BizTech

Business and Technology News from NUS

Month: September 2018

How the Business World Adapts to Shifting Trends

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The business world thrives on innovation and continuous development. Trends, both predicted and unforeseen, have a funny way of shaping industries, and the business world is being shaken to core by innovative trends. One of the biggest trends in recent years has been the prediction – and eventual introduction – of remote work. Ten years ago, working remotely would have seemed quite impossible, and so the number of businesses that employed remotely were next to none. In 2018, however, emerging and established businesses are reconsidering the remote work debate. Further, there are some companies that are going so far as to entirely rebuild their business methods and models, even taking their entire company remote.

The realisation that the right person for the job does not always have the geographical proximity needed to be available on location has dawned on many, and it has revolutionised the way that companies are functioning going forward. Just one example among thousands, the remote work evolution is a prime example of how a trend can blossom into a sought after career model, bringing in candidates for positions by the thousands, and giving businesses the opportunity to have their pick of the best and brightest available from around the world.

Business owners have begun to consider and think about the shifts in the industry that have had the most profound impact. Outsourcing corporate vehicle management, for example, allows large business enterprises to make the most of day-to-day operations if their entire business thrives on transporting equipment and cargo to and fro. Businesses that have such dire needs to turn the trend of having a vehicle at their disposal for their business include floristry, health care, funeral services, empires of many kinds, and many other business brands. It all filters down to one thing; when a trend caters to a genuine necessity in the industry, it is picked up and turned into a common, sought after concept for businesses everywhere.

Going into the future, the biggest trends in business centralise around technological advancement. One example of technological trends in business is Artificial Intelligence. AI was largely tipped as a prospective key player in the future of businesses everywhere, and we are beginning to see it creep into the industry even now. AI is driving the consumer experience already, from chat bots that respond to client queries either online or over the phone, to scanning and sorting systems that document, scan, file, and sort all the data for a company in one place, leaving behind a tidy, well organised system that is easy and convenient to navigate. The necessity? Time.

Business owners rarely have time or resources to spend pouring hours and hours into the consumer experience (as awful as that might seem), so investing in chat bot technologies allows businesses to give the best possible customer experience to their clients while ensuring that they can put the man power of their employees into other spinning facets of the business. The same goes for data filing systems…time saving is a big factor for businesses when considering new investments in technologies and trends, and having a reason for the trend on offer often is the difference that gets them over the line and into use by businesses everywhere, of every kind, and every size.

The Rising Trend of Fleet Management in 2018

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If you’re in business, then you know how important it is to have your goods delivered and received in an efficient matter. If not, you add on to the struggle of maintaining costs of fuel, drivers, and vehicle maintenance. This can be more devastating specifically for small businesses who do not have the wiggle room for error. This is where fleet management comes in. In a society where time is money, fleet management is essential in helping businesses to reduce costs while improving vehicle productivity and fleet efficiency.

Here are the main 5 reasons why fleet management is essential in 2018:

It’s technologically advanced
With an industry that relies on fleet management, of course, you want it to function as best as it can. Twenty years ago, fleet management may have been a simple procedure, however, nowadays, fleet management is supported with software which allows you to manage and monitor all the different aspects of your fleet, including costs, drivers, orders, fuel, and customer service.

It’s going green
Everyone is aware of what’s going on with our planet earth. Of course, no one wants to further continue the degradation of the planet, however, at the same time, we all need to work in order to feed ourselves. However, fleet management is now taking a green foot forward with more and more companies attempting to get electric or hybrid trucks on the road. This will lower the fuel costs and promote a more sustainable and cost-effective fleet industry.

It’s becoming digitalized
Which industry isn’t becoming digitalized? Exactly. With this era of technology and digitalization, the fleet industry is jumping on the opportunity to increase efficiency. Now, platforms are being created in order to include an all-inclusive fleet management services which include all fleet information in an easy and simple equation. This way, customers have a complete idea of the drivers, vehicles, and service of what is being offered to them. In essence, this reduces the cost of the customer and adds more value to the fleet management service.

24/7 accessibility
When your fleet is on the road, you want to be able to see the progress. Naturally, calling the driver is an option, however, you don’t really know where they are or how they’re doing. But fleet management is now providing upper management more options in order to be able to track their fleets. Live tracking is available, providing drivers’ locations to a precise location while also providing vehicle details as well. This is called Telematics. The connection between technology and fleets will push the industry as it is projected to grow to $16 billion by 2025.

It makes business easier
Many companies question whether or not they need fleet management services as they see it as a luxury service that can be done by themselves. However, a fleet management service is a specialized service which is designed to save you unnecessary expenses and lost time. A proper fleet management service will be able to not only put your vehicles on the road, but they would also make sure that they are safe while doing so.

Three Ways That Fintech Is Changing SMEs

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Fintech has been a driving force in revolutionising small to medium-sized businesses. Whether it be loans for small to medium enterprises or the technology that propels them forward, Fintech has been in the driver’s seat racing toward a more effective future for small businesses. The way that businesses and consumers interact with their money is changing, and so is the very platforms that money is organised and utilised from. Small and medium-sized businesses are finally able to have the kind of global presence that was simply not possible for them years ago. If worldwide domination is the aim of the game, then Fintech is the key player. There are various innovations being brought to SMEs by Fintech, but there are three that are the most profound and impactful.

  1.     Exposing SMEs to lucrative foreign markets

Fintech has evolved at an undeniably rapid pace, and continues to do so. What the internet did for marketing, Fintech is doing for business’ global exposure and marketplace presence. Fintech allows for an all-inclusive experience, effectively giving businesses and consumers alike more convenience and a stronger sense of security simultaneously.

Previously, the concept of global financial ease was unheard of, with red tape surrounding it from every border, but Fintech is cutting through all that tape and giving small to medium-sized businesses the chance to have what large-scale businesses have had for years – the necessary tools to expand abroad without fear of repercussion or additional loops to jump through.

  1.     Platforms that allow SMEs to take their products live in real time, on multiple channels

Fintech startups are changing the game for small to medium-sized businesses in so many ways, but this is perhaps one of the most profound and life-changing of them all. Multiple Fintech startups are developing omni-channel platforms that enable SMEs to have their products live on multiple spaces in real time, making it easier and more efficient to sell, manage, and restock their products as sales go through and consumers visit the various channels.

This solution has been driven by the necessity for more efficient processes for both SMEs and consumers. It works with traditional physical stores through use of an app on the phone, on the website using a specified payment form, and on virtual marketplaces like Amazon.

  1.     Daily newsletters

There are a few Fintech startups whose main concept centres around newsletter distribution. This may sound like an odd solution to add into the three, but the effect this can have on businesses is both profound and unmistakable.

Small to medium-sized businesses can sign up to get access to a daily newsletter that breaks down the biggest financial tidbits of each day, going into specifics of why they should matter to them. This is an innovative solution for SMEs because navigating the world of business can be especially tricky when starting out, and having a resource that is constantly updating and bringing the most up-to-date, relevant intel right to your inbox can strengthen understanding, increase productivity, and advance your business methods as you learn the ropes.

Tech Companies Utilizing New Marketing and Advertising Tools

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Top companies are utilizing conversion rate optimization to transform visitors into customers. To do this, businesses need to ensure that their websites are updated and frequently used by employees to provide leads with further information, and even some persuasiveness, to convert them into paying customers. Social media presence, quick communications, and a website keeps customers engaged and returning. Two major examples of this happened this summer.

Tech Companies at Cannes Lions 2018

The Cannes Lions Festival of Creativity is compared to the Oscars for the advertising industry. The global digital advertising market now represents over $270 billion, which is close to half of the world’s total advertising spending. Top tech companies, such as Facebook, Google, IBM, Pinterest, Youtube, Twitter, Youtube and more took over the beaches at the festival this year, utilizing new forms of advertising. For example, Unity Technologies demonstrated a new form of digital advertising at the festival in which 3D tools tell interactive stories using extended realities.

“Cannes Lions is the only event where we can meet the world’s media and advertising industry in one place,” Julie Shumaker, the vice-president of advertising at Unity Technologies, explained. “We could meet with the top creatives, brands, and media companies, and demo how our 3D digital tools can help them create more immersive and interactive storytelling using extended reality (XR), the collective term for AR, VR and MR content, much easier, faster and cheaper… This is the future of digital advertising.”

T-Mobile’s New Customer Service Ideas

T-Mobile CEO, John Legere, announced a new wave of customer service coming to the cell phone giant. In a much needed and much looked forward to change, Legere said that T-Mobile’s call centers will be revamped in order to better serve customers. The new call centers will include 30 to 40 employees dedicated to specific service areas around the country. The centers will answer phones from 7 AM to 9 PM with other forms of support still available 24 hours a day. By 2019, T-Mobile hopes to expand the call center hours to 24 hours, as well. When an issue arises, customers can call or text support staff and even schedule future appointments.

Legere is known for his creative ways of separating the company from its rivals. Sprint executives, for example, were consulted on the new support system as T-Mobile attempts to merge the two companies. The merger, thought to be close to a $27 billion deal, would have to be approved by federal regulators.

Commenting on the new customer service plans, Legere said, “Instead of investing in avoiding customers, we’re investing in serving customers. This is a pain point for our customers, but it’s an epidemic that affects all service industries… I truly believe there is no such thing as a bad interaction.”

Mike Sievert, T-Mobile’s COO, agreed, “This team of experts approach is actually good business.”

Taking a dig at T-Mobile rivals, whose customers he’s hoping to convert, Legere said, “I will personally walk the CEO of Verizon around the center.”

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