MANAGING in the

NEW WORLD

The overall sales process can be stressful for the entire team across the supply chain. This stress may further reflect on the customers in case proper service is not provided. In order to bridge this gap, real time processing of information is necessary to gauge business intelligence using data. An inventory management system is especially critical for an SMB. This will enable timely forecasting of inventory requirements. Retailers and e-tailers often struggle with exact inventory requirements thus spoiling customer relations in the long run. Also it is highly recommendable to fix the inventory management system rather than frequently changing the same.  

Consumer behaviours have already seen a lot of change thanks to the influx of technology but more is expected to take place. One such business innovation includes smart-phones. This allows organizations greater engagement possibilities with the target audience. Then there is the Cloud technology which sees an infinite capacity at processing abilities and a reduction for local storage demands. Wearables such as Google Glass, Fitbit and Apple Watch are proving to be extremely convenient and handy for users but also effective for corporates to dig into as data sources for business intelligence. The Internet of Things has so far just touched our lives, but is set to impact more. As a small example, refrigerators and coffee vending machines can now be connected to our smart-phones via the internet. Finally, analytics are getting personalized for individual uses, catering to different kinds of users.

The growing usage of cloud and the explosive growth of smart phones has given birth to ‘unicorn,’ a symbol of start-up dreams and disruptive change. Cloud can be the catalyst for capital starved entrepreneurs to come up with innovative business ideas disrupting not only entire industries but also the way we live, consume and procure information, goods and services. Cloud is cost effective, offers high scalability and eliminates the need for expensive technology infrastructure. Innovation capacity refers to the ability of an organization to shift resources to focus on new high-value business opportunities. Cloud can assist organizations to create surplus innovation capacity by removing IT resources from redundant maintenance and upgrade job. This spare innovation capacity can be leveraged to implement digital transformation and bring improvements in operations, productivity and digital consumer experience.  The report highlights how resources freed by Cloud in Australia were used effectively to improve business as well as capacity of both, employees and businesses. This created 9,914 direct new jobs and $1.8 billion in revenues in 2015 and the future looks bright. So, include cloud in your corporate strategy to release surplus innovation capacity.

Business consulting giant- PwC- has outlined some digital attributes which organizations must possess in order to succeed. The CEO must be the one to take digital initiatives. Also corporate strategy must be set by the digitally savvy leaders. The same must then be shared with the employees at the firm. External experts are aligned to provide broader perspective. Extensive usage of data is made of in these firms. The cyber –security measures taken must be top notch. Some companies fail to take a holistic view of digital and only invest for short term gains. This slow technology framework holds back number of companies.

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