Digital Focus

Topic 1:

Building Value and Relationships with Internet of Things (‘IoT’)

The Internet of Things (IoT) is a relatively new paradigm in today's digital world that involves objects that can be detected and controlled remotely across an existing network infrastructure. The products and services that can developed as a result of this new technology are almost limitless and can bring about vast improvements in product functionality as well as customer satisfaction. Below, two key considerations for IoT are discussed: how to generate value from IoT, and how IoT can help deepen relationships between businesses and customers

A. Generating revenue from IoT

There are four key ways that a business can capitalize on the Internet of Things:

1. Adding connectivity to products – Adding connectivity to products is the most basic way to generate revenue from IoT. A business simply integrates the ability to connect to the Internet of Things into its products and then charges customers for that additional value. This approach is best for companies that want to separate their products from their competitors'.

2. Adding service to products – Businesses can add services to their network-capable products. For a recurring fee, the customer receives a continuous benefit from their investment. In return, the company receives a steady revenue stream and the chance to build a long-term customer relationship.

3. Making data the product – IoT products collect data to find more ways to provide value to the customer. However, sometimes it's the data itself that's of most value. By making data the product, businesses can develop whole new revenue streams from their networked offerings.

4. Building a connected ecosystem – The ability to connect to a multitude of objects is what gives the Internet of Things real value. Businesses that build ecosystems of connection can profit from that value. Serving as a sort of intermediary, these ecosystems provide a centralized connection that lets all of a consumer's networked products work together seamlessly, even if they're from different manufacturers

B. Connecting with customers through IoT

IoT can provide businesses with a tremendous amount of data to help them become experts on their customers from both a micro and macro perspective. This provides four vital benefits that can strengthen their relationships with their customers:

1. The IoT helps deepen a business's understanding of its customers. Every time customers buy, use, upgrade, or return a product or service, it's an opportunity for businesses to learn more about their needs and wants. With this understanding, companies can provide more value to the customer and generate more profit from the value they're adding.

2. Businesses can create products that customers truly want thanks to IoT. This is because of the opportunity for continuous feedback that it provides. With constant feedback comes ever more new and meaningful improvements in product design and functionality. Constant improvement fuels customer trust, which in turn leads to greater trust—and even more feedback.

3. IoT can also significantly improve customer service and satisfaction. The power of connected data enables real-time updates and responses, which can improve customers' experience of a product.

4. Through IoT, a business's deepened understanding of its customers can turn long-term learning into lifetime value. By investing that value back into the customer, and by providing them with consistently better products and services, the business can increase customer trust and loyalty, which ultimately pays dividends in increased sales and strong profits.

Topic 2 :

Best Practices for implementing Business Process Automation (‘BPA’)

If time is money, many businesses squander a disproportionate amount of both. They waste valuable employee hours on routine and structured processes. Time that could be better spent on more critical tasks. BPA, involves automating routine business tasks through computing technology. BPA is versatile and can be used to streamline many time consuming business processes. Implementing BPA can increase productivity, but we need to be careful that it’s not suitable for every situation. The Best Practices for implementing BPA and stated below:

i)     Define the goals

In the initial stages of automation investment, it can be easy to go overboard. The expenditures start piling up, and some of the technology goes unused. In these instances, the return on investment won't be as high as anticipated. To avoid this, revisit the company's goals and define the goals for BPA. This limit wasted resources while targeting those processes that most need to be streamlined. Focus objectives and manage expectations to keep initial automation projects narrow. And simple in scope, and aggressively manage any scope creep. Control automation costs to deliver quantifiable value and resource efficiency gains.

ii)   Identify Champions

A team of experts should identify the champions for BPA. These individuals advocate for the initiative, support its goals, and provide ongoing oversight as needed. BPA champions engages in three most important elements of BPA initiative i.e. communicate goals, interact with stakeholders, and motivate team members. Champions should be selected from business operations to ensure buy-in across the organization. This would guarantee automation success since they are already key players lying at the heart of the business.

iii) Allow business operations to take the lead

Process reinvention is often constrained by, we've always done it this way thinking. And support from key leaders of the business is critical to overcoming that thinking. It's imperative that decision makers allow business operations to take the lead, but with the support of the IT organization. Business operations must own the automation projects and select tasks for automation. As they know where technology will be most appropriately and effectively applied. The business can also identify and inventory available skills or deficiencies that might impact automation initiatives.

iv) Involve the IT Department early on

However, organizations must be sure to involve IT early on. IT ensures oversight of the automation technology and software. Some BPA efforts can disturb underlying computer systems. IT experts have the skills to manage technical functions and can vet the technical aspects of the project from its outside. IT can make sure that IT operating environments are standardized where possible. Enabling processes to be re-designed, re-developed, and automated with lower risks and at a lower cost. Importantly, IT resources also design the rules to prevent software from exposing sensitive data. Further, greater automation efficiency can be achieved if the software is vetted by the IT department using their technical knowhow, developing security access rules and maintaining a fully backed up infrastructure.

v)   Train employees in the automation process

The team involved in a BPA project must train employees in the automation process. As they're the ones working directly with new and updated processes. Training employees during the automation implementation phase would ensure they'll be up to speed and comfortable with the technology when it goes live.

vi) Have a human failover option, in case of emergencies

Lastly, the organization needs a human failover option. This means in the case of emergencies, like a server going down, organizations need to do a manual switch from one system to another. Because machines lack judgment, a human must intervene if necessary. Some processes, such as those using robotics to perform medical procedures, have zero tolerance for failure. It's best practice to always have an expert on hand to oversee automated processes. It's also important to regularly communicate business value metrics with key operations, and business stakeholders to demonstrate progress and maintain momentum for the BPA initiative

Employing best practices ensures the organization maximizes the benefits of BPA. Where automated systems experience problems, these best practices can limit or even eradicate the potential for negative consequences.

Topic 3:

Exploring the Uses of Blockchain in Business

Blockchain is a digitized and decentralized ledger of transactions between organisations or individuals and its changing on how some organisations conduct business. Just as the Internet revolutionized the way companies do business, digital innovation and Blockchain technology are redefining transactions. In fact, blockchain has the potential to provide its own far-reaching business revolution potentially transforming industries and how they handle transactions, financial and otherwise and is far more than 'Bitcoin' which is the best known application of Blockchain.

Looking at blockchain through the lens of cryptocurrencies only offers a very limited view of its value as Blockchain is much beyond that. Blockchain provides a system for managing any type of transaction that requires strong security and detailed records, without requiring a middleman.

Below are examples of some industry which can explore using Blockchain to make a difference in their business activities

Let's consider the insurance industry. Due to blockchain's encryption and distributed verification features, a trusted proof of work is available at each stage of claims processing. This means that information is recorded onto a blockchain and confirmed by the network, ensuring only valid claims and contracts are processed. Such an approach could improve customer service and decrease fraud.

Assuming that identity management is also enforced on the blockchain, criminals could no longer, for example, steal valuable paper-based information. Then there's the financial industry, businesses involving stocks, derivatives, loans, and other assets could take advantage of blockchain's large scale distributed network, to generate an immutable, secure record with infinite history. The ability to examine a company's complete records will increase transparency in transactions, revealing any inaccuracies or hidden accounts.

Expensive items for sale in high-value markets can also benefit from using blockchain. This includes transactions involving jewels, artwork, cars, private planes, and even antiques and collectible. Blockchain will provide a definitive registry of ownership and be able to certify the provenance of rare and big-ticket items. Trust is assured since there is immutable and safe records of all transactions.

Media-oriented businesses can profit from blockchain too. Smart contracts can prevent piracy and ensure artists receive payment for their work. Every instance of a song or movie being played, streamed, or downloaded creates a unique record on a blockchain. Because ownership rights can be locked into the blockchain code, unlawfully obtained content would then be made unreadable, making illegal downloads useless. This also allows payments to be split equitably among all the relevant parties.

Blockchain can benefit the healthcare system as well. Its constant encryption and permanent transaction history provide more secure and efficient storage and transmission of health records, medical payments, insurance claims, and other such complex transactions. Blockchain can create a common database of information that everyone can access no matter what medical system they use, while also providing increased security and privacy and a better system for sharing research on new drugs and treatment therapies.

And blockchain is already reinventing the supply chain. The government of Dubai, for example, has partnered with a number of companies in using blockchain to track and verify the movement of goods overseas. This provides real time information about shipments and their status within the various stages of the transportation process.

Industries are increasingly turning to blockchain to address their need to do business faster and more securely. As the technology improves and spreads, it is nearly boundless potential for business application.