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- 2. Digital Twin Creating a highly complex virtual model that is the exact counterpart (or twin) of a physical thing. The ‘thing’ could be a customer, car, a building, or a jet engine. Connected sensors on the physical asset collect data that can be mapped onto the virtual model. Anyone looking at the digital twin can now see crucial information about how the physical thing is doing out there in the real world.
- 3. What is Digital Transformation? • Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. • This reimagining of business in the digital age is digital transformation. • As we move from paper to spreadsheets to smart applications for managing our business, we have the chance to reimagine how we do business — how we engage our customers — with digital technology on our side.
- 4. Digital transformation is the process of integrating digital technologies into all aspects of a business to meet the market and changing business requirements.
- 6. Technologies for Digital Transformation • Robotic Process Automation • Cloud Technologies • IoT and Edge Computing • Cybersecurity • Blockchain • Data • Artificial Intelligence • Omni channel • Digital twins
- 9. What is data science?
- 10. 1. Facebook – Using Data to Revolutionize Social Networking & Advertising • Facebook utilizes a large scale research through data science to gain insights about the social interactions of the people. • It has been using advanced techniques in data science to study user behavior and gain insights to improve their product. • Facebook makes use of advanced technology in data science called deep learning. Using deep learning, Facebook makes use of facial recognition and text analysis. In facial recognition, Facebook uses powerful neural networks to classify faces in the photographs. • It uses its own text understanding engine called “DeepText” to understand user sentences. It also uses Deep Text to understand people’s interest and aligning photographs with texts. • More than being a social media platform, Facebook is more of an advertisement corporation. It uses deep learning for targeted advertising. Using this, it decides what kind of advertisements the users should view. • It uses the insights gained from the data to cluster users based on their preferences and provides them with the advertisements that appeal to them.
- 11. Amazon – Transforming E-commerce with Data Science 1. Amazon heavily relies on predictive analytics to increase customer satisfaction. It does so through a personalized recommendation system. 2. Amazon analyzes the historical purchases of the user to recommend more products. This also comes through the suggestions that are drawn from the other users who use similar products or provide similar ratings.
- 12. Use Cases 3. Amazon has an anticipatory shipping model that uses big data for predicting the products that are most likely to be purchased by its users. It analyzes the pattern of your purchases and sends products to your nearest warehouse which you may utilize in the future.
- 13. 4. Amazon also optimizes the prices on its websites by keeping in mind various parameters like the user activity, order history, prices offered by the competitors, product availability, etc. Using this method, Amazon provides discounts on popular items and earns profits on less popular items.
- 14. 4. Another area where every e-commerce platform is addressing is Fraud Detection. Amazon has its own novel ways and algorithms to detect fraud sellers and fraudulent purchases. 5. Other than online platforms, Amazon has been optimizing the packaging of products in warehouses and increasing the efficiency of packaging lines through the data collected from the workers.
- 15. Uber – Using Data to Make Rides Better 1. Uber is a popular smartphone application that allows you to book a cab. Uber makes extensive use of Big Data. Uber has to maintain a large database of drivers, customers, and several other records. 2. It is therefore, rooted in Big Data and makes use of it to derive insights and provide the best services to its users. Uber shares the big data principle with crowdsourcing. That is, registered drivers in the area can help anyone who wants to go somewhere.
- 16. 3. Uber contains a database of drivers. Therefore, whenever you hail for a cab, Uber matches your profile with the most suitable driver. What differentiates Uber from other cab companies is that Uber charges you based on the time it takes to cover the distance and the distance. 4. It calculates the time taken through various algorithms that also make use of data related to traffic density and weather conditions. 5. Uber makes the best use of data science to calculate its surge pricing. When there are less drivers available to more riders, the price of the ride goes up.
- 17. Bank of America – Using Data to Leverage Customer Experience • Recently, BoA launched Erica which is their first virtual financial assistant. It is considered as the world’s finest innovation in finance domain. • Currently, Erica is serving as a customer advisor to more than 45 million users around the world. Erica also makes use of Speech Recognition to take customer inputs. • Several other banks like BoA are making use of Data Science and predictive analytics. Using data science, banking industries are able to detect frauds in payments and customer information. It also prevents frauds regarding insurances, credit cards, and accounting.
- 18. • In order to minimize the losses, a bank needs to detect fraud sooner. In order to carry this out, banks employ data scientists to use their quantitative knowledge where they apply algorithms like association, clustering, forecasting, and classification. • Risk modeling is another important area that is supervised by the banks to regulate financial activities. Using Machine Learning, banks are able to minimize risk.
- 19. ERP systems
- 21. What is a business process? • A process is a series of tasks that are completed in order to accomplish a goal. • A business process, therefore, is a process that is focused on achieving a goal for a business. • Processes are something that businesses go through every day in order to accomplish their mission. • The better their processes, the more effective the business.
- 22. Documenting a Process • The simplest way to document a process is to simply create a list. • How to create an account on eBay, might look like this: 1. Go to ebay.com. 2. Click on “register.” 3. Enter your contact information in the “Tell us about you” box. 4. Choose your user ID and password. 5. Agree to User Agreement and Privacy Policy by clicking on “Submit.”
- 23. Documenting a Process • A list is not good enough for some processes. Below is a process diagram to determine if a new term should be added to Wikipedia.
- 24. Managing Business Process Documentation • The requirement to manage process documentation has been one of the driving forces behind the creation of the document management system. • A document management system stores and tracks documents and supports the following functions: • Versions and timestamps. • Approvals and workflows. • Communication. • A document management system will notify the appropriate people when a change to a document is approved.
- 25. ERP Systems • An enterprise resource planning (ERP) system is a software application with a centralized database that can be used to run an entire company.
- 26. ERP Systems • All data in an ERP system is stored in a single, central database. • data entered in one part of the company can be immediately available to other parts of the company. • An ERP can be used to manage an entire organization’s operations. • Companies need to purchase modules for an ERP that represent different functions within the organization. • Some companies choose to purchase many modules, others choose a subset of the modules.
- 27. ERP Modules • When an ERP vendor designs a module, it has to implement the rules for the associated business processes. • These rules reflects the best practices for that process within a giving industry. • The implementation of an ERP system is an excellent opportunity to improve their business practices.
- 28. ERP Vendors • Some of the best-known ERP vendors are: • SAP • Microsoft • ORACLE (People Soft) • INFOR (mid size and small organizations)
- 30. Customer Relationship Management • CRM systems allow to managing a company’s interaction with current and future customers. • We are familiar with CRM systems from companies that we do business with: • Domino’s Pizza. • Netflix recommends you new movies to watch. • IRCTC.
- 31. Advantages of CRM Systems • Allows track goals and metrics for sales, marketing, and customer services. • Increase customer retention • Increase profitability • Facilitate to identify “who are your customers” • Permits to know “what is important to your customers” • Allows opportunity management