Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, published the findings of commissioned research that revealed that 60 percent of companies globally – which have adopted the full range of business behaviors needed to thrive in a Business 4.0 world – expect to grow over 10 percent in the next three years. TCS’ global study, titled ‘Winning in a Business 4.0 World,’ surveyed senior business decision makers from more than 1,200 large enterprises spanning 11 industries and 18 countries.
With the rapidly evolving business landscape and increasingly sophisticated customer expectations, businesses face constant challenges to quickly adapt and stay ahead. This global survey benchmarks large companies in their Business 4.0 growth and transformation journeys, by mapping their adoption of four critical business behaviors: driving mass personalization, creating exponential value, leveraging ecosystems, and embracing risk. The study found that:
- Almost one in ten (9%) survey participants or ‘Leaders’ have adopted all four behaviors.
- More than eight out of ten (82%) companies or ‘Early Adopters’ have embraced one to three of the behaviors, with mass personalization being the most prevalent (78%).
- European businesses accounted for the most number of Leaders, followed by Asia Pacific and North America, when adjusted for the respondent mix.
- Leaders are three times more likely than ‘Followers’ — 9% of participants that have not yet adopted any of the Business 4.0 behaviors — to have embraced AI, blockchain and IoT technologies, and twice as likely to have embraced automation.
“The study reveals a strong link between Business 4.0 maturity and technology adoption. Leaders are more likely than other participating companies to have driven digital growth and realized double digit revenue gains,” said K Ananth Krishnan, CTO, TCS. “Agile methodologies, cloud, automation, and AI are examples of tech pillars that enable Leaders to change course and adapt to shifting market dynamics much better than companies with inflexible ‘idea to execution’ timelines of months or years.”
Business 4.0 Characteristics: Key Findings
Driving Mass Personalization
Mass personalization is the most familiar behavior to business leaders, classified by digital technologies allowing companies to offer personalized products and services at scale, which significantly improves the customer experience and leads to higher revenues.
- More than three-quarters (78%) of all survey participants claim they can customize experiences at individual transactions. This has led to the following benefits:
- Higher customer profitability (60%).
- Increased value (59%) and volume (58%) of customer transactions.
- Reduced customer churn (32%).
- Personalization is more widespread among North American firms, with more than four-fifths (84%) adopting the practice.
Creating Exponential Value
Businesses can drive more value – and even new products and services – from a single transaction, using the power of data analysis, IoT and AI to forecast future customer needs and points of engagement. By integrating digital or online channels and creating new business models, organizations can unlock new revenue streams and expand their customer base by shifting from selling one-off products to offering subscriptions to products and associated services.
- All surveyed companies identified the top benefits from operating an exponential value model:
- Ability to target a wider range of potential customers (64%).
- An expanded geographical marketplace (62%).
- Higher profitability (54 percent) and revenues (50%).
- New business models through collaborative ventures (50%).
- This adopted behavior has progressed furthest among insurance providers and telecom firms.
- Nearly four out of ten (38%) survey respondents cite concerns regarding data security as the biggest barrier to adopting this behavior.
When businesses increasingly collaborate with multiple partners – beyond just their supply chain networks – they are leveraging ecosystems. Companies are no longer forced into silos by the limits of their resources, and instead can bolster their innovation capabilities and offer consumers broader propositions through existing and new partners. Among all of the companies surveyed:
- More than half (54%) leverage their wider ecosystem by collaborating with multiple partners to create new products and services.
- Almost half (46%) access a dispersed workforce or the ‘gig economy’ when they need to boost their skills base.
- The largest number of firms adopting this behavior are found in the health and life sciences, telecom and manufacturing industries.
This is the most difficult behavior for many organizations to adopt, as it goes against traditional management approaches. Business leaders are accustomed to undertaking initiatives with the least risk and fewest resources. In the digital era, however, it is important to embrace risk to stay ahead of the competition and provide better value to customers.
- Almost seven out of ten (68%) organizations have not introduced agile practices widely – integral to embracing risk in establishing a culture that is conducive to transformation.
- By contrast, 70% of Leaders say agile underpins every process in their organization today.
- One-third (33%) of all survey participants said they plan to transform their business model within one year to embrace risk – and 47 percent plan to do so in the next three years.
“Successful business transformation journeys require a fundamental mindset shift from the top, with senior leaders driving digital behaviors forward within their organization and overcoming perceived business or cultural challenges,”said Krishnan Ramanujam, Global Head, Business & Technology Services, TCS. “Thanks to digital technologies, we have a great opportunity to move from past philosophies of optimizing scarce resources to a Business 4.0 approach that harnesses an abundance of talent, capital, data, computing resources, and broader ecosystems to solve business problems and deliver value.”
TCS commissioned a survey of business leaders from more than 1,200 large firms (revenues from US$500 million to $5 billion) across 11 industries and 18 countries. Additionally, 25 qualitative interviews were conducted with business leaders across industries. Three-fourths of the respondents were either directly involved in or had oversight of their firm’s digital transformation plans, with almost half in the C-suite. The survey was conducted from November to December 2018.
The full survey findings can be found at https://www.business4.tcs.com.
SOURCE Tata Consultancy Services
Mercari Opens Cambridge Engineering Offices
Mercari, The Selling App, today announced the opening of engineering offices in Cambridge, MA, advised by two renowned professors at the adjacent Massachusetts Institute of Technology (MIT).
Mercari is the number-one marketplace in Japan. Since entering the U.S. in 2014, more than 45 million Americans have downloaded the app.
At the moment, Mercari’s team in Cambridge is focused on better understanding sellers and buyers, and predicting their intentions ahead of their actions. This helps Mercari deliver a more personalized experience using its recommendation engine. The team is applying machine learning on massive amounts of data to better personalize the user experience based on their preferences, history and interactions.
More broadly, this team is pursuing applied research projects in machine learning, computer vision and other emerging technologies that can help Mercari to make selling even easier than buying.
“Opening the Mercari engineering offices in Cambridge is an important addition to our global technology centers in Palo Alto and Tokyo,” said Dr. Mok Oh, chief technology officer for Mercari U.S. “The expectations of Mercari sellers and buyers are always evolving, so it’s vital that we harness emerging technologies to continuously improve our app and services.”
Advising the team are Dr. Frédo Durand and Dr. Wojciech Matusik of MIT.
Dr. Frédo Durand is a renowned researcher and professor in computer vision and computational photography. He is a professor of Electrical Engineering and Computer Science at MIT, and a member of MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL).
Dr. Wojciech Matusik is widely-recognized professor and entrepreneur in machine learning, 3D vision, and 3D fabrications. He is a professor of Electrical Engineering and Computer Science at the Computer Science and Artificial Intelligence Laboratory (CSAIL) at MIT, where co-directs the Computer Graphics Group and teaches machine learning courses
Mercari is looking for talented people to join its technology teams in Palo Alto and Cambridge. A list of all current U.S. openings is here.
Aiozium Launched SaaS-based Marketing Intelligence Tool Powered by AI
Aiozium, a new launch of Crowdnik Networks Private Limited, is a SaaS-based platform for marketers powered by machine learning techniques in a different way. The tool has intelligence for self-correction and self-learning for better campaign optimization and high ROI.
Aiozium is a multi-dimensional platform that not only reads the data, makes sense of all the data and generate actionable insights on them, but also gives the real-time information about customer behavior. It builds the trend of the customers based on a various emotional and behavioral algorithm which leads to prediction and results in an increase of leads by selecting the best marketing mix and marketing strategies for optimum use of resources which results in greater ROI.
Reason Why Every Marketer Needs Aiozium
Aiozium is marketing ally, it is a tool for all the marketers which makes life simpler and completes the customer journey with ease.
– Emotional Algo: It is said that the only difference between Robot and Human is the emotions or the feel factor. Emotional algo consists of human psychological ethos. It analyses the behavior basis on different kinds of emotions exhibited by humans. It helps in analyzing the marketing communications, activities and asses their value. It also measures and analyses the emotions of a person towards buying the product.
– Contextual Algo: It analyses the content across various channels viz. website, email and all communication platforms based on multiple parameters such as aggression, transaction, emotion etc. It also analyses whether the user is persuaded with the interaction or not, basis on which it predicts the usefulness of the content.
– Behavior Algo: Based on historical and real-time customer behavior across all channels with prospective data listening mechanism, this model can learn, react and predict the most accurate customer flow for maximum conversion. It predicts the probability of the rate of conversion through Machine Learning, Deep learning, Natural Language processing and Augmented Visualization.
How Is It Going To Benefit The End-users:
On-boarding with Aiozium will reduce the marketing expenses by cutting down the misspend funds and optimizing the campaign to increase the ROI. It remembers and recollects the historical hand burns and successful campaigns and accordingly suggests marketers the most accurate pathway to follow. It also learns the customer behavior towards marketer’s product line. The best part of Aiozium is that it works across channels and sync with all the digital assets in a single click.
Automate, Sit Back and Relax
Aiozium is inviting the industry experts to have a test drive on their AI Marketing Ally. To book a slot, schedule a demo at https://www.aiozium.com/demo.html
Oracle Data Cloud and Reddit Collaborate to Build Brand Safety Solution for Dynamic User-Generated Content
Oracle Data Cloud today announced a first-of-its-kind collaboration with Reddit to provide new brand safety controls for advertisers around a real-time feed of user-generated content (UGC). Leveraging Oracle’s Contextual Intelligence technology, the integration will provide real-time content review and classification across industry-standard brand safety categories, giving advertisers greater control over where, and around what content, their campaigns run.
“Given the tremendous volume and dynamic nature of content across the Reddit platform, Oracle’s Contextual Intelligence will offer the ideal solution to provide real-time brand safety for Reddit advertisers,” said Kurt Kratchman, Group Vice President for Product Development and International, Oracle Data Cloud. “With Oracle’s Contextual Intelligence deployed across the majority of the addressable footprint of the open web, our collaboration with Reddit serves as a natural extension into the UGC space, as we help advertisers ensure their advertising strengthens their brands.”
User-generated content has historically presented a challenge for brand safety services, as many third-party solutions do not accurately describe or categorize the scope and scale of dynamic content online. Oracle’s Contextual Intelligence integration with Reddit is a solution designed for UGC that looks not only for specific terms but also for the context in which they are used, to help advertisers place their ads in safe and brand-appropriate contexts on the Reddit platform.
“Among Reddit’s strongest propositions for advertisers is the depth and authenticity of conversations across thousands of interest-based communities,” said Jen Wong, Reddit’s Chief Operating Officer. “Our current approach to brand safety includes effective moderation at the platform, community and campaign levels, and we’re thrilled to leverage Oracle’s Contextual Intelligence to offer yet another layer of brand safety that’s 3rd-party verified and customized for Reddit’s engagement. Our work with Oracle will be the first time a UGC platform has embarked on a verified brand safety solution for custom feeds, and we’re excited to evolve the product and relationship to meet the demands of the market.”
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