Impact on BPM During COVID-19

Posted by Hey Aiah on May 18, 2020 11:24:47 AM

BPM Blog2

As the world shifts to the New Normal, the COVID-19 pandemic has greatly affected businesses and operations. Now that social distancing is the norm, businesses are relying on digital platforms to reach  people who are staying home and are on their mobile phones, tablets, and/or laptops.

But as everyone tries to do more business online in this new landscape, businesses need to first design and identify their business processes. Which processes have bottlenecks? Which can be improved through technology? How can the business drive efficiency across manual operations?

BPM as a service market is predicted to grow by $24.01B between 2020-2024. The potential is huge as the demand in automation rises, most especially because the COVID-19 pandemic has shut down establishments and operations globally. Organizations, particularly in the retail industry, are keen to monitor and change business processes to ensure their businesses run smoothly.

That is precisely what BPM does. BPM looks at existing processes and improves the way businesses operate. This saves time, resources and ultimately cuts costs for the company.

Continuous evaluation is needed because BPM is not a one time process. Properly designing a process and identifying areas for improvement are needed before using technology to automate it. Also, with continuous evaluation, processes can be standardized to reduce errors and mitigate risks. 


Technavio has announced the latest market research report titled Global Business Process Management as a Service (BPMaaS) Market 2020-2024 (Graphic: Business Wire)

 

In this time of crisis, what steps should businesses take for BPM?

  • Analyze
  • Re-design and Model
  • Implement
  • Monitor
  • Manage
  • Automate

Benefits of BPM

BPM is not only about reducing costs for businesses, because ultimately, it can also deliver business value. In this changing business landscape, it is crucial to have a solution-based approach and make changes quickly in order to survive.

 

Sources:
https://www.businesswire.com/news/home/20200507005642/en/COVID-19-Impact-Recovery-Analysis-Business-Process-Management

https://www.process.st/benefits-of-bpm-business-process-management/

The New Normal

Posted by Hey Aiah on May 5, 2020 3:23:19 PM

The New Normal3

 

What is the New Normal and how does it affect the consumers and retailers alike?


The dynamics of how people move around and do their everyday work tremendously changed for the past months. The usual routine of a 9-5 job has shifted to a work-from-home setup enclosed in a four-wall room. People now rely on online stores and platforms to buy necessities. Regular physical activities and workouts have turned into a solitary activity to observe the social distancing rule during the enhanced community quarantine (ECQ).

Basically, the usual way of life has flipped 180 degrees and people are left with no other choice but to cope with this "new normal."

 

In the recent podcast of our Chief Bot Builder, he shared two consumer behaviors for retailers and businesses to attend to as the New Normal continues even after the pandemic. The use of digital tools which was relevant before, is even more so now. It is now a prerequisite to more efficient and faster transactions between consumers and businesses. 

One key behavior is that people rely on Facebook for daily (or hourly) news updates to stay informed during this crisis. They also rely on Facebook for online purchases and use Facebook messenger for conversational commerce. Second is the rise of remote work and virtual face-to-face interaction which create more dependency on technology and digital tools.

But how do enterprises adapt? Given these behaviors, where do retailers and businesses position themselves?

 

Dependency on Messenger Apps

Brands have recently shifted all their marketing efforts online since physical stores are forced to close during ECQ. Instead of the usual in-person sales talk, brands are relying on 24/7 customer service that will cater to the consumers’ needs. Creating a space where the consumer can purchase items with a few clicks will help alleviate the frustration of many.

Messenger apps are easy to download and are already used in day-to-day life. Creating an automated space to provide conversational ways to customers will give freedom to access products and actually buy them in one discussion. Feedback is given immediately and meaningful conversations are exchanged as if the bots are real humans. 

 

Rise of Remote Work

Actions-RPA(migrate data)

Staff members and employees are working remotely and because of this, the use of robotic process automation (RPA) is more in demand. This situation will most likely continue even after the ECQ. Skeletal workforce will be enforced to maintain social distancing and less people are seen outside. This will affect the operations greatly.

Brands are seeking strategies and methods to make the processes faster and cost efficient. RPA will help automate processes, but for digital tools and platforms to work in their entirety, working hand-in-hand with the logistics operations is integral. This can also be tied back to Messenger bots to deliver and ask for more information real-time. Centralizing operations through robotic process automation that will read software copies of documents, reports, order details, etc. will minimize the challenges while working remotely. 

For more information about Messenger chatbots and RPA, contact Aiah at marketing@aiah.ai

Topics: "retail", New Normal

The Rise of Digital Shoppers

Posted by Hey Aiah on Apr 14, 2020 1:02:40 PM

The Rise of Digital Shoppers2

Retail in the Philippines has been progressing as consumers gain more purchasing power, along with higher demand for convenient shopping experiences. Given the traffic situation and lack of parking spaces in the metro, consumers tend to stay at home and find convenience through online shopping. The convenience, good deals, and variety of products lure the consumers to switch from visiting a brick-and-mortar store to purchasing at Shopee, Lazada, Metrodeal, Instagram resellers etc. 


Now that 70% of total shoppers are online shoppers, how will the more retailers get their consumers to purchase without going to a physical store? E-commerce and online advertising. 

 

The growing online trend of E-commerce has evolved and the leading players in the industry have already embraced this method.  With 5.9% growth in the market (as of 2018) and the increase of spending power, the number of consumers online have aggressively increased. 

 

Below are trends to watch out for in 2020.

 

Ecommerce Spend in The Philippines by Category January 2019 DataReportal

 

Direct-to-Consumer brands will go mainstream

The trend of consumers purchasing online has gone mainstream and the growth of the E-commerce market has spiked up to 31% last 2019. This shows that more and more consumers are relying on digital platforms instead of brick-and-mortar stores.

Consumers see the advantages of online shopping; thus, brands are starting to realign themselves with the market’s demand and reconstruct effective strategies where brands have control over customer’s buying experience, pricing, and promotions. 

Retail Ecommerce Sales Growth in 2019 (eMarketer) May 2019 DataReportal



Shoppable Video and Voice Technology will grow

If there is one thing that emerges across all platforms, it’s video content.

Social media platforms have been expanding in bringing in “shoppertainment” to draw more consumers in.  These shoppable video experiences build strong brand-consumer relationships that unlock unique content and interactive viewing experience.

Take a look at what Shopee, Lazada, and other E-commerce sites have done during the 11.11 and 12.12. They have taken over the ad space and social media platforms to carry the weight of their marketing strategy and promotional capabilities.

 

Digital Installment Plans will become more popular in this tight economy

Digital payment growth of 27-30% in the Philippines, with mostly women, has been the digitization driver in the retail industry. 

With a lot of digital installment plans being offered by brands and retailers on their websites, budget-conscious consumers are able to prevent spending all their money in one transaction. Since consumers are more cognizant in their spending habits, breaking the amount in smaller chunks and paying staggered amounts have been convenient for the consumers. This is especially the case for the younger consumers.


The Rise of Recommerce

Everything old is new again and another man’s trash is someone else’s treasure. Yes, we're being poetic.

But it's true. Here in the Philippines, recommerce is nothing new- most especially to fashion and furniture. Ukay-ukay or thrift stores are all over and more consignment stores resale or rent goods which makes the market’s revenue skyrocket. This is an indicative of digital transition most especially with the emerging issues happening in the country. More and more consumers are switching from one item to another, shaping the closet of the future. 

 

The battle for faster delivery will accelerate E-commerce

84% consumers say that they won’t return to a brand that has poor delivery experience.

Convenient and at-your-doorstep kind of service is what customers are looking for nowadays. More and more brands offer flexible and affordable shipping options. Most use a “purchased today, delivered tomorrow” type of method.

Evidently, this creates an excellent customer experience. On-demand shopping relies on quick and reliable delivery services through efficient digital tracking and automation of logistics. This is also a reason why these brands easily gain affinity and customer loyalty.   

Topics: "retail", "E-commerce", "shopping"

The 3 Cs in Chatbots

Posted by Hey Aiah on Mar 25, 2020 12:43:03 PM

3Cs in Chatbot - Display Photo

In this digital age, people are racing towards digital transformation. This fuels them to be more competitive and adaptive. This also allows a more progressive working environment where tasks and processes are done faster and efficiently. 

Enterprises that remain on legacy solutions and are unable to adapt to a digital climate, will be left behind.

Nowadays, companies are in search to find top solutions that will cut costs and hasten business process or workflows. For customer facing channels, brands are shifting towards conversational maturity and intelligent processes to create a seamless and effective customer experience.

To make this possible, three characteristics surfaced to describe what bots should be able to do for brands:

 

Communicate-1

Chatbots offer meaningful connections with millions of users at once. Bots that can talk and converse (just like how humans do) often give audiences a breath of fresh air. They feel some relief that they can find a solution 24/7 from a particular brand. Customer experience is enhanced and improved, leaving customers satisfied and happy.

 

 

Comprehend

The fear of many is that chatbots will not be able to understand and answer complex inquiries. This is probably true, if and when the list of FAQs are not properly fed to the bots. Chatbots must be equipped with word-based rules, NLP (Natural Language Processing), context/sentiment extraction and historical analysis. Nowadays, bots are able to handle 700+ inquiries that vary from one topic to another. 

Also, chatbots should be able to hand off complex queries to authorized help desks or human agents. This enables customer service teams to handle all customer inquiries.

 

 

Collaborate

Bots may have the impression of taking a job away from a human, but the main purpose is to augment work or collaborate with humans to improve the quality of their work. The use of bots and artificial intelligence create a space for competitive learning and hone new skills for working teams. Bots help users to make the job faster. Through collaboration with other machine learning tools, bots deliver successful business results through a collaborative experience.

***

Aiah creates conversational commerce solutions being used across multiple industries and use cases. Contact marketing@aiah.ai today to learn more. 

Topics: artificial intelligence, aiah, customer experience, chatbot

Frictionless Finance

Posted by Hey Aiah on Mar 9, 2020 9:00:00 AM

fintech

The banking industry is in a better place this year and has submerged from the financial slump in 2018.

As banks are forced to adapt to modern customer lifestyles, there is a substantial shift in the banking industry today. Digital banking is shaping how banking clients manage their finances every day. 

Why is digital banking growing?

Future of banking

 

This shift will also help banks to be less dependent on their traditional channels and be accessible to more clients wherever they are.

Here are the digital predictions that will happen in the banking industry for 2020:

 

5G will greatly improve the customer experience 

Mobile banking will be made easier with faster internet service and hasten the process of transacting with customers online. This will boost the customer experience and will offer a more intelligent business process.

 

Use of enhanced data to project timing of need and purchase propensity information

Knowing the behavior of consumers in terms of purchasing is relevant to predict and understand what the consumers want to buy and need. Having the knowledge of the customer’s journey and behavior using social listening tools becomes an asset to effectively cater to the customers. 

 

Increase in competitive digital-banking-only landscape is going to cause banks to overhaul their entire business, catering to the demands of the digital era

Since the majority of the consumers are relying on digital banking, mobile banking to be specific, banks are now forced to change the landscape of their businesses and strategies to cater to the market’s needs. They make use of the platform as a payment method by bank transferring. 

 

Artificial Intelligence will drive banking processes and strategy

Banks are using automation solutions to make hassle-free transactions. Internal business processes are made to cut down on time and resources, resulting in a more effective and efficient customer experience.

 

Topics: artificial intelligence, RPA, Technology, Banking

The Customer is no longer king

Posted by Hey Aiah on Feb 22, 2020 2:40:00 PM

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The customer is no longer king.

This age old saying used to paint an image of the customer being treated as royalty – as if he waited on his throne to be served and to be revered by the royal court. But the role of the customer has fundamentally shifted.

Today, the customer sits front and center across every aspect of a business. He is directly involved and is much more proactive in shaping his own experience with a brand. He no longer waits to be told – whether in response to a complaint, an update for a new product launch or pretty much, any piece of information he needs. He now wants, or rather, expects a simpler, faster and much more satisfying customer experience.

His lifestyle, too, has transformed overnight. Living in an increasingly connected world, he no longer gets information from disparate channels (that word “multichannel” is now extinct). He now lives in an omnichannel reality and expects brands to be running along with him in a single, uninterrupted stream. Technology literacy is no longer optional. It is a life jacket that keeps brands afloat in highly competitive markets. 

How does a brand survive in the new era of the customer?

The tech titans (Amazon, Google, Uber, etc) have shaped the new customer experience and more and more brands are realizing that they need a more retail oriented approach to engage with their customers. Regardless of the industry, brands need channels that give customers what they need, when they need it – and even perhaps before they even know it.

Self service channels are now a necessity. Customers are much more self-reliant and self-sufficient these days. More than 81% of customers surveyed by Gartner in 2019 try to take care of matters themselves before reaching out to a live representative.

Brands also need to have agent-assisted self-service when customers need to speak to an agent. Whether a chat bot  on Facebook messenger speaks to them first or directly hands them off to a human agent, brands need to create an effortless customer experience.

But this is just the beginning. The customer has changed but also continues to change every day. Brands today need an urgent mandate to understand them better and, more importantly, be there for them where it counts.

Aiah is an intelligent automation platform designed to build compelling brand experiences. Let us help you transform your business using our platform.

 

 

Topics: News, artificial intelligence, automation, aiah, customer experience, chatbot