The changing times both require and encourage
Due to the given COVID-19 situation, the year 2020 will demand top global performance from entrepreneurs. In order to continue to achieve sales targets despite restrictions and lockdowns, they have to make far-reaching decisions. These include: restructuring such as staff reductions, redesign of procedures and processes and short-time work. In the course of the crisis, it became clear that investments made in digitization have led to a significant optimization of company processes. This is also shown in a survey by Statista, in which 53% of the entrepreneurs surveyed see a profound opportunity with regard to digitization in the economy.
Market analyzes also make it clear that companies, companies, corporations, etc. that make use of digital tools are far more successful and efficient, according to their respective balance sheets, than companies that still rely on outdated tools / systems. The main driver for the positive response to digitization is the emergence of potential errors, caused by pressure to act, manual data entry and a lack of overview of company-specific processes. Digital solutions offer sustainable support in terms of process automation and optimization.
In the further course of the report, 5 digital trends are described and to what extent they can bring benefits for potential users
- Process automation
- New ways of looking at things through digital tools
- Cost savings through artificial intelligence
- Data compliance and cloud systems
- More agile processes through 5G
Trend No. 1) Process automation
By using digital software solutions and applications such as KIs (artificial intelligence), ML (machine learning), real-time business monitoring systems, etc., strategic and operational measures can be designed more easily. They also enable the automation of complex processes and easier monitoring. This has the advantage that bottlenecks, but also possible potentials within the value chain, can be identified more easily and used for further conceptualizations. Furthermore, there is also the possibility of being able to analyze customer needs and customer behavior more easily in order to align products and services more precisely.
Caduceus Realtime Business Monitoring
-Optimize supply chains
– Ensure system integrity
-Cope with crises more easily
Trend No. 2) Generating new ways of looking at things through digital tools
Innovations and developments in the aspect of digital application options can open up new opportunities for users to purchase products and / or services. The implementation of digital solutions and the appropriate networking of systems, people, data and processes result in new options for both companies and customers. One such type of network is the IoT or Internet of Things. The function is that devices are linked to one another, immense amounts of data are collected through automated processes and processed promptly so that we can react as quickly as possible.
The Internet of Things has various possible uses. The augmented reality function, or also extended reality function, should be mentioned here. As a result, the real current state can be linked by adding virtual input, so that, for example, company-relevant interactions no longer have to be carried out on site. The use of augmented reality enables an expert to connect to the headquarters from any location and to follow what is happening as quickly as possible and to provide support.
Trend No. 3) Cost savings through artificial intelligence
The use of artificial intelligence in companies is increasing. The range of possible applications can promote efficiency in all possible areas and industries. An AI is designed to accelerate processes, procedures, etc. through machine learning, to relieve employees and thereby achieve cost savings. Furthermore, an AI can analyze customer behavior and customer needs by collecting and processing customer data and create offers in a more targeted manner.
A concrete example is predictive maintenance. This process enables predictive device maintenance in industrial companies, so that the availability of the machines is increased and costs can be saved at the same time.
Trend No. 4) Data Compliance and Cloud Systems
Cloud systems simplify the accumulation of data by linking several devices to one system. However, in the course of the transfer from an external data carrier, care must be taken to ensure that the respective data reaches the respective target system safely. The problem, however, is that the ongoing development of the technology simultaneously increases the challenges in relation to data security. Cloud systems are particularly susceptible to cyber attacks because of the way they work, as large amounts of data are stored centrally, some of which may come from external, potentially infected devices. This is where edge computing can be helpful. This is a cloud system in which data is distributed decentrally on several devices so that cyber attacks cannot attack the entire network.
Trend No. 5) More agile processes through 5G
The processing of big data is becoming more and more difficult, as the increasing volume of data can lead to higher processing times and bandwidth problems. In some cases, systems can be overloaded due to the high data contingent, so that disruptions or total failures can occur again and again. In order to counteract these problems, 5G supports Big Data through faster transmission with higher bandwidths.
The current COVID-19 situation expresses its negative, but also positive aspects. The virus made possible entrepreneurs aware of opportunities for improvement in their companies. The key to this lies in digitization. Through the use of business monitoring systems, AIs, cloud systems, etc., extensive process optimizations are possible in order to be able to create more efficiency in the market. Key figures of successful companies prove that the use of technical tools leads to enormous increases in performance and cost savings. Accordingly, digitization in companies should be considered in order to be able to draw competitive advantages from it.
Realtime Business Monitoring
We would be happy to advise you on how a business monitoring system can optimize your company processes.
Quelle: Statista Research Department-„Bewertung der Digitalisierung für Mittelstandsunternehmen in Österreich 2019“(https://de.statista.com/statistik/daten/studie/633710/umfrage/chancenbewertung-der-digitalisierung-fuer-oesterreichischen-mittelstandsunternehmen/)