5G and the World of Work – An Overview
- COVID-19 to act as a Catalyst
- Remote Work: Story so far & Roadblocks
- 5G to the Rescue
- Impact on Video Conferences
- Impact on AR and VR
- Improved VR Training with 5G
- Improved AR Training with 5G
- Other ways in which day-to-day work will be different with 5G
- Real-world example
- Security and other concerns for 5G
COVID-19 to act as a Catalyst
Did you realize? The working world is evolving, forcing organizations to think and act differently. Nothing happens without a trigger. In most cases, these triggers are trends.
What are these trends? Globalization, Mobility, Changing Demographics, and Technology are a few to mention.
If we focus on Technology alone; Big Data, Collaboration Tools, Wearable Devices, IoT, Cloud Computing, and 5G are some of the recent trends. This blog will take you through how 5G is enabling organizations to Reimagine and Rethink the way they work and how 5G is solving a lot of tech headaches.
It was already predicted that an economic recession will spur investments in technology. The owners and CEOs will need to find alternate ways to increase efficiency, drive revenue, and meet customer needs. Remote work is one such measure companies are adopting to make it work. As firms worldwide embrace remote work in the wake of COVID-19, we expect remote working culture to be the next trend.
Remote Work: Story so far & Roadblocks
In fact, remote work culture was one of the most defining tech trends of the past decade. The report by GetApp found that remote work expanded by nearly 400%. Quoting the report “The rise of remote work during the last decade has been driven by the proliferation of powerful mobile devices, ultra-fast internet connections, and the pervasiveness of cloud-based storage and SaaS solutions.”
With all the above-said factors which enhanced the adoption and acceptance of remote work culture, companies also faced a lot of tech headaches in implementing it properly. The shoddy WiFi network will lead to the slowdown of internet speed, digital distractions, inefficient communication, poor video calls, heavy buffering, etc. Besides, in-person sociability or daily face to face interaction is a major factor that boosts employee productivity.
5G to the Rescue
To accelerate business capabilities, 5G is addressing the fundamental needs such as:
- Connecting more devices faster than it is now
- Reduce the lag time between devices
- Enabling the bulk volume of data transmission from a large number of devices with better responsiveness
- Higher bandwidth & lower latency
The above concerns can be addressed once 5G is implemented. Thus, 5G is going to reinvent the way people are working from home and the above factors enable 5G to host new business applications.
The current internet revolution makes it possible to work remotely without many disruptions, but 5G will enable VIRTUAL WORKING.
Let us look at the changes it will bring to different work functions:
5G will augment changes in remote work, virtual meetings, hiring, training, or other work functions.
According to the Consumer Technology Association, once complete, 5G will be 100 times faster and 5 times more responsive than today’s networks. Download speed of 20 gigabits-per-second means 5G will enable more specialized tasks at the workplace like:
- Hold remote meetings in virtual spaces, remote trouble shootings, remote business meetings, thus saving the operational cost
- Interactive digital whiteboards – 5G enables transmitting a lot of data in a very fast and responsive way and thus digital displays will be able to interact with mobile devices, applications, and cameras.
- Virtual and augmented reality – With 5G, it will provide more immersive & interactive content experience, to make it as fully-realized collaborative technology.
- 5G will enhance highly data-intensive services Multiperson video conferencing.
- 5G will empower IoT by allowing real-time collaboration between employees and things
- Real-time cloud processing will be easier with 5G as the speed and processing capabilities increase. It will boost productivity. How 5G Will Boost Enterprise Investment In Cloud
Impact on Video Conferences
It seems that the combination of 5G and increased remote work will lead to more video conferences. This may be a piece of welcome news to people who have suffered through meetings, whether it was due to video freezing up, or forgetting to put the mute button on before making an awkward comment. 5G is all set to eliminate these deficiencies. Let’s see how:
- Speed: As mentioned above, 5G will be 100 times faster and five times more responsive than today’s networks. The increase in speed can improve streaming speed, download speed, video calls, and conferences with much more ease. More devices can work much more quickly and simultaneously with 5G.
- Bandwidth: The increased bandwidth, which is approximately allowing for 1,000 devices per meter on a connection will boost the network speed and fewer dropped connections. 5G bandwidths are projected to be 10 times higher than 4G LTE.
- Video Quality: Better speed and bandwidth can facilitate calls in HD and 3D without lag, latency and other interruptions
- Mobility: Mobility is one of the underrated advantages of 5G, one can easily connect with their partners, stakeholders, and colleagues via video, anytime, and anywhere. This is possible because 5G relies on higher frequency radio bands. The frequency of 5G ranges from 30GHz to 300GHz while 4G operates at 6GHz. It is a massive improvement.
Impact on AR and VR
5G can improve virtual meetings with the help of Virtual Reality and Augmented Reality. With 5G remote meetings could be held in virtual spaces. What would this look like? Each participant could be at home but feel like they are sitting around a table with the other participants, thus making use of VR technology. Also, new capabilities like digital whiteboards would also be available.
AR augments elements and other things in the real-world environment, whereas the task of VR is to immerse users fully in a virtual environment. The objective here is to manipulate and trick the minds of employees to feel and enjoy the immersive experiences. Although VR & AR is in use now with 4G, it hasn’t attained it’s full potential yet. AR and VR solely rely on network connectivity. Any disturbance in the connectivity will result in an unsatisfactory and unpleasant customer experience. By offering rich levels of computing power, 5G can take it to the next level.
For example, the NBA has tried weekly broadcasts in virtual reality (VR). It was providing viewers with a chance to see the action from the best seats anywhere in the house. However, due to blurred pictures being reported, the VR broadcast was turned down. But with 5G this problem can be solved.
Improved VR Training with 5G
The limitation of 4G when it comes to the application in VR is already proven. With 5G and it’s better bandwidth and speed, VR training will be much smoother and effective. 5G will help unlock the full potential of VR by causing a 10X decrease in latency. In VR, users will lose interest when the latency is over 20 ms. 5G guarantees a latency of sub-5 or sub-2 ms latency, which will provide an amazing user experience. As VR is all about immersion – feeling like you are in the virtual environment – this is incredibly important. For VR head-mounted displays (HMDS), currently, it requires a powerful PC to run them, which limits the application and enjoyment of VR to a certain location. Implementing 5G will push the power consumption, storage, and processing power away from the PC and will push into the edge cloud.
Read more: Virtual Reality: The Revolutionary Force
Improved AR Training with 5G
AR is highly data-intensive – even a minute of AR will consume 33 times more traffic than one minute of a 480p video, so you can see the impact 5G is going to have on AR. One peculiar thing about AR is that it expands on human potential, allowing people and machines to function better together in a collaboration that what they both could do alone. AR superimposes digital information, enhancing the real world we see, offers additional information that improves the comprehension.
Imagine the conceptualized design of a product you are going to build printed in a piece of paper, and imagine you are seeing that product right in front of you, appreciating all the specifics, and realizing what it would look like in real life, this is the difference between AR training and traditional training. AR aids point-of-need visual learning in real-time. AR training organizations can enhance the experience of training around the existing data and information.
Organizations can train their employees and partners more effectively using AR. AR provides a highly visual and interactive format that is far better than normal text and video approaches. For example, imagine a SAAS platform or an Office Collaboration Software that enables employees to scan the product and receive direct training in a highly immersive experience. This will further increase productivity, reduce the time, and provide better flexibility.
Other ways in which day-to-day work will differ with 5G
Remote work was made feasible by high-speed broadband internet, video conferencing, and other technologies, thanks to the increase in communication speed. Now, the next challenge is simulating the collaboration and co-worker interactions of the traditional workplace. That’s where holographic calls come into the picture. It is possible through remote meetings that could be held in virtual spaces with the help of 5G. The holographic calls show us a 3D projection with the help of 5G. This is one such example of how day-to-day work will be different from 5G.
A holographic call allows companies to organize meetings in a shared holographic workspace. Participants can share the content, both 3D and 2D within this workspace. It will be visible to all other colleagues or clients attending the meeting.
It is also possible for anyone to interact with each other differently, like in the real world. Suppose, If a person decides to roam around the workspace, which is shared, their avatar, the disembodied version of their head and shoulders will move as well. Such movements are visible to everyone except the same person.
For digital whiteboards, 5G can further enhance connecting a large number of IoT devices from movement sensors to smart printers to usher the workspace environment to go digital.
Volvo Car is using HoloLens to demonstrate the extensive safety features of their cars to clients. The technology helps educate clients, close sales, and ultimately places the emphasis on safety, the key element of Volvo’s brand.
Read More: 5G Network Vehicle Safety and Security
Security and other concerns for 5G
Even though 5G offers huge potential for businesses around the world, it seems the technology is much more complex when it comes to security concerns.
- 5G will enhance location tracking and personal data collection. Since 5G signals are short-range, it requires more cell towers covering a much smaller area. It means they know your exact location which is a piece of sensitive information.
- As per a research study by Purdue University & the University of Iowa, 5G inherits many security policies and subprotocols from its predecessors, which are more error-prone and thus raise privacy and other security concerns.
To summarize, 5G is enabling us to work in new ways while keeping us more engaged and enhancing productivity. The role of technology is shifting from being a luxury to a necessity by acting as a central nervous system for the organization, and 5G is one among them. Thus, the world of work is changing rapidly and the organizations have to adapt. Is your organization ready for the 5G revolution? Get in touch with our experts today and know how your company can embrace the benefits of 5G.
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How Can Your Business Benefit from Fog Computing?
How much data do we create every day? The World Economic Forum reports that the entire digital world is expected to reach 44 zettabytes by 2020. So, each day, we witness the colossal growth of data and this pace is only increasing with the growth of IoT. The agility and flexibility of big data applications are the foundation of the Internet of Things (IoT). The escalation of IoT has resulted in an increased volume of digitally generated data and managing that data has become a major challenge. This has led to the emergence of fog computing – an answer to the new challenges of computing technologies.
Read more: Gearing up for IoT in 2020
Defogging The Term Fog Computing
Let us start by defining it.
What is fog computing?
Fog computing is a decentralized computing infrastructure in which computing resources such as data, computers, storage, and applications are located between the data source and the cloud. This term refers to a new breed of applications and services related to data management and analysis.
According to Mung Chiang, Dean of the Purdue University, “fog provides the missing link for what data needs to be pushed to the cloud, and what can be analyzed locally, at the edge.” In simple terms, fog computing is a distributed network fabric that stretches from the outer edges of data creation to the point of storage.
Are fog computing and edge computing the same?
Edge computing is a subset or a component of fog computing. For example, if fog computing is compared to a basket of various fruits, edge computing would be one fruit from a single variety.
Edge computing refers to data being analyzed locally, at the point of creation. Fog computing encapsulates edge processing as well as the network connections required to bring that data from the edge (point of creation) to its endpoint.
Evidently, fog computing and edge computing are complementary.
Difference between fog computing and cloud computing
Just as the literal fog is a cloud closer to the ground, fog computing is stationed as a layer to reduce the latency in hybrid cloud scenarios. Cloud computing forms a comprehensive platform that helps businesses with the power to process important data and generate insights. Fog computing is like the express highway that supplies computing power to IoT devices which are not capable of doing it on their own.
How Does Fog Computing Work?
Fog computing uses the concept of ‘fog nodes.’ These fog nodes are located closer to the data source and have higher processing and storage capabilities. Fog nodes can process the data far quicker than sending the request to the cloud for centralized processing.
The cloud is getting cluttered due to the enormous number of devices connecting to the internet. Since cloud computing is not viable in some cases, it has become necessary to use fog computing for IoT devices. It can handle the enormous data generated by these devices.
When implemented, fog-empowered devices locally analyze time-critical data that includes alarm status, device status, fault warnings, and so on. This minimizes latency and prevents major damage. Fog computing can effectively reduce the amount of bandwidth required, which in turn speeds up the communication with the cloud and various sensors.
Fog computing example:
If a user with a hand-held device wants to review the latest CCTV footage from a locally positioned IoT security camera, he would need to request the stream from the cloud since the camera does not have storage. This could take a bit of time, which can be eliminated with fog computing, where a local fog node can be accessed for video streaming which is far quicker.
Step-by-step Fog Computing Process:
- Signals are wired from IoT devices to an automation controller which executes a control system program to automate those devices.
- A control system program wires data through a protocol gateway.
- Data is converted into a protocol such as HTTP so that it can be understood easily by internet-based services.
- A fog node collects the data for further analysis.
- It filters the data and saves it for later use.
Key Takeaways for Your Business
- Increased business agility: It is evident that fog computing is cost-effective because it makes the production of revenue-generating products and services more efficient. It accelerates rollout cycles, broadens revenue bases, and reduces costs.
This revenue stream creates value for IoT fostering highly functioning internal business services. Fog computing also provides a common framework for seamless collaboration and communication helping OT and IT teams to work together to bring cloud capabilities closer.
- Privacy control: Fog computing facilitates better control of privacy because you can process and analyze sensitive data locally instead of sending it to a centralized cloud for analysis. It also enables the IT team to track, monitor, and control any device that collects or stores data.
- Data security: Since fog computing allows you to connect multiple devices to a network, it helps identify threats such as potential hacks, or malware. Additionally, such identified threats can be curbed at the device level without risking the entire network.
The Future is Fog Computing
Fog computing has several advantages over cloud computing. Fog computing can boost usability and accessibility in various computing environments. Soon, cloud computing for IoT may fade away but fog computing will take over. IoT is seeing an impressive growth rate and so it needs a special infrastructure base that can handle all its requirements. Fog computing is the key to accomplish this critical work. So get in touch with us and let’s get this happening for your business.
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How to prepare for IoT in 2020?
It’s 2020 already and the Internet of Things (IoT) is here to stay. We’re at the cusp of a new era wherein intelligent digital connectivity is a part of our day-to-day lives. Gartner predicts that there will be 25 billion connected devices by 2021. Thus, IoT has made its presence felt across various industries.
Upcoming IoT trends that can shape the business landscape
1. Industrial IoT and Digital Twin technology:
IoT has made manufacturing smart, efficient and less risky. Using digital twin technology, organizations can access the context, structure, and behavior of an asset. Thus, you have the information regarding the past and present state of an asset with an ability to look into the future. Organizations are therefore receiving warning alerts and predictions faster than ever before. Investing in a digital twin can be a part of your IIoT strategy so that after implementing sensors into your machines, you can document their operations and fine-tune them.
2. Computing would be balanced between the cloud and the edge:
While those new to IoT consider cloud as inevitable, high data transmission costs for remote business environments have moved computing to the edge. In many industrial sectors, shifting some analytics intelligence to the edge may prove cost-effective. With edge devices becoming more affordable and centralized infrastructure becoming more stressed, there would be a balance between cloud and edge.
3. Sustainability will become important:
Sustainability efforts have become a key business priority across the globe. The World Economic Forum reports that IoT projects can help to accomplish the UN’s 2030 Agenda for sustainable development. IoT can have a large impact on global sustainability as it connects people and things. IoT can be used to reduce e-waste, promote agricultural sustainability, save energy, protect species, reduce emissions and so on.
How to gear up for the IoT boom in 2020?
While IoT promises attractive growth potential, many companies lack the technical capabilities and know-how to make their IoT projects work. A recent survey found that almost 75% of IoT projects end up as failures. Following are some of the ways in which you can prepare for the IoT surge:
Related Reading: IoT Implementation: Common Mistakes And Strategies To Tackle Them
- Plan Ahead: The major challenges that cause IoT projects to fail are budget overruns, limited internal expertise, long completion times, lack of proper data. All of this boils down to planning. You need to organize your projects, asses your budget needs, calculate the time requirements and assess whether your team has the expertise to handle the project. If you lag on any of these points, it is better to postpone the project rather than not finishing it at all.
- Establish partnerships: Implementing IoT products can be very taxing due to the complex technology involved. The task can become almost unmanageable without a network of partners. You can establish partnerships for technological expertise or data and content delivery. Pioneers like Facebook, Amazon or Google have built entire ecosystems by establishing partnerships with hundreds of thousands of specialized developers.
- Integration: Successful IoT implementation requires robust connectivity, infrastructure, and seamless integration of your enterprise application/ systems with proper third-party wares. Challenges such as integration of the IoT platforms to enterprise applications and integration of edge/ cloud computing devices to the IoT platforms are most prevalent. By forming a strong IoT solution team with IoT architects and other subject matter experts, you can solve challenges across the IoT solution landscape.
- Ramp up the security: Cybersecurity is going to be one of the biggest risks in an increasingly connected world. Since everything that can be connected to the internet is exposed to a security risk, it is critical to secure every connected device. You need to be prepared with a game plan to tackle such types of data breaches. If you find that your business is ill-equipped to meet the security needs of your IoT network, don’t worry; you can always outsource.
Related Reading: The Pros and Cons of Outsourcing Mobile App Development
- Data storage: IoT is all about data. Cisco estimates that IoT devices would generate about 847 zettabytes of data per year by 2021. You can invest in your own local data storage system (which would be expensive) or you can find a cloud storage provider. Edge computing is another possible solution that is preferable over the aforementioned ones. In this system, the data is pushed to the ‘edge’ for quick access and to prevent data overload.
- Be ready to transform: Partnerships are important. But you’ll also have to set up your own software and big data capabilities which are far beyond the existing levels. The team should focus on transforming itself into a technology company that understands the capabilities of IoT. Be responsive and address all concerns that rise up during the course of the project.
- Innovate dynamically: A dynamic operating model requires cooperation. Innovative approaches like hackathons can be used to advance new ideas that meet the market demands of the digital world. Having the courage to take risks is an important part of dynamic product development. Even if ideas fail, it is important to keep trying and be consistent.
The Internet of Things (IoT) is set to bring about lasting changes across various industrial sectors. Business leaders who stay agile can rest assured that they won’t be left behind.
Need any tips on how to harness the power of IoT in your business? Contact us now!
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Can Empowering AI and IoT Bring In Competitive Advantage To Industries?
It takes more than forward-thinking employees to gather customer purchasing trends and improve the customer experience. International companies depend on Artificial Intelligence (AI) and the Internet of Things (IoT) to drive data and forecast the next big wave of trends.
Studies predict Asia and North America to lead in the innovation of AI and IoT. Also, embedded AI in support of IoT smart objects will reach $4.6B globally by 2024.
Major vendors of IoT platforms such as IBM, Amazon, and Microsoft have started offering integrated AI capabilities like ML-based analytics. Scalable digital platforms are designed daily to understand the way customers think while using predictive maintenance in real estate, eCommerce, healthcare, and other industries.
It’s time for us to share the leading examples of how businesses use AI and IoT, and how these technologies benefit them.
AI and IoT: Leading Use Cases
Smart Cities: Making Life Easier
What happens when AI and IoT run a city? It turns into a smart city. Smart city technology can solve an energy crisis, help manage traffic, or improve the healthcare experience.
One example of a smart city is the use of Advanced Transportation Controller technology linked to a 5G network in Los Angeles. There are road-surface sensors throughout the city, and cameras that monitor traffic, sending information to traffic management systems. Municipal employees can now analyze the data of traffic congestion and issues with traffic lights in high traffic areas. Overall, this improves the quality of living in Los Angeles and helps a business run smoothly without delays.
Convenience in Property Management
One of Fingent’s clients WRI Property Management, a US-based single-family rental provider with 10,000+ leased properties and 20,000+ managed houses experienced many challenges. Here are a few of the issues WRI Property Management faced:
- Tenant eviction
- Rent collection/accounting
- Scheduling property inspections
- Leasing properties
- Screening tenants
What happened next? Fingent introduced an advanced software platform, Honey Badger. The AI and IoT technology-supported WRI managers to conveniently communicate with multiple parties, renovating properties, view lives auction feed, track the construction of new properties, etc.
5G Network Vehicle Safety and Security
Machine Learning technology is improving the autonomous vehicle experience. How does it work? An automobile can stop when a driver is in dangerous tragic weather or unexpected situation.
The 5G network can cause the brakes of a car to operate by tracking vehicle sensors of other drivers near prevent or relieve car crashes.
The network can also send drivers a traffic update to use detours and avoid certain roads that are under construction or is unsafe.
AI and IoT Business Benefits
1. Guaranteed Security and Safety
A company’s highest priority is protecting data in the workplace. As Artificial Intelligence scans security footage, IoT can close gates or doors if an intruder attempts to enter the premises of a head office.
Organizations are now using machine-to-machine communication to determine potential security threats with an automated response to hackers or intruders.
An example of AI and IoT in banking security is the detection of fraudulent activity in ATMs to communicate updates to law enforcement to protect customers.
The unexpected workplace accidents can be prevented by using sensors that monitor safety hazards as employees work. Employees at some organizations now wear wearable devices that alert the management of undetected dangers such as carbon monoxide released into the air on a work site.
2. Convenient Shopping Automated Experience
Online shopping is more convenient than ever as websites personalize real-time suggestions to consumers based on a customer’s shopping history. As a result of this investment, Kinsta predicts that by 2021, Artificial Intelligence in e-commerce will increase sales to $4.5 billion from $2.3 billion in 2017.
3. Enhanced Healthcare Experience
NovitaCare, a Netherlands based healthcare company that treats patients with chronic and multiple disorders, wanted to improve the caregiver experience using an effective online platform.
With Fingent’s help, NovitaCare now can communicate with non-profit organizations, patients, providers and researchers with an online platform that is HIPPA compliant.
4. Simplified Management Of Supply Chain
The supply chain industry has experienced challenges in managing unexpected events that happen due to inaccurate forecasting. A solution to the problem is implementing AI and IoT.
Supply Chain Digital recently stated the following about these technologies:
“Intel highlights that the world of IoT is growing rapidly, from 2 billion objects in 2006 to a projected 200 billion by 2020.”
“AI is on most companies’ radars, with 78% of organizations implementing it to enhance operational efficiency by at least 10%.”
The use of real-time devices will feed data to executives to help create contingency plans for preventing unexpected challenges in the industry. As a result, the supply chain and a company’s reputation can experience fewer impacts.
How Fingent Helps Businesses Achieve Success With AI and IoT?
Fingent has mastered the art of technology infrastructure to help companies resolve AI and IoT processes. As a result, it creates efficiencies in managing smart devices.
Implementing these technologies are small changes that can have a huge impact on your business. The ability to use raw data to understand customer behavior and forecast trends in the market can improve customer loyalty. Also, companies can track employees working in multiple departments and locations across the globe by partnering with Fingent.
Fingent is confident that AI and IoT work in your business context by delivering technologies to enable solutions in the cloud, networks and gateways, heterogeneous device support, systems capabilities, and data analytics.
Business Insider predicts that there “will be more than 64 billion IoT devices by 2025, up from about 10 billion in 2018.”
Gartner observes that in three years (by 2020), more than 80 percent of enterprise IoT projects will incorporate at least one AI component. Artificial Intelligence and the Internet of Things is used to improve the safety of drivers on the road, enhance healthcare experiences, automate and streamline enterprise processes, stop intruders from hacking into IT systems or large organizations, and in numerous other ways.
The combination of these technologies not only delivers a superior customer experience, but also forecasts what customers want in real-time, improves their experience of living in smart cities, maintains a high safety rating in challenging workplaces, and reinforces physical and cybersecurity. AI-IoT duo also avoids any unplanned downtime, increases operating efficiency, helps develop new products and services, and improves your risk management.
Are you looking for an AI and IoT partner? Get in touch with Fingent experts today for a streamlined and error-free IoT implementation for your business.
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Most Common Mistakes To Avoid While Implementing IoT
There are many pressing concerns about the possibilities of IoT in businesses. The most common is probably the question, “Is my business too small to adopt IoT practices?” However, as per the available statistics, the global IoT market is expected to reach $1.7T by the end of 2019. It is surely not unnoticed that IoT implementation has helped businesses both big and small to drive growth and innovation.
Making key errors while implementing IoT can however cause the entire business system to halt. These issues can be those related to device management, data flow across the organization, various partnerships involved, and so on. Security, scalability, cost involved, and the complexity of the system are other key factors.
Let us walk through the most common mistakes made while adopting IoT.
1. Security Concerns Associated With Technology Implementation
More than 80% of the senior executives in industries across the globe suggest that IoT implementation is crucial for positive business outcomes. Since more and more devices are connected to the global network, the highly sensitive data and applications require access restrictions to avoid any malpractices. For instance, the security scope needs to be end-to-end to support connected devices.
An IoT implemented framework needs to be secure. The security concerns could be any of the following:
- An Insecure Web Interface
- Improper Authorization Techniques
- Privacy Issues
- Cloud Interface Insecurity
- Insecurity In The Mobile Interface
- Insecurity In-Network Services
- Software Or Firmware Issues
- Lack Of Physical Security
- Lack Of Transport Encryption
- Issues In the Security Configuration
Poorly secured IoT devices and software make the IoT prone to cyber-attacks. End-to-end security is thus crucial for any IoT deployment. For instance, consider an Internet-connected car wash. Such devices use a default password. In this case, when a security concern arises, it also leads to a safety concern.
The solution here is an external security audit of the implemented IoT device. This builds confidence to perform new IoT implementations as well.
2. Not Being Aware Of The Critical Data Flow Forecasts
Not being able to forecast data volume can be one of the major mistakes in IoT implementation of devices and applications. According to EMC Research, the rate at which data is growing is exponential. It states that the volume of this data would be equivalent to 6.6 stacks of 128gb i-Pads which are fully-loaded, and will stretch from the Earth to the Moon!
Moreover, many businesses think that the more data they extract, the better it is for their business. Many a time, this misconception can lead to storage swelling of both structured as well as unstructured data.
The solution is to ensure the proper working of the right IoT big data business strategy with a clear forecast on different factors. The factors could be the amount of network traffic, storage requirements, and so on.
In case of an already existing functional data system, edge computing can be implemented to ensure intelligent pre-processing of data.
3. Cost Factors Involved In Decision-Making Of IoT Implementation
According to recent statistics, cost savings have turned out to be the major IoT adoption criteria for over 54% of enterprises. Taking into account just the cost factor while deciding to implement IoT might turn out to be another major mistake. Various factors affect the cost of implementing IoT projects. Starting from the number of connections to the device, the type of technology used, to the type and features of the application to be loaded, there are many more.
Hardware, let us say, is a major factor that affects the cost of IoT implementation. The cost of the IoT application is directly proportional to the number of devices used in the connection. Likewise, Infrastructure is another major factor that influences the cost of IoT projects. The infrastructure used could be wireless, middleware, or cloud-based.
4. Lack Of Proper Plans For Device Updates And Replacements
A proper IoT device management is critical to ensure core compatibility of the IoT platform. Device reliability is the most important requirements to ensure an enterprise-ready platform. Device management operations include network, power states, device geolocation, and so on.
Large volumes of data collection, transfer, storage, and utilization can result in malfunctioning of connected devices in the IoT ecosystem. Implementing an IoT platform enhances the integrity of connected devices.
The solution to the pressing concern of planning can be solved through regular monitoring, diagnostics, software updates, and maintenance. Performing frequent OTA (Over-The-Air) updates helps the IoT platform in monitoring and maintaining the device software, fixing bugs, managing firmware, and in customizing the connected devices. This ensures in-depth device protection.
Related Reading: Check out more about IoT – Where and Why should you invest!
In addition to the above-mentioned common mistakes, the following are a few other factors that can lead to IoT errors:
- Lack of setting a realistic timeline for IoT implementation – Achieving a realistic idea on the timeline of IoT implementation is necessary for a positive outcome.
- No Tolerance For Possible Failures – Implementing IoT without having a clear picture of your IoT project can be a big mistake. Leave room for scaling up new ideas.
- Relying Only On Existing Charts – IoT implementation requires dedicated decision-makers instead of relying only on existing organizational charts and decisions.
- Lack Of Technical Expertise – When every part of the IoT project is either reinvented or being contracted out, you are unsure of the third-party development and deployment teams. Technical expertise is the key to a successful IoT project.
Are you looking for an efficient technology partner to help you adopt IoT the best possible way? Get in touch with our experts today for a streamlined and error-free IoT implementation for your business.
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Evolution Of The Digital Twin Technology
What is a digital twin? Digital Twins can be best defined as digital copies or virtual replicas of physical assets. Data scientists can make use of digital twins to try and run simulations before they build and deploy actual devices. Digital Twin technology transforms the way in which the Internet of Things, Artificial Intelligence, as well as, Data Analytics is optimized.
The concept of ‘digital twin’ rewinds back to the year 1970 with the launch of Apollo 13. NASA’s digital twin model of Apollo 13 was a famous rescue mission to assess space monitoring conditions. The concept of Digital Twins later gained recognition in 2002 at the onset of a presentation by Challenge Advisory at the University of Michigan. According to Gartner, the digital twin is one of the top 10 strategic technology trends since 2017. Gartner estimates 21 billion connected sensors and endpoints by the end of the year 2020!
Related Reading: Checkout in detail, where and why should you invest in IoT.
Digital Twins: Enhancing IoT Enabled Industries
Data scientists build digital twins that can receive input from sensors that collect data from its real-world counterpart. The twin is then allowed to simulate in real-time. This process provides critical insights and feedback that helps in analyzing the actual system’s performance. For instance, a twin car can be built digitally by validating various inputs to check on factors such as safety, mileage, etc.
Digital Twins impact various IoT-enabled environments such as manufacturing, automotive, healthcare, financial services, urban planning and many more. The major IoT-enabled industries that can leverage the benefits of digital twin technology and how they benefit from it are as follows:
- Manufacturing Industry: The Digital Twin concept with the IIoT (Industrial Internet of Things) is implemented in the manufacturing domain. It can be designed and deployed in numerous ways such as in tracking and monitoring systems, evaluating production, troubleshooting equipment used, etc. As digital twins can predict failure chances, it helps in saving costs, time and in improving customer loyalty.
- Automotive Industry: The future of autonomous vehicles lies on well-connected road systems and vehicles. Critical data gathered from this network. The digital twins then act as simulated models that help engineers analyze the behavior of vehicles before they are used on roads.
- Healthcare: Medical monitoring technology is used to gather critical data such as heart rate, oxygen levels, etc. This data is used in the creation of digital simulations. Digital twins help the healthcare ecosystem in disease diagnosis, remote monitoring of patients, etc.
- Urban Planning Sectors: Vital data such as maps, blueprints of buildings, real-time data from sensors, etc are used to create digital twin models to improve urban planning services. These services include waste disposal, mobility services, providing resources like electricity and water, etc.
- Asset Management: Both worksite and remote industrial operations can be managed via digital twins with the help of remote asset monitoring services. Predictive maintenance of assets like machinery improves operational efficiencies and decreases disruption of business operations. Digital twins can also be converged with augmented and virtual reality techniques for better visualization of industrial workflows.
- Financial Services: Customer behavior can be easily monitored with digital twin technology. It helps in creating personalized profiles for individuals via data analysis of their previous behavior in buying decisions etc. It can also simulate cash flows and balance sheets. Client needs can be analyzed better by insurance firms and asset managers and can thus provide personalized experiences for their customers.
Digital Twin Technology: Fostering Innovation In IoT-Enabled Environments
According to Gartner digital twin will be used by 50 percent of the industries in 2021. This will result in a 10% improvement in operational efficiency in these IoT-enabled organizations. The digital twin technology is the most important Industry 4.0 technology that is available today.
It helps in automating decision-making processes, providing critical insights into dynamic recalibration of products and other equipment in the industries, monitoring the manufacturing processes and production lines, etc.
The digital twin technology helps in monitoring manufacturing components, assets, and critical processes in real-time. Also, it helps in improving OEE (Overall Equipment Effectiveness), increasing product quality, enhancing traceability, reducing wastage and boosting overall efficiency.
Main Data Elements in Digital Twin Technology: Key Benefits For Improved Innovation
There are three main elements in digital twins such as Past, Present and Future Data that improve efficiency in IoT-enabled industries. The past data is the data from the previous performance of individual machines etc. Present data is the real-time data from sensors, whereas the future data is the data received from machine learning algorithms and various inputs from engineers.
The key benefits of Digital Twin IoT enabled industries are as follows:
It is important for an IoT-enabled environment to understand the relationship between different types of data within its network. This IoT data can be extracted and enhanced in the form of knowledge graphs. This helps in automating processes and improving decision-making.
Increased ROI Generation
A decline in revenue is mainly due to the downtime of machines. The digital twin technology can reduce downtimes, prevent failures, and increase the life-span of machines. This not only improves productivity but also brings down the operational costs significantly and improves revenue generation.
Digital twins provide a platform that enables IoT-enabled industries to be prompted constantly about production, operation and management activities. The virtual testing platform that it provides, simulate the real-world data into critical and meaningful insights. In addition to being a scalable solution, it also self-diagnoses problems. This makes it easy for industries to make human-machine interaction efficient and productive.
Digitizing The Whole Industry Ecosystem
There is a rapid adoption rate of digitizing operations by industries day-to-day in order to achieve positive business outcomes. This is made possible with the steady data flow from the environmental and operational sectors of the IoT-enabled industries.
This up-to-date and personalized data maximize profitability and productivity. In addition to being a high revenue opportunity, the digital twin technology also digitizes the working assets and processes in its entirety.
In a nutshell, the benefits that can be leveraged from digital twin technology for IoT-enabled industries are as follows:
- Reliable operations and management of equipment and production lines
- Increased Overall Equipment Effectiveness or OEE achieved via reduced downtime.
- Increased ability of customers to remotely configure products.
- Significantly reduced maintenance costs due to preventive measures taken that aid in finding out chances of failures or machine breakdown, etc.
- Improved production cycles leading to reduced downtimes.
- Better productivity
- Considerably reduced risks in areas of product availability, product failures, services, maintenance, etc.
- Provides critical insights of past, present and future data in real-time environments.
The globe is yet to witness over 50 billion connected devices by the time period of 2020-2030 and over 7 billion customers using the web worldwide.
For an immersive experience on how to transform your IoT-enabled industry or business with the Digital Twin technology, call us right away. We will help you gather brilliant strategies on fostering innovation with specific digital twin models!
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What To Watch Out For In 2019 On ERP Market Trends
It’s true that we can never bid adieu to last year’s trend-setting technologies like blockchain, AI, IoT, and multi-cloud. But, neither can we not talk about the progress where technology is likely to echo around the ERP space.
According to a study by MarketWatch, “The ERP software market is expected to rise globally to $47B by 2022”. Let us find out what are the possible market trends in ERP for 2019.
Drastic Rise Of The IoT Market
According to Statista’s latest research, “the global IoT market will rise exponentially from $2.9 trillion in 2014 to over $7 trillion in 2020”. This leads to a situation where ERP systems will need a new level of intelligence and automation to make platforms collect data and insights.
Earlier, only a small percentage of data were created and processed outside a traditional data center. But in the future, there will be a situation where nearly all data will be generated from outside of the data center.
IoT is expected to drive the design and deployment of many operational analytics solutions. Industries such as retail, banking, and telecommunications will also adopt operational analytics to enhance customer experience and quality.
Related Reading: Get answers to where and why should you invest in IoT.
Accelerating Transition To Cloud Computing
According to Statista Reports, “the global market revenue of public cloud services will surpass 278.3 U.S. Dollars in 2021”.
The benefits of this would be greater data security, minimal dependency on hardware, speedy results, and high customer satisfaction. As per the research report by IDC, spending on cloud computing is anticipated to rise at a rate of six times the rate of the current IT spending through 2020 which upsurges at 4.5 times the IT spending rate since 2019.
Cloud concepts, Content Delivery Network (CDN), DevOps, Big Data and Artificial Intelligence, are going to be the key players in the future of Cloud Computing.
Contribution Of AI And Emerging Disruptive Technologies
The three main trends behind the huge adoption of ERP services are the integration of artificial intelligence (AI), deployment in the cloud, and improved IoT technology.
Big data analytics and the various kinds of AI, including predictive analytics, machine learning, and deep learning, form the catalysts for industries to improve customer experience.
The third wave of technology evolution is based on systems of intelligence (Cloud, IoT, AI, VR, AR). For instance, Chatbots and messaging apps are examples for a rapid expansion in the implementation and adoption of AI.
By implementing advanced solutions such as AI-based chat-bots, IoT sensors and more, businesses will streamline and thereby accelerate their functions. This can tackle productivity issues and also it is an opportunity for businesses to realize the value and utility of new disruptive technologies.
Related Reading: Watch out for the top AI trends in 2019.
ERP and SaaS – Differences In Overheads
The traditional applications based on ERP were stored on servers. This meant overheads as a result of increased hardware costs as well as costs associated with backup, recovery, and maintenance. The difference between traditional and SaaS applications is that SaaS applications are stored on cloud-based servers.
The benefits of SaaS are that these applications do not demand high maintenance costs, or rather are they expensive. The additional overhead costs that are reduced when it comes to SaaS are that they differ in terms of per-seat licensing costs as well as the total cost of ownership etc.
So, since Saas is a cloud-based model, SaaS-based applications are neither costly, neither are they difficult to maintain.
ERP transition has taken place rapidly. The new SaaS model for ERP is very flexible and useful.
Inclusion Of Social Media Channels
ERP systems in 2019 will need to be able to include direct marketing and data links across multiple social media channels to make their presence felt in the market.
HR managers frequently use social media to search for and hire new employees and also as a background check and even as performance management indicators. These changing trends in business operations are reflected in any competitive ERP platform.
The modules that address are becoming social-media savvy in 2019. This is mainly due to the high use of customer base that accounts for 2.77 billion customers (according to eMarketer research).
The other engaging trends in ERP adoption are as follows:
Focus on Business Intelligence
Organizations are trying to make forecasts with ERP software for business intelligence.
Good Integration architecture
An increasing need for ERP software system has resulted in the act of ERP consultants being shifted towards a better integration architecture for ERP software.
Two-tiered ERP is very useful for enterprises since they run in different processes at different places. These tend to match the needs of all locations with a better cost structure. It best suits when the enterprise is large.
The Personalization Advantages
Today’s ERP systems are built for personalization. Some systems offer tools to help make it easy and fast in customizing the application to their needs.
Large Organizations Acquiring Small Startups
Large organizations try acquiring smaller startups in that regards. This increases ERP implementation.
Partnering With Firms That Break The Traditional Rules
With the onset of the cloud, the traditional role of technology partners will no longer be enough. Finding an ERP partner that utilizes the latest technology and analyzing how they deliver service with your needs is required for a successful business.
More focus on profit from ERP
As ERP becomes more and more successful in the market, firms blindly implement them now. They are sensitive to the return of investment.
These above trends in ERP to be witnessed in 2019 are beneficial for an organization as well as provide to business growth. ERP software is used in various fields for work and that is the reason why the demand for an ERP software system is increasing every day.
Watch out for more market trends and highlights showcased for 2019 in our latest blogs!!
Also, empower your business with trending technologies. Contact our tech-experts today!
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Digital Adoption is crucial for the success of an organization. Businesses understand this and are going full steam ahead in ensuring that they are completely equipped digitally. While the IT department is primarily hands-on with digital adoption, it is becoming increasingly clear that business leaders must also roll up their sleeves and get involved with the digital goals of the company. This blog will discuss why this is important and how it makes for better business leaders.
Digital adoption in the most elementary sense is to achieve a state of functioning where all the organization’s digital tools are used to their full capability. Digital Adoption also involves getting stakeholders, including customers and employees, to use these tools to the best.
If the company has a whole repertoire of digital tools, it doesn’t mean that they have successfully implemented digital adoption. It can only be a success if these tools are being used to their full capacity by the organization and its customers.
How Digital Adoption Makes You A Better Business Leader
Talking about the top executives in today’s organization, Dion Hinchcliffe, VP and principal analyst at Constellation Research says that they must “match the pace of change, fall behind, or lead the pack.” Continuing on what is expected of business leaders particularly the CIO’s today, he says: “That’s the existential issue at stake in today’s digitally-infused times, where bold action must be actively supported by out-of-the-box experimentation and pathfinding … The CIO this year must be both a supremely masterful priority juggler and an effective digital leader from the front.”
This is what today’s business scenario demands a true business leader. Leaders are expected not only to be digitally informed but to be able to lead their company into digital transformation. Digital adoption must be the focus of their efforts. Here are a few ways in which digital adoption can make you a better business leader.
Related Reading: Find how digital innovation is transforming today’s business.
1. Leading Change and Growth
One of the qualities that define a capable business leader is his ability to be a visionary and lead his organization towards growth. In today’s world, growth is becoming synonymous with the company’s ability to keep up with technology and digital transformation. Business leaders stand to benefit the most as their company moves forward and adopts the best of digital technology.
And yet, according to a KPMG study, more than 56% of digital initiatives fail due to lack of leadership. As this shows, good leadership can make all the difference between success and failure of digital adoption. The mindset of a leader and his/her dedication to digital adoption will direct the mindset of the rest of the organization. Digital disruption calls for a positive attitude towards change. It calls for a change in the culture of the organization. Encouraging innovation and experimentation is also key to the success of digital adoption. All this can only be achieved if the CEO and top-level management embrace and lead the change.
2. Gaining Customer Insight
Today’s business is more customer-centric than ever. The success of an organization is dependent on its understanding of customer preferences and behavior. In the digital age, there is no better way to gain customer insight than through digital adoption.
Jim Swanson, former CIO of Monsanto is an excellent example of leaders who leverage a company’s IT to deliver growth and value in the business. Discussing digital transformation in terms of customer centricity and the role of leaders, he says: “We talk about automating operations, about people, and about new business models. Wrapped inside those topics are data analytics, technologies, and software – all of which are enablers, not drivers. In the center of it all is leadership and culture. You could have all those things – the customer view, the products and services, data, and really cool technologies – but if leadership and culture aren’t at the heart, it fails. Understanding what digital means to your company – whether you’re a financial, agricultural, pharmaceutical, or retail institution – is essential.”
That is where the magic lies. Understanding digital and understanding what digital can do for your customer-centric goals is where you will find success. When business leaders understand this vital concept and become champions of digital adoption, then the company will see real growth.
Related Reading: Find how machine learning boosts customer experience.
3. Nurturing Curiosity
Curiosity is an important attribute of growth and change. To step out of their comfort zone and embrace growth, business leaders must cultivate and foster this important attribute. In a PWC survey of 1,322 CEOs in 77 countries, most CEOs pointed out to the importance of being curious. In order to keep up with the turbulent business scenario and stiff competition. Michael Dell, Chairman and CEO of Dell, says in the report: “The one attribute CEOs need in the future to succeed, that I would place my bet on, is curiosity. From curiosity comes learning and new ideas. In businesses that are changing very rapidly, if you’re not curious, if you’re not learning, if you don’t have new ideas, you’re going to have a real problem.”
Curiosity plays a vital role in embracing digital technology and helping employees adapt to change. Fostering a culture of innovative thinking and intellectual curiosity will help the organization move forward with digital adoption and make the best of it. Conversely, digital adoption will help business leaders build curiosity and lead their organization towards innovation and success.
Embrace Digital Adoption
The importance of embracing digital adoption cannot be overemphasized and it must start from the top. It has been estimated that there will be US$15.7 trillion in global GDP gains from AI and digital by 2030. If you want to rake in some of this revenue, there are no two ways about it – go digital or go home is the verdict! Fingent helps business leaders worldwide in their journey towards digital adoption and transformation. Let’s have a chat and see what we can do for your business.
Related Reading: Check out how AI is driving business value across industries.
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Most of us, technology geeks or not, are eager to stay first in line to catch up with the latest game-changing technology trends. Here we are to know which technologies will thrive in 2019!
The Potential Technology Trends You Need To Explore In 2019
Have you ever looked up at the sky and clapped your eyelids on a bat? This is commonplace. But what if it was a drone. Or would it be a flying fleet? Since we don’t belong to the Jetsons family, the latter is not expected but we are close to it! 2019 is definitely a transformative year for technological innovation!
According to Gartner, the Top 10 Strategic Technology Trends for 2019 are Block chain, Artificial Intelligence, Empowered Edge, Privacy and Digital Ethics, Quantum Computing, Immersive Experiences, Augmented Analytics, Autonomous Things, and Digital Twins!
This is just the tip of the iceberg. Following are the emerging technology trends and catalyzing technical innovation that we can expect to see more of in 2019!!
Related Reading: Find how digital innovation is transforming today’s business world.
1. Blockchain Technology – The ‘New Internet’
Some call Blockchain technology the ‘New Internet’. The blockchain is the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. It permits digital information to be distributed but not duplicated.
“Blockchain solves the manipulation problem”, says Vitalik Buterin, inventor of Ethereum.
2. Artificial Intelligence (AI)
Apart from AI-powered chatbots, 2019 will witness chip manufacturers such as Intel, NVIDIA, AMD, ARM, and Qualcomm shipping specialized chips that speed up the execution of AI-enabled applications.
2019 will also be the year for hyperscale infrastructure companies like Amazon, Microsoft, Google, and Facebook.
Related Reading: Check out the top AI trends of 2019.
3. Cloud-independent edge computing
The study from IDC illustrates that 45 percent of the entire data created by IoT devices will be stored, processed, analyzed and acted upon close to or at the edge of a network by 2020! Edge computing is a mesh network of data centers that process and store data locally before being sent to a centralized storage center or cloud.
4. Privacy and Digital Ethics
Facebook, recently witnessed the biggest security breach in which 50 million accounts were compromised. Facebook, later clarified that data of 30 million accounts were stolen.
People are becoming more nervous about how organizations and third-parties are using their personal data.
5. Quantum Computing
The world is behind building the first fully-functional quantum computer. Also called the supercomputer, this is expected to be a cloud service rather than an on-prem service. IBM is already offering cloud-based quantum computing services. For instance, the automotive, financial, insurance, pharmaceuticals, military, and research industries have the most to gain from the advancements in Quantum Computing.
6. Immersive Experiences
Conversational platforms are changing the way in which people communicate with the digital world. Virtual reality (VR), augmented reality (AR) and mixed reality (MR) are changing their approaches to know more about people’s perception.
7. Augmented Analytics
Augmented analytics relies on augmented intelligence. This uses machine learning (ML) to transform how analytics content can be developed, consumed and shared.
“Through 2020, the number of data scientists will grow five times faster than the number of experts”, says David Cearley!
8. Autonomous Things
Autonomous things, such as robots, drones, and autonomous fleet, use Artificial Intelligence techniques to automate their functions that were previously performed by humans.
9. Digital Twins
A digital twin is a digital representation of real-world items that are interlinked. Cearley states that there can be digital twins of people, processes, and things!
A DTO is an aspect of the Digital Twin evolution that is a dynamic software model that relies on operational or other data. DTOs help drive efficiencies in business processes.
Apart from these, there are other key technology trends that organizations need to explore in 2019. These include:
10. Cybersecurity and Risk Management
According to the estimates from the firm Gemalto, the data breaches were 4.5 billion in the first half of 2018! The University of Maryland study found that hackers attack computers every 39 seconds.
In 2019 we will be facing a more sophisticated array of physical security and cybersecurity challenges.
Cybersecurity is thus the digital glue that has held IoT, Smart Cities, and the world of converged machines, sensors, applications, and algorithms operational throughout!
11. Smart Spaces
A smart space is a physical or digital environment in which humans and technology-enabled systems interact in an increasingly open, connected, coordinated and intelligent ecosystems, according to Gartner! The world of technology is to enter accelerated delivery of smart spaces in 2019.
12. Self-powered data centers
Data centers grow every minute with the implementation of virtual servers and storage, energy-efficient buildings. In 2019, the data centers are expected to run on its own self-contained power plants!
13. IoT integration
2019 will witness more IoT implementation. An International Forrester IT survey that said among a recent group study, 82% of respondents were unable to identify all of the devices connected to their networks. Of this lot, 54% were nervous about device security, and 55% were concerned about integration!
Related Reading: Find the role of Data Analytics in Internet of Things (IoT)
14. More self-service IT kiosks for business users
2019 will be a year of IT innovation designed to build better communication between IT and end users. The self-service IT kiosks to be set up would enable users to log on and choose what they want for the apps that they build.
15. The Internet of Things and Smart Cities
50 billion equipment, including smartphones, and others are expected by the IoT to be wirelessly connected via a network of sensors to the internet by 2020!
The term “Smart City” means creating a public/private infrastructure to conduct activities that protect and secure citizens. It integrates communications (5-G), transportation, energy, water resources, waste collections, smart-building technologies, and security technologies and services!
To upgrade your business with the latest technology trends on the table, contact the experts at Fingent today! Also, read through our latest blogs to learn more about accelerated technological development!!
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Digital revolution has not just changed how businesses are perceived but also how businesses are performed. It meant a shift from the conventional means of operation to the one aided by technology. In today’s age, every aspect of a business from operations to management is run using digital tools. Such digital transformations has changed every industry and revolutionized the way of serving the customers, improve the competitiveness of the business and pushed forth its expansion into the global market.
Coleman Parkes Research in one of their surveys identifies that 82 percent of respondents have adopted digital technologies for redefining their businesses. This complete overhaul of business with the reinvention of business operations are affected by the advent of mobile, cloud, social, and big data analytics. So has the transcendence of a digital world helped grow businesses? If yes, what are the ways in which businesses can take advantage of the same?
Related Reading: Implementing a digital transformation strategy for your business requires adequate know-how of the varied process involved in the same. Know about the five crucial questions to consider before initiating your digital transformation journey here.
What are the innovative changes?
Early on, businesses built websites as a front for providing only information. With interactivity and the onset of the mobile revolution, sites and apps started to provide much more. They are used to offer services and products right at the doorstep of customers. The use of social media has enhanced the knowledge regarding what the customers like and what they seek. Businesses can use this medium to understand and tailor personalized experiences to provide real value to their customers.
Big Data analytics has changed the way businesses adapt and change. From decision making to predicting customer preferences and hiring the right skill sets, big data analytics has emerged as the game changer for businesses today by influencing how they deal their data. Instead of undertaking a market study, there is relevant data that tells what is working in the market and what is not.
Each business that enters into a digital transformation is out there to compete every second. Imagine the new generation of customers who have everything at the tap of a button. Businesses need to be on their toes to deliver rich, real-time interactions with an element of personalization to keep their customers engaged. Also, the need to keep updating and innovating with respect to the competition is a necessity to save the business from running into the ground.
The increased reach
Even though the competition increases with the digital transformation, businesses can take advantage of the fact that now they have reached a global audience. There is a market for the niche of products and services since customers have a way to access them easily. Also putting a step into innovation ensures that your business is at the forefront of achieving a profitable chunk out of the industry.
Since transforming the business into a digital space is no longer an option, businesses should start utilizing the benefits of such a change. Pervasive digitization of services and products can be made to ensure that there are no barriers between the business and their customers. Also, traditional companies can start making efforts to revamp or add new services that are digitally available to increase their profits. Monetization from digital platforms and collaborations with partners can further help achieve better profits from an untapped source of customer relationships.
Related Reading: Take a look at the CIO’s opinions of digital transformation initiatives deployed across different businesses here.
How to make the most of this digital transformation?
In today’s day and age, no business is smaller or bigger, each of them competes in a virtual, digital space that offers fair ground for competition. Businesses should start looking at Big Data analytics and use the social media space to push their content to the customers. The idea is to be always supple, no matter how big or small your business is. Think like a startup at every step to understand the new technologies, the revolutionary changes, and be flexible to adopt them quickly. Having a digital core at the heart of your organization to manage and operate the business is the right way to go ahead in this modern digital era.
If your business is seeking to get into the race of digital transformation, it is important to act right now. Late adopters can have serious disadvantages since the competition is already in the domain. If you are looking to adopt a business model that utilizes a digital core, we can help. Embrace the digital transformation with the best developers to get to the forefront of change.