Category: Thoughts

automotive industry

How Can Business Intelligence Solutions Benefit Companies in the Transport and Logistics Industry?

Challenges such as increasing compliance complexities, growing competition, volatile fuel costs, and constantly-evolving consumer demand have made it difficult for companies to sustain profitability, let alone expand their market presence. This has taken the tension between maximizing profits and cost-cutting to a new fever-pitch. With the increasing competitive pressure, companies in the transport and logistics industry have been forced to walk the tightrope of delivering a consistent brand experience and balancing price competitiveness. However, growing material and labor costs coupled with market volatility have made it difficult for companies to sustain profitability. This has compelled leading companies in the transport and logistics industry to focus on leveraging benefits of business intelligence solutions for developing effective strategies for growth.

At Infiniti Research, we understand the impact that business intelligence and analytics can have on your transport and logistics business. And to help companies in the transport and logistics industry excel in the competitive market landscape, our team of experts has highlighted the key benefits of business intelligence solutions for companies in the transport and logistics industry.

(more…)

customer experience

The Basics of Creating a World-Class Customer Experience Strategy

Companies that focus on customer experience become successful in reducing churn and increasing revenues – leading to higher profits.

Customer experience definition 

Customer experience(CX) has become the new buzzword for most companies across industries. It may be defined as the customer’s perceptions and related feelings caused by the one-off and cumulative effect of interactions with a supplier’s employees, products, channels or systems. In other words, it is essentially how customers perceive their interactions with your company.

Customer perception and customer interaction are two basic elements of CX. Customer’s overall perception about a brand can occur as a result of single or multiple interactions with a brand while seeking any information or support at different phases of the customer lifecycle. Customer’s interaction with a brand includes various touch points including talking to customer support agent on call and self-service options or live chat.

What is customer experience management? 

Customer Experience Management is the process by which an organization organizes and manages each customer interaction with their brand across the buyer’s journey. Customer experience management can be defined as the practice of designing and reacting to customer interactions to meet or exceed customer expectations and thereby increase customer satisfaction, loyalty, and advocacy. The objective of customer experience management is to optimize customer interactions, align with the customer’s ideal brand perception, and exceed their expectations to nurture and lay the foundation for long-term customer relationships. In today’s hyper-competitive marketplace, customer experience management is emerging as the key strategy to gain competitive advantage. Most organizations are expected to redirect their investments towards CX  innovations in the future. This also means, that your competitors are more likely to be focusing on customer experience in the future, thereby making it necessary to have a customer experience management software in place. The three essential pillars of customer experience management include:

Know your customers

Brands that have a good understanding of their customers will be able to create awe-inspiring experiences for their customers. It is essential for brands to pay more attention to customer data in order to gain insights about their needs and preferences for delivering personalized experiences.

Devise an optimal customer experience strategy

After identifying the buyer persona, it is crucial to define the customer experience strategy map all the relevant touch points throughout the customer journey. This helps to better plan and organize the brand’s interaction with their customers at each touchpoint.

Measure customer satisfaction

It is imperative to measure customer satisfaction in real time to estimate the success of the customer experience strategy. Customer satisfaction is devised based on regular customer feedback. This will give a clear indication regarding customer perception of the brand.

(more…)

customer service

Top 4 Customer Service Skills That Can Drive the Growth of Your Retail Business

adult-business-commerce-375889

The retail industry is witnessing constant changes and players in this industry are facing immense pressure when it comes to keeping up with the ever-changing customer expectations, maintaining customer loyalty, retaining and engaging employees, and digital disruptions. With the constantly changing customer behavior, meeting customer expectations is getting really difficult for companies in the retail industry. To meet customer expectations, it is highly essential that you provide great customer service as it is a vital element of business operations that can affect your bottom line as well as how your business is viewed by the public.

If your business fails to provide a great customer service, it is likely that you will end up damaging your brand’s reputation. High-quality customer service management is important for a growing or established company’s bottom line. Therefore, businesses need to realize the importance of customer service. They must understand that it is a virtuous circle that drives profits and allows companies to compete against rivals with more resources and funding in their pocket.

At Infiniti Research, we understand the impact that excellent customer service can have on your business. And to help companies excel in the highly competitive landscape, our team of experts has highlighted four best customer service skills that can drive the growth of your business and boost your ROI.

(more…)

market intelligence services

Decoding the real importance of market intelligence services in 2019

Expansion is the sign of a healthy business. And with the aid of market intelligence services, business expansion is no longer a distant dream for emerging companies. 

Recruiting more staff, expanding into new markets, and building industry reputation are all exciting developments that come with growth. But in today’s competitive market space, growing businesses face a host of different challenges. As the company grows, business leaders start realizing that there is no “one size that fits all” approach – every new opportunity and problem will eventually start demanding different solutions. What worked a year back may not work this year and may not be the best approach. Identifying and mitigating challenges associated with market entry is essential if the business is to survive. Effective leadership will help business leaders make the most of existing opportunities but leveraging market intelligence services can unlock the doors to a lucrative new market segment.

With the rising pressure to sustain profitability and brand image in the market, companies have started facing the need to outpace their opponents when it comes to retaining and acquiring new customers. There’s nothing more depressing to the stakeholders than slow sales or high competition. Companies of today need to be on their toes and constantly think about ways to attract, serve, and retain their customers. Consumers change with every generation and companies need to be agile enough to serve the market as it stands in any given year. Whether you’re in the healthcare, automotive, manufacturing, or retail industry, market intelligence services are still essential for survival. With that being said, let’s take a look at what is market intelligence below and how it can take your business to the next level. (more…)

semiconductor industry

4 Future Trends That Can Bring the Semiconductor Industry Back into the Spotlight

The semiconductor industry has been growing exponentially every year and offers a plethora of opportunities. But this year, the semiconductor industry is set to face a host of new challenges that will make it difficult for semiconductor manufacturers to grow at the same rate they have gotten used to over the past couple of years. Challenges pertaining to inventory management and the rising pressure to improve device architectures, reduce costs, and develop STEM skills in the workforce will inhibit the growth of companies to a certain degree. 

The inability of companies to keep up with the ongoing pace of IoT development is another factor that stops semiconductor manufacturing companies from growing in the industry. With the cloud economy becoming mainstream in the IoT era, semiconductor companies are facing the need to continuously innovate and drive connectivity across the IoT value chain. In such an era, they can gain more traction by offering comprehensive solutions beyond semiconductor solutions, which includes hardware design, and software and systems integration for applications and products.

At Infiniti, we understand the impact that innovative technologies and future trends can have on your business. And to help semiconductor manufacturing companies excel in such a competitive landscape, our team of experts has highlighted the four Contact USmost important future trends that can bring the semiconductor industry back into the spotlight.

(more…)

Demand Management

Top 3 Demand Management Best Practices to Help You Track the Performance of Your Medical Devices

With the rising need to delicately balance medical devices’ security and patient safety, the medical equipment industry is facing several challenges like reducing costs, better demand management, improving efficiency, and allocating resources effectively. The need for following demand management best practices is increasing for medical devices manufacturers due to the surge in the demand for better healthcare products.

Poor demand management can result in operational inefficiency and issues pertaining to fulfilling orders, which emerges concurrently with an increase in the demand. Additionally, it can also lead to a loss of space, time, and can increase the operations cost. Therefore, it is important for medical devices manufacturers to follow some of the demand management best practices that can help them in tracking the medical devices better and stay ahead of their competitors.

At Infiniti Research, we understand the impact that following demand management best practices can have on your business. And to help companies manufacturing medical deviContact USces, our team of experts has highlighted three demand management best practices that companies must follow to improve the efficiency of their supply chain, reduce forecast errors, and become market leaders.

(more…)

medical devices

The US Medical Device Industry: How to devise a Market Entry Strategy

With an enormous market size of $156 billion, the medical device industry in the United States remains the largest in the world. Companies in the medical device industry consist of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health-related purpose. Although patients are the end-users of medical devices, manufacturers ideally focus their efforts towards selling their products to healthcare providers who in turn use them to serve the needs of patients.

Majority of the companies in the US medical device industry are concentrated in regions known for other high-technology industries, such as microelectronics and biotechnology. The states with the highest number of companies in the medical device industry include New York, California, Florida, Michigan, Pennsylvania, Massachusetts, Minnesota, Illinois, and Georgia. Compared to several other industries including telecommunications, automotive, and defense, the medical device industry invests a higher percentage of their yearly revenues into product innovation, reflecting the competitive nature of the industry and constant innovation and improvement requirements of existing technologies.

(more…)

Reverse Logistics

Top 4 Strategies Retailers Must Follow for Better Reverse Logistics Management

Reverse logistics management is a multilayered and nuanced process that presents a manufacturer with several challenges including tracking routing status and warranty, beefing up analytics, analyzing target market, handling suppliers and contractors and driving efficiency in repair processes. Market size analysis for any reverse logistics process has become even more challenging due to rapid growth in the number of customers and their rapidly changing behavior.

If the target market is not analyzed properly, reverse logistics management fails and businesses fail to provide customer satisfaction. Additionally, it increases resource investment levels and storage and distribution costs. Therefore, it is important for the reverse logistics businesses, especially e-commerce, to understand that with the increasing volume of returns, they need to have a proper market analysis mechanism in place.

At Infiniti Research, we understand that better reverse logistics management can act as a sort of asset recovery for manufacturers, so they can extract as much value from the product as possible, providing the second return of investment. And to help companies in careful market size analysis and better reverse logistics management, our team of experts has highlighted four best strategies that can help market players to become global leaders.

Strategies for Better Reverse Logistics Management

Strategy #1: Adopt new repair and return policies

With retail facing an immense number of returns today, generous return policies have become a competitive necessity. Retailers are also taking better and more steps to reduce the abuse of those policies like Amazon customers who have returned too many items have had their accounts closed without any warning. Both retailers and manufacturers also neeContact USd to empower customer service associates to make returns more efficient.

Strategy #2: Better collaboration with retailers

Manufacturers and retailers need to take a closer look at their vendor agreements. While the price has often been a matter of dispute, many are re-evaluating their policies of return. For big products like furniture and electronic items, returns are a major issue. So, good collaboration between the supplier and retailer is the need of the hour for better reverse logistics management.

Strategy #3: Optimize your reverse logistics process with data

Manufacturers and retailers both should look for new platforms and third-party partners to sort, resell, process or dispose of items to have better reverse logistics process. With the help of data, return processing becomes cheaper and partners can easily liquidate and handle the inventory. Many manufacturers are now using sensors, IoT, and connectivity to monitor, troubleshoot or repair products in the field and minimize the need for consumers to send products back. Also, they are designing their connected products with software and operating systems that can be trouble shooted or updated from anywhere. Some of the manufacturers and retailers are also using easy-to-replace components and hardware that can be sent to consumers for self-repair. Data they track can include the condition of the products, the volume of returns, and the reason for return along with the percentage of sales.

Strategy #4: Rethinking transportation and logistics

One strategy that suppliers can use today for better reverse logistics management and to reduce costs and improve efficiency is to combine delivery and pickup. With the increasing number of consumer purchasing online, the volume of returns has increased. It is likely that firms in the logistics industry will need to address the growing number of returns by finding drains where they can resell slow-moving and returned product.

Continue reading to know more about how to improve the reverse logistics process or request for more info below

Get More Info

healthcare market access

Healthcare Market Access: The Present and The Future

The current state of the U.S healthcare market is characterized by continuous flux and uncertainty. When compared to the overall healthcare costs, the drug costs have grown at a slower rate. Companies in the U.S. healthcare system are now exploring ways to combat these challenges and survive the mounting healthcare market access pressure.

Healthcare market access assists the right patients to get timely and easy access to medical services and products at an affordable price. Accessibility, availability, affordability, adoption, and willingness to pay (reimbursement) should be achieved while ensuring equity and quality at each level. Furthermore, multiple challenges and inefficiencies and uncertainty in healthcare systems lead to unnecessary delays in access to innovative technologies, slow adoption of new and effective technologies, and inequalities in guaranteeing that patients receive the best-in-class treatment.

Challenges in successful healthcare market access 

(more…)

competitor analysis

Top 4 Benefits of Competitor Analysis That Can Help Energy Sector Companies to Flourish

The US energy sector is facing unprecedented challenges like unpredictable government policies and regulations, growing competition, the aging workforce, modernizing grid infrastructure, and cyber-attacks. The target and policy measures agreed by the governments of many countries to reduce CHG emissions are exerting pressure to move away from fossil fuels consumption. This is resulting in an immense increase in the competition among the companies, especially in the US energy sector, and new research unveils that this competition is going to be even fierce in the years to come.

Increasing competition demands for more efficiency. It can become a roadblock for the entry of new players in the market. Additionally, it can also hinder the growth of a company if it is not able to analyze the competitors’ strategy. Therefore, the companies need to have a proper competitor analysis framework in place to gain actionable insights on current market position, end-consumers, and key competitors, and the credibility of their partners and associates.

At Infiniti Research, we understand the pain that companies in the energy sector face in the process of competitor analysis and competitor profiling.  So, to help companies identify and profile the competitors in the target market while evaluating their strategies to determine the strengths and weakness of the services rendered, our team of experts has listed four crucial benefits that competitor analysis offers in the energy sector.

Benefits of Competitor Analysis for Companies in the Energy Sector

#1: Competitor analysis guide inaccurate forecasting of competitors’ move

Competitor analysis help companies to analyze and assess the next move of their competitors, which helps in better brand positioning. It helps companies in the energy sector to:Contact US

  • Find new markets to enter or increase the presence
  • Predict competitors’ actions
  • Improve product development
  • Beat competitors to market
  • Improve and personalize consumer interaction
  • Give consumers what they want and increase market share
  • Find new products and tech that will disrupt the competitive landscape
  • Identify political or legislative issues
  • Stand out from the crowd with a distinct corporate identity and tone of voice

(more…)