When you think of Industry 4.0, what springs to mind?
It’s the new buzz phrase for the combination of industry and the current Internet of Things (IoT) technology. First, there was Industry 1.0 (when water and steam power mechanized production), then 2.0 (hello electricity) and 3.0 (digital arrives) revolutions. This fourth revolution is moving at an exponential rate and is disrupting nearly every industry in the country. As with the previous industrial revolutions, manufacturing has been the forerunner for adoption making use of new technology for flexible manufacturing, 3D printing and self-regulating machinery (amongst many others). The McKinsey Institute expects Industry 4.0 applications to create a new surge of factory productivity. So with AI, automation and supply chain technologies now part and parcel of ERP, what does Industry 4.0 mean for the rest of us?
eConsultancy reports that by 2020, customer experience will have overtaken price and product as a key brand differentiator. Companies are expected to deliver reliable customer service across channels 24/7. Technology is moving quickly to support it but the best results happen with human input.
Bots Are a Great Example
In a customer service context, bots can determine intent behind users’ questions. The addition of Artificial Intelligence (AI) makes deep learning from customer information possible so that bots can be further customised. But there are some situations when an automated response just isn’t good enough. So the answer is in understanding what the use cases are for either bots or people. The interaction of your people with the technology will teach it the tougher questions and it won’t be long until we see support products that will alert human operators when AI confidence is low. The big win is freeing up agents for the more complex situations making it possible to deal with more of those whilst the bots deal with the straightforward stuff and continue to learn.
Predictive Analytics Give Insight Humans Can’t Find
Predictive analytics is about finding patterns in a vast amount of data and getting actionable insight out of it. New predictive algorithms can make something of the swathes of data that is sitting dormant across systems and provide the information that points the directions a business should be moving in whether that relates to cross sell opportunities, identification of a recurring problem or missed opportunities, estimating conversion from digital campaigns and making optimization recommendations, the analysis of social sentiment and profiles. Of course, it works best when data from various departments is sitting on one system that can bring it together as a jigsaw.
Old School Values With New Technology
Customers increasingly value personal experience and digital technology has become the means to provide it. If you are reviewing your systems and software, make sure you are seeing the various parts of your business as a jigsaw. The most effective systems are those that can work for every department off one platform to allow bots, predictive analytics and automation to continually improve and provide that customer experience and business direction.
So do your homework. Create a strategy. Have the right team and the right tools. Focus on improving processes and then implement the new technologies that will best serve your strategy. Any software partner worth their salt will scope with you and really get to know your business. This isn’t just about comparing functionality, but understanding your customer journey and your business.
Interested to learn more about Industry 4.0 and how it affects your business? Watch our Industry 4.0 webinar now.