The COVID-19 crisis has disrupted business landscapes, ecosystems and supply chains across the globe, but it has also rapidly impacted organizations’ investments in digital technology to operate remotely with limited onsite operations. Whatever vision and roadmap organizations had planned for going into 2020, these plans have been completely disrupted and organizations were forced to pivot to a new reality. Digital integration and automation plans are being fast tracked to face these challenges.
As we know, innovation is the only way forward and a necessary one to improve customer retention and expansion. Creating an agile and connected ecosystem that is digitally enabled, capable of responding and managing disruption in real-time is the key to attain competitive advantage. In our previous blogs we have discussed some technological initiatives and advancements that are critical for managing business in these unprecedented times such as, 360-degree view of the customer, automation, systematic data integration, cloud migration, AI, 3D printing, modernizing revenue systems, privacy and cyber best practices, etc.
As the world prepares and steps into the recovery phase, we have compiled a list of top emerging trends taking shape. Evaluating business solutions in light of these trends can help future proof your business.
Let’s look at some of the biggest digital transformation trends impacted by COVID-19.
1. 5G Acceleration
Faster connectivity is a need felt even greater today, as organizations and individuals navigate through uncertain times and the new-normal. The pandemic has intensified this need with a global workforce setting up home-offices. Better networks are the need of the hour to keep everyone and everything connected. 5G implementation goals are being fast tracked and virtual lab-testing are underway with speedier deployments.
2. WiFi 6
WiFi 6 is all about improving the network when a bunch of devices are connected, instead of just boosting the speed for individual devices. It’s an important milestone as its advent is at a time when more devices are being used in a home environment than ever before. At the time of the launch of WiFi 5, an average US household had 5 WiFi devices. However now, households have 9 devices on average with experts predicting this will increase to 50 in a few years. WiFi 6 introduces new efficiencies to help smooth the issue of using more devices on a single network. Advancements on both the infrastructure side and the product side will be seen in a more accelerated manner in 2021.
3. Advanced Analytics
Big data and analytics are the survival-kit for any organization in these dynamic times. In today’s context tech-companies are leveraging the power of big data and analytics to empower businesses with data driven tools to help employees come back to work with new safety standards and precautions. More so, data is proving to be the biggest asset for developing and implementing contact-tracing to fight the spread of COVID-19. This real time use of data analytics to put in place critical life-saving measures is just an initial start.
4. Integrated AI and Machine Learning (ML)
We are seeing an exponential growth of AI and machine learning this year due to the pandemic. Advanced used of AI is making it possible to transform everyday life with use of digital platforms, may it be distance learning, work from home, e-commerce, progressive customer service, etc. There is a surge in the use of technology such as, voice-controlled video collaboration, personal assistants on mobile devices, chatbots to navigate through online shopping and IT applications.
According to a recent report by Forrester Research (commissioned by HPE and Intel) 97% of enterprises investing in ML Ops believe it will give them a competitive edge. However, integrating ML models into business applications and processes to scale ML across the enterprise is still a challenge.
Blockchain is another aspect of technology which is being adopted at a rapid rate. Blockchain, if deployed correctly, has the potential to fix damaged supply chains by processing and verifying transactions quickly. According to the Forbes article, supply chains can be made resilient by improving transparency and integrity across domains through the deployment of blockchain technologies.
6. Always Connected PCs
Remote workforce, students and many specialists are likely to find being always connected very useful. The extended battery life and ability to connect anywhere with upload and download speeds faster than Wifi connections is becoming a reality. However more discovery and growth are on the cards for these Always Connected PCs (ACPCs).
7. Digital Transformation Over-Drive
Acceleration of digital transformation initiatives, migration to cloud, and the emergence of the XaaS market have marked a turning point in this digital first era. Due to the rise of cloud computing, modular systems, and other technological innovations, not only large enterprises but also smaller businesses can easily adopt these solutions. However, legacy systems are on the verge of purge. Embracing digital transformation and shifting the focus to user experience (UX)/customer experience (CX) continues to drive business strategies with customer retention as a core objective. However rising concerns over digital privacy, the world over, call for safer measures and greater protection against data theft.
8. ERP Transformation
As the cloud continues to drive ERP modernization, it remains the biggest enabler for most technological advancements in ERP, such as, real-time data analytics, B2B invoice processing and blockchain. Cloud ERP provides better data security, ease of management and helps lower operational costs while supporting access to a global company’s ERP from anywhere in the world. With one-third of companies’ IT budgets being spent on cloud services now, one can expect cloud ERP adoption to continue to grow and its product capabilities expand. Companies that are using on-premise ERP solutions are fast realizing its limitations, such as the inability to innovate and adopt new monetization models. However, Hybrid ERP is seeing a rise and is set for rapid growth as it combines the offering of both on-premise and cloud-based ERP.
As we learn to live with COVID-19, many of these new shifts and strategies are here to stay. This means that customer expectations for new and improved digital experiences are only going to become higher. As companies adopt or expand their reliance on modern and agile business models, they need a modern monetization platform that supports usage-based business models and the entire order-to-cash process, empowering the enterprise with a scalable and predictable revenue engine for improved financial management and sustained profits.
Though digitization has driven transaction costs down significantly while saving both time and cost, many businesses still operate in silos, creating accounting discrepancies that need to be aligned. Typically, organizations embarking on their digital transformation journey transition to a recurring revenue model. They are still reliant on their existing customer relationship management and ERP systems. Since most ERP systems are designed for transactional business, it can be difficult for them to handle sales spanning across multiple periods, currency or usages. To address these issues RecVue’s founders built the only enterprise monetization platform powered by big data and Oracle’s cloud infrastructure that helps enterprises adopt and manage innovative business models to drive recurring revenue growth. Our customers are mastering hybrid subscription and high-volume usage-based models with sophisticated pricing and rating scenarios, while gaining operational efficiencies, expanding their business footprint, and exceeding customer expectations.
By adopting a platform like RecVue, during a digital transformation initiative, it can be a game-changer in terms of leveraging technology and automation to deliver performance optimization and cost and time savings. RecVue’s unified platform integrates with any ERP, CRM and front-end order processing systems, enabling customers to improve efficiencies across order-to-cash, revenue and general accounting, while gaining real-time access to data. Finance groups are able to increase accuracy and timeliness of billing and invoicing and aggregate billing information in a single system to improve analysis and forecasting. RecVue’s monetization platform includes a 360-degree view into the entire contract lifecycle, rules-based attribute pricing, complete order-to-invoice capabilities, pay-side management for third party obligations, and robust analytics and reporting.
Contact us today to learn how RecVue’s platform can give your company the smart monetization edge that can make your business future ready.