Industrial Internet Insights Report for 2015

| August 4, 2016

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How big is the economic power of the Industrial Internet? Consider one analysis that places a conservative estimate of worldwide spending at $500 billion by 2020, and which then points to more optimistic forecasts ranging as high as $15 trillion of global GDP by 2030.

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How Conversational AI Enhances the Buyers’ Journey

Article | June 23, 2021

Customers feel connected when they have a one to one conversation with the seller. It makes the product/service look promising and convincing to them. But it is impossible to provide one on one interaction to every buyer. It requires a bounty of staff and resources. And God forbid if the product/service does not succeed, all efforts go down the drain. Thus, there should be a permanent solution to provide personalization to the buyer, which takes minimum costs. This solution is named Conversational AI. This is a budding conversational sales and marketing strategy that is of immense potential. A simple example is Chatbots. Chatbots are responsible for a lot of success in various departments of an organization. From solving queries to lead generation, Chatbots have proved their efficiency to the fullest. But chatbots are just a part of conversational AI. This extensive system can change the outlook of any industry when implemented in the right way. Talking to machines is getting more comforting and convenient. Research indicates that conversational AI is going to impact businesses in a significant way. Stats of transformation in business departments due to AI in the next five years • 61% personalization of content • 60% prediction of buyer’s journeys • 59% marketing productivity • 59% digital management The above stats indicate that AI will impact content, digital marketing, sales, and many other departments. Conversational AI will assist in boosting the sales graph to rise in each department. Advantages of implementing conversational AI in Business Attractive Customer Experience (CX) All businesses want their customers to have an amazing experience while dealing with them. And conversational AI takes it to the next level. It is designed in a way that provides the best conversation experience with the customer. Gone are the days when machine conversations seemed robotic. The new AI infrastructure promises a personal and intimidating conversation, along with multilingual options. The data collected by the organization should be funneled in the right way to provide a great experience to every user. If the data is used correctly and implemented in the AI, the CX of your organization is sure to set examples. Intelliticks is one of the examples of emerging conversational AI platforms to provide the best CX. It has Facebook messenger integration to connect with the users. This platform saves time and money while delivering engaging answers to the customers round the clock. Provides an Omnichannel Approach Customers need different channels while interacting with a particular brand. Some prefer emails, while some prefer calls. As there cannot be one channel of communication and management of all channels requires an intelligent effort, integrate conversational AI to make things fall in place for you. Conversational AI unifies the data and gives a clearer understanding of customer’s data. The algorithm is designed to provide your organization with the best way of connecting with the customers through their preferred channels. Assistance in promoting your content Promotion of content is still a tedious task for many organizations. Posting blogs, articles, social media posts are easier but assuring that it reaches the right audience is still a way through a dense forest. While SEO and search engines work well, conversational AI bots can prove a breakthrough for content promotion. For example, when the chatbot answers a specific query, it can provide the user with a link to the related article or blog. Thus, the user gets all the required information and more through the chatbot. On the other hand, your content is promoted to the right audience. Once the chatbot recognizes the regular pattern of the customer, it can promote the related content through the right channel. Reduce Administrative Burden With the implementation of conversational AI, the reduction of workload and use of resources is unimaginable. The administration can carry out their designated jobs with full assistance from CAI at every stage. These advanced chatbots can handle and immaculately organize the work of the various departments in the organization. From intimating about the meeting to the concerned individuals to organizing fun activities, every little thing can be managed by conversational tools. An organization does not have to ask for an employee’s schedule individually. The employee can tell the software their schedule, and the conversational AI merges the information of all the employees and coordinates accordingly. When introduced in the HRIS system, the HR department will have the best assistance to implement and ease their tasks. People have to speak to the software, and their schedules will be synchronized in the system. Things to consider before introducing Conversational AI in the system Merging of channels When a user chats with a chatbot and the chat needs to be taken forward by the concerned human agent, he should have the history of the conversation. The entire data about the customer with its history and complaints should be accessible to the agent. This implies that all the channels such as voice, chat, mail, and web should be integrated seamlessly in the CAI channel. Explore areas wherein CAI can be deployed CAI is not just customer-centric. It can help all the departments of the organization in its own way. Like the former example of the HRIS, CAI can be implemented in other departments, too. It can assist in designing, determining product life cycle, data analysis, employee training, and much more. So do not keep CAI defined to enhance customers, employees, or sales department. Explore the opportunities for conversational AI and introduce it wherever possible. Make the CAI highly engaging Everyone knows when they are talking to a chatbot, but that does not mean the conversations have to be ordinary. Hiring creative writers and having them design intriguing statements for discussions makes the CX enriching. For example, Hyundai CAI asks the customers several questions before telling them about the inquired product. Like “Before we talk about your favorite car, let’s chat about you so that I can be more helpful. Would you say you are more into...?” Then it provides three options like city life, outdoors, unique experiences, etc. Thus based on these answers, a marketing funnel is generated, and the correct type of car or cars is recommended to the customer. Thus, engaging conversations can prove highly successful in generating and converting leads via CAI. Conclusion: CAI- The best solution for business The possibilities created by CAI for businesses are endless. You should identify the right way to introduce and implement it in your business. This means you have to identify which conversational tools suit your business in the best way. It would be best to educate yourself about the features, integrations, and their work in your organization. The integration of CAI enhances the buyer’s journey and helps businesses meet their customers' demands easily. This, in turn, increases customer retention. You need to push boundaries and challenge yourself to stay ahead in the digital race. If CAI seems expensive or complicated, just begin with a basic chatbot to answer general questions and welcome your customers when they visit your site. Once you take this step forward, you will notice how important it is to stay up to date and include CAI in your organizational processes. Conversational AI is not magic, but it is the best combination of AI and ML! Frequently Asked Questions What is conversational AI used for? Conversational AI is used to enhance customer experience and provide them with a personalized approach. It means that the machine has a human-like conversation with the human. Organizations or individuals can use conversational AI to communicate seamlessly with devices. What is the difference between chatbots and conversational AI? Chatbots are used to build only text assistants, while conversational AI is used for text and voice assistants. Conversational AI is more intelligent, smarter, and understands the human language precisely. What are conversational AI tools? Conversational AI tools imply chatbots, messaging apps, and voice assistants. These can be implemented in businesses to provide a seamless customer experience. Software that integrates all or some of the above and eases business processes is an example of CAI. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is conversational AI used for?", "acceptedAnswer": { "@type": "Answer", "text": "Conversational AI is used to enhance customer experience and provide them with a personalized approach. It means that the machine has a human-like conversation with the human. Organizations or individuals can use conversational AI to communicate seamlessly with devices." } },{ "@type": "Question", "name": "What is the difference between chatbots and conversational AI?", "acceptedAnswer": { "@type": "Answer", "text": "Chatbots are used to build only text assistants, while conversational AI is used for text and voice assistants. Conversational AI is more intelligent, smarter, and understands the human language precisely." } },{ "@type": "Question", "name": "What are conversational AI tools?", "acceptedAnswer": { "@type": "Answer", "text": "Conversational AI tools imply chatbots, messaging apps, and voice assistants. These can be implemented in businesses to provide a seamless customer experience. Software that integrates all or some of the above and eases business processes is an example of CAI." } }] }

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How to Mitigate Robotic Process Automation Implementation with Low-code Development

Article | April 22, 2020

Ease in doing business.” That is what every C-level execs strive to achieve in their business process and it is no secret that they’ve increasingly turned to Robotic Process Automation (RPA) to streamline enterprise operations. The first digital computers were invented mostly to calculate tasks but as the technology progressed, we learnt to program hand-code automation through bespoke applications. What brought the RPA into existence was the slow and laborious hand-code automation. But, as we no longer need to keep our fingers glued to systems to enter data fields and value, there exists some brittleness to the robotic process automation. Table of Contents: - What is Robotic Process Automation? - What ails Robotic Process Automation? - What is Low-Code Development? - Why to program in a Low-Code Development environment? - How does Low-code development help in mitigating RPA implementation? - Concluding Thoughts What is Robotic Process Automation? Deloitte defines RPA as software that “automates repetitive, rules-based processes usually performed by people sitting in front of computers.” Picture your mouse automatically scanning your email for 70 new unread invoices, adding the data to a spreadsheet, and inputting information into your CRM, while sending two outliers to an employee for manual review – all within a fraction of the time it would take a person to do the same tasks and with far fewer errors. RPA workflows are established on logic-based inputs and tasks across applications for the bot to efficiently carry out manual, repetitive tasks with greater accuracy. Additionally, by separating the uniquely human skills like critical thinking, empathy, and decision making from the manual, repetitive tasks, corporations can provide a more fulfilling and rewarding career for their employees. Sounds great, right? Of course, it does. That’s why it’s the fastest-growing market in enterprise software, with 48% of companies saying they are planning to invest in RPA and is projected to be worth nearly USD 4B by 2025. Corporations across industries are buying in to streamline a wide variety of operational tasks, connect legacy systems, and drastically remove errors introduced by humans. Operations that can benefit from RPA technology include: Generic office tasks – gathering quarterly cross-department data into an excel sheet, automating CRM inputs, and inventory management. Back office processes – instead of five people checking for new orders and applying discounts, the tasks are reorganized so the employee is providing a human-level of validation to the order. Manufacturing – order fulfillment, purchase order processing, and transportation and inventory management. Retail – product categorization, automated checkout, and delivery tracking. Customer service – credit checks, account number assignment, and activation tasks can be allocated to bots and employees can speak to a customer and apply empathy and discernment to the situation at hand. What ails Robotic Process Automation? The raised fostering of RPA highlights the advantages of the modern technology, however the trip of automation is not without some bumps in advance. Presently, a bulk of RPA options deal with a typical weak point– a small adjustment to information layouts, service procedures, or application user interface can lead the whole software program to damage down. By style, RPA is durable software program however that likewise shows its frailty in adjustments. If anything changes, that can break the automation. - Jason Bloomberg, Leading IT market expert For instance, Bloomberg discussed, if an interface component like a switch relocates or transforms dimension, the automation may damage. Or probably the information style adjustments due to the fact that a person included a brand new area. “In other cases, the business requirement for the process logic changes, requiring a rework of the bot.” RPA functions best with older and also tradition applications powered by regular procedures that go through little adjustment and also secure information layouts. For companies looking to take advantage of the modern technology, the brittleness of RPA might lead to tightening alternatives and also applications in companies. Financial establishments, as an example, are typically wed to tradition systems and also applications, for which RPA is well matched to aid take care of. However, in a vibrant electronic age– which calls for service dexterity– RPA’s absence of versatility when incorporated can be restricting. What is Low-Code Development? Low-code software development could be compared to a car manufacturing assembly line. Both processes automate difficult and time-consuming tasks, in order to increase delivery speed and free up people to focus on high-level tasks. In technical terms, low-code is a set of tools that developers can use to build applications inside a drag-and-drop visual interface – including complete UI, integrations, data management, and logic. READ MORE: DISPELLING FIVE MYTHS OF LOW-CODE APP DEVELOPMENT Why to program in a Low-Code Development environment? In a quote to address the brittleness of RPA, the arising idea of low-code reveals appealing possibility. Its ability to faster way and also separate software program parts streamlines the design procedure. For RPA software program that calls for an upgrade, low-code offers the all set-to- code design to convenience the restructuring of systems. Low-code simplifies the work of developers, whether they be building applications or constructing bots. But even more importantly, low-code empowers developers and business stakeholders to work together more effectively to manage change in the behavior of the software. - Jason Bloomberg, Leading IT market expert In significance, low-code opens brand-new opportunities for designers to focus on establishing special software program systems that are matched for particular companies. READ MORE: BENEFITS OF LOW CODE DEVELOPMENT WITH REUSABLE COMPONENTS How does Low-code development help in mitigating RPA implementation? Here’s where low-code development can save the day. Low-code platforms enable cross-functional teams of professional developers, citizen developers, and functional staff to easily collaborate and connect multiple applications for end-to-end solutions. Because the platforms are built on open standards and are cloud-native, they can easily connect internal legacy and third-party applications in a bot-friendly interface and quickly establish bot workflows that model the real business processes. Enterprise RPA initiatives can get off the ground in a fraction of the time without bringing on additional staff and infrastructure. What does low-code and RPA implementation success look like in real life? Just ask Avertra and 2 Sisters Food Group. Avertra provides technology and consulting solutions for telecom and utility companies, including a modular digital customer experience framework built with the Mendix ecosystem and integrated via API with enterprise solutions like ERP systems, work management applications, and external data sources. Alongside their clients, Avertra establishes which processes to automate, builds user stories, and deploys bots which then follow workflows, transfer data between systems, select appropriate resolution paths, and follow through with documentation and compliance – all within a fraction of the time it takes an individual agent. Meanwhile, UK poultry supplier 2 Sisters used low-code to implement RPA across 11 accounting transactional processes, moving from 100% manual work to 97% automated within six weeks. They used Mendix to build a data-structuring application that extracts, parses and cleans the data. 2 Sisters was able to reduce their customer invoice verification process from 65% of invoices needing manual data verification to only 8%. Manual data entry was nearly eliminated, save for a few outliers identified by the bots, and employees have more time to analyze the data and costs. Low-code enables both technical and non-technical users to play an active role in implementing and maintaining RPA initiatives, taking the burden off of the IT team, operating securely within their infrastructure and parameters, and reducing the need for additional developers. Avertra empowered their client’s citizen developers to make workflow iterations in the Mendix platform based on data results and their internal business knowledge. With the assistance of Mendix partner AuraQ, 2 Sisters built 300 unique customer remittance templates in 3 months and over 3,000 have been created to date (and they’re still going). The beauty of low-code platforms is that applications can be easily adjusted as the business evolves, RPA technology improves, and new automation opportunities are identified, enabling companies to be more agile and competitive. Avertra’s clients have used data insights to produce new and revised resolution paths addressing outlying issues not caught by the RPA framework and 2 Sisters is now analyzing their data to identify their next digital transformation target. Their investments in RPA implementation and low-code development have quickly paid off and will continue to return dividends in the months and years to come. Concluding Thoughts: Low-Code Development is the simpler way to adjust and improve RPA as per the business demands. With the entry of IoT powered by high-speed 5G, low-code programing is touted to be the tool to speedy up RPA innovations. AI has become the most important trend in the low-code RPA market thus making implementation of RPA with low-code quick and agile. READ MORE: THREE SMART WAYS TO USE LOW-CODE DEVELOPMENT PLATFORMS

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5 Ways to Survive and Thrive in a Competitive Market, using Data Virtualisation

Article | August 12, 2020

The phrase “survival of the fittest” originated from Darwin’sevolutionary theory, describing the mechanism by which natural selection occurs. In business, the same principles apply; fast moving markets, new trends, new methods of customer engagement, new emerging technologies, all favour organisations that are agile and adaptable. Never has the role of the data analyst been more important, whether it be to profile new opportunities, optimise processes, derive propensity models for upsell, or the myriad of other business problems they solve in driving efficiency and creating competitive advantage.

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Leveraging Self-Service Solutions to Optimize Remote Learning

Article | July 27, 2020

As the world continues to cope with the new normal due to COVID-19, many educational institutions are faced with numerous questions about the start of the new school year. Fall 2020 will bring the first-ever start of a distance-learning year at some primary and secondary schools and universities, while others will offer blended options to their students. Remote learning will be integrated to some extent in all educational institutions.

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Spotlight

Cubecorp

Cubecorp operates in the US and Latin America. We specialize in Enterprise Software Development, ERP Business Solutions and BPO, offering a broad array of technical and functional solutions and services. Cubecorp is your SmartSourcing partner for IT solutions.

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