrastructure may reduce the service reliability of a financial institution.
- A financial institution may have poor observability of the user experience. It will lead to the inability in providing a personalized digital experience to customers.
- The IT staff of a financial institution may burn out due to the excessive number of incidents being reported. Manual efforts will stop after a certain number of incidents.
How ZIF is the solution?
The functionalities of ZIF that can solve the above-mentioned challenges are as follows:
- ZIF can monitor all components of the IT infrastructure like storage, software system, server, and others. ZIF will perform full-stack monitoring of the IT infrastructure with less human effort.
- ZIF performs APM (Application Performance Monitoring) to measure the performance and accuracy of business applications.
- It can perform real-time APM for improving the user experience.
- It can take data from business applications and can identify relationships between the data. Event correlation alerts by ZIF will also inform you during system outages or failures.
- ZIF can make intelligent predictions for identifying future incidents.
- ZIF can help a financial institution in mitigating an IT issue before it leaves its impact on operations.
What are the outcomes and benefits of ZIF?
The outcomes of using ZIF for your financial institution are as follows:
- Efficiency: With ZIF, you can enhance the efficiency of your IT tools and technologies. When your IT framework is more efficient, you can experience better service reliability.
- Accuracy: ZIF will provide you with predictive insights that can increase the accuracy of business applications. IT operations can be led proactively with the aid of ZIF.
- Reduction in incidents: ZIF will help you in identifying frequent incidents and solving them once and for all. The number of incidents per user can be decreased by the use of ZIF.
- MTTD: ZIF can help you identifying incidents in real-time. Reduced MTTD (Mean Time to Detect) will have a direct impact on the service reliability.
- MTTR: ZIF will reduce the MTTR (Mean Time to Resolve) for your financial institution. With reduced MTTR, you can offer better service reliability.
- Cost optimization: ZIF can replace costly IT operations with cost-effective solutions. If any IT operation is not adding any value to your institution, it can be identified with the aid of ZIF.
ZIF can help you in automating various IT processes like monitoring, incident reporting, and others. Your employees can focus on providing diverse financial services to customers besides worrying about the user interface. ZIF is a cost-effective AIOps solution for your financial institution.
In a nutshell
The CAGR (Compound Annual Growth Rate) of the global AIOps industry is more than 25%. Financial institutions are also using AI for intelligent IT operations and better service reliability. Service reliability engineers in your organization will have to put fewer manual efforts with the help of ZIF. Use ZIF for enhancing service reliability!