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Investing in Technology to Build Knowledge-Based Companies

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Archives, Executive Education, Global Trade Daily

Investing in Technology to Build Knowledge-Based Companies

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Executives understand how knowledge management as facilitating organizational processes and activities uses information technology to organize existing information. Information technology plays a crucial role in creating, retrieving, storing and applying organizational knowledge stated by Maryam Alavi and Dorothy Leidner’s MIS Quarterly review.

Executives focus on individuals as the major source of knowledge and show how followers tie together so that they can affect the sharing, storage, transfer, and apply knowledge within organizations. Executives, therefore, see these connections, and the related shared knowledge and memory, as central to the effectiveness of knowledge management.

How Technology Matters?

Executives are well versed today on information technology and usually have a fleet of followers in this department that they can depend on. Sandy Weil, a financial executive, wanted one number when he left the office that determined his value at risk. His technology team delivered and came up with one number called VAR (Value At Risk). Wiel slept much better knowing what risk he faced while running one of the largest financial organizations in the world. He was controlling operational risk and inspiring employees to follow where he leads.

Technology, as one would imagine, is often associated with information and communication dispersed within companies. Considerable alignment between information technology and the knowledge-based view connects the two to develop and disseminate knowledge throughout the organization which, in turn, is an important factor of sustainable competitive advantage.

Executives agree with Robert Grant, who states that knowledge integration is one of the main reasons for the existence of companies. Furthermore, Andrew Gold, Arvind Malhotra, and Albert Segars suggest information technology as an important resource for strategic planning for knowledge integration. Olivier Caya posits that information technology enables knowledge integration by using three possible mechanisms:

1. Impersonal

2. Personal

3. Collective

Executives can use the impersonal mechanism to enact regulations, procedures, and rules aimed at coordinating intellectual capital within organizations. Information technology disseminates protocols among members and allows them to be knowledgeable of their progress toward meeting determined milestones stated in the strategic plans.

The personal mechanism is used by executives to vertically and horizontally exchange knowledge between employees and collective mechanism is used when information technology manifests itself as a synthesizer of ideas and knowledge acquired from multiple organizational members. Thus, information technology encourages people to embark on technological facilities, such as shared electronic workspaces, to provide new ideas and possible solutions for solving organizational problems. As a result, it is viewed that information technology plays a critical role in integrating knowledge and is therefore aligned with the knowledge-based view.

Executives can use information technology as a communication mechanism manifestation and deployment and decision-aid technology. For example, Hsin-Jung Hsieh argues that communication technology provides ways to enhance interactions among members and departments within organizations. This type of technology eliminates the barriers of organizational communications while improving the extent of knowledge sharing and access for all followers at various levels of the organization.

Thus, there is a strong correlation between communication technology and social capital view that sheds light on the development of relationships within organizations to aggregate human capital into social capital so as to provide further information and opportunities for all members. This subsequently creates valuable resources for an organization as a whole.

Furthermore, decision-aid technology develops cohesive infrastructures to store and retrieve the knowledge to enable followers in creating more innovative solutions to problems and managing operational risks. Ergo, information technology supports knowledge by enabling interactions and providing more comprehensive and effective solutions to solve organizational problems.

Unleashing the Power of Knowledge in Companies

Today, technology has changed the business world ten-fold. Every day there is an easier way to process, access, and disseminate information. Technology – now referred to as Information technology – is an internal resource that increasingly facilitates organizational communication and improves the search for knowledge. When executives have people in place to manage information technology, the organization can see increased revenues, better satisfaction by employees and customers, and most importantly enhance their own effectiveness as leaders.

The social capital view supports the idea that knowledge creation is highly dependent on developing organizational communications and interactions. Information technology enables organizations to overcome space constraints in communication, and promotes the depth and range of knowledge access and sharing within companies.  More specifically, communication technologies can be employed to enhance the conversations and knowledge exchanges between organizational members. Scholars such as Andrew Gold, Arvind Malhotra and Albert Segars argue that this knowledge shared through information technology could positively contribute to knowledge integration.

I also introduced executives to what the scholar Robert Grant describes using the knowledge-based view. Highlighting knowledge integration as a major reason for the existence of a company. Knowledge sharing itself can develop more innovative climates and facilitate knowledge creation in organizations. Thus, communication technologies can play a crucial role in improving knowledge creation.

Communication technology is an internal resource that develops and integrates organizational knowledge as the most strategic factor of competitiveness. As executives use expert systems for decision-making, technology becomes a decision-aid. As mentioned earlier, decision-aid technology can be also considered as a facilitator of the knowledge creation process by providing the essential infrastructures to store and retrieve organizational knowledge.

Executives agree with Shahnawaz Muhammed who highlights major functions for information technology and explains that information technology enhances learning and sharing knowledge by providing access to knowledge, and stimulates new ideas and knowledge generation, transfers an individual’s knowledge to other members and departments, and improves knowledge capturing, storing, and accumulating, aiming at achieving organizational goals. Bringing us to the conclusion that information tech has a positive association with knowledge management performance in companies.

In Conclusion

Standing on the shoulders of scholars before us, I indicate that information technology is a major factor for knowledge management success and supports the positive impact of information technology on knowledge management performance.

For executives, this article can portray a more detailed picture of the effects of information technology on knowledge management. Many organizations still implement knowledge management initiatives without sufficient consideration of their technological infrastructures.

When executives ensure the effectiveness of knowledge management projects they increase control and lesson operational risk. I also suggest that a firm’s ability to enhance knowledge management can be highly affected when executives implement information technology. Furthermore, I suggest that scholars take these ideas and continue to conduct research using executives as the focal point so that academic scholarship can meet the needs of managerial implications at the higher echelons of organizations worldwide.

_________________________________________________________________

Mostafa Sayyadi works with senior business leaders to effectively develop innovation in companies and helps companies—from start-ups to the Fortune 100—succeed by improving the effectiveness of their leaders. He is a business book author and a long-time contributor to business publications and his work has been featured in top-flight business publications.

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Archives, Global Trade Daily, Software, Special Reports

Four Post-Pandemic Technology Solutions for the New Normal

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Currently, organizations around the world are strategizing ways to return their workforces to being back in-office and other places of work, as the world begins to re-open post-pandemic. Guidelines and protocols issued by federal, state, and local agencies will be key drivers of what the new normal looks like in a corporate setting. From staggered groups of employees allowed in the office each day, to thermal screenings and the end of communal or high-touch areas, businesses will need to have flexible return to work plans in place that allow for social distancing and reduce the risk spreading COVID-19.

The new reality is that workplace environments will be anything but “normal.” Organizations will operate with reduced in-office staff, manage both remote and in-office team members and combat economic slowdown by reducing spending and optimizing resources. Technology is essential to accommodating this new post-COVID business environment. While overall budgets will decrease, technology spending will increase.

Here are four technology solutions that will help enterprises navigate and operate in a new reality:

1. Automation Solutions

Business process automation has become a strategic enabler of business agility for present-day organizations, from helping to speed up business processes and reduce errors, to eliminating repetitive work. Specifically, robotic process automation (RPA) has quickly become an essential tool that an increasing number of CIOs are utilizing across their organizations. Through RPA, mid- to large-sized enterprises can configure a “robot” to deal with various interrelated processes, to unify and streamline day-to-day work internally. The right RPA tools can not only save reduce staffing costs and human error, but also streamline communication, improve management and retain customers.

2. Chatbots

As social distancing and a global remote workforce are the new normal during these unprecedented times, it’s helpful to boost collaboration and productive engagement across an organization’s remote teams through chatbots. Chatbots help reduce the load on the technical support team and cut operational costs. Furthermore, they offer a progressive avenue for marketing and sales departments to streamline customer and client communications, ultimately improving sales and customer services. In a time of a pandemic, combined with the increasing number of remote workers, the adoption and implementation of chatbots will only continue to grow.

3. Communication and Collaboration Platforms

Communication and collaboration platforms like Microsoft Teams, Basecamp, and others help bridge the gap between physical presence and remote collaboration. With the new social distancing guidelines and protocols, a combination of virtual and in-person work environments will be essential to ensuring business continuity across an enterprise. Whether an employee is in-office or remote, a robust communication and collaboration platform ensures they can take and access their work anywhere. It enables employees to give optimal output, while also minimizing the physical disruptions caused by COVID-19.

4. Hybrid Cloud Infrastructure

Hybrid cloud infrastructures have changed the way enterprises store, access and exchange data. In the wake of the global pandemic, it will tremendously alter the landscape of corporate environments. Hybrid cloud is a computing environment that uses a combination of private cloud and public cloud services. Organizations can achieve the perfect equilibrium between private and public clouds by leveraging both platforms to run critical workloads. This architecture provides businesses greater flexibility and more data deployment options when working with a reduced workforce.

As a result of the business impacts that COVID-19 has had on the business world, a new wave of technological innovation is sweeping across the industry to help transform various aspects of business. As organizations look to combat an economic depression, they will need to implement technology solutions to “get the job done” with the limited staff they have on hand. Therefore, tools and platforms that allow employees to perform tasks without any high-level coding or professional development skills will be high in demand. Automation solutions, chatbots, communication platforms, and hybrid cloud infrastructures will provide the businesses of tomorrow the ability and flexibility to operate successfully and competitively in a post-pandemic “new normal.”

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Ajay Kaul is a visionary leader and a trendsetter. As managing partner of AgreeYa Solutions, he has been instrumental in leading the company through solid growth and international expansion for the past 20 years. Kaul has three decades of experience in building powerful and innovative solutions for businesses across various industries and verticals. His expertise and knowledge expand across enterprise sales management, marketing and strategy, global delivery, and mergers and acquisitions.

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Archives, Global Trade Daily, News

How Businesses can Weather COVID-19: Start with Empathy to Employees

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Major U.S. businesses are adjusting operations, laying off employees or reducing hours in response to the coronavirus outbreak.

It’s uncharted territory for the nation, and companies from large brands to small businesses, like everyone else, are operating without a playbook to deal with an unprecedented public health threat that will also have economic implications. How businesses adjust to the pandemic and respond to this “new normal” is critical to the future of their business.

“The most important part is showing empathy to employees – now more than ever in these uncertain times,” says Ed Mitzen (www.edmitzen.com), founder of a health and wellness marketing agency and ForbesBook author of More Than a Number: The Power of Empathy and Philanthropy in Driving Ad Agency Performance.

“While every company is dealing with the effects of the COVID-19 outbreak, it’s important to keep in mind that your employees are being affected in more ways than one. Added challenges to daily life now include your partner working next to you, your children being home from school, and having to keep an extra close eye on elderly relatives. In these unusual circumstances, people will notice which companies are treating their employees with empathy and compassion and which are not.”

A business leader’s response during a time like this defines who they are as a leader.

Mitzen thinks this challenging time could be used by business owners to assess their company culture and consider that how they treat employees is central to that culture and vital for business results. He explains how leaders can show empathy to employees, strengthen company culture and drive performance:

Lead with support, not force. “Culture starts at the top, and the best results come when leaders support their people and help them get the most out of life, rather than trying to squeeze them to work harder and harder,” Mitzen says. “People can sacrifice for the job for only so long before they burn out. It may sound counterintuitive, but sometimes prioritizing life over work actually improves the work product. Once you hire good people, you don’t have to push them with crazy deadlines to squeeze productivity out of them.”

Build a team of caring people. “Business is a team sport,” Mitzen says. “To have an empathetic culture, you need people who care for each other and work well together. Build teams by looking for people who lead with empathy.  Don’t hire jerks. People who are super-talented but can’t get along with others tend to destroy the team dynamics, and the work product suffers.”

Define a positive culture – and the work. Showing empathy to employees can be an engine generating creativity and productivity. “The internal culture at a company defines the work the company produces,” Mitzen says. “Culture influences who chooses to work for you, how long they stay, and the quality of work they do. And the core of the culture is empathy, starting with employees and extending to customers and the communities that you live in. There’s a strong connection between a healthy work culture, which inspires people, and the work customers are receiving. That kind of company makes sure customers are treated the same way they are being treated.”

“Now more than ever, empathy, kindness and compassion are important values to keep at the forefront of your organization,” Mitzen says. “Business leaders can take the lead in doing the right thing, starting with their employees.”

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Ed Mitzen (www.edmitzen.com) is the ForbesBook author of More Than a Number: The Power of Empathy and Philanthropy in Driving Ad Agency Performance and the founder of Fingerpaint, an independent advertising agency grossing $60 million in revenue. A health and wellness marketing entrepreneur for 25 years, Mitzen also built successful firms CHS and Palio Communications. Fingerpaint has been included on the Inc. 5000 list of fastest-growing companies for seven straight years and garnered agency of the year nominations and wins from MM&M, Med Ad News, and PM360. Mitzen was named Industry Person of the Year by Med Ad News in 2016 and a top boss by Digiday in 2017. A graduate of Syracuse University with an MBA from the University of Rochester, Mitzen has written for Fortune, Forbes, HuffPost, and the Wall Street Journal.

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Archives, Features, Global Trade Daily

Global Trade Magazine Accepting “Women in Logistics” Nominations

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Global Trade Magazine officially opened nominations for its May/June cover story, “Women in Logistics” beginning this week through the end of March. This marks the publication’s second annual feature spotlighting leading female executives reshaping the way companies approach industry disruptions. The ideal candidate has a proven track record of creating long-term solutions impacting various sectors including transportation, warehousing, shipping, and supply chain management.

“As we continue to see a rise in female leaders within the logistics industry, I wanted to take recognition to the next level for female executives fostering positive company culture while displaying exemplary leadership all industry players can learn from,” said Eric Kleinsorge, Publisher and Chairman of Global Trade Magazine. “Last year’s cover story was a huge success. We received a lot of positive feedback from our readers and we’ve already received impressive nominations for this year’s feature.”

Among leading ladies featured in the 2019 issue included Joan Smemoe of RailInc., Jane Kennedy Greene of Kenco, Wendy Buxton of LynnCo Supply Chain Solutions, and Barbara Yeninas and Lisa Aurichio of BSYA. This year’s selected nominees will be selected based on factors including tenure, industry relevance, impact on the industry, the health of relationships with employees, with a high emphasis on their workplace culture approach. Nominations will be limited to one executive per submission and participants can enter their executive of choice until March 31st at 5 p.m.

“I encourage workers from around the globe to take a few minutes and submit female leaders that have changed the way they view leadership and have made a positive impact on their career and industry. It’s important to the evolving culture of global companies to recognize these women for their dedication to the industry and the workers that make success possible,” Kleinsorge concluded.

To submit a nomination, please click here or call (469) 778-2606 for more information. 

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Archives, Global Logistics, Global Trade Daily

ONE, TWO, 3PL … or 4PL? DETERMINING WHICH MAKES THE MOST SENSE FOR YOUR BUSINESS

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The supply chain ecosystem is becoming more demanding as consumers are conditioned to expect nearly instantaneous free shipping and where order delays can inflict serious damage to brands. As a result, shippers must carefully select their supply chain partners, as their performance has a much greater potential impact on customer satisfaction and the bottom line than ever before.

However, shippers are often perplexed when faced with the choice of partnering with a 3PL or 4PL to tackle their logistics and transportation challenges.

“Every shipper is unique, but many face the same challenges and share the same goals: reducing costs, optimizing their network, consolidating shipments, changing behaviors, improving customer service, and improving visibility, to name a few,” says Ross Spanier, senior vice president of Sales and Solutions at GlobalTranz, a Phoenix, Arizona-based tech company that provides a cloud-based, multimodal transportation management system (TMS) to shippers, carriers and brokers.

“The common thread that links these challenges and goals is data,” Spanier continues, “and many companies lack the data they need to make truly informed business decisions.”

He should know. Spanier brings more than 17 years of experience—which includes stops at C.H. Robinson and Logistics Planning Services—to the discussion of 3PL versus 4PL partnerships. Shippers, he maintains, should focus on the capabilities of the prospective partner and seek out partners that combine the technology, people, multimodal services and solutions they need to in gain a competitive advantage.

“Many shippers really cannot afford to staff and maintain an internal transportation and logistics team,” he notes. “Finding a partner that can act as an extension of their business is key. It’s also extremely important to make sure your partner can provide technology and experience in implementation, execution and integration. That can be a significant cost and a disruption for businesses that attempt to do that by themselves.”

Whether you’re a medium-sized business or listed on the Fortune 1000 annual list, deciding between a 3PL and a 4PL sets the stage for all moving parts.

“A common misunderstanding is that a 3PL is just a broker, when the reality is they can be much more than that,” Spanier says. “At GlobalTranz, our managed solutions are a great example of that. We can offer a more strategic and consultative approach for our customers including having ‘skin in the game’ on the broker side, where we’re taking on pricing commitments, service level commitments, managing the risks and owning the contracts.

“Many times, that is one of the common misunderstandings because a 3PL can act very strategically with customers and not necessarily need a fourth party. The 4PL typically offers strategic insights and management of a company’s entire supply chain, and often if one goes back to the question of ‘what is the difference between a 3PL and 4PL,’ 4PLs are the right fit for much more mature, large or complex organizations.”

GlobalTranz positions itself as a leader in customized solutions for a wide variety of shippers across many industry verticals. From LTL to truckload, final mile or white-glove service, intermodal, ocean, air, and cross-border Mexico transportation … are all part of the GlobalTranz offering. In addition, the company offers an award-winning TMS. The company takes pride in collaborative efforts between the people driving their technology as an integrated solution offered to their customer base.

“Whether a customer is best-suited for a 3PL or 4PL solution is typically not already known when we walk in the door, Spanier explains. “We like to show where a customer can gain the most value based on the solution and its capabilities. More times than not, it’s about voicing that to the customer and understanding where their constraints are and how we can put a solution together–a 3PL or a 4PL solution.”

GlobalTranz boasts a different approach when it comes to serving its customer base. Its robust managed solutions offerings serve a variety of needs that can be tailored upon identifying where the client’s business needs it the most. The experts at GlobalTranz take the process of solution identification one step further by evaluating the needs and configuring a solution from there. There is no “one-size-fits-all” solution, which is exactly how GlobalTranz separates itself from the rest as a leader in logistics solutions–whether that be a 3PL or 4PL solution.

“People, processes, and technology are important, and it’s crucial to establish relationships and communications that are aligned with company goals,” Spanier contends. “Without strong relationships in place, technology and process won’t deliver the needed support or what they’re looking to get out of a partner. When you have a customer looking at a 3PL solution, you want to make sure that a 3PL has the ability to bring in carriers no matter what markets they operate in. This is critical because they may be in one market today but with growth, both organic and through acquisitions, and the changing dynamics in customer demand and expectations, the footprint could expand and it’s important to have a partner that is quick to react and agile in respect to their carrier partners as well.”

So, when deciding on what makes the most sense for your business, consider partners that not only provide solutions but are agile and customizable based on specific business goals.

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As the GlobalTranz Senior Vice President of Sales and Solutions, Ross Spanier leads the enterprise sales organization as well as the design and delivery of innovative and customized supply chain solutions that drive efficiency, cost savings and competitive advantages for current and prospective customers. With more than 15 years of experience in the supply chain and logistics industry, Spanier has developed and grown sales and operations teams specializing in best-in-class service execution of LTL, TL, expedite, supply chain management, projects & heavy haul, white glove and managed transportation service lines. Prior to joining GlobalTranz in 2017, he held sales and operations leadership roles at both C.H. Robinson and Logistics Planning Services (LPS).

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Archives, Global Logistics, Global Trade Daily

10 Tips for Cutting Costs and Improve Customer Service in Supply Chain Logistics

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As organizations continue to create and source raw materials from overseas, controlling expenses remains the number one priority for players involved in international trade.

One critical factor that executives should monitor closely is logistics management. This sector covers important activities relating to procurement, transport, and storage of goods. In most industries, supply chain logistics account for 5% to 50% of a product’s total cost.

Some of the issues that affect logistics costs include fuel prices, complex international trade laws, and security. High transportation fees are mainly caused by high fuel prices delays in ports. Complex international trade laws increase warehousing costs by lengthening delivery times.

As technology evaluation.com reports, air-freight shipment takes about eight to twelve days. During these days, the cargo is on ф route around 5% of the time. 95% of the time is spent lying in warehouses waiting for compliance checks and documents. So, how can you cut down costs and improve customer service in supply logistics? Keep reading!

1. Use your space efficiently

Using your space efficiently will save you a lot of money in the long run. As you already know, storing your supplies in a warehouse comes at a cost. Figure out whether you are making the most out of your space or not.

You might discover other ways of finding spaces that are best suited for your business. As we’ve seen, supplies, spend most of their time in warehouses waiting for compliance checks. The more efficient you are at warehousing; the more profits you’ll generate at the end of the day.

2.  Automate your processes

Organizations that use technology solutions to automate compliance processes have the power to speed up the process four times as much compared to organizations that rely on manual work. Automating tasks such as document preparation will eliminate expensive mistakes and errors.

Automating your processes also leads to fewer delays at crossing points thus resulting in timely deliveries, increased customer satisfaction and avoidance of expensive fines.

3. Inform decision-makers

According to dissertation service, providing decision-makers or your customers with the costs of freight associated with each service level, the reliability of every lane and the total cost of transporting inventory will make it easier for them to make informed decisions and work with you in the future. In most cases, your customers will select the cheapest option that complies with the laws to meet their needs.

4. Figure out the real costs of sourcing overseas

Before sourcing overseas, you need to calculate freight, brokerage, duty, and transportation costs to support these long supply chains. You should factor in other costs such as engineers flying overseas. Once you figure out the total landed cost and its impact on your business, you might discover that domestic buy is quite attractive. For instance, sourcing from Ohio to your plant in the US might be cheaper in the long run compared to sourcing from China.

5. JIT inventory management

There are many benefits to implementing Just-in-Time inventory management. With this system, you can order and receive inventory only when you need to. In the long run, this will reduce your inventory transportation costs, protect against write-downs attributed to dips and eliminate unnecessary overhead costs caused by excess inventory.

6. Sales and operations planning

For a supply chain to function at its highest efficiency, sales, and operations planning is required. Optimal performance greatly depends on creating proper plans. However, it can be complicated and expensive in the long run.

By working with a third-party logistics provider, your team will eliminate waste and redundancies thus enabling you to analyze data, forecast and enhance visibility so that everyone is involved. During the sales and operations planning process, you should address issues such as unrestrained stock-outs, obsolete inventory, inaccurate forecasts and adjusting demand and production schedules.

7. Package your products well

Packaging your products well will result in less or no damages during the shipping process. Ensuring that the people responsible for packaging your products do it properly will minimize quality costs and build your reputation. As the saying goes, it’s the smallest things that matter the most.

8. Assess your performance

You have to measure the performance of your strategies to forge the way forward. Doing business without assessing your performance regularly is a recipe for disaster. By not assessing your performance, you’ll have a hard time determining how much money you are spending and saving. Come up with your key performance indicators and gauge how well your business is doing.

9. Eliminate variability during transit times

The more variable the transit times, the higher the likelihood that the receiving party is using premium freight, ordering more quantity than is necessary to compensate for the uncertainty of creating buffers of inventory. When you understand these dynamics, you’ll realize that paying for higher freight costs will enhance variability and save your company loads of cash in the long run.

10. Choose your mode of transport.

Which mode of transport is the cheapest? Trains? Airplanes? Automobiles? In most cases, rail is cheaper when transporting bulky goods than air or trucking. Also, water is cheaper than air. Regardless of the delivery model, it’s important to get all the quotes from different modes of transport available.

Conclusion

Managing a supply chain logistics company is not the easiest thing to accomplish. You have to make the right move every time out to avoid expensive mistakes and losses. The ten tips discussed above will help you reduce your costs and grow your business. You owe it to yourself to assess your situation and determine what needs to be changed or implemented.

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This guest post is contributed by Kurt Walker who is a blogger and college paper writer. In the course of his studies he developed an interest in innovative technology and likes to keep business owners informed about the latest technology to use to transform their operations. He writes for companies such as Edu Birdie, XpertWriters and uk.bestessays.com on various academic and business topics.

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Archives, Global Trade Daily, News

Artificial Intelligence Market to Reach $54 Billion by 2026

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According to a new study published by Polaris Market Research, the global artificial intelligence market is anticipated to reach USD 54 billion by 2026. The advancements of robots and the rise in their deployment rate particularly, in the developing economies globally have had a positive impact on the global artificial intelligence market.

Augmented customer experience, expanded application areas, enhanced productivity, and big data integration have highly propelled the artificial intelligence market worldwide. Although, the absence of adequate skilled workforce, as well as threat to human dignity, are some of the factors that could affect the growth of the market. However, these factors are expected to have minimal impact on the market attributed to the introduction of advanced technologies.

An extraordinary increase in productivity has been achieved with machine-learning. For instance, Google, with the help of its experimental driverless technology has transformed cars including, Toyota Prius. The integration of various tools by artificial intelligence has helped in the transformation of business management. These tools include brand purchase advertising, workflow management tools, trend predictions among others. For example, Google’s voice accuracy technology has a 98% accuracy rate. Furthermore, Facebook’s DeepFace technology has a success rate of approximately 97% in recognizing faces. Such accuracy in technologies is further anticipated to bolster the market growth during the forecast period.

Currently, North America dominates the global artificial intelligence market attributed to the high government funding availability, existence of prominent providers in the region, and robust technical adoption base. Also, the region is expected to continue its dominance during the forecast period. Moreover, the adoption of cloud-based services in key economies, such as the US and Canada, is considering adding to the market growth in the North American region. The markets in Asia Pacific, MEA and South America region are expected to notice a high growth during the coming years. The growth in the Asia Pacific region is attributed to the increasing demand for artificial technologies by the developing economies. Thus, the region is anticipated to grow at the highest CAGR during the forecast period.

 

Major companies profiled in the report include Google Inc., Intel Corporation, Nvidia Corporation, Microsoft Corporation, IBM Corporation, General Vision, Inc., Qlik Technologies Inc., MicroStrategy, Inc., Brighterion, Inc., and Baidu, Inc. among others.

Key Findings from the study suggest North America is expected to command the market over the forecast years. APAC is presumed to be the fastest-growing market, developing at a CAGR of more than 65% over the forecast period. The artificial intelligence market is presumed to develop at a CAGR of over 55.9% from 2018 to 2026. The high implementation of artificial intelligence in several end-user verticals including, retail, automotive and healthcare is projected to boost the growth of the market over the forecast period. Several companies are making considerable investments to integrate artificial intelligence competencies into their portfolio of products. For instance, in 2016, SK Telecom and Intel Corporation signed an agreement for the development of the artificial intelligence-based vehicle-to-everything (V2X) technology as well as video recognition.

For More Information About Artificial Intelligence Market @ https://www.polarismarketresearch.com/industry-analysis/artificial-intelligence-market/request-for-customization
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Global Genetic Testing Market to Hit $25 Billion by 2025

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Genetic Testing Market is expected to exceed USD 25 billion by 2025. Growing incidences of genetic diseases coupled with the rising availability of advanced genetic tests will augment the industry growth.

Increasing awareness regarding the availability of genetic tests should escalate the genetic testing market growth throughout the forecast years. Industry players implement several promotional activities that raise awareness amongst the people. Moreover, due to increasing internet penetration in developing economies, individuals are becoming aware of the benefits of early diagnosis of genetic diseases. Above mentioned factors should surge the industry growth. However, the high cost of genetic testing may affect industry growth to some extent.

The unprecedented growth pace of the genetic testing market is rather evident from 23andMe’s recent launch of a grant program as a part of its Genotyping services for the research platform. A significant market contributor globally, through this invention, aims at promoting research studies with the intent to increase the revenue shares in the upcoming years. This trend itself bears testimony to the fact that the chief market players are opting for strategic moves to strengthen their position in the global genetic testing market share.

A business vertical of high repute, thriving extensively on personalized medicines, genetic testing market as of today stands as one of the outpaced, profitable industry spheres there is. Endorsed by the availability of technologically sound gene diagnosing kits and elevating cognizance regarding the use of personalized medicines, the commercialization potential of the genetic testing industry has surged immensely in the past few years.

Speaking of the test type spectrum, the carrier testing segment has stood tall during the past few years and is likely to develop at an appreciable pace during 2019-2025. For the records, the carrier testing segment accounted for USD 460 million in 2018. These tests find large scale use among couples to determine the chances of having a child with genetic disorders.

Also, they focus on detecting the probability of a healthy person carrying mutated genes. These factors have prompted healthcare professionals to recommend required treatments for the individuals comprising mutated genes thereby adding an impetus to genetic testing market trends.

North America’s genetic testing market will foresee over 10% growth throughout the forecast years. Increasing prevalence of genetic diseases will prove beneficial for regional growth. Cystic fibrosis, sickle cell anemia, thalassemia, and other genetic disorders affect millions of individuals in the U.S. annually that should spur the demand for upgraded genetic tests. Moreover, favorable regulatory scenario for genetic tests will further positively influence regional growth.

Companies are undertaking several initiatives to add innovations in the genetic testing market. Additionally, industry players such as 23andMe, BGI, BioMerieux, Cepheid, Counsyl and others have implemented several strategic initiatives such as mergers, acquisitions and product launches for gaining competitive advantage. For instance, in October 2016, 23andMe announced the launch of a grant program as part of its Genotyping Services for Research platform. The program is aimed at promoting research studies and obtaining proposals in which 23andMe experience is likely to garner more customers. This strategy will enhance 23andMe’s business grow

Source: https://www.gminsights.com/industry-analysis/genetic-testing-market,m

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Archives, Global Trade Daily, Imports/Exports

Trade and the Impact on Imports and Exports in 2020

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Significant and sustained increases in the world trade index (an index measuring the number of times the word uncertainty or its variants are mentioned in Economist Intelligence Unit (EIU) reports at a country level) should be a worry for many as “the increase in trade uncertainty observed in the first quarter could be enough to reduce global growth by up to 0.75 percentage points in 2019”[1]

In August, the US Institute for supply management[2] latest report shows a contraction in production, purchasing, and employment indices.

Ahir, H, N Bloom, and D Furceri (2019), “The global economy hit by higher uncertainty”, VoxEU.org. https://voxeu.org/article/trade-uncertainty-rising-and-can-harm-global-economy

 

Uncertainty generated from Brexit, the US-China trade war, Japan – South Korea trade wars, and general discontentment with global trend towards widening income inequality is creating a toxic mix for politicians to deal with. The irony is the conventional approach of blaming your trading partners for your problems is only likely to exacerbate a general lack of confidence and increase further uncertainty.

The current round of the G7 summit in Biarritz concluded with support “to overhaul the WTO to improve effectiveness with regard to intellectual property protection, to settle disputes more swiftly and to eliminate unfair trade practices.” In essence, it’s signaling a need to strengthen the capabilities of the WTO to act faster and more decisively in resolving disputes that are even more political than structural in nature, requiring a more multi-faceted engagement approach. Whilst this may help in the long-run, in reality, companies will have to contend with uncertainty in global trade for some time to come as well as the impacts on the real economy from these disputes.

And all of this is happening as IMO 2020 approaches, the January 1, 2020, date by which the International Maritime Organization mandates a switch to lower sulfur fuels in order to achieve an 80% reduction in sulfur emissions leading to significant cost increases in the shipping goods via ocean freight (initial estimates between 180USD – 420 USD per TEU dependent on routing, base fuel costs, carrier).

So given the significant uncertainty around global trade agreements, the increasing use of trade as a political football, the increasing costs to trade and the shortening of product lifecycles as customers want faster, newer more differentiated offerings. Is it still worth it?

Of course this is very much dependent on what industry you are in. Whether you’re a global manufacturer or a wholesaler sourcing goods, your perspectives may be different based on investments made, sensitivity to current trade/tariff measures, customer demands, your markets, and the degree to which you are exposed to political debate and targeting.

However, I would offer that the benefits of specialization, economies of scale and unique factors of production that have underpinned global trade still exist as Adam Smith put it in 1776:

“By means of glasses, hotbeds, and hot walls, very good grapes can be raised in Scotland, and very good wine too can be made of them at about thirty times the expense for which at least equally good can be brought from foreign countries. Would it be a reasonable law to prohibit the importation of all foreign wines, merely to encourage the making of claret and burgundy in Scotland?”[1]

Today this simple analogy still holds true in skills, competences, capabilities, and access to markets and insights so that over time the expectation is that trade will prevail.

While the recent outlook has been gloomy, opportunities for 2020 include a resolution to a number of ongoing disputes and a final settlement on Brexit (we hope). Additionally, the maturation in technologies such as blockchain, process automation, forecasting and demand management solutions can also offset costs associated with IMO and support greater agility in the uncertain supply-chain world that we currently live in.

Indeed, if 2019 was the year of trade uncertainty, 2020 could be a restorative year in our ability to execute global trade.

Partnering with an experienced supply chain leader will be essential to minimizing cost increases while ensuring the efficient flow of your company’s goods and services.

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[1] World Economic Forum:https://www.weforum.org/agenda/2019/07/how-trade-uncertainty-is-impacting-the-global-economy/

[2]https://www.instituteforsupplymanagement.org/ismreport/mfgrob.cfm?SSO=1

[3]Adam Smith: Wealth of nations 1776

Neil Wheeldon is the Vice Presidents Solutions, BDP International.

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Archives, Commentary, Global Trade Daily

5 Tech Trends That Businesses Can’t Afford To Ignore

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With technology evolving at such a rapid pace, some business owners are left digitally disoriented as they try to figure out which of the latest innovations they need to invest in and what they can ignore.

It can make for confusing times.

All that bewilderment aside, though, these fast-developing advances also create opportunities that can help small and medium-sized businesses become more competitive – if they understand how to seize them.

“Technology exists today that at one time was available only to large corporations with huge technology budgets,” says Chris Hoose (www.choosenetworks.com), an IT consultant who works with small businesses.

“Every year, technology becomes even more accessible to companies of all sizes.”

Hoose says businesses that want to stay on top of their games should make sure they invest in these technological trends, if they haven’t already:

The Internet of Things. Many Internet of Things-connected devices, such as smart refrigerators and thermostats, are designed for home use, but there are also applications for small businesses, Hoose says. Some examples: smart locks use digital keys that can’t be lost or stolen, and log a record of who uses a door and when; RFID tags on merchandise can prevent theft and automatically update inventory; and mobile-card readers can replace cash registers.

Artificial intelligence. Don’t be fooled into thinking that AI is something only the big organizations can afford to use, Hoose says. “It’s making inroads into technologies accessible for businesses of all sizes,” he says. “AI can help you offer increasingly personalized experiences to customers by maximizing your time and automating manual tasks, like data entry.” AI also can be used to improve decision making, Hoose says. Essentially, AI will help you take that jumble of data most businesses have and analyze it in a way that allows you to make better-informed judgments on the actions you need to take.

Telecommuting. The office world is changing and more workers spend at least a portion of their work week telecommuting. “In many cases remote employees use their own equipment, which can eliminate some of the company’s costs with purchasing and maintaining computers, printers and mobile phones,” Hoose says. Video conferencing, instant messaging and other advances are helping to make telecommuting a viable option, he says.

Customer-relationship-management (CRM) software. Any application that a business uses to interact with customers, analyze data, or recommend products and services to customers is “part of the CRM family,” Hoose says. “This type of software helps your team manage, control and build customer relationships,” he says. “It can log your team’s touchpoints with prospects, including emails, phone calls, voicemails and in-person meetings. You can have a complete record of your team’s interaction with a prospect that’s easy for anyone to access.”

Voice search. Consumers increasingly are making use of such AI assistants as Siri or Alexa to help them do internet searches using their voices. “Voice search is changing the way people find information because these queries are structured differently than when we type terms into a search engine,” Hoose says.

“Organizations of all types can benefit from optimizing their content to improve where they fall in a voice search.”

“To help propel your business going forward, it’s important to stay abreast of technology innovation,” Hoose says. “These technologies will help you expand your customer base, create more efficient in-house processes, and increase engagement from both customers and staff.”

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Chris Hoose (www.choosenetworks.com) is the president of Choose Networks, an IT consulting firm for small businesses. Hoose started the company in 2001 to give large-scale solutions and support to businesses that can’t afford their own in-house IT department. He earned a Master of Information Systems Management from Friends University.