Digital Transformation Technology Magazine | The CEO Views https://theceoviews.com/technology/digital-transformation-technology/ Mon, 07 Nov 2022 07:00:41 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://theceoviews.com/wp-content/uploads/2020/01/cropped-favicon.ico-1-32x32.jpg Digital Transformation Technology Magazine | The CEO Views https://theceoviews.com/technology/digital-transformation-technology/ 32 32 Mobile Phones – A Vital Piece of Evidence in an Investigation Case https://theceoviews.com/mobile-phones-a-vital-piece-of-evidence-in-an-investigation-case/?utm_source=rss&utm_medium=rss&utm_campaign=mobile-phones-a-vital-piece-of-evidence-in-an-investigation-case https://theceoviews.com/mobile-phones-a-vital-piece-of-evidence-in-an-investigation-case/#respond Wed, 14 Jul 2021 14:31:54 +0000 https://theceoviews.com/?p=10041 Mobile phones, tablets, and smartphones have become a vital source of current society. It works for both personal and professional lives, simplifying a lot of things. Currently, there are many scenarios where smartphones are becoming a crucial part of professional operations. In such circumstances, people often use professional smartphones for personal use. Such events lead […]

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Mobile phones, tablets, and smartphones have become a vital source of current society. It works for both personal and professional lives, simplifying a lot of things. Currently, there are many scenarios where smartphones are becoming a crucial part of professional operations.

In such circumstances, people often use professional smartphones for personal use. Such events lead to a higher risk of exposing delicate information to unauthorized individuals. Further, this raises the need to investigate unethical practices.

Most devices vary in terms of design, functionality, and technology incorporated. This leaves a notable impact on the investigation process and type. These factors raise the need for cell phone forensics, including – the study of concepts, approaches, and other traditional methods.

Examiners who are supposed to investigate mobile devices for data breach issues require understanding the nitty-gritty of complete acquisition processes and their complexities. All such factors are important to consider when handling a data analysis process. It all begins with extracting the data from a mobile device and then evaluating each information type. The amount of data recovered, security features intact, and delicacy of data determine how the examiner will access the data.

Information types commonly stored on cell phones include –

Multimedia files – A massive storage covers different multimedia files encompassing videos, pictures, music files, and much more. Such file formats can be seen as evidence leading to a thorough investigation. A professional examiner can take out some vital details from such sources simplifying the analysis and bringing accurate results in a minimal time epoch.

Application-related data – The communication data consists of information like – chat data, call logs, messages, social media account details, emails, and much more. The application data is referred to the details stored in a third-party website or online platform. This type of information is extracted using a digital platform like DropBox, Facebook, or any other mobile application. The sole purpose of this data type is to commence communication. Here, an examiner may use Cell Phone Forensics Software to extract and decode the delicate information extracted. Such delicate processes may include identifying people associated with it.

Malware practices – Like computer systems, mobile phones act vulnerable to different malware attacks. As a result, the forensic tools may serve as a source of preserving information while dealing with the malware attack leading to the data breach. The analysis done can unravel more about the type of malware and monitor further communications done.

Backup creation – The portable nature of mobile phones is one of the leading causes behind the increased risk of phones being stolen and misused. People using different backup systems and plans reduce the risk of a data breach, but that does not secure the data completely. Such backup systems work as a host to a wealth of data.

Conclusion

Since cell phones have become the be-all and end-all of the current times, it has become essential to check the data breach and leakage concerns. Most smartphones and other high-tech devices have become the primary target of cyberattacks encouraging criminal activities. This leads to cell phone forensics.

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The Ultimate Business Guide to AR and VR: Everything You Need to Know https://theceoviews.com/the-ultimate-business-guide-to-ar-and-vr-everything-you-need-to-know/?utm_source=rss&utm_medium=rss&utm_campaign=the-ultimate-business-guide-to-ar-and-vr-everything-you-need-to-know https://theceoviews.com/the-ultimate-business-guide-to-ar-and-vr-everything-you-need-to-know/#respond Tue, 08 Jun 2021 20:19:10 +0000 https://theceoviews.com/?p=9822 Augmented reality (AR) and virtual reality (VR) are Important for businesses today. They are Impacting different business aspects and changing the digital workplace. Businesses in different industries are using these technologies to enhance their productivity. As businesses look to Invest more In AR and VR technology. It is vital to learn about them. This article […]

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Augmented reality (AR) and virtual reality (VR) are Important for businesses today. They are Impacting different business aspects and changing the digital workplace. Businesses in different industries are using these technologies to enhance their productivity.

As businesses look to Invest more In AR and VR technology. It is vital to learn about them. This article takes a look into everything that you should know about AR and VR. Read on to find out what AR and VR are and why businesses are Investing more into them.

Let’s get started.

What Is Augmented Reality?

Augmented reality is an interactive 3D experience and it’s a growing global trend today. According to Investopedia, It combines visual elements, sound, etc., to give users an enhanced real physical world experience.

AR enhances the collection and analysis of Important business data. It also makes it possible to gather Insights that support business decision-making. According to the MITSloan Management review, user data becomes more available as we integrate smart, connected reality. Businesses can use it to understand how consumers engage with their brands.

What Is Virtual Reality?

Investopedia defines virtual reality as a computer-generated simulation. It involves users interacting with this simulation in a 3D environment using various devices. VR gives users a more immersive and realistic experience as is in the real world

VR keeps changing every day, and as technological advancements occur. Right now, many companies are using VR for simulation and employee training. They are also helping businesses in the real estate industry give potential customers walkthroughs on their property, consequently enabling business.

6 Ways Businesses Are Using Augmented and Virtual Reality Today

There are various ways that businesses can use AR and VR. The areas that businesses can transform with these techs differ from one Industry to another. Here are some AR/VR tips and the business aspects that they’ll help improve in the future. Your company can benefit from using these techs In the aspects mentioned below.

1. Human-Machine Interfaces

Businesses all over the world are using machines in their daily tasks. However, machines cannot fully replace human beings. In fact, they just make workflows more efficient. AR and VR enhance the collaboration of humans and machines to ensure a better quality of products. AR and VR have also enhanced employee workplace safety and compliance. Medical practitioners are also using it to locate veins in patient’s bodies. In the end, Al and VR help enhance accuracy whether in businesses, hospitals, or wherever else you may apply them.

2. Enhanced Manufacturing

The manufacturing industry is another big beneficiary of AR and VR. These technologies help businesses Improve product outcomes and enhance user experience. People can scan Augmented Reality QR codes and access lots of Interactive content. This helps them add an extra dimension to the product they’re manufacturing.

Manufacturing businesses no longer get affected by machine downtimes. Manufacturers use AR and VR to enhance functionality and efficiency. This is by promoting rapid prototyping and product design which results in better product quality.

3. Safety Training

Safety training is a significant responsibility of companies all over the world. They need to provide employees with a safe working environment and train them on the best practices. AR and VR are widely used for company training sessions worldwide.

AR and VR make it possible to train your team remotely. That makes it easy for businesses to save valuable time and costs that could have been spent on traveling. Users can also manipulate the environment and enhance the nature of their training.

4. Improved Communication

Business communication needs to be smooth to be efficient. Using the latest technology to communicate with employees and other people can enhance your service delivery AR and VR makes it possible to enhance business communication, consequently Improving the digital workplace.

AR and VR make communication look real even if it is distant. AR and VR can provide better experiences than video calls making your employees feel more engaged and more like part of the company.

5. Virtual Travel

AR and VR are impacting greatly on the hospitality industry. Now, hotels can show their premises to potential customers. Guests can check out the rooms and other amenities available at a particular premise and book virtually if they like what they see.

These technologies have enhanced direct bookings in the hospitality industry. Customers have the best experiences when Interacting with businesses that use the latest tech to serve them. That Increases their chances of booking with such companies effortlessly.

6. 3-D Design

3D Design is a growing trend and Industry. In today’s business environment. Its applications are evident in different Industries as it has made printing on demand easier than it has ever been. AR and VR have played significant roles in helping the 3D design industry grow exponentially.

VR makes it easy for designers to view their work and make any relevant changes to it. Design reviews of all kinds, including showing employees what you can do as a business, can now happen virtually. Architecture firms worldwide are benefitting the most from the use of AR and VR in 3D designing.

Conclusion: Why Your Business Needs a VR/AR Strategy

AR and VR technology Is Just starting. There are still lots of Improvements to work on and so much more to look forward to In the future. With that being said, AR and VR are already making a great impact in different Industries. Imagine what it holds for us in the future.

As mentioned earlier, there are enormous benefits businesses gain from using AR and VR. You can do Important tasks like training your workforce remotely. That helps avoid the risk of training on the ground, especially if you own a manufacturing firm.

Your business can also extract more data if you invest in AR and VR. They support the visualization of enormous data and make it possible to analyze. AR can also help you enhance customer experiences, making them feel special therefore ultimately Increasing their conversion chances.

AR and VR help you show your customer products remotely and demonstrate their use. That gives you an edge over your direct and Indirect competitors. These technologies can also invoke Impulsive buying and increase your business’s sales. Those are some vital reasons why you need an AR/VR strategy.

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Accessibility Impact on the Development of Technologies https://theceoviews.com/accessibility-impact-on-the-development-of-technologies/?utm_source=rss&utm_medium=rss&utm_campaign=accessibility-impact-on-the-development-of-technologies https://theceoviews.com/accessibility-impact-on-the-development-of-technologies/#respond Thu, 06 May 2021 14:52:39 +0000 https://theceoviews.com/?p=9678 According to the World Health Organization, there are over 1 billion people who have a disability. That’s one in every five Americans and one out of six EU citizens. Every disabled person deserves the right to have equal access to everything that a person without a disability takes for granted. This includes access to locations, […]

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According to the World Health Organization, there are over 1 billion people who have a disability. That’s one in every five Americans and one out of six EU citizens. Every disabled person deserves the right to have equal access to everything that a person without a disability takes for granted. This includes access to locations, products, services, and opportunities. Not only that, this is an emerging market that has an annual disposable income of $1.9 trillion. Therefore, if you’re thinking of growing your business, accessibility is a factor that you can’t afford to ignore.

What is accessibility? 

What does accessibility mean for your business? Accessibility is defined as the idea that anyone can use a product or service however they encounter it whether or not they have a disability. As a business owner, you need to think of how you can ensure your business provides people with disabilities access to your services and offerings. For instance, if you are planning on growing your business by building a new branch, then you should consider how people with disabilities will be able to get into your store. Consider installing wheelchair ramps and allowing service animals to enter your store. In like manner, if you’re planning on expanding your physical business by entering the digital world with a website, then you need to ensure that everyone has access to buy from you online.

Defining accessibility: Who is it designed for?

As we’ve already mentioned, accessibility focuses on people with disabilities. However, that doesn’t mean that they’re the only ones who benefit from this. Accessibility is good for all. For example, video captions were designed to help people who have difficulties hearing to be able to understand what’s happening in a video. Video captions also benefit people who want to be able to watch videos on mute. Not only does high-contrast text allow people with visual impairments to read content, but it also enables people to read content on their mobile device while out in bright sunlight.

4 principles of accessibility

Aside from making your business physically accessible, you should also take into consideration your digital content. To ensure the accessibility of your content, you need to follow the four principles given by the Web Content Accessibility Guidelines (WCAG).

Perceivable

According to the WCAG 2.0, perceivable means that “information and user interface components must be presentable to users in ways they can perceive.” An example of a perceivable website includes a website that provides text alternatives (alt text) for all non-text content. Including alt text on images allows a screen reader user to access and understand the content of your images. Alt text should include a brief description of the content presented in the image.
Another example is a video transcript. Both of these text alternatives allow users with visual impairments to perceive and understand the information presented through videos and images.

Operable

Operable, based on the WCAG, means that user interface components and navigation must be operable to all users. Simply put, you need to make sure that all users can successfully use the buttons, access controls, and interact with the elements on your digital product or website. For example,  make sure that all of the functionality on your website is operable for keyboard-only users. This is important because not everyone can use a mouse to navigate a website.

Understandable

Understandable means that information and the operation of the user interface must be understandable. This means that the content on your website or digital product must be easy to read and understand. For example, form elements need to provide input assistance such as labels or instructions when input is needed. Your website or digital product should also have consistent navigation. This allows users to understand and remember how to use your website or digital product.

Robust

WCAG considers content robust when it can be interpreted reliably by a wide range of people, including those using assistive technologies. For example, you need to ensure that your website can run on any browser and that your digital documents such as PDFs are accessible to screen reader users.

4 advantages of making technology accessible

Why should you invest in building accessibility into your digital content? Aside from the legal issue, there are a number of benefits to providing accessible websites.

Building a website accessibly from scratch cuts costs

It’s less expensive to incorporate accessibility in the design of your website or digital product than it is to try to add it on a completed design. Since website accessibility is a legal requirement, having to redesign your website after receiving a legal complaint is a waste of money that you could have spent elsewhere. Moreover, developing accessibility overlaps with adapting your website to mobile devices which helps reduce the amount of time, money, and work spent on creating a separate mobile version of your website.

User experience is enhanced

Accessibility enhances the user experience. As we’ve already mentioned, features that are added to provide access to those with disabilities also benefit other users as well. This improves everyone’s user experience while ensuring that all users are able to experience what you’re offering.

Attracting end users is easier

It’s not only people with disabilities that are in need of accessibility features. Often environmental conditions such as varying light or high noise levels prevent users from consuming content. There are some who have low-bandwidth connections. By ensuring accessibility, you’re enabling these people to have access to your digital product or website as well.

Moreover, when you build an accessible product, you’re gaining long-term customers. Most people tend to leave a website or uninstall an app if they find it difficult to use. By providing an accessible website, more people will opt for your digital product.

Integrating the disability sector supports equality

There’s no doubt that accessibility is good for business, both from a legal and profitable standpoint. However, allowing all users to be able to consume your content and use your goods/services advocates for those who have felt excluded from society. It allows everyone to enjoy full digital experiences, placing everyone on a level playground.

PDF & document remediation

When we talk about content, it’s not just what is directly on your website or on your app/software. If you have documents that you share, you need to make sure that they’re accessible as well. That means that documents can be read using assistive technology such as connected braille displays. It also means that it can be understood by all, even those with cognitive disorders.

Because not all documents were initially created with accessibility in mind, they may need to undergo document remediation. This is when you evaluate and repair your existing documents based on accessibility standards.

Information becomes more usable

The advantage of PDF remediation is not just about ensuring that documents can be read by people with disabilities. It also makes your content more usable by everyone. Accessible documents include things such as document titles and descriptive links.

Audience interests are fulfilled

An accessible PDF allows users to easily understand and navigate content even if they’re using adaptive technology. Making a document accessible includes the addition of headings as well as a table of content. These features allow users to directly go to the content they need instead of reading through 50 pages of text that they’re not interested in. Imagine using a screen-reader and not being able to skip to the good part?

Positive changes in SEO

Not only do tags and alt text for images in your PDFs help users comprehend your content better they also enable you to improve SEO. Google crawls, indexes, and ranks PDFs. Headings will enable them to understand the topics inside your documents. Additionally, alt text is used to rank your website.

Conclusion:

There are numerous benefits to building accessibility into your technology. In addition to advocating for equality, you also increase the market share of your business. You will attract more end-users through your website and provide them with a better user experience. With PDF remediation, you’re also able to provide them with easy-to-read content. As an added bonus, it makes your documents optimal for search engines which leads to even more customers.

Author Bio

David Gevorkian

David started Be Accessible because of his passion for website accessibility and ADA compliance. He spent much of his career working for financial institutions creating websites and mobile applications. He earned his Master’s in Business Administration from Salve Regina University in Rhode Island. David is an advocate for creating web interfaces usable by all people. He enjoys recording music and playing soccer with friends.

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3 Ways to Better Understand Clients in Digital Transformation https://theceoviews.com/3-ways-to-better-understand-clients-in-digital-transformation/?utm_source=rss&utm_medium=rss&utm_campaign=3-ways-to-better-understand-clients-in-digital-transformation https://theceoviews.com/3-ways-to-better-understand-clients-in-digital-transformation/#respond Fri, 05 Mar 2021 14:57:16 +0000 https://theceoviews.com/?p=9335 Many leaders have long been thinking about digital transformation as driven by emerging technology. It has become apparent that consumers drive it. First of all, being digital requires knowing how their customers want to interact with the brand. Business leaders need to hear from their customers as they adapt to a post-COVID world. They should […]

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Many leaders have long been thinking about digital transformation as driven by emerging technology. It has become apparent that consumers drive it. First of all, being digital requires knowing how their customers want to interact with the brand. Business leaders need to hear from their customers as they adapt to a post-COVID world. They should strategically rethink the needs of their customers may and how their business addresses those needs. This approach will be vital to long-term success long after the pandemic persists. 

Digital Transformation: The new client that is digitally conscious

Mobile apps, smartphones, machine learning, and artificial intelligence have allowed customers to get what they want and when they want it. This has led to an alteration in customer expectations and created a new type of customer. It has reshaped the way business is done in particular industries. These changes have immensely impacted the retail and healthcare sectors. Before the pandemic, for instance, almost all retail outlets were dependent on direct interaction with consumers. However, retailers had to reimagine consumer relationships by offering a digital experience that aligns with their expectations to remain viable in the COVID world.

Previously, it was usually seen as an “addition” to in-store interaction if a retailer had an online aspect to their business model; now, it’s a requirement. Many retailers have implemented new digital touchpoints to emphasize online sales platforms, such as mobile apps. Telehealth refers to the same move. Many features of an in-office visit are now carried out via video conferencing. This technology has been around for years. It was slow to be embraced by many healthcare professionals for numerous reasons, especially a lack of infrastructure and insufficient reimbursement. 

However, the need to reduce risk and protect frontline healthcare staff has now generated an industry-wide move towards virtual treatment. It is likely to continue long after the pandemic fades away. 

Three ways of rethinking the needs of your customers 

As the world shifts, consumer expectations and behaviors are continually changing. It is necessary to take the time to actively ensure that you are in touch with what your customer wants. 

Here are three methods to utilize while evaluating customers’ needs:

  • Start with Empathy

Empathizing helps business leaders develop a deep understanding of the issues as the first phase in the design thinking process. Business leaders need to step outside their reference frame. They should take the time to understand their clients before developing a product that stands out in the market. 

Empathizing requires that you observe your target customers and engage with them. You need to experience their physical environment, know their challenges, and discover their unexpressed needs to understand their digital behavior fully. Practicing empathy and adapting your customers’ perspective will allow you to think above and beyond the assumptions and more accurately extrapolate customer needs. 

  • Track Real-Time Usage Metrics

In their sales cycle, business leaders should track more than just the location of a customer. Most importantly, if a customer finds value in its offering, leaders need to measure and understand. The best method to do that is to visualize how clients use the digital touchpoints of your business. Which actions do they take, and which actions do they not take? 

For example, if you have introduced an e-commerce option to your website, tracking the bounce rate and identifying why customers are dropping off is essential. Follow the sessions and session lengths if you have introduced a mobile app. These insights will help understand how to use technology for the customers and guide future digital transformation strategies. 

  • Ask for Feedback

Asking them is the best way to find out the requirements of the client. When you value direct customer feedback, you develop an opportunity to improve the experience of your company. Offer clients multiple opportunities through reviews, surveys, direct social media messages, or other means to send you direct feedback. Besides, to see what your customers are saying about your business, monitor social media for any mentions and comments. Immediate feedback is the most acceptable way to determine how your overall digital experience can be immediately enhanced. 

Bonus: Never stop listening to the customers

Once you have taken the time to assess your users’ needs and rethink how your company can meet those needs. Then you can realize the technology that will drive your successful digital transformation. Keep in mind that your goal is to find the tool that will solve your customers’ problems. It is not necessary to tap the latest tech trend. That’s the only way to transform successfully. 

Listening is the most essential thing that you can do. Only then will you be able to evaluate efficiently whether your current offers will satisfy changing customer needs. You can also know whether it is time to make changes. 

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Importance of AI in Success of Digital Transformation Strategy https://theceoviews.com/importance-of-ai-in-success-of-digital-transformation-strategy/?utm_source=rss&utm_medium=rss&utm_campaign=importance-of-ai-in-success-of-digital-transformation-strategy https://theceoviews.com/importance-of-ai-in-success-of-digital-transformation-strategy/#respond Fri, 05 Mar 2021 14:02:47 +0000 https://theceoviews.com/?p=9326 Digital Transformation is a topic of survival. Consumers want interactions that are better and easier, and they won’t hesitate. Your clients equate your company’s buying experience to the experience they get from digital leaders in other industries. Digital technologies provide new ways to deliver value, create excellent customer interactions, and meet customers’ growing pace. It’s […]

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Digital Transformation is a topic of survival. Consumers want interactions that are better and easier, and they won’t hesitate. Your clients equate your company’s buying experience to the experience they get from digital leaders in other industries. Digital technologies provide new ways to deliver value, create excellent customer interactions, and meet customers’ growing pace. It’s a radical shift in how corporations work. 

Artificial intelligence is integral to the strategy for digital transformation. But with emerging technologies, there is a lot of hype that comes. It cannot be easy to assess the real business benefit and relevance of AI in digital transformation. 

How useful is AI? It is a change-of-game. 

Critical AI stats:

  • 80% of business and technology leaders state that AI already improves efficiency.
  • 61% of marketers say the most critical aspect of their data strategy is artificial intelligence.
  • 83% of early AI adopters have already experienced significant (30%) or modest (53%) economic benefits.
  • AI is a digital transformation catalyst, enabling businesses to be more creative, data-driven, and keep up with rising customer speed. 

AI-Driven Digital Transformation

The businesses that use AI as a core part of their digital transformation strategy are achieving positive and profitable outcomes of transformation. According to a survey, 98% of organizations that use AI to power their digital transformation produce an additional 15% in revenue. AI is one of the most disruptive factors behind a business’s digital transformation. 

The Advantages of Artificial Intelligence in Digital Transformation Program

  • 360-Degree Customers View

AI helps marketers better understand their clients’ needs and preferences. Each digital transformation strategy’s effectiveness is built on a strong foundation of detailed buyer personas and audience discovery. At the beginning of the digital transformation, it is crucial to obtain a thorough understanding of the customer. To build a comprehensive 360-degree view of the market, AI helps uncover patterns in consumer behavior, buying history, and digital channel interaction. 

Consumers use various platforms and a growing array of touchpoints in the buyer’s journey in today’s digital environment. There is a growing blur of the line between online and in-store. Consumers expect hyper-relevant information and messaging to be there if they want to participate in a seamless transition between platforms and businesses. As they advance along the journey of the buyer, customers expect customized experiences. 

AI is a vital tool for rapidly unlocking consumer insights so that they can be used to create tailored experiences for customers. The more actionable data an organization has on its clients in the all-important micro-moments, the more value it can deliver. 

  • Dynamic Analytics

Data collection is key to digital transformation strategy, but it is how data is capitalized on that drives the success of a digital transformation initiative. Thousands of data points can be analyzed by AI to discover insights and recognize patterns in real-time.  

Businesses may become proactive in the customer service that they offer. Dynamic analytics driven by AI helps brands pre-empt the customer’s needs instead of responding to consumer behavior. With a fully functional digital environment, with the required marketing, content, or product reviews, brands will be there.

Predictive analytics uses AI to put together various data points and algorithms. It includes purchase history, historical campaign data, and customer behavior and expectations to bring together insights and patterns. Before they reach out, marketers should create a predictive model that can foresee consumers’ desires and behaviors. 

  • Operational Effectiveness & Faster Processes

The ability to improve efficiency and organizational effectiveness is one of the main advantages of artificial intelligence. To inform decision-making at pace, AI processes can be rapidly scaled up and provide actionable insights. Rather than relying on intuition and gut instinct, CMOs and marketing executives will make data-driven decisions. When it comes to risks and opportunities, trends and patterns may be disclosed to make informed decisions. This makes it possible to define potential bottlenecks correctly before they occur. 

Marketing budgets can be allocated with improved accuracy to deliver full return and enhanced KPIs. To inform decision making, predictive analytics offers data insights. But AI may also give prescriptive insights to suggest the best course of action to achieve optimal results. Customer service is a field that can see the tremendous gain of AI implementation. But it is also one of the fields where many digital transformation strategies are struggling due to a lack of visibility into real-time data. There are several use cases for AI enhancing the customer experience, from chatbots to customer data analytics.

  • Drive Growth and Profitability

AI empowers organizations by mitigating risks, growing operating performance, and driving growth and innovation to achieve sustainable digital transformations. AI’s broader economic effects will be enormous as more and more businesses adopt the technology. The winners of this economic boom would be businesses who get on board quickly and use AI to power their digital transformation. 

Innovative, disruptive start-ups would take advantage of business leaders who are reluctant to adjust their strategic advantage and consolidate it. Companies will achieve sustainable growth and profitability with their digital transformation strategy by harnessing AI’s strength to increase human capacities and boost innovation. 

Conclusion

A deep understanding of the customer relies on any effective digital transformation strategy. Digital transformation entails considerable risk without a customer-centric approach. Businesses can get themselves closer to the user using AI and have more value through any touchpoint. AI offers the insights and capabilities to direct businesses through their digital transformation as they grow. It is necessary to incorporate AI into the center of the transformation process to maximize success. 

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Digitalization Opens Up Opportunity for the Financial Industry https://theceoviews.com/digitalization-opens-up-opportunity-for-the-financial-industry/?utm_source=rss&utm_medium=rss&utm_campaign=digitalization-opens-up-opportunity-for-the-financial-industry https://theceoviews.com/digitalization-opens-up-opportunity-for-the-financial-industry/#respond Mon, 01 Mar 2021 16:27:54 +0000 https://theceoviews.com/?p=9233 The rise of digital players in the financial industry has eased the common man’s burden to get access to funds. After the COVID-19 outbreak, digital transformation has created an overwhelming buzz. Digitalization in the finance sector is critical to surviving in this competitive setting. Fintech has arisen as the most strong lending platform, in this […]

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The rise of digital players in the financial industry has eased the common man’s burden to get access to funds. After the COVID-19 outbreak, digital transformation has created an overwhelming buzz. Digitalization in the finance sector is critical to surviving in this competitive setting. Fintech has arisen as the most strong lending platform, in this case, changing the traditional banking method and the end-to-end customer journey. 

Financial technology or fintech has opened numerous possibilities for tapping the vast significant customer database that enables a robust digital foundation. It digitalizes company activities, enhances production capabilities, utilization of funds, and efficiency of employees. It also offers expanded customer experience by acquiring deeper behavioral insights and adds a level of transparency.

The global financial technology market is expected to hit US$460 billion by 2025. 

Digital Transformation is Transforming Finance Sector

Fintech combines all the new technology that banks and financial companies use to optimize financial services delivery. Services such as automated banks and blockchain systems that use ATMs and electronic cards are involved. Financial technology has revamped the finance industry by using automation and machine learning approaches to improve customer service. The utilization of 24×7 open automated chatbots, online budgeting tools to track money spending, and a spending tracker to track funds are included in potential fintech money-makers. 

All pain points in financial business operations are solved at each level by combining automation technology and machine learning (ML). Fintech focuses on overcoming operational issues such as budgeting and support for customers. To validate transactions, irregular financial practices that usually elicited a phone call from a bank representative may now use robocalls. While this strategy is challenging, it is not acceptable to question its efficacy.

Fintech will no longer have a supernatural presence in the financial sector, like all financial institutions, like banks and MSMEs. They fully support fintech and see it as an opportunity for investment.

Prospects for the Future of Digital Technologies in the Finance Sector 

It is no longer an option to stick to old analog methods and manual habits for any industry, including the financial sector. And the introduction of digitalization is a must for those trying to boost performance and competitive appeal.

Maximizing Data Use

The financial sector is a golden moose of customer information as one of the first sectors to gather consumer data. However, without the analysis and interpretation that can turn it into a valuable business asset, this information has very little value. The link between raw data and intelligence used in everything from business strategy to optimizing customer relationships is digital transformation. 

Enhancing Product Delivery

Digitalization greatly benefits financial services products. Digital products lead to efficiency and process savings, and detailed attraction. Millennials are a crucial generation for the financial industry, and demands within that demographic are based on enticing products. The products have to be readily available, versatile, and low-cost. Digitalization allows companies in the financial sector to grow by allowing these features. 

Customer Interactions

The ability to develop consumer interactions is provided through digitalization in the financial sector. This industry will support various customers through digital transformation, from customer service bots to concise and straightforward apps and social ads, speaking a language they understand. A higher market benefit is attributed to the result of continuing relationships. 

Embracing digitalization starts with organizational structures and processes. It could assist in providing data analysis and reporting to other systems for incorporation. Fintech is also a thorough improvement for financial institutions and meets the requirements of businesses. 

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Digital Transformation Trends in 2021 to Watch Out https://theceoviews.com/digital-transformation-trends-in-2021-to-watch-out/?utm_source=rss&utm_medium=rss&utm_campaign=digital-transformation-trends-in-2021-to-watch-out https://theceoviews.com/digital-transformation-trends-in-2021-to-watch-out/#respond Tue, 08 Dec 2020 17:36:25 +0000 https://theceoviews.com/?p=8867 In CIOs’ brains, the Coronavirus pandemic has delayed digital transformation to the highest point of unquestionable requirements. It was an aim to encourage businesses to upgrade their customer service and generate higher ROI. To remain essential and in front of their opposition, organizations with physical presence changed their methodology towards creating a digital presence. Some […]

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In CIOs’ brains, the Coronavirus pandemic has delayed digital transformation to the highest point of unquestionable requirements. It was an aim to encourage businesses to upgrade their customer service and generate higher ROI. To remain essential and in front of their opposition, organizations with physical presence changed their methodology towards creating a digital presence. Some have already begun their journey of digital transformation, although others are in the planning process. Dynamic is the technology landscape. While the pandemic constrained companies to adopt digital drivers, the next primary digital transformation wave was soon overtaken. This new wave has launched digital transformation trends in 2021 to take care of the next typical sector.

Here’s a list of Digital Transformation Trends in 2021

  • Digital Banking Experiences

To offer digital functionality that is both straightforward and simple, financial institutions will experience more considerable strain. Instead of new account opening or credit application processes that can be done in 5-10 minutes (or more). Associations can zero in on internal processes, processes, and data flow to allow culmination in a moment to meet the rising consumer needs. Financial institutions may sometimes separate their external display layer from their back-office data layer to enhance the digital customer experience. The Google Plex association with a few financial institutions is an example of this transition. The new support offers easy, seamless, and customized digital interaction, previously enhanced account opening, and the combination of checking and savings.

  • 5G will Become Popular

In recent years, the benefits of 5G came into the picture, but it was not until remote jobs. Video conferencing and digital communication became the centerpieces of our lives this year. The desire for robust connectivity and more bandwidth turned into a substantial gain that we could all fold our heads over. Our reliance on smartphones, tablets, and various devices, including an increasing number of IoT sensors regularly, illustrates the necessity that telecommunications organizations undoubtedly knew. Organizations do not bear to be disengaged today, and 5G deals have become a central part of an agreement. As we continue to operate and supervise schools from our homes as a whole. The importance of 5G will eventually become one of the leading digital transformation trends in 2021.

  • APIs

Most enterprises have embraced the cloud to create a clear business continuity and affix the go-to-market. In building economies of scale, application programming interfaces (APIs) are central. APIs can allow companies to reduce data silos and build shared experiences, transforming legacy networks into micro-services. It will also allow them to turn dissipated apps into one behemoth of a data mart. It will assist them in crucial business decisions and increase their overall ROI.

  • Digital Cybersecurity

Cybersecurity had tumbled off the rundown of vital tech developments last year, despite never losing its relevance thoughtfully, but cybersecurity has become highly relevant again with the pandemic. Hackers have the Covid pandemic to accelerate their attacks against organizations across the globe. From January to April 2020 alone, a 238 percent rise in attacks on banks is there. And 600 percent rises were in observation in attacks on cloud workers. Fewer on-site employees are operating nearby on the same secure network. Companies need to shore up their cybersecurity initiatives and extend them to home networks and mobile jobs. It is a rising digital transformation trends in 2021.

  • XaaS (Everything-as-a-Service)

As-a-Service (aaS) has already become the norm for being a genuinely digital-native company. All-as-a-Service (XaaS) is the latest trend where services delivered can dwell fully on the cloud with virtual access to almost everything. The IoT and AI tools would play a critical role in constructing such services to achieve the digital-native status quo.

  • Automation will be a Financial Imperative

The commitment to automation and robotics tends to be characteristic as most financial firms are concerned about the possibilities of credit losses. Robotic Process Automation (RPA) can create productivity by providing both in-house and outsourced HR with a cost-effective substitute. RPA is still in its early stages. It provides the benefits of cost savings, expanded expertise, increased accuracy, enhanced customer service, and consistent versatility. This trend is gaining traction due to the deluge of external providers that have used exercises learned over time. It offers flexible solutions to small and large organizations at a fair cost.

  • Work from Home

For quite a while, workers have been clamoring for greater job flexibility. And a company opting to allow remote work on a scale was typically drastic enough to merit a headline or two. Some organizations, especially in regions with extreme COVID lockdowns, all departed for good this year when telecommuting suddenly was the only rational alternative. Economies are gradually resuming, and employees are at last permitted to return to work. Organizations will have to be in trust with shielding staff from future resurgences of outbreaks. This is the most significant digital transformation trends in 2021.

  • Transformed Customer Experience

It’s no longer all about making the best products. The latest millennial generation is in inclination toward comfort over allegiance. Make new web-supporting digital experiences in advanced web applications, accurate native mobile apps with best-in-class UX. It can also range from smart chatbots, conversational apps, wearable, and immersive experiences harnessing augmented reality. Companies are seeking to extend the use of segments and incorporation of the backend. It contributes to a cohesive and seamless channel experience.

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The Role of Augmented Reality in the Education Industry https://theceoviews.com/the-role-of-augmented-reality-in-the-education-industry/?utm_source=rss&utm_medium=rss&utm_campaign=the-role-of-augmented-reality-in-the-education-industry https://theceoviews.com/the-role-of-augmented-reality-in-the-education-industry/#respond Tue, 01 Dec 2020 06:03:25 +0000 https://theceoviews.com/?p=8823 Organizations worldwide are now using virtual and augmented reality to provide schools and industries with improved learning and training experience. The two developments have fundamentally evolved over recent years to influence real-world applications. The growing demand for the customized learning experience and acceptance of training solutions would drive market growth. Schools and universities are changing […]

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Organizations worldwide are now using virtual and augmented reality to provide schools and industries with improved learning and training experience. The two developments have fundamentally evolved over recent years to influence real-world applications. The growing demand for the customized learning experience and acceptance of training solutions would drive market growth.

Schools and universities are changing their traditional methods of educating. Virtual and augmented reality can completely alter how teachers teach, and students learn. Ordinary slates, chalks, and course books have been supplanted by innovation-enabled learning and smart boards. Augmented reality in education provides the visual representation of the learning material and empowers educators via multimedia-rich lessons. It provides intelligent learning while enabling students to see visual data at the top of their real-world environment, implemented through digital devices.

Enhanced Environment for Learning

Have you heard about Chromville, the popular AR application for art? This allows students to color the characters distinctively. The uncolored characters start losing their lives, and it is possible to rejuvenate the colored characters. This breathtaking encounter alters the overall learning environment for students. The fact is it adds to their exhausting art class rush. Why not think of some innovative applications such as this for AR learning? Not only will it bring business to you, but it will also add value to all your efforts to develop the education system.

Interactive Learning

Interactive AR turns the classroom environment into motion-controlled information surfaces, like whiteboards and classroom walls. The teachers can draw different multimedia content on those, like photographs and videos, and outline them to the students. Imagine a teacher writing a human heart on the AR whiteboard who perceives the subject at that stage. It helps in providing students with a 3D cross-section viewpoint that visualizes the heart’s arteries and veins. The regular interaction on the whiteboard helps teachers to clarify more about the human heart. It also encourages students to partner up on the whiteboard at the same time. Activity-based learning lets students gain extra learning in less time and with an enhanced learning experience.

Improved Storytelling

Today numerous AR apps are allowing people from around the globe to see different cultures, objects, and landscapes. We all know that visuals have a more incredible ability to linger in our brains. Civilization AR is an application that has advanced the process of storytelling. This application is designed to offer students 3D visuals of old human civilizations for better comprehension. These AR application concepts overcome the traditional form of storytelling in the education industry. This makes it an enjoyable time and increases the learning ability of learners.

Virtual Field Trips

Immersive apps will allow students to feel what they have encountered and observed a historical moment using VR. VR goggles may be used when sitting in the classroom or at home on a field trip to museums and nations. This will give students opportunities to experience historical events and lead to a deeper understanding of the topics.

Capture Framework for Intelligent Student Response

The fiducial-based method in AR understands the trends shown by the students through placards. During surveys, quizzes, and feedback sessions and gathers their reaction, understands and controls the vote. It facilitates activity-based learning by considering the gestures of students and teachers in the classroom. AR identifies and follows up on the personalized patterns in the device as it detects similar movements.

Conclusion

The field of EdTech is using creativity in virtual reality to strengthen its traditional knowledge-giving methods. The education sector has benefited from Augmented Reality by changing the emphasis from reading and writing to understanding and experience.

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How Agile and DevOps can help in Digital Transformation? https://theceoviews.com/how-agile-and-devops-can-help-in-digital-transformation/?utm_source=rss&utm_medium=rss&utm_campaign=how-agile-and-devops-can-help-in-digital-transformation https://theceoviews.com/how-agile-and-devops-can-help-in-digital-transformation/#respond Tue, 24 Nov 2020 16:10:10 +0000 https://theceoviews.com/?p=8751 Digital transformation involves teams to handle sometimes contradictory obstacles, like the demand for accelerated change amidst unclear constraints and complex interdependencies. To those in software development, it is a common problem. There is much too much risk in approaching these problems with a conventional waterfall approach. In this approach which projects proceed along a linear […]

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Digital transformation involves teams to handle sometimes contradictory obstacles, like the demand for accelerated change amidst unclear constraints and complex interdependencies. To those in software development, it is a common problem. There is much too much risk in approaching these problems with a conventional waterfall approach. In this approach which projects proceed along a linear and sequential path. Long release cycles lead to cumbersome processes, slowing consumer features flow and resulting in a loss of market share. Meanwhile, delayed feedback loops frequently result in building characteristics that do not match consumer needs. Agile and DevOps can help in the process of digital transformation.

Let’s discuss the uses and benefits of agile and DevOps.

The iterative and systematic approach of Agile is designed to combat uncertainty in the process of product growth. DevOps completely embraces Agile, and together they provide the basic concepts and tools to help companies allow faster feedback loops. It also shortens the development cycles and ultimately provides consumers and the company with greater value. DevOps is a method of putting together development and operations teams. While Agile is an adaptive technique that focuses on teamwork, input from customers, and small rapid launches. DevOps focuses on constant testing and execution, while constant adjustments are the subject of the Agile process.

How can the use of Agile and DevOps help in Digital Transformation?

A company can both mitigate risk and accelerate its transition path by embracing both Agile and DevOps. The benefits of agile and DevOps can act as critical components for a successful digital transformation. The following guidelines will assist in the transformation.

  • Start with a baseline: A readiness evaluation is a crucial first step towards identifying the company’s current state and building a plan for the next steps. This evaluation should measure maturity in a few main areas. It includes cultural readiness, dedication to leadership, initial implementation, quality improvement, and the process of IT service management. These results provide information to establish the priorities and scope for advancing transformational activities.
  • Begin as small and straightforward as possible: Apply the concepts of Agile iteratively and gradually to implement improvement. Treat the transition itself like a minimum viable product (MVP). This provides value through nimble processes and supporting technology to the company, consumers, and employees. Teams must learn through iteration, incrementally adding complexity over time. Otherwise, organizations risk re-creating something that works and delivers identical outcomes with minimal change in performance to current processes.
  • Consider each challenge separately: Organizations almost often discover different kinds of challenges and growth opportunities on the digital transformation journey: simple, complicated, complex, and chaotic. Some principles and practices are in alignment with each challenge type. The highest-performing companies understand that all four categories must need discussion, and the best-suited concepts for each scenario must be used. Automation is a clear example of this since it is easy to apply to repeatable problems. Automating these processes enhances productivity, decreases mistakes, and increases employee satisfaction. It also encourages teams to focus on more complicated and chaotic problems through their innovative problem-solving efforts.
  • Individuals nearest to the job should find solutions: Many leaders try to identify the solution to be introduced, causing resistance naturally and significantly reducing performance. A more effective strategy, along with limits and specific decision delegation levels, is to identify the issue explicitly. The aim should be to establish a space where the freedom to explore and find solutions is there.
  • Lead across societies: The number one indicator of progress for any change is continued support and senior leadership commitment. By thoughts, behavior, and incentives, leaders of every organization set and maintain the cultural norm. Throughout the transition, it is crucial to analyze which components of the current culture hinder progress continuously. And identify measures to modify words and actions to encourage behaviors that enable agility.
  • Don’t set it down and forget about it: Anticipate that every solution’s first iterations would be incomplete and prepare accordingly for continuing improvements. To cope with new uncertainties and ongoing developments, even those well-suited solutions to current situations will need adaption over time. For software devices, techniques, tools, and transformative efforts, this need for continuous optimization applies.
  • Stop falling back into old actions: Organizational inertia and fundamental human nature make it easy, for better or worse, to get comfortable with the way things are. If a company commits to change in the long term. The transition efforts will probably fall apart if the societal mindset does not accept the new way of doing things. Celebrate these achievements beyond the immediate teams as progress is successfully introduced, and goals are achieved. Track success metrics related to change over time to ensure that they continue to show the importance and improve team efforts.

Conclusion

Digital transformation brings challenges, but future resilience is necessary. Agile and DevOps provide complementary strategies to streamline collaboration, enhance feedback loops, and deliver more frequent, faster releases. But Agile and DevOps do represent more than just a delivery mechanism. These approaches support the broader cultural change in how modern organizations have to deal with change. Ultimately, the adoption of both DevOps and Agile will increase any organization’s potential to achieve end-to-end flexibility and responsiveness.

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Supply Chain Transformation: Its Goal and Benefits https://theceoviews.com/supply-chain-transformation-its-goal-and-benefits/?utm_source=rss&utm_medium=rss&utm_campaign=supply-chain-transformation-its-goal-and-benefits https://theceoviews.com/supply-chain-transformation-its-goal-and-benefits/#respond Fri, 06 Nov 2020 17:33:50 +0000 https://theceoviews.com/?p=8703 The supply chain transformation is the addition and introduction of technology to increase the supply chain’s efficiency. The term can refer to any revision of supply chain management (SCM) policies and procedures. Whereas it is generally related primarily to the digitization of supply chains. Supply chain transformations comprise of two main parts: Digital Investment and […]

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The supply chain transformation is the addition and introduction of technology to increase the supply chain’s efficiency. The term can refer to any revision of supply chain management (SCM) policies and procedures. Whereas it is generally related primarily to the digitization of supply chains.

Supply chain transformations comprise of two main parts: Digital Investment and Management of Transformation. The necessary technologies and equipment assets to be implemented in the transition are digital investments. Management of transformation refers to the use of digital assets and their application. Successful transformation management processes should include:

  • A strategic strategy with specific long-term priorities that are quantifiable. As technology changes very quickly, this strategy should allow for flexibility.
  • Structured governance, preferably with centralized digital implementation monitoring.
  • A customer-obsessed, data-informed, and creative society.

A McKinsey study from 2017 found that average levels of digitization of the supply chain were relatively low compared to other business sectors. On average, vigorous efforts to change the digital supply chain were associated with the largest boost in earnings’ annual growth.

The Goal of Supply Chain Transformation

The ultimate aim is to optimize the supply chain flow to better suit the needs of the company. This also seems to involve introducing innovations to digitize supply chain processes in the sense of today’s market and technology environment. Companies such as Amazon, which use technology like autonomous vehicles, are seen as pioneers in the supply chain transformation. By redefining how it gets accomplishment, they create the benchmark for what can be achieved. As a result, to remain competitive with organizations effectively changing their supply chains, other businesses must respond to similar steps themselves.

Capabilities for the Supply Chain to Consider

The most prominent technologies implemented in supply chain transformations are:

  • Virtual Reality (VR) – As compared to wider one-size adoption, for particular use cases. It can assist with functions such as interactive visualization capabilities, data capture, and high-fidelity simulation environments (like high-risk employee training).
  • Augmented Reality (AR) – Smart glasses with AR features can help direct employees across warehouses to efficiently select products that reduce human error. On-site staff may access data such as schematics, workflows, instructions, or maps to help decision-making.
  • Blockchain – It creates transparency in transactions to build trust between companies, provides permission-based access to security. It is in use for smart contracts, provides real-time monitoring of deliveries and shipments, better assets, and order management.
  • Artificial Intelligence (AI) – AI can improve warehouse performance, assist with systematic inventory management, and help analyze workplace safety data to identify risks. It can provide better customer support through chatbots at lower costs, accelerate warehouse operations, and minimize operating costs through automation.
  • 3D printing– It provides better inventory control, less obsolete products, faster production times. Digital files are used for on-demand printing, higher levels of responsiveness, fewer suppliers, and a local supply. This results in less transport and simpler logistics.
  • Autonomous Mobile Robots (AMRs) – It can support warehouse employees with optimization, fleet management, and picking.
  • Drones- It can quickly transfer small products inside distribution centers, removing the need for equipment such as forklifts and quick deliveries.
  • Autonomous Vehicles- By eliminating human driving errors, self-driving vehicles in the supply chain will minimize warehouse networks’ density and lower transportation costs.
  • IoT devices- Smart sensors, cloud systems, and analytics can produce better inventory management, monitor product conditions during shipment, and manage warehouses. It can synchronize routes by arrival times, conditions for log/track delivery vehicles, simplify supplier onboarding processes, and control project schedules.

Advantages and Challenges of a Supply Chain Transformation

Specific advantages and disadvantages can come from undertaking a supply chain transformation.

Benefits of a supply chain transformation consist of:

  • Improved lead times and capacity to meet customer requirements.
  • Usually, rapid, observable outcomes occur.
  • Better capacity to fulfill current and long-term priorities.
  • Greater control over roles, capabilities, and procedures in the supply chain.
  • More sales, inventory, and general supply chain visibility.
  • Higher quality of service
  • The supply chain is more organized and matched with overall organizational priorities.
  • Data-driven processes can reduce damage, reduce delays, improve demand planning, and enhance inventory management.

Challenges and disadvantages of transforming a supply chain may include:

  • Potential opposition within the organization.
  • Steep curves of learning.
  • In teamwork, siloed decision-making can interfere.
  • Potentially high costs for devices with customizable technology.

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