Quick Wins in Enterprise Digital Transformation (yet often ignored) – Intelligent Automation

The modern workplace is seeing widespread usage of machines and automation. Enterprise digital transformation, Artificial intelligence (AI), and automation are changing the tide for businesses globally. This means a significant change in the work culture as employees will have to acquire new skills and adapt to the advanced capabilities of machines. 

As per a recent study1 involving over 600 business leaders from 13 countries, more than 50 percent of respondents confessed to having already invested over $10 Million in intelligent automation projects. The AI market globally is presently growing at a CAGR of 40%, all set to touch $26.4 Billion by 2023.

AI,  along with robotic process automation (RPA), voice recognition, natural language processing (NLP), and machine learning (ML), is allowing businesses to blend automation with human capabilities successfully to create intelligent working environments. 

Automation is driving agility for businesses giving them the much-needed competitive edge over others with quick decision-making powers. Clearly, decision velocity powered by AI-driven insights gives you data supremacy to lead in a highly volatile market.

Making a case for Intelligent Process Automation (IPA)

When automation meets artificial intelligence, you get intelligent process automation to scale up your business. While it allows you to off-load routine, repetitive tasks, it empowers better guardrails for all your automation initiatives. It takes the uncertainty out of the picture and enables more personalized execution and processes.

Intelligent automation enhances the overall customer experience. The speed of response has often been a critical consideration while evaluating the customer experience. Intelligent automation is helping organizations meet customer expectations with personalization. Through customized offers, services, and content, businesses are acquiring and retaining customers.

What do the right IPA endeavors ensure?

  • Agile services due to a significant reduction in processing time
  • Greater flexibility and scalability for being able to operate round the clock with capabilities to scale up and down as required
  • Improved quality control due to greater traceability of events and instances and checks at different levels
  • Increased savings and productivity due to a high level of automation
  • Clear, actionable insights to predict and improve drivers of performance

While there is unanimous agreement on the benefits of intelligent automation, not everyone has leveraged these benefits across the organization. What you need is an enterprise-wide approach that promotes a new way of working.

Adding intelligence to the digital mix

A highly automated world does not focus on reducing the headcount but increasing its potential to do more in an agile manner to solve the business challenges of tomorrow. It relies on structured and unstructured data the company collects from the public domain and other stakeholders rather than depending on traditional methods.

Intelligent automation compels you to rethink key business processes. The sales and marketing team gets deeper segmentation to target and sell through advanced analytics. Those working to strengthen the supply chain get to improve production and distribution by leveraging technologies like cloud and analytics across the value chain. Planning and development teams, on the other hand, rely on data-driven insights to integrate them into product performance and boost innovation.

Alibaba Group2 is a classic example of what you can achieve with intelligent automation.

After making significant strides in eCommerce and retail, it has further revolutionized its business processes with its ‘Industrial Vision AI‘ solution for manufacturing and production. It allows the company to inspect raw materials thoroughly to detect minute defects, resulting in a 5X increase in production efficiency. Its automated warehouse is managed entirely by robots taking precision and efficiency to a whole new level.

Regardless of your goal, you need to create a strategic roadmap to align it with your business priorities. This is not possible unless you assess your digital maturity.

What is the role of IT in successful IPA transformation?

Intelligent process automation (IPA) is a melting pot of technologies enabling significant gains for businesses worldwide. IPA should not be confused with robotic process automation (RPA) as unlike RPA that performs repetitive, automated tasks based on predefined rules and inputs, IPA can understand the context, learn, and iterate to support informed decision-making using unstructured and structured data.

Those who have been able to get the full value of IPA have been the ones who have put IT leaders at the helm of their IPA endeavors. CIOs need to strengthen their core with IPA programs to support automation.

Here’s what we recommend:

  1. Assess the high-level value potential

You may start with help-desk requests since that’s where a significant amount of incidents originate. While tickets with low difficulty levels are resolved immediately, those with more complexity are often escalated to specialized teams. Determine how many such requests were handled the previous year, and by multiplying them by the average handling time (AHT) required, you can evaluate the value of this whole exercise.

For instance, an organization with a significant number of requests for password reset or access can leverage RPA bots that work across multiple applications via the user interface to automate ticket resolution and free up employee capacity. Reducing resolution times and a drop in costs associated with outsourcing help-desk support will thus improve performance and profits.

The effort required for these activities often varies. Everything needs to be evaluated critically from backups and patching to security audits and upgrades to understand the effort involved and the value you can garner by planning activities for automation.

  1. Identify the use cases best suited for IPA

Let’s consider the same example mentioned above. In order to automate incidents, organizations need to first identify the ones ideal for automation. An organization may be effectively logging incidents in detail, but due to the large numbers and complexities, support teams may not respond quickly and effectively.

AI can make sense of the chaos and understand the reasons behind the alerts. It may be trained to make appropriate recommendations or even make better decisions to ensure suitable responses.

  1. Elevate customer experiences with better service

AI and automation are changing the customer service landscape for every industry, from retail to aviation. Boeing has a fleet of passenger service robots that operate via sensors installed in their bodies. They are doing their best to reduce the manual work of cabin crews. Though experts argue a human perspective is required for these robots to do what humans can.

The key is to understand the power of automation and integrate it seamlessly into processes and workflows to complement human efforts and endeavors perfectly, as we did in the case of one of our clients Surge Transportation.

The company links shippers and carriers and has an automated tracking and monitoring system to assign loads. But the pricing and quotation were being done manually. This drained their resources, led to a huge turnaround time, and left a long log of emails, calls, and paper trails.

Trigent critically evaluated the complexities in its pricing mechanism to bring down the turnaround time to less than a second. Apart from 100% pricing accuracy, the company improved profits by 25%, revenue by 40%, and reduced the load processing time by 91%. With seamless carrier integration, the company now processes 4000 more loads per day.

Other use cases where AI and Automation are driving value

Cashier-less stores

Amazon is popularizing the concept of cashier-less stores with Amazon Go and Just Walk Out. Robotization of stores helps save operational expenses and gives shoppers a smart shopping experience.

Automated medical appointment scheduling

No-shows have been the cause of losses of over $150 billion a year for the U.S. healthcare system with every unused time slot costing individual physicians $200 on an average. No-shows also impact the health of patients since continuity of care is interrupted. IPA challenges traditional scheduling methods by ensuring error-free appointment scheduling based on the nature of the illness, the convenience of patients, and the availability of doctors and healthcare facilities. While patients get to choose a date and time for different health issues, follow-up appointments can be scheduled automatically along with reminders.

Automated supply chains

The ideal supply chain is where there is neither wastage nor out-of-stock scenarios. In tandem with machine learning, AI predicts demand based on location, weather, trends, promotions, and other factors. Revenue losses of up to $4Trillion have been caused due to supply chain disruptions following the pandemic with 33% attributed to commodity pricing fluctuations as per a report.

The automobile giant Toyota is using AI in its manufacturing environment to address waste control with its ability to predict when excess parts, products, and practices threaten to impede work.

Intelligent Automation is clearly the Winner streak!

The potential value of AI and automation is immense for different sectors and will vary depending on the type of industry, availability of abundant and complex data, use cases, and other factors. To get the most out of your automation initiatives, it is however important to tide over organizational challenges with the right mindset and approach.

Create impact and value with Trigent

Trigent with its team of technology experts empowers you to stay relevant and competitive. It is equipped with insights and intelligent solutions to dramatically boost your bottom line and improve customer engagement.

Allow us to help you grow your business and increase revenue with strategies and solutions that are perfect for you.

Call us today for a business consultation

References
1. https://www.analyticsinsight.net/intelligent-automation-accelerating-speed-and-accuracy-in-business-operations/
2. https://datacentremagazine.com/technology-and-ai/alibaba-group-adopts-ai-and-automation-singles-day

How the Use of Technology in Retail Stores are Helping Them Withstand Competition

A look at how the use of technology in retail stores are helping them outplay the e-Commerce giants

It’s no secret that retail businesses are going through a pivotal phase; an existential crisis triggered by skyrocketing rate of digital adoption and the burgeoning presence of biggies like Amazon and others. The pandemic with its perennial need to follow social distancing and stay-at-home mandates has strengthened the demand for eCommerce.

Just about one-third of U.S. consumers were willing to enter shopping malls again in April 2021 while 25-48% of European consumers from different countries were keen on avoiding brick and mortar stores even in the beginning of 20211

The decline in the demand and popularity of physical stores has had a crippling effect on several businesses. Some declared bankruptcy while others closed down a few units to shrink their business. The list of store closings is rather long – a record 12,200 stores2 to be precise in the U.S. alone in 2020.

At a time when profits are becoming elusive and footfall remains uncertain, the retail sector, especially boutiques and smaller businesses, are up for a major upheaval. The decline is evident but it’s definitely not the end for the traditional brick and mortar stores experience we’ve so thoroughly enjoyed all our life. As the legendary Mark Twain would have said, “the reports of the death of brick-and-mortar stores are greatly exaggerated.”

A lot can be done to shift the tide in their favor. The onus is on local and boutique retailers to ensure that the gratification continues albeit online for their customers. Luckily, it’s not so difficult if you identify the core areas that draw customers to the in-store experience and leverage the technology spectrum accordingly.  

Averting the retail apocalypse

A bit of a tweak in your approach and digital adoption can put you on the road to retail recovery. See how Nordstrom revamped their business model to serve its customers. Be it a quick fix for a leather jacket or getting pants hemmed in an hour, the sprawling flagship store offers everything from style tips to personal guidance for free to its customers. As Sonia Lapinsky, managing director at Alix Partners puts it, “Nordstrom is providing a reason for the customer to walk in the door.”

Relevance is the key here and all the resources, be it time, money, or efforts, should be used to elevate the customer experience. Ultimately, it’s all about the relationships you build with your customers especially when 56% of customers stay loyal to brands that ‘get them’.

Taking a cue from its biggest competitor Amazon for the digital maturity it has achieved in such a short time, Walmart too had transitioned to eCommerce in a big way. It has witnessed a 97 percent3 surge in eCommerce sales with total revenues increasing by 5.6 percent to $ 137.7 Billion. With the help of AI, Walmart is helping buyers make smarter substitutions for out-of-stock products by suggesting them the next available items. Their choices are analyzed and fed into learning algorithms to make more accurate recommendations in the future.

With artificial intelligence (AI) at the heart of all their initiatives, both brands are taking the eCommerce world by storm while underlining the potential of emerging technologies.

Retail with a digital edge

There are 7 areas of retail that are of paramount importance to ensure the most satisfactory shopping experience for buyers. These include:

  • Swift digital payments – As consumer faith in online transactions has grown, contactless, digital payments have become the norm.
  • Smooth navigation – With better search algorithms and smarter devices, the shopping experience is expected to be omnichannel.
  • Centralized inventory – Digital businesses enjoy greater economies of scale and improved turnover due to centralized inventory with smarter technologies and robotics at the helm.
  • Ease & convenience – The craving for something and the convenience to have it right away can translate into greater satisfaction.
  • Product experience – Through touch and feel, consumers want to physically experience the things they buy.
  • Immersive exploration – Consumers love to be involved in brand journeys and eagerly participate in activities that involve entertainment and engagement.
  • Personal advice – It is always heartening to know you are understood and expert advice is always welcome.

Leveraging new technologies to excel in these areas can help you regain strategic momentum and offer a uniquely differentiating customer experience.

Here’s how you can win the digital game.

Go BOPUS (BOPIS)

A lot of retailers are going the ‘buy online, pick up in store’ way to blend the speed and convenience of eCommerce with the in-store product experience. Nordstrom Local is leveraging it well to offer pickups and returns along with express alterations and a whole lot of services to walk that extra mile to ensure customer satisfaction.

Says eMarketer’s vice president of forecasting Martín Utreras, “BOPUS provides tangible benefits to both consumers and retailers. Consumers get convenience, instant gratification, and avoid shipping costs. Retailers reduce operational costs, and it gives them the opportunity to bring customers back to physical stores for additional purchase opportunities.”

Make sure that you offer speed and process efficiency like Amazon Go that bypasses the checkout altogether with a grab-and-go model or Target’s in-app shopping lists that offers aisle to aisle assistance to customers in the physical store.

Prioritize personalization

Thanks to AI, retailers now have the data and intelligence necessary to understand their customers’ shopping habits and choices. You can personalize marketing content, customize newsletters, and entice them with relevant ads on social media based on their social footprint, location, hobbies, and other factors. You can also make product recommendations via email marketing to generate leads and revenue.

The right product recommendations aligned with their tastes will not only enable the discovery of new products but also instill trust. Case in point – Hanes Australasia dramatically improved its revenue and grew across new and existing markets with AI-based personalized recommendations.

Provide 24/7 customer care with Conversational AI

Brands are increasingly leveraging chatbots to offer personalized assistance and customer service round the clock. Assistance can now be offered through speech and text in local languages with natural language interactions. The benefits of having chatbots are many – greater operational efficiency, minimized manual effort, increased customer satisfaction, and lower handling costs. Automated customer care does not take away the human connection but strengthens it by ensuring that customer concerns are heard and addressed on priority.

According to research4, 40% of shoppers don’t care whether they are assisted by a tool or human as long as they are attended to while 80% of consumers who have engaged with a chatbot claim to have had a positive experience.

Bolster the supply chain

Addressing supply chain challenges can be stressful for retailers and inefficiencies can result in loss of revenue and dissatisfied customers. Inventory optimization is crucial in this era of fast-changing demands. AI-powered inventory optimization helps businesses increase the accuracy and granularity of SKU and store-level stock planning, preparing them to handle sudden shifts in demand. Routing, end-to-end transaction visibility, and dashboards for inventory tracking are some of the many solutions you should consider to drive agility and maintain business continuity.

What’s more; it also helps analyze costs to create a pricing model that determines the right price for your products while staying on top of managing supplier costs. This kind of dynamic pricing is being used by Walmart and Amazon too due to the tons of data they have, with the latter reportedly changing its prices 2.5 million times a day.

Drive an omnichannel experience

To facilitate a seamless shopping experience both online and offline, it is important to ensure it’s omnichannel. Whether customers shop via mobile device, laptop, or a physical store, there has to be back-end integration of distribution, promotion, and communication channels for greater flexibility.

The same experience should be extended on social media too to enable a high level of customization. This also helps you provide targeted offers while creating more engaging ways to interact and connect with customers.

Starbucks struck a chord with patrons through its loyalty program that encouraged them to earn stars on their purchases. These stars could be redeemed for free products, top-ups, etc. through their app or website. The program not only served as a fine example of customer engagement but was responsible for 40% of its total sales.

Evaluate virtual fitting technology

The ‘try before you buy’ psyche is here to stay which explains why the global virtual fitting room (VFR) market is expected to touch $ 10 Billion by 2027 at a CAGR of 20.1%. Virtual try-on and fitting rooms enabled using Augmented Reality and Virtual Reality are catching on big time making both sellers and buyers very happy.

While apps like SneakerKit help you choose the right footwear, there are apps for virtually everything you wish to buy from hats and glasses to clothes and masks. Brands like Macy’s, Adidas, and many others allow users to upload a full-body photo and then try on clothes based on their body type. Getting a feel of what they are buying offers both comfort and confidence to buyers.

In closing

Business models need to be altered keeping the following objectives in mind:

  • Ensure convergence across channels and touchpoints as boundaries between the physical and digital worlds blur.
  • Customize the delivery format based on changing shopper behaviors through personalization
  • Collaborate instead of competing with other suppliers and retailers to enhance customer value
  • Improve the value proposition through interactions and communication in real-time.
  • Facilitate self-learning through AI-enabled data to enhance customer satisfaction.

Create a seamless customer experience with Trigent

As you gear up to deliver unique shopping journeys, we can help you with our broad range of offerings to build a technology stack that’s replete with features and functionality. With an array of pre-built as well as custom solutions for diverse retail use cases, we empower you to offer personalization and delightful digital experiences at scale.

We’d be happy to be your trusted technology partner on your digital transformation journey.

Call us today to book a business consultation.

References

1. https://www.statista.com/topics/6239/coronavirus-impact-on-the-retail-industry-worldwide/
2. https://fortune.com/2021/01/07/record-store-closings-bankruptcy-2020/
3. https://www.barrons.com/news/walmart-profits-jump-80-to-6-5-bn-on-strong-e-commerce-sales-01597749906
4. https://research.aimultiple.com/chatbot-stats/

Top 5 Trends in the Logistics Industry to Look Out for in 2021

Logistics has been around for ages and has undergone major transformations time and again. With new advancements in technology, it continues to stretch its horizons. The burgeoning eCommerce sector has further propelled its demand. The logistics market globally is expected to touch $12,975.64 billion by 2027, at a CAGR of 6.5% for the forecast period 2020 to 2027.

Supply chain optimization technology companies Locus and Shippo recently announced $50 million in funding to expand geographically and invest in additional technology enhancements for last-mile optimization as eCommerce continues to grow globally. The eCommerce sales surged in the first quarter of 2021 by 39 percent compared to the first quarter of 2020, while the US domestic parcel market is expected to touch 100 million packages per day by 2023.

With logistics automation, IoT-enabled connected devices, and tech-driven logistics services coming into play, it’s safe to assume we are in for some significant changes in the industry. But then, change is not always bad because it brings opportunity too. In the current scenario, it has ushered in new business models and greater customer expectations. Amazon and many others are already putting customers into the habit of expecting same-day delivery. Needless to say, fast, flawless service has now become an industry standard.

There is no denying technology and changing times have sparked new trends that are all set to shape the future of transportation and logistics. While companies like Locus are leveraging technology solutions to improve visibility and on-time performance, those like FedEx are leveraging blockchain to increase their competitiveness. So let’s look at the top 5 trends that are forcing logistics companies to adjust their sail.

1. Artificial Intelligence (AI) and Machine Learning (ML)

According to a McKinsey survey, AI can help enterprises maximize their gains by more than 50 percent a year. Not surprising then, all forward-thinking organizations are now eager to adopt AI technologies. AI and ML can address problems early on and propose solutions that can help tide over challenges and improve operational efficiency. AI algorithms with the help of ML can help companies address demand fluctuations effectively. They help reduce operating costs, plan supply chain processes, and bring intelligence to administrative tasks to accelerate data-based processes. AI and ML are improving every aspect of warehousing operations, thus increasing profits. For instance, AI helps them access critical information, while machine learning helps them make sense of this information to predict and track trends and make smarter business decisions.

2. Internet of Things (IoT)

IoT sensor technology and connected IoT devices have simplified logistics chores to a great extent. From tracking shipments and inventory to vehicles and equipment, just about everything is easily accessible thanks to IoT. Modern enterprises now rely on IoT-powered container management to increase fuel efficiency, ensure preventative maintenance, and enable real-time monitoring. Drones and self-driving automated vehicles come with IoT sensors to ensure timely deliveries.
IoT startups and logistics companies are joining hands to adopt a proactive approach to container operations. Hapag-Lloyd, for instance, collaborated with Globe Tracker to come up with Hapag-Lloyd LIVE that offers powerful features like real-time GPS location, temperature information, and power-off alerts. With its fleet of around 100,000 containers equipped to serve better, this initiative will ensure enhanced supply chain transparency.

Juan Carlos Duk, Managing Director Global Commercial Development at Hapag-Lloyd, elaborates, “Customers expect more reliable supply chains, so the industry needs to change and invest sufficiently. It is imperative that we understand and fulfill our customers’ needs faster than our competitors. Inviting our customers to further shape our real-time monitoring products right from the beginning will allow them to receive products that are tailor-made for their needs – while giving us a chance to deliver the best possible service at the same time.”

3. Radio Frequency Identification (RFID)

While sensors continue to hold an important place in cargo ships, trains, and alarm systems for tracking and monitoring purposes, tags or sensors are also placed on products enabled by RFID technology. Data is sent via radio waves to be processed for tracking inventory. This is a popular labor-saving technique that allows businesses to scan tags, barcodes, and labels to get information pertaining to their containers. RFID tags have been used increasingly in the apparel sector, among many others.

The logistics industry is now leveraging RFID to get real-time visibility of goods, reduce errors, plan product locations in warehouses, and even measure temperatures in case of chemicals and medicines to ensure that the right storage requirements are met. RFID systems can pinpoint the exact location in real-time, giving logistics managers a bird’s eye view on trucks, pallets, and inventory to see things exactly the way they are across the supply chain. In sudden events or unforeseen circumstances, RFID systems work proactively by changing a delivery route.

4. EDI/API integrations

Both EDI (electronic data interchange) and API (application programming interface) are crucial for logistics companies to integrate data across communication channels. APIs, however, bring more power and flexibility to enable companies to exchange data with cloud-based apps and other digital ecosystem systems seamlessly. API integrations can be used to connect eCommerce stores with fulfillment centers to meet consumer demands successfully when same-day or next-day deliveries are becoming so popular.
Modern businesses are now exploring new possibilities by integrating EDI and API rather than choosing one over the other. They serve as a smarter solution for those who wish to modernize but are reluctant to give up on their traditional EDI solutions. In fact, the allure of an integrated platform is simply impossible to resist. It allows companies to upgrade their legacy systems and evolve into an environment that facilitates end-to-end visibility to conduct business rapidly.

5. Disruptive technologies

Technology adoption in warehouse automation globally is expected to grow from 8 percent in 2019 to 45 percent by 2030. Supply chain and logistics companies worldwide are accelerating digital transformation initiatives to make their operations more responsive. Disruptive technologies are now taking over every sphere of logistics, positively impacting businesses and those who run them.

83 percent of those participating in a survey by MHI in collaboration with Deloitte believed digital supply chains would become the predominant model in just five years. Says John Paxton, CEO of MHI, “Supply chain resilience has never been more important. Companies that made investments in digital technologies prior to the pandemic were more prepared and able to adapt, survive, and even thrive during this disruption. They will also be ready when the next crisis inevitably hits.”

Some of the top technologies that are making waves and helping organizations brave new storms include:

Blockchain – Relatively new but extremely powerful, blockchain is helping industry leaders induce transparency into their business. It facilitates safe transactions through an irrefutable decentralized ledger system and ensures quicker approvals and clearance. Blockchain with its trustless peer-to-peer network increases efficiency, reduces human error, and prevents fraud. For companies that are committed to enforcing digital initiatives, blockchain should be on the cards.

Robotics – Robotics play a significant role in increasing the speed, productivity, and accuracy of supply chain processes while ensuring that human jobs stay intact. Rather than replacing humans, they play a collaborative role to increase overall efficiency. For instance, collaborative robots offer assistance to humans in picking up, packing, and placing goods as required. On the other hand, autonomous mobile robots can help pick up goods and transport them to storage facilities. There are software robots that can do mundane, repetitive tasks to allow human workers more time to focus on chores that need human intervention. Logistics companies are leveraging Robotic Process Automation (RPA) for managing simple clerical tasks in areas like order management and after-sales service to reduce overhead costs and eliminate human error.

Related: Automated pricing operations powered by RPA helped a leading 3PL improve its revenue by 40%

Predictive analytics – Predictive analytics adoption, which currently stands at 31 percent, is expected to grow to 79 percent in the next 3-5 years. A good 43 percent of respondents plan to up their spending on predictive and prescriptive analytics to more than $ 10 million. Predictive analytics drives supply chain companies towards resiliency, helping them manage inventory, maintenance, pricing strategies, and forecasts.

Predictive analytics helps choose faster routes based on traffic, distance, weather, fuel consumption, and vehicle condition. It also helps anticipate maintenance of equipment and vehicles to minimize downtime. It forecasts demand accurately across any logistics network using historical data and market analysis data. It also helps companies adjust their prices based on need. Demand forecasts also help supply chain managers maintain an optimal level of inventory to ensure that demand is met at reduced costs by storing stock at appropriate distribution centers.

Cloud Technology – Software-as-a-service products hosted in public clouds are now a given, considering public cloud solutions are easier to implement. They allow logistics companies to leverage pay-per-use models, thereby necessitating low capital investment. Companies do not have to pay for the hefty cost of maintaining the IT infrastructure and yet get the security and scalability that the cloud offers.

Logistics companies are now leveraging cloud integrations to collect data from management systems, collaborate, and communicate to build process efficiencies and garner better business outcomes. Cloud-integrated logistics is not confined to time or space and gives greater freedom and accessibility that we desperately need today.

Sharpen your digital edge with Trigent

Trigent, with its decades of experience in the logistics sector and a process-driven approach, has been helping supply chain leaders and their ecosystem partners respond intelligently to market disruptions. Our technology experts help create lasting value by giving you keen insights into market trends and empowering you to adopt the latest innovations. Our solutions are custom-made to help you manage diverse aspects of transportation and logistics with amazing ease.

Call us today to book a business consultation.

References

Enable Transparent Tracking with NextGen Technologies for Cold Chain Logistics

Even as globalization has made the world a smaller place, the physical separation of the different regions still remains an important reality, especially when it pertains to the movement of goods. The greater this physical separation, greater are the odds of the consignment getting damaged.

This is even more true when it relates to the transportation of perishable goods. Hence, efficient cold chains have become an essential part of the modern supply chain to transport vital, sensitive cargo over great distances and through diverse climatic conditions.

For the range of supplies labeled as perishables, particularly pharmaceuticals and food (produces), quality expires with time as they maintain chemical reactions, which can mostly be alleviated with lower temperatures. Cold chain logistics have evolved with the growing demand for temperature-controlled logistics to transport consumable goods over great distances safely.

It takes coordination and time to move a shipment efficiently. Every delay can have negative consequences. To ensure that the loads do not become compromised or damaged at any point during this process, businesses in the food, medical and pharmaceutical industries are increasingly banking on the cold chain.

The challenges of cold chain transportation

In addition to the usual risk elements that plague our regular supply chains, cold chain logistics has unique issues, such as rising freight costs, product sensitivity, and growing regulatory obstacles.

The recent reports of over 12,000 vaccine doses spoiling due to fluctuations in the truck temperature are evidence of some of the main challenges faced by the industry today. According to the Department of Health and Human Services, the majority of 21 shipments of the Moderna COVID-19 vaccine sent to Michigan were unusable as they got too cold during transit.

The incident has, however, brought clarity to the fact that fleet managers need a better way to access and manage real-time information. The need for real-time data to manage deliveries with efficiency and precision is ever increasing. The insights drawn from this data can help fleet managers, drivers, and businesses work together towards the best outcomes.

The numbers linked to food recalls and losses are also staggering. In 2008, a single recall cost the food companies over $500 mn in settlements. Also, over $161 billion worth of losses were reported in 2010 due to food waste. A precise process to track and trace processes with new technologies such as blockchain, IoT, big data and AI can reduce or potentially eliminate waste and recalls. This can be done by ensuring safe and well-prepared supply chain operations, advanced disposal mechanisms for contaminated food batches, and timely deliveries.

The need for supply chain visibility

Supply chain visibility is crucial to both companies and customers today. According to popular research, 94% of customers are more likely to be devoted to a freight company that offers complete supply-chain transparency. Also, about 39% of consumers say they would willingly switch to a more transparent company if offered the chance.

This trend has some big brands implementing technology such as Blockchain to trace and track every activity across their supply chain. Real-time tracking with RFID enables tracking of tagged objects, creates a system of connected devices that continuously transmit data about their location, product condition, and more.

Given the highly dynamic and unique nature of the cold chain challenges, fleet managers require technologies that have fast information processing capabilities. It should also be able to digest streams of data from million sources at the moment and also be agile enough to acclimate to evolving situations.

Digital Twin is a new, powerful software technique built upon in-memory computing. It has recently emerged with the ability to meet real-time data requirements and is cost-effective to implement, thanks to the Internet of Things (IoT). It helps fleet managers boost their situational awareness by identifying and tackling delivery challenges.

A logistics management system with real-time dashboards, timely reports, and better contextual information can make cold chain management and monitoring easier. Leveraging cloud-based systems equipped with real-time predictive analytics would help identify risk and provide opportunities to improve logistics efficiency.

Reducing cost with real-time cold chain monitoring

A well-run supply chain enhances customer service, saves money, and reduces transit time. The savings don’t come easy, though. They can only be accomplished through some digital transformation in the existing system. It requires some incremental improvement in processes along with a proactive risk-management approach.

Real-time monitoring can help logistics companies eliminate one of the most significant pain points of cold chain logistics – spoilage. Monitoring shipments in real-time and instantly flagging issues such as temperature excursions, hardware/coolant malfunctions, or deviations from handling protocols can help prevent damage in transit. 

While reducing spoilage with a better refrigeration system and managing transportation costs with multi-modal shipments is an option, this involves many hidden costs. Compliance mandates, labor, spare parts, weight, and several other factors contribute to the intricacies of maintaining the cold chain shipping costs.

The use of real-time data enables real-time analytics and response. It provides the opportunity to not only prevent cold chain risk but to eliminate it outright. It helps run a reliable and leaner cold chain taking off the weight of process and quality management with automation. 

The hybrid combination of all accessible data, constant connectivity, robust monitoring devices, and analytics that support data-driven improvements in logistics operations embodies the pinnacle of cold chain management and monitoring systems. Though small, real-time shipment process intervention and monitoring will be vital to your overall logistics efficiency plan.

Although it is logical to think of cost reductions from the bottom-up, the effort to evolve needs to be top-down. A digital transformation of your legacy system will help support the more extensive landscape for your business if it is used right, as in any tool.

Automate your cold chain logistics with Trigent

With a highly experienced team of technology experts having over decades of experience in TMS solutions, Trigent helps revamp your legacy systems to drive revenue and efficiency. We combine the best disruptive technologies, analytics, and trade intelligence to create custom-made solutions to overcome your supply chain challenges. 

We help our customers increase their market value and visibility with seamless integration of the latest technology solutions. Our solutions help you cater to diverse load requirements, optimize routing, market best rates, gather real-time location data, weather forecast & utilization of space, among others.

Build your next-gen cold chain logistics solutions with us. Call us today to book a business consultation.

Transportation and Logistics Go Places with RPA at the Helm

Tedious, repetitive tasks can put quite a drain on your time, especially when you would rather spend it on more meaningful activities. Take emails, for instance, you cannot do without them, you cannot ignore them, and there will be quite a few that will require you to prioritize and take action.

Sifting through the entire information to take only the necessary data to the operating system for crafting a response can be overwhelming especially when you would want to focus on important activities such as building relationships with customers or planning for business growth. Thankfully, after a successful run across industries including financial services, healthcare, and hospitality, Robotics Process Automation (RPA) has now made its debut in transportation and logistics.

RPA bots are easy to use and you can integrate them with your existing technology infrastructure even if the systems they work with do not integrate with one another. The fact that the global robotic process automation market size is expected to touch $13.74 billion by 2028 at a CAGR of 32.8% over the forecast period only makes it evident how eager enterprises are to adopt RPA.

Enterprises have always been on the lookout for ways and means to monitor costs and resources. RPA offers them just that, making its way across business departments and processes reducing human error, and amplifying throughput.

Some organizations have been hesitant to adopt RPA because they weren’t sure if their scale could support this technology. The capabilities that RPA brings along are however helping them realize its value and potential. No matter which industry we speak about, transportation and logistics form an integral part of their supply chain. Any improvement in business processes thus has a positive impact on all others.

It’s time we delved deeper into the benefits and use cases that make RPA the smartest solution out there for streamlining processes in transportation and logistics.

The RPA benefits

RPA offers several benefits when you put RPA at the helm of business processes. Jaguar Freight recently announced its decision of choosing RPA Labs for the documentation of its document processes.

Speaking about its decision, Simon Kaye, President, and CEO of Jaguar Freight elaborated, “We recently partnered with RPA Labs, who does a tremendous job automating a lot of the heavy lifting within our organization. They helped us in two areas – one is taking a lot of raw data from client documentation, commercial invoices, and packing lists, and populating that automatically in our system, where previously there was a fair amount of data entry, which caused a lot of errors and delays.”
Not just big enterprises, but even startups are now eagerly embracing the power of RPA to streamline their operations.

Some of the top benefits of leveraging RPA solutions include:

  • Time – Automation has always saved enterprises a lot of time, but RPA tools streamline tasks helping them further bring down the process cycle time significantly.
  • Accuracy – Due to the absence of manual intervention, RPA ensures high accuracy. Tasks performed are usually error-free and in the rare event that an error occurs, it can be found and fixed easily. This is possible because RPA-driven processes are recorded and easily retrieved.
  • Productivity – Higher accuracy ensures better work management. It helps enterprises align processes with their business goals ensuring productivity is at an all-time high.
  • Revenue – With reduced process cycle times and increased accuracy and productivity, enterprises are able to devote their time to grow their business and increase revenue.

To take a closer look at the different processes that benefit from RPA and understand how RPA plays a role in enhancing organizational efficiencies, let’s look at its applications.

Order processing and tracking

The one area that involves endless manual data entries and can improve significantly is order processing and tracking. It’s not just tedious and time-consuming but also very resource-intensive. Manual errors can prove to be extremely costly at this stage. RPA enables organizations to process orders efficiently. PRO numbers of shipments are picked up from a carrier’s website automatically via bots and loads are closed out in no time.

Tracking continues with the help of IoT sensors even after orders are processed and shipped. IoT sensors also ensure that products can be traced based on their last known location in case they get misplaced during transit. The rationale is to keep both employees and customers in the loop so that the status of shipments is known to all concerned at all times.

The RPA tool also sends out updates in the form of emails at regular intervals. This feature comes in handy when the transit period is too long. Customers also get plenty of time to schedule pick-up times based on the location of the product.

Inventory management

Another important task that comes under the domain of RPA in supply chain and logistics is that of inventory monitoring. After all, supply needs to be aligned with the demand for products and the expectations can be met only when you know exactly how many products are left and when new shipments are going to be needed.

RPA tools look into this aspect and send a notification to concerned employees about the number of products remaining and even order new products as required. Supply and demand planning is possible only when you are able to analyze diverse data from suppliers, customers, distributors, and your workforce. RPA can gather, store, and analyze data to help you tide over these challenges and maintain a steady supply.

Invoice management

Like order processing, invoice management also involves entering and processing a huge amount of data. With RPA tools, you can substantially reduce the stress of going through invoice documents and ensure error-free processing. In a typical business scenario in transport and logistics, orders are received, processed, and shipped in large numbers every day.

While it took days in the pre-RPA era to process invoices, RPA ensures that invoices are processed quickly and accurately, extracting only pertinent information to enable automatic payments. This helps businesses reduce the average handling time by 89% with 100% accuracy and achieve a resource utilization of 36%.

Report generation

You need reports for just about everything; be it for processing payments, gathering customer feedback, or managing shipments. When it comes to transportation, report generation assumes a whole new level especially when you are tracking movements from city to city, port to port. Often, it can get tiresome and challenging.

RPA helps you manage all your report-related chores with ease thanks to its ability to screen information. Minus the human intervention, RPA-generated reports are highly accurate. Modern enterprises combine the capabilities of RPA with Artificial Intelligence to generate precise reports and even make sense of them to offer actionable insights.

Communication and customer satisfaction

In a sector as busy and extensive as transportation, communication is the key to better relations and customer satisfaction. Customers need timely updates and the fact that multiple vendors and partners are divided by distance and time zones can sometimes pose challenges in communication. This is where RPA tools such as chatbots and auto-responders come into play.

They communicate, interact, and answer customer queries. They also push notifications as often as required to inform concerned authorities about order status or shipment delays or other related matters. This in turn ensures a high level of customer satisfaction. Given the stiff competition, it is the only way customers are going to keep coming back for more.

While old customers are happy to hang around, new customers will look forward to a long association thanks to RPA-enabled services. The best part about RPA tools is that they allow you to link information across stages and processes to have the right information necessary for providing efficient customer service and 24X7 support.

Take your business to new heights with Trigent

Trigent with its highly experienced team of technology experts is helping enterprises improve process cycle times and create new opportunities for increasing revenue. They can help you too with the right RPA tools and solutions to enhance process efficiencies and create better customer experiences.


Allow us to help you manage your workflows and add value with RPA. Call us today to book a business consultation.

Top 3 Insurance Industry Trends in 2021

According to a recent poll, 54% of CIOs believe that insurance companies are resilient and will continue to remain so if they move quickly and decisively. Although this is not big breaking news, we have all witnessed how insurers have evolved in the last few years, to meet the changing requirements of policyholders. Several new trends have emerged as more insurers adapt to these changes. Leading insurers like Allianz, Munich Re, Nationwide, and Liberty Mutual are pouring in money to find the next best thing in insurance.

3 key pillars defining the strategy for the insurance industry trends

As the business dynamic has changed in the last few months, insurance organizations continuously anticipate, adapt to, and manage risks and assess the appropriateness and completeness of their strategy during and post-pandemic. The following three pillars have defined insurers’ core value proposition, go-to-market, and technology adoption:

Redefine purpose: “There’s never been an era where the world was more in need of a high-performing insurance industry. But to meet the moment and return to growth, insurers must rationalize and rethink their core strategies — from what products they offer, to how they operate, to which markets they serve”, stated EY in their Global Insurance Outlook 2021.

Agile and customer-centric approach: Everything insurers started doing -product portfolios, organization structures, and technology reflected deep insights into market needs. Right products delivered through the proper channels earn customer loyalty and enhances operational efficiency.

American Family Insurance started by implementing Agile within their digital experience team to aid informed decisions in 3-6 days. Today they use Agile CX Sprints for Marketing and Innovation programs as well.

Value-based services: As the pandemic changed the customer needs, the insurer in the health and auto sector shifted towards ‘usage-based insurance.’ This approach optimized the cost structures, strategically prioritizing investments for insurers.

Key insurance industry trends

Leading carriers worldwide have reimagined their insurance products and offerings to thrive in the new reality with these guidelines. Here are three insurance industry trends you cannot miss in the insurance sector

Becoming more human with automation: 79% of insurance executives believe collaboration between humans and machines will be critical to innovation in the future. Intelligent process automation helped insurers transform their business, become more human, and better adjust to market volatility.

As per a report by Juniper, “Intelligent automation adoption will boom over the next five years, with more than 65 percent of carriers adopting the technology by 2024. The study found that they’ll do so to cut operational costs and remain competitive as they counter flat premium growth”.

Intelligent Automation helps in delivering significant benefits such as:

  • Efficiency, by automating the mundane tasks and minimizing manual data handling.
  • Customer satisfaction, by reducing the turn-around time and improving speed and accuracy.
  • Scalability, by enabling faster decision-making processes and new business generation.

Tailored solution for the customer: Millennials and Gen Z, who are used to stellar online services by Amazon and Apple, expect every company and industry to offer the same level of personalized services. Your customers want immediate access to payments, claims status, and policy information.

Allianz uses five steps to offer personalized policies:

  • Listen to customer
  • Figure out their stated needs and latent needs
  • Review current scene of system and process
  • Re-align them to customer’s requirement and
  • Deploy the right technology

Other insurance brands like Lemonade, Allstate, Nationwide allow full customization, which can be achieved through their app or their company website, within a fraction of a second.

Another category of personalized insurance products that are in high demand in 2021 is Switch-on and Switch-off insurance. An excellent example is Usage-based car insurance. It allows car owners to insure their vehicles for kilometers; they tend to drive instead of the run-of-the-mill full year.
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Auto-insurer Metromile Insurance Co.’s revenue grew from $4 million in 2017 to a massive $106.4 million in the last quarter of 2018. Metromile tapered its services by providing personalized suggestions depending on miles driven.

Pro-active fraud and risk management: Insurance frauds are not new but have now been amplified. The Federal Bureau of Investigation (FBI) estimates that the total cost of insurance fraud in the United States alone is more than $40 billion per year. Gartner developed the CARTA approach that goes beyond single-point risk assessments to encompass continuous fraud prevention and detection across a customer’s journey on all channels.

The CARTA strategic approach specifies that effective fraud and risk management require:

  • 100% device visibility and automated control
  • Continuous monitoring, assessment, and remediation of operational risk
  • Micro-segmentation to contain breaches and limit lateral movement/damage
  • Technologies and products from several vendors
  • Detection, posture assessment, and control of physical and virtual devices as well as cloud infrastructure

Technologies to boost digital trends in insurance industry

While Insurance organizations are tracking these trends, their key enablers are technological innovations to become an agile, customer-centric, and data-driven organization. In 2019, insurers spent nearly $225 billion on InsurTech and the number grew in 2020.

Here are the technologies that are driving transformation in the industry:

Robotic Process Automation (RPA) to overcome operational roadblocks

Insurers adopting process automation in areas ranging from underwriting and claims management to fraud detection and customer service have witnessed significant changes. Early adopters of Robotic Process Automation (RPA) have noticed reduced labor and claims processing costs and increased efficiencies in document and data management.

MetLife conducted a value stream analysis within its U.S. to determine how to minimize the mundane, rote tasks employees need to do, enabling them to focus on more value-added, customer-facing tasks. This exercise picked approximately 60% of processes that could be reengineered, and 40% could be automated. As a result, by the end of 2018, they have used more than 110 robots to optimize customer and employee experiences through simplified, digitized, and automated processes.

Automated data crunch

Data-related automation helps insurers unlock rich insights that range from understanding clients’ needs to make personalized promotions to offer data-backed advice to drive real-time decisions. For example, Planck, an AI-based data platform, reviews online images, text, videos, reviews, and public records and helps the insurer determine premiums, process claims, and give SMEs faster quotes.

Virtual assistants with AI-powered web & mobile chatbots

Another application of cognitive technology is AI-enabled Chatbots and Virtual Assistants. They interact with the customer in natural language processing and add a human-like touch. For example, Juniper Research claims that conversational AI chatbots for insurance will lead to cost savings of almost $1.3 billion by 2023, across motor, life, property, and health insurance. ( up from $300 million in 2019)

Predictive analytics in proactive fraud and risk assessment

The use of predictive analytics in identifying fraud risk indicators allows early flagging and response to any potential incidents. Here are three absolute favorite methods by the insurer to proactively detect fraud:

  • Social network analysis: The hybrid method includes statistical methods, network linkage analysis, organizational business rules, fraud-pattern analysis, etc., in identifying fraud clusters to see correlations between clusters and aid fraud detection management.
  • Big data, predictive analytics detection: This method is proactive and can handle Big Data sets and make predictive analytics reports.
  • Customer relationship management: This method interlinks to social media placing customers in control of their information and enabling customer transparency.

The future of insurance industry

The pandemic has elevated the insurer’s role in envisioning potential future disruptions and strategic opportunities and defining the future customer experience, business models, and capabilities needed to capitalize. Front-runners already see results; many others are following.

Among these, what trend do you expect to take the forefront of your organization? We can help you to pick the one that suits your requirements. Book a consultation today to know more.

Transitioning to Telehealth

Telehealth opened the doors to remote care and cure at a time when visiting clinics for consultations became difficult. From just 11% in 2019 to 46% of consumers1 choosing telehealth in 2020, healthcare providers began seeing 50 to 175 times the number of patients than they did in pre-pandemic times. Up to $250 billion of current US healthcare spend attributed to telehealth as healthcare providers continue to scale their offerings.

According to Mckinsey, 74% of survey respondents expressed high satisfaction with their telehealth experience.

With technology at its helm, telehealth is now getting as good as in-person visits, if not better. Artificial Intelligence (AI) has facilitated quick diagnosis and treatments with deeper insights and ensures that routine care is streamlined for better health. Data aggregation also has been helping healthcare providers as well as individuals predict patient behavior and detect patterns.

Besides, seniors tend to require at least twice the number of healthcare services as compared to younger demographics. Telehealth addresses all their concerns effectively to provide continued care in these rather difficult times. As per research by Deloitte and ATA (American Telemedicine Association)2, a significant portion of care, prevention, and well-being settings are expected to go virtual by 2040.

We are fast moving towards technological advances, interoperable data, and virtual healthcare systems that ensure continuity, connectivity, coordination, and care continuum. As Laura Hoffman, a senior research fellow at Yale Law School’s Solomon Center for Health Law and Policy puts it, “It’s not just technology. How does this transform the patient-provider relationship? What does it mean to have that relationship in terms of doing it virtually instead of it being in person? We are at a very dynamic time.”

Clearly, there’s a lot that still needs to be done on the telehealth front to make it viable for patients as well as providers and tap into its full potential.

Measures to improve telehealth

As we move into the future, we need concerted efforts by healthcare stakeholders along with the adoption of advanced technologies, redesigning of care models, and proper infrastructure to leverage the full potential of telehealth. After all, it goes way beyond the scope of virtual care to include different aspects such as chronic disease management, doctor visits, surgical support, and remote patient monitoring.

Here’s what we can do to make it better and more dependable.

Define a clear roadmap

A data-driven approach is what is currently needed to enable care journeys digitally. Rich clinical data will empower not just clinicians but also patients so that everyone is on the same page. For instance, a patient with a complex medical condition will significantly benefit if all the relevant observations are updated into the clinical record by different providers and made available in readily sharable formats to decide further course of treatment.

You need to augment your reach and expand your capabilities to move the needle in essential areas. You need to ask questions – Would customized online education facilitate awareness and patient satisfaction? Would remote monitoring increase patient engagement? Would increasing capacity help increase e-visits too? What security measures need to be implemented to address privacy concerns?

Both providers and payers need to work on building flexible provider networks to shorten wait times. Virtual health needs to penetrate the ‘brick and mortar’ healthcare system and should be embedded in provider workflows. Hospitals are now using Artificial Intelligence (AI) to guide patients to the right care avenues.

Virtualize home care

This requires access to remote monitoring services so that specific clinical conditions can be monitored. For example, those with diabetes need continuous glucose monitoring, while those with cardiovascular conditions require regular monitoring of blood pressure and heartbeats.

An integrated approach and relevant patient engagement tools are required to include such devices into the care plans and encourage patients to play an active role in ensuring care. Besides, other monitoring systems and diagnostic kits such as home pulse oximeters, blood pressure machines, etc., also need to be factored in while ensuring a clear view for assessment.

Evaluate your IT infrastructure

User experience is paramount when it comes to the success of any telehealth initiative. Cloud-hosted platforms are now being increasingly used to support the virtual telehealth ecosystem. You need to also figure out which providers and healthcare partners need to be added to the delivery platform to ensure better collaboration among care providers.

Seamless data and communication flow among patients, cardiologists, therapists, etc., through video/ audio conferencing, messaging, and other forms of internet-based and mobile communications will then be possible.

You will also have to factor in what equipment you would require for communication as well as treatment. Laptops, speakers, Internet browsers, webcams are just a few of the many things you will need. Additionally, you will have to figure out the means to capture data from connected devices like blood glucose meters and blood pressure monitors too. Potential vulnerabilities in medical devices need to be addressed, along with risks associated with the deployment of third-party services.

Advanced technologies can help you tide over most challenges but having a clear perspective on things you need helps.

Regulatory barriers and their impact

The federal government did make temporary policy changes to make telehealth easily accessible during the pandemic. But we need to look beyond the pandemic, and efforts must be made to continue easing barriers to reimbursement.

Explains Dr. Diane Rittenhouse, a senior fellow at Mathematica, “People were seeing patients in the virtual space before they had the reforms to payment to get paid for it. They were doing it essentially for free. Now, payment reforms have caught up – but it’s unclear how long they’ll remain in place.”
She adds, “We’re asking for a lot of change in primary care over the last couple of decades. It’s good, and it comes from a good place, but these practices are being asked to add more team members, to work under different conditions, to adopt electronic health records, [and] to develop new population-based quality-measuring systems and reporting systems.”

The number of people availing virtual consultations has been significant primarily because they didn’t have to drive down to the facility physically. While The Centers for Medicare & Medicaid Services (CMS) has been highly supportive in facilitating telehealth, these rules should continue to relax to make remote care accessible to one and all irrespective of geographical barriers.

The Department of Health and Human Services(HHS) has even waived off penalties for HIPAA violations against healthcare providers that used conventional communications platforms such as Skype and Zoom to enable virtual care. But these breaches can have severe implications under normal circumstances, and care needs to be taken to ensure patient data remains private and secure at all times.

Broadband has to be accessible and affordable too, without which it would be impossible to leverage the full benefits of telehealth. Imagine you are deep into a call, and the connection goes off just like that, in a second. Also, when physicians are examining patients’ physical symptoms closely, it can be a futile exercise if the video call lacks the required clarity. Not everyone is tech-savvy, and connectivity issues can add to the frustration.

The potential and benefits of telehealth

Telehealth has immense potential and can improve outcomes significantly if efforts are made to expand access to care. Physicians are already reporting burnout as work stress continues. Telehealth programs, when implemented correctly, can bridge the gaps in healthcare now and forever for all. Not to forget the immense cost savings it can lead to.

Transition to telehealth with Trigent

Trigent can help your healthcare facility transform into an agile, robust network of digitally connected distributed entities to open doors to new and exciting opportunities in telehealth. Our domain knowledge and technology expertise help us work closely with stakeholders to meet the many challenges of care delivery in the telehealth sector.

We offer solutions and services to achieve EHR Interoperability and manage virtual consultations effectively. Call us today to book a business consultation.

References

  1. https://www.mckinsey.com/~/media/McKinsey/Industries/
  2. https://www2.deloitte.com/us/en/insights/industry/health-care/future-of-virtual-health.html

Effective Predictive Maintenance needs strategic automation and human insight

New-age technologies like Artificial Intelligence (AI), Machine Learning (ML), Internet of things (IoT), and predictive analytics are automating processes and augmenting human capabilities. Together, they set the stage for innovations in different sectors. Manufacturing is leveraging Predictive Maintenance (PdM) that takes preventive maintenance several notches higher.

What is Predictive Maintenance?

PdM changes the approach from reactive to proactive maintenance, empowering enterprises to anticipate changes in the system and preemptively manage them. In other words, it helps enterprises predict and avoid machine failure and resultant downtimes. These analytics-led predictions optimize maintenance efforts and facilitate frictionless interdependence.

According to Deloitte, PdM increases equipment uptime by 10-20% and reduces overall maintenance costs and maintenance planning time by 5-10% and 20-50% respectively. With a CAGR of 25.2%, the global predictive maintenance market is set to grow from USD 4.0 billion in 2020 to 12.3 billion by 2025. The growth is fueled by the continued demand for reducing maintenance costs and downtime.

In the current Industry 5.0 environment, the role of maintenance has evolved from merely preventing downtimes of individual assets to predicting failures and creating synchrony between people, processes, and technologies. Predictive maintenance plays its part well, though it does bring along certain challenges that necessitate human intervention.

Benefits of predictive maintenance in manufacturing

As mentioned earlier, predictive maintenance helps eliminate unplanned downtime and related costs. In an IoT-driven world where sensors, devices, systems, etc. are connected, McKinsey believes that the linking of physical and digital worlds could generate up to $11.1 trillion annually in economic value by 2025.

Maximized runtime also means better profits, happier customers, and greater trust. Predictive maintenance can ease logistics by choosing maintenance time slots outside of production hours or at a time when the maintenance personnel is available. It contributes to supply chain resilience, material costs savings, and increased machine lifespan.

However, PdM is only as good as the data it relies upon. Due to IoT technology, data comes from different sources and needs to be duly analyzed before it can be harnessed to make predictions. Hence the importance of IoT Predictive Maintenance

Limitations of predictive maintenance

We need to consider several elements to translate the information PdM provides into positive outcomes. For instance, depending on usage and maintenance history, it may advise you to replace a certain part or component. But this information can lead to further questions. You may need help in deciding which brand and vendor to consider, whether replacement of the component is a good option, or would it make better sense to replace the equipment entirely.

The forecast is often prescriptive and based on statistical models. While optimizing the operational efficiency of a particular line of business, PdM often fails to consider how it impacts other lines. For instance, when it suggests particular equipment is due for maintenance, it may not be able to offer advice as to where the production/processing needs to be shifted when it’s down. The value it offers will therefore be shaped by how decision-makers respond to predictive data.

Data quality and coverage are critical to make predictive maintenance work for the organization. For data to be suitably collected, integrated, interpreted, and transformed, we need dashboards, notification systems, and a bunch of other things to get started. This requires considerable research and planning to go into its implementation for it to start providing the insights we need.

Predictive maintenance use cases in manufaturing – The key lies in the way you respond

Decision-makers typically respond to predictive data with either hypothesis-driven or data-driven responses. The former stems from past business experiences and determines the plan based on a limited scope of response actions. Data-driven responses, on the other hand, aim to find solutions based on real-time business realities and consider several optimization scenarios to determine the way forward.

In contrast to hypothesis-driven decision-making, optimization ensures that all possible paths are explored and evaluated, relevant constraints are taken into consideration, and cross-functional interdependencies are looked into. A workable scenario based on business realities is thus created with no scope for purely intuitive responses.

Despite the analytics-driven insights, predictive maintenance is incomplete without human judgment. Smart decisions come from the ability to visualize the physical and financial outcomes before enforcing them. High-risk situations might arise, and thus they are best left to human discretion.

A predictive maintenance model for Industry 5.0

Manufacturers need clarity on several variables to understand the implications of failure. A false alarm triggered due to inaccurate predictions can result in a lot of unwarranted chaos and anxiety. However, a missed detection might often prove to be a costly error, sometimes resulting in loss of humans and property. Therefore, while understanding variables, they need to first know how often the variable behaviors occur on the factory floor. Strong domain knowledge along with solid data based on previous failures and scenarios is the key to understanding a machine.

Prediction accuracy will improve if we have adequate data on the behavior of machines when they are very close to failure. Only skilled personnel can determine this; some data sets, despite being important, are harder to collect and yet very critical for decision-making.

If we need data on a machine that breaks just once in a year or two, we need to work closely with machine makers who already possess a large pool of relevant data. Alternatively, we may choose to create a digital or a simulation model to create relevant data sets. The most expensive failures are usually the ones we never expect and hence relevant testing for different scenarios should also be considered.

The future of predictive maintenance

The way forward into Industry 5.0 is to create a predictive model that uses analytics, machine learning, and Artificial Intelligence (AI) in conjunction with human insights.

Manufacturers are now relying on predictive models to facilitate smart manufacturing as they struggle with quality issues more often than machine failures. Unusual temperatures, random vibrations, are all telltale signs that a machine may be in dire need of maintenance. Simple data sets can be a good starting point as we scale up with the right predictive maintenance solution. But, in the end, it’s the human insight that can give predictive maintenance its winning streak.

Predict business success with Trigent

At Trigent, we are helping organizations benefit from Industry 5.0 We help them build value with predictive analytics and rise above maintenance challenges. With the right guidance, we help them foster the man-machine symbiosis to harness new levels of operational efficiencies.

Call us today for a consultation. We’d be happy to help with insights, solutions, and the right approach to predict better business outcomes.

How universities are using AI to power operational efficiency

The role of technology in the education industry has witnessed some monumental trendsetters, right from 2019, which saw the advent of Big Data, Internet of Things (IoT), and Machine Learning. Artificial Intelligence (AI) has also been a significant contributor, revolutionizing education. Keeping up with the changing times, universities have started embracing AI. A Market Search Engine report has predicted that AI will become the primary trend and grow more than 45% by 2024. The pandemic has also proven to be a catalyst for positive change, accelerating universities’ education technology needs.

Artificial intelligence has been in use for quite some time now. Several industries have already leveraged this new-age technology and seen substantial improvements in their processes. The education sector is the latest to join the AI bandwagon. Colleges and universities globally have introduced AI in their instructional and institutional operations. Managing the entire operations—right from student screening to placements—has been an arduous task, but not anymore.

Leveraging the power of AI

AI’s influence across universities

Recent advancements in AI have made the academic world more convenient and personalized. It has not just made education accessible to students but helped universities automate and speed up tedious administrative tasks.

  1. Admissions and student screening: Leveraging cognitive technologies in the admission process helps universities predict the applicants most likely to be accepted and enrolled, their states and countries, courses they choose, and if they’ll become engaged alumni. AI speeds up the admission and administrative processes, including admissions decisions, visa processing in case of an international student, student housing selection, and course registration.

    Taylor University in Upland, Indiana, deployed algorithms to maximize their student recruitment with a competitive skill set.

  2. Round-the-clock query resolution: Educational institutes use chatbots to perform multiple functions, including conversations with students, answering queries besides assessing and correcting assignments. Chatbots also store, process, and communicate data.

    Georgia State University installed ‘Pounce’ to address issues/obstacles faced by students, including enrollment, class registration, placement exams, and financial aid applications. Students connect to the bot through smart-text messaging and resolve their queries 24/7.

  3. Video-assisted remote learning: Overnight, distant learning has become the top trend due to the pandemic, giving rise to online education to help students effectively learn without disruptions. Though AI can never replace a human, video calls for better teacher-student engagement, irrespective of their location. By using AI-enabled Learning Management System (LMS), teachers can monitor student progress. Students are classified based on their learning ability and content designed to suit each learning style. Reading assignments and long lectures can be broken into smaller segments, helping students understand them better. Machine learning, along with text summarization, can transcribe complete lectures. Students can also connect with their peers, exchange notes, and clear doubts, real-time, while teachers can pay attention to students who require personalized coaching.

    Ivy Tech, a community college, having campuses across Indiana, leveraged AI to enable its student base to perform better. An algorithm was developed to monitor students’ online behavior patterns and identify students at risk of failing. Around 3,000 students were assisted, thereby improving their chances of getting better grades.

  4. Immersive content with AR/VR: Virtual experiential learning has pushed the boundaries of traditional education. Immersive technologies like Augmented Reality (AR) and Virtual Reality (VR) provide a digitally constructed environment to enhance the learning experience. Students can perform science experiments, surgeries, or even explore the universe, along with their peers.

    Arizona State University introduced virtual reality (VR) labs for its biology students. They draw blood, analyze samples, manipulate DNA, and perform experiments, all without leaving their study spaces.

  5. Monitoring students’ performance: Machine learning tracks students’ progress and needs individually and provides insights for enhanced outcomes. Teachers can use these insights to better cater to each student’s academic and personal growth.

    Kent State University in Ohio has integrated AI in its developmental math program. With ALEKS (Assessment and Learning in Knowledge Spaces), students take online classes in a monitored classroom, often assisted by a graduate assistant, faculty member, or peer tutor. Based on the student’s understanding, the difficulty of math problems is adjusted.

  6. Placement assistance: AI-powered platforms and digital analytics can help universities to manage placement and alumni efficiently. Conversational AI, powered by human expertise, is integrated to plan on-campus push, campus recruitments, assist students in cracking placement exams, and monitoring their progress.

  7. Automating administrative processes: Administrative tasks, though time-consuming, are a necessary function. Administrators are often overwhelmed with repetitive work such as new student admissions, managing class schedules, student attendance, processing grades, and monitoring placements. Automation is a crucial way to reduce their burden substantially and keep the processes running smoothly. The staff can eliminate manual routines and instead focus on more creative and inventive roles.

    New York University has deployed BobCat, an AI program that maintains the institution’s library. It plays a librarian’s role, helping students and teachers search, scan, and get library resources such as books/ebooks, sound recordings, videos, e-journals, etc. It also keeps track of the repository, maintains check-out and records for all returns.

AI has enhanced the way teachers run their classrooms. It has also helped administrators expedite their tasks. It replaces the traditional pen-and-paper method with innovative teaching methods, collaborative task management, and seamless operations. Recognizing the potential AI brings to the table, universities, in collaboration with IT companies, are deploying intelligent algorithms. These timely interventions are helping universities address challenges and drive efficiency across functions.

Conclusion

Artificial intelligence is undeniably transforming the education sector worldwide, and the potential for progress is tremendous. With artificial intelligence surpassing human abilities and making a difference in the way universities function in more profound ways, it is the right time to jump on the bandwagon. And for that, you need an expert partner.

At Trigent, we provide AI solutions that are easy to use and intuitive, ensuring seamless adoption of this latest technology. With Trigent’s AI-powered tools, you can accelerate your digital transformation initiative in this new normal successfully.

Reach out to us for a business consultation. We’d be happy to partner with you on your AI adoption journey.

Trigent excels in delivering Digital Transformation Services: GoodFirms

GoodFirms consists of researched companies and their reviews from genuine, authorized service-buyers across the IT industry. Furthermore, the companies are examined on crucial parameters of Quality, Reliability, and Ability and ranked based on the same. This factor helps customers to choose and hire companies by bridging the gap between the two.

They recently evaluated Trigent based on the same parameters, after which they found the firm excels in delivering IT Services, mainly:


Keeping Up with Latest Technology Through Cloud computing

Cloud computing technology has made the process of meeting the changing demands of clients and customers. The companies who are early adopters of the changing technologies always achieve cutting-edge in the market. Trigent’s cloud-first strategy is made to meet the clients’ needs by driving acceleration, customer insight, and connected experience to take businesses to the next orbit of cloud transformation. Their team exhibits the highest potential in cloud computing that improves business results across the key performance indicators (KPIs). The Trigent team is instilled with productivity, operational efficiency, and growth that increases profitability.

The team possesses years of experience and works attentively in the cloud adoption journey of their clients. The professionals curate all their knowledge to bring the best of services to the table. This way, the clients can seamlessly achieve goals and secure their place as a modern cloud based-enterprise. Their vigorous effort has placed them as the top cloud companies in Bangalore at GoodFirms website.

Propelling Business with Software Testing

Continuous efforts and innovations are essential for businesses to outpace in the competitive market. The Trigent team offers next-gen software testing services to warrant the delivery of superior quality software products that are release ready. The team uses agile – continuous integration, continuous deployment – and shift-left approaches by utilizing validated, automated tools. The team expertise covers functional, security, performance, usability, accessibility testing that extends across mobile, web, cloud, and microservices deployment.

The company caters to clients of all sizes across different industries. The clients have also sustained substantial growth by harnessing their decade-long experience and domain-knowledge. Bridging the gap between companies and customers and using agile methodology for test advisory & consulting, test automation, accessibility assurance, security testing, end to end functional testing, performance testing the company holds expertise in all. Thus, the company is dubbed as the top software testing company in Massachusetts at GoodFirms.

Optimizing Work with Artificial Intelligence

Artificial intelligence has been the emerging technology for many industries during the past decade. AI is defining technology by taking it to a whole new level of automation where machine learning, natural language process, and neural networks are used to deliver solutions. At Trigent, the team promises to support clients by utilizing AI and providing faster, more effective outcomes. By serving diverse industries with complete AI operating models – strategy, design, development, and execution – the firm is automating tasks. They are focused on empowering brands by adding machine capabilities to human intelligence and simplifying operations.

The AI development teams at Trigent are appropriately applying the resources to identify and govern a process that empowers and innovate business intelligence. Besides, with their help with continuous processes enhancements and AI feedback systems, many companies have been increasing productivity and revenues. Therefore, helping clients to earn profit with artificial intelligence, the firm would soon rank in the list of the artificial intelligence programming company at GoodFirms.

About GoodFirms

GoodFirms, a maverick B2B Research and Reviews Company helps in finding Cloud Computing, Testing Services, and Artificial Intelligence firms rendering the best services to its customers. Their  extensive research process ranks the companies, boosts their online reputation and helps service seekers pick the right technology partner that meets their business needs.