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6
Dec, 2023

How much does it cost to build software?

Software development costs can be assessed through various methodologies, with two prominent approaches standing out: calculating based on module or feature development and hiring a dedicated team of programmers for project execution. Both methods have distinct advantages and considerations that can significantly impact the financial aspect of software development.

Approach 1: Module/Feature-Based Cost Estimation

  1. Breakdown by Module/Feature:

    • This method involves dissecting the software project into smaller, manageable modules or features.
    • Each module or feature is analyzed in terms of complexity, functionality, and the effort required for development.
    • Estimation is done by assigning costs to each module or feature based on factors like design complexity, coding effort, testing needs, etc.

  2. Advantages:

    • Granular Cost Assessment: Allows for a detailed breakdown of expenses, providing transparency in budget allocation.
    • Flexibility: Enables prioritization of modules or features based on immediate needs, potentially reducing initial costs.
    • Clear Accountability: Specific modules or features can be assigned to different developers or teams, enhancing accountability.

  3. Considerations:

    • Scope Creep: Detailed estimations might overlook potential changes or additional requirements that can lead to cost escalations.
    • Complexity Assessment: Accurate assessment of module complexities is crucial for precise cost estimation.
    • Time Consumption: The breakdown process can be time-intensive, especially for larger projects.
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Approach 2: Hiring a Dedicated Programming Team

  1. Team-Based Project Execution:

    • This method involves hiring a dedicated team of programmers or outsourcing to a development agency to handle the entire project.
    • Costs are estimated based on the duration of the project and the team’s hourly or fixed rates.
    • The overall budget includes salaries, infrastructure, management costs, and additional expenses.

  2. Advantages:

    • Comprehensive Support: A dedicated team provides end-to-end development expertise, potentially reducing management overhead for the client.
    • Adaptability: Flexibility in adjusting project scope or requirements as the team can handle changes more seamlessly.
    • Faster Time to Market: With a focused team, development timelines can be shorter compared to piecemeal development.

  3. Considerations:

    • Higher Upfront Costs: Initial estimates might appear higher compared to modular approaches due to inclusive project rates.
    • Dependency on Team Performance: Success relies on the competency and efficiency of the hired team.
    • Potential Communication Challenges: Coordination and communication between the client and the hired team might require additional effort.
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Conclusion

Choosing the right cost estimation method depends on various factors such as project scope, budget constraints, flexibility needs, and risk tolerance. While the modular approach offers detailed cost breakdowns and flexibility, the team-based approach provides comprehensive support and faster development timelines. Evaluating the trade-offs between these methods is crucial to determining the most suitable approach for a particular software development project.

15
Nov, 2023

What is low-code/no-code application development?

Low-Code/No-Code (LCNC) Application Development: Revolutionizing Business Solutions

In the realm of application development, businesses traditionally faced two options: purchasing pre-made apps from external vendors or crafting customized solutions from the ground up, employing skilled developers and coders. However, the contemporary landscape witnesses the ascent of low-code/no-code (LCNC) development methods, empowering users throughout various business domains.

LCNC platforms harness intuitive, graphical interfaces, enabling users to swiftly create applications and automate business processes without the necessity of coding line by line. Embracing LCNC tools promises enhanced user accessibility, fostering innovation while alleviating strain on IT departments. This leap in technology ensures application development is accessible to everyone.

Decoding Low-Code and No-Code Development

Low-code involves designing applications using graphical tools and embedded functionalities, significantly reducing traditional coding requirements. While some code writing remains, low-code streamlines the development process, facilitating quick initiation.

On the other hand, no-code extends a similar user experience but eliminates the need for any code writing, catering even to non-technical users.

Distinguishing Low-Code vs. No-Code

The pivotal difference lies in the user’s coding expertise. Low-code platforms require basic coding skills for developing and integrating complex applications, whereas no-code platforms demand no programming knowledge. Given the diverse technical skills within organizations, many platforms offer both low-code and no-code tools.

Empowering Citizen Developers

Empowering subject-area specialists as “citizen developers” ensures that those with domain-specific expertise actively contribute to app development. LCNC platforms facilitate collaboration between department leaders and IT professionals, streamlining the implementation of suitable technologies and processes.

How LCNC Tools Operate

LCNC development platforms operate on model-driven design, automatic code generation, and visual programming principles. These platforms cater to users familiar with business workflows, empowering them to design applications regardless of coding expertise. Notably, this collaboration doesn’t just empower non-technical users; it synergizes them with experienced developers.

Applications Across Industries

LCNC platforms find applications across diverse sectors:

  • Supply Chains: Address challenges by developing responsive applications, automating workflows, and integrating legacy data for improved traceability and analytics.

  • Manufacturing: Utilize LCNC for process modeling, smart factories, and leveraging IoT networks, enhancing efficiency from raw materials to finished goods.

  • Finance and Accounting: Design custom applications for tax filing, financial disclosures, loan approvals, and risk assessments, optimizing workflows.

  • Human Resources: Automate hiring processes, candidate filtering, and training programs, relieving strain on IT resources.

  • IT Departments: Streamline processes, reduce bottlenecks, and enhance agility, allowing IT professionals to focus on strategic initiatives.

Benefits of LCNC Platforms

The widespread adoption of LCNC platforms results in numerous business advantages:

  • Simplicity: Development is simplified, focusing on fulfilling user requirements.

  • Speed: Swift adjustments and integrations make development up to 20 times faster than traditional coding.

  • Automation: Establishing rules automates workflows, aided by AI and machine learning for suggestions.

  • Cost Efficiency: Reduced time and simplified maintenance translate to cost savings and inexpensive testing of new ideas.

  • Agility: Quick development responds to changing demands and regulatory issues, broadening the developer pool.

  • Enhanced Customer Experience: Responsive applications tailored to customer feedback boost loyalty.

  • Privacy and Security: In-house sensitive tasks minimize breach risks and cybercrime.

The rising dominance of LCNC tools forecasts a transformative shift in app development, ushering in an era of accessibility, efficiency, and innovation across industries worldwide.

Conclusion

In the ever-evolving landscape of application development, the rise of Low-Code/No-Code (LCNC) platforms represents a transformative leap forward. These innovative tools redefine how businesses conceptualize, design, and implement applications across various sectors.

The allure of LCNC lies in its democratization of app development, empowering users from diverse backgrounds with varying technical expertise. The intuitive interfaces and simplified workflows enable swift application creation and process automation without the need for extensive coding knowledge. As a result, LCNC platforms foster collaboration between IT professionals and subject-area specialists, nurturing a new breed of “citizen developers” who actively contribute their domain-specific insights to the development process.

The benefits are manifold: increased agility, faster development cycles, cost-efficiency, heightened automation, and enhanced customer experiences. Moreover, LCNC tools bolster data integration, streamline workflows, and fortify privacy and security measures, reinforcing their position as a cornerstone of modern business operations.

Industries, spanning from supply chains to finance and HR, are harnessing LCNC capabilities to address challenges, optimize processes, and drive innovation. This technology’s ubiquity extends its influence across organizational structures, empowering departments to swiftly adapt to market demands and regulatory changes.

As the adoption rate of LCNC platforms skyrockets, their integration into the fabric of businesses worldwide becomes imminent. The trajectory suggests that these tools will continue to evolve, unlocking further potentials and efficiencies, thus shaping the future of application development and business operations on a global scale. As businesses continue to embrace this revolution, the promise of LCNC lies not just in its capacity to streamline processes but also in its ability to foster innovation, accessibility, and efficiency for all.

13
Nov, 2023

Top 4 Asian Countries For ODC Services

Outsourcing software development has emerged as a cost-effective solution for numerous businesses, allowing them to optimize expenses without compromising project quality. Many enterprises recognize it as a vital strategy for survival in the digital landscape.

Choosing offshore development can further enhance cost savings compared to local outsourcing. Shifting to offshore software development models or hiring remote teams can actualize lower prices. To guide businesses in selecting the best offshore software development destination, Slitigenz presents this comprehensive overview, including average hourly rates for software developers.

1. India

India stands out as a leading offshore software development hub, with approximately 250 global companies forming partnerships with local IT firms. The primary attraction is the cost-effectiveness, with hourly rates ranging between $18-$40. India’s commitment to STEM education yields a staggering 2.6 million skilled software developers annually, addressing the industry’s talent shortage. Despite the competitive pricing, due diligence is crucial to ensure project quality.

2. China

China has gained prominence for software development services due to affordable labor and high developer productivity. Hourly service costs range from $18-$40, making it a cost-effective choice. The country’s emphasis on advancing the IT sector is evident through over 50 science and technology industry parks, reinforcing its commitment to technology education. China’s proficiency in languages like functional programming, Python, and Shell positions it as a hub for AI, Robotics, and Deep Learning projects.

3. Philippines

With a robust foundation in the IT market, the Philippines has become an emerging destination for outsourcing projects related to robotics, cybersecurity, AI, and DevOps. Government support and a culture compatible with the US contribute to its appeal. Boasting over 200 offshore software companies and around 95,000 technical specialists, the Philippines offers offshore development rates ranging from $18-$40. The country’s inclusion in the top 50 digital nations underlines its growing significance in the global digital landscape.

4. Vietnam

Vietnam, despite being relatively young in the software outsourcing industry, secured the 9th position in the top outsourcing countries globally in 2019. The government’s substantial investment in STEM education ensures a skilled workforce, proficient in languages like Java, PHP, .NET, and others related to emerging technologies. With renowned companies like IBM, Microsoft, Nokia, and Intel investing in Vietnam, the country has become an attractive destination for software development outsourcing. Hourly rates for offshore software development in Vietnam range from $18-$32, providing a cost-effective option without compromising on quality.

Vietnam is a developing country and has a lot of advantages to become a perfect place for offshore development centers (ODC). With a stable political environment, numerous advanced developers, and competitive prices, an ODC team is suitable to be set up in Vietnam. 

Vietnam is also one of the fastest-growing countries in both economy and technology. It now can be a major competitor to the top offshore countries in the world (China, India). The quality of Vietnamese IT has been strongly invested in creating advanced tech skill sets. Moreover, the number of talented developers in Vietnam is increasing in the young generation. That helps them catch up with the latest technology trends in the dynamic world. 

Conclusion

In conclusion, when considering offshore development centers, businesses should weigh factors such as cost, talent pool, and government support to make informed decisions that align with their project requirements.

2
Oct, 2023

Offshore vs In-House Team: Which one is the Best Option for your business?

The emergence of remote work has ushered in a transformative employment landscape. A global phenomenon, millions of individuals worldwide have swiftly acclimated to this new reality, rendering in-house teams reminiscent of a bygone era. The inexorable march towards remote teams has commenced, and it would seemingly require nothing short of a catastrophic event to impede this trajectory.

One noteworthy manifestation of this paradigm shift is the establishment of offshore development centers. Prominent figures in the IT industry, exemplified by industry giants such as Apple, Google, and numerous others, have embarked on the establishment of Research and Development (R&D) facilities spanning across diverse locations in Europe and Asia.

The rationale behind this transition, from in-house operations to offshore development, is multifaceted and compelling, transcending the boundaries of company size.

Let us delve into these compelling reasons that underpin this profound shift.

A brief interlude: what exactly is an offshore development center?

Indeed, an offshore development center (ODC) derives its nomenclature from its inherent purpose: it is a strategically established overseas facility designed to accommodate one or more development teams dedicated to executing projects on behalf of a client. Typically, ODCs are strategically positioned in close proximity to major technology hubs, capitalizing on the preexisting infrastructure, convenient accessibility, transportation networks, and amenities that such locations offer.

Benefits of an ODC

The establishment of an Offshore Development Center (ODC) presents a compelling array of advantageous prospects:

  1. Access to Local Talent: ODCs provide access to a pool of local talent, bridging the expertise gap that may exist within the client’s in-house teams.

  2. Cost Efficiency: ODCs offer cost advantages by reducing overheads, minimizing infrastructure investments, and alleviating the need for additional equipment procurement.

  3. Enhanced Flexibility: Timezone disparities can be leveraged to facilitate more efficient project scheduling and coverage, potentially optimizing project outcomes.

  4. Core Business Focus: Clients can concentrate on their core business goals, while the ODC handles the technical aspects, allowing for a streamlined focus on strategic objectives.

  5. Improved ROI: The cost savings, coupled with efficient resource utilization, often translate into a superior return on investment for the client.

  6. Business Continuity: ODCs provide a measure of business continuity by offering redundancy and the capacity to continue operations even in the face of unexpected disruptions.

  7. Accelerated Release Cycles: The collaborative nature of ODCs can lead to shorter release cycles, enabling faster product development and market entry.

In sum, establishing an ODC not only addresses skill gaps but also delivers cost-efficiency, operational flexibility, and the freedom to concentrate on core business initiatives, ultimately enhancing overall business performance and resilience.

In-house v offshore development: a comparison

Factor
In-house developers
Offshore developers
Expertise
Niche skillsets can be in great demand, which might make hiring a long and costly process.
It is far easier to source and hire talent.
Infrastructure
As the team grows, you either need to build more space, or open a new facility.
Service companies already have office facilities offering all the comfort and amenities.
Cost
The cost of in-house teams remains the same, there is no increase, but there are no savings either.
Remote teams save money in overheads, salaries, and associated costs.
Flexibility
In-house staff is hired directly by you, which means that the process to restructure teams is harder and costlier.
Offshore development teams enable you to extend your in-house team with one person, or hire an entire team.

Key Considerations for Choosing Between Offshore vs In-house Development

When businesses are confronted with the choice between offshore and in-house development, they must carefully consider several pivotal factors:

  1. Project Scope: The size and complexity of the project significantly influence the decision-making process. Smaller projects with well-defined requirements may find offshore development more suitable, while larger and intricate projects might necessitate in-house development for closer oversight.

  2. Budget: Cost considerations are paramount when evaluating offshore versus in-house development. Businesses must assess the overall expenses associated with each option, encompassing salaries, benefits, and overhead costs for in-house development, as well as the rates and fees of offshore software developers.

  3. Timeline: Project timelines are another crucial determinant. Offshore development can be advantageous for projects with tight schedules, as it capitalizes on developers in different time zones, enabling round-the-clock work. In-house development may be preferable for projects with more extended timelines.

  4. Desired Level of Control: The degree of control a business desires over the development process plays a pivotal role. In-house development offers greater control, allowing for direct oversight. Conversely, offshore development entails placing trust in offshore software developers to manage the development process.

  5. Access to Talent: The accessibility to specialized talent is a vital consideration. Offshore development can broaden the talent pool and provide access to specific skills that may be scarce locally. In-house development may limit access to specialized talent depending on the geographic location.

When evaluating these factors, businesses must conduct a comprehensive analysis of the advantages and disadvantages associated with each option. Ultimately, the decision should align with the specific business goals and needs.

In the following section, we will delve into real-world examples of companies that have made the choice between offshore and in-house development, and explore the impact of their decisions on their business outcomes.

Case Studies and Examples

To illustrate the pivotal choice between offshore and in-house development, let’s examine real-world cases:

  1. Airbnb: Initially, Airbnb employed in-house development for its platform. However, as the company expanded, it transitioned to outsourcing development to an offshore software company. This strategic shift enabled Airbnb to tap into a broader talent pool and expedite development timelines.

  2. Basecamp: Basecamp, a project management tool, has consistently relied on in-house development. The company places a strong emphasis on having developers in-house, believing it affords greater control over the development process and ensures alignment with their core values and vision.

  3. Wrike: Wrike, a project management software company, initially pursued in-house development but later shifted to offshore development. This transition enabled the company to realize cost savings and access a more diverse talent pool.

  4. Shopify: Shopify, an e-commerce platform, adopts a hybrid approach, incorporating both offshore and in-house development. The company maintains an in-house development team for its core product while leveraging offshore development for specific projects, such as the creation of apps for its app store.

These real-world examples underscore the fact that the choice between offshore and in-house development hinges on an array of factors, including project size and complexity, budget constraints, the desired level of control, and access to talent. Each company made a distinct decision tailored to its unique circumstances and requirements.

In conclusion, the decision between offshore and in-house development holds significant implications for businesses. By conducting a thorough assessment of the pros and cons associated with each approach and considering key determinants such as project scope, budget, timeline, and talent accessibility, businesses can make an informed choice that aligns with their specific goals and needs.

Conclusion

In summary, the choice between offshore development services and in-house development represents a pivotal decision for businesses across all scales. Offshore development offers distinct advantages such as cost savings, access to a broader talent pool, and continuous development cycles, while in-house development provides advantages like enhanced control, streamlined communication, and alignment with company culture and values.

To arrive at the optimal decision tailored to their unique circumstances, businesses must meticulously weigh several critical factors, encompassing project scope, budgetary considerations, project timelines, desired levels of control, and talent accessibility. Each of these factors wields substantial influence on the ultimate choice, and a thorough evaluation of each is essential to achieving the most favorable outcome.

Real-world examples underscore that the selection between offshore and in-house development hinges on a multifaceted array of considerations, and each company arrives at a different decision tailored to its specific context and requirements.

Ultimately, the determination between offshore and in-house development should be guided by what aligns best with a business’s overarching objectives and needs. By methodically assessing the advantages and disadvantages of each option and taking key factors into account, businesses can make an informed choice that positions them for success.

Whether opting to collaborate with offshore software developers or assemble an in-house team, businesses should ensure a comprehensive consideration of all relevant factors, selecting the option that best serves their particular circumstances and strategic goals.

12
Jun, 2023

DIGITAL TRANSFORMATION IN MEDIA: DEFINITION, EXAMPLES, AND TIPS

The media industry, like many others, is undergoing a significant transformation due to the advent of digital technologies. This digital revolution has empowered consumers with unprecedented access to content and has raised their expectations for seamless accessibility across various devices and locations.

In response to these evolving consumer preferences, traditional media companies are actively embracing digital transformation initiatives. By embracing the digital realm, these companies are strategically adapting their business models to align with the demands of a rapidly changing landscape. In this post, we will delve into the subject of digital transformation within the media industry, exploring the key trends and strategies employed by organizations to remain competitive and deliver value in a digitally driven world.

What is digital transformation in media?

Digital transformation in media refers to the process of integrating digital technologies and strategies into the operations, production, distribution, and consumption of media content. It involves leveraging digital tools and platforms to create, deliver, and monetize media content in new and innovative ways.

Digital transformation in media encompasses several key aspects, including:

  1. Content Creation and Production: Digital transformation has revolutionized content creation and production processes. Media organizations now utilize advanced software, tools, and technologies to enhance creativity, streamline workflows, and improve efficiency in content creation.

  2. Content Distribution: Digital transformation has enabled media companies to distribute content through various digital channels, such as websites, streaming platforms, social media, and mobile applications. This allows for wider reach and personalized content delivery to target audiences.

  3. Audience Engagement and Interaction: Digital technologies have facilitated interactive and immersive experiences for media consumers. Through social media platforms, live streaming, and interactive content formats, media organizations can engage with their audiences in real-time, foster community-building, and gather valuable feedback.

  4. Data Analytics and Personalization: Digital transformation has given rise to data-driven decision-making and personalized experiences. Media companies can collect and analyze user data to understand audience preferences, tailor content recommendations, and deliver personalized advertising and user experiences.

  5. Monetization Strategies: Digital transformation has transformed traditional revenue models in the media industry. Companies are exploring new avenues for monetization, such as subscription-based models, digital advertising, sponsored content, partnerships, and e-commerce integration.

Overall, digital transformation in media is about embracing technology-driven changes to optimize operations, enhance audience experiences, and capitalize on new revenue opportunities in the evolving digital landscape.

The benefits of digital transformation in media

Real-time Booking

The advent of digital transformation has significantly streamlined the process of booking advertising space in real-time, providing numerous benefits for advertisers and media agencies alike. One notable advantage is the reduction in the occurrence of double bookings, as digital platforms enable automated and synchronized ad space allocation. This not only minimizes scheduling conflicts but also enhances operational efficiency and effectiveness in the booking process.

Furthermore, digital transformation has facilitated a more seamless and expedient experience for advertisers, ensuring a lower probability of missed opportunities for optimal advertising placement. By leveraging real-time digital platforms, advertisers can swiftly secure prime advertising slots, capitalizing on timely and strategic placements to maximize the impact of their campaigns.

Overall, the integration of digital technologies in the advertising industry has revolutionized the booking process, enhancing accuracy, efficiency, and the ability to seize favorable advertising opportunities.

Collaboration

To execute a successful marketing campaign, it is imperative to establish partnerships with media companies possessing extensive reach and exposure. However, in addition to these factors, brands also seek to collaborate with organizations that prioritize effective communication and offer streamlined campaign setup procedures. The integration of self-serve platforms and digital technologies within media companies has played a pivotal role in eliminating manual processes, thereby expediting the campaign launch process.

By leveraging self-serve platforms and digital tools, media companies can facilitate seamless and efficient communication channels with their brand partners. This allows for swift collaboration, clear instructions, and prompt resolution of any queries or concerns that may arise during the campaign setup phase. Furthermore, the adoption of digital technologies empowers media companies to automate previously time-consuming tasks, resulting in accelerated campaign implementation without unnecessary delays.

In conclusion, the utilization of self-serve platforms and digital technologies by media companies not only streamlines the campaign setup process but also enhances communication efficiency, ensuring that brand partners can swiftly launch and execute their marketing campaigns with ease.

Personalization

The emergence and widespread adoption of programmatic advertising technology have revolutionized the way brands connect with their target audience. This advanced technology enables brands to deliver highly targeted and personalized content, tailored to the specific interests and preferences of their intended audience. By leveraging audience profiles and sophisticated data analysis, brands can ensure the precise delivery of relevant content to the right individuals, at the optimal moment, enhancing the overall audience experience and increasing the likelihood of successful conversions.

Programmatic advertising empowers brands to optimize their messaging and creative executions, ensuring alignment with the unique characteristics and needs of their target audience segments. By leveraging real-time data and automated algorithms, brands can strategically place their content across various digital platforms, effectively reaching their intended audience with precision and timeliness. This level of customization and contextual relevance contributes to a more engaging and tailored experience for the audience, ultimately driving higher conversion rates and fostering customer acquisition.

In summary, the rise of programmatic advertising technology has transformed the advertising landscape by allowing brands to leverage data-driven insights and automation to deliver targeted content to their specific audience segments. By offering the right content to the right individuals at the right time, brands can optimize the audience experience, cultivate meaningful connections, and achieve higher conversion rates, ultimately driving business growth and success.

Automation replacing manual tasks

In the pursuit of operational excellence and superior customer service, media companies are continuously seeking avenues to enhance efficiency. One key strategy involves the automation of data collection and other routine tasks, enabling these companies to shift their focus towards supporting advertisers in optimizing their campaigns. By embracing automation, media companies can streamline their workflows and reduce the burden of day-to-day operational tasks, allowing them to allocate more resources towards cultivating and nurturing strong relationships with their valued customers.

Automating data collection processes empowers media companies to gather and analyze essential insights in a timely and accurate manner. This enables them to provide advertisers with valuable data-driven recommendations and strategies for optimizing their campaigns. By leveraging automation tools and technologies, media companies can minimize human error, expedite data processing, and deliver actionable insights to advertisers, ultimately fostering greater campaign performance and success.

Moreover, by reducing the time and effort spent on repetitive tasks, media companies can devote more attention to building lasting relationships with their customers. This customer-centric approach entails providing personalized support, understanding specific needs and goals, and offering tailored solutions to drive mutual growth and satisfaction. By automating routine tasks, media companies can free up valuable resources and dedicate them to delivering exceptional customer experiences, resulting in enhanced customer loyalty and long-term partnerships.

In summary, media companies can significantly benefit from the automation of data collection and other operational tasks. By embracing automation, these companies can optimize their efficiency, support advertisers in campaign optimization, and concentrate on nurturing valuable customer relationships. This approach enables media companies to thrive in a competitive landscape, while ensuring their customers receive the attention and support they deserve.

Access to real-time data and analytics

In an era of rapidly advancing digitalization, businesses are increasingly transitioning their operations to online platforms. As this shift occurs, companies are recognizing the significant advantages offered by real-time data and analytics. By consolidating data sources into a centralized repository, organizations can gain comprehensive insights into the effectiveness of their strategies and tactics.

Real-time data and analytics enable businesses to promptly identify what aspects of their operations are yielding favorable outcomes and which ones require optimization. This newfound visibility empowers companies to make informed decisions based on up-to-date information, leading to more effective resource allocation and strategic planning.

Furthermore, real-time data and analytics provide valuable insights into shifts in customer behavior. By monitoring and analyzing data in real-time, businesses can stay attuned to changing preferences, trends, and demands within their target market. This enables companies to proactively adjust their marketing strategies, refine their messaging, and personalize their offerings to better resonate with customers, ultimately driving engagement and loyalty.

The ability to leverage real-time data and analytics offers companies a competitive edge in today’s fast-paced digital landscape. By harnessing the power of timely information, businesses can continuously optimize their operations, adapt their marketing approaches, and meet the evolving needs of their customers, thereby fostering sustainable growth and success.

Cross-channel advertising

In the contemporary landscape, individuals are highly engaged across multiple platforms throughout the day, rather than being limited to a single medium. They consume media through diverse channels and in various formats, necessitating advertisers to establish a comprehensive presence across these platforms to achieve success. Recognizing this prevailing trend and adapting strategies accordingly, advertisers can enhance their ability to effectively reach their target audiences.

By acknowledging the multi-platform nature of media consumption, advertisers can strategically allocate resources and develop campaigns that span different channels and formats. This proactive approach ensures that advertising efforts are aligned with the preferences and behaviors of the target audience, maximizing the likelihood of capturing their attention and generating desired outcomes.

Moreover, by embracing a cross-platform approach, advertisers can leverage the unique characteristics and strengths of each platform to deliver tailored and impactful messages. This enables them to engage with their target audience at various touchpoints, providing consistent and compelling brand experiences that resonate with individuals regardless of the specific platform they are using.

Additionally, staying attuned to the evolving landscape of media consumption allows advertisers to adapt their strategies to emerging platforms and trends. By continuously monitoring consumer behavior and market dynamics, advertisers can identify new opportunities for engagement and effectively incorporate these platforms into their overall marketing mix.

In summary, the success of advertisers in today’s world hinges upon their ability to recognize and respond to the multi-platform nature of media consumption. By embracing a comprehensive presence across various platforms, advertisers can more effectively reach their target audiences and achieve their marketing objectives. Continual adaptation and optimization based on consumer behavior and emerging trends will enable advertisers to stay ahead in a rapidly evolving media landscape.

Factors driving digital transformation in media industry

Demographics

The expansion of the global middle class is driving a corresponding increase in the demand for new media services. This demand is being significantly shaped by the preferences and expectations of millennials, a generation that seeks convenience, immersive experiences, and instant access to content through technology-driven solutions. Additionally, the aging population worldwide is generating a surge in demand for health and wellness, entertainment, and educational services tailored to the needs and interests of older individuals. Furthermore, the rapid pace of urbanization is fueling a growing need for media offerings that cater to commuters and individuals with busy work lives, ensuring seamless integration into their daily routines. As these demographic and societal shifts continue to unfold, media companies must proactively identify and develop innovative services that align with these emerging demands, effectively catering to diverse consumer segments and unlocking new growth opportunities.

New consumer behaviors and expectations

The prevalence of digital media has ushered in a paradigm shift in consumer behaviors and expectations. Particularly, younger generations demonstrate a strong inclination towards consuming content from diverse global sources, while exhibiting heightened discernment in identifying marketing or PR-driven content camouflaged as editorial material. Moreover, the emergence of amateur content creators has brought about a transformation in consumer expectations, with an increasing appreciation for curated content that simplifies their consumption experience.

Furthermore, consumers are increasingly cognizant of the digitization of their daily lives and the potential monetization of their online activities by external entities. This heightened awareness highlights a growing concern regarding data privacy and the commercialization of personal information.

In light of these evolving dynamics, businesses operating in the digital media landscape must proactively adapt their strategies to align with shifting consumer preferences. This entails transparent and authentic content creation, the provision of curated experiences, and the establishment of robust data privacy practices to foster trust and engagement with their target audiences. By addressing these emerging consumer behaviors and expectations, organizations can navigate the digital media landscape successfully and forge meaningful connections with their customers.

Ecosystem challenges

The proliferation of startup companies is revolutionizing the established media landscape by introducing innovative products and services that cater to the evolving preferences of modern consumers. These startups are adept at meeting the demands of an audience that has grown accustomed to instantaneous access to content across global platforms.

However, the legal frameworks pertaining to intellectual property rights have yet to fully adapt to the expectations of this new generation of media consumers. With an increasing reliance on digital media, consumers now anticipate the ability to access content at their convenience, regardless of their geographical location or the time of day. This misalignment between consumer expectations and current legal frameworks presents a challenge in effectively addressing the evolving landscape of media consumption.

To navigate this discrepancy, policymakers and industry stakeholders must engage in ongoing discussions to develop and refine legal frameworks that strike a balance between protecting intellectual property rights and accommodating the changing dynamics of media consumption. By fostering dialogue and pursuing collaborative solutions, a more robust and adaptable legal framework can be established, enabling both innovative startups and established media entities to thrive in an environment that meets the demands of contemporary consumers.

23
May, 2023

3 Sets of Initials Key to Digital Transformation: VDI, ERP, CRM

As the digital landscape continues to advance, businesses must adapt their strategies to keep up with the evolving trends. In the current scenario, embracing a digital transformation strategy has become more crucial than ever before. Fortunately, there is a wide array of solutions and services available to assist businesses in staying abreast of this rapid evolution. However, three key elements stand out as essential for maintaining competitiveness in the modern world:

  1. Virtual Desktop Integration (VDI): VDI facilitates the relocation of hardware infrastructure to an off-site datacenter. Rather than managing their own servers, businesses can access critical data and files through the cloud. This approach enhances mobility, enabling users to work remotely and significantly improving productivity in an era where enhanced mobility translates to improved performance.

  2. Enterprise Resource Planning (ERP): Today’s ERP systems extend far beyond traditional accounting software. Modern ERP solutions are compatible with cloud environments and empower businesses to efficiently manage various aspects such as personnel, finances, and supply chains. Given the prevalence of regulatory requirements, frequent disruptions in the supply chain, and resource constraints, effective management of these elements has become more crucial than ever. ERP systems provide automation and streamlined management of vital processes, helping organizations navigate these challenges.

  3. Customer Relationship Management (CRM): CRM tools have evolved to enable businesses to engage with customers on multiple levels, encompassing social media interactions, drip campaigns, and pay-per-click advertisements. In an era where brand engagement and customer experience play pivotal roles in determining business success, implementing a modern CRM solution is paramount. Such a system empowers businesses to cultivate strong customer relationships, a factor critical for sustained growth and profitability.

Having outlined the essential components, let us now examine the specific benefits associated with each of these solutions.

VDI

Virtual Desktop Infrastructure (VDI) is an advanced technology that leverages virtual machines to manage and deliver virtual desktops. Unlike traditional desktop setups tied to specific physical devices, virtual desktops are preconfigured operating system images and applications that can be accessed from any compatible device. VDI enables the hosting of desktop environments on a centralized server, which can be provisioned to end-users as needed. A notable example of Desktop as a Service (DaaS) is Microsoft’s Azure Virtual Desktop, renowned for its Windows 10 VDI multi-session feature, enabling efficient scalability by accommodating a larger user base on a smaller pool of virtual machines. Windows VDI, a cloud-based desktop and application virtualization service, offers a multi-user Windows 10 experience. In essence, VDI empowers organizations to deploy Windows virtual machines that can be accessed from anywhere, at any time, making it an optimal solution for remote workers.

Virtual Desktop Infrastructure (VDI) operates by segmenting servers into virtual machines that host virtual desktops, enabling users to access them remotely from their devices. These virtual desktops can be accessed from any device or location, with all processing handled by the host server. To establish a connection, users utilize a connection broker—a software-based gateway that acts as an intermediary between the user and the server.

VDI provides numerous advantages, including user mobility, accessibility, flexibility, and enhanced security. Previously, the high-performance requirements of VDI made it costly and challenging to implement on legacy systems, thereby acting as a barrier for many businesses. However, the growing adoption of hyperconverged infrastructure (HCI) in the enterprise sector has provided a scalable and cost-effective solution with improved performance.

While VDI’s complexity may not make it suitable for every organization, those that do adopt it can benefit from a range of advantages, such as:

  1. Remote access: VDI enables users to connect to their virtual desktops from any location or device, facilitating easy access to files, applications, and the ability to work remotely from anywhere in the world.

  2. Cost savings: As processing occurs on the server, the hardware requirements for end devices are significantly reduced. Users can access their virtual desktops from older devices, thin clients, or even tablets, diminishing the need for IT departments to invest in new and expensive hardware.

  3. Security: In a VDI environment, data is stored on the server rather than the end client device. This ensures data protection in the event of a stolen or compromised endpoint device.

  4. Centralized management: VDI’s centralized format simplifies IT management tasks, allowing for easy patching, updating, and configuration of all virtual desktops within the system.

By considering these benefits, organizations can make informed decisions regarding the implementation of VDI in their operations.

ERP

Digital transformation encompasses the incorporation of advanced digital technologies throughout all aspects of a business, aiming to enhance the customer experience and optimize core operations. Its primary objective is to discover novel methods of generating value and improving overall business efficiency.

Preparing the Ground for Digital Transformation To establish a cognitive enterprise, it is imperative to modernize the business landscape. Many organizations employ Enterprise Resource Planning (ERP) software as a fundamental tool to propel their digital advancement. Well-configured ERP software empowers organizations to drive strategic transformations and seamlessly integrate state-of-the-art technologies.

ERP systems exist in both generic and industry-specific variants. For manufacturers to effectively leverage innovative technologies, it becomes essential to implement a manufacturing-specific ERP solution. Manufacturing ERP oversees all business and manufacturing operations, encompassing personnel, resources, and inventory, while promoting collaboration through integration.

By consolidating all business data into a single database, ERP software serves as a unified reference point for every department, eliminating data silos. In the context of manufacturing, ERP systems expertly manage, automate, track, and connect every stage of a dynamic manufacturing process, starting from the receipt of a customer order to the final shipment of the completed order.

Enhancing Business Operations with Cloud ERP

  • Security: Cloud ERP employs a robust data isolation architecture that ensures enhanced security and facilitates swift data access. Employing a multilayered security approach, it safeguards your most valuable asset—your business data.
  • Interoperability: Cloud ERP fosters seamless connectivity across the organization, promoting collaboration between departments while ensuring the utilization of a unified data source. Furthermore, it facilitates integration with existing applications within your organization or any additional ones required as your business scales.
  • Configurability: Cloud ERP offers the flexibility to tailor the system according to your business requirements. You can configure processes, collaboration methods, and documents to align with your specific needs. Additionally, it allows the integration of digital technologies such as IoT, AI, and Machine Learning to enhance efficiency and productivity within your manufacturing operations.
  • Usability: Cloud ERP boasts an intuitive user interface, simplifying system adoption and minimizing the learning curve. Its ease of implementation reduces the reliance on IT staff, if at all. Furthermore, vendor-managed updates and maintenance alleviate the burden on in-house IT personnel.
  • Globalization: As businesses venture into global markets and expand into new geographical regions, an ERP system capable of supporting country localizations and multiple subsidiaries becomes indispensable. Modern cloud ERP enables seamless data sharing across operations, business units, and global enterprises.
  • Analytics: Cloud ERP empowers users with robust analytics capabilities, enabling real-time insights into the performance of various aspects of the business. It facilitates predictive analysis to assist in forecasting, while accommodating various key performance indicators (KPIs) for measuring tasks, quality, cycle times, and more.
  • Agility: Cloud ERP streamlines workflows and provides expedient access to the data required for swift and informed decision-making. With mobile access, staff members can work efficiently from diverse locations such as the plant floor, customer sites, airports, or even their homes. Additionally, cloud ERP allows for seamless scalability, accommodating the addition of user licenses or modules as your business grows.

CRM

The digital transformation of Customer Relationship Management (CRM) has emerged as a pivotal advancement over the past decade, and its evolution continues to be driven by emerging frontiers such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT). These transformative digital technologies have significantly impacted the CRM landscape, shaping the direction of CRM platforms and technologies in profound ways. Their influence on CRM is evident and tangible, revolutionizing the way organizations manage and engage with their customers.

CRM digital transformation is being propelled by various digital technologies and concepts that are reshaping the landscape.

  • Cloud computing has played a significant role in revolutionizing CRM with the advent of cloud-based Software as a Service (SaaS) solutions. It goes beyond mere remote servers, fundamentally changing how modern systems are developed, deployed, upgraded, and accessed. The user-centric design and accessibility from any device have empowered sales and service teams to be more productive, offering improved customer service.
  • Self-service portals have emerged as another transformative digital revolution in CRM. These portals consolidate functionality and enable customers, partners, and agents to access CRM systems for self-service capabilities. They facilitate seamless integration of customer and partner activities into CRM systems while providing one-click access to company personnel. The evolving portal technologies offer advanced features like customer segmentation, customized content, and consolidated communications.
  • Social media has become a driving force in CRM digital transformation. Enterprises leverage social media platforms for marketing, advertising, customer engagement, service, and advocacy. Social CRM systems integrate with social media channels, acting as a centralized repository for client communications and interactions. This wealth of data enables sales and service teams to engage customers effectively and on their preferred channels.
  • The mobile revolution, sparked by the introduction of touch-based devices like the iPhone, has accelerated CRM digital transformation. Mobile devices enable customers to access sales and service channels, while CRM functionalities seamlessly adapt to mobile platforms. This mobility empowers businesses to engage with customers on the go and offer personalized experiences.
  • Analytics have become crucial in the information age, where data overload can impede decision-making. Advanced analytics capabilities transform CRM platforms from passive data repositories into powerful systems that drive insight-driven interactions, enabling businesses to make informed decisions based on meaningful data.
  • Artificial intelligence (AI), machine learning, and related technologies have moved beyond science fiction and are now integral to CRM. Companies like SalesForce.com leverage AI and machine learning to enhance sales team productivity and optimize customer engagement. The future trajectory and potential of these technologies within CRM are yet to be fully realized.
  • Chatbots have gained popularity as intelligent systems within the CRM landscape. While still in their early stages, chatbots offer the promise of context-driven conversations and intelligent interactions with prospects and customers. Seamless integration with human support allows for a personalized and efficient customer experience.
  • The Internet of Things (IoT) presents a tangible opportunity for CRM as the physical and virtual worlds converge. Leveraging IoT devices like beacons, businesses can gather real-time customer data and provide personalized offers based on location. IoT data from various sources, such as cars, wearables, and appliances, holds significant potential for CRM strategies and customer engagement.

Check out Slitigenz's latest project on digital transformation for the ERP & CRM sector

8
May, 2023

Digital Transformation in the Retail Industry in 2023

Retail digital transformation refers to the strategic integration of technology into retail operations with the goal of improving efficiency, customer experience, and growth. It encompasses a range of activities such as contactless ordering, curbside pickup, self-checkout systems, cost optimization, and AI-powered product recommendations.

In today’s retail landscape, digital transformation has become a necessity for staying competitive and meeting consumer expectations. As per recent research by Gartner, the trend towards online shopping will continue to accelerate, with more than 50% of all consumer spending projected to be done online by 2023. Moreover, nearly 60% of online transactions will be carried out on mobile devices, emphasizing the need for retailers to optimize their digital capabilities. Thus, embracing digital transformation is critical for retail leaders to remain relevant and sustain growth in the coming years.

What’s Driving the Demand for Digital Transformation in Retail?

The global retail industry, which employs 1.8 billion people, represents a $7 trillion market with approximately 3.2 billion consumers shopping online. In the past, retailers focused primarily on competitive pricing, store proximity, convenience, and product variety to drive value and loyalty among customers. However, in today’s digital age, personalization in communication and marketing strategies is critical for retaining existing customers and attracting new ones.

By leveraging data and insights, retailers can increase the frequency of purchases by existing customers and target high-value customers who typically shop at traditional retailers. Consequently, the demand for digital transformation in the retail industry has intensified as it has the potential to directly drive revenue and growth for retailers.

Challenges in the Digital Transformation of the Retail Industry

Digital transformation in the retail industry presents several challenges that need to be overcome to reap the benefits fully. Some of these challenges are:

  1. Resistance to change Retailers who are accustomed to traditional methods of managing their business may find it challenging to switch to a new system. This can create resistance to the adoption of digital methods, resulting in slow or incomplete digital transformation.

  2. Cost considerations Digitally transforming a retail company can be a costly endeavor, requiring significant investments in both technology and human resources to implement an efficient management system. Small and medium-sized retailers often face budget constraints that hinder their ability to undertake a complete digital transformation.

  3. Technological complexity The implementation of advanced technologies such as blockchain, the internet of things, and augmented reality can be complex. The intricate details, analysis, steps, and procedures involved in digitizing a retail system can be confusing, and those without expertise or experience in the field may find it challenging to navigate through a digitized retail system.

Benefits of Digital Transformation in the Retail Industry

Digital transformation in the retail industry can offer several significant benefits, including increased customer retention. By leveraging data and insights, retailers can segment their customers, analyze their buying behavior, and develop personalized communications and promotions to improve customer loyalty. For example, a fitness enthusiast who regularly purchases health supplements from a retailer can be targeted with personalized promotional campaigns to increase purchase frequency and retention. A notable example of this is Target, the 7th largest retailer in the United States, which has digitally transformed its retail experience using sophisticated technologies such as artificial intelligence, machine learning, and predictive analytics to identify the needs of their customers based on their past store purchases. This approach has led to improved customer experience and enabled mass personalization for businesses, resulting in increased customer retention.

Digital transformation has several benefits in the retail industry, including providing useful market insights, implementing efficient marketing campaigns, easier inventory management, and improved customer service. By utilizing consumer data analysis, retailers can generate helpful market insights that outline specific actions and strategies to increase growth and profitability, and better understand their customers. Implementing technologies such as CRM, data analytics, and marketing automation allows retailers to create personalized and targeted marketing campaigns and identify patterns and trends. Using digital technologies also streamlines and automates inventory processes, increasing operational efficiency and enabling quick order fulfillment, warehouse management, and safety stock management. Digital transformation also allows for an omnichannel customer experience, where customers can receive help and support across multiple channels, including self-service options on chatbots, resulting in round-the-clock personalized customer service while minimizing interactions and reducing costs for retailers.

Digital Transformation Trends in Retail

The retail industry has seen significant digital transformation trends that are expected to continue in 2023. Here are some of the most prominent trends:

  1. Big data Retailers are increasingly leveraging big data to understand their customers better and provide personalized and efficient shopping experiences. Predictive and prescriptive analytics help manage inventory, merchandising, and procurement strategies, leading to better return on investment.

  2. Omnichannel Omnichannel retailing is gaining popularity among customers who expect a seamless shopping experience across different channels. Retailers are synchronizing business transactions with customers via social media, emails, websites, and other channels. Home Depot, for example, has created personalized shopping experiences through click-and-collect and personalized marketing.

  3. Internet of Things (IoT) IoT technology, such as GPS and RFID, has revolutionized how retailers track products in the supply chain. Retailers also use geofencing to control shoplifting, which costs them millions of dollars daily.

  4. Blockchain Blockchain technology is gaining traction in retail due to its enhanced security, efficiency, and transparency. It helps track products in the supply chain and stores information in a decentralized ledger. Nestle, for example, has been using blockchain to track its products and expanded its use to its Swedish coffee brand Zoegas.

  5. Augmented Reality (AR) Augmented reality creates unique digital experiences, enabling brands to enrich interactions with their customers. Virtual simulations help users interact better with products from their homes, while virtual stores combine traditional retail experiences with e-commerce.

Conclusion

In today’s market, where online shopping and other e-commerce options are gaining popularity, digital transformation has become a crucial factor for retailers who want to remain competitive. Failure to adopt technology and data-driven strategies could lead to being outcompeted by more innovative businesses. Therefore, retailers must stay informed about current trends and technologies to set themselves up for success and growth. By staying updated and investing in digital transformation, retailers can remain relevant and competitive in the ever-evolving retail industry.

21
Apr, 2023

6 Stages of Digital Transformation in F&B

According to Prophet’s research, there are six distinct phases of digital maturity that can be applied to F&B operations. The placement of your organization along this linear progression is contingent upon your digital objectives and the extent to which you are actively working towards them.

It is important to note that achieving a high level of digital maturity, such as stage #5, cannot be accomplished by a single facet of your business while other areas remain stuck at stage #1. This is not a feasible approach.

To effectively succeed in digital transformation within the F&B industry, it is imperative to garner support from upper management, colleagues, and employees alike. Additionally, a multi-disciplinary approach that integrates leadership, personnel, technology, processes, data, and analytics is necessary.

Let us now closely examine each of the six stages of digital transformation in F&B, and discuss how to effectively navigate through them by incorporating “people”, “processes”, and “analytics” strategies. This breakdown will be provided below the roadmap infographic.

Stage #1 Business as usual

The current approach is characterized by a predictable legacy perspective that influences all aspects of your operations, including menu engineering, scaling, and expansion of F&B locations. This mindset can be described as a “we’ve always done it this way” mentality that may hinder innovation and progress.

Leadership & People: As a leader, it is crucial to proactively educate and highlight success stories of digital transformation (DT) in the F&B sector. This can be achieved by showcasing case studies of competitors who have embraced DT initiatives and demonstrating the benefits of early investment in such endeavors to top management.

Tech & Processes: An evaluation of your existing technology and processes is essential. Are you utilizing outdated legacy systems that isolate your data? Do your technological solutions suffer from bloat and inefficiencies? Are your processes error-prone, resulting in unnecessary costs? These are critical questions that need to be addressed.

Data & Analytics: To make informed decisions in the F&B industry, it is imperative to have data-driven insights. Are you leveraging data to its fullest potential? Are there any gaps in the data you are collecting that need to be addressed?

When considering your F&B operations, it is crucial to recognize that legacy ERP-based technology may result in data-rich but information-poor (DRIP) outcomes. This highlights the need for an AI-ready restaurant management platform to optimize your operational ecosystem and drive meaningful insights from your data.

Stage #2 Present & active

As your F&B operation begins to recognize the advantages of digital transformation, including the integration of AI-supported technology and processes, pockets of innovation are emerging. Examples of these innovations include digitizing stock-taking or procurement based on sales forecasts.

Leadership & People: Leverage these pockets of innovation to create compelling case studies. Consider inviting guest speakers to educate other executives on the benefits of digital transformation. Additionally, assemble a dedicated team to map out a comprehensive roadmap for digital transformation, encompassing F&B processes, technology, and potential organization-wide projects.

Tech & Processes and Data & Analytics: Implement back-of-house technology specifically designed for data collection at select locations to identify potential gaps in your operations.

Select one location to undergo a thorough process overhaul, carefully tracking performance and monitoring changes in food cost percentage, inventory variance, and food wastage levels. Utilizing tools such as Apicbase can streamline and automate time-consuming tasks in your F&B operations, such as inventory tracking.

Stage #3 Formalised

The pivotal point of real change in digital transformation (DT) for the F&B industry is often initiated by a change agent, typically a cost-conscious COO or a high-level F&B executive. Despite operating on tight budgets, tangible results must be achieved swiftly.

Leadership & People: Formalize your DT efforts by assembling a dedicated team. Overcome objections from top brass and secure budgets for pilot programs by partnering with HR, finance, and IT departments to create a multi-disciplinary team.

Tech & Processes: Begin the process of replacing legacy technology, such as modified ERPs and point solutions, with platform-based solutions that can seamlessly connect various back-of-house (BoH) operations.

Implement technology solutions that can communicate with each other. For example, utilizing Apicbase can involve integrating with your HR systems to optimize shift scheduling and reduce labor costs, or connecting with your POS system for data-driven planning and forecasting.

Revamp processes with consideration for the new technology in use. Automate tasks wherever possible, introduce digitally forward processes, and eliminate outdated practices. Apicbase can serve as a valuable tool, acting as a “Rosetta Stone” that automatically translates recipes into bills of materials (BOMs) based on desired quantities, which are then transformed into accurate purchase orders.

Data & Analytics: Identify gaps in data measurement and take steps to close them, including areas such as recipes, stock, and sales. With technology now automating complex manual calculations, such as actual food costs or bills of materials, collaborate with IT and other departments to create a customized analytics dashboard tailored to your F&B operation’s specific needs.

Stage #4 Strategic

The pivotal point of real change in digital transformation (DT) for the F&B industry is often initiated by a change agent, typically a cost-conscious COO or a high-level F&B executive. Despite operating on tight budgets, tangible results must be achieved swiftly.

Leadership & People: Formalize your DT efforts by assembling a dedicated team. Overcome objections from top brass and secure budgets for pilot programs by partnering with HR, finance, and IT departments to create a multi-disciplinary team.

Tech & Processes: Begin the process of replacing legacy technology, such as modified ERPs and point solutions, with platform-based solutions that can seamlessly connect various back-of-house (BoH) operations.

Implement technology solutions that can communicate with each other. For example, utilizing Apicbase can involve integrating with your HR systems to optimize shift scheduling and reduce labor costs, or connecting with your POS system for data-driven planning and forecasting.

Revamp processes with consideration for the new technology in use. Automate tasks wherever possible, introduce digitally forward processes, and eliminate outdated practices. Apicbase can serve as a valuable tool, acting as a “Rosetta Stone” that automatically translates recipes into bills of materials (BOMs) based on desired quantities, which are then transformed into accurate purchase orders.

Data & Analytics: Identify gaps in data measurement and take steps to close them, including areas such as recipes, stock, and sales. With technology now automating complex manual calculations, such as actual food costs or bills of materials, collaborate with IT and other departments to create a customized analytics dashboard tailored to your F&B operation’s specific needs.

Stage #5 Converged

At this stage, the Chief Digital Transformation Officer (CDTO) has earned a prominent position at the executive table, as digital technology now serves as the backbone of the organization’s operations. New roles are being introduced, and the entire operation is leveraging data-rich information to guide decision-making.

Leadership & People: Change agents and early sponsors of digital transformation have now assumed leadership roles in shaping the operational strategy. The objective is to identify synergies between pilot programs, connect the dots in the digital landscape, and facilitate the smooth rollout of the digital strategy.

New hires should possess digital literacy and support the new digital infrastructure, including roles such as AI and machine learning experts, innovators, and futurists.

Tech & Processes: All technology in use at this stage is cloud-based, blurring the line between technology and processes, as most actions do not require manual execution and monitoring, but rather approval.

For instance, Apicbase can detect the required ingredient levels for pasta Bolognese, automatically create a bill of materials, calculate quantities, choose the best vendor based on packaging options and lead times, and generate a purchase order ready for approval.

Data & Analytics: Begin testing a process that leverages data from disparate sources, both internal (such as vendors and recipes) and external (such as current events and weather), to make more accurate business predictions.

Layering AI and machine learning on top of your technology and data can assist your back-of-house (BoH) operations in automating more complex actions, such as automatic vendor selection and making informed judgement calls on vendor choices.

Utilize increasingly precise data and insights to experiment and develop new business models, such as implementing automated or semi-automated F&B kiosks outside main locations, introducing delivery services, expanding into cloud kitchens, and exploring similar opportunities.

Stage #6 Innovative & adaptive

In your F&B organization, constant innovation has become ingrained as a way of life. You diligently monitor industry trends, conduct pilot programs involving smart digital menus, robotized waiters, and fully automated kitchens, and scale up successful initiatives. This innovative mindset empowers you to diversify your business models and generate new revenue streams with unprecedented agility.

At stage six of your F&B digital transformation, it’s not just your F&B operations that have undergone reinvention, but your entire organization has transformed into a digitally-empowered organism. Digital transformation is now deeply embedded into the DNA of your culture, and both new and existing employees possess significant digital prowess. Your technology, processes, people, leadership, and analytics are all aligned towards the common goal of supporting innovation, experimentation, iteration, and the adoption of effective strategies while discarding what doesn’t work.

Although not every F&B operator has reached this stage yet, the team at Apicbase is committed to helping you get there by providing cutting-edge solutions and relentless efforts towards advancing your digital transformation journey.

Your F&B Digital Transformation is Around the Corner… But It Has to Start Somewhere

It is crucial to start your F&B digital transformation journey today, as you now understand that it encompasses your entire operation. This realization can be both sobering and overwhelming, especially considering that different parts of your global operations may not progress in lockstep through this process. Your customer support, HR, and marketing may be at varying stages of digital transformation, but it is your F&B operations, particularly the back of house (BoH), that should be the focus.

Whether you are a restaurant chain, a large hotel brand, or an enterprise caterer, your BoH operations hold the key to driving meaningful change and achieving tangible results. By making your BoH operations the North Star of your digital transformation journey, you can create a success story that sets the pace for the rest of your operations to follow.

It’s time to move beyond theoretical discussions and take action by investing in your digital transformation efforts. Let’s demonstrate our commitment by putting our resources where our intentions are.

Check out Slitigenz's latest project on digital transformation for the F&B sector

31
Mar, 2023
Digital Transformation ‘MedTech’ Industry

Digital Transformation Stands Crucial to ‘MedTech’ Industry

The pervasive influence of digital technology is reshaping every industry, regardless of size and financial strength. The healthcare industry has been a pioneer in the adoption of emerging technologies to advance next-generation healthcare services. This has resulted in the growth of the MedTech industry as we know it today. According to recent reports, digital transformation (DX) is revolutionizing the delivery of healthcare services and ultimately, the fortunes of MedTech companies.

Digital transformation in the MedTech industry has two core objectives: to enhance service continuity for patient care and to improve the efficiency of MedTech companies’ internal operations. The implementation of these objectives has had a positive impact on the performance of MedTech companies in terms of operating margins and overall revenue generation.

Moreover, the digital trend is also driving innovation and creativity in MedTech companies, enabling them to introduce novel medical devices and services that better meet the needs of patients and healthcare providers. With the increasing importance of digital technology in the healthcare industry, it is imperative for MedTech companies to stay ahead of the curve and leverage the benefits of DX to remain competitive in the market.

Digital Transformation of MedTech Industry

The MedTech industry is expected to experience a significant rise in revenue, with digital transformation initiatives projected to contribute to its growth at a Compound Annual Growth Rate (CAGR) of 6.3% between 2018 and 2024, adding up to USD 241 billion in revenue, according to Frost & Sullivan, a leading market research firm. The availability of advanced digital solutions such as analytics, AI, and augmented or virtual reality is having a considerable impact on the internal operations of the MedTech industry, including manufacturing, as well as on external areas of care delivery, states Siddharth Shah, Program Manager of Transformational Health at Frost & Sullivan.

This transformation is creating novel opportunities, such as gamification, patient engagement, device data analytics, and medical device cybersecurity for the industry’s growth in the future. However, the report highlights that North America and European markets are more mature in adopting digital transformation solutions, given their technological sophistication, regulatory support, and investment. The Asia-Pacific and Latin America markets are next in line for readiness to adopt such solutions.

The report suggests that North America, Europe, and Asia-Pacific together represent 89% of the overall opportunities for MedTech digital transformation solutions globally. Although the widespread adoption of digital solutions remains a challenge, it is expected to improve significantly, driven by the demand from tech-savvy users and the pressure within the industry to improve margins and efficiency, observes Shah. Some pioneering health systems are already experiencing positive returns on investment from their digital solutions, which is creating a positive outlook for the industry’s future receptivity to MedTech solutions. The report notes that support from regulatory bodies will further help achieve this goal.

To leverage the benefits of digital transformation (DX), Frost & Sullivan recommends that MedTech companies should prioritize the following strategies. Firstly, companies should seek partnerships that provide access to patient care insights and opportunities for growth. Secondly, they should invest in cost-effective solutions that prioritize patient care. Thirdly, companies should consider shifting from a one-time device sales model to a predictable subscription-based revenue stream to reduce bulk capital expenses and make operational costs more affordable. Lastly, innovative solutions should be implemented to improve brand loyalty and differentiate from competitors.

Moreover, DX offers immense opportunities for MedTech companies to enhance their offerings through value-added services such as remote monitoring, telemedicine, and other patient-centric solutions. These services can enable MedTech companies to deliver personalized care and improve patient outcomes while generating new revenue streams. Additionally, DX can also enable MedTech companies to optimize their supply chain operations, reduce costs, and enhance their overall efficiency.

By embracing these strategies, MedTech companies can position themselves for long-term growth and success in the rapidly evolving digital landscape of the healthcare industry.

Riding the Wave of Digital Transformation in MedTech

In the digital era of the MedTech industry, data is a valuable asset that is widely available across the organization, medical devices, electronic medical records (EMRs), and social media platforms. This data provides essential context for patient responses to medical devices or therapies and fuels the healthcare information system. MedTech companies must leverage this abundant data to drive innovation and demonstrate the effectiveness of their products in improving care and reducing costs.

To achieve these goals, MedTech companies must ask themselves the following questions. Firstly, do they have a comprehensive strategy for digital transformation that includes interoperability, data governance, and analytics? Secondly, can they seamlessly connect device and clinical data from EMRs and other healthcare information systems? Thirdly, for value-based care or outcome-based contracts, are they identifying the patient cohorts and care pathways most likely to benefit from their devices and therapies, and creating real-world evidence of efficacy and cost reduction? Fourthly, are they capable of easily consuming and aggregating data in any format in real-time? Finally, do they have a unified information system that can supply data from all sources for advanced analytics, machine learning, and artificial intelligence initiatives?

If a MedTech company cannot confidently answer ‘yes’ to all of these questions, it may be time for a fresh approach to digital transformation. By implementing a robust digital transformation strategy that leverages the power of data, MedTech companies can access new customers and succeed in value-based care contracts, ultimately driving innovation and growth.

Trends and Developments in the Medical Devices Industry

The medical device industry relies heavily on technology, which is driving digital transformation in all aspects of the field. Additive manufacturing, such as 3D printing, is becoming increasingly prevalent in traditional manufacturing, with parts and prototypes being designed digitally and then printed layer by layer using metal, plastic, or resin. This method is particularly useful for one-off replacement parts and rapid prototyping, as it can increase profitability, keep production lines operational, and even reduce time to market.

Smart factories, empowered by the Internet of Things (IoT), are revolutionizing asset management by shifting from reactive to predictive maintenance. By continuously monitoring plant assets, the IoT can detect performance inconsistencies before they become problematic. Furthermore, IoT systems can adjust the environment to maximize productivity for both people and machinery, through the continuous monitoring and adjustment of lighting and temperature, among other factors. Additionally, IoT can improve quality control by monitoring output and testing predetermined factors.

In a digital world, collaboration is made easier, and medical device manufacturers are taking advantage of this by collaborating with drug manufacturers to create devices to administer novel drugs. For instance, Takeda Pharmaceuticals and Portal Instruments recently joined forces to develop a biologic drug that can be delivered in a patient’s home without the need for a needle or hospital visit. This new technology is improving the patient experience, and it represents an exciting opportunity for further innovation in the industry.

The medical technology and pharmaceutical industries are increasingly collaborating to develop innovative solutions for diabetes control and cancer treatment. Digital collaboration facilitates the secure exchange of vast amounts of data between partnering companies. With the advent of Industry 4.0, traditional manufacturing processes are being transformed into agile supply networks that leverage new technologies to integrate the physical and digital worlds. Rather than following linear processes, the ecosystem of manufacturing is connected by a digital thread that facilitates the transfer of information, goods, and services. To achieve this, digital supply networks rely on the integration of enterprise resource planning (ERP), warehouse management system (WMS), third-party logistics (3PL), and e-commerce systems. In particular, B2B e-commerce platforms are proving vital to medical device manufacturers, wholesalers, and distributors in meeting the needs of their customers. By creating a B2B digital customer experience that is similar to B2C while ensuring regulatory compliance, these platforms enable users to customize their checkout workflows, pricing rules, and product data.

Check out Slitigenz's latest project on digital transformation for the Medtech sector

29
Mar, 2023

Finance digital transformation: 5 key rules & tools for 2023

Digital finance transformation is a comprehensive approach to financial management that leverages the digital landscape and innovative technology. When implemented effectively, it can yield numerous advantages, including enhanced efficiencies, minimized errors, expedited processes, optimized workforce allocation, and tangible financial gains. The wide-ranging and significant benefits associated with this approach have prompted CFOs worldwide to adopt finance process transformations. However, given that digital finance transformation involves end-to-end enhancement of processes, methodologies, and business practices, it can be a considerably challenging undertaking. While the scope of work required to execute finance transformation effectively may seem daunting, failing to take action could result in your company losing valuable ground, a risk that is unacceptable in today’s competitive and unforgiving markets.

1. Automate digital processes to support finance team growth

As businesses experience growth, they are faced with numerous challenges, and automation has emerged as a crucial necessity. As a company expands and its departments scale, its finance team must undergo a digital transformation to keep up with the pace. Therefore, finance professionals must identify the appropriate digital processes to automate and utilize effectively.

Pavla, whose company manages over 2,200 clients, has identified two critical priorities that require attention. Firstly, billing poses a challenge due to the complex nature of their pricing and billing structure, including payments processing, subscription billing, one-off fees, and transactional fees. To address this, Mews developed an in-house tool for subscription management, which is synced with Salesforce and their financial stack using Zapier.

Secondly, the general monthly close process is a key area to automate early on, as it is a common process in most businesses. With multiple people and dependencies involved, setting everything up in advance is essential to enable closing within five to six days for the full P&L. Pavla recommends Asana and task tracking management to achieve robust results in this regard.

2. Get the right tools for modern finance operations

Quentin faces similar challenges in Double, despite the company being significantly smaller in size. The finance team comprises only one-and-a-half individuals, but the challenges are the same, particularly in terms of billing clients, owing to numerous pricing exceptions and a large volume of data from their systems, as well as monthly closing.

To tackle these challenges, Quentin has adopted a centralized approach, utilizing QuickBooks for all accounting and some reporting purposes. The company’s financial tech stack includes Stripe for invoicing, Carta for employee ownership management, an automated Google Sheets script for billing, and Zapier for connecting most systems. However, Quentin emphasizes the importance of ensuring that all information flows seamlessly and automatically between these systems.

Nevertheless, achieving finance digital transformation requires specific skills, which Quentin acknowledges. Being a technology company, Double has access to engineering resources to make the necessary investments and develop scripts to simplify the finance function, particularly when it is fundamental to the organization.

3. Centralize data from your sprawling tool stack

When Pavla was selecting digital tools for her finance team, she was managing a team of 14 individuals. However, the company grew rapidly, and within four years, the team had expanded to over 300 individuals, which was unexpected for Pavla.

Despite this, Mews still operates on its initial tools, which include Xero, Dext for expenses, and ApprovalMax for approvals. For reporting consolidation, Excel files connected to databases are used, which are refreshed regularly, and they have proven to be stable.

Pavla considers the data warehouse to be a crucial part of the company’s tech stack. Microsoft Azure ETL tools and synchronizers are used to ensure that all of the tools used in the company are connected and stored in a single data warehouse. Although many of the processes that should have been automated with ERP were instead automated through database connections and setups, they have been successful in streamlining the company’s operations.

For Quentin, having a “data lake” that serves as a centralized repository for all structured and unstructured data is critical. This allows for the analysis and manipulation of data in one place. Regardless of the source of truth, building a robust data warehouse allows finance teams to support the digital transformation of their organization as a whole.

4. Build your own digital bots

Johan faces the challenge of scaling Rainbird Technologies’ finance function without incurring additional staffing costs, in addition to the need for more efficient process management. To address this, the team developed a digital finance bot that can “identify R&D projects in the business, similar to how a human would.” Via Slack, the bot communicates with department heads on a monthly basis to flag any new projects as R&D-related or not. The finance bot is being trained to support more of the company’s digital finance transformation, and is continuously acquiring new skills to help scale the finance function, which currently only consists of two members.

5. Hire and develop digital skills

Possessing data-related skills can be advantageous in the early stages of a company. According to Quentin, “many software engineering skills are useful in finance, and there is an interconnection between the two.”

His team has a strong digital presence. “Every role requires a data-driven approach and the use of technology. With regards to my mix of finance and operations, we have everything under one roof and can identify the best person to manage each function as we expand.”

In the future, as the company grows, he plans to hire more experts. “As we expand, we will be able to employ someone who is focused on adding value that we cannot derive from those systems.”

Pavla also agrees with this strategy. Her third hire was a technical student with excellent SQL skills who could create macros and basic automations to support the finance team.

“When they don’t have to export journal ledgers from accounting and then create pivot tables, it makes things much simpler for the rest of the team. They already have a Power BI report where they can just filter out the accounts they need.”

“As soon as feasible, I would recommend recruiting someone with SQL skills, at least for reporting, and possibly annual ledgers.”

As the organization grows, data-related skills become even more essential, contrary to popular opinion. According to Johan, technical hires become more crucial as the company expands. “If I had to recruit someone in the future, it would be a data scientist. I require someone who can evaluate data and extract insights beyond finance.”

Pavla recommends that finance specialists who are unsure how to identify and evaluate the right talents for their team rely on other team members. “Having a fellow developer assist you in identifying that person in an interview can be helpful. I’ve had colleagues who were more technical than I am checking people I was hiring.”

Why is Digital Transformation in Finance Important?

It is imperative for the finance industry to transition to digital practices to remain abreast of emerging technology and cater to consumer needs. While client-facing digital transformation initiatives have already proven to be beneficial, the finance industry still lacks back-office digitization efforts.

Digital transformation has revolutionized the customer-facing section of the industry, whether through AI-powered budgeting services like Digit or instant payment platforms such as PayPal. However, businesses must also focus on digital transformation processes for their back-office operations. This approach makes employees more productive, streamlines business functions, and enhances service delivery. The benefits of digital transformation in finance are as follows:

Reduced Errors and Reporting The finance function is plagued by human errors, regardless of the level of expertise of finance professionals. Simple errors, such as typos, broken links, and outdated data, can cause significant problems. Digital transformation advocates for the use of a single platform that provides a 360-degree view of reports and the numbers therein, making errors easier to spot. Moreover, data is shared and updated within a single system, minimizing the likelihood of outdated data. Centralizing and organizing everything across departments results in reduced errors and better compliance with finance laws and regulations.

Enhanced Security Finance operations require the handling of sensitive data, and finance professionals may not be cybersecurity experts. It is, therefore, the responsibility of CFOs and other leaders to find a system that prioritizes information security. A digitalized system allows sensitive data to be stored in a secure cloud-based system. SaaS solutions that cater to finance teams often offer advanced security to protect sensitive data and restrict access to it, even within a team.

Advanced Analytics Digital transformation empowers you and your team to leverage numbers, formulas, and other critical data to work for you, not the other way around. With innovative machine learning, AI, and real-time data processing, advanced analytics are easily accessible.

Manual review of analytics can be entirely overhauled, leading to improved accuracy and reduced time expended. Automated analytics, adaptable and not dependent on manual processes, can deliver intelligent insights with the right solution.

Improved Employee Performance Providing effective automation and collaboration solutions to your finance team is key to their success. Digital tools streamline repetitive, tedious tasks such as vendor management, cash flow forecasting, accruals, and audit preparation, resulting in improved employee performance.

Optimizing search tools, automating task execution, and enhancing business processes are essential elements of digital transformation. Ultimately, digital transformation provides support to finance teams, simplifying their jobs and increasing operational efficiency.

Key Takeaways for Digital Finance Transformation Despite lagging behind in finance back-office operations, digital transformation is gaining momentum, particularly in light of the recent pandemic. Uncertainty persists, making it crucial to implement digital processes enabling teams to work from home or adopt hybrid work functionality seamlessly with the necessary tools.

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