Top CRM trends that can be game changers in 2019

As businesses gear up to embark on their journey of becoming customer-focused to customer-centric organizations, the need for reaching out to customers is more evident than ever before. Ensuring 100 per cent customer satisfaction is no longer good enough; in fact, the term is no longer relevant in today’s business environment. The modern customer is looking for unique experiences and expects to be delighted. Organizations over the world have taken note and have come up with CRM strategies that focus on achieving customer delight. Whether you already have a CRM strategy in place or are designing one, you need to keep a close eye on the market. Customer tastes and preferences often change frequently like seasons. To ensure your CRM strategy addresses your customer pain points, you need to revisit and adapt your strategy frequently. With this thought in mind, let’s take a look at some upcoming CRM trends for 2019. 

1. Artificial Intelligence powered CRM is set to take the industry by storm  

As more organizations strive to deliver proactive customer service, the demand for AI-powered CRM is set to increase in the coming years. More organizations will start using intelligent chatbots that will help teams with a number of tasks including recruitment and building and selling service packages. 2019 will see the rise of more AI-enabled contact centres that will play a key role in improving customer experience and agent performance. 

More organizations will start integrating voice assistants into their CRMs that will help both customers and agents save time and efforts. In 2019, more organizations are expected to use AI and machine learning techniques to extract strategic customer data. 

 2. Mobile CRM usage will rise  

According to a study by Statista (2019), the number of mobile phone users will reach an all-time high of around 4.7 billion in 2019. As mobile device usage continues to grow, more employees and customers will start using their mobile to access CRM systems. In 2019, mobile CRM will be the preferred tool of employees on the go. Mobile CRM delivers full CRM capabilities and can help organizations save employee training costs and improve customer satisfaction. 

 3. IoT will keep playing an important role  

IoT has emerged as a major driver of CRM. Over the years, the usage of IoT enabled devices have increased, and this trend is expected to gather momentum in 2019. More organizations will start using IoT to automate customer service and improve operational efficiency. IoT also helps organizations save time when collecting key data.   

At iMovo we specialise in Customer Experience Management (CEM), Business Intelligence (BI), Big Data Analytics, Customer Relationship Management (CRM), Artificial Intelligence (AI) and Workforce Management. We enable organisations to build long-term value relationships with their customers resulting in consistent and profitable growth. If you want to delight your customers by providing excellent customer service, contact us today.

5 Most Promising Artificial Intelligence Trends To Watch In 2019

As a matter of fact, an expansive population worldwide was not very serious with artificial intelligence (AI). The reasons were: the so-called extravagant promises, frustrating disappointments, automation of jobs. But then a confluence of developments in AI started generating positive results and now the same consumers are taking advantage of the new technology in personal lives as well as in business.

AI actually has the potential to completely change the manner companies do business. Further with more technological developments, an additional number of companies, in 2019, will be able to access and implement this life-changing technology. Already, companies like Amazon, Microsoft and Google are leading the pack in AI.

So with AI as a mega trend in technology, let’s find the top 5 promising innovations in Artificial Intelligence in 2019:

1. Advanced AI Assistants

Just like how enterprises are adopting AI, domestic consumers like you and me are also witnessing the democratization of AI into our daily lives. The introduction of Amazon’s Alexa and Apple’s Siri and other devices have simplified our basic activities like searching for information online, paying bills or even reading mundane emails.

According to a study conducted by Adobe Analytics consumers are embracing voice services with an open mind. In fact, 71 percent of smart-speaker owners reported using them at least daily, while 44 percent said they used them multiple times a day. Come 2019, the number of users will definitely increase with the improvement in technology and the adoption of more languages.

AI assistants will soon be able to provide more personalized experiences as they become more superior at recognizing different users’ voices. Thus, instead of simply talking to your AI home device or your mobile, I can forecast in the near future you’ll be able to speak to your TV, refrigerator, car and even command your home’s electricity functions.

2. AI-Powered Conversational Search To Go Mainstream

Advanced conversational AI-Powered Search will become mainstream as users start using the AI-powered assistants more frequently and in new ways.

In traditional, conversation-based search, a person speaks a question, a voice assistant provides a response or a list of responses. Also, the voice assistant directs the person to the most relevant information. For example:

Searcher: “Can you tell me car dealerships nearby?”

Voice Assistant: “There are two car dealerships within five miles from here. St. Michael’s Luxury Cars and Hot Wheels SUVs.”

In this example, the traditional voice serves as a call-and-response mechanism that directs users to exactly what they want to know when they had started searching: a car dealership to his/her nearby location. Once the searcher calls or clicks on the dealership link, the search engine ceases to be of any use to the searcher. But in 2019, search engines will add more value from the beginning of the search through the purchase process and beyond, like into the customer service, sale or resale.

Let’s continue with the car dealership example, to testify how conversational search will be a game-changer for consumers and businesses. Here’s how it will work: Let’s assume a customer named Joseph is a first-time car buyer, and as an average buyer doesn’t know which models and features are suitable for him. His first question might be something along the lines of “Where can I buy a car for less than $10,000?

A conversational Search Engine, powered by AI will respond by questions like, say:

• Would you like me to help you find a car?
• What is your concern about the car’s mileage?
• What is your favorite color?
• Are you interested in buying hybrid cars?

Now Joseph will be able to narrow down the solutions and get the exact search results he is looking for with his car selection.

3. Advancement of Capsule Networks

The Capsule Networks (CapsNets) is not a new invention. The theory behind it was presented by Geoffrey Hinton in 2011, but the idea gained more traction recently as it emerged as one of the top technology trends.

The architecture is based on the concept which has proven to give promising results in image recognition while using much less training data.

Data scientists are confident that CapsNets can evolve even more in 2019 and will be used more frequently in various computer vision tasks.

To learn in more detail about capsule network, check out this explanatory video by Aurélian Géron, author of the book Hands-on Machine Learning.

4. AI For Recruiting

For many businesses, recruiting quality talent is one of the most stressful and time-consuming tools. However, with the improvement in artificial intelligence technology, AI-powered tools will be an interesting trend to watch out for in 2019.

According to Katrina Kibben of Randstad, “Any area of recruiting where distinct inputs and outputs occur – like screening, sourcing & assessments – will largely become automated.”

For example,
Mya, which stands for “My Recruiting Assistant”, is a conversational AI chatbot which uses both natural language understanding and natural language generation.

It can communicate with candidates via email text or Skype. Mya can also shortlist qualified candidates based on their rich profiles or even reject a candidate if the HR decides to pass on his/her application.

The future of work is surely transforming with these emerging HR tools powered by AI. These improvements will make hiring optimized and efficient in 2019.

5. Democratization of AI

While the majority of the previous use of artificial intelligence was majorly done by the military, academia and the tech giants like Amazon, Google, Facebook or Netflix, we are now venturing into the process of adopting algorithms into the business world.

Now that several open-source projects and companies are offering their proprietary AI solutions at a price accessible to small and medium enterprises, 2019 marks the democratization of once elusive artificial intelligence technology into the wider market.

In most instances, organizations can begin by adopting simple algorithms, however, over time, they’ll begin to discover additional scenarios for the utilization of AI.

2019 can also the year within which the sensible application of artificial intelligence, like e-commerce recommendation engines, can become a reality available to a larger number of market players.

Conclusion

As a future value factor businesses have embraced artificial intelligence. However, if AI has to make a disruptive impact in organizations it has to be trustworthy. Till then, only time will tell if artificial intelligence will be able to augment human understanding or not.

Manufacturers’ first step towards Industry 4.0 success

Could fear of failure be preventing Industry 4.0 technology from reaching the factory floor? James Wood, Director of Business Development, EMEA & APAC at Aptean, outlines why manufacturers have to view digital transformation as a journey, rather than a destination.

Have you ever joined a gym, certain that this time round you’ll definitely get fit? Chances are you or someone you know has done this. You’ll also know just how quickly the self-doubt kicks in. Why is everyone else so far ahead of you? Is your workout routine the right one? Should you change your diet to support your gym efforts?

You thought going to the gym would be easy, but you soon realise you’re not prepared to make all the changes needed. Sound familiar? While this article isn’t about fitness, I see plenty of parallels between the way manufacturers approach the discussion around Industry 4.0 and the average person’s struggle to stay fit and healthy.

Digital transformation doesn’t have to be daunting

I’m sure you’ve seen the headlines. Articles like ‘here’s everything you need to know about Industry 4.0’ and ‘how to transform your business with new Industry 4.0 technology’ are everywhere. While many of them have fascinating insights to share, I get the feeling that they’re more than a little intimidating to the average reader.

Sure, it’s exciting to find out about the possibilities of automation, AI and data; however, you can’t become excited about an end goal when you’re not sure how or if you can reach it. Rome wasn’t built in a day. In the same way getting that six pack overnight is impossible, so too is transforming your business.

Why Industry 4.0 is a journey, not a destination

‘Making the most of Industry 4.0’ is realising that creating a smarter manufacturing business is a journey, not a destination. Let’s be honest; you’ll never reach a moment in time where you believe your business no longer needs to change, upgrade and adapt.

When the first industrial revolution took place, no one thought the processes coming in would last forever – and it’s the same with the fourth iteration. Even if you reach your end goal, by the time it happens, you’ll have set new targets based on even newer technology.

I’m not saying that there’s no point in trying because the goalposts will shift. If anything, it’s more reason to take your first step, then the next and the one after that. Each foot forward will improve your manufacturing processes as you stride towards a more efficient, Industry 4.0 ready factory floor.

Manufacturing needs to be more open to new technology

The sooner manufacturers adopt a ‘journey over destination’ mindset the better. As an industry, manufacturing is already behind the curve when it comes to digital transformation and Industry 4.0 - especially in the Food & Beverage space. It can’t afford to fall behind any further.

There’s so much to be gained by engaging with the technologies enabling Industry 4.0. As well as driving efficiency on the factory floor, manufacturers can use integrated and automated data processes to dramatically improve regulatory compliance. For Food & Beverage businesses, this is a huge opportunity to increase customer trust.

That’s why viewing Industry 4.0 as a journey is vital for manufacturers. You have to focus on each step – applying new technology to your business in a structured way that would make sense even if you never reached your end goal.

You also have to avoid overwhelming those on the factory floor. The idea is to blend people and systems – creating a smarter workforce that achieves more. One of the challenges involved in this is making sure teams have the skills needed to work alongside the machines. Training is often overlooked, making the Industry 4.0 journey more difficult than it needs to be.

Just imagine the scenario: you introduce new systems, but fail to make sure your workforce has the skills to make the most of them. Nothing works as efficiently as it should and, eventually, everyone goes back to the manual processes they were used to with a negative perception of Industry 4.0 technology. If anything, this is a step backwards, but one you can avoid by ‘upgrading’ your workers alongside your systems.

The first step all manufacturers need to take towards Industry 4.0

Every journey begins with a first step, but what does that mean for manufacturers? To my mind, your first step is to implement a Manufacturing Execution System (MES) that meets the needs of your factory floor.

An MES provides you with all the data you need to continue your journey towards Industry 4.0. It does this in real-time, giving you complete visibility of your business and its processes – as well as the insight you need to identify areas for improvement. With this in place, it almost doesn’t matter what you think your next step is – the data will tell you. You’ll have a clear path ahead of you; one that sees you constantly improving processes as you work towards your end goal.

Implementing an MES can also kick start your business’ digital transformation, which – coupled with the right implementation approach – will start to win over your teams on the factory floor. Engaging the operators, giving them a voice, and empowering them with information that makes action unavoidable clearly demonstrates that people and technology are a winning combination that can dramatically improve performance.

What you need is a simple and structured program that will start you on your journey, and make the implementation of further useful technology (such as wearable tech, smart energy monitoring or the use of drones to perform inventory turns) much easier. By integrating new systems with your MES, you can ensure the improvements keep coming. This is the basis of a smart factory run by a smart workforce.

The first step is the hardest – the rest is simple

While Industry 4.0 might seem unsettling to manufacturers, it doesn’t have to be. Even if your factory floor is behind the times in terms of technology, there’s nothing to stop you catching up – and quickly – if you approach the challenge with the right mindset.

By viewing Industry 4.0 as a journey, rather than a destination to be reached and settled in, you will discover a variety of ways to improve your business. You’ll also free yourself up to focus on driving performance on your factory floor without the fear of failing to meet unrealistic expectations.

Now’s the time to start out on the path towards Industry 4.0 success. There might be plenty of work to do before you reach your end goal, but you’ll never get there if you put off making the required changes. Just as you can’t achieve fitness without going to the gym, you can’t take the last step towards creating a smarter factory if you don’t take the first. Ready to shape up?

James Wood is a Director of Business Development, EMEA & APAC at Aptean.

Securing Banks in a Digital World

HOW TECHNOLOGY AND RISK ARE CHANGING THE BANKING MARKET

The banking environment faces a multitude of risks, which are evolving and changing daily. Fraud, at the top of the list, leads to significant losses if not controlled, and today more than ever, banks are laser-focused on minimizing fraud attempts and must adopt a proactive approach to stay one step ahead.

Most banks have invested heavily in physical and network security to protect against traditional threats, but today greater threats loom on the horizon in the form of the Internet of Things (IoT) and the increasing number of periphery devices residing on the corporate network. Such devices include video surveillance, identity and access management and other physical security systems that are critical to the day-to-day operations of financial services firms.

These technologies, which were once analog-based and largely segregated from other IT systems, have transitioned to IP and are becoming a greater cybersecurity threat themselves. And with the proliferation of the IoT, a significant portion of which is comprised of security sensors, this problem is only going to grow. In fact, according to research firm Gartner, more than 8 billion connected devices were in use in 2017 and that is forecast to grow to more than 20 billion by 2020.

What Can Be Done?

The problem for most banks is that they already have thousands of cameras deployed throughout their various corporate offices and branches, which makes trying to address cyber vulnerabilities a tremendous challenge. Let’s take the typical branch surveillance deployment, for example. There is usually a mix of both existing analog cameras and IP cameras, along with an encoder, a network switch and a network video recorder (NVR) that is connected to the network.

The NVR, switch, encoder and IP cameras all have firmware that may need to be updated to mitigate potential cyber risks, and most of them also typically have usernames and passwords that could be exploited by hackers. Updating these devices individually on a site-by-site basis presents a logistical nightmare, which makes having some type of centralized management utility a must.

Aside from deploying centralized management, other steps that security managers at financial institutions should take to mitigate cyber threats to their physical security systems include:

• Regular Technology Refresh Cycles: Although many banks today replace computers and other IT hardware every three to five years, the same cannot be said of their security equipment. Security devices, like other technologies, are changing very quickly, which means vendors are phasing out certain pieces of equipment more quickly and will eventually stop supporting them. Getting buy-in for a technology refresh can be challenging, but unlike the days where these systems had to be purchased outright, numerous suppliers now offer leasing programs for their equipment and software, shifting the cost to an operational expenditure and placing the onus for maintenance back onto the vendor and/or integrator.
• Check and Perform Firmware Updates: Manufacturers today are routinely updating their products to ensure they’re protected against the latest threats. Unfortunately, many organizations are still woefully lagging when it comes to applying patches to impacted devices.
• Practice Good Password Hygiene: Network security experts have written at length in recent years about the need for organizations and their employees to leverage strong passwords, and the same thing can be said with regards to periphery devices, such as cameras and NVRs. Often, however, the passwords being used on these devices are still the default ones that came with them from the manufacturer or were changed to simple passwords like “123456” or “password.”
• Leverage MAC Access Control Lists (ACLs): Many people within IT security departments at financial institutions are concerned about the potential of an unauthorized user gaining access to a camera switch at a bank branch, plugging in a laptop and infiltrating the network or introducing a vulnerability to periphery devices themselves. ACLs allow end users to detect the MAC address of an IP camera and, should it be unplugged, subsequently block any other device from connecting to it.

Cybersecurity is only one critical challenge on the minds of today’s banking leaders. To stay up to speed with a constantly shifting risk landscape and progressing threats, financial institutions must not only plan for today, but also look ahead to ensure the most innovative technologies and solutions are leveraged in the constant fight against fraud. As new trends and strategies emerge, security leaders should stay prepared and continuously work to gather as much data and intelligence as possible to modernize, simplify and automate their business.

Moving forward, the common goals of most financial organizations – satisfactory customer engagement, enhanced security and fraud reduction – will be significantly affected by these factors:

Big Data and Analytics

It has become clear that for financial organizations to predict and identify threats in real time, actionable, intelligent data analysis that links cyber and physical security must take place to present a unified risk scenario to the appropriate analysts and operators. Tomorrow’s analytic applications will propel increased situational awareness and provide instant notifications to facilitate immediate action.

Automation and Modernization

Solutions of the future must allow security teams to dedicate time and effort to relevant tasks and efficient responses, while leaving certain operations, such as firmware updates and camera verification, up to automation. Modernized processes will need to take advantage of prominent trends, including the IoT and the cloud, while elevating the customer experience and overall loyalty.

Advanced Investigative Tools

Security systems will continue to develop to support streamlined and simplified investigations. Biometrics are poised to impact the financial market tremendously, as technologies such as facial recognition and voice analysis create the potential for banks and credit unions to strengthen identification processes and track fraudsters.

Artificial Intelligence

Financial organizations should consider leveraging the latest in artificial intelligence and advanced analytics to help unlock the potential of automation and innovation as it relates to customer service. For example, intelligent systems can analyze customer activity by performing accurate people counting, tracking customer behavior (such as dwell times and wait times) and evaluating branch action. By leveraging this information, institutions can make informed decisions that can impact efficiency and safety and inevitably enhance customer satisfaction.
Banks around the globe face a new risk paradigm almost daily and require innovative strategies and tools to strengthen the security of valuable data and assets. The fact is that it’s not just the monetary loss that these businesses need to be concerned about – there is also a threat to the brand, customer trust and employee safety.

The practice of security – both cyber and physical – is a critical component of a bank’s organizational structure. It helps secure the branch footprint, alleviates risk, ensures operational compliance and improves fraud investigations. As we move through the remainder of the year, we will continue to see Big Data analysis, video analytics, cybersecurity and IoT-powered devices allow for the collection of myriad data points across systems, services and devices and also open doors to additional risk that must be managed. The banks prepared to investigate threats in a more proactive manner and generate actionable intelligence from collected data will be the ones best positioned to achieve their strategic intelligence and business objectives.