AI is dramatically reshaping how businesses interact with customers. With each advancement, industries are witnessing a significant transformation in customer experience. This shift is not only improving service quality but also personalizing interactions at an unprecedented scale. Let’s explore how AI is transforming customer experience.

Enhanced Personalization

Firstly, AI allows companies to offer personalized experiences. By analyzing customer data, AI can predict preferences and needs more accurately. Consequently, businesses can tailor their services to individual customers, increasing satisfaction and loyalty. Additionally, this level of personalization is becoming the norm across various industries.

Real-world Example: Amazon uses AI to recommend products based on customers’ past purchases, browsing history, and preferences. This personalization has been crucial to Amazon’s success, driving higher sales and customer engagement.

Improved Efficiency

Moreover, AI-powered automation enhances efficiency in customer service. Automated chatbots and virtual assistants handle common queries swiftly. As a result, customers receive faster responses, reducing wait times significantly. Furthermore, AI systems can operate around the clock, ensuring customers receive assistance whenever they need it.

Real-world Example: Sephora uses AI-powered chatbots to assist customers in finding the right beauty products. These chatbots provide instant responses, improving the overall shopping experience and increasing customer satisfaction.

Predictive Insights

AI also provides predictive insights that help businesses anticipate customer needs. By analyzing trends, AI can predict what customers might want next. This ability enables companies to offer proactive solutions, further enhancing the customer experience. For instance, predictive maintenance in manufacturing prevents equipment failures, reducing downtime for clients.

Real-world Example: Netflix uses AI to analyze viewing patterns and predict what shows or movies users might want to watch next. This predictive capability keeps users engaged and loyal to the platform.

Seamless Omnichannel Experiences

Furthermore, AI enables seamless omnichannel experiences. Customers today interact with businesses through multiple channels. AI ensures consistency across these platforms, providing a unified experience. As a result, customers enjoy smoother transitions between channels, whether they are shopping online or visiting a physical store.

Real-world Example: Starbucks has integrated AI into its mobile app to provide personalized recommendations and offers. This integration ensures a consistent experience whether customers are in-store, online, or using the app.

Enhanced Security

In addition to improving service, AI enhances security in customer interactions. AI-powered systems detect and prevent fraud more effectively. For example, in the financial industry, AI monitors transactions for unusual activity. By doing so, it safeguards customer data and builds trust.

Real-world Example: Mastercard uses AI to detect fraudulent transactions in real-time. This AI-driven security measure has significantly reduced fraud rates and increased customer confidence.

Real-time Assistance

AI also offers real-time assistance, which is particularly valuable in fast-paced industries. For instance, in healthcare, AI-driven tools provide doctors with instant access to patient data. This immediacy allows for quicker, more informed decision-making, leading to better patient outcomes.

Real-world Example: IBM Watson Health provides AI-driven insights to doctors, helping them diagnose and treat patients more effectively. This real-time assistance has improved patient outcomes and streamlined healthcare services.

Continuous Learning and Improvement

AI continuously learns from customer interactions. With each interaction, AI systems refine their algorithms. Consequently, they become more accurate and effective over time. This continuous improvement ensures that businesses can keep up with evolving customer expectations.

Real-world Example: Spotify uses AI to refine its music recommendation algorithms based on user listening habits. This continuous improvement keeps the platform engaging and personalized.

Transforming Customer Experience Across Industry

Every industry is experiencing AI’s transformative impact differently. In retail, AI is optimizing inventory management and personalizing shopping experiences. In contrast, in the automotive industry, AI powers autonomous vehicles, redefining mobility. Moreover, in finance, AI automates processes and transforming customer experience, streamlining operations.

Real-world Example: Tesla uses AI to enhance its autonomous driving capabilities. This AI integration is redefining the automotive industry, setting new standards for vehicle safety and efficiency.

Challenges and Considerations

However, the integration of AI is not without challenges. Data privacy concerns and the need for transparency in AI decision-making are critical issues. Therefore, businesses must approach AI integration thoughtfully, ensuring they balance innovation with responsibility.

Conclusion

In conclusion, AI is transforming customer experience across industries. By offering personalized, efficient, and secure services, AI is setting new standards for customer interactions. As industries continue to adopt AI, the possibilities for enhancing customer experience are boundless. However, businesses must also address the ethical considerations of AI use to fully realize its potential. Fusion Informatics is at the forefront of helping businesses navigate this transformation, ensuring they leverage AI to redefine customer experience effectively.

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There are two main types of AI: specific or weak AI and strong/general AI. For example, speech recognition, image processing, or language translation are examples of narrow AI tasks. However, general AI is capable of carrying out any cognitive task that a human can, including problem-solving, learning, reasoning, and decision-making.

Artificial intelligence is built on machine learning algorithms, which enable computers to learn from data and advance without explicit programming continuously. Machine learning’s deep learning subfield processes data and renders judgments using neural networks with architectures inspired by the human brain.

AI has the potential to revolutionize a number of industries and aspects of daily life, including healthcare, transportation, education, and entertainment. However, serious moral and social questions about how machines will affect employment, privacy, and human autonomy are raised.

How Can AI Help Organizations Accelerate Digital Transformation?

AI can play a significant role in accelerating digital transformation for organizations. Here are the ways in which AI can help Accelerate Digital Transformation:

Automating routine tasks: AI-powered automation can help organizations save time and reduce errors by automating routine tasks like data entry and document processing. Automating routine tasks with AI can be a game-changer for organizations, allowing them to save time, reduce errors, and improve efficiency. 

Here is how AI can be used to automate routine tasks:

• Data entry: AI-powered tools can automatically extract data from documents, such as invoices or forms, and enter it into a database or other system. This reduces the possibility of errors and eliminates the need for manual data entry.
• Email Management: Using AI-powered email management tools that can sort and prioritize emails based on their content, sender, and other aspects can reduce the time and work needed to manage many emails.
• Social media management: AI can automatically post content, monitor social media channels for mentions or comments, and respond to customer inquiries.
• Financial management: AI can help automate financial tasks such as accounts payable and accounts receivable, invoicing, and budgeting.
• Human resources: AI can automate HR tasks such as resume screening, scheduling interviews, and onboarding new employees.
• Sales and marketing: AI can be used to automate lead generation, lead scoring, and lead nurturing, as well as to personalize marketing campaigns based on customer data.

Enhancing customer experience: AI can significantly enhance the customer experience by providing personalized and instant support, improving customer engagement and satisfaction. 

Here are a few ways AI can improve the user experience.

• Chatbots and virtual assistants: AI-powered chatbots and virtual assistants can provide instant customer support, answering common questions and resolving issues without human intervention. They can also offer personalized recommendations based on customer behavior and preferences.
• Personalization: AI can analyze customer data to create personalized recommendations and experiences, such as product recommendations and targeted marketing messages.
• Natural language processing: AI-powered natural language processing can help organizations understand customer feedback and sentiment in real-time, enabling them to respond quickly to customer needs.
• Voice assistants: AI-powered voice assistants, such as Amazon’s Alexa and Apple’s Siri, can help customers navigate websites, purchase, and perform other tasks using voice commands.
• Predictive analytics: Organizations can provide proactive and individually tailored service by anticipating the needs and preferences of their customers with the aid of AI-powered predictive analytics.
• Visual search: AI-powered visual search can help customers find products and services by analyzing images and matching them to similar products or services.
• Customer sentiment analysis: AI can analyze customer feedback across different channels, social media, email, and chat, to identify patterns and improve customer satisfaction.

Optimizing operations: AI can optimize operations by analyzing vast amounts of data to identify patterns, trends, and insights humans may miss. See below on how AI can optimize operations:

1. Supply chain management: AI can analyze data from suppliers, logistics providers, and other sources for optimize inventory levels, lessen lead times, and improve delivery performance.
2. Quality control: AI can analyze data from sensors, cameras, and other sources to identify product defects and ensure they meet quality standards.
3. Demand forecasting: AI can analyze historical data and other sources of information to predict demand for products and services, enabling organizations to optimize production and reduce waste.
4. Energy management: AI can analyze data from smart meters, sensors, and other sources to optimize energy usage, reduce costs, and minimize environmental impact.
5. Risk management: AI can identify potential risks and create backup plans by analyzing data from various sources, including social media and weather forecasts.

Enabling data-driven decision-making: AI can help data-driven decision-making by providing real-time insights, predictive analytics, and automated decision-making capabilities. The following are a few ways that AI can support data-driven decision-making:

1. Predictive analytics: AI can analyze large volumes of data to predict future trends, enabling organizations to make data-driven decisions based on accurate forecasts.
2. Real-time insights: AI can analyze data in real time, enabling organizations to make decisions quickly based on up-to-date information.
3. Automated decision-making: AI can automate decision-making processes based on predefined rules and algorithms, such as approving loans or processing insurance claims.
4. Data visualization: AI-powered data visualization tools can help organizations interpret data and identify patterns and insights.
5. Fraud detection: AI can analyze transaction data and other sources of information to detect and prevent fraud, enabling organizations to make data-driven decisions based on accurate information.
6. Risk management: AI has the ability to analyze data from various sources, including social media and weather forecasts, to identify potential risks and create backup plans.

Improving product development: AI can improve product development by streamlining the development process, improving product quality, and accelerating time-to-market. Here is how AI can improve product development

• Design optimization: AI can help optimize product design by analyzing data from previous designs and simulations, enabling engineers to develop better products more efficiently.
• Predictive maintenance: AI can analyze sensor data and other sources of information to predict when equipment is likely to fail, enabling organizations to perform preventive maintenance and reduce downtime during product development.
• Quality control: AI can analyze data from sensors, cameras, and other sources to identify product defects and ensure they meet quality standards during product development.
• Simulation: AI can be used to simulate product performance under different conditions, enabling engineers to test products in a virtual environment before physical prototypes are built.
• Voice of the customer: AI can analyze customer reviews and other information sources to ascertain a customer’s needs and preferences, enabling organizations to develop products that better meet customer needs.
• Supply chain optimization: AI can optimize the supply chain by analyzing data from suppliers and logistics providers, enabling organizations to develop products more efficiently and reduce costs.

Enhancing cybersecurity: AI can enhance cybersecurity by automating threat detection, improving incident response, and strengthening overall security measures. Let’s see how AI can enhance cybersecurity

• Threat detection: AI can analyze large volumes of data and detect anomalies and patterns that indicate potential threats, enabling organizations to detect and respond to security breaches.
• Fraud detection: AI can analyze transaction data and other sources of information to detect and prevent fraud, reducing losses and improving security.
• User behavior analysis: AI can analyze user behavior patterns and identify anomalies that may indicate security breaches, enabling organizations to take action to prevent further damage.
• Network security: AI can monitor network traffic and identify suspicious activity, enabling organizations to quickly detect and respond to security breaches.
• Vulnerability scanning: AI can scan systems for vulnerabilities and identify potential security risks, enabling organizations to address these issues before attackers exploit them.
• Password management: AI can manage passwords and user authentication, enabling organizations to ensure that only authorized users have access to sensitive data and applications.
• Incident response: AI can automate incident response processes, such as isolating infected systems and mitigating damage, enabling organizations to respond more quickly and effectively to security breaches.

Facilitating employee training: AI can provide personalized and interactive learning experiences, enabling organizations to deliver training more efficiently and effectively. Here are some methods in which AI can facilitate employee training:

• Personalized learning: AI can analyze employee data, such as job roles, learning styles, and performance data, to provide personalized training experiences that meet the specific needs of each employee.
• Adaptive learning: AI can manage the difficulty level and pace of learning content based on the employee’s progress, enabling them to learn at their own pace and improve their skills more efficiently.
• Virtual assistants: AI-powered virtual assistants can provide employees with instant answers to their questions, enabling them to access training resources more quickly and easily.
• Interactive simulations: AI can create interactive simulations that enable employees to practice their skills and apply their knowledge in realistic scenarios, improving retention and application of learning.
• Gamification: AI can gamify learning experiences, making training more engaging and motivating for employees.
• Language translation: AI-powered language translation tools can provide training content in multiple languages, enabling organizations to provide training to employees who speak different languages.
• Performance analytics: AI can analyze employee performance data to identify areas where additional training is required, enabling organizations to provide targeted training to address specific skills gaps.

Summary

AI can help organizations accelerate digital transformation by automating routine tasks, enhancing customer experience, optimizing operations, enabling data-driven decision-making, improving product development, enhancing cybersecurity, and facilitating employee training.

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Businesses experienced strategic shifts in their journeys during this transformation process. Some have risen due to trends, others have entered technology mergers and acquisitions, and others have become chains.

Even though businesses have long recognized the importance of digital transformation, other priorities can sometimes take precedence. In contrast, prioritizing digital efforts has emerged as a critical business enabler for success in an increasingly competitive world.

The increased use of automation technologies will be a significant trend in digital transformation by 2023. Similarly, effective use of cloud technologies, low-code/no-code tools, hyper-automation, artificial intelligence (AI), and other technologies would greatly aid company scaling.

Some of the most recent advancements in digital transformation technology include hybrid work, intelligent search, Customer data platforms (CDPs), AIOps and machine learning, and platforms that connect Agile, DevOps, and ITSM.

The ‘Media and Entertainment’ industry is one such industry that has seen a rapid transition as a result of the digital transformation managed services trend. In recent years, the media and entertainment industry has witnessed the true form of the digital transformation strategy, as interactive video ads and content-driven strategies have expanded social media and other internet platforms.

Every industry is following in the footsteps of the media and entertainment industries. At the same time, consumers are demanding more content in more unique forms!

Before delving into the digital transformation trends for 2023, we must first understand the concept of digital transformation.

What is Digital Transformation?

Digital transformation solutions use technology to create new customer experiences, cultural norms, and business practices. It entails modifying corporate strategies for the digital era by utilising cutting-edge technology.

In contrast to previous attitudes and methods, the digital transformation strategy aims to shift the focus away from sales, marketing, and digital transformation customer experience services and towards the actual customers. As a result, over the last decade, customers have received significant priority when developing corporate goals, and businesses now base their plans on what customers require.

The paper must be replaced with online and mobile apps as part of a digital transformation strategy. As a result, it is more organised and clean, as well as more environmentally friendly and sustainable. The digital transition necessitates data security. Team members can organise everything in a secure cloud that they can easily access instead of sending spreadsheets or physical notes.

So, here are the Top 10 Most Significant Digital Transformation Trends for 2023.

Trust and Privacy

Trust and privacy are critical factors determining organisational progress in the digital transformation services journey. According to one global survey of over 4000 brands and consumers, 61% of brands admitted to losing consumer trust by failing to protect their data and information. There is a growing gap between consumers and brands, which brands must bridge to progress. 

Aside from social media and government, traditional media was reportedly among the top three most distrusted industries. Given this, the future will focus on maintaining consumer data’s visibility and providing the best user experience possible with the collected data. Data regulations have already begun advocating for such measures, and more are coming.

Personalization 

Personalization of services will be a critical factor in determining an organization’s success in digital transformation services companies in 2023 and beyond. There will be no free content or content for all! The more innovative the approach, the better the results. As a result, organizations need to personalize their approach to get the most out of their customers instead of simply pushing content for traction.

This approach, known as ‘smarter personalization,’ is not limited to content. It is reflected everywhere the brand interacts with the customer! And this will be critical for digital transformation customer relationship management.

Data-Driven Enterprise

Data is unquestionably at the heart of today’s Digital Transformation services companies. The ability to unlock and analyse data potential has become critical for driving business, streamlining operations, and launching new products and services.

Effective data utilisation is mainly responsible for the efficient movement of resources and the smooth flow of operations across organisations.

Connected User Experience

The average number of applications used in an organisation is rapidly increasing. Customers expect consistency when using multiple channels, such as messaging or mobile service portals.

Given this requirement, providing a connected experience is critical for businesses as part of their digital transformation consulting services efforts. Omni-channel customers with better-connected experiences were found to stay online longer than single-channel customers.

A connected experience entails giving customers improved and convenient access at any time and from any location. While an enterprise has an average of 900 applications, only 29% of them can provide a connected experience, according to survey results.

AI for Reducing overall operational expenses (OPEX)

According to one of the leading surveys, the media and entertainment industries are spending more and making less money. The industry’s operational expenses (OPEX) are outstripping profit margins. Spending is out of control to pursue early profits or gain a competitive advantage. Exactly at this point, the industry should reconsider its strategy.

It’s time to rethink how they handle content and spending power. And AI and Machine Learning (ML) are leading the charge! AI and machine learning techniques assist you in making better use of content and spending.

5G Technology

5G is the acronym for the fifth generation of mobile network technology. 5G’s essential characteristics include multi-peak data speeds, low latency, a better user experience, improved connectivity and availability, and increased network bandwidth.

Edge computing and 5G have the potential to produce some fascinating advances. For example, IBM will provide cloud services to Verizon and Telefonica to power 5G networks. In turn, using technologies such as artificial intelligence (AI), drone-initiated inspections, and video inspections, automation of routine jobs will prevent network problems.

IoT

As IoT makes it possible for machinery and things to interact with one another without requiring human intervention, the full value of data may be gathered through better and quicker decision-making, predictive analytics, and automation.

As billions of items, services, and systems become connected, the proliferation of more accessible and affordable sensors that convert physical data into digital content is anticipated to fuel the Internet of Things industry’s constant expansion. There will be 11.3 billion networked devices in 2021. The number is anticipated to increase to almost 30 billion by 2030.

As a result, several tech titans are quickly adopting IoT and reaping the benefits because startups and small businesses are progressively riding on the IoT bandwagon because they recognize how crucial it is for driving digital transformation and maximizing operational effectiveness. 

Enterprise Resource Planning (ERP)

The first thing that comes to mind when discussing digital transformation services is technology. However, this is only sometimes the case.

Service providers for digital transformation are more concerned with establishing a new culture within an organisation. It consists of people, processes, and technology. As a result, rather than concentrating solely on developing effective media arms or channels to promote services, organisations should also focus on developing intelligent Enterprise Resource Planning (ERP).

ERP can assist you in lowering costs, increasing resource efficiency, and increasing productivity. While you may have already invested in technology and tools, it is time to focus on your back-office operations to see measurable results and high profitability.

Effective IT

Today, the IT department is a critical enabler of any business. The department assists in utilizing the full technological potential to deliver more by making effective and correct decisions on the use of emerging technologies. As a result, in order to succeed in the digital journey, organizations must expand beyond their current IT capabilities.

Multi-Cloud Utilization

The majority of businesses today operate in multi-cloud environments. However, one of the most difficult challenges is managing multi-clouds, particularly when moving workloads between clouds. API-led development and containerization provide solutions to this issue.

APIs aid in the discovery of the unique functionalities of applications running in multi-cloud environments. Containerization is also a tried-and-true solution for dealing with multi-cloud concerns. Get multi-cloud to improve your digital transformation managed services journey.

Partner Ecosystem

As a company grows, strategic partnerships become increasingly important. Successful businesses have already begun to build a collective ecosystem of external partners, stakeholders, and customers. This partner ecosystem assists digital businesses in seamlessly integrating products and services into the customer experience.

In Conclusion

The adoption of digital technology by a company disrupts while increasing revenue. This is known as digital business transformation. Every year, new digital business transformation trends emerge with the potential to accelerate business growth. The benefits of digital transformation include software monetization, data-driven insights, improved customer satisfaction, increased agility, and other advantages.

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In the oil and gas industry, the Internet of things (IoT) refers to a network of physical objects with remote sensors, machine learning, and the cloud that are deployed in the upstream, midstream, and downstream operations for easy data collection, processing, and leveraging that data to streamline and simplify processes and supply-chain visibility, as well as drawing insights from that data for more quickly and accurately making decisions.

What Is IoT in the Oil and Gas Industry?

The global IoT market for oil and gas is projected to reach $43.48 billion by 2024, growing at a CAGR of 21.86% between 2019 and that year.

IoT adoption has revolutionized the oil and gas industry due to the inherent advantages of granting access to real-time information across remote sites, making operations efficient and safer for people.

The oil and gas industry’s rapid adoption of IoT has raised operational productivity by lowering manual labor.

It allows for real-time data monitoring of the machinery, as well as production optimization and growth.

The safety and security of resource extraction and distribution have dramatically improved as a result of IoT technologies that automate the processes, greatly lowering the possibility of human error.

This method also helps to boost production productivity by 6-8% by utilizing the data analytics that go along with it.

How IoT is transforming the Oil and Gas Industry

The oil and gas sector is making progress toward achieving the potential of IoT by making it considerably simpler for businesses to do their regular business. Here are some ways that IoT adoption in oil and gas operations is transforming the sector:

Drilling management

Drilling is frequently utilized in oil and gas operations. Increasing drilling efficiency turns out to be a benefit of the Internet of Things. The situation becomes riskier as the rig descends deeper. Rig workers must take exact measurements when drilling for oil. The inadequate technique is the cause of deep-water drilling errors.

IoT devices help lower risks and successfully perform challenging tasks. Smart gadgets can also alert worried employees well in advance of potential drilling issues using the data obtained by sensors.

Monitoring of pipelines

One of the biggest problems the oil and gas business has to deal with is pipeline leaking. The corporation suffers significant monetary, environmental, and reputational losses. IoT supports the pipeline system’s pipes, pumps, and filter monitoring. Without IoT, businesses are forced to rely on human resources to regularly do essential inspections and maintenance.

IoT can monitor pipelines in real time, reducing the need for manual checks. Real-time data can considerably reduce the most significant risks associated with pipeline leakages and other undesirable scenarios. Employees can be rapidly used to address problems that pose a severe threat.

Another benefit of IoT deployment in the oil and gas industry is the efficient management of personnel and the facility. Employees won’t be required to do maintenance until an anomaly is discovered.

As a result, routine human inspection is no longer necessary, and human resources may be managed successfully. IoT can also be used for efficient material management and planned shutdowns.

Refinery surveillance

IoT supports monitoring several performance indicators, including pipe pressure and flow rate. Every refinery component needs to be measured, and a lot of data is collected about it. If done manually, this takes a lot of time and costs the organization a lot of money. Real-time measurements are required in some situations.

For instance, a specific valve may need to be controlled based on the flow rate being monitored at another location. In this scenario, a change in flow rate would necessitate immediate control of the valve. The IoT enables more precise data collection at locations inaccessible to human resources.

More data can be obtained by installing sensors at various locations that are challenging for personnel to access. This facilitates the refinery’s constant observation. A report claims that effective data use can increase oil and gas businesses’ production by 6% to 8%.

Offshore monitoring

The majority of offshore oil and gas production occurs in challenging circumstances. There aren’t many communication networks accessible at these rigs. It becomes difficult and expensive to monitor equipment such as pressures, temperatures, and other variables.

IoT supports overcoming these obstacles to provide a trustworthy monitoring solution. With LPWAN, a huge number of monitoring points can be connected. This implementation offers a cost-effective solution for keeping tabs on offshore oil and gas rigs.

Oil wells can be linked to numerous leak detectors spread out across a large area. These detectors are capable of real-time data transmission to a central point. The data can then be utilized to remotely monitor the drilling and oil extraction process.

Cargo shipping

For fleet managers, real-time ship and fleet monitoring is a crucial component. Monitoring of cargo ships carrying oil and gas is comparable to offshore monitoring. The workers must use satellite internet because there is no connectivity at the ocean.

If the workers require information from the ship’s surroundings, their options are limited. The amount of data from these ships is enormous. IoT makes it simple to collect data from these points. LPWANs offer simple monitoring alternatives for areas of a ship that crew members don’t frequently visit.

Sensory monitoring tools offer simplicity and safety while collecting data from difficult-to-reach locations. Due to immediate needs, some cargo ship components must be wired, while some non-operational components are exempt from this need.

Health & safety

Oil and gas operations are typically found in hazardous and remote locations. For the personnel there, the surroundings at these places are hazardous.

IoT solutions provide remote monitoring of equipment and operations, doing away with the requirement for workers to physically visit a spot unprepared for the situation. With the help of networked sensors and picture vision, the situation may be precisely characterized, and the best course of action can be decided.

IoT has the potential to significantly reduce worker fatalities and injuries in the oil and gas sector. The oil and gas industry fatalities are declining, and IoT can help them stay that way.

Controlling Carbon footprint 

Implementing IoT in oil and gas operations has improved the sector’s efficiency. IoT technology shows advantages in terms of money and the environment. The facility’s carbon emissions can be significantly reduced with efficient administration and operation.

It helps lessen the harmful effects of drilling and oil extraction on the environment. Thus, oil and gas companies can uphold their moral duty to conduct business in a way that doesn’t harm the environment.

Supply-chain management (SCM)

The oil and gas industry has long had difficulty planning and optimizing stockpiles. Effective planning and scheduling are made possible throughout the supply chain by IoT.

Refineries can utilize sensors to determine the sorts of crude oil that are delivered and the exact location where the barrels are stored.

These facts can be used to make decisions on operations and production. Thanks to the adoption of IoT, the oil and gas supply management chain will be more open and genuine.

Growth in revenue

Recent years have seen an increase in rivalry for oil and gas companies. The best companies are looking for ways to raise productivity and sales. Short-term cost-cutting tactics may hinder a company’s long-term prosperity. If businesses invest in IoT, they will be more successful in reducing their operating costs.

IoT technologies could foresee demand and supply, boost productivity, and streamline pricey procedures. By minimizing wasteful capital and human resource consumption, businesses can significantly cut operational costs.

In Summary

Developing ‘smart’ oil and gas will continue to be a protracted, dynamic process. IoT solutions are moving from manufacturing facilities to boardrooms. Thus, the usage of IoT in the oil and gas industry extends beyond just the operations of the plant and rig and encompasses many, if not all, areas.

A new era of efficiency and profitability for participating organizations is being ushered in by the IoT and the data produced by these devices.

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Cycle counting is an inventory management method that enables you to count products or items in a particular warehouse location without interrupting operations to perform a full physical inventory.

Inventory counting is a critical process in warehousing because it provides a clear picture of items on hand, aids in maintaining optimal inventory levels, and allows for data-driven inventory forecasting. When done manually, inventory counting is a time-consuming and error-prone process.

The following are some of the most common issues that customers encounter when automating inventory counting:

• Inventory count procedures and matching of insights gained to inventory records take time.

• Full inventory counting may cause delays in certain manufacturing or warehouse operations.

• Employees are diverted from routine and strategic tasks that cannot be automated.

• Inventory counting is a time-consuming process prone to human error and bias, impacting inventory reports and balance sheets.

Inventory counts can help you improve your inventory management.

You already know how important it is to keep track of your inventory, whether you’re new to the game or a seasoned professional. That doesn’t make the task any less daunting or enjoyable.

In this article, we will discuss how to make stock counting easier by covering the following topics:

• What exactly is an inventory count?
• Why is it significant?
• Inventory Counting Types
• Using technology to count inventory

What is an inventory count?

An inventory count, also known as a stock count, is the process of tracking the inventory items in your warehouse that are available for sale. There are several methods for counting inventory, which best depend on factors such as the size of your business, frequency of counts, automation, and other factors.

5 Technologies to Simplify your Warehouse Management

Warehouse Management is not just how much space you got but how you use it! Definitely, technologies play a key role in shaping your business and managing your warehouse. What are the top technologies you should adopt to manage your warehouse? Let’s discuss!

Why is it significant?

Inventory counting is essential because it informs you of the amount of inventory on your shelves at any time. However, there are various other reasons why stock counts must be performed regularly.

A few of those include:

• Avoiding stock outs or overstocking: Maintaining a regular inventory count gives you more information for demand forecasting-better planning results in optimized stock levels, which means less revenue lost.

• Recognizing and preventing loss: Knowing what’s on your warehouse shelves allows you to identify when stock has passed its shelf life and when some of your inventory goes missing.

• Improved accuracy: Knowing your stock levels provides greater clarity for your entire supply chain.

Inventory counting is essential because it tells you how much inventory is on your shelves at any time. However, there are numerous other reasons why regular stock counts are necessary.

Types of Inventory Counts

As previously stated, the method you use to count your inventory can be influenced by various factors. Among the most common methods of inventory counting are:

Periodic inventory: Periodic inventory is a method used by businesses just starting with inventory control. It entails counting the entire stock on a weekly or monthly basis. While you will have an accurate count at the end of the day, those figures will not last long.

Inventory cycle counting: Inventory cycle counting is used when periodic counts become too frequent. It entails counting a portion of your inventory each day for a month to count the entire stock. These counts can identify discrepancies and trends in damage, shrinkage, and spoilage.

ABC counting: This method employs cycle counting but incorporates more data. This entails prioritizing your products based on their price and popularity. “A” items are the top 20% of items that sell the fastest and are the most valuable. The bottom 20% of items are “C,” and everything in between is “B”.

“A” items are counted the most frequently, such as daily or weekly, “B” items less regularly, and “C” items the least often. This makes managing your stock counting calendar easier while maintaining a more accurate picture of your inventory levels.

Just-in-time inventory: Just-in-time inventory (also known as JIT inventory) is a method for when a supply chain is in sync. It coordinates receiving raw materials from the supplier as a customer purchases it, reducing waste in the form of inventory housing costs. However, this is risky because a single hiccup in the supply chain can disrupt the entire process.

Best Practices for Inventory Counting through technology

Conventional manual inventory counts are performed on paper by hand. However, this procedure is time-consuming and prone to human error. You can use technology to speed up and improve the accuracy of stock counts.

The following are some examples of inventory counting technology:

• Barcoding/RFID
• Lot control
• Enterprise resource planning (ERP) software

Barcoding/RFID

One method of tracking inventory levels and movements is barcodes, RFID, or QR codes. Although some manual labor is involved in this automated process, inventory management is automated. To begin, determine whether your product already uses a format that you can use, such as UPC codes. Then decide where you want to add barcodes and what type to use.

Lot control

By this method, You can easily locate and track items for details like expiration dates, recalls, country of origin, materials, and more by assigning a lot ID to each item in your inventory. Lot control uses the ID to ensure regulatory compliance by, among other things, shipping items that cannot be combined separately, identifying hazardous materials, and restricting sales to licensed customers.

Enterprise resource planning (ERP) software

As your inventory system improves in stock counting, use ERP software to track your inventory. Automated counting tools are not only available but also the norm. Cycle counting is performed regularly by ERP software; The results are then used to guide the rest of your inventory process. Furthermore, your inventory data is always up to date and available across your organization, ensuring that everyone in the supply chain is on the same page.

In summary

Most of you reading this might already do stock counts regularly. Or perhaps your company is growing, and your current method of stock counting is no longer adequate. Regular, pre-determined inventory counts are critical to business and revenue growth through technology or a different method of calculating stock levels.

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All SMEs whether they are Brick-and-mortar, Virtual, or Click-and-brick are getting disrupted by the impact of digital transformation(DX). Retail in particular is quite actively affected by numerous elements of digital transformation. Its significant impact on retail customer behavior has irreversibly changed the customers’ purchasing & decision-making patterns and models.

In fact, the IMD business school in its “digital tornado” model assumes that among the main industries, that will undergo digitalization in the next 5 years, will be technology products and services, media and entertainment, and retail. Looking at the penetration of DX in retail, it is lucrative for SME retailers to consider the possibilities of DX; but the journey to becoming digital is challenging for them.

SMEs usually have limited resources including finance, in-house knowledge, and management which reduces the capability of these organizations to respond to competition and market changes; however, they are dynamic, flexible, work closely with other people, more informal, and less bureaucratic than larger organizations along with other percepts as to get a productive digital transformation process.

Source: Deloitte

Challenges Retail SMEs face in their DX journey

Digital transformation plays a pivotal role in SMEs’ future and as they attempt to adopt the new technologies and innovative applications from digital transformation they face several challenges that need to be navigated to embrace digital transformation:

• Lack of digital tools & talent
• Financing difficulties
• Lack of change management & strategy
• Inefficient business processes
• Inadequate guidance and direction
• Unempowered business units

Small and Medium-Sized Enterprises (SMEs) Digital Transformation Process

Digital transformation along with organizational capabilities and resources can produce fundamental changes, particularly in how firms create and capture value; however many SMEs strive to upgrade their digital capabilities and embrace DX.

Firms can adopt this DX process to drive success.

Identify your current needs & define goals:

In retail, customer expectations evolve continuously, SMEs need to analyze their current situation needs to identify challenges, risks, or changing customer expectations. This will help to clearly define the measurable goals that can be reviewed by management to assess what technologies can contribute and explore new business models.

Adopt a learning culture:

When the world and society are changing at an unprecedented pace, it is crucial for SMEs to adopt a learning culture while embracing digital transformation. Critical analysis of the current capabilities and resources and aligning them with the current needs and goals can help detect the gaps.

Define a roadmap

A roadmap in terms of time, finances, responsibilities, skills, information technology, etc needs to be developed. However, several aspects related to expectations, competence, best practices, digital business model options, information technology use and understanding, digital value network, and feedback from customers need to be taken into consideration.

Create an awareness

Awareness regarding the efficient use of IT to develop the organization, measure the impact of IT tools, link expectations with the reality of apparent user-friendly IT turnkey platforms, be better informed about available IT training, and establish transparent communications between entrepreneurs and IT specialist is essential to avoid deception and meet the expectations from such initiatives.

Collaborate with experts

In order to fully harness the potential of digital transformation, it may be helpful for SMEs to consult with companies that have expertise in this field and obtain consultancy services. Experts can guide the SMEs through current trends and demonstrate the importance based on use cases.

Implement feasible objectives & evolve

Implement feasible objectives, and measure past efforts to refine. With the dynamic environment, it is essential to consider a methodology for continuous improvement that accommodates the needs of optimized and sustainable digital business models.

Also Read:

Impact of DX on SMEs

• According to Deloitte, companies that have higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies.
• A Mckinsey report reveals DX can reduce operational costs by 10-20%.
• Data-driven companies are 23x likely to acquire more customers, according to Mckinsey.
• 56% of organizations say that digital improvements and innovations have already increased profits- Tech Republic

DX puts SMEs in an excellent position to improve their productivity levels. While many SMEs have increasingly realized this, in many cases they still don’t know how to navigate the DX challenges, defining a robust strategy and following a well-structured process can increase the chances of success.

If you’re willing to jumpstart your digital transformation journey, we’d like to accompany and help you. Our seasoned experts have charted the digital transformation journey of SMEs like you. Get in touch now.

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Going digital is a golden mantra to stay competitive from the global perspective. Digital Transformation of a Start-Up is definitely a big way to stay productive during the pandemic and beyond. Start-Ups need to be agile. Digital Transformation acts as a facilitator to bring about this agility in an organization aspiring for success in the respective industries.

If you belong to a Start-Up fraternity, if you are a budding entrepreneur with a ‘big goal ‘in mind, you need to transform your business pattern into a digital manner. How? Take a look

What is Digital Transformation?

Simply put, transforming your business using digital technology impacting your business to a new level is what the term Digital Transformation conveys. It is the digital technology that leads to the digitalization of industry. Digital Transformation is actually the process of strategically adopting digital technologies in your business.

Digital Platform – An Advantage to Scale up Your Start-Ups

• Digital platform gives way to a digital marketplace where you can spread, and expand wings globally, and that, too, at a minimum cost and at a faster pace. Just following the traditional brick-and-mortar approach limits your success in today’s environment.
• Once you adopt the digital mode, you have the right engagement of your Content (product/service), Community (customers), and Commerce (trade/business). Yes, you can now build your own community of loyal customers within hours, not in years!

Read More:

DIGITAL is Central to Your Business

While the word DIGITAL may have a myriad definitions to relate with, for a Start-Up it is conveyed as a set of concepts. What are they and how they are impacting you, let’s discuss

• Social Media – Helping you to bond with your prospects

Scenario 1 –   Before the onset of the digital age, you had to go to shops and buy things.

Word-of-Mouth helped you to choose a particular shop. Shopkeepers used to remember your tastes or likings for a product. Once your location got changed, shops & shopkeepers both changed and all knowledge about your preferences got lost, too.

Scenario2- The Digital age has arrived. Social Media helps connect you to shops and shopkeepers for life. Knowledge about your tastes, likings, or preferences is not lost. They save your data and help you become part of their communities. Location does not matter. Hash-tags control the pulse!

• Capitalizing the Power of Cloud

Getting digitally transformed means you are conducting business in the online mode. The inevitable online processes are collecting and storing data of your prospects, customers, or clients, in fact, data of all the stakeholders you keep safe forever. Not only stores, but you can access them whenever required facilitating a smoother business process.

• Remote-Working – Helping you save costs

The digital age is slowly reducing the scope of an office workplace. Yes, you don’t have to book or own individual office space.  You don’t have to build a local workforce but rather depute a single person who can manage your business from the place he is residing, just anywhere in the world.

Cloud-based CRM tools like Virtual Meeting tools like Skype, Google MEET, or data repositories like Dropbox offer great flexibility in conducting business as a whole.

• Artificial Intelligence enabled search

AI is everywhere now. Voice-enabled search technology like Google Assistant, SIRI, ALEXA, etc. use voice-based algorithm intelligence to deliver search results. When you utilize these modern technologies you can get a leading edge in terms of offerings to your customer experience.

• Online sales – Boosting your selling capacity

E-commerce and web-based platforms allow you to expand your business. Online media has given wider outreach capability for marketing & advertising, thus enabling you to target a local or global audience. The online campaigns powered with intelligent automated configurations can help you in driving new leads

• Digital Payment –  The fastest form of financial transactions

Various payment transaction apps are available that amounts to the digital transformation process. E-Wallets like PAYTM, and GOOGLE PAY, are a few convenient modes of financial transaction.

•  Connecting to talents at the global platform

As your business starts growing, you need more people on board, onsite or offsite. Recruitment portals coupled with automated algorithms help you hire suitable people for your projects at a pace.

Digital Transformation- Creating Innovative Disruptors Aka Modern Start-Ups

Digital Transformation has created a big shift from the traditional outlets to modern, digital ones. If you want to succeed, you got to follow the trending business models that are disruptive to the traditional ones.

Thus, the Disruptive Business Models for your Start-Ups are actually the force behind creating opportunities for you. You don’t’ need to visit a bank for financial transactions. You can opt for an E-Banking or E-Wallet system.

 Digital Transformation Helps Your Start-Up in 3 Ways

• Increased mobility
• Complete data security
• Enhanced user/customer experience.

To sum up, it is the fusion of ideas, strategies, and technologies properly placed in a timely manner

Are you a Startup, looking to capitalize on digital transformation and make your start-up dream a success Speak to one of our experts and get started today!

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Digital technologies have transformed consumer habits by allowing them to get what they want almost at the moment they need it. Research shows, that initially customers often rate an organization based on its digital customer experience.

Moreover, digital transformation not only offers an organization an opportunity to understand its customers but also the ways of engaging with them and delivering on their expectations.

Traditionally, companies were deploying their communication channels in silos, which is why agents were lacking the knowledge of customers’ prior digital interactions and were failing to understand the customer’s prior actions on their website before they address the customer’s queries.

This resulted in the customer’s frustration as they have to keep repeating the information that is already communicated. This issue could be well-addressed by multi-channel digital customer experience.

Different Types of Methodology in Customer Care

• OmniChannel Digital Experience

Any company which deploys multiple customer channels to provide better customer experience leads in the digital ecosystem. Hence basis your audience you should step up to chart the customer’s journey through various channels like web, phone, emails, and social media to identify their preferences and provide support on all channels

• Social Media

Social media has empowered the customers, the consumers prefer to trust their peer’s opinions on your products and services, so equipping your customer service team with a consistent and effective response plan could be your winning strategy. Offering support on Twitter, Facebook, and other social channels has become standard in recent times

• Chatbots and Self-service

Digital chatbots are the most demanding applications that can fulfill and play the role of customer service whether you wish to opt for a completely automated AI-based Chatbot or Semi-automated service with human intervention. With the use of Machine learning the chatbots can be trained to handle complex queries and also drive a visitor to perform specific actions

• Chat and Co-Browsing

Co-browsing allows the customer support agent to collaborate with the customer’s browser in real-time. This helps an agent view the issue and navigate over the customer’s screen to guide the non-technical customers through the complex processes.

For enhanced visibility, one can display such options next to contact details. Alternatively, one can change the script of a voice agent to help customers discover the digital engagement options available.

• Digital Voice

This feature will engage your customers via digital voice from your web or mobile application. One can allow its customers to select a time that is convenient for them to receive a callback and reach them at their convenience.

• Interactive Voice Response (IVR) and Chat

While customers queue up for an interactive voice response (IVR), one can offer them a link to start a chat by sending an SMS, clicking on the link can initiate a chat with the agent, and the gap can be minimized by forwarding the IVR data to chat agent, which will allow the customer to restart the conversation where they left it.

• Blend Digital and Physical World

When digital experience is blended with the physical world, it creates impactful results. Let’s take an example of QR codes, the company can attach a QR code to its products, and develop an application to allow its customers to scan such code, which can further help customers to understand the maintenance schedule and other aspects of the product.

This will not only help in providing quality customer service but also enhance customer satisfaction and reduce the strain on the customer service workforce.

Sounds good, isn’t it? We are here to make it true. If you are looking forward to digitizing your customer service, we would be happy to assist you in developing applications like chatbots, AI-guided self-service, Product maintenance, Virtual assistants, and much more that will empower your customers and drive business for you.

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Advanced data analytic are rapidly becoming the “digital microscopes” that allow organization to reveal hidden insights and quickly act on them. We at Fusion Informatics offer data solutions that help in accelerating the digital transformation of an organization.

Digital Transformation is basically the transformation of the way an organization uses its current technology and makes greater use of it to optimize and improve the service to customers. If in today’s era companies do not digitally transform, they will not be able to keep up with their competitors and also will find it difficult to make use of the data they have.

During this digital generation there is so much of data exchange on a daily basis. Every organization now has an abundance of raw data but they need to analyse this data as well. Fusion Informatics provides data analytics services that help one in analysing raw data and using it to drive digital transformation. This would help the organization to make optimal use of the data on hand and customize their services in a way that would give the customers exactly what they are looking for.

Companies today have learnt that simply storing data upon receiving it is not enough as they need to analyse this data in order to gain useful insights to make decisions prompting business growth.

Using the data analysis solutions that Fusion Informatics provide have proven very useful. These analytics are used in reducing overhead and production costs and have also been used to make qualitative improvements to the organizations. Data analytics has become the core driving force behind digital transformation and without it the companies that exist today will not be able to survive after another 50 years.

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