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Understanding How Immersive Mixed Reality Will Power the Metaverse

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Understanding How Immersive Mixed Reality Will Power the Metaverse

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The way in which businesses, enterprises, industry leaders and consumers utilize technology for everyday tasks is set to undergo one of the most drastic evolutions ever. Just a few short years ago it was nearly impossible to think any sort of technology could have a greater impact than networked computers, the Internet or even mobile computing, but now immersive mixed reality powering the Metaverse is challenging just that.

How Companies Will Leverage “Digital Twins”

Today’s IT leaders are building the Metaverse – knowledge workers and things being represented by “digital twins” – a virtual world where people, consumers, workers all gather to communicate, collaborate, and share through a virtual presence on any device. This means companies will build immersive virtual spaces, aka metaverses, and it will allow employees to virtually collaborate using their digital twin through chats, emails, video calls and even face-to-face meetings.

Well-known companies like Microsoft, Accenture, and Facebook, which itself is now called Meta, are all paving the way toward this new reality of business, but there are companies working behind the scenes building immersive reality, modeling and simulation technologies that will ultimately power this new Metaverse.

What Companies Can Do with the Metaverse

Microsoft in particular believes individuals will engage with one another in an immersive experience once they can co-exist in a virtual setting where they exist as avatars, perhaps even one day as holograms. The company expects people to access virtual settings from its Mesh for Teams application through mixed-reality headsets like HoloLens, as well as everyday smartphones and laptops.

In one of the earlier enterprise-level buildouts, Accenture has been developing a “virtual campus” where its employees meet for coffee, parties, presentations and other virtual events. The company also leverages this virtual meeting space when onboarding new employees so they can build their virtual twins.

Modeling is at the center of powering the Metaverse

In this virtual Metaverse, digital twins based on modeling and simulation play a leading role. Simulation allows companies to take copies of the digital twin, run simulations on it and then identify optimizations that are too complex to find by monitoring the physical environment alone.

The power of simulation will be an exact game-changer for enterprises and businesses throughout the Metaverse in a variety of industries, such as optimizing production planning in the automotive sector, accelerating design in the aerospace industry, improving overall production efficiency for manufacturers, and increasing accuracy for consumer packaged goods companies, many companies are poised to leverage virtual simulation to make better business decisions and generate the greatest return on investment.

Optimum immersive reality systems are needed to support ultra-realistic, high-fidelity digital twin visuals during the modeling and simulation process; precise fusion of the virtual on real world in a multi-platform environment and the ability to demonstrate a variety of realistic environments.

Metaverse is a new kind of application which is enabled by tight integration between real and virtual worlds. Metaverse is enabled by multitude of new technologies broadly in five groups as shown below:

1. Communications and computing infrastructure:  Metaverse will need to perform large scale compute-heavy tasks, and access large databases to merge the real and virtual world.

2. Management Technology: Metaverse will need a lot of resources like energy, compute etc. This layer manages and allocates most optimum resources to run Metaverse.

3. Fundamental common technology: AI, Spatio-Temporal consistency are fundamental common technology for Metaverse.

4. Virtual Reality object connection: Metaverse will create 1:1 connection between real and virtual world objects and technologies like blockchain, and identity modeling will enable that.

5. Virtual Reality Space Convergence: Metaverse will fundamentally need a new medium to interact. AR/VR/MR, BCI, Gaming technologies will enable this.   

Immersive reality solution providers offer the following foundational technologies to run industrial enterprise Metaverse:

1: Virtual Reality Space convergence:

a: AR/VR:

Ultra-low Latency High Fidelity Rendering: Low latency is extremely critical to provide an immersive experience in Metaverse. AR/VR partners provide unparalleled realism of environments by leveraging ultra-low latency remote rendering on cloud/on premise in full fidelity and wirelessly streaming the solution to affordable commercial-off-the-shelf (COTS) devices – HMD, Tablet and Desktop.

High Precision 3D Artificial Intelligence (AI) based Spatial Mapping: Uses high-fidelity remote spatial mapping with high fidelity 3D scene reconstruction, scene segmentation and 3D object recognition using 3D vision and deep learning-based AI with precise fusion of the real and virtual worlds to merge real world and virtual worlds.

Game engine: Consumer game engines have limitations that they can only handle a Metaverse that can fit in a single server. The metaverse will be ever growing as more digital twins are created to simulate real objects in the virtual world. The right AR/VR partners have created a data-centric simulation engine which scales for any complexity of metaverse.

2: Communications and computing infrastructure:

a: Cloud computing/edge computing: Industrial enterprises will always subscribe to multi-cloud, edge cloud. Depending on different factors like data sensitivity, latency, cost, different parts of the Metaverse need to be run at different clouds/edge in a distributed manner. AR/VR partners automate running the Metaverse for industrial enterprise.

b: Messaging framework: In the distributed Metaverse there is a need to update the Metaverse at global scale so users can collaborate seamlessly. AR/VR partners have messaging framework updates distributed to the Metaverse at global scale.

Fundamental common technology:

Security and privacy: Security and privacy is one of the biggest issues facing today’s world. Since Metaverse has the digital twin as an integral part, the Metaverse will have much richer data. The security and privacy in Metaverse cannot be solved by traditional security tools. AR/VR partners have built tools that handle security and privacy related to digital twins.

The Metaverse is going to be important for all businesses, enterprises and consumers. Today, people and employees can only experience the internet when they log online on their computer or mobile device, but with new connectivity, devices and technologies powered by immersive mixed, we’ll be able to experience the internet all around every single day.

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About The Author: Dijam Panigrahi is Co-founder and COO of GridRaster Inc., a leading provider of cloud-based AR/VR platforms that power compelling high-quality AR/VR experiences on mobile devices for enterprises. For more information, please visit www.gridraster.com. 

AI
Archives, Global Logistics, Global Trade Daily, Software

AI Beyond the Hype: This is Our Moment to Embrace Digitization

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AI for business is one of the most talked-about innovations and for good reason. As in other areas of our lives, it holds the potential to fundamentally alter the processes and structures humanity has been accustomed to for decades and, in some cases, even centuries.

Yet, like many other groundbreaking technologies before it, when it comes to real-world business processes, it’s understandable to feel that the recent attention around AI’s value has outpaced the current reality. Yes, today AI can more precisely tailor content recommendations in social media apps like Instagram, Twitter and YouTube and help refine the photos we take on our phones.

But where is the AI-driven revolution in the way we work—helping us do our jobs better, more efficiently, and unlocking value in unexpected places? We believe it’s here, today.

How do we know? Because at BT Sourced, our new standalone procurement company within the BT Group, we’ve already started to see the benefits. We’ve come to believe that, properly implemented, AI can be a game-changer—and that while there’s a lot of excitement about the future of AI, we’re proof that the future is now. Here’s why.


Why AI—and Why Now?

Out of sheer necessity, the COVID-19 pandemic accelerated what had been a gradual shift toward the rapid digitization of procurement. In the face of disruption, from remote work to shortages of goods and services across the value chain, having the adaptability to quickly source the best suppliers became critical. Agile procurement teams armed with cutting-edge technology were and will continue to be, best positioned to streamline sourcing, driving long-term growth and value for the BT customer and operating model.

Deloitte’s 2021 Global Chief Procurement Officer Survey found that driving operational efficiencies was the new No. 1 priority for CPOs, replacing reducing costs for the first time in the report’s 10-year history. In this next normal, procurement must modernize and simplify its processes to become faster and more agile for the near and long term.

The biggest barrier to transforming procurement is changing the way people work. Critically, the new AI-powered platform BT Sourced is using enables us to collaborate from any location by improving visibility, workflows, and communication across all functions. Increasing agility and efficiency is also key to achieving another important goal: enabling a greater focus on strategic initiatives and collaboration.

Adopting AI, along with tools that feature analytical intelligence and enable self-procurement, means our teams can now study recurring behaviors, empower end-users and discover new areas to contribute value. These new platforms are giving us the insights to make fast, data-driven decisions that benefit everyone throughout our value chain. They can be shared across the business, enabling us to work more closely than ever with our stakeholders while AI manages manual and repetitive tasks in the background.

AI for Good 

The financial benefits of AI and automation in procurement are clear. But what about other important goals such as inclusion and corporate social responsibility? How can AI in procurement support workforce development and contribute to the greater good?

At BT Sourced, we’re committed to expanding economic opportunity and reducing our environmental impact. In many ways, AI supports our commitment to more sustainable sourcing—from driving new efficiencies to enabling deeper analysis and awareness of environmental, social and financial risks throughout our supply chain. Now more than ever, we’re able to more precisely track compliance with our global responsibility model, sustainability criteria and principles of responsible behavior for suppliers regarding ethics, conduct, social issues and the environment.

We’re also leveraging AI to support supplier diversity and inclusion, expanding our network to include qualified alternatives from a base of top-performing, diverse small and midsize companies, increasing access to innovative service providers that may have otherwise been overlooked.

The Present and Future of AI

As the last year has proven, AI is no longer procurement’s future—it is our present and, without question, our future. Agile, value-added procurement requires the insights and efficiency that only AI and automation can deliver at scale. The pressing need to develop more responsible, inclusive supply chains and practices only makes the case for digital transformation stronger.

We have an unprecedented opportunity for change. Companies have a unique opportunity to move quickly to modernize their procurement technology and achieve benefits for both their stakeholders and their broader communities. We’ve arrived at the right moment to disrupt traditional models and processes, making the vision of a more efficient, sustainable and inclusive AI-powered future, a reality today.

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Cyril Pourrat is the Chief Procurement Officer at BT Group

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Semiconductor Memory Market to Have a Promising Future Ahead

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The semiconductor memory market will witness considerable expansion driven by the higher adoption of memory and storage components in moveable medical devices and healthcare equipment. These intelligent point-of-care devices include glucose, heart rate, continuous temperature, and pulse oximeter monitors and are used to store real-time diagnostic data, which can be later easily derived from the semiconductor memory. This information not only assists in analyzing the disease source but also renders early treatment and diagnosis of the targeted diseases.

On this note, it has been reported that the global semiconductor memory market size will reach over USD 180 billion in annual remuneration by 2027.

Below are the key trends likely to influence the industry expansion

Rising preference for MRAM semiconductor memories

Magneto-resistive Random-access Memory (MRAM) semiconductor memory industry is pegged to see a CAGR of nearly 15% in the analysis timeframe. This is mainly ascribing to the non-volatility, low power consumption, higher durability, faster read/write cycles, and enhanced data storage capacities for extended durations of the MRAM devices. This has pushed leading business participants to come up with MRAM chipsets for use in consumer electronics applications. To quote an instance, Samsung Electronics, in March 2019, launched the eMRAM, deployed with 28FDS process technology to offer higher performance and endurance in applications of embedded systems.

Expanding industrial application scope

Demand for semiconductor memories in industrial applications accounted for around 10% of the overall market share in 2020. This is owing to the incessant requirement for semiconductor memory chipsets across numerous industrial components. The rise in the number of smart factories in South Korea, Germany, China, and the U.S. has bolstered the adoption of IIoT devices, robotics, and automation equipment. According to the Ministry of SMEs and Startups, the number of registered smart factories in Korea reached 19,799 in 2020. This penetration will add a positive edge to the intake of semiconductor memory solutions in the industrial sector.

Europe to emerge as a key producer

The semiconductor memory industry share in Europe is poised to expand at a 5% CAGR up to 2027 driven by the increased automotive production and the prominent presence of leading automotive OEMs in the region. The European Automobile Manufacturers’ Association estimated that Europe produced close to 15.8 million passenger vehicles in FY2019, accounting for nearly 21% of the total passenger vehicle production in the world.

Furthermore, semiconductor memories are widely integrated with in-vehicle communications, instrument clusters, navigation systems, telematics, among several other automotive electronics. This has paved the path for advanced automotive safety systems, including self-driving cars in the region.

Competitive business initiatives

Suppliers of different semiconductor memory types are working towards inorganic marketing strategies, like mergers and acquisitions to gain competitive advantages. For instance, SK Hynix, Inc., in October 2020, struck an acquisition deal with Intel Corporation to obtain its NAND memory and storage business for USD 9 billion. This acquisition is inclusive of Intel’s NAND component and wafer business as well as the Dalian NAND memory production facility from NAND SSD business Intel, which is in China.

Impact of COVID-19 crisis

The ongoing COVID-19 pandemic tremendously affected the growth of the semiconductor memory market particularly in the first two quarters of 2020 owing to the imposition of severe nationwide lockdowns by several governments. This made way for supply chain disruptions as well as international trade barriers with regard to raw materials and components. However, the emergence of the work-from-home policies supported the demand for semiconductor memories amidst the pandemic given the growing sales of consumer electronic devices, like tablets, laptops, and smartphones.

Rising advancements in medical science and equipment have given rise to multiple opportunities for semiconductor memory manufacturers in integrating AI and IoT technologies. There is also an escalating need for telematics, in-vehicle infotainment systems, instrument clusters, and ADAS solutions in advanced automotive and connected cars. The increasing developments in Flash memory, such as 3D NAND Flash drives to enhance the transmission speed while reducing latency will further complement the industry expansion.

OKR
Archives, Global Trade Daily, International Trade

Four Ways the Supply Chain Can Utilize OKRs to Achieve Digitalization

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The fourth Industrial revolution is driving the creation of a more connected ecosystem within a variety of different functional areas. Organizations are re-shaping their supply chain strategies to move toward entirely integrated boundaries and to become increasingly transparent in their business practices which leads to supply chain management (SCM) 4.0. Digitizing the supply chain is an SCM 4.0 movement towards a completely integrated sequence of planning and production solutions that work in tandem to create a more visible supply stream across each touch point of the entire value chain.

According to the MHI annual report, 80 percent of supply and manufacturing industry leaders believe supply chain digitization will be the norm in five years while 16 percent think that day is already here. This trend isn’t new, but what is catching the attention is the introduction of OKRs to manage supply chain strategies towards digitalization.

OKRs – Objectives and Key Results – have been used by some of the world’s leading organizations for years now. The aim behind setting up OKRs is to manage strategies, increase employee-company vision alignment, foster transparency and encourage a focused and streamlined approach towards goal attainment. OKRs in supply chains help organizations align strategy and enable business capabilities to accelerate growth.

Road to Supply Chain Digitalization

Supply chain leaders who achieve supply chain digital transformation successfully integrate well-established business capabilities with emerging digital innovation. By first developing foundational supply chain capabilities and then incorporating proven business and technology innovations, leading supply chains are able to move beyond exploration to integration and optimization.

End-to-end transparency is the ultimate goal for a number of supply chain operators, as the crucial component to achieving significant efficiency gains. In a system with end-to-end transparency, every member of every business process along the supply chain network has access to all information leading to improved visibility and providing full control along the chain.

To achieve these ambitious goals and blend digital capabilities with supply chain visibility, Gartner mapped out a three-step plan for supply chain digital transformation as below:

-Embed supply chain in the digital ecosystem

-Implement autonomous supply chain

-Synchronize with digital business

However, a recent McKinsey Global Survey reports that just 14 percent of the respondents state that their supply chain digital transformation efforts have made sustained performance improvements. This is an incredibly low number, which alarms there are still challenges to either implement or sustain the digital transformation.

Digitalization Obstacles

The new global research survey went on to investigate the main obstacles organizations have so far encountered on the digital transformation journey.

-44 percent of executives reported a general lack of awareness throughout the internal ranks of their own organization

-39 percent also noted a lack of the required skills across their workforce

-50 percent of respondents said that their supply chain partners lacked the necessary awareness

-42 percent said their supply chain partners lacked the required skills

–70 percent of all digital transformation initiatives do not reach their goals (Tabrizi et al., 2019)

These obstacles appear to slow down progress outside the four walls of the organization (e.g. suppliers, partners) as well. OKRs aim to address the strategy and non-technology-related digitization challenges to seek integration and collaboration and gain efficient performance management.

OKRs in Supply Chain Digital Transformation

The executive leadership has already started looking at OKRs as the option to sail through most of the strategic digitization challenges. Here comes the major opportunity for OKR driven by supply chain digitalization that includes managing the digital transformation strategy, focussed vision, transformation alignment, and providing end-to-end organization visibility for the digital transformation.

Strategy Execution

Supply chain digitalization is not just about technology; it should be guided by a broader strategy and a mindset of change. This is related to applying the right strategy to match digitalization and focal firms, supply chain actors (such as multi-tier suppliers, multi-tier customers) based on different approaches at different development stages. A retailer, for example, might define its supply-chain digitalization strategy with respect to its aims for enhancing customer experiences: “Provide customers with the seamless digital shopping experience.” In such a case, OKR acts as the strategy management framework to define and manage such overarching company strategies to handhold the transformation execution.

Focused Vision

The vision for supply chain digitalization provides the organization with reference points for the second step in transformation planning (aka strategy execution): a comprehensive assessment of how the objectives need to be met. To make the assessment simpler, organizations need to define the performance measurement goals (also known as key results), which complete the company’s vision for its transformed supply chain.

Setting performance goals requires a company to gauge its current performance and then determine achievable improvements. A company that aims to reduce lost sales by a specific amount, for example, would need corresponding supply-chain performance goals—improving the speed and reliability of shipments to customers. Such goals can be defined as key results in OKRs and can be measured and tracked in terms of agility, service, capital and cost measurements.

Transformation Alignment

Digital transformation is not a simple IT-enabled organizational transformation; it is about the alignment of different supply chain touchpoints with organizational strategic objectives, structures, core values; and structuring and implementing supply chain processes reengineering. Ultimately, the supply-chain vision should be aligned with the company’s strategic goals. While the need for such alignment has always existed, what’s new is that both the strategic goals and the vision can be connected and interlinked to measure the execution through OKRs.

End-to-End Organization Visibility

A 2016 report by IDC predicted that 70 percent of siloed digital transformation initiatives would ultimately fail. An effective transformation depends on a transparent, forward-looking concept for the future supply chain. Visibility is extremely important to these organizations as it can play a major role and help guide organizations through transformation challenges.

OKRs create clarity and provide transparency in supply chain digitalization goals throughout the organization and supply a real-time progress report via frequent check-ins and updates. This key result heartbeat is important to ensure that corrections can be made in real-time to accommodate the ever-increasing speed of business. This means thinking about the outlook for the company amid the pressures and trends that influence its competitive situation, as well as the changing expectations of its customers.

How Do You Ensure OKRs Are Adopted and Stuck To?

It actually comes down to the solution that an organization adopts. Digitalizing the supply chain starts with digitizing the supply chain transactions including the OKRs. If OKRs are not recorded, they are set and forgotten about. If they are simply entered on excel, it would be a colossal admin task to maintain. By recording the OKRs on a digital platform like Profit.co where everyone can view whenever they need to, targets and performance stay in front of mind and the information can be made at the fingertips.

Conclusion

Organizations reap greater benefits when they develop a comprehensive vision for the future of their supply chains, carry out a disciplined assessment of existing performance, and draw up a long-term transformation road map. Business leaders find OKRs to be an effective mechanism for establishing strategies, defining goals, setting priorities, and ensuring that the activities are connected to those digital transformation goals. They should also recognize that supply-chain transformations must extend to both technology and operations. Organizations that employ these approaches amalgamated with OKRs for supply-chain digital transformation stand a better chance of capturing the full value that digital technology can provide.

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Bastin Gerald is the CEO and founder of Profit.co, an intuitive cloud-based SaaS platform, integrating OKRs and task management plus 300 other data-driven metrics to help companies successfully implement the model and reach new heights. Profit.co helps companies focus, align and engage teams for optimal productivity and company success. To learn more, visit https://www.profit.co/.

References

https://www.solvoyo.com/digital-transformation-journey-in-supply-chain-planning/

https://www.altamirahrm.com/en/blog/okrs-for-business-growth

https://www.gartner.com/en/supply-chain/insights/supply-chain-digital-transformation

https://www.workpath.com/magazine/how-to-write-good-okrs

https://www.eazystock.com/blog/supply-chain-digitalization-future-scm/

https://www.mhi.org/publications/report

https://www.mckinsey.com/business-functions/operations/our-insights/digital-transformation-raising-supply-chain-performance-to-new-levels

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Is Saudi Arabia Leading the Race for FinTech Financial Inclusion?

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It can be hard to keep up with Fintech. Just as the sector appears to be settling into some form of pattern in the UK and USA, where the next notable round of innovation is widely expected to be the automation that is changing the industry, new markets and new centers are emerging. 

One of these – and one that was thought to be rather unlikely until fairly recently – is Saudi Arabia. Though the Middle East has long had a promising fintech sector, this has largely been confined to Saudi’s smaller neighbor, UAE. 

Now, a range of Saudi startups have raised large sums in seed capital, and seem poised to make a major impact on the industry. In this article, we’ll look at these recent success stories, and explore when they mean for Saudi’s nascent fintech sector. 

Saudi Arabia: A New Frontier?

First, let’s take a look at those recent headlines. Back in April, a promising but relatively small Saudi fintech startup, Tamara, announced that it had raised $110 million for its Series A funding. This came as a real shock to industry, and with good reasons – not only was this the largest level of Series A funding ever raised by a Saudi startup, but it was the largest Series A ever raised by a middle eastern startup.

Perhaps the news shouldn’t have come as much of a surprise, though. Observant investors noted that the Saudi fintech sector has been growing steadily over the past few years – from just 10 startups registered under the Fintech Saudi initiative in 2018, to a total of 155 in 2020. And with extra companies comes extra funding – from January to May this year, fintech startups based in Saudi Arabia raised almost $130 million, a whopping jump compared to the $23 million raised by the sector from 2015-2020.

This growth is also likely to continue in the medium term. This level of investment is proving to be an incentive for Western fintech startups, as well, who are now looking to the Middle East as a potential new market for their services. Whether they will be able to take advantage of the size of the market in the region will, however, depend on a number of factors.

As we will see, the biggest problem standing in the way of creating a dynamic Fintech sector in Saudi is not the demand for innovative banking services – that is certainly strong enough. Rather, it is a somewhat traditional banking sector that may be reluctant to open up to technology companies.

Growth Across the Region

Saudi certainly has some well-established models to follow when it comes to catalyzing fintech growth. Bahrain, for instance, is widely regarded as having some of the most fintech-friendly banking regulations in the world, and the sector in that company is growing rapidly. Similarly, Egypt is seen as a real growth market for the sector, given the country’s huge population and a government that seems to be supportive of novel approaches to small business finance.

In both of these countries, government support has been key to encouraging the fintech sector, and Saudi Arabia appears to have recognized this. The Fintech Saudi initiative is the flag bearer for this support, and was launched back in 2018 by the Saudi Central Bank. The bank partnered with the Capital Markets Authority (CMA) in the kingdom, which has played a pivotal role in providing investment funding for fintech startups. 

The goals of these investments are certainly ambitious. The mission statement of the CMA states that it is tasked with “transforming Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem”. As part of this wide mandate, Fintech Saudi facilitates the licensing process for startups, connects entrepreneurs with investors, service providers, and banks, and has an accelerator program run by Flat6Labs.

This government support is, in turn, part of a broader change across the region, in which governments who were previously averse to change are embracing new ways of doing business. Just as the oil industry is changing, and becoming more transparent, so is the financial sector. And that will have impacts far beyond investors and bank staff because fintech might just be able to make banking truly inclusive.

Open Banking and Inclusion

If, as seems likely, Saudi Arabia becomes a leader in the fintech space, it will act not just as a catalyst for the development of fintech solutions across the region. It will also be the biggest test run yet of one of the central promises of fintech – that this technology can open up banking in a way never seen before.

On the one hand, Saudi Arabia seems like an unlikely place to be at the forefront of inclusive banking. The country is still very conservative and has some of the most secretive banking practices in the world. However, there are signs that the kingdom is open to change – both socially and in regard to the way it does business.

This has been overtly stated by Fintech Saudi, which is developing an open baking framework for the kingdom. Their aim, they say, is to force Saudi banks to be more open, and to share data about their activities more widely. This, in turn, will likely make it easier for under-represented groups in the country – women, most of all – to access banking services. 

At the moment, many guest workers and women in the country are under-served by financial institutions, and by allowing them to open accounts it is hoped that the country can become more open generally. In addition, fintech can help these workers to make international payments more easily, sending money back home and sharing the benefits of the strident Saudi economy.

The Challenges

Of course, changing the way in which a conservative country runs its banking system is not going to be easy. The Fintech sector in the country, while attracting a lot of funding, will have to overcome some real challenges if it is going to succeed.

One of these is a skills gap. A recent report from Fintech Saudi, for instance, shows that hiring qualified talent was the primary challenge for 40% of startups in the fintech space. Without qualified workers to power the work of startups, it’s likely that these will either stall or be forced to move their activities (and their profits) elsewhere.

Secondly, there is the issue of cybersecurity. Saudi has been a major target of cyberattacks in recent years, many of which appear to have originated in Iran. While the average fintech startup might not be a target of global cyber-weapons, the sheer number of common cybersecurity risks that the average Saudi company experiences every year could be enough to deter some startups and investors from working in the country.

The Bottom Line

That’s not to say that these challenges don’t have solutions, of course.  Open banking has progressed in two ways around the globe in recent years, either via regulators forcing traditional banks to embrace it and work with fintech startups (as is the case in the European Union) or (as we see in the US) incumbent banks opting to partner with open banking providers to keep pace with innovation.

If Saudi Arabia can do the same, while also recognizing that both talent acquisition and customer service are key to success in Fintech, there is no reason why it cannot emulate the success of its neighbors, and become the next global fintech hub.

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Blockchain: Everything You Need to Know

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Blockchain has transformed the way information can be shared on the internet because the data can’t be modified or deleted. Blockchain is also the foundation technology that manages the transaction entries for bitcoin.

Blockchain technology hasn’t yet been universally adopted, but it can be used to reduce expenses, speed up transactions, and improve safety for financial institutions, health care providers, companies, and more. It has the potential to dramatically change the way we do business by offering a trusted system for exchanging information.

Bitcoin is probably the most widely known application of blockchain, however, we can call that just the beginning.

But What Is Blockchain?

From the way the Blockchain stores transaction data – the name came in. Blockchain and bitcoin were first introduced in 2008.

Blockchain technology might as well be called a “book” that contains a list of transactions that should be viewed by a group of people of a network. This way, every member of the network or group has a copy of the book. Each page of this book could be called a “block” of data, and “hash” is what you could call a whole page of that book. “Hash” is a unique number. So, the “chain” links all the pages of transactions together.

But Bitcoin currency and Blockchain technology are two different things. The first one is a type of digital currency that is still uncontrolled – and those transactions are maintained by blockchain technology.

But How Does Blockchain Work?

-Every copy of the blockchain is the same or must be the same – that means members have the same information.

-New information can be added if all the network members agree that the block that is shared is valid. ‘Consensus mechanism’ is what this is often called.

-Once a new copy of the blockchain is added, all the members can see whether it matches with the old copy. If it happens that the old blocks don’t match, the current members won’t accept the new copy.

The members constantly process transactions into new sections of data. When a new section is filled, each member in the network has to verify if the block is valid by using a mathematical formula. Only when all the members agree that a certain block is valid via a consensus mechanism, then the new block is added to the chain. This process, which by the way is very complex, is the reason why blockchain transactions cannot be changed.

This complex process is the reason why blockchain transactions can’t be changed.

Blockchain technology prevents what is called “double-spending”. This is one of the reasons why it is used by most cryptocurrencies, and especially Bitcoin. No one can keep a bitcoin once they have spent it; The hackers can’t change the data blocks – as the transaction can’t be changed too.

To make data more useful, Blockchain works with protocols. The protocols are used to automate the transactions, like payments and invoices.

To reduce transactions possible errors and processing time is used a tool called ‘Smart Contracts’. That means lower costs and higher profits.

Types of Blockchain 

There is one important thing for public blockchains: anyone can join the network and can process their transactions anonymously. So, the data will be visible to all members of a public blockchain.

Using the ‘miners’ mechanism is the thing that characterizes members of a public blockchain network. The so-called miners are members who constantly validate data blocks on the public networks. They are always competing with each other to validate data blocks.

Public networks are used for cryptocurrency because transactions are direct between individuals without needing a financial bank. But since the transactions are anonymous, they are a subject of attracting criminal activity.

Once they have validated the transactions, Blockchain miners are awarded in bitcoin of another relevant cryptocurrency.

On the other hand, a private blockchain requires members to be identified. Credentials are what they need in order to validate data blocks and submit transactions. Data might be limited by a private blockchain. But this only will occur to some users and at times it could give access to other members. Private blockchains are proven to be more suitable for an individual business.

Can Blockchains Be Hacked?

Since every member has a copy of transactions, it’s proven that Blockchains are very difficult to hack, but they are still not completely secure.

To create false transactions and having them accepted – hackers should have access to multiple members – that is why is so difficult to hack.

One thing that is considered a flaw: protocols. Hackers can potentially use a weakness in the way protocols are operating, and ‘hack’ the system, but still, it is very difficult.

IoT
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4 Applications For IoT in the Manufacturing Industry

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Not too long ago, it seemed impossible for everyday objects and machines to carry out specific tasks unaided by a human controller. The mere thought of that possibility was a pipe dream to some people and represented a terrifying future to others. Today, IoT (Internet of Things) is as much of a reality as humans and other organic life forms.

Devices are much more intelligent than they used to be a few decades ago. Embedded with chips and sensors, they can make autonomous decisions. They may not handle some tasks that require higher levels of intelligence and emotional quotient. However, in many industries, IoT is proving to be the future of work.

The manufacturing industry is one that has benefited immensely from IoT. As a result, it is the biggest IoT market. In 2016, the manufacturing industry spent 100 billion USD more than its closest rival, the transportation industry, on IoT. How has all of this spending on IoT translated to its implementation? This post will discuss industrial IoT solutions in manufacturing.

Digital Twins

As efficient as some systems and machines are, one slight issue besets them – their form. Physical devices are usually limited to their current physical locations. In IoT manufacturing, this may hamper efficiency, so the digital twins’ concept had to be implemented.

A digital twin is a digital copy of a device or process. It helps production plants and businesses monitor how a concept will work in everyday use without spending a lot of money on trials and on-field testing. These businesses can then improve efficiency using results from this approach.

With this IoT idea, managers can predict how a device will operate over time, how wear and tear will affect it, how long it will stay usable, etc. They can use the knowledge gained to tweak their systems and devices to perform better. They can also know which machines to recall and when to do so.

Asset Management

Asset Management, also known as asset tracking, is a system that allows a business to gather information about its tangible assets, log them and use them to monitor the assets’ statuses. This type of program is more advanced, coming from the more complex structure category, like ones, created for managing businesses like essay writing service, or logistics organizations.

This IoT-driven approach monitors both fixed assets and mobile ones. However, because mobile assets are at more significant risk of theft and loss, they tend to be tracked more often. Assets can be tracked using GPS (for real-time tracking), barcodes that update the system, and Radio-Frequency Identification.

There are several benefits of asset management to manufacturing plants. The most obvious one is that this system has helped factories save a lot of money. For every device that the tracking hardware and software manages, it creates a log. The system then alerts managers when something goes wrong, giving them a head start at reversing the situation or stopping it at the very least.

It does not only serve protective purposes, but it also helps with the prevention of loss. Knowing that assets are being tracked in real-time will deter thieves from trying to take them. This preventive advantage is incredibly efficient if the thieves are in cohorts with factory workers. This is because the asset management system can also monitor employees’ whereabouts.

Smart Pumping

For a long time, water management plants have faced wastage issues and outrageous electricity bills. These factors make up a significant portion of the cost of operation. Smart pumping is the pump industry’s proactive response to these long-standing problems.

The industry has recently ditched its reactive approach for predictive maintenance to turn the tides back in its favor. With smart pumping, sensors have replaced human efforts in tedious and time-consuming tasks. Manual maintenance of pumps is fast becoming a thing of the past.

Nowadays, technology monitors the pumps’ health and checks for signs of abnormalities. It does this by monitoring temperatures, vibration levels, runtime, etc. When the sensors detect any irregularities, they trigger troubleshooting processes to get the equipment working optimally.

These sensors also regulate water pressure in the pumps. Each company has pre-determined metrics that it operates by (including compulsory industry standards), and the sensors adhere to these metrics. They shut off when they need to, thereby preventing wastage and helping the company save money.

Safety and Security

IoT isn’t just here for the machines; it is also implemented to ensure employee safety. The best IoT companies continuously seek to make human lives and work more comfortable and safer – not to replace them. In manufacturing, employees regularly work with heavy-duty machines and thus need the best safety measures in place.

With data analysis, plant managers can use IoT to ensure that working conditions are ideal. They monitor near misses and work-related injuries and use the data to improve their safety processes. If there are indicators of a procedure or device not being as safe as it once was, the system upgrades or replaces it.

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Amanda Dudley is a distinguished writer and a lecturer with a Ph.D. in History at Stanford University. She is fascinated with students and seeks to help them succeed. On the side, she works at EssayUSA with a team of professional writers. There, she implements the latest educational techniques to help students with their academic assignments, dissertations and papers.

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Archives, Global Logistics, Global Trade Daily, Special Reports

The Top Manufacturing Security Solutions Companies Can Implement to Protect Their People

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Despite the difficulties 2020 posed, manufacturers have worked hard to help global operations continue running efficiently. To keep up with demand, however, companies are still operating facilities where hundreds or thousands of employees are on the floor at once. Within these large, densely populated facilities, following health guidelines like social distancing becomes a frustrating exercise. While managers certainly want to protect their people, they face unique challenges in today’s environment.

Manufacturers are prioritizing holistic employee safety, and manufacturing security solutions are now available to help facility managers realize their goals of promoting workers’ health and safety. Here are three specific technologies companies are using to better protect their people.

Physical identity and access management (PIAM) solutions

Many facilities have limited the number of ingress and egress points in an effort to better manage people flow. Even with automated screening solutions, however, high-volume employee throughput events like shift changes place severe strains on processing employees. Chokepoints emerge where people congregate in long lines, increasing the risk of transmitting germs.

Increasing throughput capacity and reducing risks to employees and visitors are top priorities that automated, touchless PIAM solutions are suited to meet. For example, employees and visitors can take at-home health screening questionnaires on their mobile devices. Based on the self-assessment, healthy visitors can receive a QR code to scan for facility entry at an access control point.

Should an employee self-report feeling unwell, a system with integrated analytics can facilitate cross-department communication to resolve potential issues. For instance, the system can automatically notify a human resources department, which can take further action like providing employees with self-quarantining guidelines while helping other departments adjust as needed.

Within the facility, other systems can protect workers on the floor by regulating people inflows and outflows. People counting systems, updated in real-time as workers enter and exit the facility, provide accurate employee counts to ensure areas don’t become too congested. Video surveillance system integrations can also assist managers, should they want to to rearrange floor layouts to promote more social distancing.

Human temperature screening

Concerns about illness have raised the profile of human temperature screening (HTS) as part of a security system. HTS systems use thermographic cameras to read a subject’s skin temperature from a distance, automating significant portions of a facility’s health screening process. Integrated systems allow for elevated temperature detections to trigger notifications for further screening or automatically deny facility access. While elevated temperature alone isn’t enough to determine if an employee is sick, HTS provides another layer of support within a comprehensive worker protection plan.

Manual screening involves placing staff equipped with thermometers at every entry point — an inefficient process that an HTS system can help to automate. Each system does have its own set of use parameters to follow, including best practices on sensor placement, scanning area and subjects’ interactions with devices. Some also need additional calibration equipment, such as a blackbody — a reference point that’s heated to a specific, stable temperature within the scanning area.

Installing and integrating an HTS system has significant benefits for holistic employee safety, but facility managers have other decisions to consider as well. For example, companies need strict policies on who can access the sensitive health information these systems gather and where it’s stored. Any system must be compliant with regulatory requirements from entities like GDPR, BIPA and others. Protecting employees’ physical health is important, but so is protecting their private information.

Integrated video surveillance systems

Standalone security solutions can contribute significantly to ensuring workplace safety, but facility managers can realize more benefits through integrations with existing systems. Video surveillance systems in particular have much more to offer. Using data and analytics drawn from multiple sources, they can provide protection beyond merely theft deterrence.

For example, facility managers can leverage “heatmaps” by merging internal video surveillance data with a floor plan. Using this information, they can identify and address the “hot spots” where employees congregate or come into close contact, such as crowded break rooms. With consistent monitoring, managers can better understand whether changes like adjustments to workstations on the floor are effectively promoting more social distancing.

Video systems also help facilities save on other potential costs like workplace incident verification. Interior video surveillance can track employee behaviors like social distancing and proper use of PPE. If an employee files a compensation claim, managers can generate an auditable trail of evidence to use in proceedings. Facility managers can also use system data proactively to improve training sessions and identify opportunities to encourage behavioral changes in employees.

Manufacturing facilities keep the world moving — and shutting down is often not an option. Still, managers can use security solutions to better protect their people while their facilities remain open. With automated PIAM and screening solutions, along with existing systems integration, manufacturers can apply data-driven approaches in their efforts to ensure workplace health and safety, all while managing their operations more efficiently.

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Lance Holloway is a Senior Solutions Architect at STANLEY Security. Lance has served in the physical security industry for over 27 years. Today, he is part of STANLEY Security’s Enterprise Solutions Architect team, which focuses on research, design and workshop forums to aid customers in achieving even the most complex security goals in today’s evolving technology landscape.

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Archives, Executive Education, Global Trade Daily

MAJOR LOGISTICS AND SUPPLY CHAIN EVENTS GO VIRTUAL BUT MAINTAIN QUALITY AND IMPORTANCE

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Editor’s note-This feature highlights what are currently scheduled as virtual events in 2021. For an overview of 2021 in-person events, see this issue’s Datebook page.

Industry events, conferences and exhibitions have not been immune from COVID-19, as witnessed by the number of gatherings canceled due to global travel restrictions and social distancing measures.  

However, many event organizers looked to digital solutions, quickly pivoting away from in-person and toward virtual events to keep the momentum going from their previous well-attended shows and conferences. According to Eventbrite, a global self-service ticketing platform, business and professional online events increased 1,100 percent when comparing April 2020 with April 2019.

Indeed, some believe virtual conferences and exhibitions will be the “new normal,” although in-person events are not going away altogether (see our Datebook page), and combo platters that allow participants to attend in the flesh or over the internet are also being served.

Organizers and trade associations need not consider all-virtual events as lacking. “When done right, virtual events offer a personalized branded experience, are highly cost-effective and enhance the audience reach of an organization,” reads a press release from W7Worldwide, a Saudi Arabian marketing communication agency that focuses on the supply chain industry. “. . . Transitioning from physical to digital can be a difficult choice, but unlike live events, virtual events allow you to accommodate audiences who otherwise would not have been able to attend due to budget or travel limitations.”

 

W7Worldwide director and co-founder Abdulrahman Inayat extends the notion further when he says, “The value of face-to-face interaction will never go away, but in the current times going virtual must be a necessary part of your event program.”

He continues: “Thanks to today’s technology, major industry events, conferences and exhibitions can continue to take place by pivoting to a virtual format. Treat your virtual event with the same thought and strategy that you apply to live events. While the means for achieving your goals may be different virtually, if you lead with strong content, facilitate engagement, and keep your audience in mind, you cannot go wrong.”

Putting those words into action, W7Worldwide released a guide with “the seven key steps to creating a successful virtual event in the COVID-19 era and beyond.” Read the full report here.

What follows are virtual events that are aimed at Global Trade Magazine’s audience and are scheduled throughout 2021.

IMTS Spark

Now through March 15

imts.com/spark/

One of the manufacturing industry’s most anticipated events, the International Manufacturing Technology Show, has, because of the COVID crisis, gone from being an in-person event to becoming an ongoing, fully virtual showcase of leaders in manufacturing technology. 

Midwest Association of Rail Shippers Annual Winter Meeting 

January 20

mwrailshippers.com 

The typical MARS Winter Meeting would draw more than 800, in-person attendees, but these are obviously not typical times, according to the association’s president, Stefan Loeb. “Our highest priority is the health and safety of our members, so MARS decided that hosting a virtual Winter Meeting was the safest and most prudent choice. A concentrated meeting with an all-star agenda provides the best opportunity for creating value for our membership in these unprecedented times.” The half-day meeting’s “all-stars” include: Keith Creel, president and CEO, Canadian Pacific; Kathryn Farmer, president and CEO of BNSF; and Paul Titterton, senior vice president and COO of North American rail with GATX Corporation.

Temperature Control & Logistics Forum 

January 26-28

pharma-iq.com/events-temperaturecontrolledlogistics/

Presented 100 percent online for the first time, the forum includes a day of pre-qualified meetings and two days of thought-provoking keynotes, case studies and panel discussions.

Evolve: The Next Generation of Oil & Gas

January 27-28

live.freightwaves.com/evolve-the-next-evolution-of-oil-and-gas

Digital Wildcatters and Freightwaves present this one-of-a-kind virtual event for oil and gas professionals. Cutting-edge technologies, innovative startups and disruptive strategies will be discussed by some of the industry’s brightest minds. Despite being online-only, the event will include multiple opportunities to network with industry peers.  

International Conference on Supply Chain Management and Logistics

February 1-2

panel.waset.org

The digital program features scientists, academics and industry pros discussing the most recent innovations, trends and concerns as well as practical challenges encountered and solutions adopted in SCM and logistics.

Global Supply Chain Week

February 22-March 3

live.freightwaves.com/evolve-the-next-evolution-of-oil-and-gas

During this full week of supply chain insights, you’ll hear from different sectors of the supply chain universe: automotive; food and perishables; retail; manufacturing; consumer packaged goods and more. 

Omnitracs Outlook 2021 Virtual User Conference

February 23-24

omnitracsoutlook.com

“Redesigned with you in mind,” Omnitracs’ fifth annual user conference is expected to draw more than 900 professionals in transportation and fleet management. Thought-provoking sessions, great networking opportunities and exciting entertainment can be accessed from the comfort of your office or home.

GreenTech in Shipping Global Forum

February 24-25

10times.com/greentech-in-shipping-global-forum

Green technologies, green ports, green fuels and much more (green) are covered at the forum that comes direct from Hamburg, Germany.

Logistics 21

February 25-27

ietfindia.in/VirtualExhibition/index.html

The New Delhi, India, exhibition on logistics solutions is usually in-person, but the global pandemic has the supply chain management-focused event going virtual this time. Emphasis is placed on the industry’s direct impact on the efficiency of the business in India as well as newer technologies that cut costs and/or boost efficiency.

TPM21

February 25-March 5

events.joc.com/tpm/

The world’s largest container shipping gathering, the Transpacific Maritime Conference will explore COVID-19’s unprecedented impact on logistics and supply chains. With the theme “Redefining the Future,” TPM21 will include more than 70, in-depth sessions exploring how the future will be different and how you can be prepared.

Intermodal Summit

March TBA 

live.freightwaves.com/intermodal-summit 

After the chaos of 2020, find out what will rail and intermodal players will find this year. Here is a hint of what shippers, intermediaries and rail-reliant organizations may find if their reps attend this virtual event: Opportunities for success in 2021 and beyond.

2021 3PL Summit

March TBA

live.freightwaves.com/3pl-summit-2021

After two to three years of relative calm in the freight brokerage markets, 2020 took a hard turn. This virtual summit highlights the best technology and practices to guide you to success this year. Discussions on multi-modal optimization, customer relations, sales insights, market insights, pricing strategies and much more are delivered by industry leaders and innovators.

SCOPE Virtual Supply Chain Summit

March 1-5 

quartzevents.com/events/virtual/scope-supply-chain-virtual-summit-spring-2021/

“We’ve hosted hundreds of in-person summits, brought together countless executives, facilitated tens of thousands of news partnerships and transformed the supply-chain landscape. Now, we’re doing it all online.”

LOA Symposium

March 30-April 2

logisticsymposium.org

The Logistics Officer Association Symposium is dedicated to enabling interactive exchanges among logistics, acquisition and technology professionals from across the Department of Defense, defense industry and academia. For 2021, there will be a continued focus on Leadership, Innovation, Velocity, Excellence (L.I.V.E.) with the theme of the symposium being “Under Attack: Agile Logistics for the Future Fight.”

DroneWaves Summit

April TBA

live.freightwaves.com/dronewaves-summit

What role will drones play in the supply chains of the future and how will you prepare? Learn the answer from drone manufacturers, shippers and more that are utilizing these devices to completely revolutionize transportation at the first and last miles of supply chains. 

Enterprise Fleet Summit

April TBA

live.freightwaves.com/enterprise-fleet-summit

It’s a virtual examination of the components of a successful enterprise fleet. Solving the puzzle will include a look back at the most successful strategies that were used to manage the 2020 volatility. But attendees will also look forward at what the enterprise fleet landscape will look like in the future.

ProMatDX

April 12-16 

promatshow.com

For the first time in ProMat’s 35-year history, the annual event in Chicago was canceled. “However, because supply chains are more vital to global commerce than ever before,” report the organizers, “ProMat will continue to deliver the unrivaled solution-sourcing, education and networking it is known for through a state-of-the-art digital expo–ProMat Digital Experience (ProMatDX).” Industry professionals will come together to find manufacturing and supply chain solutions, problem-solve, connect with peers and learn the latest trends and innovations.

GreenTech in Shipping USA Virtual Forum

April 20-21, 2021

usgreentechshipping.com

This conference feature topics such as environmental regulations and sustainable development, ports and green technologies, future fuels, engineering solutions for better efficiency, repair, retrofit, and ship modifications, ballast water treatment solutions and more.

2021 JRC 

April 20-21

event.asme.org/Joint-Rail-Conference 

The international Joint Rail Conference is considered intermodal’s premier technical event in the U.S. as it includes all disciplines for freight and passenger rail transportation: mechanical, electrical, civil and systems engineering as well as rail safety, planning, design, manufacturing, financing, operations and management.

International Conference on Logistics and Supply Chain

April 22-23

panel.waset.org/apply/2021/04/new-york/ICLSC

The most recent innovations, trends, and concerns—as well as practical challenges encountered and solutions adopted in the logistics and supply chain fields—are discussed by academics, researchers, and industry professionals. 

International Conference on Procurement, Logistics and Supply Chain Management

April 22-23

panel.waset.org/apply/2021/04/boston/ICPLSCM

Leading academic scientists, researchers and research scholars exchange and share their experiences and research results on all aspects of procurement, logistics, and supply chain management during this digital event. 

FreightWaves LIVE @Home: A Virtual Experience

May TBA

live.freightwaves.com/live-home-spring-2021

Listen to pioneering entrepreneurs who can see opportunity on the horizon. Watch transportation and supply chain gurus dive into the lessons learned over successful careers. It’s billed as “the place to be for anyone looking to grow their career and their impact in the world of supply chains, logistics and transportation.”

World Class Supply Chain Summit

May 5

miltonchamber.ca

CN and Laurier, in partnership with the Milton Chamber of Commerce, had planned a fifth annual, in-person summit in Milton, Ontario, Canada, with the theme “Vision 2030: SCM for a new decade.” Though it will now be a virtual summit, the agenda remains the same: Leading academics, speakers and panelists provide their insights on supply chain and logistics–in Canada and throughout the world.

PS V-Forum

May 31-June 1  

worldbigroup.com/conference/pharma-supply-chain-v-forum/

The Pharma Supply Chain & Logistics V (as in virtual) Forum had, in its in-person form, been one of the leading conferences focusing on covering all the aspects of the supply chain and logistics and their integration with AI and blockchain. The online version aims to be the same thanks to another impressive lineup of industry leaders and one-on-one interactions.

Owner-operator Summit

June TBA

live.freightwaves.com/owner-operator-summit

In addition to being drivers—and the backbone of the logistics and supply chain industry because they keep shelves stocked across the country—truck owner-operators are also business owners who must manage their books day-in and day-out. This one-day virtual summit is designed to provide them with the knowledge and insights to improve operations. 

Logistics and Warehouses-A New Consumer Avatar?

June 10

ru.connectrealestateclub.com/event-info/logistics-and-warehouses-a-new-consumer-avatar

Over the next few years, the share of warehouses in the total investment in real estate in Russia is expected to grow. It’s a segment that has shown itself to be stable and reliable for investors, in contrast to offices and retail, which were more affected by the pandemic. Learn what the expectations are of market participants, the opportunities that might appear and more at this virtual meeting of the leaders of the real estate market.

ProPak Asia

June 16-19

Virtual and at BITEC in Bangkok, Thailand

propakasia.com/ppka/2020/en/z_coldchain.asp

The 29th International Processing and Packaging Exhibition for Asia is actually a “hybrid” event that can be attended in-person or virtually. ProPak Asia is the region’s top international trade event for food, drink and pharmaceutical processing and packaging technology, and it also includes the: 20th International Beverage & Brewing Processing & Packaging Technology Exhibition; 28th International Pharmaceutical & Cosmetics Processing & Packaging Technology Exhibition; 15th International Laboratory Equipment, Instrument, Test & Measurement and Quality Control Exhibition; 10th International Coding, Marking & Labelling Technology Exhibition; 9th International Packaging Materials Exhibitions; and 5th International Coldchain, Logistics, Warehousing & Factory Technology Exhibition.

IANA Intermodal Expo

EXPO: The Business of Intermodal is Here

September 12-14, Long Beach, California

intermodalexpo.com

This event will take place in person on September 12-14, 2021 at the Long Beach Convention & Entertainment Center with the theme “The Business of Intermodal is Here.” Educational webinars, virtual panel discussions, market updates, and industry leader interviews round out the program to prepare you, your colleagues, and your business for the future of intermodal.

SCTECH2021 Conference

October 4-7

sctechshow.com

Registration for this European conference, which is billed as a vibrant meeting place for supply chain and technology decision-makers, not only includes entry to the virtual 2021event but access to a recording of the 2020 run. Learn about supply chain trends so you can make informed technology-selection decisions.

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Archives, Global Trade Daily, Software, Special Reports

3 Effective Ways to Increase Sales Productivity

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The term ‘sales productivity’ refers to the phenomenon of maximizing the company`s sales result while minimizing the resources expended. Here, the term ‘resources’ includes anything involved in the process of sales generation such as cost, efforts, time, number of employees and technology.

The speed at which a company reaches its monthly and yearly profit goals is all that matters to survive in the commercial market. Whereas, for the overall growth of a company, it is mandatory to create an equilibrium between ROI, competency, technology advancement and sales productivity.

In short, you cannot expand your business and become a viable name in the commercial sector without increasing sales productivity. Here are a few effective and practical tips to increase the sales productivity of your company.

Calculate the Productivity of Every Individual in Your Team

A company can measure the sales productivity of individuals by the evaluation of the rate at which a respective salesperson surges the revenue graph of the company. In simple words, how efficient a salesperson is in finding out ways to increase the earning of a company through the process of sales.

In a team, few participants play a significant role in increasing sales whereas other salespersons either work to achieve the mentioned goal or rely on the cumulative progress of the team. This employs a negative impact on the key players by bringing their enthusiasm down with their work attitude. That’s why the individual graph of sales productivity of every salesperson is vital for management. It helps them to appreciate the key players for their performance and boost the motivation of the rest of the team.

Design a Sales Process That Suits Your Company’s Work Environment

According to research by Vantage Point Performance, almost 66 percent of B2B sales teams around the world don’t have a pre-defined sales process. The absence of a sales process affects the productivity cycle because every salesperson starts following his/her way to process a lead.

In contrast, when every lead moves through the same steps, surveillance becomes easy for management and every salesperson what exactly he/she has to do in a particular situation. According to a professional sales manager at a multinational company, “Proficiency goes up to 31% when a sales team has a defined sales process.”

Primary stages of the sales process include prospecting, qualifying, presenting, handling an objection, closing, and nurturing stages. You can precisely mention the amount of time a person should utilize over each step.

Buy Effectual and Suitable Customer Help Desk Software

Technology advancement always supports the way of working and help every employee to improve their proficiency. Customer Help Desk Software can support sales agents to attend clients through the cloud system. They also help in generating customized quotes for every client and allow the sales agent to keep a record of every critical detail. On the other hand, this software minimizes the time required to process a lead and also helps companies to establish a positive impact through quick responses for every query of their clients.

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Jason Junge is the CEO of PointerTop, a company dedicated to creating innovative products that enable agent-based businesses to sell, train, and support their products and services directly online. PointerTop offers CrozTop, a platform that enables direct agent-to-customer cross-interactive communications over a company’s website. For more information, visit pointertop.com.