If your organization is a victim of inefficient task execution, consistently missing deadlines and teams lacking seamless collaboration, then now is a good time to think about implementing a task management software to manage your tasks better. Task management systems are used to manage tasks, track time, and easily collaborate with the team. An effective task management software is important because it offers the best solution to overcome these challenges.
In the retail industry, the right data at the right time can help you make more informed, data-driven decisions. With stronger data, you can gain a better understanding of customer behaviors, attitudes, needs, and pain points, which is essential for the success of your retail organization. With increasing consumer demands and dynamic market conditions, it is vital for the players in the retail industry to understand customer preferences and identify their needs. Customers seek instant gratification, unmatched service experience, and the latest products from the companies in the retail industry.
Systems create success no matter the size of the business, procedural protocol and operations can make or break you in today’s world. If you can find a way to systematize your back office processes, then you can stop worrying about day-to-day operations and focus on building your business.
The legalized cannabis market is booming in North America, cannabis production and distribution is now a thriving industry as more and more municipalities across the United States and Canada begin to allow legal usage and distribution of hemp products for both recreational and medical use. According to a New Frontier Data survey, legal adult-use cannabis was estimated to have reached to $13.1 billion for medical and adult use cannabis in 2020 and by 2025, the legal sales in the cannabis market will reach 35 billion dollars! Now is the time to act, and act efficiently, start your operation using the right tools to allow you full visibility.
Healthcare is at a turning point. Changes in regulations and reimbursement models have shifted the focus of care from treating ailments to sustaining a patient’s well-being. For providers, the incentive not only lies in making you healthy but keeping you healthy. As care models have evolved, so has technology. Today, Data Analytics and Business Intelligence has turned out to be one of the figurative lifesavers in the healthcare arena. The constantly growing number of data sources and complexities associated with the generation of data within the healthcare organizations have resulted in the need for better decision-making capabilities. This is where the importance of business intelligence tools comes into play. BI allows healthcare organizations to collect all their data from multiple sources and view it in cohesively in a BI dashboards that displays vital business insights, keep track of KPIs, and boost both financial and operational performance.
Healthcare is a crucial branch where efficiency is instrumental in saving lives. A research study found that health care spending across the globe is likely to register an annual growth of 4.1 percent between 2017 to 2021. So, as the industry dives headfirst into an era of growth driven by factors such as growing populations, the evolution of developing countries, increase in labor costs, progress in the medical field, and more that companies operating in this space need a robust tool to help them navigate this phase.
Whether you sell to consumers or to businesses, if you're not using lead generation software, you could be wasting a lot of time. As businesses continue to get access to more customer data, the whole process of marketing and lead generation gets more tedious than before. According to a report by Marketing Charts, 17% of marketers spend 15+ hours a week on lead generation. That is a whole lot of time to be solely occupied by the lead generation process. Just think of all the things you can accomplish and work you can do within this time frame. Despite wasting so much time on lead generation, 63% of companies still think that lead generation is one of their top marketing challenges. In the old days, B2B salespeople generated leads by making cold calls or sending sales letters; B2C companies generated leads by advertising on TV, on the radio and in print publications. Today, however, lead generation has moved to the web, since most searches for products and services begin online. That's where lead generation software comes in.
In many business organizations, the sales and marketing departments are some of the highest revenue generators. To generate leads and drive growth, you want to free up your sales team to do what they do best: sell. Businesses large and small are finding that they can maximize the sales and marketing departments’ time by removing the barriers that are keeping these employees from executing in their valuable roles. Sales and Marketing teams spend the majority of their time for repetitive and time consuming tasks. Therefore, they only have a limited amount of time for targeted operational and actual sales to generate more revenue. RPA (Robotic Process Automation) can be used to reduce the repetitive and tedious day-to-day tasks and bring more efficiency and creativity in sales and marketing. RPA combines software robots with business defined rules to automate tasks on behalf of an employee.
If you just started a business, or you’re looking to expand your small business, you might feel overwhelmed by the number of office responsibilities in front of you. Your front office will generate sales and profits, but it needs support to do so. The heart of your business relies on proper accounting, bookkeeping, data entry, and more. Though these functions don't relate to your core business model, they serve a vital role in overall business functions. Your back office the lifeblood of your business. Your business can't operate if these functions don't run smoothly. As you grow, there will soon be no feasible way for you to manage everything yourself, and hiring full-time employees is an arduous (and expensive) process. The solution to this dilemma is finding back office tasks and responsibilities to outsource. Lotus Analytics understands what it’s like to run a business and prioritizes your back office needs. Lotus also understand that the more time you spend on administrative tasks means the less time you have to focus on generating income and growing your business. Lotus Analytics offers a wide range of back office services tailored to your needs, your business, and your budget.
Cities all over the world are using technology to transform the way people live. They’re becoming connected smart cities, not just regular cities. That means cities where technology is used to solve urban living issues, which could be anything from smart streetlights that automatically turn off when the street is empty to intelligent systems to improve transportation networks. Smart city is a phrase often thrown around but seldom has any real meaning. It can mean anything from having a new cycle path to providing fast internet, but in reality the definition is not something easy to find. Despite this, reports have emerged saying that solution providers for these new cities will be worth over $400 billion by 2020. Smart cities use Internet of Things (IoT) devices such as connected sensors, lights, and meters to collect and analyze data. The cities then use this data to improve infrastructure, public utilities and services, and more.
Business intelligence is a tech-driven process which leverages software and services to transform data into actionable and meaningful insight that acquaints an organization’s strategic and tactical business decisions. Due to various number of tools that enable all-sized businesses to analyze metrics and large amounts of data in real-time, BI is becoming a routine for marketers. These tools are designed to analyze business data, helping companies and organizations to get insights into the aspects that they need to improve on to drive their business forward and achieve their goals. Through Business Intelligence, organizations can have the data they need to enable them to make informed, intelligent decisions about the different aspects of their business.
There have been many strides in the field of healthcare, to make it more accessible and cheaper. One of the main contributors to developments in the healthcare industry is technology. Owing to the many advancements in technology, hospitals, clinics, and doctors have become better equipped to deal with patients and the different kinds of illnesses, injuries or diseases. Business intelligence plays a very important role in all of this. Business intelligence, defined by Gartner as “an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance,” is essential for helping healthcare providers gain visibility into opportunities for improvement.
Today’s telecommunication landscape is vast and demanding. Providers must deal with an unprecedented amount of connectivity points and serve customers who expect fast, reliable service. The telecommunications industry is complex and requires attention to numerous factors including security compliance, industry standards, customer satisfaction, market competition, technology evolution, staffing, and more. Much of the telecom business is based on understanding the user base and the usage of the products and services. Understanding the volume and expectations and planning for future growth are key to continued success. And with the rise of Internet of Things (IoT) and widespread use of wireless sensor networks, telecom companies have boatloads of data to handle, presenting obvious challenges but also big opportunities. Yet, most business intelligence or data analytics platforms aren’t agile enough to make this data accessible and useful.
You value your employees. After all, they work hard and you couldn’t run your business successfully without them. Because of this, you know the importance of paying them a competitive wage and ensuring that they receive their paychecks regularly without any hiccups. Employees usually represent the largest expense in companies. Business owners usually spend copious amounts of time hiring, training and maintaining sufficient employment for their business operations. Thus, Payroll is a business-critical operation for every organization. You must pay your staff accurately and on time to avoid low morale, poor performance and possibly even reputational and legal difficulties. Managing payroll manually is a stressful, tough, tedious task. An organization with few individuals can get away with a manual process, however the management will be a time consuming task with a large amount of unstructured data in those excel sheets! Today software and payroll services has made this a much simpler process for businesses.
From challenges of hiring to maintaining product relevance, small and medium businesses face countless obstacles every day, and accounting is one of the big one. Not only are business finances a complex, ever-changing entity, but they’re also the engine of any operation. A good financial situation can keep a business running, while too many financial hardships can cause even the most pristine machine to sputter and stall out. When it comes to accounting, small and medium businesses are often out of their element and at a disadvantage compared to their larger and more established counterparts. According to Business Insider, 50% of small businesses fail in the first five years; 29% run out of cash while 82% experience problems with cash flow. When it comes to finances, where does it all go wrong? Here are the five most common financial challenges for small business owners.
Robotic Process Automation (RPA) is growing at a rapid pace and transforming every industry. Businesses are realizing its potential and integrating it into their daily operations to stay competitive. And, the banking industry is no exception. When it comes to the Banking, Financial Services and Insurance (BFSI) industry, companies are rallying behind smart automation to provide the best possible user experience to its customers and fulfill their never-ending demands. The amalgamation of technology with service industry and human capabilities helps re-imagine business processes efficiently and delivers greener business outcomes for their stakeholders, effectively. Rising customer expectations are transforming the idea of banking from conventional to convenience. Banks are integrating robotics to automate manual and repetitive tasks such as IT support, customer email response and portability of accounts thereby becoming agile, competitive and profitable.
Sport is a major contributor to economic and social development as it empowers young individuals and communities. Since its onset, the COVID-19 pandemic has spread to almost all countries of the world. Social and physical distancing measures, lockdowns of businesses, schools and overall social life, which have become commonplace to curtail the spread of the disease, have also disrupted many regular aspects of life, including sport and physical activity. To safeguard the health of athletes and others involved, most major sporting events at international, regional and national levels have been cancelled or postponed. The Olympics and Paralympics, for the first time in the history of the modern games, have been postponed, and will be held in 2021.
No more will you hear about chatbots being the next big thing, because they're already here, and they're here to stay. The evolution of artificial intelligence is now in full swing and chatbots are only a faint splash on a huge wave of progress. Indeed, they have become increasingly popular in recent years, 2017 becoming known as the “year of the chatbot”. Data from Google Trends shows over the last five years, search volume around “chatbots” grew 19x as individuals and businesses began to realize their value.
The HR department of any organization is responsible for a plethora of tasks along the hire-to-retire (H2R) process - many of which are repetitive, time consuming and require high degree of reliance on labor intensive processes. These processes are often expensive and inefficient and can lead to high error rates or even compromise compliance levels. And even though HR departments are made by people for people, comprising of manual-driven processes to help employees get work done, what if we told you that robots can help HR become more human?
Contact centers are on the frontline of customer service – they go beyond providing customer support and keeping customers satisfied. Today Contact Centers transform customer's experience from delightful single interaction to an entire journey of personalized and consistent interactions. As the COVID-19 emergency continues, demand for services and support will continues to rise. During this pandemic, virtual contact centers are enabling businesses to integrate home workers into the contact center environment. They have become key tools in ensuring business continuity and resilience and helping companies continue serving customers. To rapidly deploy a virtual contact center, you need the right technologies in place. According to Gartner, approximately 90% of global organizations currently use an on-premise solution for their contact centers. This makes them ill-prepared to manage the remote work requirements and rapid scaling necessitated by the COVID-19 outbreak. Overall conversation volume has increased in contact centers by around 20% since mid-February, with verticals such as airlines and hotels experiencing call growth of 96% and 130% respectively. Enterprises need to rapidly spin up virtual contact center operations and deal with the current surge in call volumes.
The COVID-19 pandemic has pushed the global economy into a recession, which means the economy starts shrinking and growth stops. As the virus swept through the world at an alarming rate, bringing disruption and infecting millions of people, it has also evidently damaged the economy. Several countries across the world resorted to lockdowns to “flatten the curve” of the infection. These lockdowns meant confining millions of citizens to their homes, shutting down businesses and ceasing almost all economic activity. The world is experiencing the largest economic shock in decades. According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3 per cent in 2020 – the steepest slowdown since the Great Depression of the 1930s. Global Economic Prospects has envisioned a 5.2 percent contraction in global GDP in 2020—the deepest global recession in decades. Over the longer horizon, the deep recessions triggered by the pandemic are expected to leave lasting scars through lower investment.
Coronavirus has given rise to huge cross-industry disruptions, shining a light on the importance of effective inventory management in the supply chain. As the world grapples with the human and economic crisis unravelling before us, inventory and supply chains are finding themselves squarely within the public eye and experiencing unique challenges of their own. When the COVID-19 pandemic began, companies experienced abrupt shifts in customer demand and channel preferences. In March 2020, the Institute for Supply Management (ISM) conducted a survey that focused on the impact of coronavirus disease (COVID-19) on supply chains. Nearly 75% percent of companies reported supply chain disruptions. Retailers and consumer goods are facing an unprecedented disruption in supply and demand due to COVID-19 and the rapid shutdown in business in the United States and around the world. As short-term consumer demand shifts from wants to needs, and some consumers hoard food and medical supplies, retailers are being faced with massive shifts in demand for their products, with some seeing demand fall to near zero.
One of the biggest trends in self-care, health, and beauty today is the rise of cannabidiol products, popularly known as CBD. Found in the cannabis or marijuana plant, CBD is a naturally-occurring compound that’s gained momentum for the host of alternative-care therapeutic properties it offers. CBD does not produce any psychotropic or intoxicating effects – that is, CBD users do not experience the high that is associated with marijuana. CBD products are being sold to treat chronic pain, anxiety, depression, and joint health with a host of other potential treatments touted by brands, consumers, and advocacy groups every day. As we continue to see outbreaks of the novel coronavirus surging, it is becoming vital to maintain your physical health during this epidemic, it’s important not to overlook mental and spiritual well-being. An increasing number of consumers are turning to cannabinoids (CBD) to safeguard all three. In a surprising turn of events, cannabis is on the list of potential treatments to cure and prevent the novel coronavirus. While researchers are exploring many different possibilities in combating COVID-19, some researchers are looking into whether cannabis or cannabis derived CBD might offer benefits for those suffering from severe forms of this infection. With the increase of these products in the marketplace, retailers are faced with the decision of joining the bandwagon or staying on the sidelines. CBD in retail is becoming more prevalent and many companies are struggling with the regulatory implications.
The wireless retail industry has reached a tipping point. The U.S. wireless industry is booming as more consumers and businesses snap up smartphones, tablet computers and billions of wireless applications. With wireless penetration at nearly 100% in the U.S., commoditization threatens to further cut product margins and make an already competitive industry even more challenging. Retailers who can successfully differentiate from the market stand to capture the largest gains in this rapidly changing industry.
As businesses settle into the working world in the time of COVID-19, many of them are also trying to figure out the new rules of business. According to the ‘2020 Global Managed Services Report’ report by a technology firm NTT, many firms are expected to outsource more work. In fact, based on a survey of 1,250 executives in 29 countries including India, the report said that 45% organizations will outsource more than insource in the next 18 months, with 57% citing security risks as a key challenge of managing IT in-house.
While buyers and sellers often see themselves as seated at two opposite ends of the table, there is one critical goal they share: getting the deal done. Both parties involved are seeking the most beneficial situation for themselves - the buyer seeks to buy the company at the lowest possible price and most favorable terms, and the seller looks to realize the fruits of their labor by maximizing price and favorable seller terms. Skillful negotiation is an essential component of any deal process. Negotiating an acquisition is an art, not a science. It is the act of exerting pressure on one's adversary through maximum utilization of all available leverage points. Negotiations are a test of wills and the ability of one person (company) to superimpose his/her will on another. When one business acquires or merges with another, a negotiation must first take place. If you and the other party are so diametrically opposed, then, how can you ensure that you get as much benefit from the deal as possible without souring it entirely? Mastering negotiation takes time, talent, homework, and practice.
As the economies open-up in a measured and sequential manner, businesses are keeping an eye not only on the red, orange, and green zones across the country but also the traffic lights on their own businesses. The COVID-19 pandemic has challenged businesses to think in unique and different ways. The disruptions caused by the virus outbreak have left deep impacts on consumer behavior and preferences. Customers are now increasingly exercising caution on what, where, and how they buy. As demand surges for essential products, companies across the globe have been scrambling to streamline their supply chains to secure immediate operations. At the same time, there is pent-up demand waiting to be released for semi-essential and regular consumption categories that do not qualify for the ‘essential’ tag.
As the coronavirus pandemic disturbs global health, economic, political and social systems, there's another unseen threat rapidly rising in the digital space that has disrupted businesses around the world: the risk of cyberattacks. This has left companies struggling to maintain security and business continuity.
Businesses today need to do more with less. Faced with added security risks, modern workforce expectations and advancing technology, it’s easy to lose sight of what really matters: serving customers and strengthening the business. To ensure success, businesses need to deploy methods that can help them reach their internal targets at the lowest cost possible. And in this respect, BI takes on a very important role. Modern business and organizations strive on data. We’re talking of data that accumulates day in and day out, and that becomes what many call big data. On its own, data that keeps growing everyday has no tactical or strategic benefit to a business. But when that data is processed and analyzed to unravel trends, patterns, and other useful insights, then data becomes an asset that provides real value to a business or organization. Extracted information can provide you useful insights on what is going on inside and outside your organization which you can use as basis for crucial decisions.
Navigating the COVID-19 pandemic and its aftermath will be one of the biggest business challenges of our time. To keep operations going while minimizing the risk to employees and customers, most organizations have adapted new ways of working that have left their offices, factories, stores, and other facilities relatively empty. The health and safety of the workforce should be management’s top priority as it considers how to bring operations back to some semblance of normal. This is, of course, a moral, ethical, and legal concern for all companies. And from a business perspective, safeguarding employees’ well-being is paramount because no plan to resume normal operations can succeed without them. Once it’s possible to reopen offices, factories and distribution centers, management teams will face the challenge of keeping them safe.
Mergers and acquisitions (M&A), a general term used to describe consolidation of companies and assets through different types of financial transactions. These include mergers, acquisitions, consolidations, tender offers, purchase of assets, and management acquisitions. The terms "mergers" and "acquisitions" are often used interchangeably, although, in actuality, they hold slightly different meanings.
Energy industry is no more oil, gas or coal but has been transitioning into a more sustainable form with new energy including renewable resources such as solar, wind, etc. due to climatic changes, consumer consciousness, regulations, cost pressure, etc. The ever-increasing population and its energy demands have been on the rise and so has the pressure on the production and supply, plants are left with no choice other than optimization of processes of production, transmission, and distribution.
Revenue loss, resource crunch, limited funding, layoffs, more focus on product development, and we can all go on and on with our problems in these Covid19 times, but is this a problem only now or we’ve all as businesses faced one or more of them in the past?
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The surging demand for notification system has made us believe how essential a product/service it is, especially in these COVID19 times. It took us 327 hours to incorporate all feasible EXTRA features that our customers demanded and now it is almost a new product. We've started calling it the “COMMUNICATION CENTRE” because it does more than sending notifications. It also helps with accountability, the most demanded feature by our customers.
“Instead of worrying about what you cannot control, shift your energy to what you can create.”- Roy T. Bennett, The Light in the Heart
COVID19 has brought in uncertainty in already uncertain, volatile, complex and ambiguous business world, so should we panic, give in to our fears, shut down businesses?