6 inventory management tips for the food production industry

Inventory management
Reading Time: 5 minutes

Summary: The COVID-19 pandemic impacted the Food & Beverage industry supply chains across the globe. Incessant lockdowns caused customer demands to fluctuate. As a result, consumers displayed higher interest levels for specific goods while demand for several others waned. This sudden rise and fall forced supply chain manufacturers to modify their inventory management practices and increase their supply. 

inventory management

The food production industry is unique as most stock is perishable, requiring companies to ensure consumer safety and timely delivery of products. Moreover, this industry is highly regulated and must comply with government-mandated health standards. 

Therefore, F&B manufacturers need excellent inventory management systems that monitor the process of manufacturing raw materials into finished products, the movement of goods to warehouses, and finally to the point-of-sale (POS). The primary purpose is to facilitate the buying and selling of products smoothly.

Enhancing inventory management requires efficient systems for monitoring and controlling warehouse operations remotely. It also includes efficiently managing the physical stocks stored inside the inventory. 

This article will shed light on six inventory management tips that will enable F&B manufacturers to improve inventory management. 

1. Perform a 360-degree evaluation of your current inventory management practices.

Remember that effective inventory management calls for purpose-driven motives. Therefore, before making improvements, take a look at your current business practices and learn about each link in your supply chain. This process will help you identify the inherent challenges in the system and brainstorm ways on how to improve them. 

There are seven waste areas in the food production industry that you should look for to improve your inventory processes.

  • Use modern tools and demand planning techniques to support just-in-time production and avoid buying too much inventory.
  • Reduce overproduction by enhancing controls and visibility to align purchasing, production, and logistics.
  • Ensure your machinery is working efficiently and productively by providing data.
  • Deal with transport challenges by implementing new & improved logistic solutions. You don’t need to move goods unnecessarily from one place to another.
  • Implement appropriate controls to eliminate defects, identify where deviation occurs, and stop them at the source.
  • Provide relevant access mechanisms to the staff that will enable them to streamline approvals and make decisions automatically.
  • Focus on activities that add value to the company, such as creating a Bill of Materials (BOM). Instead of doing manual and repetitive jobs like entering data from one sheet to another.

 Inventory management

2. Understand the role of customer data in inventory management.

Big data allows F&B manufacturers to make accurate predictions about consumer choices. For reducing operational and manufacturing costs, you must invest in activities that generate value for consumers. Big data allows you to base your decisions on critical factors like geographic, demographic, psychographic, and behavioral parameters. These factors help determine which products are most likely to sell in the market and thus contribute to the company’s treasury. As a result, organizations can brainstorm upsell and cross-sell opportunities and avoid stocking unnecessary items.

You can also use data to track which products you are stocking and recognize patterns and trends (due to seasonal or other external factors) that impact the product flow. For example, identify the periods when customers are ordering high quantities of your products and when they aren’t showing as much interest. In short, inventory management software allows F&B manufacturers to maintain the right inventory balance during dry spells and mad rushes. 

Big data allows inventory management systems to identify and red flag problems in the supply chain that you might have never known about. By gathering crucial data from the Internet of Things (IoT) tools and sensors, you can spot machines not delivering maximum performance and identify sensitive areas that may be susceptible to hacks.

inventory replenishment

3. Optimizing stock replenishment is essential for the food production industry.

An automatic inventory replenishment system ensures that you always have a desired stock level in the inventory. It ensures that the production process runs smoothly, even during busy days. F&B manufacturers rely on just-in-time manufacturing strategies, where new stock is ordered each day based on the sales demand. This way, eating outlets and supermarkets can keep only the required inventory and maximize their food shelf life.

Do you have a sound just-in-time strategy in place? If not, you should formulate a policy that constantly replenishes stocks. This way, if the stock falls below a certain level, the inventory will be automatically replenished. 

Earlier, companies had manual processes in place for acquiring raw materials. But today, technology has made it possible to stock inventory automatically. In addition, it examines trends and provides a complete picture of which products are more likely to sell. Thus, the staff can maintain large stocks of products with high selling potential. 

4. Inventory management software ensures faster product recalls.

Recalling food & beverage items may cause a lot of trouble if not handled properly. It may tarnish your brand image as consumers aren’t shy of putting negative feedback on social media and e-Commerce portals. Therefore, you need to act quickly and efficiently to ensure menial damage to the consumer and your brand in such circumstances. 

Inventory management systems allow F&B manufacturers to quickly identify where the problem lies, provide market reassurance, and eliminate product recall costs. In addition, the food production industry benefits immensely from inventory management systems as they provide a central repository allowing relevant stakeholders to access critical data immediately. This data can be used to track each link in the supply chain, examine the production process, and provide instant replies to customer queries. 

The safest bet to protect your brand image is to communicate with authenticity that you have the resources, workforce, and the right software solutions to control the situation.

<<<Also Read: The secret sauce for effective food traceability – Food & Beverage ERP>>>

5. Eliminate waste in the food & beverage industry.

Today, customers have become very conscious of the surroundings they live in. The main reasons behind this change are:

  • The rise in education levels.
  • News about the negative impacts of environmental degradation.
  • Government-supported ecological awareness.

Therefore, consumers expect F&B manufacturers to implement processes that don’t harm the environment. 

It means companies in the food production industry need to implement technologies that eliminate perishables that go to waste and reduce excess inventory. Therefore, while selecting an inventory management software, ensure that it helps promote a green agenda, increase production efficiency, minimize operational costs, and enhance the quality of operations. 

Further, examine ways in which surplus products could be reused effectively. For example, you could donate excessive food to charitable organizations for free. Or you can sell products, which supermarkets turn away, at discounts. 

inventory management

6. F&B manufacturers should check stocks regularly.

An essential part of inventory management is to know how many items are available in the stock. Remember that knowing what came in and went out of the inventory will not provide a 360-degree view because F&B products can get stolen, lost, or damaged once they enter the warehouse. General observation shows that lost items are never reported until the designated person takes notice. The only solution to this challenge is regularly reviewing stocks in the warehouse by using an inventory management solution.

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At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. You can also write to us at sales@sagesoftware.co.in.

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

Top 10 things that will disrupt financial services technology in 2022 and beyond

Top 10 things that will disrupt financial services technology in 2021 and beyond
Reading Time: 6 minutes

Summary: A recent report by PwC examines how the financial services sector will undergo a dramatic transformation in 2020 and beyond. It delves deep into the forces that are pivotal in changing the financial technology landscape — their structure, operating guidelines, functions, customer preferences, and the overall competitive environment. The report further reveals that technological disruption is the most potent catalyst in transforming today’s financial services. So let’s get a deeper understanding of the real-world implications of these technological changes and how they will impact the life of a typical user.

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Top 10 things that will disrupt financial services technology in 2021 and beyond

1. FinTech is the new driving force of financial companies.

Gone are the days when it was nearly impossible for new companies to break into the financial services industry. But with the advent of cutting-edge financial solutions, fin-tech disruptors are penetrating the industry. These start-ups focus on a particular technology and use it across various processes — from making online payments and sending notifications to collecting EMIs and settling insurance claims. As a result, they create new challenges for well-established businesses that don’t mainly focus on less profitable service offerings. 

An industry respondent in the PwC global Fintech Survey said that a quarter of their business would be vulnerable to standalone FinTech companies in the next five years. Global investments of about USD 12 billion in FinTech since 2014 provide a testimony that this sector is rising rapidly and is giving a tough time to the antiquated bank industry.

 

>>>Also Read: 5 payment methods that businesses should integrate<<<

 

2. The sharing economy will become part and parcel of the financial system.

The so-called “sharing economy” has become a critical part of the automobile — cars and taxis — and the hotel industry. But it’s penetrating the financial services industry rapidly. Customer interaction with banks and other financial institutions is at an all-time high, but their methods have changed. Today, users rely more on mobile solutions that give them the freedom to make transactions and receive payments from anywhere and anytime. 

The sharing economy will help financial institutions in two ways:

  • Decentralized asset ownership
  • Efficiently matching providers and users of capital

 

>>>Also Read: Top 5 ways how ERP applications help financial services firms drive sustainable growth?<<<

 

3. The digital wave will become mainstream.

Financial institutions invested substantially in e-business units two decades ago. These investments led to rapid developments in the internet ecosystem that significantly improved efficiency and helped build a large customer base. Today, the massive growth of the digital ecosystem is moving along the same lines — companies are investing in building separate teams that are highly efficient, designating huge budgets, and investing resources to work upon a digital agenda. This agenda particularly focuses on creating exceptional customer service, building excellent operational efficiency, and implementing cutting-edge tools like data analytics and big data

The digital wave is transforming various essential sectors in the financial services industry, including retail banking, payments, wealth management, and insurance. In addition, it is gradually penetrating into institutional areas such as commercial banking and capital markets

The-growing-momentum-of-Industry-4.0-in-the-Manufacturing-Sector-after-COVID-19

4. The blockchain revolution is rejigging the financial services industry.

Financial institutions are opening to experiment with industry 4.0 technologies, and blockchain is leading the race. Although many businesses may not survive the rapid ripples of change in the next three to five years, the use of the blockchain’s public and private ledger will increase in the coming times. They will become an integral part of a bank’s operational infrastructure and will allow them to promote safe and secure financial transactions at the click of a button. 

Blockchain is already revolutionizing the cryptocurrency market, and now it’s all set to make a breakthrough in the financial services sector.

 

>>>Also Read: How Blockchain Will Modify Inter Company Transfers?<<<

 

5. Customer intelligence will play a key role in estimating profitability and revenue growth.

Customer intelligence was based on simple heuristics, including samples, surveys, focus groups until a few years ago. Therefore, companies failed to get a 360-degree perspective of their customers that functioned as an obstacle in creating highly-detailed user profiles.

 With the advent of industry 4.0 technologies like machine learning, IoT, and AI, things are changing rapidly. Today, companies have a massive amount of data about their customers that help them brainstorm effective marketing strategies. This vast trove of information allows financial services firms to unlock hidden data about customers — geographic, demographic, psychographic, and behavioral that provides relevant insights about customer needs and desires.

 

>Also Read: Customer Intelligence: Do You Really Know Your Customers?<

 

6. Public cloud will make information accessible to all.

In the information age we live in, everyone — employees and customers — want access to real-time data at the click of a button. The cloud infrastructure enables companies across sectors to facilitate the free flow of information across relevant stakeholders. Recently, businesses have been relying on cloud-enabled ERP systems to run non-core functions like HR, CRM, and financial accounting. Other application areas include highly detailed and easily understandable statistics and KYC verification. But as the range of applications improves and as COOs and CIOs get more comfortable using this technology, it will find more penetration in the financial services sector for performing core activities — credit scoring, consumer payments, bills, and statements.

 

>Also Read: Sage 300cloud is now available on the industry-leading Microsoft Azure<

 

7. AI and robotics will become better in reasoning and raw power.

Leading financial services institutions are reducing/eliminating risks and bringing down costs by leveraging the following capabilities of AI and robotics:

  • Logical reasoning
  • Emotional intelligence
  • Self-supervised learning
  • Pattern identification
  • Navigation
  • Mobility
  • Natural language processing

Service robots have shown remarkable results in the past few years. They can identify objects in their environment, respond to objects and information safely and securely, and perform complicated tasks that their human counterparts cannot accomplish. Although service robots are in the nascent stages of development, there is a long way to go before they take up additional responsibilities. Experts suggest that the future generations of robots will be highly advanced — both in logical capacity and raw strength — and will attain the capability to integrate with varying modular platforms. 

 

>>Also Read: Top 4 ways how robots will significantly change logistics<<<

 

8. Cyber-security will emerge as one of the most horrifying challenges for the financial services industry.

According to the Identity Theft Resource Center (ITRC), the total number of data compromises through 30th September 2021 is 17% higher than FY 2020. This goes on to show why it’s so crucial for companies to invest in cyber security mechanisms. 

Another despairing statistic comes from PwC’s 2016 global CEO survey, where 69% of CEOs working in the financial services sector said they are very concerned about security threats compared to 61% of CEOs working in other sectors. Unfortunately, the situation is likely to remain the same for the following reasons:

  • Sophisticated technologies that cannot be run/operated by many users.
  • Sharing of business-critical data globally.
  • Over-dependence on third-party vendors.
  • Customers using more mobile technologies.
  • Significant rise in cross-border information security threats.

 

>>Also Read: ERP and Cybersecurity – What no one is talking about?<<<

 

9. Industry regulators are turning to technology.

Not only financial service companies but industry regulators are also showing interest in learning about new analytical and data gathering tools as it will enable them to monitor individual institutions’ activities and get a better understanding of the overall systemic activity. Moreover, data tools will allow financial regulators to address potential issues and compare scenarios before they become endemic problems.

 

10. Asia will become the cradle of tech disruptions in the financial services sector.

table-Revenue Growth

The middle class globally is estimated to rise by 180% between 2010 and 2040. An essential fact that we should discuss over here is that Asia’s middle class has already surpassed Europe’s, and the majority share of the middle class is expected to shift from Europe and North America to Asia-Pacific. Moreover, about 1.8 billion people are projected to move to cities in the next 30 years, particularly in Asia and Africa, which will open new opportunities for financial institutions. 

 

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At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. You can also write to us at sales@sagesoftware.co.in.

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

The AI Revolution in Finance Sector

Reading Time: 6 minutes

The AI Revolution in Finance Sector

Automation has made a significant impact in every field, from news and sports to customer service and trading. It is revolutionizing the way we interact with others and conduct business. 

Automation enables companies to gather, analyze, and share business-critical information with all stakeholders instantly without any human intervention. It ensures that all processes are done as per the set parameters and within the specified time. 

Artificial Intelligence (AI) has been making drastic steps in allowing businesses to manage their resources, employees, and clients correctly. AI has taken control of trivial jobs and has made many tedious tasks simple. 

Technology has made it possible for start-ups to conduct business at super fast speed and without heavily investing in infrastructure. Developments in AI, machine learning, and data analytics allow companies to collect data instantly, find patterns, and build actionable reports

As hi-tech devices gain more processing power and become cheaper, the digital infrastructure is becoming more robust. It is significantly increasing the potential of the workforce and minimizing human errors. 

This article will shed light on how AI is making remarkable strides in the finance sector.

The AI revolution in the finance sector is no longer a myth. It is helping companies register massive profits and also allowing them to deliver customer service par excellence. 

The following are the few benefits of AI in the finance sector:

  1. It provides rich reports full of statistics, facts, and figures.
  2. It allows companies to gain a 360-degree perspective of their customers.
  3. It enables businesses to transform quickly according to the changing financial landscape.
  4. It permits various organizational departments to work as a cohesive unit.
  5. It executes trivial jobs instantly without any human intervention.

One of the crucial aspects of any finance company is to handle customer complaints quickly. Sage CRM is a leading product that comes with a built-in chatbot. 


Don’t Miss: Review Your Customer Service Operations With Sage CRM

The chatbot gathers trivial information — customer name, problem statement — instantly, allowing its human counterparts to focus on other important matters. If the solution to the customer’s query already exists, it sends a step-by-step procedural answer or provides a link to the same. Only if the question is new and the solution isn’t available in the repository, it forwards the query to the support team.

The AI revolution is impacting the finance sector as never before. It is opening new dimensions and enabling companies to make forecasts that weren’t possible until a few years back. 

The following are the use cases of how the AI revolution is impacting the finance sector:

1. It maximizes the use of resources

Earlier, companies didn’t have a fool-proof system of measuring resource utilization. The manufacturing process was controlled through hand-written checklists or basic software programs. This system introduced numerous human-errors that caused massive damage to the products and the reputation of the company

But the new AI-driven processes minimize human intervention and eliminate errors. It also takes control of other operating functions. For example, Sage ERP for financial services analyzes which customers need instant attention and routes them to the support team. This procedure allows the company to prioritize its resources and efforts over irate customers and patch-up any wrinkles in the relationship fabric.

2. AI algorithms unlock hidden values

In the digital era, businesses are finding new ways of gaining access to customer data. It is rightly said that data is the new oil because it enables companies to know the ins and outs of their customers. Data allows brainstorming strategies, forecasting future trends, and providing world-class after-sales service to your clients

Thus, data allows you to build a strong and long-lasting relationship with your existing clientele and helps expand your customer base. 

With advancements in technology, AI algorithms take over repetitive tasks that take away a significant share of an employee’s time. These tasks include gathering customer data, filing forms, sending messages and notifications, matching data records, and resolving exceptions. 

AI algorithms can handle the following accurately and in a better way than their human counterparts:

  1. They create a list of parameters and spot deviations. 
  2. Natural Language Processing enables machines to communicate with humans naturally. 
  3. They enable employees to write text with the help of sound. 
  4. They interpret textual information, do a 360-degree analysis of the same, and build actionable reports.
  5. They detect objects and human faces exceptionally well. 
  6. They detect patterns that are oblivious to the human eye.

Don’t miss: Role of AI Guided Content in Predictive Analysis

3. AI improves efficiency and cuts costs through innovation

AI is revolutionizing the finance sector through innovation. One such innovation is Robotic Process Automation (RPA). It is a virtual worker that replaces a human and conducts operations at superfast speeds. It also increases efficiency, minimizes human error and reports suggest that they can decrease operational costs by 25%-50%. 

RPA is a boon for the finance sector as it takes complete control of data-intensive and repetitive tasks. This process allows employees to work on things that require human ingenuity, intellect, creativity, and a thorough understanding of organizational culture. 

AI algorithms can also extract vital information from agreements and present them in an easy-to-read format. Moreover, they can also create smart contracts that can be edited/updated according to all the participating parties’ will. 

4. AI is revolutionizing the way people invest and trade

The stock market is dynamic and ever-changing. It has the potential to transform a pauper into a king and vice-versa. But with the change in the international business and political environment, it has become more uncertain than ever. Since the onslaught of the COVID-19 pandemic, the markets are in a roller coaster ride. Millions of people globally have lost billions of dollars.

AI-powered algorithms and high-speed processing abilities provide much-needed relief. They possess the capacity to interpret both — structured (databases and spreadsheets) and unstructured (social media) data. They can correctly estimate which stocks will outperform and which will underperform. 

Data-driven investments did a business of more than a trillion dollars in 2018 alone. High-frequency trading or algorithmic trading is picking the pace because of the benefits AI provides. 

5. AI helps detect online frauds

Wrong rejection of an authorized transaction is one of the many reasons for massive losses to retailers. Fraudulent activities on credit cards have been on the rise since online shopping portals have opened in huge numbers.

AI and ML technologies show ways of curbing online threats. They keep track of an array of factors, including the customer’s past purchases and buying behavior. They immediately alert the customer and block their credit card if they detect unusual behavior.  

The troubleshooting algorithms take the necessary action and create reports so that analysts, consumers, and the security team can work together to reach a workable solution. 

6. AI makes the loan disbursal process easy and straightforward

Loan disbursal is a long and tedious process. It takes immense time and effort for the bank to decide the eligible candidates out of a long list of applicants. The following are some of the factors that banks have to check before giving loan:

  1. Age
  2. Work experience
  3. Income
  4. Spouse’s income
  5. Occupation
  6. Credit history
  7. Repayment period

Even after thoroughly checking the candidate’s financial condition, there are chances that they might fail to repay the loan.

AI algorithms employ rigorous data analysis techniques to estimate the loan repayment capacity of the candidate. It considers multiple data points that enable the loan managers to reach a logical conclusion rather than making a hasty decision. 

Another critical point is that banks are now focusing on remote banking applications. These apps make it easier for customers to transfer funds and conduct other banking operations without visiting the branch office. AI and ML algorithms are using this opportunity to access smartphone data to judge whether the candidate is suitable for receiving the loan or not. 


Don’t Miss: Covid-19 Impact on Finance Sector

7. AI is becoming the backbone of personalized banking

We are living in times where companies are finding ways to provide top-notch personalized customer experience. For example, Starbucks remembers your favorite coffee and serves you the same, whether in Mumbai or New York. 

Similarly, banks are keen on providing personalized banking services that suit the taste of the individual customer. AI and ML algorithms provide the foundation for building chatbots that provide self-help solutions to customers. This step allows their human counterparts to focus on other business-critical issues that require human ingenuity.

Conclusion

AI, ML, Data Analytics, and many other technologies are revolutionizing how the finance sector operates globally. They are:

  • Letting the sales teams explore their hidden potential and make better sales.
  • Allowing support teams to provide better service experience to customers.
  • Supporting risk managers to ascertain the repaying capacity of candidates.

Financial organizations may face a few barriers while implementing AI solutions. But they have to be bold enough to accept the challenges and move forward. New age AI solutions may be a little expensive but are a good investment for the future.

Are you searching for marketing automation software such as ERP and CRM systems to plan your resources efficiently and better deal with your customers? We can help you. At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

How Blockchain Will Modify Inter Company Transfers?

How Blockchain Will Modify Inter Company Transfers?
Reading Time: 4 minutes

Intercompany transfer relates to the sales of products, technology, services, and workforce movement between the parent company and its subsidiaries and blockchain technology will enhance this process. If you look at the figures, you will be amazed to see that they contribute 30-40 trillion dollars annually to the global economy. So it is not wrong to say that intercompany transfers will be the wealthiest nations in the world if they ever claim a country status.

Even after making such a considerable contribution, they suffer from incompatible systems. The large day-to-day transactions — including licensing of technology, the extension of credit, and performance of services — is done through multiple ERP systems. The records are not updated instantly but take weeks, if not months, to update.

Intercompany transactions, including the company’s financial statements, are often misrepresented. In the worst-case scenario, the errors in taxes and custom forms result in penalties. ERP systems and manually-generated Excel sheets don’t provide business-critical information to company stakeholders to make intercompany transfer decisions.

Which companies will benefit by making intercompany transfers healthy?

Intercompany transfers are essential to companies of all sizes. Be it a small manufacturer with a production unit in one country and who distributes through multiple vendors in a few countries. Or a large manufacturer that has numerous legal entities doing business in several countries.

In multinational organizations where intercompany transfers account for more than 30% of the external revenue, making systems healthy is a must. They require an intercompany policy that takes care of different business models, multiple ERP systems, and recent mergers and acquisitions.

What are the benefits of improved intercompany transfers?

By improving the intercompany transfer processes, you can gather accurate data that will help you manage your inventory, make strategies, forecast future demands, and make better procurement decisions. You will also reduce operational costs, increase sales revenue, lower FASB 5 and FIN 48 reserves, eliminate material errors, lower hedging costs, and improve financial statement accuracy.

Other company-wide benefits include reduced tax audits, better HR compensation plans, enhanced customs compliance, increased global liquidity, truncated logistics costs, and better comprehensive liability planning.

How can Blockchain help?

As per the research by International Data Corporation, 45% of industry leaders will use Blockchain as the primary intercompany transaction management technology.

Blockchain is a distributed ledger that provides a single source database. It is a completely transparent way to share wealth and data. The significant advantage of Blockchain is that the database is immutable. Once data entry is done, the system’s members cannot change it. Blockchain was initially built as a public shareware, but seeing its utility, private blockchains soon came into existence. They provide the ability to share immutable data within your company’s digital ecosystem.

The notable advantage of Blockchains are transparency, traceability, and auditability. It creates a shared record and validates all transactions. If a member makes a small change anywhere, the system can trace him easily.

How do transactions happen in Blockchain?

Each transaction generates a hash, which is a string of numbers and letters. Here, the order is crucial. If the order is not right, then the purpose of using a Blockchain gets defeated. It’s because the hash doesn’t depend only on the current transaction but on the previous transaction as well. A minute change in the transaction can completely modify the hash. The nodes (desktops, laptops, or servers) examine the hash to know whether there is a change in the transaction. If the majority of nodes conclude there is no manipulation in the transaction, then the hash is written on the block. The process continues until every block gets its hash, and then they combine to form the Blockchain. Since it operates on the Distributed Ledger Technology (DLT), every node has a copy of the original sequence of blocks. A Blockchain updates itself every ten minutes.

How can Blockchains help in intercompany transfers?

The significant advantage of using Blockchains in intercompany transfers is the creation of smart contracts. These contracts are automatically generated according to the company policies and are enforceable on all parties. Smart contracts are smart because they can change as per the need. Consider the following example. The parent company and its logistics subsidiary make a deal, according to which, the latter will send four tonnes of steel by month-end. Now, suppose the supply chains are not in place due to a severe landslide, and there is no way the trucks can reach the parent company’s warehouse by the promised due date. According to the contract, the logistics company will be held responsible for the delay. The question is: Is this justified? Smart contracts play an essential role in such matters. They can transform the clauses of the agreement so that they aren’t unfair to any party.

Blockchains contain vast amounts of business-critical information such as — invoices, purchase orders, fair labor practices, documentation of environmental compliance, and transfer pricing.

A private Blockchain can easily integrate with your company’s legacy ERP system and improve your business processes. The integration process is relatively simple and does not hinder the daily transactions managed by your employees. It serves the interest of all the stakeholders and provides the information they need. It prepares audit and regulatory data reports and plans data summaries that are crucial for any business.

Blockchain technology will transform your business for good. It will make your existing systems agile and more data-oriented. It will maximize data security and act as a shield against data leakage and thefts. It will also provide identity verification and authentication that does not allow any third party to tamper business-critical data. If you implement Blockchain technology correctly into your ERP systems, you will see a positive impact on your costs, business processes, risks, and flow of information.

 

What Supply Chain will look like in 2021? 4 Tech Predictions

supply chain
Reading Time: 3 minutes

Inventory management can be intimidating for an enterprise that has tons of products scattered across hundreds of different geographies. Further, it can be equally daunting to respond and analyse the frequently altering market conditions that influence inventory pricing. This is the reason a number of successful enterprises are increasingly turning to service parts management technology tools for improving their under-optimised supply chain.

Read also: Digitally-Driven Supply Chain Management for Oil & Gas Industry

Access to the right parts and at the right time is extremely critical for an organisation to boost uptime of the products it sells, think of construction equipment, medical equipment, trains, planes, etc., failing to maximise the uptime of such revenue generating assets causes a manufacturer to lose money and customers.

Thus, pricing and inventory management software are witnessing a steep surge in demand to help enterprises enjoy optimum supply chain. Several businesses employ ERP software for effective supply chain visibility. Nevertheless, the burgeoning competition in supply chain is paving way for more advanced tech trends and tools. Here are four tech-based supply chain predictions for 2017:

  1. Cloud based solutions will continue to dominate

Compared to other verticals, the supply chain industry has been a bit slow when it comes to embracing the cloud technology. Yes, some enterprises unfortunately still resort to old-school tools such as spreadsheets for service parts management. However, the need for agility is persuading such enterprises to move to cloud and thus, the increase in adoption of cloud technology in the recent years.

 

Cloud technology enables information sharing that can help with efficient workflows. Furthermore, cloud helps save costs for businesses that lack the necessary resources and budget to maintain on-site enterprise resource planning systems. Thus, supply chain players ought to embrace cloud technology or risk themselves to lag behind in 2017.

  1. Predictive analytics to turn mainstream

Predictive analytics paves way for real-time decision-making and helps foresee both performance and strategy thus, enabling supply chain intelligence. Though its adoption rate is a bit slow, predictive analytics is expected to turn mainstream especially in the aftersales and supply chain domain. It is deemed to become an integral part of supply chain management, as the dependency on trend analysis and forecasting models shoots up.

Also on Sage Software blog: Smart Businesses use Analytics, Successful ones embed it!

 

  1. Wearables boast promising potential

Often perceived as a consumer luxury, wearables are fast catching up heat in the B2B segment as well. And as the technology is more inclined towards mobile than tablets/laptops and offers sensory functionalities that other technologies fail to offer, it can be distinctively optimised across supply chain domain. Wearable technology removes the barriers that often accompany handheld devices thus, paving way for seamless and efficient workflows.

Wearables will influence field service processes positively. For manufacturing enterprises, field service expert is the face of the company, who often interacts with customers. The kind of service they offer plays a pivotal role in customer retention/satisfaction and brand image. Businesses especially manufacturing organisations can empower their field service experts with wearable technology to help them respond faster to various customer queries and concerns.

Here’s how wearable technology and cloud ERP will revolutionise businesses!

 

  1. Drones and Driverless automobiles to turbocharge supply chain

Drones and driverless vehicles are two disruptive tech trends that are expected to take over the role of humans in the supply chain vertical. Going beyond the ‘home delivery’ thing, drones can be useful for several other purposes in the supply chain domain. For instance, they can monitor performance of remote operation facilities and plants delivering real-time information on maintenance and/or upgrades. Driverless automobiles on the other hand can offer safety advantages, as they can greatly reduce traffic related fatalities whilst providing real-time information on vehicle functionalities and deliveries.

Hurdles though still persist. Regulation, cost, functionality and design ought to be improved and well-defined for these predictions to be a reality. Long story short, enterprises who prefer to hold themselves aloof from the disruptive tech trends will be missing out the fun!

To learn how upcoming technology trends will transform businesses around the globe, contact us here. You can also SMS SAGE to 56767 or drop us a mail at sales@sagesoftware,co.in for free demo and consultation.

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

4 Ways AI will revolutionise the Game of Selling

Artificial Intelligence
Reading Time: 2 minutes

 

Debates on AI (Artificial Intelligence) have been making quite a few rounds of late. From whether robots will take over human jobs to the mere assumption of a virtual computer simulation, there has been a lot of hullaballoo surrounding AI, virtual reality and augmented reality and its possible applications. Adding to the debate comes an intriguing statement from Elon Musk, Tesla and SpaceX CEO, wherein he stated: “there is only “one in billions” odds that we’re not living in a computer simulation.”

 

But before letting our imaginations run wild, let us actually look how artificial intelligence is transforming the way salespersons are interacting and connecting with prospective customers and closing deals successfully.

 

  1. Drafting E-mails

By identifying patterns in emails utilizing natural language processing, AI powered CRM solutions can very well predict your responses and will even draft e-mails for you accordingly. Further, these CRM tools over time can learn to pay heed to contact names, addresses, dates, key phrases and can shoot off responses for simple stuffs such as availability eventually helping in complex business tasks like finding out resolutions to specific queries or helping you select appropriate e-mail attachments.

 

  1. Managing Calendar

This particular feature seamlessly integrates with e-mail. Imagine all your client calls, meetings, etc. scheduled automatically for you. You already are witnessing this when your smartphone automatically links phrases such as “tomorrow afternoon” in your text inbox to calendar. Brace yourselves, as things will be getting more interesting with the emergence of novel tools that will automate all those time-consuming calendar management tasks. Long story short, AI powered enterprise solutions will render businesses with personal digital assistants of their own.

 

  1. Finding Quality Leads

A pool of data is generated during the early sales stages and it can be challenging to organize and analyze the mammoth of information at hand. AI powered CRM solutions will assemble all this data. In addition, predictive lead analysis will indicate where to focus more. It does so on the basis of interactions and frequency of leads that a sales rep has had in the past. This is how the next-breed of CRM will change the game of pipeline management for sales ninjas.

 

  1. Improving Customer Relationship

Businesses endure from a number of crisis points when it comes to customers and customer relationship management. They only get to know about a customer when he/she subscribes or purchases and in times when the customer faces issues with the delivered product or service. Whilst businesses intend to develop stronger relationships with their customers, most of them fail to leverage the relevant resources. This is the case until now, as advanced AI enterprise tools will help businesses learn more about customers followed by delivering intelligent insights that can go on to create a strong brand-customers bond.

 

Takeaway

It is definitely the most interesting time to be alive! Further, with the inception of novel AI tools combined with intelligent enterprise solutions, businesses would gain a competitive edge when it comes to acquiring new customers and retaining them. On the other hand, the AI revolution will also bring customers an inch closer to businesses.

 

To know how AI will transform the way you have been interacting with your customers, prospects and leads, contact us. You can also SMS SAGE to 56767 or drop us a mail at sales@sagesoftware,co.in for free demo and consultation.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

5 Ways Digital Transformation is Re-defining Enterprise Landscape

Reading Time: 4 minutes

Digital Transformation and ERP Solutions

In the information age that we live in, businesses cannot escape digital transformation. All credits to the digitally savvy customer who has access to heaps of information about literally everything, at every time, and everywhere. And if you fail to keep up with times, your customer will not stick with you for long.

Today, companies require increased access to data, stay connected with their customers 24/7, and streamline their business processes. Unfortunately, manual methods are too inefficient and fail to catch-up with the speed that businesses require. Digital transformation is the key that will put an end to all those challenges. It will make your business respond to customer queries with lightning speed, destroy information silos resulting in interdepartmental to and fro of data, and empower you to give tough competition to other sharks in the ocean.

Digital Transformation for Changing Enterprise Landscape

Let’s dive and take a look at 5 crucial ways of how digital transformation can help you adapt to the changing enterprise landscape.

1. The economy is going digital

Only if you live on Mars would you not be aware of the advantages of going digital. Today, everyone including people, businesses, societies, and governments, has a digital footprint. According to a report, the size of the digital economy ranges somewhere from 4.5% – 15.5% of the world economy. And this is when the same study suggests that we are in the early phases of digitization. Therefore, it’s imperative to understand why businesses should prepare a digital road map for themselves.

Digitization helps businesses know what people are searching for locally and globally, their likes and dislikes, cultural changes happening around the globe, the impact of government policies and much more. Also, all the upcoming technologies such as AI, Machine Learning, IoT, Blockchain, 5G, and Cloud computing rely on digital data. If you want to remain relevant in the changing times, you cannot afford to remain aloof from digitization.


Also Read: 5 Disruptive Digital Business Trends


2. Adopting new technology has always been a way to ‘Future-Proof’ your business

Do you remember the late 90’s and the early 2000’s? Do you recall the exponential increase in productivity promulgated by digital technologies of that time namely; social media, mobile, and the Internet?

There is no doubt that the Industry 4.0 Revolution helped businesses take a giant leap from being heavily reliant on manual methods of conducting business to super-fast and highly efficient digital methods. But times are changing yet again. We are standing on a junction where on its other side is the angel of ‘digital supremacy’ with its arms wide open, waiting to embrace us. Companies need to understand that this angel which comprises technologies such as AI, voice, robotics, IoT, etc. has the potential to completely disrupt the way they do business.

Though we are at a nascent stage of digital transformation, five to ten years down the line, new products and services will emerge out of these technologies and open new revenue streams completely unheard of. As and when the opportunity comes, those companies that have realized the importance of digital transformation today will embrace the change quickly and turn into industry leaders. And those who failed to do so will be wiped off.

3. New and better avenues of customer engagement

In the information age that we live in, people have gained the most. They have got multiple avenues to raise their voice, keep their opinion and share information with like-minded people. It does not take long to bring an entire company to a standstill if even one of them, in the remotest corner of the world, objects to the quality of your products.

Here is how Digital transformation is forcing businesses to look at customer engagement strategies with a fresh look:

• Digital marketing communication has redefined customer engagement. Be it social media posts, online ads, guest posts, blogs, articles, SEM, SEO or a proactive customer care service; the importance of customer engagement has risen to the sky. With time, it is becoming more personalized in nature.

• It widens the customer base by forming better retention strategies to keep existing clients loyal to the company and attract new ones.

• It helps form a lead management system that efficiently manages customer queries, contract renewals, and lead handling.


Also Read: Top 5 ERP Software Trends of 2020


4. Makes you compliance-friendly and investor-friendly

With governments across the globe making tighter tax regulations and formulating mandatory compliance, companies face major challenges if they don’t adhere to such directives. Industries such as banking, and import and export, are audited by government authorities and in cases when they are found in-compliant, they are hunted down. The easiest way to meet these standards is by using digital technologies that keep track of data, warn concerned authorities if regulations are not being met, keep proof of compliance and much more.

Another important thing that businesses must keep in mind is that a sound IT strategy lures prospective investors. By carrying out a full-fledged digital transformation process at your company you indicate that you are ready to take on the challenges head-on, will have few/no problems in managing financial governance and be compliance-friendly.

5. Bring a complete cultural change in the way you function

Have you successfully earmarked the redundant activities being carried out in different departments of the company? Do you exactly know which processes function at their optimum level and which don’t? If the answer to those questions is a thundering yes, then your business needs a digital outlook; you need to reinvent your company by incorporating a new digital culture. The following examples illustrate how you can do this:

• Introduce data related work in every sphere of your business. Give credence to data transparency and accountability

• Introduce a lean management work culture and give priority to continual improvement

• If the cultural change exercise cannot be extended to the whole of the company, then create a spin-off company with its management and bring a digital transformation over there

Digital transformation is the need of the hour. Those businesses that align with digital technologies today will reap the benefits soon. Those that don’t will be scavenging on dead meat. At Sage Software, we are home to industry-leading ERP and CRM software. Our products will let you establish a digital culture at your workplace and get you ready for the future. To know more about us, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Impact of Artificial Intelligence on the Automotive Industry

Artificial Intelligence
Reading Time: 4 minutes

Artificial intelligence (AI) is changing the way we do business and the way we live. It is making breakthroughs every day, from healthcare to finance to data security to travel and transport and social media. Talking about the automotive industry, AI will bring a massive transformation. Research indicates that the value of AI in automotive and cloud services will exceed $10.73 billion by 2024

This article sheds light on how AI in automotive industry will impact vehicle owners, automakers, and service providers. 

 

  • AI driving features

 

When it comes to driving, artificial intelligence provides many functionalities, including fully autonomous and driver-assist modes.

One of the major concerns of the automotive industry is to ensure that drivers are safe while driving. AI provides advanced safety features that can identify dangerous situations and alert the driver if it detects a probable mishap. It can also take emergency control of the vehicle if the driver isn’t capable of driving any longer. 

It consists of multiple sensors, cross-traffic detectors, emergency braking, driver-assist steering, blind-spot monitoring, and other features that ensure the passengers’ security.

Although AI has reached a stage where it can assist humans in driving, there is a long time to see roads filled with driverless cars. It is because driving is not limited to a specific set of rules. A few algorithms cannot comprehend the nitty-gritty of driving. It is a complex process that requires monitoring multiple conditions and forecasting several scenarios. The processing power necessary for a driverless car is yet not available. Companies like Google and Tesla are making several breakthroughs in Artificial Intelligence and machine learning, and the day is not far when driverless cars become a reality.

 

  • AI cloud services

 

For both — driver-assist mode and fully autonomous mode — connected vehicles require vast swathes of data. AI Cloud platforms ensure that data is available when needed. This data is not limited to low battery indicators, check engine lights, gas tanks, and oil lights. By monitoring millions of data points per second, AI can predict component failure to get it repaired before it wears out. This principle is known as predictive maintenance. It will save not only the driver’s life but also their bank balance. 

World-renowned automobile manufacturer Volkswagen and IT giant Microsoft have announced a partnership that will transform the auto company into a digital service-driven business. Volkswagen wants to become a torchbearer in the automotive industry by tapping the power of Skype, Azure IoT, and Power BI. 


Also Read: How Cloud ERP helps Auto Component Manufacturers go Lean?


 

  • AI individualized marketing

 

In recent years the advertising competition has become brutal. Getting qualified leads has become a challenge. But the combined potential of AI, big data, and machine learning offers a ray of hope. They can examine vast amounts of data according to set parameters and can accurately target qualified prospects. This data can suggest those products and services that users are most likely to buy. For example, a driver whose social media posts announced mountain excursions could be alerted of a sale at a nearby hiking and trekking Store. Or if the driver has a liking for cakes and chocolates, the AI system can suggest nearby bakery shops.

The AI system tracks the driver’s likes and dislikes and sends periodic messages of businesses nearby that can serve them instantly.

 

  • AI in car manufacturing

 

According to statistics, 92 million cars were produced in 2019. No wonder, assembly line robots have proved their mettle. And they have been doing so since the sixties. 

But AI in the automotive industry will completely change the way we operate. Smart robots don’t only accept humans but also work along with them. Like the Hyundai Vest Exoskeleton (H-VEX) and Hyundai Chairless Exoskeleton (H-CEX) provide extra mobility and strength to perform tenuous jobs. They sense what their human counterparts are doing and help protect their knees, necks, backs, and other sensitive areas. 

Automated Guided Vehicles (AVGs) are used to shift heavy materials and machines. Artificial intelligence can detect its path and adjust the route accordingly. 

Also, AI is used for doing painting and welding jobs. Apart from filling colors and cutting window panes, doors, bonnets, roofs, and windshields, it can also detect irregularities and defects and alert the quality control personnel.

 

  • Driver identification, recognition, and monitoring

 

AI can detect who is driving the vehicle using advanced facial recognition algorithms. It can adjust the mirrors, temperature, and seat according to the individual preferences of the driver. It can alert the driver to keep their eyes on the road by observing their head position, eye gaze, and eye openness. It can detect the driver’s posture and can adjust the seat accordingly. It can also change the Heads-Up Display (HUD) according to where the driver’s eyes are focused. Besides, it can also deploy airbags in a manner that will minimize the injury based on the driver’s posture.

AI in automotive industry is making significant advancements and developments. Coupled with the power of machine learning and big data, it will revolutionize how we will reach our destinations. It will not only streamline traffic movement and monitor jams but also increase the driver’s safety. It will also open up new marketing and entertainment opportunities. 

At Sage Software, we are home to world-class ERP and CRM software that will provide practical solutions to your specific business challenges. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in.

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

 

Evolution of ERP – How Far Have We Come!

Reading Time: 5 minutes

From the widespread adoption of social media to the evolution of mobile and cloud computing, the enterprise technology (IT) landscape particularly the enterprise software (ERP) ecosystem has witnessed a streak of technological advancements in the last couple of decades.


Read also: How Artificial Intelligence is shaking up the ERP Landscape?


Enterprise software landscape has undergone a sea change in the past decade or so. By the mid of 1990, ERP solutions leaped out from the manufacturing units to other sectors/departments covering key functions such as maintenance, aftersales, inventory, human resources, ecommerce, etc. As of today, ERP systems are available with advanced functionalities, features and usability than ever. All thanks to technology and evolving user demands.

Here’s a graphical representation on how the enterprise resource planning landscape has evolved over the years:

Evolution of ERP

  1. The Beginning

ERP systems have been there since the 1980s aimed at big businesses to help with accounting and finances. The systems then were expensive yet complex to use.

  1. Modular and lightweight infra

These types of micro ERP offerings took over the complex and large enterprise systems by breaking them up into smaller modular components.

  1. ERP in the 1990s

1990s was all about inter-functional ERP integrations. Yes, these systems seamlessly integrated accounting, distribution, inventory, logistics and so on.

  1. ERP in the 21st century

Coming to the 2000s, ERP ecosystem witnessed the introductions of several add-ons like supply chain, business intelligence, smarter reporting, CRM and so on.

  1. ERP today

ERP systems have come a long way! Today, ERP systems come armed with built-in intelligent analytics capabilities, integrated security functionalities, faster updates, cloud focused/mobile friendly, data-driven and modular offering unmatched flexibility.


Read also: How Digital Transformation Is Changing the Way We Treat Enterprise Technology?


How ERP Can Build Better Business?

The difference between an average business house and an industry leader is that the former depends solely on humans or machines. On the other hand, the latter maintains a healthy balance between both. When human attributes – leadership, teamwork, and creativity – are coupled with the lightning speed and automaticity of ERP software, magic happens. This article talks about 4 ways how an ERP software can help you build a better business.

1. It provides better customer experience

Customer experience is no longer limited to the interaction between the client and the customer care agent. It has outgrown that definition. Now, it also includes brief conversations with a chatbot, access to FAQs on the website, and information exchanges via social media channels. An ERP software collaborates with different information channels and helps you achieve this easily.


Also Read: ERP for Business Growth: Myth vs. Reality Debunked


2. It frees up resources

Do you still rely on your human workforce for quality checks at the factory, registering customer complaints, and following them up, preparing invoices and Bills of Materials (BOM)? If yes, then you should think about investing in ERP software. It will take care of mechanical functions thereby freeing up time for your workforce to focus on business-critical functions.

3. It enables collaborations

When the world is moving towards “remote working” and “Work from home” models, it has become imperative for companies operating across industries to employ a lag-free collaboration strategy. An ERP software integrates different collaboration tools such as video conferencing tools, messaging apps, and document sharing applications that help teams stay connected with each other over geographically dispersed locations.

4. It significantly improves accuracy and efficiency

The more efficient and accurate your processes are, the more will be your productivity. ERP software can help you achieve this easily. It helps you make quarterly reports within minutes instead of weeks. It also cuts off lead times of major product cycles that allow companies to serve more number of clients effectively.

How ERP Can Help Businesses Succeed?

In the digital age that we live in, starting a business has become easy. You would be shell shocked if you compare today’s business environment – the time it takes to register, investment and resources required, and the web of mandatory compliance – with that of a few decades back. But the new age brings with itself new challenges that need to be solved. This article talks about 5 enterprise management tips that will help you attain insane success.

1. Enterprise management tips for having a properly structured business plan

A well-structured business plan is a must for any business. It helps you focus on your target audience and develop a clear brand messaging. It lets you distinguish between the best and worst possible scenarios. It allows you to set benchmarks, deadlines and monthly targets. Here are the 5 most important uses of a properly structured business plan.

  • Helps build customer profiles
  • Helps conduct thorough market research and analysis
  • Helps formulate a pricing strategy
  • Gives an elaborate view of your operating strategy
  • Furnishes an executable finance strategy

Also Read: Experience Digitization Through Enterprise Technology


2. Enterprise management tips for closing the deal

The advent of social media and other communication channels has caused the information to spread like wildfire. Thus, customers are well equipped to make better decisions. This has changed the rules of the game. It has increased customer expectations and made deal-closing a tough job. The following are 4 imperative things that sales agents must keep in mind while dealing with clients.

  • Nurture relationships with the right customer
  • Analyze the critical pain points of your customer
  • Use case studies and stories to influence your customer
  • Make a list of objections your customers may raise and study them thoroughly

3. Enterprise management tips for expanding your pipeline

The wide availability of product and price information, live demos, and reviews have made customers very well informed. This has rendered cold calling obsolete. This point elaborates on the 5 most important things that agents need to focus on to grow their pipeline.

  • Find your specific market and ideal prospect
  • Build your audience based on a set of market approved criteria
  • Rely only on data from accurate sources
  • Do a thorough analysis of your customer database before approaching them
  • Formulate a territory strategy for your sales team

4. Enterprise management tips for breaking information silos

Information sharing is crucial for every organization. It helps speed up business activities, improves business intelligence and makes the company more agile. Information silos restrict this free flow of data and form information barriers. The following are 4 tips to demolish them.

  • Build consensus to share vital information.
  • Focus on building common targets for different departments.
  • Conduct inter-departmental exercises and impart collaborative training
  • Eliminate technical glitches by implementing the right collaboration tools to share data

5. Enterprise management tips for cementing better relations with your customers

An array of research provides ample evidence that finding new customers is way more expensive than retaining existing customers. The following 4 points illustrate how modern-day enterprise technology – such as a CRM system – helps convert prospects into loyal customers.

  • Access customer data within a few seconds
  • Allow customers to post questions on a real-time basis
  • Resolve customer queries through various channels including voice calls, live chat, social media, etc.
  • Enables customers to provide recommendations, post reviews, and meet with other customers.

Also Read: 4 Proven Ways Sage CRM helps to build better Customer Loyalty


Takeaway

The evolution of ERP has been traversing at rocket speed. And as the evolution doesn’t seem to cease either, ERP systems are robust and well-equipped today than they were a decade ago. In fact, there are exciting times ahead for ERP software landscape with Big Data and IoT coming together to create more powerful and intelligent ERP systems.

ERP systems today no longer feel and look dizzy and are appealing than ever. They are way more advanced, cloud based delivered via SaaS (Software-as-a-Service) model. They are much flexible and modular in nature thus, making them a perfect pick-me-up for small businesses. For instance, ERP system like Sage 300cloud is not only helping businesses streamline their key functions, but also helping them be more agile and efficient.

Contact us now for a FREE demo.  You can also SMS SAGE to 56767 or drop a mail at sales@sagesoftware.co.in

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.

Sources: Forbes, The Answer Co, CMS Wire, Ajbubb, Balloon One, e2btek, SlideShare.

3 Ways Blockchain will Help Build Better Customer Relationships

3-Ways-Blockchain-will-Help-Build-Better-Customer-Relationships
Reading Time: 2 minutes

Blockchain Drives Digital Transformation

Blockchain is here to transform marketing and advertising forever. But this technology is not very well understood. The CMO survey provides testimony to this fact as only 8% of companies rate it as moderate to very important. Blockchain properties — such as immutability, transparency, and security — will help marketers build better customer relationships. This article explores this further.

Blockchain will put an end to the transaction fee

Do you remember the notification “Minimum Order: ₹ 100” while purchasing groceries on Amazon Pay? It’s because vendors need to pay a 3% payment processing fee to credit card companies. This fee increases the cost of goods that are passed onto consumers. Blockchain will put an end to this fee as it allows users to send money in any local currency without the use of credit cards. 

Also, vendors pay money to data aggregators like Facebook for getting critical customer data. But with Blockchain, companies will be able to directly communicate with their customers without the intervention of an intermediary. They will make micropayments to customers for installing their app or enabling location tracking. This will remove the middlemen and help them create deeper customer relationships. 


Also Read: How Blockchain Technology will be disrupting CRM for Good?


Blockchain will help users to control what ads they see

A study by Hubspot shows that people don’t like to see pop-up ads and feel online ads are intrusive. This has led to an increase in ad blockers that are expected to cost publishers USD 35 billion by 2020. Blockchain provides a solution to this problem. Marketers will be able to directly share their revenue with customers instead of taking the Google-Facebook way. It will also provide actionable reports — such as types of ads viewed, number of ads viewed, etc. It will also prevent companies from sending non-relevant follow-me ads that form the major cause of consumer anger. These steps will help marketers build better customer relationships.

Blockchain will put an end to spams

According to a study, 135 billion spam emails are sent every day. Blockchain can tweak the email process. It will allow marketers to send an email by making a micropayment to the recipient, which can be as less as 10 paise per email. This step will discourage spammers to send millions of unsolicited messages every day. 

Blockchain is an effective alternative to the way we do business today. Marketing and technology leaders should not hesitate to put this technology into action and reap the benefits.

At Sage Software Solutions (P) Ltd, we are home to a world-class ERP and CRM system that provide solutions to all your business challenges and build a long-lasting relationship with your customers. 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.