Tag Archives: Digital Transformation

A Data Management Guide for Midsize Companies

Use Appropriate Data Structures

A sizeable chunk of your data will be streaming in unstructured from diverse sources, and you’ll need a way to structure it for analytics as well as querying applications. As such, think about how you intend to use the data, and figure out a way to sort, tag, or classify it.
If you don’t have the necessary big data mining tools and AI analytics resources to extract, organize, and study massive amounts of unstructured enterprise data, consider engaging a provider who can help.

READ NOW: How High-Tech Companies Are Pioneering The Digital Economy

Connect to the Internet of Things (IoT)

You haven’t yet figured out everything there’s to know about how customers are using your product or service if you’re not leveraging the enterprise IoT. Connecting the technology to products enables companies to monitor, gather, filter, and scrutinize usage, performance, or platform data using AI or machine learning applications.
IoT data analytics can help an organization make mission-critical, operational, technology, or business decisions. The technology delivers big data that’s virtually impossible to track, collect, and analyse in real time using traditional techniques.

Build the Capacity to Process and Store Big Data

As your digital footprint expands, you’ll be generating or receiving massive chunks of enterprise data rapidly. Do you have the physical infrastructure required to store it in-house?
As a midsize business with potential for growth, you may prefer to invest in cloud storage. This way, you don’t have to spend heavily on redundant storage capacity. You can scale gradually in tandem with the rising volume of business data.
Cloud storage allows you to employ big data analytics while on the move, including using mobile devices. It enables your employees to make data-driven decisions on demand, regardless of their physical location.

Invest in Big Data Transmission and Processing Capacity

Be sure you have sufficient bandwidth to accommodate the rapid flow of massive chunks of enterprise data. The need to access and analyse some of the data in real time makes it paramount to deploy adequate network and processing capacities. Equally important, don’t forget to make technical provisions for any CPU-intensive big data-mining, AI, or ML applications.

Secure Your Enterprise Data

Some of the data you’re collecting or storing constitutes sensitive personal information or business secrets. You need to secure it in compliance with relevant local and international regulations. There are costly legal and financial ramifications for not complying with cybersecurity laws.
If you have business data in the cloud, be sure to figure out who between you and your provider is legally responsible for its protection at rest and in transit. Typically, encryption, multi-factor authentication, firewalls, and anti-malware are critical cybersecurity measures you need to have in place.

Summing it Up

Leveraging data analytics can help midsize businesses boost productivity, streamline workflows, and register incremental revenues. Fortunately, they don’t have to deploy costly on-premises infrastructure to do that.

Instead, the companies may partner with strategic cloud providers to help optimizing enterprise data management to drive business value.

For more information on how to leverage Big Data to grow your business call us on 1300 045 046 or email [email protected].

How technology can help improve customer experience in Wholesale Distribution

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Businesses operating in the Wholesale Distribution industry are faced with a number of priorities including maintaining optimum inventory levels, ensuring accurate order fulfilment, shipping and more. All this while optimising cash flow and acquiring new customers.

In today’s markets, wholesale distributors need to evolve fast and remain efficient to provide a high level of customer satisfaction. Simply ensuring on-time, in-full delivery of products is no longer enough.

As customers demand a more proactive approach to service delivery from their providers, wholesale distribution businesses are increasingly implementing technologies to transform the way they operate across all areas. From inventory management to delivery, to customer service and more. The ultimate goal: improving customer experience to create growth opportunities.

In today’s post, we are having a look at some of the key areas that businesses in the Wholesale Distribution industry can improve with the use of technology.

Customer satisfaction is the best customer acquisition strategy

According to the IDC research “The Next Steps in Digital Transformation”, conducted in 2017 by interviewing 3,904 Small and Midsize Businesses, customer acquisition is at the top of the priority list.

To support this goal, SMBs are using a variety of technologies (an average of 4.8 solutions in 2017 compared to 3.8 in 2016 ). The most popular technologies in use include Collaboration, CRM and eCommerce.

To acquire new business, your existing customers’ references, testimonials and high NPS levels are key. Happy customers are not only loyal, but they also become your advocates!

In the Wholesale Distribution industry, customer satisfaction starts with the back-of-office systems that can enable an enhanced level of service.

#1 – Real-time inventory management

Choosing the right set of technology tools to manage your inventory in conjunction with other key areas of your business (such as finance and sales) can help you fulfil orders more efficiently without causing a surplus of inventory.

The result? Happy customers and a better sales process that relies on up-to-date data, coming directly from within your business.

#2 – Value-added Wholesale Distribution services

Implementing the right technology to provide value-added services to your clients can prove to be a great way to increase customer satisfaction and develop new business. As stated in “Embracing the Digital Economy in the Wholesale Distribution Industry” by SAP, wholesale distributors can aim at taking their business to the next level by providing value-added services such as:

IoT sensors embedded by the manufacturers into products to help your customers identify downtimes or need for new parts/replacements;
Using Artificial Intelligence to predict future demand based on external factors, such as weather forecasts;
Using real-time, predictive analytics to recommend order items, quantity and delivery time;
IoT-connected vending machines and other retail venues.

#3 – Modernising customer touchpoints

Customers expect a seamless experience across each stage of the interaction with your business. Modern technology can help your Wholesale Distribution business enhance customer satisfaction on multiple fronts.

Purchase – Providing new venues to order products in real-time using eCommerce platforms that are integrated end-to-end with your warehouse and 3^rd party suppliers. This can include websites, text messages and automated re-ordering;
Procure to Pay – Predefine suppliers, items cost, optimal stock levels and re-order points to automate the interaction with your customers, minimise manual intervention and increase revenue;
Social Media integrations – Incorporate social channels into your customers’ communication venues to get feedback in real time;
Personalisation – Focus on improving existing relationships by implementing Customer Experience technologies. Register your customer interactions and other key information to focus on the engagement strategies that work best.

Wholesale Distributors can adopt a number of smart solutions to modernise the way they interact with their customers, resulting in an increase in satisfaction and repeat business. With the advent of Cloud Computing, these solutions are now also available at a low Total Cost of Ownership (TCO) and are flexible enough to adapt to the future requirements of your business.

At Leverage Technologies, we have been serving the wholesale distribution industry since 2005. For more information or to learn new smart ways to transform your distribution business, call us on 1300 045 046 or email [email protected] today.

What Digital Transformation Means for Small and Midsize Manufacturers

#1 – Cloud Computing

According to an Oxford Economics study, 59-60% of small and midsize manufacturers plan on leveraging the cloud to host more forward-looking technologies, such as robotics and on-demand 3D printing. The companies need these technologies to stay relevant at all times.

For example, cloud-based Enterprise Resource Planning solutions are helping manufacturers automate specific back-office functions to increase their operational efficiency. ERP software integrates every aspect of manufacturing workflows such that all business functions rely on a centralized database.

The system provides a real-time, 360-degree-view of materials and supplies, human resources, scheduling, sales, customer relations, finance, and accounting. With timely access to accurate information, manufacturers can streamline production processes, improve customer service, and reduce costs.

Digitizing the supply chain enables manufacturing companies to automate mission-critical workflows. It’s helping decision-makers in the industry to identify resources that need deployment or adjustment to meet production objectives in time. Also, automating approval processes and reporting increases speed to market, giving manufacturers a competitive edge.

#2 – On-Demand Additive Manufacturing

On-demand 3D printing is the future of manufacturing. Indeed, additive manufacturing (AM) wouldn’t materialize without digital technology. It involves building physical, 3D products by adding successive layers of raw material. Typical applications include prototyping, industrial tooling, and the development of market-ready products like footwear and prosthetics.

Potential benefits of on-demand AM include:

Custom products: Through AM technology, manufacturers offer their customers a way to build highly personalized products.
On-demand availability: Products are available on-demand via 3D printers, enabling manufacturers to differentiate themselves by responding quickly to customer demand.
Lower shipping costs: Strategically-located 3D printers mean shorter delivery times and shipping distances. With cloud-based, on-demand AM technology, small and midsize manufacturers can reduce or eliminate the cost of sourcing parts overseas.

#3 – Big Data and Analytics

SMEs in the manufacturing industry are leveraging big data to extract in-depth insights into raw material usage and movement of finished parts through their system. Machine learning (ML) algorithms are helping these companies produce actionable business intelligence by analyzing data from disparate structured and unstructured sources. The resultant analytics may inform the development of high-quality products to drive revenue. It also helps streamline manufacturing processes to cut costs.

#4 – Internet of Things (IoT)

Manufacturers are using IoT technology to digitize key assets and workflows to streamline operations, grow business, and surpass customer expectations. They’re attaching digital sensors to physical production systems or assembly lines. These interconnected devices provide better visibility into the whole value chain, enabling manufacturers to extract system performance data, spot potential bottlenecks, and drive operational efficiency.

#5 – Mobile Technology

Mobile technology allows small and midsize manufacturers to grow and expand to new locations and markets without incurring extra infrastructure costs. Their employees can access company networks and cloud-based computing resources via the internet to work and collaborate from remote locations. As such, technology increases employees’ productivity.

Digital transformation enables small and midsize manufacturers to streamline and automate mission-critical processes, resulting in operational efficiency. It provides in-depth business intelligence to inform product development, hiring decisions, customer engagement, and supply chain strategies. These companies are leveraging an array of technologies, including the cloud, IoT, ML, robotics, and mobile solutions, to drive business growth and beat their competition.

Do you desire to adopt forward-looking digital technologies to achieve your business goals and keep pace with your manufacturing competitors? Contact us today for an expert evaluation of viable ERP and technology options!

How High-Tech Companies are Pioneering the Digital Economy

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Digital technology is transforming business and service delivery models at an astonishing rate. Businesses that fail to adapt quickly will miss out on immense opportunities to drive efficiency in the value chain.

The good news is that high-tech firms are doing the heavy lifting, so you don’t have to spend a lot of time and money in research and development. They’re leading the transformation of the digital economy by researching, incubating, and developing market-ready solutions that various industry verticals can adopt right away.

With their innovative and disruptive solutions, here are some of the possibilities tech leaders are opening for businesses.

#1 – Outcome-Based Business Models

For companies to maximize profits, they need to limit spending to only what’s necessary for their essential operations. Outcome-based business models enable them to save money by paying for results rather than equipment or systems. For example, you can leverage advanced computer systems in the cloud, such as e-commerce software, without having to own or maintain the necessary hardware or software.

In the healthcare industry, practitioners may subscribe to diagnostic services, such as MRI systems, where they only pay for usage (scans). The equipment or service provider incurs the cost of acquiring and operating it. Similarly, a compressed air customer may prefer paying for usage rather than buying and servicing air-compression systems or cylinders.

#2 – IoT-Powered Innovations

The Internet of Things is one of the most advanced technologies that companies can leverage to drive customer service and satisfaction. After attaching digital sensors to the equipment and systems they offer, manufacturers are accessing massive chunks of usage data in real-time. They’re monitoring user preferences and identifying product features that require modification or upgrading to address specific customer needs.

IoT is an enabler of outcome-based subscription models too. For example, the technology can track compressed air consumption so that the customer pays for the amount used only.

#3 – Streamlined Business Processes

Companies can now utilize advanced tech formulas to streamline business processes and drive revenue.

For example, a digital supply chain is visible to all relevant players and entities, from marketing, sales, product development, and manufacturing to finance, inventory, suppliers, and customers. It’s an integrated ecosystem that enables multiple companies and business units to collaborate, plan, analyze, and make critical decisions based on real-time intelligence.

With a digital supply chain, you can predict demand across channels and implement strategies to satisfy it. It provides the intelligence required to match financial and business planning with demand patterns. Available in the cloud, the technology provides full transparency into sales data, order fulfilment, stock levels, and supply chain bottlenecks, helping streamline stock management.

Companies can streamline their procurement processes with digital supply chains. The solutions provide real-time insights into global demand dynamics, enabling firms to respond quickly. They capture data, such as customs duty and exchange rates, letting companies incorporate logistics costs into their pricing strategies and order fulfilment.

Manufacturers may also boost their operational efficiencies by digitizing their production processes. They can leverage smart technology and connected devices to extract performance data, identify potential issues, and ensure continuity of operations. The tech fosters stronger collaborations between manufacturers and their suppliers and customers.

Likewise, digitizing business processes helps attain customer intimacy by delivering highly-tailored solutions. Advanced tech firms are providing the computing resources that enterprises need to analyze customer requirements and configure and price complete as-a-service products accordingly.

#4 – Digital Talent Management

High-tech talent management tools can help organizations improve workplace conditions and employees’ productivity. Available as SaaS solutions, the technologies include employee onboarding and training systems that facilitate on-demand or on-the-job learning. They’re built to appeal to the learning preferences of the millennial workforce. Instructional videos, gamification, and nuggets of information make for a captivating learning experience for the younger employees.

Some of these solutions have big-data analytics capabilities that employers may leverage to attract, develop, and retain top talent.

Top tech firms have already developed and tested the digital solutions required to improve your business processes and achieve operational efficiency. What you need to do to leverage cutting-edge technology and drive a profitable value chain could be as simple as just plug and play. Contact us today for in-depth insights into revolutionary tech products!

Digital Transformation Trends In The Australian Professional Services Sector

Overview of Professional Services in Australia

Professional services, including accountants, tech consultants, legal experts, and management consultants have cranked up their contribution to the Australian economy. According to Alexandra Heath from the Reserve Bank, this sector accounts for 20% of the workforce. She also said that the sector accounts for 25% of gross value added today, up from below 20% in the 1990s.

How Professional Services are Adopting Revolutionary Technology

According to “The Digital Transformation Executive Study” survey by SAP/Oxford Economics, small business services across the globe find it necessary to adopt technology to streamline their operations and get the most out of their employees and knowledgebase. The research found that 61% of small and midsize professional service firms consider digital transformation to be critical to their survival. About 57% of enterprises in this sector digitise their processes to enhance their competitiveness.

Here are some of the critical digital technologies these service companies are adopting:

Cloud computing: The service delivers otherwise unaffordable technology and specialist skills to professional service providers. It enables small firms to compete effectively with their larger industry counterparts.
Mobile technology: It enables co-workers to collaborate remotely and work on the go. Firms don’t need a massive IT investment to leverage the technology.
Big data: Professionals services leverage big data in many ways, including harnessing in-depth customer and market insights. These firms may deploy machine-learning algorithms to gather and interpret data from both structured and unstructured sources. The technology helps extract business intelligence that’s critical to smart decision-making and enterprise growth.

What are the key aspects that businesses in Professional Services are digitizing?

Business services in Australia are leading in the absorption and development of a specialist workforce with high capabilities for critical thinking and complex problem-solving skills. Small and midsize professional service firms appreciate the role that employees play in boosting sales and revenue, and they’re increasingly leveraging talent recruitment and retention technology to achieve their goals.

Professional services are also digitising strategy and planning efforts. For example, Enterprise Resource Planning (ERP) software enables enterprises to coordinate various back-office operations and workflows, including procurement, financials, and human resources.

Service providers that use sales and marketing technologies report higher customer satisfaction rates and revenue. They’re using customer relationship management (CRM) systems to streamline sales lifecycles and convert potential leads faster.

Other areas that service firms may digitise are data, platform, and network security. The companies can also harness technology to spread brand awareness and drive business revenue.

Challenges in Digital Transformation and How to Overcome Them

The main obstacle to digital transformation would be costs, but professional service firms in Australia are overcoming that by outsourcing their hardware and software. They’re engaging cloud providers as well as IT managed services companies to leverage economies of scale. The firms don’t have to maintain costly IT equipment and top talent to compete effectively in a flooded marketplace. Outsourcing enables smaller and midsize firms to tap into cutting-edge tech that was once the reserve of major corporations.

Professional service firms are now a top contributor to Australia’s economy. The companies are increasingly adopting newer digital technologies to cope with the dynamism of their work processes. Buoyed by affordable cloud-computing resources, these business services will continue to drive economic growth in the nation.

No matter your profession or industry, feel free to contact us for help leveraging digital technology to drive business value.