MANAGING in the

NEW WORLD

Digital Transformation

A study anchored by Juniper Research recently concluded that the use of chatbots could reduce costs by up to eight billion US dollars every year till 2022. This is particularly true for banking and healthcare where human interactions have traditionally been longer. Per use of chatbots will lead to a decrease and time spent and overall savings. Customers do not mind dealing with robots as long as their work is done. Up to three quarters to ninety percent of interactions at such firms will not be handled by chatbots over the next five years. Advancement in technology would also lead to sophisticated health diagnostics done by such bots. Chatbots work using the principle of data warehousing. By storing huge troves of data it can predict moves of several customers as well as give answers to questions which have been asked in the past.

Source:http://www.cnbc.com/2017/05/09/chatbots-expected-to-cut-business-costs-by-8-billion-by-2022.html

Uploaded Date: 22nd May 2017

Managing digital transformation is the key to success in the e-commerce field. A different mindset is needed instead of the conventional retail ideas. But commonly some steps have been found that are symptoms of mismanagement affecting such firms. The first such symptom is a lack of customer engagement. A lot of these companies also suffer from periodic changes to the sales process. Business innovation involves experiment where without doubt occasional failures will arise. These failures must be treated as part of the learning curve. Yet some companies do not use them as proper tests to learn. IT is one aspect which needs to adapt fast with change, especially LEAN and agile methods. This doesn’t happen at mismanaged organizations and they also suffer from poor returns on investment.

Source:https://econsultancy.com/blog/69001-digital-leadership-why-change-management-is-key-to-ecommerce-success/

Uploaded Date: 22nd May 2017

The case of United Airlines with Dr. David Dao became infamous due to the video evidence of the elderly man being dragged out forcibly. This proved to be a PR disaster but it amplified following United’s CEOs blatant attempt at shifting the blame entirely to the customer. Later the CEO Oscar Munoz did communicate regret but the damage was done by then. Airlines are known for taking overselling of tickets to reduce risk of flying below capacity, with the assumption that some passengers would not turn up, but when this calculated risk doesn’t work off, it leads to disastrous results. Something similar happened to the writer during her recent flight from Holland to the UK. Thus some observations have come out on such PR disasters. First of all, during times of crisis, any organization having a disconnected CEO can led to such disasters. Corporate training programmes must take into account such scenarios to test policies or procedures to be adopted at such times. The staff need to be given that kind of training along with the pertinent information. Most importantly, any company must practice what is preached, so if any airliner has asked for volunteers to give up seats, it mustn’t force on the issue to anyone unwilling.

Source:https://www.forbes.com/sites/adrianswinscoe/2017/04/30/some-customer-experience-lessons-from-uniteds-and-my-own-experience-of-denied-boarding/#690da34da3ea

Uploaded Date: 22nd May 2017

Data science has historically been considered a niche field where people from highly trained backgrounds such as statistics form top colleges excel. However, now this must get promoted as a trade so that more number of people can get into the software coding part at least. That is why IT company Infor has started the Educational Alliance Program that targets students at various colleges itself to immerse in this hands –on training right from the outset. A range of skills are being imparted at this training. So far, this course has been initiated in 27 institutes, even though initially there was a lot of skepticism from academia. Once students qualify this course, they will either be placed with Infor or any of its partners, clients or customers. With artificial intelligence and data becoming increasing important, business analytics capabilities of companies are even more under the radar, as that will affect future growth.

Source:https://www.forbes.com/sites/bernardmarr/2017/03/24/how-digital-transformation-and-data-will-change-all-of-our-workplaces/#150896c75e04

Uploaded Date: 22nd May 2017

SKYLINE Knowledge Centre

Phone: 9971700059,9810877385
E-mail: info@skylinecollege.com
© 2017 SKYLINE. All right Reserved.