All posts by [x]cube LABS

CIOs

How Do You See CIO Evolving In The Digital Age?

CIOs

Information technology management doesn’t just include data processing anymore. According to Gartner’s annual global survey of CIOs 2018, with data collected from over 3000 respondents, the role has been changing rapidly for the past couple of years, from simply handling company data to coming up with strategies to introduce new and upcoming technology in an organization. CIOs are also equally liable for generating revenues for the company. The responsibilities have increased significantly, and–in all likeliness–they’ll only keep growing in the future.

So, as a CIO, what should one be looking out for?

  • Updates On New Technology

Well, for starters, since there are no limits to where technology can reach and what it can achieve, they need to keep their eyes and ears open at all times. New innovations are cropping up constantly from different corners of the world, and the rate at which they’re being infused into our daily lives is noteworthy. In order to innovate something for one’s own company, they’ll need to know everything about existing technology and digital business strategies that can be made use of.

According to Gartner’s survey, the technologies that would be the most challenging to integrate into the organization are the Internet of Things (IoT) and Artificial Intelligence (AI).

  • Impact Of Technology On Business And Revenues

New age CIOs are also finding themselves becoming a part of the business side of the organization, with many added responsibilities on their shoulders. Technology has a direct impact on the sales of a product, which makes the CIO an equal contributor to the marketing department of that company. Marketers are constantly looking for innovative ways to attract clients and hold their attention long enough to ensure their brands are easily recognized the next time customers come across it.

Traditional approaches have mostly been overused, and there’s a limit to what can be achieved with its help. This is where the I.T department needs to come in and take over. Designing new ways of interaction, which can cater to customers’ lack of patience for advertisements would require the advent of better technology. This in turn also means that CIOs today need to have a business background to take on these challenges.

  • Digital Solutions That Are Cost Effective

A lot of companies are also focusing on the cost-cutting aspects of utilizing new technology. Systems that not only handle various processes with ease but also do so at a minimal cost is what all businesses aspire to have. This is why the digital culture has been witnessing changes at such an exponential speed. CIOs now have to take over the added responsibility of coming up with new business strategies that can combine technology and their work, effectively.

  • New Challenges In Cybersecurity

Improved cybersecurity has become mandatory in today’s business and improving security isn’t a one-time affair. According to Gartner’s survey, 95% of CIOs interviewed, were of the opinion that threats to cybersecurity would influence their organizations in a major way.

New ways of breaching security are being developed at an alarming rate and it is their responsibility to ensure that everyone working in the I.T department is always one step ahead of the game. Scheduling periodic training sessions is a must because protecting sensitive data is at the topmost on any business’  priority list.

  • Shift In Culture From Traditional To Digital

It isn’t just the I.T department that would benefit from sessions on digital security. Everyone working in the company needs to be educated on the importance of practicing secure ways of handling data. However, habits formed are hard to change. Nobody can expect employees to wake up one fine day and start following these rules like they have been used to them since the day they joined the company.

To witness a more permanent change, the entire work-culture of the organization needs to be transformed. Therefore, the CIO would have to start making changes right at the top, integrating them into the existing vision and mission statements of the company and thus re-arranging both the short-term and long-term objectives.

In short, management and leadership skills will become a prerequisite.

  • Fragmentation Of Role

New C-level executive roles have started emerging from the once ‘single- responsibility’ position. Many companies have adapted to these changes, separating analytics from a digital breakthrough. While data scientists work on the former, the latter falls under the authority of Chief Digital Officers. Even though duties of CDOs and CIOs may sometimes overlap, the CIO would mainly be tasked with overseeing their work and analyzing business implications.

Today, modifying one’s outlook on what is needed to remain relevant is vital otherwise professionals risk falling behind. The faster one is able to roll with the punches, the more invaluable their contributions will be regarded by the company.

Healthcare Industry

5 Trending Technologies Transforming Healthcare Industry

Healthcare Industry

As the world is getting digitized healthcare industry has embraced plenty of technology trends in the past few years. Emerging technologies are creating a huge impact on healthcare deliveries and patient experience. Patients are able to engage and interact with their physician using their smartphone or use it as a medical device, which tells you what to eat, your medicine schedule, and when to exercise. The unfolding opportunities of the digital world are offering the medical industry with the potential to excel the impact of medical care and patients to have a safe and healthy life.

IDC predicted, “by 2019, more than 50% of life science and healthcare companies will have dedicated resources to support accessing, sharing, and analyzing real-world evidence for use across their organizations.”

Looking at the growing speed of technology trends and increasing faith of doctors and patients, 2018 will see some significant progress and it is going to offer advance, secure and complete care. Let’s check out how these five trending technologies are transforming healthcare industry in 2018.

Augmented Reality (AR)

The growing fascination of people in augmented reality (AR) has become a driving force in the healthcare industry. In the coming years, the technology is going to be routine in healthcare and offer quicker and personalized care to patients worldwide. It is estimated that in the next 3 years, more than 5% of the global healthcare expenses would be consumed by the digital healthcare services.

This is one of the most impressive technologies that overlaps a user’s view with a computer-generated image while being grounded in the real world. These unique features help surgeons to detect a tumor in any part of the body and perform surgeries more effectively. It also helps patients to have better visualization of their problems and how the treatment is helping the recovery.

Artificial Intelligence (AI)

The progress of artificial intelligence (AI) in healthcare is advancing rapidly and is going to have a greater impact this year. The technology is helping healthcare industry decode various problems for both hospitals and patients. More than 80% of healthcare industries are using AI today and by 2020 it is expected that the industries are going to spend an average of $55 million on this technology.

Artificial intelligence is helping healthcare providers to manage or examine their patients’ medical reports or data which empowers care management to offer a faster and more orderly service. AI technology has evolved to treat patients who need chronic care, diagnostic counseling, personalized attention, and so much more. Witnessing the potential of AI to enhance our healthcare quality and take control of our own health, 2018 foresees even more developments in the healthcare industry.

Blockchain

As humans are trusting more on new technologies such as AI, it is driving our focus on aggregating and managing huge data to secure patients confidential data. There’s a lot of buzz around blockchain technology. HIMSS (Healthcare Information and Management Systems Society) has an exclusive work group who examine blockchain distributed ledger technology and its potential implications for the healthcare information and technology community. The team is more focused on evaluating the thought leadership, best practices, and key use cases for how blockchain technology might affect the healthcare ecosystem and challenges the technology might impact in the future.

Blockchain technology is a progressive data management system which is designed to systematize, store and share critical data across different collaborators. All the data is recorded in an unchangeable ledger. 2018 will see a plenty of blockchain solutions in care management as healthcare providers and payers have identified the huge potential of this technology and have already started adopting blockchain solutions in medical care.

Internet of things (IoT)

Introducing new tools and applications, yes! IoT is transforming the healthcare industry. IoT has fortified the whole health tech by ensuring advanced healthcare and treatment results, delivering unique abilities that are cutting down healthcare costs.

Connected devices that allow real-time monitoring is helping the remote patient during emergency cases. For example, a physician who is on a vacation can use a smartphone that allows him to collect his patient’s health-related data. This data is transferred from a smart medical device connected to the patient’s smartphone app and save the patient’s life in case of medical emergency. Along with the patient care, IoT allows interoperability, data exchange, M2M communication which helps medical provider to deliver more effective healthcare solutions. More than half of the healthcare industry has already adopted the technology and in the coming years, almost 80% of healthcare industry would be implementing IoT solutions in various areas of their organization. According to the predictions by Forecast, IoT is just into its beginning phases and will expand to an overwhelming volume of 75 billion devices till 2025.

Robotics

This is one emerging technology that is managing time-consuming tasks, minimizing human interference so that human workforce can focus on other priorities. For example, nurses in the hospitals can use such tools for operating room schedule, to know which rooms and nurses are assigned to which patients. IDC’s worldwide health industry predictions for 2018 states that “by 2020, one hospital in four with 200 or more beds will have deployed robotics to handle time-consuming tasks, reduce labor and prevent errors to enhance the sustainability of its business operations and improve patient safety.”

Adoption of these technologies is automating current healthcare processes, therefore, boosting productivity by keeping patient’s comfort in mind and at the same time reducing the costs related to the medical workforce. It is predicted that one in four large hospitals will have robotics to automate their tedious tasks and advance patient security, by 2020.

Final Takeaway

According to Gartner prediction, “by the end of 2020, 40% of large health systems will shift from digital health pilot programs to full-scale rollouts, up from less than 5% in 2017.” As there are so many new technologies out there, these trends are most likely to have a huge impact on the healthcare industry in the coming days. 2018 is expected to bring a new wave of technological changes in our digital world, benefiting everyone in medical care including patients.

Digital Transformation

Digital Transformation: Swapping Your Old Work Culture For New Age Technology

Digital Transformation

Staying relevant in a market that is continuously growing and changing, is the single most difficult task for most new companies out there. And in an age where a majority of the companies are getting digitized, sticking to traditional approaches might just become the reason why your company doesn’t make it too far. Digital transformation is your answer to problems related to your company’s speed of service, maintaining a good relationship with your clients and your overhead costs. And these are but a fraction of the issues that can be taken care of. There’s a lot more that can be done, much to explore and learn.

So now, you read this and decide to jump on the bandwagon immediately. Great!

Hold on though, what’s going on here? Your employees don’t seem to share the same enthusiasm and excitement at the prospect of bringing in all these new changes!

The problem is, choosing to go through a digital transformation alone is not going to cut it. Your company needs to change its entire outlook, and this is where inculcating a completely new digital culture comes into play. It is by no means an easy task. When a company has been running a certain way for quite a while, people get used to the values and the work environment. Having reached a level of comfort, most people start adopting the “If it ain’t broke, don’t fix it” motto. Making them understand the future implications of such an attitude is important, and should be first on the list of things to do when trying to change your office culture.

Here are a few things that should be kept in mind:

  • First The Management, Then The Employees:

Employees will start warming up to the idea of a digital transformation only when they have the management to set an example for them. If your managers are disgruntled, it will inevitably reflect on their subordinates.

Talk to your team of managers. Explain to them why these changes are not only important but absolutely necessary to stay relevant. Take a leaf out of the booklets of your biggest and most well-established competitors. Chances are, you’ll find that they have been making use of the latest of innovations to drive their business ahead.

  • Avoid Big Changes In The Beginning:

As the saying goes, Rome was not built in a day. These changes are something that needs to be eased into, otherwise, they’ll serve no purpose and simply overwhelm everyone involved.

Accept that the process of digital transformation will be slow and keep working at it. Now that you’ve established that there’s no escaping these changes, hold discussions and come to a consensus on the approach that’s most suitable for your company. Just because a method worked for someone, does not mean it’ll work for you too. You’ll need to consider what your employees will be the most comfortable with.

  • Create An Open Environment:

Even if your company follows a strict hierarchy, try giving your employees the chance to open up about their ideas. Insights from every corner should be made welcome. The more your employees are able to open up about their ideas, the more areas you can cover that can be enhanced with the use of digital mediums. All major stakeholders should also be given a chance to share their inputs.

Talk to your employees. Encourage them to think creatively and express their thoughts on the requirement of digitization, and the key areas at the office that can benefit from new digital systems. Who knows, maybe you’ll find that your employees are actually a lot more tech-savvy than they’re letting on.

  • Invest In Proper Training:

Your employees’ ability to adapt to the changes and the quickness with which they’re able to learn to utilize technology to their advantage needs to be measured. Depending on their limitations, training sessions should be provided to help them get better acquainted with the technology that they’ll be dealing with most frequently.

It is important that enough time is spent on addressing queries. Even if each person cannot be taken care of individually, an overall satisfaction with the session is imperative. Every time a new change is made, a quick session on updates should also be included.

  • Ask For Regular Feedback:

Once your new systems are up and running, give your employees some time to get used to it, after which you can ask them how the new changes have been affecting their work. Note their efficiency, as compared to what it was before. Has the change been for the better? If not, you’ll need further investigation to pinpoint the areas that have been giving your employees the most trouble.

Regular feedback can help monitor the working of the systems. If a problem arises, authorities can be notified immediately so they can start working on a solution.

  • Encourage By Rewarding:

Let’s be honest here, the quickest way to make people accept something new is by giving them the right incentive. And what could be a better incentive than appreciation in the form of rewards!

Monitor your people and cherry pick the ones who have really taken to this cultural shift in the best possible way. Also, note the ones who have shown the most improvement. They’ll be the ones who weren’t as well acquainted with the idea of digital transformation as the rest but worked the hardest to incorporate it into their work lives. Rewarding them will encourage others to follow suit.

It isn’t always easy to find the right balance between your existing work culture and the new-age ideas that have become almost a necessity now. However, companies that are able to work through all this have a higher chance of looking at long-term success.

Digital Transformation

How Do You Execute A Successful Digital Transformation?

Digital Transformation

Implementing digital transformation is not just obtaining new or fancy technologies. It’s about experimenting virtually, studying, enhancing and continue adopting the change in an agile manner. This is what a digital enterprise needs to succeed with the digital transformation.

Most of the time we don’t know what idea might do the crossword, so we have to keep polishing our concepts and shape the most well-to-do ones. Executing digital transformation in an organization isn’t easy. It is even more challenging than traditional transformation. The survey conducted by Bain & Company says, “only 5% of companies who adopted digital transformation acquired their set objectives vs. a success rate of 12% for conventional transformations. A full 71% of these companies settled for dilution of value and mediocre performance.”

Most of the time digitally empowered enterprises fail to invest in the large businesses and their culture that allows agility. They focus more on the outcome without reaching inwards. Therefore innovation requires an expert who can rapidly position digital technologies to decode problems and enhance performance across the organization.

“By the end of 2019, digital transformation spending will reach $1.7 trillion worldwide, a 42 % increase from 2017.”

IDC

Key Factors That Drive Digital Transformation:

The most challenging part for a digital leader is to create the right culture and direction along with balancing the transparency and performance of an organization.These five factors will help you drive successful digital transformation:

Data Plays A Significant Role

Data is a significant factor that drives a business to success. It is impossible for a digital leader to drive digital evolution without having data analytics. Having a real-time data can help the decision-maker predict the company’s future, understand their customers’ behavior, offer personalized experiences and stay competent. IDG QuickPulse rolled out a survey, “48% of respondents saw improved visibility into customer information and behavior with data strategy and 42% have successfully reduced costs and increased operational efficiencies, and 40% report improved internal decision making.”

Agility Is A Key

Agility is a key component, particularly when driving right culture inside an enterprise. Being agile will empower an organization to enhance, transform and unlock the new digital opportunities. If a digital leader fails to identify agile innovation, the enterprise is going to be the last one to enter the digital marketplace. And we know how crucial it is to be early in this competitive world to grab a significant place in the marketplace. According to Mckinsey, “shortcomings in organizational culture are one of the main barriers to company success in the digital age.”

Customer-Centric Approach

When you have access to real-time customers’ data you will be able to predict or understand your customers’ behavior. Still, more than half of the digitally empowered enterprises fail to meet their customers demand. No matter what high-quality products you build if it’s not meeting customers expectations your digital transformation execution is unsuccessful. Understand the customer, build a connection and consistently meet customers’ need or expectations throughout the digital transformation journey.

Strategies To Execute A successful Digital Transformation

Today, living in this digitally competitive world we have witnessed how technology has changed our lifestyle and how it became vital for every business to adopt the change to survive. Even though only around 25% of enterprises are fully set or organized to execute a successful digital transformation. It requires a perfect strategy to quantify digital transformation and utilize the digital opportunities to its complete potential.

  • When it comes to strategizing a successful digital transformation for your organization, the first thing you want to do right is to have a right person with the necessary authorities. It’s become a challenging task for a CIO alone to take charge on a superficial level. There must be a continuous communication between a CIO and a manager. Managers have enough access to tools to automate the process and integrate both human and technical resources and prepare a report on a daily basis.
  • There are numerous divisions across an organization, and each one has to be in sync accurately with each other to run a successful digital transformation. This brings “monitoring” into the spotlight. You must have a powerful software that can monitor digital transformation and help IT department to identify the issues well in advance and fix it even before it goes out live. It is the most cost-effective step you can take to enhance your customers’ experience.
  • Your digital transformation strategy must have three right things, i.e, right people, right time and the right technology. As technology is rapidly disrupting the role of all digital leaders, focusing only on one thing will not drive digital transformation. As new technologies are emerging rapidly, everyday people are coming up with new technology-based innovation. As a digital leader, you need to be able to build a quick framework and predict the future with significant accuracy. According to Gartner, “By 2020, five of the top seven digital giants will willfully “self-disrupt” to create their next leadership opportunity.”

Allianz a European financial service provider with over 140,000 employees worldwide, serves 88 million customers in more than 70 countries, started their digital transformation journey and brought culture change within the organization back in 2015. They built a common platform (Allianz Connect) where CEO and all their employees can communicate, connect, share ideas. It’s a knowledge hub to increase their work efficiency. Bate believes technology is the key to deliver a personalized experience. Oliver Bate, CEO of the Allianz Group said, “Digital transformation is a journey and Allianz has spent the last few years laying the foundations. This means bringing in new people, and also leveraging the asset of our existing people – bringing the two together will make a difference.”

Final Takeaway

Though technology isn’t the only piece that runs successful digital transformation, however, embracing new and innovative technologies are going to unlock numerous broadways of improvements, reach, and change in the organizations. It is going to offer omnichannel and more personalized users experience. To be able to execute successful digital transformation a digital leader must be ready to perform and scale their ideas that provide an edge from their competitors and become a connected digital leader.

Digital Native Enterprise

Digital Native Enterprise: Journey Of A Digital Enterprise

Digital Native Enterprise

The world of business has evidently invaded the age of digital natives. The enterprises that are rapidly embracing the digital transformation are witnessing how digital is helping their organization to outperform amongst the competitors.

Marc Prensky coined the title “Digital Natives” and “Digital Immigrants” back in 2001 article entitled Digital Natives, Digital Immigrants. In the article, Marc talks about the “the arrival and rapid dissemination of digital technology in the last decade of the 20th century”. He referred all the new students of today as the “native speakers” of the digital language of computers, video games, and the internet. Those who were not born into the digital world but have adopted the aspects of the new technology, he compared them as the “Digital Immigrants.”

Well, the panorama on this thesis has evolved over the years and if you compare it with the conventional wisdom being a digital native remains quite potent for many people. For example; distance is no more a hitch, using the innovation-driven digital technology, people can connect with anyone from any part of the world. Get instant access whether it’s a movie ticket, travel, shop or watch TV shows on your smartphones or connected devices. It means in this digital era the dream has become a part of the reality.

How to Transform into a Digital Native Enterprise?

The rise of digital technology has a potential to create opportunities, and if it’s executed correctly, it can transform the whole organization’s innovation process and convert them to become a “digital native” enterprise indeed. Adapting the change and business priorities are what going to success your organization in this digitally disrupted era. Turning into a digital native enterprise is going to accelerate the advancement and will revamp your digitally empowered business into a reliable source. It is essential to remain tangible, identify the new and innovative business model in this emerging marketplace. Digital transformation is not only critical but necessary for a digital enterprise. Therefore to start a digital native journey, you must know where your business stands and where it aims to be.

Few essential points for the organization to become a truly digital native enterprise;

  • It is important for them to be familiar with digital tools.
  • They should be able to identify the changing business model within the marketplace.
  • Understand the importance of Digital Transformation (DX) journey and then create the strategy by focusing on innovation to create new expansion.
  • The major players of this game are the digital leaders who lead the IT and new digital capabilities that offer digitally enhanced products, services, and experiences to the enterprise.

Frank Gens, Senior Vice President and Chief Analyst at IDC, said, “we are at an inflection point as digital transformation efforts shift from ‘project’ or ‘initiative’ status to strategic business imperative. Every (growing) enterprise, regardless of age or industry, must become ‘digital native’ in the way its executives and employees think, what they produce, and how they operate. At the same time, 3rd Platform technology adoption and digital transformation are happening much faster than most expected and early competitive advantages will go to those enterprises that can keep pace with the emerging DX economy.”

We have seen an enormous boom in digital technology which is highly driven by innovation, which has transformed every aspect of our life. Companies to survive in this new digital world will need to vigorously innovate and then make themselves fit into the modern world, or they are going to be closed. So, it becomes vital for a company to be a digital expert who can gently sculpt their business plan and build a robust strategy to stand successfully among the competitors. International Data Corporation (IDC) predicts, “by 2020, all enterprises’ performance will be measured by a demanding new set of DX-driven benchmarks, requiring 20-100% or better business performance.” IDC also expected that “at least one-third of every industry’s top 20 companies will fail to reach these new benchmarks, thereby opening the door to heightened competition and disruption.”

Amazon’s Digital Disruption Journey

According to Gartner’s survey, globally, “IT spending will be driven by growth in software and IT services revenue and is forecasted to reach $3.5 trillion in 2017, up 3% from 2016 estimated spending of $3.4 trillion.” The combat for ownership of digital platforms has just started, and Amazon is already leading. One apparent reason why Amazon is leading in the digital world is that their strategy is digital. Being digital native creates a vast database to analyze and predict the future and consistently meets or exceeds the user’s expectations by continuously reinventing.

The world economy initially encountered the wave of digital disruption back in 2001. Amazon was able to embrace the evolving digital economy and managed to survive, where other million dollar worth retailers had to shut down their businesses. By 2016, it became the world’s largest e-commerce site among the other top retailers in the United States. Amazon Business is one of best examples that they are one step ahead of the other digital native enterprises. Amazon introduced ‘Amazon Business’ in April 2015, to expand their customer-centric platform to a unique forum for B2B transactions. As per World Economic Forum (WEF) report, the platform serves as an example of ‘digital customer’ expectations which transitions to the B2B world. With over 250 million products, Amazon Business unique features include:

  • Free two-day shipping on orders of $49 or more, exclusive price discounts, hundreds of millions of products, purchasing system integration, tax-exempt purchasing for qualified customers, shared payment methods, order approval workflows, and enhanced order reporting among others.
  • Live Expert program that allows manufacturers to connect with buyers & answer questions about products easily.

Amazon Business took over from Amazon Supply which was launched in 2012 that grew to over 2.25 million to hundreds of millions of products. Amazon now is taking on the challenge with the potential to further disrupt and keep accelerating technological progress by providing the best user’s experience than their competitors.

A successful digital native enterprise should be able to build a journey with the potential to recognize the change in the digital economy and offer a great customer experience by being omnipresent. It should be efficient in leveraging new technologies and optimize customers’ data into a competitive advantage.

customer behavior

Why Customer Behavior Matters For A Digitally Empowered Business?

customer behavior

2017 was an excellent year for technologies like IoT, Artificial Intelligence, Digital Twins, Augmented Reality and so on to haul its potential out of the shed. Organizations living in the disruption age are required to reinvent their business, deliver a unique customer experience and have a substantial insight to understand their customer behavior. Survival is no more a concern today. Digitally empowered enterprises are required to adopt agility. Only an agile enterprise who understands their customer and can reply rapidly to their evolving behavior are going to thrive in this disruptive era. It is also necessary to embody a culture of innovation into your customer experience framework and build partnerships to amplify your company’s outreach and connections.

“Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.”

– Steve Jobs, CO-Founder, Chairman Apple

Importance Of Customer Behavior

Emerging technologies have empowered both buyers and sellers. It has improved the way both the parties connect and behave. Customer behavior is nothing but a buyer’s actions that can be monitored, which include buyers looking for a product, their opinion, and ultimately consumption. Analysing and measuring the entire process will help businesses to uncover if customers are satisfied or not with their offerings. With this valuable data, business leaders will be able to recognize the features that provoke buyers to complete the buying process.

For example, if a customer spends 25 minutes on average, browsing online for products, deciding what to buy, gives the digital marketer a very little time to have their brand impact on customers and influence customers to complete the buying process. In fact, more than 50% of online shopping remains undecided. Here digital leaders have to spend a lot of time and money to understand the customer behavior and come up with a design that pushes customers to buy.

A successful digitally empowered business should be able to drive digital transformation by measuring the most valuable customer data and analytics. There are countless potential customers out there and reading their mind is not that easy because everyone will have a  different style, requirements, and shopping attitude. Living in a digital age you know nothing is constant, be it people’s lifestyle, technology or fashion. The way products are designed today, and their consumptions, everything is changing continuously. However, if you can comprehend the concepts, study, and excel on all these factors, this will help you master in understanding customer behavior and build products or services accordingly and publicize them more efficiently.

Strategies To Understand Customer Behavior

Emerging technologies are still changing customers’ shopping behavior, and only businesses who are focused on serving the real needs of the customer are not only going to survive but thrive.

Now customers have access to multiple devices to connect with their favorite brands and stay updated. This gives challenge as well as an opportunity to the digitally empowered businesses to thrive on being active and accessible across all devices. Embrace technology and connect with your customers where they are and meet their needs. Today around 80% of customers say being available across all devices is very crucial.

Technology today has turned the table to the customers’ side. Increasing power has raised the expectations, and now customers get to decide what product they want to buy, from where and at what time. As a business being accessible is not just enough, you have to be available for your customer 24/7 or else they will replace you with the one who meets their expectations.

Social media platform have given customers the power to make or destroy any brand image. If you fail to meet their expectations, even a single review or rating on social media can damage your entire brand reputation. Another way is, if you can successfully make use of this platform, then you are going to have access to vast amounts of data. Having access to millions of peoples’ data will help you quickly research the customers’ behavior and utilize the data more efficiently.

Key Focus Areas

Customers have become sophisticated in this digital era. Understanding each customers journey and reinforcing individual zone adds excellent value in personalizing the business offerings. Figure out the complexity, the opportunity and then take the floor. To be able to offer personalized service you should be able to observe your customers’ behavior more closely. This means predicting your customers’ action and their interest will help your offer a personalized approach which will amplify loyalty, driving long-term value for your business.

For example, if it’s a weekend and it’s raining outside. Customers more likely to prefer staying home and tempted to order mouth-watering food. Predicting customers actions under such case is critical to target the right audience, at the right time and sending them the notifications with the latest offers will give the brand the potential to automate marketing responses.

Data plays a key role. Using big data will help the digital leader to analyze and calculate customers’ behavior and uncover the patterns, trends along with the pre-sales operations report. As a decision maker of your company, this will help you to take the right steps, build an effective customer experience transformation framework and underpin that individual’s advancement throughout their journey.

Final Upshot

As per Forbes survey report, “a vast majority of executives who have been overseeing predictive marketing efforts for at least two years, reported an increase of 86% in their return on investment (ROI) as a result of their predictive marketing.”

Knowing your customers and predict their action becomes unavoidable to survive in this competitive digital world. If you can do it right then, you will be the disruptor of this digital era. 2018 is going to be an active year in tech and are expected to make waves in businesses and our living. A lot of research and innovations have already set in technology like AI to understand customers behavior and to meet their expectations for personalized experiences.

Internet of Things

Blockchain – A Promising Technology Partner For IoT

Internet of Things

“There will be more than 24 billion IoT devices and 4 smart devices on average owning capacity of an individual by 2020.”
-Gartner Report

Internet of Things is a computing concept that has already transfigured the use of technologies. Connected devices are going mainstream, IoT has made it easier to set up a smart home, wearables, automobiles, machinery and several other devices which can be remotely controlled through smartphones.

IoT connected devices are today’s buzzword, but the technology still has a long way to reach its full potential. With the ability to generate $64.1billion by 2020, IoT has ushered us a step closer to the digital world and are molding future beyond our imagination. While the IoT has a lot to offer, it also upended the concerns to manage security. Wirelessly connected sensors are inserted in all IoT connected devices, which means all the connected devices can be tracked. Over 10 billion IoT connected devices are currently in use and experts are expecting it to grow up to 24 billion in the next two years — it’s complicated to protect all those connected devices.

As IoT is emerging, marketers are responsible for embracing a flawless secure technology — Blockchain. The conceptually groundbreaking technology Blockchain is altering the way IoT is viewed. Blockchain technology provides a secure network by using the decentralized system to increase the security, privacy, and compliance of all the IoT connected devices.

IoT Challenges

The blockchain technology is not just powering Bitcoin or FinTech. The immense feasibility and the disruption of both IoT and blockchain technology have urged the rapid growth in a vast range of industries today. Merging Internet of Things with Blockchain technology has become the top priority of all digital leaders of various enterprises. However, C-suites are still taking time to understand the potential of blockchain technology and figuring out how to integrate it into their business operations.

Where IoT is opening channels that enable billions of devices to connect and exchange data around the digital world, security becomes the most critical challenges of IoT, such as data privacy and data storage safety. Hackers can misuse these vulnerabilities and reduce a data security assurance. Hackers can steal or hack sensitive data through smart connected devices. As emerging IoT technology has become a part of our lives, such security threats cannot be overlooked.

Maximum enterprises have augmented their business process framework for the digital age. Connectivity has to be kept in mind while designing digital products. However, for a large-scale industry, the primary structure is a centralized model where all the users are connected. The challenge here is, there are unreasonably numerous IoT to monitor the centralized model performance. An organization needs to envisage the obstacles of the decentralized model to oversee all the advanced IoT connected devices.

Benefits Of Blockchain Technology

Well, all these challenges have one solution, i.e., blockchain. Business leaders are focusing more on building IoT enabled devices while keeping a close eye on blockchain technology integration. Blockchain ensures secure networks with its decentralized nature that provides responsibility and assurance for each transaction — immediate security benefits for enterprises and preventing from creating chaos in business processes.

The technology makes it impossible for hackers to corrupt the data and impart an enhanced authentication and outbreak control. It has the potential to deliver cross-platform interoperability and manage a stable running of million connected devices on numerous platforms by creating a standard machine-to-machine contract. IoT devices can use blockchain technology such as Ethereum, a distributed computing platform to build a common platform for communication and transactions.

According to IDC report, “global spent on blockchain solutions was $945 in 2017 and are expected to reach $2.1 billion in 2018”

The blockchain is a robust technology today that has increased people’s trust by offering reliable and safe solutions. This robust technology can help enterprises to achieve their multiple business goals involving less cost as it has numerous open source possibility.

Blockchain Revolutionizing IoT

Integrating Blockchain with IoT makes its easier for enterprises to execute confidentiality and robustness — a critical element that guarantees well-grounded connections and secures the many IoT connected devices network.

Blockchain technology primarily consists of three essential elements: security, encryption, and agreement. These three aspects running together will upshot allied network streamline and detailed data at every single time. Therefore, by creating such unbreakable network security, blockchain can provide a firm foundation for IoT enabled reliable interconnection, thereby reducing the threats that compromise central server models to a great extent.

According to the most recent news published on Global Trade Review, Skuchain, a blockchain technology startup partnered with NTT Data to bring blockchain’s benefits in supply chain and logistics management. According to the report, both of them are facilitating companies in Japan to use supply chain platform to offer inventory financing offered through the blockchain platform. IoT allows manufacturers to scan products on a collective basis, using smartphones. The implication of blockchain technology helps manufacturers to track their products at every point of the supply chain. The users can follow and trace products. Merging blockchain with IoT helped Skuchain to reduce their stock wastage, increase their efficiency, speed and better control over their supply chains.

Merging blockchain and IoT can spot the missing link emerging from accuracy and confidentiality concerns on the Internet of Things. It ensures all the data or information of billion devices are safely recorded and allow IoT devices to communicate securely.

Future Aspects

“By 2019, as IoT adoption grows in major industry, government, and consumer sectors, 20% of all IoT deployments will have basic levels of blockchain services enabled.”
– IDC

Today IoT is all about remote monitoring, data collection, and device automation. In the next few years adaptation of this emerging technology will have autonomous connected device interactions and make smart decisions on their own without having any need of human assistance. Ahmed Banafa, an experienced research analyst, said, “the decentralized, autonomous, and trustless capabilities of the blockchain make it an ideal component to become a fundamental element of IoT solutions.”

Blockchain in future is more likely to underpin our economy with M2M interactions. For example, the smart refrigerator will know when it’s time to be replenished and automatically place an order, negotiate the price and pay for the items using virtual currency. Also, it can negotiate the price through smart contracts and considers the owner’s preference while doing that.

Blockchain technology is expected to fulfill the requirements of the IoT based enterprises and become an enormous technology supporting Internet of Things.

 

Customer Engagement

Customer Engagement A Top Priority For CMOs

Customer Engagemeni

Acquiring customers attention is easy, gaining their trust is difficult, but engaging them is even more challenging. Customer engagement is the most essential element that unfolds your customers’ feelings for your brand. If you are able to successfully engage your customers with your brand, you will be able to earn a loyal customer for the lifetime. It’s a personal, intangible yet very powerful indicator that drives customer interactions and provides seamless customer experience.

Every year, companies lose about billion dollars as they fail to offer the best customer experiences. That’s where CMOs are expected to do magic and merge art with science. With a solid customer engagement strategy, CMOs can drive personalized engagement. Jonathan Martin, CMO at Pure Storage said, “today, the primary task of CMOs is to deeply understand customer buying behavior and intent; and the context of where someone is in their decision journey; be able to predict what they’re most likely primed to do next, and be ready to influence them at the right moment.”

Harvard Business Review stated, “most CMOs, we’ve observed, have a few areas of core responsibility. More than 90% are responsible for marketing strategy and implementation, and more than 80% control brand strategy and customer metrics. But beyond that, the range of duties—from pricing to sales management, public relations to e‑commerce, product development to distribution—is mind-boggling.”

Why it’s important?

As our world is becoming more tech-savvy, fulfilling what customer wants has just become mainstream. Right at this moment, customers are demanding greater experience for each brand they interact with. CMOs must augment real-time customer marketing to productively engage their customers with the most recent approach and help their enterprise to successfully transform from the conventional marketing method.

“67% of CMOs plan to increase their spending on digital advertising”
-Gartner

If you are able to engage customers with a remarkable experience they will come back. According to Forrester’s research, “86% of customers will pay more for a better customer experience.”  To offer great customer experience CMOs must acknowledge digital transformation in their organization to grasp the opportunities of digital technologies and transform the entire operation processes. Increased engagement drives an upsurge in ROI as well as builds a lifetime relationship with your customers, which is why customer engagement must be a top priority for CMOs.

Strategies To Follow

  • There are multiple ways to reach out to customers as soon as they go online. CMOs must know their customers’ interest and figure out a right, creative and personalized approach to engage them. They should be able to create an outstanding experience every time they interact with the customers.
  • Around 80% of CMOs believe their customer engagement approach is effective. However, only 50% of customers agree to that. If you want to sell your product or service and make a profit out of it, then you must listen to what customers have to say or want. Spending more time listening to customers will help CMOs to pick the most effective approach and add value to their customers.
  • CMOs are responsible to build a strong identity of their organization. They have to work closely with CIOs to be fluent with all the technologies or digital trends. Understanding all the marketing aspects, CMOs need to keep evolving it, adding innovative stuff and keep spreading their wings to remain on the top.

According to Economist Intelligence Unit (EIU), “CMOs will focus on interactive channels. The top three channels CMOs report to focus more in 2020 are social media (63% of respondents), the World Wide Web (53%), and mobile apps (47%) and mobile web (46%).

Challenges & Opportunities

CMOs are required to be proactive in dealing with customers because one wrong move, your customer will replace your brand. CMO’s work is far more challenging than you think. They need to have immense expertise in incorporate customers’ data and deliver a right message at the right time via the right channel.

It has always been a challenge to meet customer expectations. Emerging technology brings opportunities and at the same time opens up the portal for expectations which keeps changing with the trend. It is expected from CMOs to have an expertise in all areas and generate ROI for the organization. In short, CMOs will be given limited budget from which they have to strategize their investment plans and rethink before they make MarTech investments to offer personalized customer experience and enhance their customer engagement.

According to “The Gartner 2016-2017 CMO Spend Survey”, “marketing is responsible for critical customer-facing, revenue-generating systems, and applications. Enterprises need to appoint a chief marketing technologist who will look after this emerging technology estate. Which means, marketing has a responsibility to collaborate with enterprise IT.”

Future For CMOs

CMOs are responsible to apply innovative insights to market challenges, with the right metrics while building seamless customer experiences across multiple channels and keep customer engagement on the top priority list. Although CMOs have budgetary pressures, they will keep investing in the right technologies and innovations and 23% of CMOs have fixed annual innovation budget and 10% is earmarked for innovation, according to Gartner CMO spend survey 2017-2018.

Forbes published CMOs’ plan for 2018, where Nuno Teles, CMO, Heineken USA said, “I would say that my biggest marketing breakthrough in 2018 is to focus on Max Impact Marketing to drive top-line growth: At Heineken we are looking forward to having more and more ambidextrous marketers that are able to deliver on the art part of marketing, the outstanding creative quality work, as well as on the science part of marketing, with numbers and analysis that drive relevant business insights. We want our four priority brands, Heineken®, Dos Equis, Tecate, and Strongbow, to be actively part of the digital, social conversation of our relevant audiences, and that’s only possible with science and storytelling.”

Innovation is happening everywhere, every minute, and marketers have to outperform to become the most customer-centric organization. CMOs have realized that advertising product features and benefits are not just enough to stay competitive. As we have already stepped into 2018, CMOs need to think out of the box or become a bit more creative and discover new ways to deliver a fabulous customer experience. This will help them secure an advantage over their competitors and win customers for a lifetime.

Facial Recognition Technology

5 Ways Facial Recognition Technology Is Going To Change Things Around You

Facial Recognition Technology

How Facebook is able to identify the appropriate individual’s face to tag or smartphones are easing our task to earmark photos of our friends and families and organize them. The power of this technology is not restricted to these areas and it seems to be unstoppable.

Facial recognition is an emerging technology that has the potential to augment the way people live or appreciably shape the digital world in the next five years. It is a biometric technology that scans people’s face or photographs and recognizes an individual. It discerns facial features like space between the eyes, depth of the eye sockets, the width of the nose, cheekbones, and jawline. The software reads approximately 80 nodal points designed from a numerical code, called a faceprint and records it in its database. Once the faceprint is recorded the software compares a person’s face from the data captured.

More than half of the American population’s faceprint is recorded in a facial recognition database. According to Transparency Market Research(TMR) report, “the global facial recognition market has gained popularity from diverse emerging tech trends, whether it’s switching from 2D facial recognition technology to 3D and facial analytics. Because of the higher accuracy in terms of identifying facial features, the market for 3D facial recognition technology segment is expected to record faster growth as compared to 2D facial recognition technology during the forecast period. In addition, a growth of the market for facial analytics, an emerging technology used for examining facial images of people without disturbing their privacy, is further expected to record steady growth as compared to that for 2D facial recognition technology.”

“The global facial recognition market will grow steadily at a CAGR of close to 23% by 2021.”
-Technavio

In China, employees use their faces to get an entry in their office building. There are multiple industries who are increasingly adopting this emerging technology such as healthcare, retailers, hospitality industries, manufacturing and so many. How are recognition systems impacting all these industries?

Here are the 5 ways facial recognition technology is changing things around us.

1. Payments

Facial recognition is creating a huge buzz today in the market. The technology has been rapidly picked up by restaurants and retail to accelerate the cashless economy. A few years back, a financial services company, MasterCard introduced “selfie pay” a biometric mobile payment authentication app. The app allowed users to confirm a payment simply by using their camera. Fast food giant Caliburger is gaining customer engagement with facial recognition technology to identify loyalty program members without loyalty card swiping at the store. This saves both the parties time and escalates customer experience.

John Miller, CEO of Cali Group said, “face-based loyalty significantly reduces the friction associated with loyalty program registration and use; further, it enables a restaurant chain like CaliBurger to provide a customized, one-on-one interactive experience at the ordering kiosk. Our goal for 2018 is to replace credit card swipes with face-based payments. Facial recognition is part of our broader strategy to enable the restaurant and retail industries to provide the same kinds of benefits and conveniences in the built world that customers experience with retailers like Amazon in the digital world.

2. Access and security

Facial recognition technology is set to go mainstream in 2018. It will not only change the digital world but enhance the way we live or work. Processing payment is not the only thing this technology is capable of. The usage of facial biometrics is enormous and is going to be omnipresent. House or car owners will be soon able to access all these with their facial features. No more worrying about losing car or house key. Unlocking smartphones are already out on the market today. Apple has recently launched their new iPhone X that uses face ID to unlock the user’s phone. The unique feature had tugged everyone’s attention. Several companies have already adopted this technology and few are potential to take advantages of the FRT technology to secure their sensitive data and manage it.

3. Criminal identification

Police and security forces are the keenest to integrate facial recognition technology to verify citizen identities by analyzing their faces. In 2017 the software helped Chinese police to spot out 25 criminals at the Qingdao Beer Festival. The technology can recognize one face from millions in just one second, an additional security level designed for people’s safety. It has a high accuracy rate of around 99% in a supervised traffic. Likewise, other countries like UK, US, Russia, Germany are using facial recognition technology to control security risks. Having more than half of the population’s faceprint sounds unusual but it is actually helping all the lawkeepers to track down criminals across the country and keep all the citizens safe.

4. Advertising

FacTech has benefited advertising industries in boosting customer engagement, marketing, advertising and so much more. The power to identify one individual from millions has given advertisers an opportunity to offer more personalized product or services to their targeted audiences. The technology allows advertisers to reach their audiences outside their homes digitally (DOOH) with creative and innovative messages based on the studied demographics. As the technology keeps evolving, DOOH is going to become an essential part of the digital world. DOOH can recognize a customer’s emotional state and show a relevant ad. US is foreseen to spend around $4 billion on DOOH advertising in the next two year. Similarly, UK giant supermarket, Tesco are the early ones to adopt OptimEyes to run personalized ads based on the customers’ age and gender. For example, if the customer is a male between the ages of 15 and 20, the system might display an ad showing what drinks he can pick.

“MarketsandMarkets estimates sales of facial recognition software and equipment were $2.8 billion worldwide last year and forecasts they will increase to $6.19 billion by 2020.”

5. Healthcare

You walk into the hospital and the person sitting at the front desk calls you by your name and quickly assigns you to the medical help that suits your ailment. Surprised? Yup, it’s a FaceTech camera that identifies you and your data, which helps you check in quicker and direct you to your physician’s room. Your physician examines you and writes prescriptions which will automatically be sent to the drugstore and by simply verifying your biometric identity you get the medicines home, without carrying any single piece of paper. This allows healthcare industries to secure their patient’s data by using a facial recognition technology. According to Market research future, “global healthcare biometrics market is expected to grow USD 5.6 billion at the CAGR of 22.3% by 2022.

You can unlock your house door with your face or pay your bills, order foods, pass security checkpoints. Apple launched their new iPhone with facial recognition feature to unlock the phone. KFC in Beijing uses customers’ faces to recommend meal items based on their age, gender and mood – Forbes report. Also, luxury retailers in Europe are using this technology to recognize their VIP customers to offer special care. Airports in Australia use facial recognition technology to allow passengers fly without carrying their passport and soon this technology is going to be used in US airports. Sounds strange but this is going to be our future soon.

Digital Products

5 Customer Engagement Strategies For Digital Products

Digital Products

“90% of growth in the consumer products industry over the next decade will go to companies that engage more deeply with consumers.”

-Simon Ellis predicts that, IDC analyst

There is so much research that shows customer engagement is a major differentiator of a winning enterprise. With big investments being made in customer engagement strategies, business leaders seek to create a relationship with their customers to enrich brand loyalty and awareness. As research says around 50% of customers are not willing to engage with the brand because of a bad experience. So, how are you planning to engage your customers more deeply in this digital era?

Your business entails a digital transformation in order to build strategies to engage evolving customers for your digital products. The transformation is huge and CIOs have to think about it end to end. This will help brands to individualize products or services as per the data collected and enhance the lifetime value with the customers while providing the customer with a seamless engaging experience with the omnichannel approach. This will also lead to automation, which means, all the communications that are taking place be it interacting with a customer or internal management process are done using advanced technologies. Technologies like virtual assistants or AI have already started engaging customers and delivering customer satisfaction in an outstanding manner According to Gartner, “by 2019 more than 10% of IT, staff in customer service department will be spending most of their time writing scripts for the bot.”

In this digitally competitive world, survival is not the option anymore. Your business’s success is built upon the potential to add more customers and retain the existing ones. Businesses are required to rapidly adapt to the diversified behavior of customers and win at every interaction they have with them.

Digital native enterprises have acknowledged the power of digital transformation and new requirements of customer engagement strategies for their digital product. They are more focused on designing new digital experience for digitally enlightened customers.

According to the IDC MarketScape: Worldwide Digital Strategy Consulting Services for Digital Product Innovation 2016 Vendor Assessment, the demand for digital consulting services, particularly in support of enterprise product and service innovation is in “hyper-growth”.

Pwc

These 5 customer engagement strategies will help you spot the right approach or digital strategy for a successful digital product in the digital era.

Seamless Interaction Experiences

Customers demand more seamless interaction experiences as they have more options and platforms available to shop online. Websites, mobile apps or any other online interactions are more convenient, a customer will have more variety to choose from and compare the prices. As a digital product manager, you must ensure that with each interaction you deliver value and the interaction must be seamless.

A born-digital company like Google has introduced revolutionary email services that have offered users with a cloud storage to store and share any file without email attachment and can be accessed from any device. Therefore being a digital leader of an organization you must endorse every customer product being developed and design a framework for product development to deliver a seamlessly connected interaction round the clock with customers.

Test and Integrate

A great customer experience requires effectiveness, uniqueness and a human touch. As a digital product leader, product knowledge becomes more vital to offer a personalized and great experience. The enterprise must evolve the potential to rapidly lead new products or services by adding new features and functions covering multiple channels. Test among different sets of customers and integrate what works well. Instead of slowly developing the ideal new product or service and then making it available on all the channels to the customers. Any program initiated with this end goal in mind should cater to incorporate customer’s behavior & feedback and include rapid modifications and implementation of new ideas.

Pull More Users First

The ultimate goal isn’t to draw revenue from the digital products. To run a successful customer engagement strategy a digital manager must be able to gather users information that will further help them to refine their digital products. For example, how many apps get downloaded? How many active users? How much time is each user spending on the website or app? All these measures the success of digital products. Allow users to download the app for free, don’t care about the revenues. Once you’re able to collect customers data, you can watchdog users activities, figure out what features customers are liking and then start strategizing for monetization.

Data and Analytics

Data plays a key role when you are strategizing customer engagement for your digital products. However, you will be able to withdraw any conclusion if you’re able to analyze the collected data accurately. The objective is to draw a dashboard that shows real-time data and based on the data, product manager take rational steps to develop a framework for customer engagement for digital products. Data helps an enterprise to forecast the future market and boost their revenue generations. The data can be used to upsell or cross-sell product or services to the customers. Hospitality industry exploits the customer data and analytics to offer personalized services such as their customers favorite in terms of food, facilities, preferences, etc.

Customize Global Marketing

The digital manager has to design their digital products or services for worldwide customers, as it’s persona is not confined. Introducing your products or services to this digital world is not easy as we think. There are diversified behavior customers because cultures, languages, around the globe, differs universally. It becomes challenging for a product manager to cater and customize each product or service to customers at the individual level. These all things need to be kept in mind while framing customer engagement strategies for digital products. It is always better to have a basic technology first, research well, analyze the data and then personalize your digital product or services as per the market demand.

Essentially, if the customer engagement strategy for digital products is done right, the upshot is revolutionary innovation and business success. As per Mckinsey, “over the next three to five years, we see the product-management role continuing to evolve toward a deeper focus on data (without losing empathy for users) and a greater influence on non-product decisions.”

IoT

5 IoT Benefits To Amplify Your Digital Strategy

IoT

“By 2021, 75% of enterprises launching IoT initiatives will adopt IoT-aligned strategic roadmaps, from a level of 10% in 2017.”

-Gartner

IoT’s promptly advancing technologies have steered in innovative disruptions at a high-speed. It has become the game changer of the digital world by moving trials to full deployments. Industries such as retail, healthcare, finance, manufacturing, or services saw the most impact while taking the advantage of benefits like business efficiency, productivity and drive business value for success.

Manufacturing industries have connected their manufacturing equipment and solutions to a cloud-based network that helps manufacturers to track or supervise the machine usage, and their performance. The potential of connected devices in the emerging technologies has led to more than 10 billion smart devices that are in use today, and it is expected to grow up to 24 billion by 2020.

The emerging Internet of Things technology is connecting retailers with consumers, doctors with patients, and engaging businesses to enhance their upshot and minimize costs. This has made the world more automated, smarter and exceptionally more convenient. This disruptive technology ‘Internet of Things’ is here to stay and not going to fade away anytime soon.

Gartner reported that smart homes and smart commercial buildings grew to represent 45% of total connected things in use in 2015, due to investment and service opportunity and the figure will rise up to 81% by 2020.

Technology is reshaping the world continuously and seeing the growth rate of the IoT technology it becomes vital for all the digital leaders to embrace the key IoT strategies. Enterprises who are still skeptical about it need to analyze the wave of innovation and disruption IoT has brought across industries. There is an immediate requirement to integrate IoT concepts in all their business operation strategies to benefit their enterprise.

So, the question is how IoT strategies are going to benefit your enterprise?

  • Smart Access

Data has a major role in any business. It helps businesses to unmask the variability and propel digital leaders to optimize the enterprise performances. Therefore, each time a user interacts with the enterprise their data gets stored in the company’s database.

With the help of IoT connectivity, a business can enhance their reach by creating multiple advanced techniques to interact with their customers. Which means more access to users data. For example, retailers can easily track their consumer’s behavior,  like their shopping style, their interests, the frequency of shopping, with the help of IoT connected devices. Every single customer’s activities are absorbed and monitored closely and retailers can start sending them recommendations. Therefore, IoT technology gives quick access to the data and provides opportunities to brand the product by targeting the right audience.

  • Smart Management

Internet of Things (IoT) has entirely modified the work approach of enterprises today. Keeping a track of the inventory was one daunting task before. IoT has served a huge comfort to the employees to manage the company’s checklist and keep it on track. The product management has now become automatic and effortless.

For example, in a store, if there is any item getting expired or shortage of any item. The smart tech easily identifies and sends a quick notification or a reminder to the store manager about the product status. Once the notification is received, an action is taken accordingly and notify the respective warehouses so that the stocks are delivered to the store quickly. This will help the store to run smoothly without running out on any items. In the next 5 years, IoT connected devices will mow down the human work and automate all the checklist management process, improve employee efficiency and allow them to focus more on other high priority tasks.

  • Smart Networking Machinery

We have IoT enabled appliances which have built-in sensors that remind users to get groceries while coming back home and also controls, optimizes and automates temperature, lighting, security, and safety remotely by a phone, tablet, computer or a smartwatch within the home itself. Similarly, manufacturers can optimize their machine task without being physically present in the location. It saves a lot of time and cost as most of the work is automated. It has unlocked new opportunities for all the remote work by networking machinery. Employees are now able to connect and perform their tasks in a remote location by simply monitoring the devices from other parts of the world. This has helped businesses to increase the engagement with delightful employee experience and boost the company’s productivity.

  • Smart Shopping

With so many IoT devices available in the market today, customers have immense means of shopping. Now customers need not type in the exact and complete words to search a product. IoT offers a smart way of shopping and exploring products just by speaking few words, and they will be able to spot what they were looking for within minutes and place an order immediately.

Emerging technology has evoked competition among the enterprises whose delivery system is faster, secure and who is going to build customer loyalty. As mentioned before IoT gives smart access to consumers’ data and this data helps digital leaders to personalize their customer’s order and deliver the best customer experience.

  • Smart Optimization

It’s not always about how fast the work is done; it’s about doing more in less time. IoT connected data helps an organization to manage extensive business operations quickly with a significant amount of accuracy. Integrating IoT concept into the business processes will refine the business operations while fully optimizing the complete internal activities.

For example, Uber an American transport company introduced a user-friendly app that connects the rider. The app helps drivers to find an alternate route in case of huge traffic jam. How it’s benefiting Uber as a business? IoT smart connectivity tracked the demand with ease and based on the demand the prices are adjusted and so is the supply of drivers.

The research company Gartner predicted that “8.4 billion connected things will be in use worldwide in 2017 and will reach 20.4 billion by 2020.” Internet of Things (IoT) technology is going to take the future business to the next level by customizing and providing a personalized experience to the users. Internet of Things has modelled the devices to be smarter and upgrade the user’s interaction with their surroundings.

Robotic Process Automation

Adopt Robotic Process Automation To Build A Digital Workforce

Robotic Process Automation

“The global robotic process automation market is projected to reach $6,247.1 million by 2023, growing at a CAGR of 33.8% during 2017 – 2023.”

-P&S Market Research

Nobody would have imagined that technology would bring about such massive changes in the digital world before entering the 21st century. Digital leaders must stabilize their strategies such that they can make the most use of the opportunities presented by automation. It has become vital for the digital workforce to keep themselves equipped with the continuous emerging technologies in order to make their back-office operations streamlined.

Robotic Process Automation (RPA) empowers the organization to drive existing software application in a way a human employee would perform. When the RPA software is trained to identify and interpret existing applications, it can automatically monitor the end-to-end process of a  business. The software smartly enables multiple applications to initiate new actions and interact with other systems autonomously.

Robotic Process Automation

-Mary Lacity and Leslie Willcocks

The research by Mary Lacity and Leslie Willcocks in Smart Service Automation: Benefits, Cases, and Lessons, outlined the RPA as “triple win” that comprised three values such as, Shareholder Value, Customer Value, and Employee Value. They explained, RPA benefitted shareholders by increasing the operational productivity, ROI, versatility, and enhance scalability. Customers are also benefited from RPA by boosting service excellence, 24/7 facility availability, personalize customer journeys. The employees are getting relief from everyday tedious assignments, they get to learn new skills and increase the job satisfaction level.

The robotic process automation (RPA) market — a space sometimes called the robotic digital workplace, among other names — would grow to $2.9 billion by 2021 from a base of $250 million in 2016.

-Forrester  

5 major advantages of Robotic Process Automation

There are a lot of benefits that RPA provides to an enterprise which includes delivering a competitive advantage to remain at the top and helping enterprises to excel in this digital era. Let us take a look at them.

Cost

Robotic Process Automation (RPA) has a potential to reduce the company’s cost roughly by 70-90%. Implementing RPA will automate the complete process, which means more work in less time, also it can operate 24/7 at a much lower rate. One major bulk of these savings arise from the diminution of full-time employees (FTEs).

According to the World Economic Forum, “5.1 MN jobs will be lost to automation by 2020 in 15 major countries, 2/3rds of which will be in the office and administrative sectors.”

For example, when an employee is hired, the company has to ensure that the employee gets his pre-fixed annual leaves each year and salary on time. But robots, they don’t go on any vacations nor they work on a salary basis. They work round-the-clock and have the ability to rapidly deliver results with efficiency.

Accuracy

Human employees after doing monotonous tasks all day, get exhausted which may lead to an error. They can enter wrong data, there can be a typo error, and with one wrong data entered, 100% accuracy from human employees is next to impossible which has always been a concern for a very long time. Sometimes the organization has to pay a huge cost for a single error.

Robotic Process Automation (RPA) implementation in a business process has enhanced services by eliminating the possibility of human error. The works are accomplished without breaks and with 100% accuracy. Software robots minimize the re-work pain and amplify the yield quality, which boosts the customer experience and helps an enterprise to multiply its organizational potential.

Enhancing Productivity

A human employee working for 9 hours in a day can perform limited given tasks. For instance, they take 10 minutes to finish one task, while the same task can be done by robots in less than a minute. Here, Robotic Process Automation (RPA) is doubling up the productivity plus saving a lot of production time for an enterprise.

Mckinsey Company estimated that automation could raise productivity globally by 0.8 to 1.4 % annually. Therefore, it becomes vital for an enterprise to embrace the opportunity from the productivity growth potential and encourage investment and innovation.

Employee Engagement

Robotic Process Automation (RPA) has the flexibility to simply adapt to the changes as and when business go through. RPA frees the employees from their tedious work and provides more hours to innovate. It helps an enterprise to emphasize on the areas which need more human touch, like, client and customer interaction, relationship management and focus on human-centered activities.

“Using robots to perform tax related activities in our shared service centre has not only resulted in a better work product, but also less frustrated people in the Tax department.”

— Joe Chirichella, Becton Dickinson

As per PwC, the key benefits from RPA to the employees are,

  • Scope to focus on higher order, more complex, intelligent tasks.
  • Outsourcing monotonous, manual and repeatable tasks.
  • Simplifying workflows and expediting processes.

Boost Customer Experience

Forrester predicted the RPA future in the digital world, “automation won’t destroy all the jobs, but it will transform the workforce. Humans will find themselves working side by side with robots. Infrastructure and operations (I&O) leaders must make sure these technologies not only cut costs but also drive customer value.”

Robotic Process Automation (RPA) has an ability to boost customer’s experience by producing high-quality tasks. RPA has cut down the customer’s file processing time period. For instance, if a customer met with a car accident and had to claim an insurance, the customer was asked to fill out multiple forms, submit required documents, and so on. Once the complete file was filled then it used to be sent for processing, which included investigation and approval or disapproval according to the insurance company policies. All these processes used to take roughly a month’s time for a customer to get the claim amount. With RPA implementation in the process, a software robot can complete the whole process in a few days or less.

Organizations will encounter enormous transformations where humans are going to interact more with robots. In near future, the entire operating models are going to be automated. HBR report says Commerzbank planned to digitize 80% of its processes within three years. It is estimated that robotization, digitization, digital self-service, distributed digital advice and sales, and robo-advisors could result in a 60-70% reduction in the workforces of service providers, from financial services to telecom.

Technology Trends

5 Emerging Technology Trends To Consider In 2018

Technology Trends

“The intelligent digital mesh is a foundation for future digital business and its ecosystems. To create competitive advantage, enterprise architecture and technology innovation leaders must evaluate these top trends to identify opportunities that their organizations can exploit.” -Gartner

Technology has superimposed virtual world into the real world in such a way that it has created a massive disruption in all industries. The pace of this technology advancement is shooting up and it is designing absolutely new business models. This will, however, lead to a future that will be determined by connected devices delivering progressively thoughtful digital services worldwide. As a CTO of an organization, you must respond and keep yourself aligned to these digital disruptions and make intelligent strategies for your business.

“The continuing digital business evolution exploits new digital models to align more the physical and digital worlds for employees, partners, and customers more closely. Technology will be embedded in everything in the digital business of the future,” says David Cearley, vice president and Gartner Fellow in Gartner Research.

Gartner has grouped their top 10 strategic technology trends into three groups, they are; Intelligent, Digital, and Mesh.

  • Intelligent – This set of group will dig into how AI is soaking into virtually existing technology and building purely new technology categories. And if it is used perfectly it has a potential to deliver flexible, more insightful and more autonomous techniques to run your business.
  • Digital – This group emphasizes more on how to merge the real world with virtual to build a digital experience. Gartner stated, digital trends, along with opportunities enabled by AI, are driving the next generation digital business and the creation of digital business ecosystems.
  • Mesh – This group fully utilizes the link between people, businesses, and smart devices to pull out upshot for digital businesses. In order to respond to events across connections, the mesh requires in-depth security and functionalities that can decrease the friction to a certain extent.

Digital business has enabled rapid digital innovation and accelerated transformation in all industries. Now the question is, how prepared is your organization to undergo the impact of digital disruption?

Here are the 5 Emerging Technology Trends for 2018’ to watch out.

Digital Twins

A digital strategic technology, digital twins is a digital representation of the real-world system that provides information on the status of the real-world analog. It functions as a channel that connects the real world with the digital world by offering a strong way to monitor and respond to changes. In the coming year, digital twins are also going to add value in operational efficiency and usher business leaders to use and improve their products. According to a Gartner estimate, with 21 billion connected sensors and endpoints by 2020, digital twins will exist for billions of things in the near future.

It helps all the digital leaders to manage risks and maintain the manufacturing quality and enhance customer experience. “City planners, digital marketers, healthcare professionals and industrial planners will all benefit from this long-term shift to the integrated digital twin world,” says Cearley.

Blockchain

As the world is being disrupted by the technological innovation, blockchain is another disruptor that has a potential to shape technology advancements in emerging markets. It is an incorruptible digital ledger that generates multiple chained blocks of information where each block maintains cryptographically approved data which is impossible for an individual to break.

Besides the limitations, an enterprise can still extract value from the blockchain technology. With the clear understanding of the technology potential and the business opportunity, an enterprise can enable faster transactions, advanced durability, reduce transaction costs and improve cash flow.

Artificial Intelligence (AI)

Artificial Intelligence (AI) technology is going to be a game changer for the organizations to enhance their decision making and boost customer experience. Most of the organizations have already embraced AI into their business operations, whereas according to Gartner survey, 59% of organizations are still gathering information to build their AI strategies.

The technology is evolving and it’s transforming the entire business operations which makes it essential for all the digital leaders to focus and invest on the right skills and tools and include AI in their top investment priorities list. AI-enabled service is today’s reality and as it continues to emerge it is going to have a huge impact on the rapidly growing digital businesses.

Intelligent Things

AI and machine learning enable intelligent things to perform or interact in a more connected way with people and surroundings. AI has a potential to make existing things (i.e., a watch) intelligent (i.e., a smartwatch). It is the integration of computing, networking, and sensors into things to make them smarter. Amazon Echo is one of the best examples of an intelligent thing. A smart speaker by Amazon which is connected to the voice-controlled intelligent personal assistant service Alexa.

Likewise, there are multiple smart devices that are adding convenience and comfort to things by increasing safety and environmental benefits. Global Forecast published by MarketsandMarkets(TM), the Smart Home Market is expected to be valued at USD 137.91 Billion by 2023, growing at a CAGR of 13.61% between 2017 and 2023.

Immersive Experience

Immersive technologies such as augmented reality, virtual reality, and mixed reality have played a huge role in revolutionizing the way people interact with the digital world today. Digital business leaders are going to witness a continuous flow of investment on these immersive technologies. According to Gartner’s report, in 2016, there was a huge amount of funding ($2.09 billion) and this is projected to increase by 3% to $2.16 billion in 2017.

Though AR and VR are two different technologies, they both have disbanded the borderline between the real and digital world. Now, MR is becoming the immersive experience of choice where people can interact with both digital and real world at the same time keeping their presence active in the real world.

The technology trends and innovations are revamping the digital industries and have improved the way they do business. Blockchain, augmented reality, machine learning, virtual reality, digital twins are a major part of the technological megatrends list. The list is expected to keep growing and has remarkable disruptive potential in the coming years.

Customer Experience

5 Key Enterprise Trends Driving Customer Experience

Customer Experience

“Your business results depend on your brand’s ability to retain and add customers. You must win at every interaction the customer has with your organization, whether that be a marketing campaign, a call to a contact center, an invoice or a delivery reliant on the supply chain. Every department must play its part in a coordinated fashion.”-Gartner

Technologies are transforming the digital arena at such pace which demands organizations to embrace smarter and innovative approaches to create and deliver a unique customer experience. Today, customers have a plethora of channels to navigate and multiple ways through which they can interact with the brands. The customers are empowered, and when it comes to delivering unique experience it becomes the most daunting task for an organization to keep up with their expectations.

Back in 2016, Forrester reported about 72% of businesses discovered, improving customer experience as one of their primary objectives. So what approaches businesses are employing to build customer-centric interfaces and enhance their customer experience. What are the major trends that are driving customer experience for your business?

Below are the key trends that are driving customer experience and creating a huge impact on all aspects of the business.

Accelerated Customer Interactions

Digital innovation is increasing the need for more personalized interactions between the customers and brands. Customers have raised their expectation bar higher and if a brand does not meet their expectation or if a company fails to comeback with quick resolutions to their queries, they will be replaced soon. Therefore, it becomes quite essential for business leaders to set a benchmark for their organizations and keep upgrading their approaches to meet their customer’s’ expectations.

Though the medium of interactions has been changed, the focus remains on customer interactions that drive value for both enterprises and customers. Artificial Intelligence (AI) is today’s technology that has enhanced customer experience to a great extent and transformed businesses from transaction-based to interaction-based customer relationship. CX network found, “36% of businesses are already at the beginning/planning phase of their AI journey. By 2020 more than 53% of organizations anticipate their AI operations will be established.”

Changing the game with Big Data

It is proven that company who uses data analytic are tended to deliver the more personalized experience and drive better customer engagement. Data intensifies the customer experience and most of the business leaders observed data analytics helped them to increase their revenue, reduce costs and deliver high-level experiences. According to McKinsey Global Institute (MGI) estimation, “retailers who are using data analytics at scale across their organization could increase their operating margins by more than 60%”.

Technologies like big data have made it easier for an organization to gather customer information. It helps digital leaders to extract meaningful directions and clear understanding with absolute accuracy that results in process improvements, product development and adds significant value to the organization.

Internet of Things Keyed Up Customer Experience

Internet of Things is today’s buzzword and a game changer in this connected world. This technology has a potential to connect multiple devices, make them smarter and improve customers’ interactions with brands. For example, a sensor is embedded in smart devices which can identify any problem or if there is any maintenance is required. They will then notify the users about the problem and send an alert to the service center notifying the same. And if there are any minor issues it will be fixed remotely even before it becomes noticeable by the users.

With such advancement, enterprises will have great opportunity to deliver personalized customer experience and improve their brand interactions. Gartner report says, “smart homes and smart commercial buildings grew to represent 45% of total connected things in use in 2015, due to investment and service opportunity and the research firm estimated that the figure will rise to 81% by 2020.”

Virtual Assistants

Virtual Assistants have bridged the gap between humans and gadgets to deliver competitive customer experience. Gartner research report says, “more than 30% of online browsing will be done through voice by 2020.” Virtual assistants are the applications designed for customer engagement such as Alexa, Google Now, Siri that helps users inquire about their ticket booking, and flight information.

Speech recognition system has helped contact centers to enhance their caller experience. According to Opus research report, “49% business leaders have deployed speech analytics and out of those respondents, 83% said they have achieved their expected return on investment within a year, with one-third receiving a return on investment in just 6 months.

Mobile Commerce

According to BI Intelligence, “mobile commerce will make up 45% of total e-commerce, equaling $284 billion in sales by 2020.” People are glued to their smartphones and life has become unimaginable without its presence. Jaime Toplin, a research associate with BI Intelligence said, “millennials use their phones as their primary device, and as they make more, they’ll spend more. And on the retailers’ end, they are going to create more opportunities for people to buy.”

As users spend most of their time on the mobile app, brands have focused more on ensuring a seamless experience to enhance their user’s loyalty. Customer engaging trend like a Bluetooth radio transmitter- Beacon, sends a quick notification onto the shoppers’ smartphone through their downloaded application, when they enter or come near a certain area. This notification makes shoppers aware about the ongoing sales or promotions in that particular brand/retail shop.

Gene Alvarez, managing vice president at Gartner said, “the best leaders design their customer experience from the point of view of the customers’ motivations and goals, and then they build their brand around the customer experience; not the other way around. However, customer experience projects vary in complexity. Understanding the different components will help organizations focus on specific efforts that, in aggregate, will help improve the customer experience.

Emerging technologies are enhancing customer experience and leading businesses with new and exciting strategies. It builds up the most effective user-centric experience where the customer gets what they want and the organization gets their desired outcome. These five trends are extremely essential for decision-makers to include in their strategy to endure in this competitive digital world.

Gamification

5 Industries That Are Transforming With Gamification

Gamification

Enterprise gamification has transformed former dull customer acquisition methods into more engaging customer experiences. It has become a marketing trend which is loaded with new opportunities and boosting enterprise engagement with their customers. Every time you interact with customers it produces a feedback system that enhances your relationship, motivation and fosters long-term engagement with both customers and employees.

Companies who have embraced this gamification approach have secured high-level augmentation in the recent past, compared to those who didn’t. Experts say they have experienced 4 to 5 times significant growth in their annual revenue and remarkable enhancement in their customer profit margins. So, looking at what experts have mentioned, enterprise gamification propels companies to drive more sales, reduce costs and increase customer expenditure.

Business Wire, a media company research reported, “the global gamification market is expected to grow at a CAGR of more than 30% during the forecast period.

Gamification is not different!

Gamification applications provide real-time data about customer habits and help enterprises to focus on encouraging these habits through which routine behavior & tasks can be made measurable and then these are associated with gamification based rewards and badges. This allows enterprises to leverage their audiences’ market interest, help in decision-making potential and amplify customer experience as well increase productivity.

People often have mistaken gamification concept with playing video games. It’s not only about rewards points, trophies or leaderboards, enterprise gamification encompasses feedback system, writing a proposal, winning a contract, making a phone call, solving a customer problem. It involves game mechanics to the non-game environment to intensify engagement to excel performance management.

There are a lot of blog posts about gamification that talks about gamification elements and workplace gamification. Let’s spend some time on studying how different industries who have adopted this approach are transforming:

McDonald’s

McDonald’s annual Monopoly game – the concepts acquired from the classic game of Monopoly to boost their sales. The promotion is running since 1987 and it has been 30 years now McDonald is giving away more than $40 million worth prizes to the participants. Everytime customers buy certain items from McDonald’s they get tickets and each ticket represents a space that’s there on the monopoly board game. Participants are asked to assemble all the same color parts to win the prize. According to Yu-Kai Chou report, “In 2010, McDonald’s increased its sales by 5.6% in the USA through this campaign, with many people engaged in impulse buying just to get tickets.”

Nike

The personalized app, the Nike+Fuelband tracks user movements. The app has brought together over 17 million athletes and connected the brand through gamification elements. Nike introduced this app in January 2012 with an aim to gather customer information, drive sales and users engagement with their brand. The app allows users to track their workouts, check their achievements and provides an option where they can challenge their friends or family. Participants who meet certain goals get early access to Nike products, free shipping, customized training and many more.

eBay

eBay striked the eCommerce market when they brought the most historic gamification approach. They employed gamification in their bidding process to simplify the overall shopping process for their customers. Buyers not only purchase, like they do on any other site, they also undertake the challenge and when they finally purchase, they get the feeling of winning even though they are paying more than what the product is actually priced for. This gamification concept escalated the overall time spent on the site, more interactions, and new signups that enabled eBay to gather more users’ information.

As Yu-kai mentioned in the book, Actionable Gamification: Beyond Points, Badges, and Leaderboards “I did some research on eBay, and shortly after that sold my two tickets through the platform. That one transaction was surprisingly thrilling and fun for me. When I received my first bid from an anonymous stranger on the Internet, I almost jumped for joy, and I became obsessively glued to the screen when another bidder joined in, on the war.”

Mango Health

As per market research and strategy consulting firm Global Market Insights, “healthcare gamification market size is expected to exceed $40 billion by 2024.” Mango Health introduced a gamified app that allows patients to earn rewards up to $10 gift cards by taking their medications on time. The app keeps sending reminder alerts as per the set time and gives medication details to the patients. The app was aimed to motivate patients to control and regulate their medical schedule. Jason Oberfest CEO at Mango Health said, “Mango Health’s first app is made for the 4 out of 5 people in the U.S. who take a combination of prescription medications, nutritional supplements and over-the-counter drugs each week. The app helps patients check for dangerous drug interactions and uses game design principles to inspire them to stay with prescribed treatment regimens.”

Target

Target launched an app called Wish List app, a gamified approach focused on kids. This app allows kids to make their own holiday wish list which can be seen by their parents as well as manage and share the list. The app has a 3D animated game that enables kids to select toys they desire and add it to their holiday wish list and send it to Santa. The research report says the app got around 75,000 downloads, over 100,000 wishlists were made, along with 9,200 new registers. Target noticed million page visits in a week time frame and close to 1.7 million items were added to the wishlist with a sales potential of roughly $92.3 million.

Gartner predicts that gamification combined with other emerging trends and technologies will have a significant impact on innovation, employee performance, customer engagement, and personal development by 2020.

The gamification approach is a robust strategy that rapidly uplifts the firm’s sales while enhancing customer experience and their brand’s interactions. As it is the most effective approach it is essential for an enterprise to understand that gamification is not a magic bullet, they need to use the right technology in order to make this approach more effective, more business-like and manageable.

Chatbots

5 Key Considerations Before Adopting Enterprise Chatbots

Chatbots

“80% of new enterprise application releases will make reasonably strong use of chatbots by 2020.” -Gartner

An enterprise with its priorities and goals are very well aware of the benefits of bots. Digital leaders have come up with a roadmap that has raised the innovation level to bring digital transformation in their organization. Enterprise chatbots are exceptionally driving value at the workplace. It is a tool that enables the automation of regular support tasks while empowering the enterprise to emphasize more on intelligent design integrated machine learning. Markets and Markets research firm evaluated that, “AI market will grow to $5.05 billion by 2020, and Gartner reported that, “6 billion connected “things” will necessitate AI support by 2018.

AI has the potential to insert intelligence, automate business’s daily operations which save around 30% manpower costs and easier to measure. Chatbots today have become the most active, trusted technology that is used at home or at work and have remarkably enhanced the organizational ability to service customers, users and employees. This emerging technology is growing and as the study says, at present over 40,000 chatbots are existing, across various channels.

“More than 60% of the 2,500 consumers and business decision makers in the US, believe that AI can help provide solutions for many of the most important issues facing modern society, ranging from clean energy to cancer and disease. At the heart of the opportunity for businesses is the ability to turn data into intellectual property (IP) – more than 70% of business leaders believe that AI will be the business advantage of the future and currently analyzing how AI could enhance the quality, personalisation, and value of hundreds of different products and services across eight prominent sectors.”
-PwC Survey

With this huge potential chatbot can amplify the customer’s journey and acquire competitive advantage by simplifying the interaction process with a simple question. The bots then evaluate the need for the users and communicate with them using conversational interface.

Chatbots are now being adopted by many customer-facing organizations and it’s not about automating humans. It’s about revamping the user’s experience. Chatbot technology is rapidly emerging in this digital era. It offers reframing solutions for both consumers and enterprises as a whole. The study says chatbot industry is expanding at a compound annual growth rate of 24.3% and are expected to reach $1.23 billion by 2025.

However, in order to revamp the customer experience, the below 5 key considerations must be kept in mind before adopting enterprise chatbots.

  • Why chatbot?

It is the first and foremost key consideration of any digital leader before adopting chatbot for their enterprise. Building a concept — what is the purpose behind building chatbots? or which issues it is going to address? A chatbot is an element that drives larger engagement and it becomes essential for a business leader to put communication strategy into their frame of reference.

  • Chatbot Interaction

Once the enterprise is able to figure out the reason why to build chatbot the next step is to examine how it is going to interact with the users. Whether the interface is going to be voice-based or through chat? Or which conversational interface chatbot will use to communicate with the users? Business leaders need to figure out if their bot is going to serve their customers or internal systems to assist their employees as both entail separate framing and are going to add value to the business. The research says 80% of the interactions are going to be lead by chatbot in the next 3 years.

  • Chatbot Strategy

The third key consideration is to ensure that the chatbots have full support from the internal systems and are aligned properly with the processes. Choose the right internal systems like API integration so that the chatbots service are available effortlessly across multiple platforms and help users with their support queries. Having multiple-task chabot services will help the enterprise to automate the processes and facilitate both internal and external users for other productive work.

  • Chatbot Usage

A product is built with the intention to meet the objectives that are either to drive businesses, make money, add value, or deliver a great customer experience, as per the situation. And whenever a company is building an enterprise chatbot it requires plenty of time, money and effort. Therefore, it becomes the key point for a business leader to think how users are going to use it and customize it to their business goals before building a useful chatbot that will revamp all their users’ lives. As per ZeeBiz report, “integrating chatbots with transaction and payment options, companies can save money on customer acquisition costs and over the longer term, improve customer experience and retention.”

  • KPIs For Chatbot

Incorporating metrics to measure the performance and finding the accurate KPIs for chatbot is crucial. Acquiring thousands of users is not the main objective of the organization. The major concern has always been how many acquired users are actively using it and measuring such interactions will give a detailed image of the chatbot performance. Just like employees have metrics to measure their performance so that they have a clear idea where they stand in an organization. Apart from quantitative metrics like bot engagement, qualitative measures like employee satisfaction should also be kept in mind while implementing bots into future optimizations and improvements within the organization.

According to Business Insider survey, “business leaders and decision makers of an organization are turning to the broader umbrella of automation technologies, which includes chatbots, for things like sales, marketing, and customer service. 42% of participants believe automation technologies in these areas will most improve the customer experience. And 48% said that they already use automation technology for these business functions, with 40% planning to implement some form of automated technology by 2020.”

Having the best conversational experiences is very important for an organization to improve the relationship with their internal and external users. Before jumping into the fascinating world of chatbots, an organization must set up a simple conversational interface keeping these key considerations in their mind while framing the business strategies.

Digital Transformation

Map Your Customer’s Journey With Digital Transformation

Digital Transformation
Enterprises are rapidly transforming their businesses into a digital business. They are now in a competition to offer unique customer value concepts and products, break the stereotype business models with the new kind of potential and engaging different organizational designs. In a Gartner’s report, GE a multinational conglomerate company has said, “it will become a digital industrial company — developing on software and analytics to transform its customer value proposition and become a significant ($20 billion) annual revenue source.”

As the digital experience has eased the complexity, customer experiences have become the priority for all digital leaders. Customers’ expectations have revamped and this is the major reason behind the digital transformation. Encompassing customer experience in all the top strategies of enterprises, oblige digital leaders to empathize, identify each customer persona and their journeys, and embrace design thinking that boosts customer experience. Ford an American multinational automaker company has started investing hugely in technologies and target fully autonomous vehicles for use in ride-hailing and sharing models by 2022.

Redefining the Customer Experience Journey

In the coming future pricing will no longer be an issue, the wrangle will be on who delivers the best customer experience. Survey says, 44% of business leaders desire to improve the customer experience as a key foundational element of their digital transformation. It has become a priority investment for an enterprise to enhance their upshot systems with effortless engagement processes to deliver continuous and better experience. This helps an enterprise to be more enthusiastic and more approachable. It is very essential for an organization to know their audiences and at the same time it should be able to manage the experience in the entire customer journey.

Digital transformation has touched and reshaped every aspect of a business today. The profound transformation became vital for all enterprises, be it retail, healthcare, manufacturing, automation or the infrastructure that enables a reliable web throughout an organization. Offering a great digital experience to customers requires a network that facilitates real-time seamless collaboration with the aim to deliver flawless customer experience.

According to Forrester’s Prediction 2017, “Digital Transformation: In 2017”, digital business professionals will accelerate work to break down the silos between web, mobile app, and offline engagement. Omnichannel retail experiences like digital stores or click-and-collect, app+ strategies that transform smartphones into control panels for cars and home security systems, and wearables that feed health data to insurance firms will become increasingly mainstream, cross-touchpoint customer experiences.”

Digital Transformation Challenges

Well, it’s not easy to transform any business into digital. Digital transformation cannot be done overnight. Enterprises will have to take more substantial steps. The transformation will require more advanced steps, new strategies, ownership, finances, and so much more. Forrester analyzed if enterprises are yet to adopt customer journey mapping, this is the best time. All the c-suites need to focus on the role of each touchpoint in a wider customer journey and loyalty experience. They need to blur the boundaries between the web and apps, and find out multiple sources to reach the target audience by sending them notifications, messages, and connected devices and shift from product-centric to customer-centric.

Change equals pain: In any organization, only 20% of employees are willing for change. They are up for new challenges and always excited about learning new things. Change keeps motivating them. On the other hand, the rest 80% of employees think change equals pain. For them changes mean uncertainty. Once they find their comfort zone they are less willing to come out and let the good thing going. Encountering digital transformation is the paragon of inconvenience, the reason why 80% of employees say no to organizational change.

However, change is essential. For an enterprise’s long run in this digital era, change is required because if it fails to do so then soon it will bury like Kodak who designed the digital camera but was resistant to change. It becomes the responsibility of the digital leaders to ease their employees with consistency and transparency. Employees should know what they are doing and what is expected and involve them through the entire business process.

Creating a clear vision for the digital transformation journey: Enterprises who were able to successfully transform into digital business had a solid strategy. They had a clear vision of how to set goals, their customers’ expectations, what they want or need as they grow in the digital era.

The Digital Transformation journey needs digital leaders to take prompt action along with an absolute strategy for continuous enhancement down the road. Building a clear transformation vision is a key to drive successful digital transformation organization-wide.

Experts to Implement Digitization strategies: Emerging technologies have made it essential for an enterprise to see if they have right people in place to gather and leverage customers’ data. There are billions of customer interactions data out in the market, and the company must have a clear system to pull them together in order to transform their customer experience. So this needs experts who have the ability to bring the most effective way to gather and store customers’ data and make it accessible to everyone when needed via any touchpoint.

Tina Nunno, a research vice president at Gartner, said, “the secret to digital is analog and by analog, we mean people. It is about augmenting the people you already have and modernizing your talent for scale. There has been a 60% growth in technology skills required for non-IT roles in the past four years. Talents like being a customer empath, a skilled mentor, a process hacker and an app savant will all require a rich blend of digital and analog competencies at a broader workplace.”

Customer experience is one thing that helps the enterprise to successfully drive digital transformation and separate from the others. Although there are many challenges as ‘Digital disruption’ is omnipresent, it continues to accelerate, and explore new business models and technologies. These competitive pressures are pushing all digital leaders to smartly invest in the emerging digital transformation and put their focus on which business model to practice and how to connect their traditional methods with new digital capabilities to provide agility and surpassing experiences.

Omnichannel

How Is Omnichannel Strategy Influencing The Banking Industries?

Omnichannel

It has come to no surprise that digitization has created a massive disruption in all industries. Customers are now more digitally focused so they expect more exceptional services across all platforms. Similarly, financial service providers are also looking out for more from all the channels they use for banking transactions. To keep up with the emerging customer expectations, banks have picked up omnichannel banking approach to develop a seamless process in order to meet their demands.

According to MIT Sloan Management Review, “we found that companies that had 50 percent or more of their revenues from digital ecosystems and understood their end customers better than their average competitors had 32 percent higher revenue growth and 27 percent higher profit margins than their industry averages.”

As omnichannel strategy has offered huge opportunities for bankers it is essential to build strategies that will enhance their service level as well as optimize their costs effectively. Identify customer preferred channel and the potential of banking technology and find a way to connect it to the omnichannel world.

What Is Omnichannel Banking?

Today emerging technologies have empowered customers to research and shop from multiple channels. This has compelled all the banking industries to adopt omnichannel approach so that they can supervise their customer’s journey while ensuring a seamless process from one channel to the other.

Omnichannel banking enables bankers and other financial service providers to provide secure banking services at all times and from anywhere. Customers keep shifting from one channel to the other. Therefore, banks are required to merge both physical and digital channels in order to have a grip on customer’s full history and offer multiple benefits to the customers like, mobile banking, online account opening, online loan applications, remote deposit, digital payment options, easy account management, and so much more.

According to PwC’s  banking 2020 survey, “a growing awareness to develop a more customer-centric business model, but a significant gap in preparedness remains. 61% of bank executives say that a customer-centric model is very important. 75% of banks are making investments in this area and only 17% feel very prepared.”

Omnichannel Challenges

  • As per the PwC’s survey, only a few percentage of bankers are fully prepared for omnichannel banking and rest are still in the process to adopt this approach. Most of the banks, however, are well ordered around products. They first interpret the product and wrap up with some particular capabilities and then the channels estimate the most ways to sell the product. But when it comes to customers, it is very important for banking organizations to segment their customers based on their behaviors not with products or channels.
  • Maximum time most of the bankers are unwilling to handover Profit and Loss (P&L) responsibility in the hands of their customer segment owners as it may usher to a huge entanglement in the organization.
  • Most of the time banks fail to communicate or deliver on present-day customer needs because they are not trained on how to sell products designed by the product owners and plus they don’t get paid.
  • Growing technologies have given customers the power to demand personalized services at a lower cost. This leads to a challenge for all the bankers to keep up with such unmanageable product development processes and expeditiously respond to the situations change.

Omnichannel Key Features

  • From transaction process to optimize customer interaction : McKinsey reports that 65% of consumers interact with their bank through multiple channels. Omnichannel has helped banking industries to shift their focus and funds to optimize their customers’ experience. The omnichannel strategy helped them understand how customer interactions can bring real value to their channels. It also helped banking organizations to simplify the process wherein the banking leader can put up more precise points in front of their customers and provide product or services as per their demand, therefore meeting their expectations and boosting customer experience.
  • Became more customer-centric: Where the 61% of bankers say it is very important for a bank to focus more on the customer-centric model, most of the banking industries have shifted their priorities. Earlier traditional branches used to have a personal relationship with an individual, where branch managers used to play a key role in understanding customer’s concerns and helping them with solutions. Now with so many technologies coming up, banking customers are now able to access their bank account from anywhere which is replacing the need to have a human interaction representing the bank. The omnichannel strategy has empowered bankers to provide unique and 24/7 customer experience which is leaving the traditional banking process far behind.
  • Big Data Connectivity: Proper use of customer data also needs to be on the bank’s priority strategy list as they adopt digitization. In this digital era, data allows all the organizations to have clear insights on what they are doing well and what services need to be improved. There are billions of customer data stored in the bank’s database and collecting this data is the only job. To manage or successfully run an omnichannel approach in a banking industry, the bank needs to be really fast in acquiring the data and delivering it into the hands who require it. According to the Financial Brand, “60 percent of financial institutions in North America believe that big data analytics offers a significant competitive advantage and 90 percent think that successful big data initiatives will define the winners in the future.”Jim Marous is co-publisher of The Financial Brand said, “building a positive omnichannel experience remains a work in progress for most banks and credit unions. Research shows that when done well, an omnichannel experience can strengthen relationships, streamline the experience and increase profitability. Unfortunately, most banks and many customers haven’t completely bought in.”While digital has become the main source of customers’ interactions in banking industries, it has a huge impact on their behavior and exceeding expectations. It is an opportunity for the banking industries to provide a bottom line upshot by driving meaningful insights into customers’ channel preferences. Omnichannel empowers banking industries to have a sophisticated, more efficient and more pleasing customer experience.