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Business Intelligence, Account Payable Automation, Exceeders Blog, Transformation, Digital Transformation, ESP, AI, Automation, Software Systems, Technology Adoption, Business Process Improvement | read

Top Technology Trends of 2020

Written by Exceed Team
Feb 3, 2020 7:23:07 PM
Written by Exceed Team

We live in a time that is characterised by a major technology takeover, a time experiencing the 4th industrial revolution. Companies that want to survive and evolve must keep track of technology breakthroughs, because as we’ve come to know, technology can make or break a company’s success.  

In light of that, it is imperative to always look forward in anticipation and not just wait for a trend to start “trending”. We have created a list of what we speculate to be the major technology trends of 2020 that everyone should keep an eye out for.  

  1. HyperAutomation  
  2. BlockChain  
  3. Artificial Intelligence 

2020 technology trends

 

HyperAutomation 

No matter how much technology advances, it is agreed that no single tool can replace humans. Most organisations out there are already familiar with automation, which involves automating simple tasks that require processes with predefined rules and structured data. The idea of HyperAutomation, on the other hand, involves a combination of tools that together result in the creation of an organisation’s digital twin, which allows for the automation of more complex work.  

According to Gartner, combining robotic process automation, intelligent business management software, and AI enables organisations to visualise how functions, processes, and key performance indicators interact to drive value.

Allowing this digital twin to become an integral part of the HyperAutomation process as it provides real-time continuous intelligence about the organisation will enable more informed decision making. Successful automation involves several key factors: discover, analyse, design, automate, measure, monitor, & reassess.

An example of a tool that is designed based on these factors would be Exceed’s ESP. 

 


Learn more here about the Enterprise Submission Platform.

 

technology trends of 2020   

BlockChain  

While Blockchain was first developed back in 1991, it came to life with the introduction of Bitcoin in 2009. The idea of bitcoin mimics printed currency in the transactional sense, but instead of being regulated by a central bank or government, bitcoin is regulated by a network of computers.  Blockchain is the protocol on which bitcoin is built.

In the simplest terms, Investopedia defines Blockchain as “a distributed, decentralised, public ledger”, which translates to digital information (blocks) that are stored in a public database (chain). While blockchain is beneficial in peer to peer transactions and small-scope projects, it remains immature for enterprise deployments due to technical issues.

However, market speculations anticipate it to be fully scalable by 2023. According to research conducted by Gartner, “true blockchain will have the potential to transform industries, and eventually the economy, as complementary technologies such as AI begin to integrate alongside blockchain.”

 Blockchain trends of 2020  

Artificial Intelligence 

 

Can Machines Think?  

AI involves designing “human-like” machines that are able to perform tasks requiring intelligence. Machines are built to mimic processes and tasks that involve recognition of images, speech, or patterns & decision making. Those processes include acquiring information and rules, using those rules to reach conclusions, & self-correction. 

Unlike traditional coding, the computer creates instructions for itself using machine learning algorithms rather than having humans write those instructions. To demonstrate the effect of AI, take google translate for an example.

When it first went live, google translate used to have more than a million lines of code (human-created instructions). Currently, google translate has 500 lines of code due to machine learning. However, while it is expected to overtake every industry, one must understand its limitations.  

Knowledge in AI comes from data, and for the machine to be accurate, it must read from accurate data. While businesses have been understanding what AI can and can't achieve for the past few years, it expected that the future points towards a time where machines are appointed not only all of the physical work, as they have done since the industrial revolution, but also the mental work involving planning, strategising, and making decisions.  

 Business Automation trends of 2020

 

Sources:  

https://www.investopedia.com/terms/b/blockchain.asp  

https://www.gartner.com/smarterwithgartner/gartner-top-10-strategic-technology-trends-for-2020/ 

https://www.simplilearn.com/top-technology-trends-and-jobs-article 

 

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Originally published Feb 3, 2020 7:23:07 PM, updated February 25, 2020

Topics: Business Intelligence Account Payable Automation Exceeders Blog Transformation Digital Transformation ESP AI Automation Software Systems Technology Adoption Business Process Improvement

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Related Articles

Why You should Invest in an Automation Software Immediately

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If you are currently struggling with a process workflow that doesn’t necessarily ‘flow’, you are not alone. From our extensive experience with customers from different countries and across various sectors, we realised that there had been a serious hurdle that is holding back companies from achieving highest efficiency in their business operations.  

All organisations, whether they are SMEs or huge conglomerates, have processes in place to achieve their business objectives. These processes require a significant amount of resources, system infrastructure, & personnel. 

What’s happening is that as this world is almost fully transforming into a digital one, carrying out those processes manually becomes more of a setback than anything else.

business automation tools 2020

Team members become burned out from repetitive tasks, requests get stuck with personnel who are unable to respond for different reasons, issues in processes go undetected and cannot be traced to a source, and as a result, the completion of processes is delayed and efficiency is hindered.   

While the above factors pose powerful arguments for adopting an automation solution, there needs to be a certain level of discipline to overcome obstacles that may come in the way. These obstacles can mainly be related to cost or people.  

Cost poses a major question mark when wanting to undergo such a transformation, whether it’s a financial or opportunity cost. While business owners may have oppositions due to the costs of implementing an automation software, they will eventually learn that costs savings are along the way in the long run. 

However, companies that have taken the first step towards finding the right automation solution should understand that cost savings are not the primary reason to automate processes but rather to improve service to end users. With an improved quality of service, the operational costs associated will also improve and thus companies will achieve their ROI.  

ESP business automation tool

We created “The Enterprise Submission Platform” (ESP) keeping in mind the most common customer pain points including:  

  • Lagging of operations due to inefficiencies in workflow 
  • High cost of doing things manually 
  • Lack of task ownership  
  • Slow delivery of projects  

ESP is a linear workflow system that was created by the Exceeders team to enable function owners that want to automate their business processes more control over creating and managing these processes in a guaranteed short period of time. 

The best part is that the task of managing and updating any feature in ESP can be done by the business users themselves, so this eliminated the need to involve the IT Department or even the IT Service Provider in maintaining and updating the system. 

 

Problem 

Solution  

Automation is costly  

ESP has a simple & competitive pricing model  

Automation is time-consuming  

ESP enables creation of processes in minutes & can be up & running in just one day 

Automation requires tedious work with service provider  

After your team is trained on ESP, you will be fully proficient to use it on your own 

Automation systems are rigid/don’t offer much flexibility 

ESP is very highly customisable and can be built to fit your environment 

Automation systems cannot be integrated with other systems  

ESP can be integrated with other software programs & offers APIs  

Resistance from Employees  

We will provide awareness sessions & trainings to prove the value of ESP & how it will make your work easier 


Want to learn more about how you can cut costs and boost operational efficiency?

CLICK HERE

how to choose an automation tool

 

Meet the Experts: Khaled Dassouki, CEO, Ubility

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You see the end product but we’re bringing you closer to the people behind it ! 

Among our recent partnerships, we joined forces with Ubility.  

To bring the service provider closer to YOU, we sat down with their CEO Khaled Dassouki, to gain firsthand insight on the things they do and the types of human capital profiles that drive their success.  

Khaled is a Lebanese national with an engineering background and PhD in Artificial Intelligence & Security obtained at Université de Technologie de Troyes, France. 

As a result of over 20 years in the field, Khaled decided to establish Ubility in France and build it on a base of Artificial Intelligence in Customer Experience, which was considered to be highly innovative as it was a niche field.  

Khaled was quick to notice that there had been a shift in the way business was carried out, the shift had been made to be more customer-focused. With that came new challenges, the ease with which customers can connect with the business led to a huge influx of queries and requests for support, which was very time consuming, tedious, and required businesses to grow their customer support teams leading to higher costs. 

While growing their teams did solve some challenges momentarily, organisations were quick to realise that the complexity and average time required to resolve customer challenges was growing which eventually led to dissatisfied customers. Not only that, customer service agents were quickly burning out as they were answering an ever-growing list of routine questions rather than helping solve complex problems and offering innovative solutions.  

Taking all that into account, Ubility offered an AI-powered platform that learns from interactions between an organisation’s customers & their customer care team to enable quick suggestions of appropriate solutions that could solve a customer’s challenge in seconds rather than minutes.  

In addition to that, Ubility also offers AI training for professionals in the IT industry, a sales chatbot that is based on a recommender system and knows the sales cycle, and AI Consultancy in which they are recruited to build and implement AI services in response to an assessment of an organisation’s processes. 

 

Success Story 

Ubility was commissioned by a Telecom operator in the gulf to assess and analyse their IT processes. After a thorough analysis done by their team of experts, it was concluded that a huge portion of their IT processes had an opportunity for automation.

After studying the best ways in which they could automate their processes, they determined that incorporating AI would allow the elimination of a manual process by looking at historical data. Instead of their operational costs raking up to 50,000 USD a month, they were now cut by 80% to be only 10,000 USD.  

 

Intrigued and want to learn more?

Click here for a free trial !  

 

Must have KPIs for businesses

SIX Reasons Why You Need KPIs For Your Organisation

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The growth and ultimate success of any company is determined by the consistency of results. These results can only be achieved if the team consistently meets the desired goals and targets. KPIs are the means of setting and measuring the success of these goals. In this post we will briefly take a look at what exactly KPIs are and why an organisation needs them. 

Must have KPIs for businesses

What Is a KPI?

KPIs (Key Performance Indicators) are measurable values that show the effectiveness of a company’s business objectives. A company will set High-Level KPIs that measure the overall performance of the business towards achieving its strategy. Low-Level KPIs measure the performance of departments, units and individuals.

 

KPIs Are Different From Goals

Although the terms “KPI” and “goal” are often used interchangeably, they are not really the same. A company’s goals define the outcomes that it desires to achieve, in a form of measurable results. KPIs, on the other hand, are indicators on the performance that tell whether the company is on track to achieve those goals.

how to set KPIs

So, why should you have KPIs for your organisation? Here are the top 6 reasons:

 

1. Transparency around performance 


Without knowing what the goals of the organisation are, there is no way to gauge a team or individual performance. Therefore, no ability to guide the team to improve or optimise. With clearly defined KPIs it is easier to give accountability to the specific team members and achieve transparency. Teams can collaborate better when they know exactly where to focus their energy.

 

2. Accountability within the team


Numbers do not lie! It is easy to answer the status update related questions when KPIS are clear as day. Performance analysis and making personal decisions is all easier. Work is not measured by irrelevant benchmarks such as hours at work or number of emails sent per day. KPIs let team members take responsibility of their time on the job and making sure that they align efforts with goals. 

 

3. They help with decision-making


This is logical. When you implement KPIs, you will automatically need to develop systems/processes to measure them. With this information, the business intelligence gained will allow management to make more informed decisions. 

how to set KPIs

4. You Can Measure Your Targets


Though they may be easily confused, KPI’s are not exactly an organisation's goals themselves, but they’re a measurement of them. 

A KPI can indicate that your sales team is only generating 30% of the targeted number of leads that you have set as a goal. As a manager in this situation, you are instantly aware of your sales team’s progress and the reason for not hitting the desired numbers of leads.

When you’re able to measure your goals this way, it gives you the opportunity to see where the gaps in your efforts might be and subsequently make decisions that help you reach your goals faster.

 

5. To analyse patterns over time. 


If you measure the same KPIs quarter over quarter, you can begin to detect patterns in your numbers. These patterns can help you optimise your business strategies.

This can allow you to make predictions about the slow or high performing quarters. Or identify over or under performing team members and help them improve their efforts. 

 

6. You’ll get an integrated overview


One of the main reasons to invest in a KPI software is integration. The data flow from different sources can be a big complication if no integration methods are applied.

Using a KPI software allows all your departments to enter their data manually into one big system, or the program can connect to different data flows automatically. Whichever method is used, you can be sure that the integrated connection will boost your business management.

 

Now that you know why KPIs are significant for your business, here is a handy guide to help you in defining KPIs for your organisation. 

Download this FREE guide and start setting the KPIs that are relevant to your business. 

Download Here

This ebook will provide you with sample KPIs for the most common positions at service companies, with guidelines for setting smart KPIs.

how to set KPIs for your business

Download Here

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