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Business Insights from Experts Around the Globe

In this weeks expert insights, Advisory Excellence is focussing on the “new normal”. Businesses have spent much of the past eighteen months scrambling to adapt to extraordinary circumstances. While the fight against the pandemic is not yet won, there is light at the end of the tunnel.

The new normal is going to be different. It will not mean going back to the conditions that prevailed. The great acceleration in the use of technology, digitisation, and new forms of working is going to be sustained.

Effective networking can provide us all with an abundance of opportunities all enabled through building meaningful relationships with others, from opportunities for personal and professional growth to commercial success.

Many executives reported that they moved 25 to 30 times faster than they thought possible on things like building supply-chain redundancies, improving data security, and increasing the use of advanced technologies in operations.

How all that feeds into long-term productivity will not be known until the data for several more quarters are evaluated. But it’s worth noting that United States productivity in the third quarter of 2020 rose 4.6 percent, following a 10.6 percent increase in the second quarter, which is the largest six-month improvement since 1965.

Now, by leveraging the power of our networks through digital technology, we can further discover, build, support and manage the relationships which create these opportunities more flexibly and at greater scale.

Productivity is only one number, albeit an important one; the startling figure for the United States in the second quarter was based in large part on the biggest declines in output and hours seen since 1947. That isn’t an enviable precedent.

More positively, it has taken a decade or longer for game-changing technologies to evolve from cool new things to productivity drivers. The pandemic has sped up that transition in areas such as artificial intelligence and digitisation by several years, and even faster in Asia.

Companies are three times more likely than they were before the crisis to conduct at least 90 percent of their customer interactions digitally. In short, taking your networking activity online can help create more of these opportunities.

The Rise of AI: Which Professions Are Going Extinct?

The rise of AI is inevitable. With each year that passes, it becomes more and more apparent that artificial intelligence will have a significant impact on our lives. It’s already begun to dominate numerous fields, and it’ll only get bigger from here.

So, which professions will be rendered obsolete by the advent of AI? Whether you work with data entry or on Woo Casino, keep reading this article to learn more!

Data Entry

One of the most commonly cited examples of a profession that will be made extinct by AI is data entry. After all, if a machine can be taught to input data with 100% accuracy, why would we need humans to do it? Data entry is often seen as a low-skill, low-wage job – precisely the kind of job that is most vulnerable to automation.

Teachers

Teachers will not be replaced by AI, but their professions will undoubtedly change. With the introduction of educational technology, learning has changed in ways that were previously unimaginable. Students are increasingly learning through digital platforms rather than face-to-face from a teacher. While this does not imply that teachers will cease to exist, it does indicate that their function will alter – likely becoming more focused on guiding pupils and less on teaching them.

Farmers

Another type of work that has been revolutionised by technology over the years is farming. While farmers will not be entirely replaced by robots anytime soon, precision agriculture, a form of farming that relies heavily on data and technology, is gaining in popularity. This pattern is only expected to grow stronger as people demand more food and farmers search for methods to increase productivity.

Call Centre Operators

Customer care operators are frequently the first point of contact for a business and its consumers. The advent of AI is likely to have a significant impact on this field. Machines are already capable of taking customer service calls, and it’ll only be a matter of time before they can do so more effectively than people. This would free up call centre workers to handle more complex responsibilities or risk being obsolete altogether. There are already existing chat bots  that can handle customer service questions faster than a human.

Surgeons

Surgeons will not be replaced by AI anytime soon. However, there are already   number of areas in which AI is being used to assist surgeons. For example, robots are frequently used to make incisions with greater precision than human hands. In addition, AI can be used to create three-dimensional models of patients that allow surgeons to plan surgeries more effectively. As technology advances, it’s likely that we’ll see even more ways in which AI can help surgeons do their job better.

Da Vinci Surgical System is an example of a robot that assists in surgery. The Da Vinci surgical system is a robotic-assisted surgery platform that enables physicians to perform minimally invasive operations. The system includes four robotic arms, a high-definition camera, and a console from which the surgeon may operate them. The purpose of the Da Vinci surgical system was to assist surgeons in completing sophisticated operations with increased accuracy and less invasiveness compared to a human-surgeon.

Salespeople

While it’s true that AI has already begun to replace salespeople in some industries, this is not likely to be a widespread trend. After all, sales is still very much a human-driven profession – it requires emotional intelligence and the ability to build relationships. However, it is possible that AI will increasingly be used for tasks such as generating leads and conducting market research.

These are just a few examples of professions that will be changed – or even made extinct – by AI. It’s important to stay ahead of the curve and keep up with the latest advancements in technology, as they’re sure to have a profound impact on our lives.

Technology-Led Innovations in the Supply Chain Industry

For supply chains to run smoothly, each logistics element needs to be efficient and work seamlessly with the other links in the chain.

Inventory needs to always be at the right level, goods need to leave warehouses at the right time, and shipments need to be delivered within set timeframes, to name just a few of the things that are important to successful logistics operations.

Smooth-running supply chains are more achievable than ever thanks to technology-led innovations. So, let’s look at some of the innovative techs that are helping the supply chain industry to function even better.

Logistics Optimisation Software

When companies utilise logistics optimisation software, they can streamline their operations and ensure all components of the supply chain are working in coordination with each other.

Software solutions not only provide numerous tools for achieving multiple tasks, such as having access to real-time data to check order fulfilment statuses.

Logistics optimisation software also blends multiple technologies into a single cohesive platform, enabling logistical operations to run much more smoothly.

But supply chain software solutions do much more than just that.

Many logistics companies are beginning to understand how much value their supply chain data has beyond everyday operations.

For instance, with the best logistics optimisation software, companies can analyse trends and patterns, and even use predictive analysis to find innovative ways of expanding into new markets and making other supply chain improvements, before any risks arise.

The innovative technology of predictive analytics basically takes known information and uses it to create more efficient supply chain planning.

Data can be gathered from multiple company departments, such as marketing and sales, and used with logistics data to come up with analysis reports that can help supply chain managers create more efficient and profitable logistics solutions.

At the end of the day, with the right software, supply chain companies can measure logistics elements more accurately than ever before to make improvements that benefit the companies, their partners, and the end customers.

AI and Machine Learning

Today, artificial intelligence and machine learning play a key role in supply chain improvement, and the technologies will only become more sophisticated and game-changing in the future.

AI and machine learning tech can create fully-automated or semi-automated processes for supply chain optimisation. Because the technologies basically emulate human performance and knowledge and strive to go beyond it.

AI and machine learning can improve optimisation elements such as planning, forecasting, implementation, and maintenance in logistics operations.

By applying predictive modelling to third-party logistics and tightening data security, AI and machine learning can boost the end-to-end supply chain.

The tech can also provide full supply chain visibility to enhance the management of key performance indicators.

Inventory management, delivery routing, shipping transactions, and even customer service, can all become automated, and thereby improved.

Robotics

More and more specialist items are being manufactured by big robotics companies that can help in the day-to-day operations of logistics.

Automated robotic systems are now more capable and flexible than ever before.

For instance, robotics has led to warehouse operations becoming quicker. A robotic fast-packing system can handle thousands of picks per hour, thanks to the innovative technology that enables it to handle objects that are in all kinds of positions and orientations.

At present, robotic fast-packing systems are commonly used in supply chains for the mail-order and pharmaceuticals industries, because the systems do have limitations regarding things like size and weight, but research is gathering pace to create robots that can work in multiple settings and achieve human levels of adaptability.

Other robotics technology advancements include sensors and safety technologies that enable automated vehicles and robot arms to work alongside human workers.

How AI Is Making Business Processes Easier And Better

Artificial intelligence, or AI, is making waves in the business world. It is changing the way businesses operate and making processes easier and faster. This article will discuss how AI is benefiting businesses and some of the top ways it is being used. We will also explore the future of AI and its impact on business. Are you ready to see how your business can benefit from this innovative technology? Let’s get started.

Streamlines Processes

One of the top benefits of AI is that it streamlines processes. It can help businesses automate tasks, which speeds up the process and reduces human error. As highlighted by the team behind Brightflag, AI makes it possible to conduct e-billing, manage finances, management, and other tasks more efficiently and accurately. In addition, AI can help streamline processes by reducing the need for employees to manually input data into systems.

So, if you haven’t yet embraced AI in your business, it is high time you do so. There are so many benefits to using this technology, including streamlining processes and reducing costs. You only need to find the right tool or software, and you will be good to go.

Boosts Productivity

AI is also boosting productivity in the workplace. It helps employees focus on tasks that require their attention, leaving them more time for other essential tasks such as strategy and innovation. As a result, organisations can increase their output and decrease operational costs by reducing human error from repetitive activities handled by machines.

In addition, AI can help employees become more efficient by automating tasks that they would otherwise have to do manually. For example, if you are a customer service representative, you can use AI to automate responding to customer inquiries. This will leave you more time to deal with complex or unique issues and improve your customer service experience.

Improves Customer Service

Another benefit of AI is that it improves customer service. It can help businesses respond to customers faster and more efficiently by automating responses to common questions or issues, thus improving employees’ overall quality of service. In addition, AI can help reduce human error from repetitive activities handled by machines, such as responding to customer inquiries or providing information on products and services offered.

As a result, this technology is transforming the way businesses operate and making processes easier for customers and employees by automating tasks that you would otherwise do manually. This will leave them more time to deal with complex or unique issues and improve their overall experience at work.

Improves Decision Making

Before then, decision-making was a complex process that required time and effort. With the advent of AI, decision-making has become much easier and faster. This is because it can help businesses automate tasks that would otherwise have to be done manually, such as responding to customer inquiries or providing information on products and services offered by an organisation.

In addition, AI can help improve decision-making processes by reducing human error from repetitive activities handled by machines, such as responding to customer inquiries or providing information on products and services offered. This is important to management because it allows them to focus on their core competencies instead of worrying about details that an AI system could handle.

Improves Communication

Communicating with customers and employees is another benefit of AI. It can help businesses automate tasks such as responding to customer inquiries or providing information on products and services offered by an organisation, thus improving communication between departments.

This is so important because lack of communication has decreased productivity in the workplace. It has derailed some of the activities or made processes more complex than they need to be. In addition, it can also lead to misunderstandings and create tension between employees. However, with the help of AI-based communication tools such as chatbots, businesses can automate communication tasks such as responding to customer inquiries or providing information on products and services offered by an organisation.

Decreases Costs

AI is also helping businesses decrease costs. It allows companies to automate certain tasks that previously needed humans to perform, reducing labour costs. For example, a business might use AI to automate responding to customer inquiries.

In addition, AI is helping companies reduce costs through energy efficiency, precision agriculture, and improved logistics. This is so important for huge companies that are spending a lot of money on these processes. For example, companies can use fewer vehicles to deliver their products and services by using AI for logistics.

AI has a lot of benefits for businesses. It can help them automate tasks that would otherwise have to be done manually, improve communication between departments, and simplify processes for customers and employees. As a result, this technology transforms the way businesses operate and makes operations easier for everyone involved. If you are running a business, it is essential to invest in AI and reap these benefits to stay ahead of your competitors.

Learn Why Saving Your Business Data In The Cloud Is Safer In 2021

Talk about “the cloud” has abounded over the last several years. You’ve heard it. Some of your business colleagues have even talked about moving to it, but you’re still sceptical.

What’s this cloud that everyone keeps speaking about? What can it do for my business? If you want to find out, keep on reading.

What is the “Cloud”?

The cloud is a global system of servers and the software that facilitates them that allows users to access stored data as well as utilise services.

For example, if you use any of Google’s products, then you are using the cloud. The emails from your Gmail account are stored in the cloud and not on your computer’s hard drive. This is why you can access them from anywhere, on any device, once you have your Gmail password.

You can immediately see the benefits of the cloud for a company. You won’t have to invest in your own physical servers to store data. You also do not have to purchase software to be stored on your machine. You can run applications from the cloud. They can be accessed by anyone who needs them, from anywhere.

The primary benefit, of course, would be the cost-saving achieved by not having to maintain servers or hire staff to deal with them. However, business owners have asked about the safety of the cloud for their data. You can understand their concern. Data security could mean the difference between springing a surprise on your competition and a failed product launch because someone leaked your new innovation.

How secure is the cloud for business data?

Imagine it’s a few months before your product launch. All the data related to it is stored on your computers at your headquarters. You have a level of security both for the building and your IT assets, but it’s nothing advanced. You have also allowed some employees to work on it at home on their own machines, which have dubious security. One of two things could happen here. You can either be hacked by someone breaking into your headquarters and accessing your system. Or, they can hack one of the employees critical to the project because they have less security than the company’s computers and easily guessable passwords.

If you had adopted cloud data-saving products, you could have prevented this from happening. Learning more about cloud products and companies is easy. All you need to do is take the time and do your research to see what might be suitable for your business and its needs. As explained by the team at 360 Visibility, if your product data had been uploaded to the cloud, it would have been far harder to access. Data stored in the cloud is encrypted. What this means is that it is translated into code that can only be broken by someone with the encryption key.

Hackers are unlikely to get that. Even if they are able to intercept or gain access to your data, they won’t be able to turn it into usable information because of the encryption. Only hackers with hard to get specialist equipment and a lot of computing power might be able to turn the data into something usable.

Other ways the cloud is more secure

If your data was stored at your company headquarters and there was a natural disaster or a fire, it’s likely your data would be destroyed. Cloud storage on the other hand is everywhere the Internet is. Because the Internet is not a physical place, it is free from physical threats. Because cloud companies tend to back up this information to multiple servers around the world, your data is safeguarded.

Cloud companies also depend on multiple layers of security for your data. These are:

Firewalls

A firewall monitors network traffic to and from your system. The firewall can be set to stop certain kinds of traffic from making its way into your network. Firewalls can be software or hardware and can offer basic network monitoring to the most advanced next-generation security

Because of the nature of what they do, cloud companies often have some of the most advanced firewalls available.

Event logs

Cloud companies offer their clients event logs to help them monitor what has been happening with their data. It lets them know if there were attempts to access their data, by whom, when, and what types of data they attempted to, for example.

The business can see for itself if it has had any breaches and take steps accordingly rather than wait for the cloud company to inform them.

Artificial intelligence

Some cloud companies use AI to help them detect lower-level threats. There are advantages here in that where human beings are not available to scan networks 24/7, artificial intelligence systems are.

Data redundancy

Remember when we spoke earlier about backing up data? This is what data redundancy is. Cloud companies backup data multiple times on multiple servers around the world. Even if there are conditions affecting servers in one place, this does not mean that your data is lost.

Third-party security checks

Because cloud systems need to be absolutely secure, companies often hire third parties to see if the data can be breached. They will also hire white hat hackers to test the security of passwords, firewalls, and many of the other systems spoken of above here.

The point of both exercises is to see where they can make improvements in their security.

Updates to system security

A cloud company does not depend on the client to do the requisite updates and security patches to software to guard against attack. Instead, they take on this responsibility for themselves. This way, the level of security is not compromised by forgetful clients.

Cloud companies are also always seeking ways to make the data they protect more secure. You can rest assured that the latest technology will be applied to the protection of your data.

As time passes, the expectation is that cloud security and the technology it is based on will only get better. Some 94 percent of businesses surveyed in a 2019 study used a public or private cloud service. Your business could be the next to adopt them.

Deloitte Legal Launches Next Generation Tech Programme

Tech is the application of scientific knowledge to the practical aims of human life or, as it is sometimes phrased, to the change and manipulation of the human environment. Know about the evolution of cars over time.

Deloitte Legal is today announcing the launch of Deloitte Legal Ventures, a new programme that re-imagines how lawyers engage with early stage companies.

Nearly 400 pre-seed to Series A companies were analysed and evaluated based on their products, teams and alignment to Deloitte Legal’s current and future legal technology capability. Following this extensive analysis, 14 companies were hand-selected to form the first cohort of the Deloitte Legal Ventures programme.

The chosen companies operate in areas such as execution technology, artificial intelligence, data analytics and predictive analytics. The programme will see Deloitte Legal become a user of the products and services offered by the chosen start-ups.

Deloitte Legal Ventures will provide the companies with access to consulting, technology, legal and investment experts from across Deloitte. Through Deloitte’s proprietary Venture Path methodology, these experts will stress-test products, services, business models and strategies in a transparent and structured way to identify scalability. This will in turn accelerate the on-boarding, uptake and usage of the products and services.

Proving the Proof-of-Concept

A significant focus of the Deloitte Legal Ventures programme will be around accurately measuring the proof-of-concept process. For each company, a prioritised set of assumptions will be tested using specific metrics that will allow both parties to agree on what success looks like from the outset.

Almost two-thirds of the selected companies already have operational products or services with a number of existing clients. The rest of the cohort are either at a ‘very-early’, pre-revenue stage of development, or have chosen to work with Deloitte Legal in order to develop their offering further in a sandbox environment.