Digitalization is grooming fast, with a potential to throw around 100 trillion dollars growth within the next ten years. With the fast pace, India is aiming to have a strong position to boost the GDP within the government programmes like “Make in India” and “Digital India”.
There remains a huge amount of data which supports the success of a well-planned inbound strategy making it worth for your company. However, the term is still new in the market with skepticism being strongly reckoned.
The increasing number of social media platforms and tech-awareness among adults have expanded the ways to connect consumers. Today, the consumer has become reachable and closer than ever before. This has developed the need for clever inbound approaches to consumers.
Technology has progressed itself in numerous ways, thanks to the man-made contributions to the computer and industrial technology, processes have been developed solely on one criterion, to make things easier and profound. While discoveries are constantly on the rise, computerized knowledge has been deeply modified to suit the technological needs.
Indian Railways welcomes Artificial intelligence through AI integration in the rail-track schedule. Government sector envisions AI-powered government services sooner than later.
A recent update on the railway suggested how Indian railways plan to finally bring technology to play the needful time-game. Now, Artificial intelligence (AI) shall be able to become an instrument in determining the condition of rail tracks.
Machine learning and Artificial Intelligence are some fancy words in the industry of technology, speaking of which, are playing a key role in the growth of tech-driven industries (almost all). Because of this, every industry entrant today strives to incorporate AI and machine learning in their business in some way expecting immediate and higher tangible returns. Many of them might not even understand the difference between the two or how it works.
Understanding the whys and wherefores of your project is critically important when it comes to marketing. Some of the recent data-driven campaigns outsmart the marketing tools in the industry. What role does the market research play in framing marketing campaigns?
Connected devices and fit-bits pop up in the mind when we hear Internet of things, although there’s much more to it which has several different bits and bytes. Industrial Internet of Things is a part of it. We’ll break down the concept into different segments to better understand its impact and how it will shape the future of manufacturing business.
What is Industrial Internet of Things?
The fundamental idea behind introducing Industrial Internet of Things is that smart machines have better accuracy, consistency in capturing the data and communicating the same. It is a subcategory of the Internet of Things which encompasses harness of the sensor data, machine learning, big data technology, automation technology and M2M communication that have been contributing the industry for many years.
The IIoT is mainly about linking smart sensors to the internet to use the data and knowledge for several business purposes. IIoT can potentially help business to take corrective measures and gain sustained green practices, quality control, track down the supply chain and get higher competence.
IIoT emphasizes on a closed environment while IoT is a wider concept involving IIoT as a part of it. The investment in IIoT industry is rising year after year.
Startups in Industrial IoT
A global market research suggests As we have seen wearable and handy devices have been the main attraction of investors in the Internet of Things industry, IIoT startups are soon to become next beloved investment boosting industrial growth.
The wide range of IIoT applications are yet to be explored and that has made it a key component to drive the blooming of IIoT industry. Incorporating sensors, intelligent decision making and the latest analytics, it transforms the way field assets and producing operations connect and converse.
What Impact Will IIoT Have In Manufacturing?
IIoT has the capability to yield greater productivity, therefore, greater output. It is set to foretell a revolution in the near future. The technology has worked well making an impact in the industry with the change in dynamic of the connected consumer. This behavioral change is massive enough to get noticed in the industry by all market players.
This has made implementation of IIoT unrestricted and freewheeling to core tech-firms. The implementation is also getting introduced in almost every other field, right from agriculture to retail.
#What Does It Offer?
- Potential to transform and increase the derived value from IIoT.
- Open standards-based automation technologies.
- Smartly connected products and systems which are a part of large and alert information infrastructure.
- Improvements in efficiency of the business with improved profitability and better cybersecurity.
- Better administration of performance and safety.
What Are the Challenges In the Implementation Of IIoT?
- The Industrial Internet of things was conceived to operate critical machinery. At any point where the timing of control is delayed, it can be a subject to failure. The time needed for a message pass over the network can be a serious issue.
- To utilize the full capacity of IoT, international organizations require conversing with devices which are a thousand of miles apart.
- Industrial IoT market also needs expansion and upgrades in the near future seeing the increasing expectations and demands. Simply put, it requires being built in an open, flexible hardware and software platforms to meet the needs.
Do not restrict yourself while considering the impact of IIoT on your firm, widen your perspective and think on a global level. Implementing IIoT in your business improves the overall efficiency and does more to make your product smart.
Studying the AI-powered innovations in the e-commerce industry, a market research answers how leading e-commerce companies adopt AI applications, understanding its impact and contribution to the market.
In the domain of AI technology, the constantly developing breakthrough and innovations in e-commerce world have allowed online retail industry dominator’s to incorporate advanced technologies into their business operations.
It continues to expand to serve a growing number of consumers, and it has spurred the need to streamline the operational business, eventually demanding an automated system.
Artificial intelligence in e-commerce
Incorporating AI technique in marketing operations is an attraction in Technology Industry. Following are few of the popular AI applications from leading e-commerce companies.
- Chabot’s (customer service)
- Image and voice recognition (search results)
- recommendation engines (product recommendations)
We’ll see how different companies are implementing AI for their e-commerce websites.
Leading e-commerce companies like Amazon & Alibaba today, integrate product recommendations based on buyers’ purchase history, location, background etc.
A report suggests product recommendation engines do a reasonable job, as such companies provide a good number of offers on their websites. Although companies do not reveal anything on its effectiveness.
An AI engine also creates personalized product-buyer matches to help sellers to increase their product sales.
One of the leading e-commerce companies based in China claims that the technique has helped them increase the conversion rate by 20% during its 24-hour-shopping event in 2016.
Combat fake reviews
Today, AI techniques can tap positive reviews instead companies paying influencers and others for positive reviews.
A leading company reported a machine-learning algorithm to filter online authentic reviews with added improvisation.
A research report shows, using neural networks, authentic reviews can be distinguished, and awareness of the misuse of AI is spread across the industry.
Prominent organizations in the fashion industry are planning to use AI to widen its marketing reach. Echo Look, an innovation that is similar to having a personal stylist. It integrates human advice and machine learning to provide a hands-free camera assistance.
Another AI innovation from the same organization allows users to take photos or videos of their outfit to post on social media.
Further, it compares outfits using data analytics. Speech recognition, natural language comprehension, dialogue systems, answering to different questions asked are few of the areas where companies are exploring AI system.
Smart supply chain
Enterprises exploring smart supply chain predict ever-changing buyer trends to allow traders improvise their products and other operations.
Supply chain design encourages innovation that might lead to improved products and services.
The smart transportation system is bringing advanced technology to transportation health care and governance sector.
Industry analysis says AI has aided companies to obtain vast customer data that discovers crucial issues and improving customer support management channels.
Many of the consumer inquiries get completely resolved using AI technology while all of them helps consumers to find support.
E-commerce industry giants are investing a huge number in AI technology to help boost return on investment and better the branding of the organization. Moreover, it is reshaping the online retail sellers functioning ultimately improving the service driven market overall. Because of AI applications, these big companies reaching customers with a variety of products at affordable prices and hence setting a benchmark before others. It would be interesting to see how it impacts the competitors as the pace of advancement might become troublesome to the new entries in the global market.
It maintains customer experience (CX) has hit a wall in spite of becoming centre of attraction of business strategy. It estimates around 30% of businesses will face further declines in CX performance, which will translate into a net loss of a point of growth, in 2018.
Additionally, smart executives will interfere to create customer experience an internal disruptive power, one that is underpinned by the basics of Customer experience management with customer trust at the core.
Moreover while digital resdiponse is required to meet customer expectations, it is not always being attained by business.
The market research report points to more than 60% of executives think they are last in their digital transformation. However that misses the point. CEO problem and an economic question is digital transformation.
The rules of the market are varying as power shifts from the organizations to the clients. As per the market analysis, the data will be used to increasingly control consumer options and decisions.
10% of purchase decisions will be shown by a platform’s agent that is the beginning of important economic impact of allowed machines, in 2018.
Other estimations in the market industry analysis consist of using IA to filter out the noise of the day; which 80% of organizations affected by GDPR will not comply with the regulation by May 2018; 75% of artificial intelligence will underwhelm because they fail to model operational considerations, causing businesses leaders to reset the scope of artificial intelligence investments, and that enthusiasm and rhetoric will continue to restrict blockchain gains.
Blockchains support the creation of more complex value networks, which can otherwise be supported.
Usually, transactions costs and other sources of friction linked with having more vendors keep the number of partners in a value network small.
However if locating and locking in partners becomes more complete, easier value networks can become profitable, yet for quite small transactions.
Brands engaging with customers on social media, market researchers say, must bring something of value to the table before they expect customers to be receptive to their message or expect them to share their data.
This was the main message relayed from the industry insight experts at MRS’s annual conference, Impact 2017.
Social media star Alex Pettitt who has more than 2.5 lakh followers on Periscope, the video streaming service, commented that consumers must be provided with something of value and only then can brands expect to ask something in return.
He furthered that with some of the brands he worked, it was frustrating as they only sought to market their social platforms. While, only a few chosen ones actually sought to build a community that loved their brand.
Therefore, as per market research experts, by sharing the content people enjoy, Pettitt earns the right to target them with marketing and sponsored content.
Understanding how to use personized content
As per Simeon Duckworth of Group M, opined that it was no longer the technology impeding personized marketing, rather lack of understanding of how to use it and comprehend its value.
According to him, it’s not so much that we are not capable, but it it’s just that we do not understand how the advertising works well enough.
The limitation, therefore is as much on what we are looking for, as it is what’s technical proficient.
Meanwhile, Celina Burnett, Head of the marketing analytics at Asos.com, cautions that personalization can go too far as well.
It may start to creep out customers who may find it inappropriate and make them concerned as to how their data is being utilized.
This may turn them off from the brand. According technology market research reports, this effect also depends on age, the younger the age group is, the more comfortable customers generally are with you using their information, she commented.
Head of research at O2, Jessica Salmon, said that EU’s upcoming new data regulations, which will require brands to be crystal clear about how they utilize customer personal data, signified a “big opportunity” for brands that act in a responsible and open way online.
It will be the right thing to do and will cut out the slightly creepy part, that brands are concerned about and the bad personalization as well, she added.
Salmon, however also cautioned the market research industry that, with personalization, it also needs to support its own value and expertise.
She added that as an industry we have a challenge, with drive towards the personalization and data science, that it gets picked up by analysts, media companies etc.
Our skills as research industry are in our comprehension as humans and interpreting it, tells a story regardless of where that info comes from.
So from an insight point of view, it’s about bringing that synthesis and consumer understanding and that’s intensely powerful, therefore we should be stepping up that to take a pro-active stance.
If we cling on to doing things the old way, we would be in danger of being obsolete, Salmon finished.