Today’s organizations generate a lot of data, and theÌýdigital asset managementÌýof the collected data is necessary to take advantage of the same.ÌýThe digital era has given birth to ideas and concepts that were before unimaginable. Digitization, digitalization, and digital transformation are three of them. It’s difficult to tell the difference between them because they’re often used interchangeably.ÌýHowever, knowing the difference is critical for the organization’s business development team as they aim to welcome them on their technological travels.

Difference between Digitization, Digitalization, and Digital Transformation

The terms digitization, digitalization, and digitalÌýtransformationÌýall appear to be the same and are often a source of confusion, but these are certainly very different.

In simple terms,ÌýDigitizationÌýfocuses more on internal optimization of processes like automating tasks and minimizing paperwork.ÌýDigitalizationÌýgoes far beyond that. It refers toÌýdigital asset managementÌýthat helps your firm achieve higher growth, among other benefits.

Digitization is crucial for digitalization. It is used to convert information from analog to digital format. At the same time, digitalization uses digital technologies and data to create new opportunities that change the way customers and businesses interact with each other.

Digital transformationÌýis the actual corporate transformation that is made possible byÌýdigitalization. The term ‘digital’ in the name is a bit misleading; the essence of digital transformation is a change in business processes or business culture, implemented via technology.

Impact of digitalization on enterprises

To be competitive in this new commercial and economic situation, the tactics and technology adopted by organizations need to change. Most executives see the strategic value of technology as an important part of doing business, not just as a source of cost savings.Ìý

In 2004,ÌýTargetÌýoutsourced itsÌý, which is considered supplementary, to Amazon. Target redesigned its location and devised a new and updated design that blurred the line between e-commerce and physical stores. Tremendous changes were made in more than 400 stores, which were rebuilt and outfitted using modern technology. Innovation in services also took place in online ordering, in-store pickup, and curbside food pickup.

These investments provided a huge advantage to Target during the pandemic. The sales through curbside pickup service increased byÌý. The market share of the company increased by $9 Billion, adding $15 Billion to its revenue.

Another example isÌý±á²¹²õ²ú°ù´Ç,Ìýthe toy and gaming firm that invested significant money into its digital and data strategy, includingÌýdigital asset management. The collected data was used for targeted marketing efforts across many platforms, including a more robust social media push. The information allowed the corporation to understand its clients better and provide parents with appropriate toy and game recommendations. In Q4 of 2020, Hasbro reported more thanÌýÌýin online sales, an increase of 43% YOY.

Digitized change lies in utilizing new advancements to guarantee the adaptability and versatility requested by clients. Applications providers and technology and infrastructure merchants have acknowledged and profited from the force of innovative advancements like cloud, big data, mobile, social, sensors, and so on.

Here areÌýnine waysÌýhow digitalization impacts medium and large-scale businesses and helps them to grow in today’s digital-first world:Ìý

• Increased focus on customer behavior and needs

Customer purchasing patterns have changed drastically over time. According to Statista, aroundÌýÌýshopped online across the globe in 2020. With the growing trend of online purchasing, consumers may not only take advantage of the convenience of having the goods delivered to their door, but they can also compare a brand’s products and services to those of companies in other industries.

Today, every brand wants to improve the online product purchase experience for its consumers and increase the efficiency of all processes to satisfy their expectations.

• Innovation is fuelled by digitalization

Digitalization has a significant influence on innovation. As technologies become more advanced and innovative to meet customers’ demands, new industry trends and possibilities are likely to emerge.

Online banking is one of the most well-known examples of innovation propelled by digitalization. With quick, dependable, and secure mobile applications, you can effortlessly transfer or manage your money. You can even use the online banking app to pay your prepaid and postpaid bills, without having to leave your house.

• Social media makes it easier to reach customersÌý

Social media platforms such as Facebook, Instagram, Twitter, Snapchat and various others have gained a significant influence due to digitalization. Businesses see these platforms as a chance to expand and enhance brand exposure in the digital era. Now, an online user is most likely to come across content created by various organizations to promote their brands, launch new products etc. As perÌý, the importance of online presence has increased post the pandemic, and only about 20% of B2B customers are expected to return to in-person sales.

Ìýis a superb example of a traditional company that uses social media to increase its brand image. Rolex stands for class, and appeals to the customers by emphasizing its unique, timeless products. The luxury appeal of its high-value products is enhanced with the help of sleek and minimalist visuals in its photography, videos, and other visual work. Such high-quality product photographs enable the brand to have a higher recall value and stand apart from competitors.

• Reduction in human errors

Business operations have become more streamlined because of digitalization, resulting in lower operating costs. Automation has taken away repetitive and mundane tasks from human employees, lowering the chances of errors. For example, people-powered data entries take a long time to be vetted, verified and cleaned up before they can be used for any purpose. Data that is incomplete or incorrect can stymie product launches and bias strategic analysis. All these hurdles can be done away with through digitalization.

• Real-time data gathering and analysis is possible

Over the past few decades, organizations have relied on data collected from various sources, manual data cleansing and standardization. This traditional analytical model is labor-intensive, costly, time-consuming, and depends too much on the skills of data analysts.

Digital media marketers can now capture data, store it, analyze it and communicate results, all in a matter of minutes. This provides businesses with valuable customer knowledge in one place. Marketers can also look at campaigns to see what’s working and what’s not, so businesses can quickly adapt to the current trends to improve their results.

• Introduction of new communication channels

The use of digital technology has resulted in the introduction of new communication channels as well as a rise in a company’s digital presence. Emails, smartphone apps, and social media are just a few examples of the current communication methods. Forward-looking companies are aiming at creating a seamlessapproach for their customers. Here, their experience of interacting with the company using numerous digital communication channels is smooth and enjoyable.

• Pooling of knowledge sources and skills

We now have access to limitless experiences and data, thanks to digitalization. Every business can utilize information that exists outside conventional bounds. Similarly, companies that understand how to bring collaborative groups together can grow and generate surplus economic value. Digitization allows diverse individuals to collaborate, bridging the gap between IT and non-IT departments and changing the way firms generate value.

• Transaction costs are lower

Documentation, reconciliation, mail generation, calling, data entry, overtime, and supervision are those areas where digitalization facilitates the reduction in costs. Online businesses see easier operation management, which leads to lowered transaction costs.

• Expansion in Revenue

The primary goal of any business is income generation; higher the revenue, greater the growth. A colossal effect impact on revenue generation is observed in organizations that have introduced digital changes. Using innovative digital solutions in your organization provides you a competitive advantage, and a well-thought-out digitalization strategy may help you rethink procedures, enhance quality, and promote consistency.Ìý

In conclusion

Thus, digitalization is more an opportunity than a challenge for all companies, regardless of their industry, location, or market. Digitally driven advances have not only changed the enterprise but have redefined the scope of leadership. To explore the full potential of such a change, choose an experienced partner like Â鶹ԭ´´ that can combine multi-industry expertise with state-of-the-art technical capabilities.

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History of the Internet of Things (IoT)

Kevin Ashton, a Procter&Gamble (P&G) executive, coined theÌýterm ‘Internet of Things in one of his presentations in 1999. Kevin Ashton, at the time, was involved in the optimization of the P&G supply chain. He realized that the P&G warehouses could significantly improve their efficiency in real-time inventory tracking by using Radio Frequency Identification technology (RFID). However, the first application of IoT wasÌýa Coca-Cola vending machine (in the 1980s) that could record and send data online about the temperature and remaining stock of cold drinks.

Business Applications of IoT in the 21st century

IoTÌýis essentially a technological platform that integrates several machines, each performing certain specific functions. These machines have built-in sensors that record real-time data like images, videos, motion, acceleration, temperature, etc., and can therefore provide valuable information forÌýbusinesses. Here are some of the most popular applications of IoT that have led toÌýbusiness transformations in the 21stÌýcentury.

• Smart Agriculture

Farming technology has been significantly revamped with the help of IoT networks. Modern progressive farms are now using humidity, temperature, and soil quality sensors that provide real-time data. These data are sometimes used by automated irrigation systems, eliminating manual labour and surveillance. There are several cases of such smart devices (including IoT-connected drones) rapidly reshaping the landscape of commercial agriculture in 2021.

• Retail and Supply Chain Management

One of the biggest business transformations that IoT has brought in the 21stÌýcentury is in the retail and supply chain business processes. With the help of IoT-enabled technologies, retailers now have a greater degree of control over their inventory, warehousing, logistics, and point of sale processes. Amazon’s revolutionary ‘no checkout’ store incorporates an IoT platform that allows customers to shop in brick-and-mortar stores without having to wait in queues during check-out.

• Smart Energy Grids

IoTÌýhas facilitated the collection of data on electricity usage from several residential andÌýbusinessÌýcomplexes. Electricity providers can analyze this data to ensure a higher level of power efficiency for enterprises. Moreover, installing sensors to detect power outages can also help manage the power grid better.

• Environmental Monitoring

Businesses have also resorted to usingÌýIoT-enabled sensors to record the quality of air, water, soil, and even patterns of weather to facilitate better decisions. Using these data, companies have ensured better environmental compliance and have added to their triple bottom line.

• Manufacturing

IoTÌýhas carved out its rightful place in the manufacturing industries as well. When it comes toÌýbusiness transformationÌýin manufacturing,ÌýIoT-enabled connectivity across machines ensures higher operational efficiency. IoT platforms are also collating the data and analytics from these connected machinesÌýto develop detailed dashboards that illustrate theÌýbusiness performance and facilitate data-driven decision-making.

How can IoT Transform Businesses in 2022?

Recent reports have stated that aboutÌýmay be in use worldwide by 2035. Reports have also suggested that the IoT market, by the end of 2021, is set to grow to. To be a part of this revolution, you need to understand the five ways in whichÌýIoTÌýis set to bring about aÌýbusiness transformationÌýin 2022.

1. Improved Business Insights

Whether manufacturing or agricultural,ÌýIoTÌýtransforms enterprises with improvedÌýbusinessÌýinsights facilitated by real-time data collection. Enterprises are now witnessing a higher influx of real-time data with the help of connected devices like cameras, GPS trackers, and mobile devices.ÌýIoTÌýplatforms can integrate several such devices, enabling organizations to get constant insight into theirÌýbusinessÌýoperations. Moreover, such anÌýIoTÌýnetwork can also include Enterprise Resource Planning (ERP) software that can act as a data repository and help make strategicÌýbusinessÌýdecisions.

For example, an agricultural business that engages in animal husbandry would significantly improve several aspects by incorporatingÌýIoT-enabled devices. Such an enterprise could experienceÌýbusiness transformationÌýin the form of reduced livestock maintenance costs. Installing cameras, motion detectors, noise detectors, and thermal sensors in the livestock shelters to track livestock’s movement patterns and health conditions can help greatly. It can empower ranchers to respond to the health risks of livestock quickly.

2. Improved Customer Experience

The most prominent way IoT rapidly transformsÌýcustomer experiences is by increasing data inputs from customers themselves. By constantly monitoring customer actions and reactions through variousÌýIoT-enabled devices, companies can now provide more intuitive customer experiences. Moreover, emerging technologies like artificial intelligence (AI) and machine learning (ML) have further helped commercialize such big data. One of the most widely known applications of this is Amazon’s IoT ecosystem that consists of interfaces like the Echo, Echo Dot, and Alexa.

Amazon Web Services (AWS) have their own cloud-based platforms that provide storage for such real-time data collected through theirÌýIoTÌýdevices. Since cloud-based storage is easily accessible over the internet and does not have any physical address, AWS uses it to provide better customer experiences. Moreover, the advanced AI and ML software of Amazon also analyses this data to deliver tailored online shopping experiences to its customers.

3. Cost & Downtime Reduction

Imagine a scenario where a vital piece of equipment in a manufacturing facility stops working, and it takes days to track and identify the problem. That can result in massive financial losses and days, sometimes even weeks, of downtime. SinceÌýIoTÌýhas infiltrated several large-scale manufacturing industries, 2022 will witness a significantly reduced downtime due to such equipment failures. WithÌýIoTÌýsolutions providers like Â鶹ԭ´´,Ìýbusinesses in 2022 will be able to monitor manufacturing equipment health seamlessly over the internet.

Since 2020, Samsung has incorporatedÌýIoT-enabled temperature sensors, motion trackers, and several other equipment health monitors in their 5G-powered smart factories. Such applications ofÌýIoTÌýare set to increase rapidly with the adoption of Industry 4.0 technologies in 2022. Industry 4.0 (also known as the Fourth Industrial Revolution) is characterized by autonomous machines connected through the Industrial Internet of Things (IIoT). Therefore, 2022 will witness a smooth transition into autonomous manufacturing equipment communicating viaÌýIoTÌýplatforms.

4. Increased Efficiency & Productivity

According to reports, the use of IoT in integrating different departments of an enterprise is set to provide an enormous. SinceÌýIoT-enabled devices provide continuous real-time data of the surroundings inside a factory or even throughout the supply chain, it has become easier to identify snags withinÌýbusinessÌýoperations. While this helps to increase operational efficiency, it also helps to improve output by facilitating extensive automation. As a result, aided byÌýIoTÌýconnectivity, enterprises are set to witness increased productivity as well in 2022.

An interesting application ofÌýIoTÌýin helping increase worker efficiency and productivity is demonstrated by Ford’s Valencia Engine Assembly Plant in Spain. Workers in this plant wear a bodysuit that has built-in motion and vital signs trackers. The real-time data collected from these bodysuits gets used to make working environments safer and more efficient for workers.

5. Asset Tracking

Since a supply chain is involved with sourcing raw materials and delivering finished goods, there is always a chance for goods to go missing within this long chain of activities. Tracking goods (also known as assets) can often become a tedious job for warehouses and logistics partners. Using technologies like RFID and GPS tracking of each asset, companies can reduce overhead costs from misplaced assets. When such trackers connect to a larger network, it becomes easier for enterprises to keep tabs on their assets up and down the supply chain.

While companies like Siemens have also incorporated suchÌýIoTÌýsolutions to facilitate asset tracking and monitoring, an Enterprise Resource Planning (ERP) software provided by Â鶹ԭ´´ may improve overall asset management. An ERP software helps to synchronize data and knowledge within all departments of an organization to facilitate higher efficiency and productivity. Providers of enterprise resource planning software like Â鶹ԭ´´ have enabledÌýbusinesses to step into this new world ofÌýIoT.

Conclusion

Several enterprises have experienced aÌýbusiness transformationÌýby adoptingÌýIoTÌýsolutions, and providers like Â鶹ԭ´´ are the forerunners of this Fourth Industrial Revolution. Markets such as remote patient monitoring are set to grow to,Ìýand with developments like these, there is seemingly a huge scope for growth.

With the differentiation ofÌýIoTÌýinto several sub-sectors like the Internet of Medical Things (IoMT), Industrial Internet of Things (IIoT), Automotive Internet of Things (IoT), etc., the future of these technologies holds massive opportunities for businesses in 2022.

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The global health crisis also highlighted the weaknesses of traditional workflows in management and logistics: Manual, paper-based processes; siloed working and undefined roles; disparate and unstructured data; low or zero visibility of the end-to-end supply chain and logistics; lack of real-time monitoring, etc.

In the eye of the storm

The disruption also forced companies to relook their supply chain function end-to-end and figure out long-term measures to build resilience and agility. For instance, customers will continue to demand more in less time even after the pandemic is gone. But for companies to cope with this customer expectation, a drastic rethink of their supply chain management and logistics (SCML) is a must.

Here’s where technology plays a pivotal role, not only to provide intelligence and insights but also to enable new operational models. And Artificial Intelligence (AI), Internet of Things (IoT), Machine Learning (ML), Big Data analytics, and blockchain are some of the technologies that are rapidly redefining how SCML systems work.

How Supply Chain Heads are using AI and IoT

A well-managed supply chain is a crucial factor to gain advantage over the competition, especially in the present era where supply chains are intricate, spread worldwide, and decentralized. So, if AI earlier was only helping to address skills shortage and maintain inventories, the flexibility and adaptability of this technology is now allowing supply chain heads to be more innovative. From improving production planning to making more accurate forecasts, AI is allowing companies to minimize or eliminate errors completely.

AI, coupled with IoT, would allow supply chain heads to monitor and manage storage, transportation, supply chains, and warehouses efficiently and in real-time, without having to be physically present. These technologies also allow for planning and monitoring movement of goods so that unforeseen events (read pandemic, adverse weather conditions) can be managed well in advance.

Other immediate benefits of adopting digitalization and new technologies include:

• Smart scheduling and planning,
• Parameter optimization,
• Intelligent and proactive quality analysis,
• Proactive maintenance,
• Efficient analysis of maintenance and production costs along with precise estimation and control,
• Intelligent control of energy consumption and associated costs, and
• Real-time monitoring of production process and procedures.

What’s Next in SCML

As mentioned earlier,Ìýtraditional SCML systems have now proven to be struggling with ever-changing customer demand, rapidly evolving operations planning, and the constantly changing state of business processes.

In 2022, these technologies aim to overcome all these challenges more effectively through a range of activities including providing sales, production and consumption forecasting, supplier selection, and demand management using Artificial Neural Networks. These technologies would help businesses become proactive with capabilities like agent-based systems, which perceive the surrounding environment and can act autonomously and proactively solve certain problems.

Next year, AI and IoT are also expected to help businesses through improved supply chain efficiency implemented by using better managerial decision-making processes, including multi-objective optimization of supply chain networks, partner selection in green supply chain problems, multi-product supply chain networks, and a problem-solving approach to closed-loop supply chains.

Augmented Intelligence along with AI is expected to spike in use as it would help reduce manual effort, helping companies optimize costs while increasing worker productivity. According toÌý, it can create $2.9 trillion worth of business value and lead to an increase of 6.2 billion hours of worker productivity globally. By 2030, AI/Augmented intelligence is expected to surpass all other forms of AI initiatives. Essentially, this means professionals can do their work faster, reducing errors and saving costs.

IoT sensor technology will continue to play important roles and expand on its use cases. This technology helps track shipments. Connected IoT devices on consignments allow warehouses to track inventory, vehicles, and equipment through cloud services. Collaboration between IoT start-ups and container shipping companies are expected to increase next year given the inherent benefits, including real-time monitoring and predictive capabilities.

The need for real-time data will only increase. From gauging customer sentiments and trends to ensuring timely deliveries, data will play a critical role in deriving intelligent insights that drive strategic decisions.ÌýMachine learning-enabled risk assessment tools, for instance, can find patterns in geopolitical tensions, macroeconomic shifts, exchange rates, and other data.

According toÌý, IoT is important because emerging supply chain techniques need the freshest, most accurate data. And being able to predict consumer shifts, more than demand, will become increasingly important post-pandemic.

The Experience Economy and Changing Paradigm

The consumer, today, no longer stops expecting once a good is purchased. The demand continues long after – the customer experience has become critical and sustaining a good customer experience has become central to this theme. But for businesses grappling with supply chain disruptions, how can sustaining good customer experience be a real possibility?

Digitalization of supply chain management and logistics allows this: where processes and systems that support mass personalization can be deployed; where collaboration with non-traditional ecosystem partners makes it possible to deliver higher value, and where efficient order fulfillment and delivery become par for the course.

Moving Ahead with Â鶹ԭ´´

The Â鶹ԭ´´ digital supply chain management (DSCM) software allows enterprises to move from transactional SCLM to a digital, sustainable, strategy-led approach that will help them counteract unforeseen disruptions with agility and data-driven insights.

Â鶹ԭ´´ offersÌýÌýsoftware and tools, that allow for:

• Real-time insights into the supply chain,
• Identifying bottlenecks, and
• Mitigating risks as they arise with on-premises and cloud logistics management systems from Â鶹ԭ´´.

An integrated cloud-ready portfolio allows:

• Collaborative supply chain network
• Integrating business planning
• Optimizing inventory
• Procurement and supplier management
• Predictive analytics, AI, and Machine Learning
• Sustainably plan for ethically sourced material

And all these are achieved through predictive analytics, automation, and IoT capabilities, enabling resilient and sustainable supply chain management processes.

Specialized programs for various aspects of the supply chain management and logistics systems from Â鶹ԭ´´ also give businesses a large number of options to choose from, depending on their needs. These programs include the following:

1. Ìýprovides real-time visibility into transportation resources to allow businesses to fulfill their customer demands at minimal cost. The program integrates advanced analytics on historic data with forecasting capabilities to accurately forecast and monitor resource supply and demand.
2. Ìýis a program that allows a business to manage high-volume warehouse operations and integrate complex supply chain logistics with warehouse and distribution processes. Businesses can optimize inbound logistics management, storage and operations, and outbound logistics management.
3. Ìýis an open logistics network that connects business partners for intercompany collaboration and insights. It provides a central entry point to manage logistics transactions, exchange documents with key business partners, and gain transparency across the complete value chain through an open ‘network of networks’ strategy. It also allows for freight logistics collaboration, global track and trace options to monitor purchase, sales, and delivery fulfillment, as well as helping notify stakeholders of changes; and cross-company real-time alerts and notifications for product issues that also streamlines recalls.
4. Ìýprogram helps businesses run more efficient and profitable supply chain logistics to maximize visibility into all yard processes and preview planned workloads with a range of visualization and reporting tools.
5. Ìýprogram helps reduce transportation complexity by integrating fleet and logistics management throughout the business’ network. The program also provides real-time visibility into global transportation and domestic shipping across all transportation modes and industries.

As companies now demand greater agility in their supply chain processes and practices, they are beginning to realize that digital transformation is a necessity. There’s no getting away from the fact that global value chains are here to stay for good, but supply chain heads will need to juggle the demand for agility and efficiency with sustainability mandates while making a steady recovery from COVID-induced afflictions.

Supply chain sustainability means being able to manage environmental, social, and economic impacts with good governance practices. And here’s where Â鶹ԭ´´ DSCM can help. By adopting an end-to-end sustainability mission as part of its solution strategy (from design to decommissioning)ÌýÌýensures that the key principles of sustainability are embedded in it. This ultimately addresses the three areas customers focus on –people, planet, and profit.

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