From Big Data to Cloud Computing: It’s time to join the innovation wagon
In this fast-moving digital world, innovations are happening all the time. Logistics and delivery systems are becoming increasingly automated with everything from robotics to self-driving vehicles. Google, for example, has used artificial intelligence from its DeepMind machine-learning system to cut data centres energy use by 40 percent*. The possibilities are endless and today’s businesses will need to keep up with the innovation.
A recent report from the McKinsey Global Institute* examined recent breakthroughs in digitization, analytics, artificial intelligence, and automation. It found that adopting new technologies can lead to new forms of competition and business disruption. It could also create new markets and value networks that could displace established market-leading firms, products, and alliances. But it seems that not all sectors are making the most of the disruptive value of new technology. McKinsey looked at five business areas and found that only location-based services and retail were finding ways to benefit from data and analytics technology. Meanwhile, the public sector, manufacturing, and health care had captured less than 30 percent of the potential value of these systems.
“Agility is the ability to adapt and respond to change. Truly agile organisations view change as an opportunity, not a threat” MARIEKE SAEIJ – CEO
One big takeaway is: if you’re in an industry that is lagging behind, now is the perfect time get on the innovation wagon. Acting quickly could really help to put you ahead of the competition. If you’re in one of the more up-to-date industries, keep innovating to avoid falling behind.
Big Data Analytics in order-to-cash
A recent study of more than 200 manufacturing executives was carried out by Longitude Research on behalf of Siemens*. It found that the top five digital technologies implemented by manufacturing firms are:
- Cloud computing
- Connected sensors in plants
- Connected sensors in products
- 3D printing
- Advanced data analytics tools
While the list in its entirety is not particularly relevant to a credit management team, it’s easy to see how both cloud computing and advanced data analytics tools can benefit the order-to-cash process. Kenny Wine, the chairman of the National Association of Credit Management, stated that the credit profession continues to evolve, and the benefits of big data analytics should not be ignored. The right tools can help credit professionals decide which customers pose the greatest risk and which offer the greatest potential. It could even help pinpoint who is most likely to pay quicker. “If a credit department is not using some common industry offerings, then you’re doing yourself and your company a disservice,” he added. Onguard’s credit management software can help you capture and analyse data, saving you time and providing useful insight about your customers and the performance of your credit management team.
*References DeepMind-system for machine learning report by McKinsey Global Institute