Monthly Archives: February 2020

Technology, the bedrock of the modern era, has forever been changing, inventing, and reinventing itself each day to make human lives better and simplified. Modern technology has paved the way for consumers to help make daily tasks like shopping, money transfer, and home security easy. Voice assistants like Alexa and Siri are also assisting consumers in setting daily reminders, reading out emails, and automating routine tasks like scheduling meetings and setting up conference calls.

Businesses are also harping on modern technology like cloud facilities for better file storage, RPA for automating menial, repetitive tasks, and machine learning to analyze and give creative solutions to daily activities.Tasks that earlier seemed unimaginable are now being undertaken by digital technologies daily to generate higher profits via optimum performance.

Let’s look at three technologies that Will Shape the Future of Business.

Hyper-Automation

Robotic process automation or RPA was an idea that humans can now promote to more critical business decisions, and programs can fulfill the menial tasks. Which was initially started as a way to perform low-level, repetitive tasks, based on rule-based processes has now, with the help of digital advancements, become the next breakthrough in technology. RPA now helps businesses with lubricating the supply chain, creating and maintaining better records in financial management, healthcare services, etc.

On the foundation of RPA, technology has now moved to Hyper-Automation. An ingenious fusion of RPA along with AI and machine learning will next shape the future of businesses. Hyper-Automation is a technology that not only performs at optimum capacity like RPA but also analyses the problems at hand via machine learning and provides creative solutions via artificial intelligence, thus increasing productivity.

FedEx, Amazon, and Walmart are already harping on Hyper-automation to streamline their business processes, reduce human error, and perform at optimum capacity. Hyper-automation helps these companies with stocking shipments systematically, reducing the process flow in supply-chain and also understanding the desired amount of time to perform a particular task, accordingly improving job allocation. Hyper-automation, in this way, has helped major companies sustain a workforce that functions at full capacity.

Blockchain

Technology is ever-evolving, inventing, and reinventing itself with each leap forward, yet a few advances can possibly change the whole world. One such leap forward is Blockchain technology.

Being completely secure and transparent in all its transactions, Blockchain is seen to have huge potential in the eyes of cryptocurrency corporations, but that’s not all. Because of the growing recognition of blockchain utilization, brands now realize its full potential for data transactions as well as business solutions.

Blockchain technology is already being applied for supply chain management in e-commerce. The healthcare industry is harvesting Blockchain to create transparent records, keeping a tap on the inventory, etc. Crowdfunding and global payments are far more secure. Music and content platforms can now make an end to end sale without the need for a middleman. The travel industry is leveraging on secure payments and better luggage tracking that Blockchain has to offer.

The transparency of Blockchain helps industries keep records that are full-proof and cannot be tampered with, unlike the internet, thus securing all our online transactions. Blockchain has changed the way the world now looks at cybersecurity, thus opening numerous avenues in the future.

Multi experience

Consumers purchase what they feel and not what they see, thus making experience equally crucial to the product, in the eyes of businesses. Multi-Experience, in one such effort to provide a personalized experience to digital consumers and also to train company employees, provide a better experience to offline consumers.

AR and VR, which were initially designed for the gaming industry, have now taken roots in the construction industry to create a simulation of the look and feel of the site before it is constructed.

Retail giants like Amazon and Walmart are harvesting on AR and VR to create virtual stores and train their employees for huge crowds at Black Friday sales. The retina moments captured by VR also help retailers understand which part of an aisle does the consumer capture first, which in exchange helps optimize product placements. In the right direction, AR and VR can shape the digital future of the world.

Machine learning and Artificial Intelligence are now helping businesses to create a personalized digital conversation with consumers to help create a human influence in the industry. Customer engagement via Conversational AI drives online sales revenue efficiently and helps resolve consumer queries and thus increases brand loyalty and goodwill.

It is needless to say that the world, as we know it, is changing rapidly. Technological breakthroughs open doors to future breakthroughs, and that’s how our technological advancement has been so far. Artificial intelligence, machine learning, RPA, hyper-automation, and multi-experience conversation is just the surface of the tip that technology has to offer. It’s not long before voice assistants will have a tangible physical body and will perform beyond programmed activities, where computers will be able to think for themselves and help better the world. Organizations will likewise keep tabs on ever-evolving technologies to advance into the realm of digital, and open a new world of possibilities for businesses.

Digital transformation has spearheaded an era of revolution. Organisations are laying robust foundation on turnkey factors like business model, operational process and seamless execution. Especially, times when the data coming in, is overwhelming, it becomes mandatory to not only store the data, but, to secure it, from the lurking threats. Thus, this cultural shift from the manual process to the automated system, is what is being referred to as digital transformation.

An authoritative organ, of digital transformation, at a larger level, is analytics. While businesses tend to rely on analytics, to deliver enterprise value, the scope of analytics, goes beyond the listed tasks. A classic example of the usefulness of analytics being online-cab services and food-delivery apps. These online behemoths tend to deploy analytics to determine the price of the user’s ride or decode the ordering pattern of an individual. So the next time, an online app gauges your food preference, don’t be surprised! It is analytics, that has worked its magic across several verticals of the online business!

The centrifugal force though, something that combines all the important aspects of digitization and makes them work in sync with each other, is Omni-channel integration. As the name suggests, Omni-channel integration includes a multi-channel approach, towards optimization, marketing, selling and delivering a cohesive customer experience, after removing, the often-faced bottlenecks.

With the advent of the social media platforms, more and more businesses are investing heavily in this multi-channel integration process. Several big brands across industry have seriously taken up Omni-channel integration, to optimize the performance of their brand. A few instances listed below will certainly help us, when it comes to understanding the technical intricacies of Omni-channel integration.

A few reputed banks across industry, have set a dynamic example, for the world to follow. Their streamlined process makes way for scheduling an appointment, depositing a cheque and paying monthly bills, all without any hassle, via a desktop or a smart phone. As of yet, it might be difficult for customers to perform more complex functions such as getting a loan sanctioned. However, Omni-channel integration as a feature, has a long way to go.

A quick look at how differently a reputed coffee retail chain deploys Omni-channel for its business, will help us understand the essence of the feature. The rewards app, introduced by the brand allows a customer to avail free rewards, everytime, he or she makes a purchase at any of the outlets. However, unlike most traditional royalty programs, this brand allows its customers to reload and check their cards via desktop, mobile, in-store, website or the app. This further means, that any changes made to the card, will be updated in real-time, across all channels.

It also signifies, that even if the customer updates the card, while waiting in a line to get coffee, the cashier immediately gets to know about the update, by the time, the card is swiped. In a nutshell, it is the era of digital transformation, that has made this possible.

• Enhanced Customer Experience.
• Exploring new avenues of growth.
• Maximising productivity.
• Streamlining processes.
• Creating new digital services and products.
• Opening the floodgates to globalization.

The gamut of digital transformation comes with a host of benefits. A few of them, have been listed below:

Least to say, technology has come a long way, over the last decade. To add to it, we’re on the threshold of an era, where even smaller organisations will try to engage their customers directly, through different angles of digital transformation. On the flipside, with several organisations, still willing to implement the cutting-edge techniques, it isn’t hard to understand the reason behind the popularity it is gaining, across the globe!.