What Does Digital Transformation Mean for Your Business in 2020?

There’s no doubt that the world of business has changed dramatically over the last twenty years. Our reliance on the digital platforms from websites and apps to pay per click advertising and social media, means that marketing to the general public is now a much more complicated affair.

Businesses have ready access to cloud IT, productivity software and a range of communication tools that, just a few years ago, would have been inconceivable to many.

What is digital transformation?

When a new digital technology comes along, you have the choice of ignoring it or using it to improve your company processes. Digital transformation generally causes some form of disruption.

Cloud services, for example, have reduced the burden of having in-house IT infrastructure. It’s given on-the-move access to important software and communication tools – staff can work remotely and have everything they need because their smart device holds the latest tools.

The disruption this form of digital transformation creates can be seen in the way many businesses are now confident employing remote/home workers to save on traditional office costs.

What does digital transformation mean for your business?

The challenge and potential of digital transformation is not so much about new software and upcoming innovations, however. It’s how your business incorporates them into its procedure, how it chooses the right tools at the right moment and how it ensures that this is all fit for purpose at both a strategic and implementation level.

Get it right and digital transformation has a number of distinct advantages:

  1. Staying Competitive
    The vast majority of businesses do not exist in a vacuum. A new technology that comes to market and makes processes more efficient may be taken up by your nearest competitor giving them a big advantage. If they are using AI to keep customers informed and happy, for example, and you are not, they’re stealing a march because their reputation is being enhanced.
  2. Becoming more productive
    One of the key reasons for undergoing a digital transformation is to make your business more productive. There is no advantage in reinventing the wheel but if that wheel is longer-lasting, improves fuel efficiency, and comfort, then it’s worth focusing on.Software like Office 365, online file-sharing and collaboration apps, and bespoke CRM’s are all examples that highlight how digital transformation has streamlined work processes and allowed businesses of all types, including start-ups, to become highly efficient and competitive in the market place.In many businesses nowadays, for example, the workforce is not contained within one office but spread throughout an area, with employees operating remotely – saving on hardware and staffing costs.
  3. Increased revenue
    At the root of all digital transformation is increased revenue for the company concerned. Whether that’s from making processes efficient and reducing staffing costs or through improving marketing communications with customers to boost sales, the single biggest factor in making a change is that all-important bottom line.
  4. Better customer relations
    Developments in AI in recent times have allowed businesses to reach out and communicate with existing and potential customers in new and innovative way. This is one area that will continue in the next few years. Another digital transformation is the variety of ways in which those customers can pay for products or services.

Staying on top of digital transformation in 2020

The challenge that all businesses have had is when and how to implement any relevant digital transformations. In 2020, this is set to remain a hugely important factor and one which will become increasingly difficult as technology evolves. Working closely with your IT service provider is going to be imperative and choosing the right moment to expand and implement will be vital.

Here are just a few of the ways digital transformation is going to have an impact in 2020:

  • The potential of 5G
    5G is finally rolling out and will take us to the next level when it comes to connectivity. Users will see faster download speeds, up to 20 times 4G. This is likely to revolutionise remote working and make it increasingly important for businesses that are trying to keep down their operational costs.5G will also feed into areas such as AI and the Internet of Things but the full impact may not be seen in business for a few more years. What you should see, however, is an increasing number of options, so keeping up with the latest tech developments is going to be vital.
  • AI and customer service
    Chatbots have had mixed reviews over the past few years and not everyone is keen on them. Businesses have found, however, that a reliable AI help service will deliver answers on the most asked questions for customers and can be a powerful time-saving tool.According to Gartner, nearly half of businesses will start to invest more in AI to streamline processes and provide a better service to customers in 2020. The good news is that those customers are also on board – we’re more focused on getting the answer we want than worrying whether we’re talking to a bot or not.
  • Analytics and staying competitive
    Analysing how your business is performing is key to success nowadays, especially online. One area where digital transformation has improved things over the last decade or so is with the various analytics packages available that provide telling insights into content performance and customer behaviour.We are now in the age of big data and the information that this provides can be seriously transformational if your business is able to leverage it effectively.
  • Security, privacy and transparency – your customers want it all!
    With the implementation of GDPR, there is a lot more pressure on businesses to ensure they have the right security measures in place. Cyber attacks are on the increase and customers expect the companies they do business with on a daily basis to protect their data.But customers also want your business to be open and transparent about what you do with that data. The challenges facing even small businesses nowadays means that a comprehensive cyber security and data protection policy is not simply something on a wishlist but an urgent necessity and one that is legally required.

Putting digital transformation at the heart of your business

Digital transformations are exciting and full of potential. But how do you know if the next innovation is right for your business? Is it best to implement something straight away and steal a march on your competitors or wait and see what the impact and advantages are?

It’s not easy for businesses to forge ahead with changes of this kind. Digital transformation generally needs money and time to implement, staff have to be trained, the effectiveness measured and changes made to adapt conditions to the needs of the business.

From IT transformation consultancy to robust cyber security, Cyan Solutions have the team in place who can provide a tailored approach to your next digital transformation challenge. Contact us today to find out more.

Key Technology Trends Impacting the Energy Sector

The energy sector has been evolving rapidly in recent years thanks to new and upcoming technologies. 2018 is looking to be a milestone year for the energy industry, with the introduction of many new technology trends that are set to be revolutionary in the sector.

The rise of digital has affected many businesses over the years, and the electricity industry is no exception. With everything from artificial intelligence through to increased technological demands in the home, there are a number of technology trends set to impact the energy sector over the coming months and years.

Growing Cybercrime Threat

Cyber-attacks are increasing in every industry across the globe, and the energy sector is no different. Earlier this year the United States Department of Energy announced it was planning on setting up its own Office of Cybersecurity, Energy Security and Emergency Response to tackle the upcoming security challenges. There is also evidence that hackers have been targeting the energy and nuclear facilities for the last couple of years.

Cybersecurity concerns are one of the most pressing issues within the energy sector, and as companies introduce more complex technology systems, the risk and potential for an attack are increased. Many utilities are upgrading systems to provide a higher level of grid intelligence and better communication with customers devices, opening themselves up to more potential security threats.

The Rise in Artificial Intelligence

Artificial Intelligence (AI) has evolved rapidly in recent years and provided the energy sector with a variety of new capabilities such as machine learning, cognitive analytics, deep learning and robotics process automation. These advances in technology have led to powerful systems that can automate increasingly complex workloads and develop cognitive agents that can simulate human thinking and engagement.

AI can be used in the energy sector to streamline, automate and eliminate processes within customer interactions, taking customer experience to the next level. As well as customer service benefits, AI can also be an excellent tool for customer engagement by giving companies the ability to compute a customer’s smart metre data to develop invaluable insights into their consumption habits.

Blockchain

Blockchain has been on the cards for quite some time and is slowly growing in popularity across a variety of industries. While it is currently limited within the energy sector, the potential of this technology should definitely not be ruled out, in fact, it may end up being invaluable in the industry in coming years.

Blockchain offers a permanent and transparent solution that is entirely digital making it really easy to work with. Within the energy sector, blockchain could potentially be used for easily recording transactions and contacts in a transparent and searchable form. The energy sector involves a considerable amount of customer paperwork and blockchain could provide some significant operational benefits such as easily locating records, detecting fraud and clarifying bill disputes.

3D Printing and Smart Materials

In recent years there have been significant steps forward in 3D printing, particularly with print metals becoming significantly cheaper. This will likely be used widely in the energy sector for the creation and maintaining of equipment and systems.

An increased use of smart materials would also have a significant impact on the energy market, and the use of materials that can self-heal could potentially change the industry altogether.

Digital Transformation in Homes

It is no surprise that there is an increased demand for energy in homes across the world. With technology coming on in leaps and bounds in recent years, the amount of electricity being consumed today is very different from that of a few years ago. The introduction of smart technologies such as smart lightbulbs and smart metres has transformed the way consumers use their energy within their homes, and this is only set to become more complex and readily available in the coming years.

The uptake of smart energy products by consumers has been relatively minimal so far, and according to recent research, 72% of people are unlikely to introduce any form of smart home technology in the next five years. However, the individuals who already make use of smart devices have noticed a significant impact on the day to day running of their homes. Many believe the uptake has been slow as consumers are still sceptical of smart energy products, but the market is expected to accelerate rapidly once the popularity of the technology increases.

The energy sector is set for a rapid transformation for the rest of 2018 and the following years, and those within the industry should be preparing themselves or the upcoming changes and opportunities that these technology trends are sure to bring. Not embracing these new technologies will leave your business at risk of being left behind the curve. At Cyan we have experience of providing transformational technology infrastructures for growing businesses the energy sector. Talk to us today to see how we can help your business.

Will AI ever completely replace human customer service?

Artificial intelligence (AI) has had more than its fair share of news lately. From good news stories about some of the most innovative applications of AI in schools and business, right down to concerning stories about the ‘rise of the machines’. But just how much will it affect jobs – will AI ever completely replace human customer service?

It’s important to note before we go on that mature AI technologies are still relatively in their infancy. Therefore, when we write anything like this there is always going to be a certain amount of speculation involved. However, with something like customer service, we can already look at the great deal of automation that is already in place.

Automation has helped and hindered in a number of different ways. It is now utilised across a vast range of different sectors to help with production and manufacturing. According to PwC, up to 46.4% of manufacturing jobs could be automated by the early 2030s. On the flip side, this will help could help boost production and increase jobs in the development sectors.

How does AI work?

Before we ask whether or not AI could ever replace human interaction, we have to look at how AI works. WI requires what is called machine learning, which requires a bunch (a whole bunch) of data. Data driven applications are everywhere, not least on the internet. The most obvious would be something like a search engine.

AI and data within CRM

In the realm of customer management, data-driven technology has seriously helped boost the way that businesses work. Beforehand, legacy CRM was useful only as a tool that could be used to look back at past successes – now, with AI and data-driven technology, it can be used to enable the highest levels of productivity in the future.

Our speculation – you can’t fake the human touch

While it is undoubtable that AI and automation will completely revolutionise how business is conducted, and indeed replace certain jobs, AI simple is not human. AI is being developed to enable humans to do the best that they can – not that computers can. Automation can take control of mundane, everyday, simple tasks. This allows humans to do the human things.

Most importantly, when it comes to customer service, you simply cannot fake the human touch. When we look at AI for customer service we are particularly focussing on things like chatbots and AI for customer interactions where FAQs are around. However, people will still want to deal with people where large sums of money are concerned.

Our prediction is that while AI will continually shake-up customer service, it will primarily complement it rather than replace it all together.

How artificial intelligence will affect future business

Artificial Intelligence (AI) has been integrated into much of our daily lives. So much so that often we are unaware of it and its impact. Whilst there is scope for further development in AI technology, the implications for different businesses and sectors is enormous. It will continue to revolutionise how business is conducted in the future.

If we look at AI developments over the past decade, it is obvious that future business will be shaped dramatically by AI technology. The tech is constantly developing and improving, with new applications constantly being integrated into our everyday. Robotics have become more innovative and autonomous. AI is being implemented in sectors where previously not considered either possible or necessary.

The impact of AI will be dependent on the sector in which it is used. Although there is only so far we can go in predicting the future, the increasing uses of AI enables us to speculate more readily than ever before.

With that in mind, here are some of the ways that future business could be impacted going forward.

Financial Services & Law

Artificial intelligence has been instrumental in helping make use of data to extract valuable information. It enables us to analyse data trends at lightning fast speed when compared to the human brain. In the legal world one example of how this has been used is to filter trends to show patterns in criminal behaviour. Plus DNA and finger print matching databases have become ever more sophisticated enabling unsolved cold cases to be solved.

Data extraction is also an exciting potential for AI. In financial services businesses are embracing AI solutions which enable them to make smarter investment choices. Algorithms and analytics are now a integral part of trading, economic analysis and forecasting.

Manufacturing

Robotics have a been a staple in the world of manufacturing for some time now already. Yet we will continue to see something of a change in how they are used and the intricacies of tasks that they can complete.

In the world of manufacturing, health and safety is of utmost importance. Already artificial intelligence is having a positive effect on how safely and positively robotics technology can be used alongside traditional workers. As the technology becomes more  widespread the demand for the production of intricate AI robotics will grow.

Healthcare

Artificial intelligence has already made a huge impact in the healthcare sector in terms of diagnosis, decision making, data capture and data analysis. Moreover, artificially intelligent robotics have a huge capacity to undertake complex and intricate procedures in healthcare. One example is IBM’s Watson computer which is being used by oncologists to diagnose cancer in patients and provide a tailored treatment plan.

Customer Services

Finally, customer services is becoming increasingly AI driven. Already social networks are offering businesses access to chat-bots that can answer a number of predetermined queries for customers. Beyond that, some smart systems are able to answer customer questions with such accuracy that they aren’t even aware they aren’t talking to a real person