The revolution of the manufacturing sector

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We are seeing a complete revolution in factories and manufacturing. Technology including advanced analytics, machine learning, the IoT, cloud computing and human-machine interfaces are part of the mix. Although these technologies are already making a difference throughout industry, they now make sense for use within the manufacturing sector. They are reliable and with lower costs, allowing them to be used within growing industrial applications. No longer do manufacturers have to be large to take advantage of smart tools. In fact, companies of all sizes now have opportunity. 

Perhaps one of the biggest switches in mindset will be between assets and customers. Gone are the days of manufacturing one product to be the fix for millions of consumers. Instead, consumers are connected to the industry via social networks, customer interactions and data analytics. Every part of business can be informed by the consumer. Now, it is just as efficient to produce customized products than it is to produce batches. Why? because now you can combine the efficiencies of mass customization while delivering a truly unique product to consumers. 

Beyond connected consumers are our connected employees. Employees become empowered when they are given direct access to the information they need most. New collaboration platforms and tools make it easy for employees to access everything they need, from anywhere, using the device of their choosing. Manufacturers will benefit from a more streamlined decision-making process thanks to the visibility that technology has given us. With enhancements in ERP, CRM and Customer Experience Mapping, employees are now able to view the entire supply chain which empowers them to make informed decisions about products, marketing strategies and the assembly line. 

As consumers shift their mindset towards products and their demand, production can be dynamically adjusted to follow suit. Now, manufacturers of all sizes can take advantage of new technology. Where can we speed up production? Where are we wasting product or time? Where is our inventory lacking? What equipment needs servicing and maintenance? All of this and more can be answered quickly. 

Other tech such as AR and VR can also change the way we design products, by using live demos and full immersion. Products can be tested even before they hit the assembly line saving time and money. For manufacturers the digital transformation is critical for success. We do have expertise in supporting manufacturers’ business development. Want to know more? Contact us now.

Building the Banking Organization of the Future

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In the future banking ecosystem, there needs to be an integration of what is the best-of-breed within banking, as well as the best that we can find in other industries. Here are some key components of this vision:

  • Simple, fast and secure engagement: The most used apps on most people’s phones are those that are easiest to use, well-designed and can accomplish a task in the fastest and most secure manner.
  • Personalized view of finances: Rather than requiring the consumer to search for the information they want, it will be either easy to find or proactively delivered without asking.
  • Access to financial and non-financial data: If a banking organization wants to be at the center of a consumer’s life, it must be able to share all the insights it has surrounding a consumer’s life. This goes far beyond financial insights, to include eCommerce history, travel history, medical information, insurance and investment data, warranties and legal documents.
  • Advisor recommendations: Beyond simply providing basic financial services advisory capabilities, a banking organization of the future will need to also provide purchase recommendations, health and dietary recommendations, travel and hospitality advice.
  • Digital concierge: With extensive insight into the way a customer conducts their life, it will be important for the bank of the future to provide reminders that are based on historical trends.
  • Digital beyond mobile: Developers need to move beyond mobile, developing solutions that can be delivered across channels that may not exist today, such as AR and VR.

The future of the banking industry will depend on its ability to leverage the power of customer insight, advanced analytics and digital technology to provide services that help today’s tech-savvy customers manage their finances and better manage their daily lives.

We help financial services embrace a broader vision of the banking ecosystem. In doing so, banks will gain the valuable consumer insight, delivering what today’s consumer will expect. Contact us now to get your 1-Hour Free consulting to see how we can support your expansion.

Opportunities for growing F&B businesses

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There are a variety of opportunities for growing F&B businesses, staying on top of changing customer needs, understanding millennial preferences, leveraging new packaging, employing key technology, and acquisition strategies will all be essential in this competitive marketplace. We provide important insights on top trends to consider this year.

This year, many companies will add new product lines to their existing foods and drinks. Yet, rather than developing these newer products within the business’ existing operations, we are seeing companies acquire businesses that are producing the type of foods they are looking for. These acquisitions are frequently done at a lower cost than spending the time in internal R&D to create these newer products. In a sense, acquisition is the new R&D for many F&B companies wanting to enhance their product offerings.

For many businesses, food safety and preventive efforts will continue to be top of mind this year. Consumers want to know their food producers are green, charitable with their excess product, control their water consumption, use alternative energies like solar power, and reduce wasteful packaging. While these important sustainable measures can be costly to operations, companies must leverage efficient green systems and be aware of cost-saving tax credits.

With Amazon’s acquisition of Whole Foods, the demand for online delivery and subscription food services will continue to grow as busy consumers show their preference for doorstep delivery. Customers order their choices from their devices, and delivery is provided within hours or available for pickup at neighboring locations.

Not forgetting that consumers will research before they buy more than ever. With a quick search on their smartphones, consumers can make informed and speedy choices about the products they consume. Successful F&B businesses will use digital and social platforms to connect with consumers, providing robust product research avenues. Harnessing the internet of things and big data are important parts of that overall strategy as well.

To learn more about the trends surrounding the food, beverage and other consumer products industries, contact one of our 11 worldwide offices today.

Who want to embrace the future of banking?

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Big-tech organizations are capturing more and more of the banking value chain, providing services such as payments, checking and even savings accounts that could erode much of the traditional bank revenues in the future. These new entrants pose a threat to banks by raising service expectations and coming between banks and their customers. So, who want to embrace the future of banking? The response goes far beyond making current services “more digital.” Instead, banks need to provide permanent assistance. Today customers don’t want to go to branches, they want the ability to transact fingertip-ready.

Instead of selling, the bank of the future will interact like Amazon and Google, gaining insight and getting smarter with each interaction. Opportunities will be presented in real-time, based on what is happening in on mobile devices. By tapping into the wealth of transactional data consolidated on the consumer’s behalf, the bank of the future will reach out to the right third-party providers to build a digital customer experience combining mobile, big data, analytics, digital marketing, ticketing and more.

In addition, the bank of the future will be able to do this while reducing back-office costs, improving speed of solution delivery, increasing revenues and building fewer of these solutions in-house. They will leverage APIs and the cloud to deliver a portfolio of solutions personalized to the consumer’s situation. This will include multiple options for the consumer to choose from, some of which may be provided by organizations that were once competitors.

Consumers enjoy an improved experience that saves them time and money, with a much more personalized relationship. They expand their relationship because no other bank possesses the right insights. Service providers also benefit from the bank’s customer insights through improved offer targeting and increased sales volumes. By acting as a digital value aggregator, the bank is rewarded with deeper relationships, increased loyalty and improved profitability due to a higher volume of lower-cost transactions and additional service fees.

Banks need to develop the digital partnerships to deliver new services and enhanced engagement for the consumer. By collaborating with partners as opposed to competing, the bank can be re-positioned at the center of the customer’s daily life, becoming integral to both financial and non-financial needs. The bank of the future could have relationships with more segments of consumers at an efficient cost.

You want to know more about how to find the right partners and to enter new markets, please contact one of our 11 offices worldwide.

What’s shaping the future of logistics business

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Today, businesses are increasingly looking for ways to satisfy their customers. Customer demand sees consumers wanting their products as early as same day, and these customers are willing to pay extra to receive this service. With companies such as Amazon making same-day and two-day delivery charges cheaper than ever, this will put increased pressure on warehousing and logistics industries.

In the quest for quick turnarounds, companies are looking towards automated and semi-automated warehousing solutions as a viable option. Despite their use for high-end businesses, 2018 could see smaller warehouses incorporating automation, or at least semi-automation, to keep up in the marketplace.

We’ve already witnessed a few unconventional logistic methods over the past couple of years. With drones delivering parcels, deliveries by driverless vehicles and even robot staff, the experimental phases in both warehousing and logistics is not over just yet. However, these methods come with their issues. Drones must abide by airspace rules and have their weight limitations. Driverless vehicles are still in their testing stages. Robots also take away the human element of customer service and replace worker wage jobs with higher-paid technician roles.

As companies look towards decreasing their turnaround time, there will be a need for more consideration on workplace safety as a result. Companies will need to communicate with their equipment suppliers to ensure that they know their responsibilities, as well as ensuring proper risk assessments and safety systems are in place to provide reasonable measures to protect their employees. Safety will also encompass cybersecurity, as businesses across a wealth of industries look to protect themselves and their customers from data breaches.

 It is important that businesses understand how to develop to keep up with consumer demand and industry expectations. If you would like to discuss more about your warehousing and logistics and discover how your business can save money as well, get in touch with our specialists today.