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Powerful Tips to Succeed in Mass Customization

A modern-day customer wants to feel special not only in the way companies treat them but also on how companies create something just for them. However, the caveat of high-price cannot be ignored. So how can companies do the impossible, making product customization possible without shooting up the final price? It is in this context that the concept of mass customization gains traction among consumers as it helps in making the customer feel like what they are getting is completely different from others and best-suited to their needs. The key to success is to know what customers want in the first place. Customer preferences can be identified by collecting a large amount of customer data on purchase history, browsing history, transactions, and numerous other data sets. As a result, companies can take a giant leap in product personalization into mass customization. So how can companies ensure success in their quest for mass customization?IR_Brochure

Learn from Data

Data is quintessential to know what the customers want. The ability of data analytics is not limited to identifying customer experiences; they can also accurately predict what customers want even before they know it. Mass customization gives companies a unique opportunity to determine customer preferences and make smart choices about supply chain and product options. By gathering data from personal and social channels, companies can create delightful experiences for customers; thereby, increasing brand loyalty and driving profits.

Using Customer Driven Design Interfaces

The advent of big data, cloud technologies, and 3D printing have opened up a host of opportunities and possibilities for manufacturers to perform effective mass customization. Such technologies put the power in the hands of the consumer to self-design the product. The additive manufacturing concept allows the user to add and customize their design over the base model to create their personalized final product. For instance, Mi Tubular Shadow shoes from Adidas allow customers to choose a basic shoe style and then choose the stripe color, sole color, lace color, and color of the upper line. With the aid of digital technologies, customers can put their feet in the digital scanner and get a truly customized end product.

Enable Customer Collaboration

Customers getting involved in the product customization process spend a lot of time to create something of immense value to them. When customers like their own creation, they look for a platform to share it with friends, family, and the outer world. If companies enable design sharing, then they can boost their customer engagement and get new customers. Additionally, other customers can collaborate on the same design to create a unique product for the market. For instance, North Face launched a gallery of designs created by the customer for its Denali jacket, serving as an inspiration point for the others.

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telecom industry

Is the Telecom Industry the Next Target on the Security Radar?

Companies in the telecom industry are steadily expanding their reach and gradually transforming into full-blown technology centres. With the world becominthe frequency of cyber risks and crimes have also increased. Cyber-attacks are one of the key challenges faced by telecom companies. As far as the telecom industry is concerned, there are broadly two aspects of risk: Cyber-attacks aimed at the business and Cyber-attacks aimed at subscribers/customers.

cyber

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What are the popular forms of cyber threats in the telecom industry?

The cyber threats in the telecom industry not only cause inconvenience to customers but also disrupt the smooth functioning of telecom service providers. Let us take a look at some of the common forms of cyber threats:

Phishing or malware aimed at customers

Entry-level criminals can easily master these popular techniques. Cyber attackers combine data sets from different sources to build a detailed picture of potential targets and use them for blackmailing and social engineering purposes. Phishers and social engineers use multiple ways to make their attacks look more authentic by enriching their data with leaked profiles or by impersonating the employees of companies in the telecom industry.

Distributed Denial of Service (DDoS) attacks

DDoS attacks have the ability to reduce network capacity, disrupt service availability, degrade performance and even bring down internet access. In the long-run, such attacks can also lead to a large-scale ransomware attack. Increasing mobile data transfer speeds and the growing usage of 4G technology are making smartphone based botnets more handy in executing DDoS attacks

Exploiting vulnerabilities in consumer devices and network

Vulnerability in various network devices, USBs and routers, and root exploits for Android phones are some of the common factors that provide new channels for attacks. In most cases, these cyber-attacks involve malware and technologies that cannot be easily removed.

Insider threats

Sometimes insiders to the companies in the telecom industry are also lured into perpetrating cybercrime. While some insiders play a role in it voluntarily, others are forced into obliging through blackmail. Insiders belonging to telecom service providers are recruited to provide access to data, which cannot otherwise be accessed by a third party. Cyber attackers can also track down important and confidential company data and other customer and corporate credentials through these attacks, which can get telecom companies into serious trouble with their stakeholders.

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The Big Wave of Digital Transformation in the Chemical Industry

The big wave of digital transformation has influenced a majority of the industry to increIR_Brochurease efficiency, productivity, and innovation by leaps and bounds. The chemical industry is not far behind in terms of embracing the digital technology. Evolving regulatory environment, changing customer needs, increased competition, and dynamic cost equations has been the catalyst for digital transformation in the chemical industry.

Digital Technology a Game Changer in the Chemical Industry

  • Internet of things (IoT) enables the chemical industry to create new values and simultaneously enhance value from connected devices all around them
  • Artificial intelligence along with machine learning allows chemical manufacturers to employ autonomous equipment with the help of data, paving the way for smarter processes and faster transactions. As a result, the management can focus their time on strategic tasks
  • The use of augmented reality can have a profound impact on chemical companies. Chemical companies are increasingly using this technology to drive innovation by applying in it fields such as computational chemistry studies, X-Ray diffraction data, 3D structure optimization, conformational analysis, and transition state search

 

Why is it Important for Chemical Industry

Embracing the digital technology improves the profitability of chemical companies by improving agility, productivity, and innovation. For instance, by using complex analytics tools for collaborative research and development, companies can rapidly accelerate innovation to gain competitive advantage. Companies are turning towards predictive models to perform what-if simulations based on data to achieve strategic agility and operational excellence. Also, big data analytics plays a huge role in managing the ongoing volatility in energy and raw materials prices and catering to changing customer demand. Digital transformation enables the companies to simulate the effect of price change on consumer demand and final margin, which allows them to develop real-time pricing quotes for their prospects. Additionally, they can share the data with suppliers to collaborate and combat price and supply volatility.

Players in the chemical industry should rightly plan for the digital transformation, build a standard model, run it with global support across all platforms, and constantly optimize it. As a result, companies in the chemical industries can reap the benefits of digital transformation.

 

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Innovations Reshaping the Future of Logistics Industry

The outrageous success of e-commerce and global trade has had a remarkable impact on the growth of the logistics industry. With the increasing demands, the logistics industry needs to come up with constant innovations to cater to the ever-growing needs of the market. Additionally, the dynamic nature of business processes, new consumption patterns, and changing consumer behavior are bringing about constant innovations in the logistics industry. Get More Info

Key innovations in logistics

Internet of Things (IoT)


The ability of multiple sensors within the vehicle and other monitoring devices to communicate with each other can provide highly integrated real-time transportation and warehouse management solutions. IoT paves the way for efficient resource planning by giving businesses the ability to monitor the condition of their packages remotely.

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Market segmentation

Machine Learning and how it can Enhance the Human Resources Function

Machine learning has been widely utilized by various industries such as oil and gas, retail, banking, and cybersecurity. However, the human resources sector has been slow to adopt this game-changing technology. Similar to Amazon’s Alexa transforming people’s lives at home, AI and machine learning have also evolved into an intelligent assistant to help the professionals work smarter. It has been evident that people have very high expectations out of new technologies, making it essential to keep up with the new trends and developments in respect to machine learning applications in human resources. Here are some of the possible application areas of machine learning that can assist the HR function.IR_Brochure

Hiring Process
The biggest nightmare facing the HR department is the mountain of resumes they have to scan through to not only shortlist the suitable candidates but also go through the grueling task of reviewing resumes individually to select the right candidates. Additionally, many candidates don’t turn out to be the right ones for them due to reasons such as performance issue, job-fitment issue, and behavioral issues. However, machine learning can improve this process by creating patterns from applicants resumes, social media activity, and interview responses. It should also be noted that patterns and tendencies could sometimes be a false-positive, but with machines learning constantly from their mistakes, the success rate of hiring decisions will increase.

Employee Attrition
Industries such as banking and hospitality have been troubled with high employee attrition rates with a turnover of around 20%. Companies not only lose their best talents but also have to spend a significant amount in the subsequent hiring process. Machine learning can be put to use in identifying early warning signs of employee attrition by monitoring employee satisfaction survey results, drops in efficiency, and absenteeism.

Employee Engagement
Although employee engagement seems like a human-to-human practice, smart use of machine learning can certainly help to identify trends that can drive employee satisfaction. Machine learning systems can assist the human resources department in analyzing each engagement campaigns and making them efficient in the future. This, in turn, ensures employee retention and satisfaction in the longer run.

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The Role of Employer Branding in Acquiring the Right Talent

Companies are finding it increasingly difficult to find and retain the best talents to drive their organizational growth. A majority of the HR professionals report face difficulties in acquiring talent and retaining them even with the best of pay and perks. It’s already time for companies to look towards employer branding to compete effectively in this fight for finding and retaining the best talent. A prospective employee is more conscious towards employer brand reputation as opposed to a general corporate brand. The top companies have realized this and have adopted the practice of treating employer branding equally as their corporate brands by creating employer brand guidelines and employee value proposition.IR_Brochure

Here are some of the reason why companies should look to strengthen their employer brand:

Makeup for Lower Remuneration
It is evident that smaller companies with lower budgets can’t compete with giant corporations in terms of providing a lucrative salary package. However, pay scale is not the only consideration for prospective employees while choosing a company. A strong and appealing employer brand can influence them to compromise on the monetary aspect to settle for benefits like flexible working hours, better work-life balance, working culture, and other perks. On the contrary, a company with a bad reputation has to pay higher salaries for new hires.

Employee Retention
When an employer brand is consistent with its communication towards their employees, the employees will know what exactly to expect from the organization. Setting unrealistic expectations or not being honest throughout the hiring process may confuse or mislead the employees. This can demotivate the employees in the future, leading to increased employee churn rate. A consistent employer brand image will ensure employee retention and drive employee satisfaction.

Facilitate the Hiring Process
These days, due to rising popularity of social media and sites like LinkedIn and Glassdoor, employees can hugely influence the employer brand. A positive review on Glassdoor can influence candidates to apply for the job in that particular company. This way, companies can get a higher amount of applications, enabling them to choose from a larger talent pool. On the other hand, a bad review can put off skilled candidates from applying for the job.

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Drone Technology: An Eye in the Sky for Oil and Gas Industry

Constant monitoring and surveillance are essential to assess production, environmental compliance, safety, and other factors in the oil and gas industry. But employing human or financial resources to such can be complicated, costly, and risky. In the past, workers would have to put their life on the line trying to locate damages and detect leaks in oil refineries, leading to production outages and lengthy activity shutdowns. The advent of drone technology enables oil and gas companies to efficiently perform monitoring, inspection, prospecting, and exploration activities without the involvement of humans.IR_Brochure

What Industry Activities can a Drone be Used for?
Drone technology is versatile and can be used in a range of activities within the oil and gas industry. Their compact size, flexibility, simple flight interfaces, accessibility, and ease of adding sensors makes them invaluable to the oil and gas industry. They can be used for activities ranging from monitoring and inspection of onshore and offshore structures to detecting signs of problems to avert disasters. For instance, they can be used for accurately analyzing confined spaces such as storage tanks. Other applications of drone technology include topside, under deck, and splash zone inspection along with flare stack inspection.

How Will Drone Technology Help in Data Analytics for Oil and Gas Industry?
Data is quintessential in the oil and gas industry as a significant amount of data needs to be collected regarding model images of Earth’s surfaces, machinery performances, oil flows, pipeline damages, and real-time videos of nearby activities. Such data can be analyzed by specialists to take corrective action in time or act to improve overall well productivity. The advantage of using drone technology over humans is that drones can provide real-time data by offering a wider scope of information to the user.

How Can Drone Technology Perform Cost-Effective Surveys?
Apart from exploration activities in a high-risk environment, drones can provide high-resolution images and videos of oil wells along with more accurate spatial data with fitted sensors. This technology hugely reduces the human resource cost in addition to providing valuable data and alerts, which can lead to indirect cost-savings with improved efficiency and risk-aversion. It can also efficiently detect oil spills and alert users to fix the issue, saving companies millions of dollars in oil spill lawsuits.

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What’s the Future Like for Wearable Fitness Trackers?

Even a decade back, it would be impossible for people to comprehend that a computer worn on the wrist could track your steps, heartbeat, body temperature, calorie burn, and sleep; and yet, here we are. The fitness enthusiasts and early adopters were skeptical on the accuracy, form, and function of a wearable fitness tracker; but at present, the IR_Brochureusage of such devices is trending across the general population as well. Numerous successful Kickstarter campaigns have justified the promising future for wearable fitness trackers with innovations regarding form and function. So, what does the future for a fitness tracker look like? Let’s explore the future trends:

Advancements in Sensor Technology

What started as a basic step counter, has now evolved into a device that can monitor heartbeat, sleep patterns, calories, and body temperature. The wearables of the future promises much more by providing advanced health statistics and measure sophisticated health indicators. Apart from the usual advancement in the battery life, form, and function, researchers are working on devices that can track biometrics data that includes monitoring hydration, blood sugar, and other health indicators.

Widespread Use in Sports Analytics

Sports coaches around the world are relying on wearable fitness trackers to provide extensive player-related data. Analyzing data such as distance covered, speed, acceleration, form, movement, and limb coordination can differentiate your best players from the average ones. In addition to that, the data can also be used to make necessary changes to the training regime to optimize performance.

A New Promotional Medium

The number of people spending time on traditional media such as TV, print, and radio is dwindling. The continuous trend of people spending time on mobile mediums gives an opportunity for brands to push their marketing message through wearable devices. It would be hard to ignore promotions that are broadcasted on a device that is visible from an arm’s length.

Early Detection

A futuristic wearable fitness tracker equipped with machine learning abilities would be able to assess user health data and identify anomalies to detect certain medical emergencies. For instance, the iBeat fitness tracker can detect irregularities in heartbeats to identify signals of an heart attack and connect to emergency contacts. Also, with innovations in technologies, a fitness tracker will also be able to detect signs of fever, changes in blood pressure, and blood chemistry.

A fitness tracker can aid users in many ways. Get more insights here:

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Commercial Transportation Trends in 2017

With digital proliferation, companies in the transport business have been compelled to assess the market space and identify the major commercial transportation trends. Transportation companies are devising strategies to embrace innovation and advanced technology to customize product offerings according to the consumer preferences. By integrating its business processes with the emerging commercial transportationIR_Brochure trends such as automated fleet management, big data analytics and market intelligence, and advanced telematics such as predictive networks, robotic process automation, and autonomous vehicle technology, the transport companies can achieve flexibility and build capabilities to focus on the most profitable segment and cater to their target market. The benefit of identifying the commercial transportation trends and embracing innovation is that the companies can stay abreast of their competitors and expand their market share by offering an extensive product and service line.

Let’s have a look at the commercial transportation trends that are set to disrupt the transportation and logistics industry in 2017.

Top Four Commercial Transportation Trends

Emerging trends in the commercial transportation sector have coerced companies to develop modern data networks, build flexible and customer responsive models, enable transparent shipment tracking, and offer end-to-end delivery schedules. Commercial transportation companies have been diffident about adopting the emerging industry trends due to the absence of a digital infrastructure, security, and cost concerns. However, these four evolving commercial transportation trends are set to positively impact the organization’s bottom line and improve operational efficiency, which are as follows:

  • Self-Driving Vehicles – Advancements in technology has given birth to driverless vehicle software, which aims at redesigning the existing fleet with self-navigating equipment and sensors. The self-driving or autonomous vehicles embedded with advanced technology enable the vehicle to determine road conditions, collect data, and communicate with other trucks connected over the cloud
  • Real-Time DataBy leveraging big data analytics and advanced telematics, the transportation companies can track and monitor the vehicle location and condition, and leverage the sensors to estimate freight, available space, best possible route, and estimated delivery time
  • Robotic Process Automation – The transportation companies can leverage advanced robotics and process automation to drive mobility, increase operational efficiency, and identify appropriate locations for pick-up and delivery. By integrating advanced robotics within the organizational processes, transportation companies can minimize labor costs and speed up the delivery process
  • Predictive analytics – The transport companies can leverage big data analytics and data mining tools to improve their bottom-line by leveraging customer and shipment information. The insights gained through predictive analytics tools can be leveraged to identify consumer trends, market developments, utilize this grass-root level information to tailor their product offerings, and devise effective marketing strategies and promotional campaigns

View our latest case study on how organizations are leveraging the commercial transportation trends to gain a competitive advantage and expand their revenue streams.

The Infiniti Way

The rule of thumb to survive in the market, create lasting impressions, realize business objectives, and drive profitability is to listen, identify, and analyze customer and market information.

“In this dynamic and competitive market environment, it is essential for organizations to gain an in-depth knowledge of their target customers and leverage these insights to improve their decision-making process.”

With more than 14 years of experience, Infiniti Research has worked with several clients across the globe and provided various business intelligence services that has helped them make strategic business decisions wisely. We have worked with over 120 plus clients, including 55 Fortune 500 companies and helped them build capabilities and drive bottom-line growth by leveraging the constant influx of information and data. With the help of our team of expert analysts and consultants, we strive to complement our client’s business objectives to discover growth opportunities and drive business excellence.

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Manufacturing Industry and its Outlook – Vision 2020

The manufacturing industry is still one of the largest contributors to the world economy despite the phenomenal growth of the services sector. Even though the manufacturing industry is nearing its saturation point, the industry hasn’t stopped growing and innovating. Several innovations such as automation, robotics, lean manufacturing, analytics, and outsourcing have been driving the growth of this sector. Furthermore, manufacturing industries are also looking at new avenues, product innovations, and strategic changes to remain competitive.

Developing nations largely depend on the manufacturing industry to boost their GDP. Here are some of the innovations and trends in the manufacturing industry which will define its future:

Manufacturing Industry and its Outlook – Vision 2020

Breakthrough in Material Science

Manufacturers are looking at material sciences to create products that are far superior to the existing ones. Materials such as graphene, carbon fibre, nanofibers, carbon nanotubes, and vantablack have extreme physical properties, which help in the production of futuristic products. Carbon fibres are increasingly used in the aerospace industry because of its exceedingly high strength to weight ratio. The exorbitant cost of such materials has hindered its application for mass production. However, these materials will eventually find its way inside consumer applications with the advent of newer materials and economies of scale in the existing ones.

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Brochure CTAPersonalization and Customization

For long, manufacturers have been emphasizing on reducing the cost using large scale production, resulting in fewer product choices to the customers. But the needs and wants of the customers have been growing to the point that they demand personalization and customization. Digital technologies have made it possible to scale up the level of personalization and customization and keep the costs low. Intelligent use of technologies such as 3D printers has also driven the level of customization along with smart product modifications like IKEA. The line between consumers and creators is blurring due to the advent of DIY platforms, product collaboration programs, crowd funding and ideation platform.

Smart Products

Modern products are increasingly capable of operating tasks and analyzing information with little human inputs. For most, smart products like smartphone, smartwatch, fitness trackers have been an everyday part of life. With the use of multiple sensors, connectivity, and electronics, previously analog tasks and processes could be simplified. Manufacturers have realized the potential of smart products and see it not only as a product but as a platform to create an ecosystem which allows for customization. This platform allows for a lucrative aftermarket which provides additional revenue streams through add-ons.

Big Data Analytics and Automation

Industrial control systems have been generating a vast amount of data for a long time which wasn’t put to best use. With the dramatic increase in computing power, rise of the Internet of Things (IoT), and advancement in machine learning algorithms, manufacturers can now analyze an enormous amount of data to enhance operations, resolve operational issues, improve production efficiency, and reduce wastages. The manufacturing industry is depending on big data analytics to enable automation. In a manufacturing plant, data collected from multiple sensors and control systems can be automatically fed to execute the production process.

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