#digitalera #digitaleconomie #onlineshopping #ecommerce #xorlogics #coronavirus #bankingsector #retail #userexperience #pandemic #2020 #onlineservices #digitalexperience

Emerging technologies that are reshaping the Digital World

The digital world is constantly evolving, and with each passing day, new technologies emerge that have the potential to reshape the way we live, work, and interact. These emerging technologies, driven by innovation and research, are revolutionizing various aspects of our lives. Below are some of the key technologies that are currently reshaping the digital world and the incredible possibilities they offer.

Artificial Intelligence (AI)

Artificial Intelligence, or AI, is a branch of computer science that focuses on the development of intelligent machines capable of performing tasks that typically require human intelligence. AI systems can learn, reason, and adapt, enabling them to process vast amounts of data and make intelligent decisions.

Applications in the Digital World: AI has found numerous applications in the digital world, transforming various industries. In e-commerce, AI-powered recommendation systems analyze customer preferences and behavior to provide personalized product suggestions. AI also plays a significant role in healthcare, where it aids in diagnosis, drug discovery, and personalized medicine. Additionally, AI is revolutionizing customer service, data analysis, and cybersecurity, among many other fields.

AInternet of Things (IoT)

The Internet of Things, or IoT, refers to the network of physical devices embedded with sensors, software, and connectivity that enables them to collect and exchange data. These interconnected devices can communicate with each other and perform tasks without human intervention.

Impact on the Digital World: The IoT has brought about a new era of connectivity, where everyday objects, from household appliances to industrial machinery, are interconnected. This technology has immense potential in areas such as smart homes, smart cities, and industrial automation. With IoT devices, individuals can remotely control and monitor their homes, while businesses can optimize operations, increase efficiency, and gather valuable data for analysis.

ABlockchain Technology

Blockchain technology is a decentralized, distributed ledger system that securely records and verifies transactions. It enables participants to make peer-to-peer transactions without the need for intermediaries, providing transparency, immutability, and security.

Applications in the Digital World: Blockchain technology has gained significant attention due to its potential to revolutionize various industries. In finance, blockchain enables secure and transparent transactions, reducing the need for intermediaries like banks. It also finds applications in supply chain management, healthcare, voting systems, and intellectual property protection. By eliminating intermediaries and ensuring data integrity, blockchain technology is reshaping the digital world’s trust and security landscape.

Augmented Reality (AR) and Virtual Reality (VR)

Augmented Reality (AR) is a technology that overlays digital information, such as images and sounds, onto the real world. Virtual Reality (VR), on the other hand, immerses users in a simulated environment through the use of headsets and controllers.

Influence on the Digital World: AR and VR technologies are transforming various industries, including gaming, entertainment, education, and healthcare. AR enhances user experiences by providing additional information and interactivity in real-time. VR, on the other hand, transports users to virtual worlds, enabling them to explore and interact with digital environments. These technologies offer new possibilities for training simulations, virtual travel experiences, immersive storytelling, and collaborative work environments.

5G Technology

5G technology is the fifth generation of wireless communication technology, offering significantly faster data transfer speeds, lower latency, and increased network capacity compared to its predecessors.

Transforming the Digital World: 5G technology is a game-changer in the digital world, enabling faster and more reliable connections. It paves the way for innovations such as autonomous vehicles, smart cities, and the Internet of Things. With its low latency and high bandwidth, 5G technology has the potential to revolutionize industries like healthcare, transportation, and manufacturing.

Conclusion

The digital world is experiencing a rapid transformation driven by emerging technologies. Artificial Intelligence, the Internet of Things, Blockchain, Augmented Reality, Virtual Reality, and 5G are just a few examples of technologies reshaping our lives. These advancements offer unprecedented possibilities, revolutionizing industries, improving connectivity, and enhancing user experiences. As these technologies continue to evolve, they hold the potential to reshape our digital future. The adoption of these technologies often requires human expertise for implementation, management, and maintenance. At Xorlogics we have a strong understanding of business needs and technology. Contact us for your next digital project !

How and why B2B eCommerce is accelerating faster than B2C

Welcome to the world of E-commerce, where business transactions are just a few clicks away due to its convenience, accessibility, and potential for increased revenue. While most people associate e-commerce with B2C companies like Amazon and eBay, Alibaba an interesting trend is emerging. Over the years, B2B eCommerce has been growing at an unprecedented rate and now stands ahead of B2C in terms of market share. In this blog post, we’ll explore the reasons behind this shift and how it’s set to revolutionize the way businesses operate worldwide.

B2B e-commerce is growing faster than B2C

In recent years, the B2B eCommerce sector has been growing at an unprecedented pace. In 2022 the global B2B e-commerce market size was valued at USD 7,907.07 billion and is projected to grow at a Compound Annual Growth Rate (CAGR) of 20.2% from 2023 to 2030. What’s driving this growth? One significant factor is the shift towards digitization in business operations. Businesses are increasingly embracing digital technologies to streamline their operations and improve their customer experience. The increasing adoption of technology and digitization in businesses has led to a shift towards online transactions. With the rise of smartphones and other mobile devices, it has become easier for businesses to purchase goods and services online.

As a result, B2B e-commerce platforms are becoming more sophisticated, offering features like real-time inventory tracking, personalized pricing, and more. Unlike B2C companies where consumers purchase goods and services for personal use, B2B deals with transactions between businesses themselves or organizations that require products on a larger scale than individuals. The sheer demand for such large-scale purchases lends itself to digital channels as they offer greater convenience and efficiency.

Furthermore, there are numerous benefits associated with B2B eCommerce compared to traditional methods of procurement. It can lead to cost savings by streamlining supply chains and reducing intermediaries’ involvement while also enabling quicker turnaround times, faster processing times, increased transparency, and improved customer experience. Through B2B e-commerce platforms, businesses can find suppliers quickly from anywhere in the world while reducing their operational costs. B2B e-commerce allows businesses to reach a global audience and grow their customer base beyond geographical boundaries. With B2B e-commerce, businesses can expand their operations into new markets without having to invest in physical stores or locations.

Additionally, B2B buyers are looking for personalized experiences similar to those they encounter in B2C e-commerce. They want intuitive user interfaces, personalized product recommendations, and fast, responsive customer service which is achievable with B2B e-commerce platforms. With the rise of AI and machine learning technologies, B2B e-commerce is offering more sophisticated product recommendations, predictive analytics, and automation capabilities. Buyers can quickly search for products, place orders online, receive quotes, and track shipments in real-time at any time of day through various devices such as computers, tablets, or smartphones. This eliminates the need for traditional methods such as phone calls or fax orders, which are more time-consuming.

For sellers, B2B e-commerce enables automated inventory management systems that help maintain accurate product information across different sales channels while reducing errors associated with manual updates. As a result, sellers can significantly reduce overhead costs associated with order processing. Moreover, data analytics from B2B transactions helps companies identify trends in buyer behavior enabling them to make informed decisions on product offerings based on market demand.

In short, the rise of technology has transformed how businesses operate worldwide – thus leading to a surge in demand for online platforms capable of handling bulk transactions more efficiently than ever before. Thus, the future of B2B e-commerce looks bright, as businesses continue to embrace digital transformation and look for new ways to improve their operations and customer experience.

The future of B2B e-commerce

As we move into the future, B2B e-commerce is only going to continue accelerating and surpassing B2C. With advancements in technology, such as AI and automation, businesses will be able to streamline their processes even further and provide an even better experience for their customers.

Furthermore, with many companies operating remotely during COVID-19 pandemic lockdowns worldwide; it became essential for them to adapt by going digital quickly. This pushed even those hesitant about e-commerce into experimenting with digital solutions – leading to a boom in B2B e-commerce growth! This means that B2B e-commerce is becoming more crucial than ever before.

B2B e-commerce has come a long way from its early days of simply placing orders online. It now offers a wide range of benefits to both buyers and sellers alike. As it continues to evolve and improve over time, we can expect it to become an increasingly integral part of business operations across industries.

Digitization: B2B is more complicated then B2C

The way that businesses and their customers communicate with one another is significantly being impacted by digitization. Despite realizing the promise of digitalization for their business models, B2B enterprises are still far from completely exploiting it. Companies have to adapt, strategize, and transform if they want to continue doing business.

Giving business clients access to an online store is no longer the only aspect of B2B commerce. Whether it’s B2B or B2C, business digital transformation also encompasses strategy, culture, organization, business models, and go-to-market approaches. Thus, companies must also think about ways to automate and digitize operations, which are still frequently manual. The altered behavior and heightened demands of B2B buyers during the acquisition process are added to this. B2B retailers now anticipate a similar shopping experience to that of B2C customers. Research from Gartner predicts 80% of B2B sales will move to a hybrid sales model by 2025. Additionally, according to a survey conducted by McKinsey, 70 percent of B2B decision makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000, and 27 percent would spend more than $500,000.

Helping Businesses get Digital

After the huge hit of Covid19, for businesses to succeed in the medium to long term and to differentiate themselves from the competition, they must have a digitization plan for e-commerce. It is insufficient to just upload and publish catalog online. Without overdoing things, businesses need to incorporate B2B commerce into their overall digital strategy. The key element is to remember in this digital process is to think big when developing processes, but start with smaller when creating components.

A large percentage of B2B enterprises now provide digital procurement choices to their corporate customers. However, these are frequently based on strict, obsolete technologies that cannot keep up with today’s online presence requirements. Bringing data from various sources, manufacturers, and partners together on a trading platform is one of the biggest barriers for B2B vendors. In order to design technology, data and process systems so that they can readily adapt to new market demands and grow with the development of new business areas and communication practices, scalable and flexible software solutions are required.

Personalized content and a customized approach, which have long been existing in the B2C market, are still not given enough consideration in the B2B market. It is frequently forgotten that B2B clients also desire a personal contact. B2B buyers frequently change their typical shopping habits from their private end-customer behavior and seek out solutions that are specifically adapted to their needs. Existing customer data has a lot of potential to customized customer experience and an excellent user-experience in the business environment if it is integrated and used wisely.

Digital commerce involving businesses can be much more complicated and chaotic than digital trade between consumers since it calls for digital ecosystems that can quickly adjust to changing needs. Solutions enabling autonomous and highly scalable commerce enable quick and smooth migration from legacy systems. Because frontend and backend are separate, new features and products may be added without disrupting existing customers’ experiences, and system development can be provided with little to no downtime.

Businesses that adopt digital transformation will be able to take advantage of numerous benefits. With the proper implementation and good use of digital tools they can develop not only new revenue streams, but also reposition themselves, and strengthen their brands, they can establish themselves as market leaders. Compared to B2C, the digital transformation in B2B represents a much more radical change. It’s also clear that, despite being a relatively new process, B2B digital transformation is already having an effect. Even so, many B2B industries are behind and are therefore at a high risk of being disrupted.

IT Spending: Further increase in 2022

Worldwide IT spending is projected to increase by 4% from 2021, according to the latest forecast by Gartner, Inc. “Governments will continue to invest heavily in digital technologies. This includes investing in improving the customer and employee experience, strengthening analytical capabilities, and increasing operational agility.

Even though we are witnessing inflation, the Ukraine war, high gas + electricity prices, geopolitical disturbances, and currency fluctuations, none of this is being a reason for companies to cut back their IT spending. On the contrary, the Gartner market research institute is even assuming a renewed increase. It is expected that $4.4 trillion will be spent on IT globally in 2022, which would represent a growth of 4.4% year on year.

Worldwide IT Spending Forecast 2022

The corona pandemic has shown us that it is important to show a high degree of flexibility, especially in turbulent times. The rapid transition of jobs to the home office would not have been feasible at all without a solid investment in IT. The market researchers from Gartner assume that companies acknowledge that the way forward is by investing in tech, and therefore will invest additional available funds in their IT. Another HR survey from Gartner reveals that 41% of employees are likely to work remotely at least some of the time post covid pandemic.

Even if the investments run through all IT areas, Gartner assumes that software solutions ($675 billion, up 9.8% from 2021; ) and IT services (at $1.27 billion, up by almost 7%) are the two fastest-growing categories that will account for the largest share in 2022.

Another trend can be observed in 2022, when it comes to allocating the budget for IT, more companies are focusing on modernizing existing systems than looking toward new developments. Modernization in the IT area can be understood, for example, when legacy systems and traditional processes are shifted to a modern IT operating model. As aging legacy systems can be costly and slow the pace of change, organizations are implementing technologies that include lean processes and automation, which helps them improve workload placement, and eliminate unused or underused systems. Not renewing existing core applications, but modernizing them, not only represents a financial advantage for the company, it also has a positive effect on the environmental balance.

Cloud Computing: The emergence of Digitization in medium-sized companies

Firms of all sizes, across all sectors, and around the globe are increasingly filling digital adoption gaps and equipping their staff with digital tools. Even small and medium-sized companies, that use to see digitization as a burden have significantly increased their digital technologies’ adoption. Already in 2021, small businesses accelerated their digital investments so they could survive prolonged COVID-19 pandemic restrictions. According to a new update to the International Data Corporation (IDC), the global spending on the digital transformation (DX) of business practices, products, and organizations is forecast to reach $1.8 trillion in 2022, an increase of 17.6% over 2021.

Digitization offers great advantages, such as the development of new business areas and larger, international customer bases by integrating into global markets. Provides better and quicker access to information, and communication between staff, suppliers, and networks Digitalisation also supports innovation, generates data, and analyzes their own operations in a new way & driving improved performance. According to IDC, at least 20 percent of small businesses globally will cease operations by 2025 if they don’t digitize fast enough.

At this point, SMEs must embark on digital transformation projects to accelerate their post-crisis recovery but also due to the emergence of a younger, more technologically perceptive generation.

The introduction of new technologies within companies must be done with well-thought planning. A digital project is time-consuming and requires appropriate skills and know-how. The growing numbers of digital companies show that the journey is worthwhile. Zoho, the Global tech company, therefore advises small and medium-sized businesses to take the following steps on their digitization agenda:

Don’t ignore the power of the cloud: The time to rely on classic IT infrastructures is over for cost reasons alone: Clouds are significantly cheaper in terms of value for money than legacy systems in your own company. Mainly because companies don’t have to invest in their own server infrastructure. Also, organizations don’t need to worry about data storage and protection resources and costs as the cloud world offers extensive scalability. A scalable cloud can grow and manage the increasing demands of processing, along with ensuring that data, applications, and services are available at any time and from anywhere via the Internet and updates them in real-time. Digitization can simply not be achieved without implementing the cloud into your infrastructure.

Sustainable technologies: The pandemic has given medium-sized companies a boost in digitization: SMEs, like all other companies, have had to react to the imposed home office requirements. However, many companies have acted hastily when it comes to software and have opted for “short-term” digitalization aka temporary isolated solutions. In order to make their working models futuristic, they must think and adopt a long-term digitalization process in order to transform their business model from analog to digital. Instead of relying on/investing in short-term solutions, SMEs must understand and enable sustainable digitalization.

Focus on automation: Automation has already proven its benefits in previous technological revolutions. Automation reduces the number of process interruptions and usually leads to higher performance and a lower error rate. Automation thanks to digitization is possible in every SME and is also implemented continuously. Classic examples are approval and verification processes, which can be digitized from manual tasks to rule-based, program-controlled, and thus automatic tasks. SMEs that want to digitize are well-advised to find process interruptions and to determine the cost/benefit ratio of automation through digitization. Automation should be an ongoing task considering the ever-improving digital tools.

Digitization is reality. Of course, also in the SME sector. And it is a challenge since it can usually only be achieved through the cooperation of several companies, partners, and companies’ own workforce. Every SME can make rapid progress with the right digitization strategy. The experts at Xorlogics will be happy to support and guide you in your company’s digital transformation project!

Intelligent Process Automation: The stepping stone to Digital Transformation

To lead in today’s economy, organizations need to rethink the way their business operates. By integrating Intelligent Process Automation (IPA), they can optimize their business processes. These include robotic process automation, machine learning through artificial intelligence, and cognitive automation. Intelligent process automation also increases speed, productivity, and innovation within the company. Additionally, it lets you anticipate the future and adapt faster with smart intelligence.

People in many different industries have already been exposed to intelligent process automation in different areas, whether they are aware of it or not. For example, opening a bank account, chatting with a bot on a vendor’s website, or receiving various products or service offers without interacting with a human. The automation of processes not only reduces operating and product costs and errors, improve employee performance, attracts, and develops talent, improves sustainability, and modernizes and accelerates processes. Instead of the selective optimization of processes, the most extensive automation of entire process chains within organizations is stepping up increasingly. This is exactly where intelligent process automation of the entire value chain is required.

Leading companies are continuously looking for intelligent process automation use cases to address the more complicated challenges in the enterprise environment and derive real value from their data. The correct use of data analytics, robotic process automation (RPA), and artificial intelligence lead to an improved customer experience, more needs-based offers, and individually optimized pricing. This strengthens the relationship between existing customers and the organization. Therefore, this leads to more product sales. Optimized pricing based on data analysis and artificial intelligence also makes it easier to exploit pricing leeway and increase margins.

Process automation is not a new topic, but a lot has happened technologically in the past five years. For example, diverse types of bots are available today in robotic process automation (RPA). The global RPA market size was valued at $1.40 billion in 2019 and is expected to reach $11 billion by 2027, expanding at a CAGR of 34% from 2020 to 2027 (Grand View Research). The potential economic impact of knowledge work automation is expected to be $5-7 trillion by 2025. (Automation Anywhere)

Overall, process automation is being pushed further, not because of economic conditions led by covid in the organizations but because of the multiple advantages it has to offer. You might ask what helps these processes run smoothly? How were they designed to be efficient? How does workflow from one function to another without glitches? The answer to all these questions lies in understanding processes, breaking them down to the smallest task step, examining the interactive flow of information in each task, and analyzing the rules governing it. To improve a process, the organization must measure and critically evaluate the effectiveness of each process. A step-by-step approach has proven to be the best practice. Starting with the automation of a sub-area using RPA, the next step can be to focus on the entire process, the connected systems, and the relevant influencing factors. So-called workflow management systems, which can map a process as an interface between data management and human interaction, offer technical support here. This gives companies a detailed overview of where and when something is happening and where there is potential for automation.

Covid19 – What is the new normal?

Covid19 - What is the new normal

Today, we are living in a digital era – everything is digital. Additionally, Covid19 impacted the entire world. Online apps and services rapidly became the primary way of engaging with their consumers as businesses had to figure out how to engage, convert, and deliver as much as possible through the new channels. As the enterprise is collecting, holding, and using consumer data to personalize offerings and offer a smooth user experience, consumers want their personal data to be protected.

In order to understand how the consumer’s digital lives have changed, since the start of the pandemic, ForgeRock’s has conducted a consumer survey, The New Normal: Living Life Online, based on 5000 consumers across the US, UK, Germany, Australia, and Singapore. Here below are four key findings:

Nearly half of all respondents confirm using more online services even when things return to “normal”.
For more than one-third (35%) find the log-in process complicated which leads to canceling their account, while 32% said they would look for another service. It shows that some industries were better at meeting consumers’ needs than others during the pandemic.
65+ are also embracing the new digital lifestyles, with 31% saying they will only shop online when this is all over.
Finally, this shift isn’t just among senior citizens. A third of consumers ages 18-24 say they won’t go back to stadiums or theatres, instead, they’ll keep watching sports, concerts, and movies online.

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ForgeRock : The New Normal – Living Life Online

This number shows that the COVID outbreak has led to an increase in digital services use as worldwide consumers are somehow forced to find digital replacements for all those activities they were used to do in person. Many people were new to this digital experience, according to a March 2020 consumer survey, five percent of consumers aged 65 years and above have bought a product online for the first time due to physical distancing and self-quarantining practices. They specially signed up for their online grocery accounts, but plan to switch back to their normal shopping routine as soon as they can.

Registering for an account is the first experience consumers have with a brand. Depending on how the registration process runs, loyalty to the brand can develop – or be destroyed. A smooth registration process can convert consumers for the rapid adoption of apps and online services, which has a huge impact on changing consumer preferences long-term. This shift to online services is creating a huge opportunity for companies to strengthen relationships with their customers if they are capable to meet customers’ primary needs, such as safety, security, and everyday convenience. By delivering digital experiences that help consumers get things done quickly and easily companies can build a foundation of goodwill and long-lasting emotional connections with the communities they serve.

The survey also showed that the banking, retail, and entertainment industries achieved a good ranking for their online user experience. Many consumers will therefore continue to use these services even post-pandemic. In contrast, newer digital channels, such as applications in the government, education, or health sector, were rated poorly. Thus, sectors that want to be successful in the “New Normal” have to deal with the two consumer priorities “data protection” and “user experience” and improve their offerings in these areas.

We can conclude from the result of this survey, organizations that respond to the expectations of modern consumers, are able to deliver products and services in an innovative way, and can communicate with their customers through new channels, have a high probability of preventing their migration to the competition. If they are unable to deliver any of the earlier mentioned services, they need to change and have to define a new digital strategy and roadmap. It is predictable that consumers will spend more time online even after the pandemic. Therefore, providers should now take steps to offer their customers a better user experience and thereby bind them to their online services.

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