Category: Technology

Looking for a Debt Management Solution? How SAP is the right choice?

Are you looking for a debt management solution? ‘Bad Debt’ is a term used by organisations when the user or customers do not or cannot pay their bills. It is difficult to ignore the fact that with the current economic slowdown and rising unemployment, household incomes around the world have seen a downfall, increasing the possibility of delinquency and an upsurge in bad debt charges. The ambiguities arising from global shocks such as Brexit, trade wars, and a possible recession also pose risks for utilities & similar organisations. At the same time, liberalization and intensifying competition in many markets are resulting in higher levels of switching among customers, sometimes accompanied by bad debt when final bills are not paid.

In liberalized retail markets, utilities bear full responsibility for debt collection, but their manoeuvring room in recovering the bad debt is limited by regulatory and political constraints. The focus on maintaining the best customer experience, together with service obligations and provisions such as long grace periods, protection for vulnerable groups, and winter moratoriums, makes it difficult to suspend the service even as a last resort. Public opinion and political pressure act as a further deterrent, and utility companies need to reconfirm to the public time and again that their processes are fully compliant and adhere to the highest professional standards when it comes to debt collections.

Loss of income is becoming a burden on businesses and inhibiting growth, and the situation shows no signs of improving. Sectors like Utilities, Telecom can ill afford to ignore such waste and eliminating it can generate resources to invest in future growth. In a tight economic and regulatory context, utilities need to work harder to prevent and manage bad debt if they want to stay competitive and improve their resilience. Experience shows that companies are better at weathering downturns if they have already cleaned up their credit processes and minimized overdue debt because they are able to move fast to cut costs, protect profitability, and reserve growth capacity. Thus utilities will have to take matters into their own hands. By reshaping their credit and collections processes, they can improve their ability to predict risk, reduce bad-debt charges by, and provide a better experience for customers.

Barriers & Opportunities

Data Analytics & Customer Engagement

Data Analytics isn’t all new for organisations with large customer base like Utilities, Telecom – it’s actually been around for quite some time. there are numerous utilities using – basic behavioural scoring. Analytics is a continuous improvement process to identify ever changing customer behaviour and other collections related trend. Best-practice collections strategies should use emerging trends to segment customers, targeted collection campaigns & quick adjustments to the treatment path.

Continuously improving process requires the ability to monitor the effectiveness of the strategies, performance of customer segment & other relevant KPIs. In addition, advanced data analysis using metrics and trend displays, and collection control dashboards that illustrate KPIs such as status of overdue receivables and corresponding collections actions, will provide the necessary business intelligence to adapt and extend collections activities.

Various trends where Analytics can support Debt Management –

  • Reactive Collection vs Proactive Measures
  • Customer Segmentation: Can’t pay, won’t pay….forgot to pay
  • Customer Behaviour: Payment pattern, preferred mode of payment, initiative customer reacts to
  • Predictive Analysis
  • Identifying right strategy, right action for customer
  • Insight for the next strategy iteration

SAP Analytics Cloud is one simple cloud solution connecting your people, information, and ideas to enable fast and confident decision making. Machine learning technology and embedded artificial intelligence help you to discover deep insights, simplify access to critical information, and empower informed decision making for all.

Developed for real-time BI, planning and predictive analytics that natively integrates to SAP, the solution can predict when proactive action is required, something typically difficult for companies to do. The accelerated value is in enhancing organization’s ability to collect cash and improving its insight into profitability indicators. It also leverages SAC content to seamlessly integrate with SAP data and SAP S/4HANA®. Advanced predictive analytics becomes the quiet driver behind dynamic operational, tactical and strategic dashboards that have been designed with SAP Fiori for a uniform and modern user experience.

Removing system Barrier

There is a basic understanding in industries like Utility, Telecom on the concepts of collections best practices, but almost all organisation lack the technology to be able to adopt best practices. Traditionally, collections have been the technology domain of the Organisation’s customer information system (CIS). Many companies struggle with weak and restrictive collections functionality in an aging CIS. Others may have a relatively new CIS in place that boasts adequate collections support but is missing key features to support today’s best-practice collections processes.

Collection managers, dependent upon the CIS platform & team to manage collections processes to implement improved collection processes. Debt is not going away. There will always be customers who default on payment. But technology has caught up with the problem, and companies now have the option to implement specialist collection software products that enable best-practice approaches.

Some of the best practices followed across the globe are –

  • Rapid change cycles executed by domain experts: Analyse, Optimize, Implement
  • Strategy changes no more an IT change request
  • Scalable & Flexible when it comes to including new changes/attributes that are based on analytical trends
  • Design transparency, improved performance & integration with 3rd party DCAs
  • Offers tailored treatment based on customer segmentation
  • Allows Champion – Challenger strategy and success valuation

SAP BRIM – Financial Customer Care with Debt Management using BRF+

Business Rule Framework plus (BRFplus) provides a comprehensive application programming interface (API) and user interface (UI) for defining and processing business rules. It allows you to model rules in an intuitive way and to reuse these rules in different applications.

Flexibility in changing Business rules in Collection process enables Revenue Management team to –

  • Make their collections rules progressively more targeted, as they become more and more sophisticated with their analytics and customer segmentation
  • Add more sophisticated customer characteristics (e.g. components of credit risk scores, payment behaviour) as the data becomes more readily available
  • Adapt their rules to changing macro-economic conditions (e.g. recessions, political climates, etc) or changing customer behaviours (e.g. greater mobile use, email use)
  • Respond rapidly to unforeseen events

Leveraging BRF+ features to improve Debt Management

Scenario 1: Business running on SAP with Debt Management using legacy Dunning procedure

Debt Management using SAP’s Legacy Dunning Procedure was limited to few attributes like

  • Days in Arrear
  • Amount of Debt
  • Creditworthiness score

Combinations of these parameters were used to define levels and activities where defined as per Business need.

Debt Management with BRF+ is robust, scalable, and way ahead in its offering compared to its predecessor. It is a framework of Business rules which can use a wide range of attributes to determine the correct path for a customer.

  • Master Data
  • Transactional data
  • Derived values using formula e.g. oldest item, energy/non-energy debt
  • Function Module (data from external system/other modules/calculation of attributes not possible through formula)

Advantage of moving to Debt Management using BRF+

  • No additional licenses required
  • Whole loads of attributes to define strategy
  • Simplifies the process of identifying the right collection path, sequence for a customer based on changing payment behaviors, credit history, Debt parameter, etc.
  • Web based UI enabling Business User to control the strategy changes
  • Supports multiple strategies and at run time identifies the strategy or path to be executed on a customer
  • Supports Champion Challenger concept and reports on Success valuation of the strategies

Scenario 2: Business running on SAP but Collection strategy on 3rd Party Solutions

Because of limited functionalities offered by the Dunning procedure, many companies moved their Debt Management solution to other 3rd parties offerings. SAP too understood the need of the Businesses and introduced BRF+ for managing Debt. This has been a game changer for various organisations especially in the utilities, telecom sector who had no option but to move to 3rd party offerings.

SAP may lag on jazzy screens compared to the 3rd party solutions but on functionality offerings,  it’s no less. GUI look and feel also now has been taken care through FIORI.

The real value what Business gets using SAP Debt Management using BRF+  are

  • Simulation in system before actual batch run controlling unforeseen scenarios
  • No additional license cost
  • Huge saving on TCO as the solution is in the same SAP system.
    • Transactional
    • Data Storage
    • Annual Maintenance
  • No hassle of managing multiple real time interfaces to keep data up to date in the Debt management system
  • Improved Customer Service and savings on AVHT as Business User will have to refer to only one system for all the customer relevant information

What comes along with BRF+

BRF+ is like a container for the complete business rules and provides out of box integration with various other processes along with Debt Management. Power of BRF+ can be leveraged in

Billing and Revenue Innovation Management

  • Product
  • Discount/Charge Activation
  • Charge Plan Activation
  • Charge Plan Parameter Value Determination

Sales and Distribution

  • Output Determination

Revenue Account Reporting

  • Integration with Source System (SD, Hybris Billing, CRM, etc.)
  • Account Determination (POB Attributes, Contract Asset, Contract Liability, Recognized revenue, Deferred Cost)

Industry Solution – Utilities

Advanced Metering Infrastructure Event Management

Why Choose Acuiti Labs for your Debt Management Transformation?

Acuiti Labs is an SAP Silver partner and a digital firm that delivers business and technology consulting services, transforming businesses with pioneering and latest solutions. We have proven expertise in delivering successful SAP BRIM based transformation, thus offering complete support for your Business objective on Debt management.

When it comes to Debt Management transformation, we have collaborated with several clients across industries like Utilities, Telcom, Postal, Port and supported them in containing their Debt position not only by technology implementation but also by offering Industry best practices.

Our professional SAP experts have Big 4 consulting experience and strong technology capability in the area of SAP BRIM, Analytics, AI, Big Data, Mobile & other Cloud technology. We are best placed to understand your Business objective and co-create the required solution.

 

 

 

Intelligent Video Analytics for Smart Cities

Video analytics – we all can agree to the statement that “from the last few years, Artificial Intelligence (AI) has demonstrated the greatest value for the security industry. In fact, the video security systems and AI have dovetailed together so well together that it is almost impossible to tell get any significant value from security video without AI. 

AI has become the transformational force within the security industry allowing it to operate in a much more efficient and effective way.

In simple terms, the advancement in video analytics technology is so much that it can detect within a video feed the actions or incidents that need to be reviewed just like how humans do but simply much faster and sometimes even better!

Also, we need to make a note that computers have got much smarter when it comes to things like face recognition or people tracking where accuracy is a priority.  The improvements in Video Analytics have definitely turned out to be the game changers, ranging from applications such as face recognition, object detection, people tracking, smart parking, and much more. 

Understanding how these technologies work and how they can be beneficial for businesses.

Intelligent video analytics can automatically detect temporal events in videos. The software will refine your video content, narrowing hours of footage down to specific events with the click of a button. You can directly pull up the information you need based on the system’s search parameters.

Let’s have a look at the specific technologies:

Facial Recognition

This facial recognition technology can be used in crowded locations such as Airports, metro stations, construction sites, and retail locations to provide real-time information.

Let us take the example of a retail store and understand this technology. Retailers can use intelligent video analytics to understand the behaviour of their customers. 

Determining people’s key characteristics such as their gender is possible with the state-of-the-art algorithm. Also, keeping track of customers’ movements in the store, helping retailers identify how long a customer looks at a certain product. 

Having this information will help you better determine the placement of products working towards better customer experience and definitely sales. 

Having this data like the customer characteristics, the number of customers, their behaviour in the store, duration of visit, etc, can help retailers get the complete sense of who their potential customers are and what is their preferred time. 

Not only this, but security is also another thing to look for. This technology will transform how we deal with terrorism and other crime. Face recognition algorithms can spot in real-time things which naked eyes will certainly miss. 

Object detection

The object detection technique relates to computer vision and image processing that detects and defines objects such as human faces, animals, or any object in any image, video, or live video stream. The software can classify several objects within a digital image at once. This technology consists of static and moving object detection, video tracking to understand the events that occur in the scene. 

Object detection has a wide range of applications ranging from personal security to productivity in the workplace. Facial detection is one form of it, used for security purpose, another form could be counting the number of people and much more. Here are some industry processes widely influenced by object detection technology: sorting, inventory management, machining, quality management, packaging, etc.

Let us take the example of a surveillance system and understand this technology. A surveillance system can be trained to recognize people in real-time. The technology will keep a count of the number of people and also analyse crowd flow to detect movement in unwanted or prohibited directions. 

Object detection algorithm also uses historical data to determine the normal count of people accordingly and trigger alerts in case of unusual traffic. The intelligent video analytics systems can be trained to detect specific events, with a high degree of refinement. 

People Tracking

Video analytics is the perfect way to keep a track of any situation before or during any suspicious activity (e.g. tracking time of entry and analysing for suspicious behaviour in a metro station).

Let us take the example of health-care monitors and understand this technology. In the health-care industry, video surveillance solutions ensure the safety of their patients, staff, and visitors, at levels that are often regulated by strict legislation.

An intelligent video analytics solution can also detect when a patient has not been checked on according to the requirement and alert the staff. The setup can be such that it can help in monitoring if a person has taken the prescribed medication at the right time or not. Also, the system can be trained to detect emotions from body language and micro-expressions, offering clinicians objective information.

Some key Capabilities of Intelligent Video Analytics

  • Monitoring
  • Alerts and notifications
  • Recording
  • Analytics
  • Security control

Acuiti Labs multimedia team has very strong capability and skills in AI and Video processing for different use cases in multiple industries.

Please do contact us or drop us a line if you have any questions or comments about it.

Mobility as a Service (MaaS) – How is it changing the future of Transportation?

Time is not so far when customer-centric options like self-driving cars, carpooling, people opting for greener options and choosing public transport, etc. will take over, and owning a car will be rare. This is what the future of transportation certainly looks like. The concept of Mobility as a Service (MaaS) makes it even more clear and certain.

In the past few years, a huge shift from using personally owned cars to choosing public transportation or using mobility as a service has been noticed. The current way of traveling from let us say point A to point B has changed and is transforming and shaping up the whole ecosystem of individual mobility.  Not only will be the entire transportation industry will be affected by it, but other sectors including health care, energy, media, insurance etc. will have the impact. These industries should reevaluate and opt for more advanced solutions to create value in this emerging environment.

What is Mobility as a Service (MaaS)?

Mobility as a Service also commonly referred to as MaaS is a customer-centric platform for individuals to use as a mode of transportation. This is an on-demand, real-time platform which basically includes a different combination of transport methods like a car and bike sharing, taxis, and car rentals/leases, and it offers its customers everything that is essential for an effortless traveling experience. Right from the user’s travel plan to payments, all this is included in MaaS.

To choose this service, all you have to do is to take a subscription of the application and you will have the access to available vehicles like car, bike, any public transport pass for the chosen time period depending on your convenience.  If we talk about further details, it has smart mobility options including various modes of transportation for the ecological and social benefit are also playing a huge role in reducing harmful emissions, cleaning the air pollution, and proving better road safety. 

Benefits of Mobility as a Service?

New age service Maas offers various advantages including – 

  • Effortless and smart route planning — Maas offers real-time route planning for the users. it helps them in planning their journeys which might require using multiple transport methods based on the route they choose, with the help of smart suggestions drawn from their particular preferences.
  • Personalisation for best user-experience – MaaS is known for being offered as a completely personalized service. This creates a unique bonding between the users and the transport service provider. With the help of big data, it provides two-way communication and frequent customer feedback because of which MaaS systems have become the greatest customer-focused transportation platform of today
  • Easy payment choices — There are various different methods through which the MaaS users can pay for transportation which includes phones, smartwatches, and bank cards, flexibly before or after their journey, or also on a subscription basis.

What were the typical city transport billing platform challenges?

  • Multiple Booking Platforms – Leading to difficulty in creating bundles, limited integrated view of the customer, poor adaptability to multiple business models and not easy to grow partner ecosystem
  • Revenue Leakage – Manual processes, no single view of the customer, no streamlined order to cash process, limited Automation of business processes, higher Days of Outstanding.
  • Customer Experience – Needs to be enhanced, consistence and contextual
  • Limited Scalability – Bundles as well as combining various billing stream will lead to a massive increase in transaction volumes as well as business rules complexity
  • Visibility – Limited visibility (for business) of customer booking various commute options

How MaaS -Mobility as a Service and SAP BRIM together can be a game-changer?

The digital economy has completely changed the way how customers use to buy and engaged in the same service earlier. The subscription-based model has opened several options for the customers thus making the complete process hassle-free.

The Digital Economy has enabled new services … and changed the way customers buy

   

Iteration is based on customer behavior that includes price per month, per use, volume tiers, minimum commits, freemium, per outcome, etc.

SAP BRIM – Advanced Billing Platform for City Transport

  • Account Registration
    • Register customer account
    • Add credit card details
  • Journey Planning (Purchase)
    • Check routes and possible legs of the journey
    • Buy rides/journeys in advance
  • Journey: Tap-In & Tap-Out
    • Every journey start and end are recorded by NFC, Proximity Sensor Bluetooth devices using the phone
    • Separate events are clubbed together to record the journeys for charging
    • Digital Presentment
    • Responsive and Integrated Reporting / Customer-Centric Statements and Forms
    • The customer receives a statement on mail for monthly usage
  • PayG Payment –Fair Price Promise
    • Flexible Billing/Invoicing and Payment process
    • End of the day all PayG charges are collated and payment run deducted the total from Credit card Service Charging
    • Flexible Business Logic for Services Charging
    • If the ride is already purchased that entitlement is used otherwise the charge is calculated for Pay

How Acuiti Labs can help?

Acuiti Labs is transforming the travel industry via the use of SAP BRIM and excellent customer experience-driven mobile apps.

We have innovated the travel of an individual who is using their own vehicle or using public transport to make it account-based pay rather than individual transactions.

These apps and BRIM platforms are designed to operate in any country or city with minor changes. This will significantly accelerate the adoption of account and relationship-based travel.

Acuiti Labs is an SAP Silver Partner offering an accelerated implementation service for SAP BRIM, Subscription Billing, Entitlement management, and more. Our experience and competency in ‘mobility as a service’ market could provide a complete road map for the businesses that are looking for transformation and adoption of a new way of mobility. Our billing and other SAP Services can help you in changing the way you consume mobility by integrating all forms of transport, including local bicycle services, ride-hailing, car-sharing, and a lot more. Contact us for more details.

Role of SAP Billing / SAP BRIM in Transforming Tolling Business

Transformation of tolling business with SAP Billing / SAP BRIM Solutions – Tolling is generally an amount, or a fee paid to access any road, bridge, or tunnel and the revenue generated by this is utilized for maintenance, construction, and/or other such operations

Toll Business can be simply understood as a way to deal with transportation challenges and provides a positive impact on freight transport in several ways. The toll in many ways has been benefiting society without placing an excruciating financial burden on the entire transport system. The advantages the toll business offer include improved transport efficiency increased revenue for the public budget and reduced external costs of road vehicles.

There is numerous research that has time and again proved that tolls can positively impact transportation in several ways. Below are a few examples –

  1. Improved Transport Efficiency – With the road tolls being introduced, empty headings have been seen to decline. Additionally, tolls are also helping in reducing the vehicle km required for transportation as trucks are improving loading rates because of the pricing pressure.
  2. An affordable choice, without impacting consumers’ prices – In most of the industries the range of transportation cost is between 1% to 5% of the total production cost which is comparatively low, and the accumulated statistics will not show any significant effect.
  3. Significant contributions to transport sector funding comes from the toll revenue – This is true that money that comes from toll revenue is one of the major sources of funding that the transport sector earns.

How Tolling business can help in reducing the worldwide challenge of traffic Congestion?

The increased number of vehicles on road is certainly the cause of massive traffic jams during peak hours in many parts of the world.  Managing the traffic congestion problem on a high scale would not only be a sign of relief to the economies of various countries across the globe but, this would also be helpful for sustained productivity and competitiveness.

A report by the UK government suggests that congestion may cost the economy of England £22 B a year in lost time by 2015. The U.S Transportation Institute said in 2011 that the cost of congestion is more than $120 billion, nearly $820 for every commuter in the U.S. World’s record traffic jam in China, Hebei province, was 110 km long during 12 days in August 2010.

There are three main purposes of road pricing and tolling among these tolling is utilized to generate revenues. The other two important reasons include congestion or value pricing which helps in managing demand and environmental pricing to reduce environmental impacts.

E-Tolling System – What is E-tolling and what are its advantages:

E-tolling or Electronic tolling collection (ETC) is a wireless means of automatically collecting the usage fee or toll charges from the vehicles using toll roads, HOV lanes, toll bridges, and toll tunnels, etc. without requiring any action or stopping by the driver. This not only is time-saving but also keeps the entire process of toll collection transparent. Electronic tolling is also cheaper when compared to a staffed toll booth as it does not require manual processing and it helps in reducing transaction costs for both government and private road owners.

Advantages of E-Tolling –

  1. No stopping of vehicles at a toll booth
  2. Time-saving
  3. The reduced traffic congestion problem
  4. Can save gallons of gasoline every year
  5. Efficient, safe, and secure

Evolution of Business Models and Non-toll Revenue. Transformation of tolling business with SAP Billing –

Toll pricing models have been evolved the most in the past few years. With the evolution and several new innovations, it has become more complex with customers demanding loyalty benefits, discounts, and vouchers. Especially the customers who own a large number of vehicles, deal with a lot of such task forces, and have to take similar journeys several times.

Tolling charges vary depending on what time of the day the trip was taken. How many travelers are there in a car, total distance covered, or even customer’s residence? The payment itself could be prepaid (wallet based), postpaid (Bank settlement) or hybrid model. Also, taxes could depend on the type of vehicles to subsidize electrical vehicles.

Besides the pricing and billing complexities in Toll itself, tolling companies have a lot of avenues to grow the non-toll business and get additional revenue. The same vehicle cards which are being used for Toll could be used for paying for fuel, parking, E-vehicle charging, hiring bikes, and car wash services.

Challenges Faced by Tolling Business

  • Road transport accounts for around 16% of global man-made CO2 emissions. Also, the number of crashes subsequently increases due to congested roads.
  • Tolling business deals with a lot of administrative tasks and paperwork which becomes quite a headache if not managed with the help of proper dedicated solution
  • Juggling between too many transponders and navigating the customer service maze

Role of SAP BRIM Solution in Toll Collecting –

Transformation of tolling business with SAP Billing is super easy with Acuiti Labs!

Billing and Revenue Innovation Management (BRIM) solution under the hood comprises of various different solution components that are pre-integrated in a suite. The Customer, Products Master and Order, Contract Management is handled in the Subscription Order Management (SOM) component that allows new customers to register, along with their e-tag information. On the tolling plaza where the vehicle information is actually captured by tolling operational systems which will then pass that on to Convergent Mediation which allows data massaging and validation.

SAP BRIM Platform can orchestrate information to downstream systems or can couple separate events together like vehicle entry and exist events received from two different toll points on the same route. Convergent charging takes care of the complex rating and charging logic and find out whom to charge and how much to charge for the journey. Finally, Convergent Invoicing can handle billing, invoicing, and settlement processes with banks and postings to subledgers.

Tolling Systems – Open versus Closed

In the closed tolling system, the vehicle is tracked both at entry and exit points. While in the open system toll plazas or charging booths are charging points for the applicable road section.

Tolling System

Customer Journey

The customer journey begins right from the moment when he/she either purchases a card or e-tag from the store and registers it along with the vehicle registration details. Customers can then top-up their card/e-tag using banking services like bank mobile app or ATM. Now when the customer makes a toll-applicable journey, based on a closed or open toll system the toll plaza will record the details or his card/e-tag verifying them against the vehicle plate number to detect any fraud.

These details will then be fed through Convergent Mediation where there will be further validations like multiple journeys on the same path in very short amount of time or improbable time difference between entry and exit timestamps recorded. Once the event data is validated it is rated by the Charging system to create billing items (records) of transactions. These transaction records/items are aggregated to be shared with the customer and the bank for any applicable settlements later. To minimize credit exposure it may very well happen that the entry point registers the vehicle entry and reserves or block some amount on customers’ e-tag accounts and at the exit point the charges are calculated and the e-tag balance is either deducted immediately or send to the bank for settlements.

Advantages of Using SAP BRIM –

  • Simplified Customer interactions
  • Meeting real-time expectations
  • Real-time insight for true customer 360-degree view
  • Increase Transparency and efficiency 
  • Real-time Execution for context-sensitive offerings
  • Improved Customer engagement
  • Innovative pricing and Bundles
  • Consolidated Billing to manage credit and collection efficiently
  • Handles hybrid payments

While now you already know what role SAP BRIM plays in managing toll business efficiently than ever, it also important to get a holistic view of some other advancements offered by SAP solutions to its customers and how Acuiti Labs could be the most suitable choice for you –

Business Responsiveness – SAP BRIM offers Innovative pricing model, charging and billing models and also opens up a smart revenue stream that are personalized for your B2B offerings and you get a chance to know your customers better and thus can offer customized solutions to them.

Efficient Revenue Management – SAP Solutions could be the best choice when you are looking forward to increasing customer satisfaction and improve financial performance with a converged view of a customer account, receivables, payables, and disputes.

The flexibility of Deployment – Get the flexibility of deploying complete, integrated customer care and next-gen billing system with SAP Billing Solutions or choose to deploy in smaller implantable steps for targeted incremental value. You get the freedom of doing it the way you wish to choose!

How Acuiti Labs can be the right digital partner for the transformation of tolling business with SAP Billing?

Acuiti Labs’ can help in the transformation of the tolling business with SAP Billing solution and efficiently handles the issues that toll businesses are currently facing.  We can manage the toll Industry pain points and also support potential future growth avenues. Contact us for the digital transformation of your tolling industry today!

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Transformation of Media and Entertainment Industry using SAP BRIM Solution

What is the need of SAP BRIM Solution for the Media and entertainment industry today? This industry has evolved rapidly over the past few years and has become the early adopters of technology. The evolution of the industry has led to a more subscription-based economy with a healthy dose of usage-based charging. Easy and flexible options to watch movies or their favorite shows which is now at their fingertip with the online streaming platforms like Netflix, Amazon Video, Hotstar, and the list goes on. The need to modernize and adopt a digital transformation-based approach has become imperative for the industry old timers to match with the new technology based streaming platforms.

Releasing movies on the conventional theaters and cinema houses is now being challenged by the new streaming platforms. There is a big shift in the revenue model for movie makers. More and more movie makers and studios are now releasing content directly on the streaming platforms making the traditional model close to obsolete.  Along with this the consumer expectations have changed considerably. They are now looking at pure subscription of their desired bundles or pay per use or a combination of the two. They are no longer willing to be tied to the conventional media content delivery, where the choice was driven by the media service providers.

Imperatives of Media and Entertainment World today –

Consumers of media are now the millennials whose expectations are completely different from yester years. The viewing habits and demands are very technology driven. It is very important to understand that the combination of new digital distribution modalities and evolution of customer’s consumption habits. This is continuously challenging the traditional Media and Entertainment business model. It has already been considered the start of a sweeping transformation that will continue to reshape the entire Media and Entertainment ecosystem.

We cannot ignore the unyielding competition as far as the media and entertainment industry is concerned, with even the biggest of industry players battling for the eyeballs of the viewers and subscribers. The media companies that will rapidly identify and react to the evolving requirements and consumption patterns of the end-users will survive in this rate race.

The rapid growth in advanced technologies has been the single biggest factor behind this resurgence. The same advancement in technologies has also created the commonly witnessed enlightening shifts. The audience now have understood their power and have become more demanding. Gone is the time when they use to adjust their daily routine, to the availability or airing of the content. Content providers are wrapping up their broadcasting and publishing as per the requirement and convenience of the customers. With the growing completion amongst the streaming platforms, the companies have become more customer-centric over time.

When at any given point people can exchange notes with each other about any of the newly launch media content by the means of several social media websites like YouTube or Instagram or review sites, the death or survival of any published or broadcast content can be decided in seconds.

One thing is obvious; consumers are more liberal and are keen to exercise greater choices and express personal freedoms as far as media & entertainment are concerned. Along with independence, consumption has also significantly gone up. This has led to a double-edged challenge for the content providers, greater opportunities, and much higher risks. In the era of technology shifts, it is imperative that only those media and entertainment entities that enable themselves rapidly, identify and act on this tectonic shift in the consumer mindset will survive and indeed thrive.

In summary, challenges faced by Media and Entertainment Industry –

Knowing the fact that the media and entertainment industry is witnessing massive transformation at the moment, it is also reacting by working towards improving the customer experience. Nevertheless, here are some major challenges that are being faced by this industry.
1. Higher Customer Expectations – The customers are expecting the various media and entertainment providers to deliver choice, convenience, and value, all these wrapped inside personalized and customized experiences that should be available on-demand and on a cross-platform basis which should also include limited advertising and strong data protection.

2. Adaption of new realities – Growing competition for viewers and advertisers, combined with ongoing declines in subscribers, has become quite a cause for topline media and entertainment business owners to relook at the new realities and adapt them for being all-time better. All that Media and Entertainment industry requires is a new level of operational superiority — the kind of strategic expense reduction that provides short-term results and long-term efficiencies.

3. Constant desire of customers for something new and unique – Speaking about the traditional Media and Entertainment model, creativity, distribution, and monetization were direct. It was common for consumers to be passive and wait for content that was made available at a time prescribed by others. Digitalization has changed the face of the world and that has reduced the need of an intermediary, that is more atomized, yet a bit complex and, above all, lively. As mentioned earlier, Media and Entertainment consumers are more inspired and demanding. Their expectations are rather high on being able to control how the content, products or services should be delivered to them. This behavior and expectations have been fueled by personalized experiences across their daily life, right from mobility and financial services to communications and indeed entertainment.

4. Mitigation of Cyber risks – Huge amount of data is being created every minute as a result of millions of clicks, views, and downloads. This data offers media and entertainment companies a real competitive advantage, however, this same data is a real threat for them as it acts as a magnet for cybercriminals. Companies need to have a better plan in place in order to deal with any cybersecurity issue.

5. Race to deliver the best content – The rapid growth in video creation and distribution platforms and a consistent rise in engagement metrics, subscription fees, advertising revenue or a combination of all of these together have created an intensely competitive landscape for developing and acquiring the best content.

With so much content available across many distribution alternatives, Media and entertainment businesses are forced to think of innovative strategies to deliver more compelling programs for their consumers to watch. AI and machine learning technologies can be leveraged by these companies to dissect viewing patterns from multiple perspectives to build personalized recommendations into consumers’ digital interaction.

Role of SAP in changing the face of Media and Entertainment Industry

The content offered by media and entertainment industry plays a crucial role in customer satisfaction, SAP S/4 HANA and the cloud platform can help in streamlining and personalizing the content as per the taste of the Audience. SAP S/4 HANA has collaborated with SAP Cloud Platform and is facilitating the media houses to digitize and innovate their business models.

Here are a few points that can help in understanding the role of SAP in media and entertainment industries

Creating New Cloud-Based Multipurpose Applications

The SAP Cloud based platform is helping media companies to build new cloud-based mobile applications rapidly which can in turn help them for the next-generation audience, that are more technology driven and are always hooked online through their mobile devices.

Bundling

Many new media companies are opting for bundling service offered by SAP. Product bundling feature enables them to easily create complex and personalized product offerings of digital goods and services for their customers. With the help of this feature you can also offer flexible pricing and availability rules based on the customer selection

Packaging

In this competitive world of new digital a reality, SAP S/4HANA can help your deal with all packaging requirements efficiently.

Monthly Subscription Billing

SAP Subscription Billing solution can help your business with a simplified, automated approach to billing and ordering processes to help you create and monetize new offers quickly and effectively which can also be chosen on the Subscription basis.

Customer Experience

SAP Billing Services can help your company in delivering better customer experience by providing transparency and flexible billing choices. It can help you in managing huge number of users with ease and also keep a track of user-based charging.

SAP innovative software solutions remain the game changer when it comes to targeting the right audience, dealing with customer problems, establishing better connections with them, and a lot more.

Speaking about the facts, as per SAP’s official website, near about 83% of the media-based companies listed in Forbes Global 2000 are SAP customers, 74 % of radio and TV broadcasting content worldwide is produced by SAP customers and 90 % of the printers and publishers in the Forbes Global 2000 are SAP customers.

SAP’s easy approach to solve to your specific your specific media business requirements –

  • SAP’s intelligent technologies optimizes the overall experience of your customers. Move a step ahead by increasing the transparency of end-to-end processes and leverage real-world awareness which involves consumers, talent, and also business to business (B2B) partners get more innovative.
  • SAP innovative solutions can help you in unlocking business values and potential with digital technology. Get an all new approach to content delivery by connecting innovative technologies with integrated business solutions and get more closer to creating an intelligent enterprise

SAP CX to improve Customer Experience –

With a lot of new options coming up in the market so promptly, it is quite a task for businesses to win customer’s trust and keep it intact in the long run. These fascinating options for the customers are capable enough to drag their complete focus away from you. SAP Customer Experience is one of the best solutions to make each step of your customers journey count. Understand their intentions, interact frequently to show that you care, offer them complete support at each step of their journey. This is how SAP helps you in providing the best of customer service.

SAP BRIM Solution to improve customer experience – Example of the Use-case

The role of SAP  BRIM solution for the media and entertainment industry can be clearly understood with the help of an example of the use-case where the primary requirement was to improve the customer experience. 

Business challenges –

In this use case, the media and entertainment industry wanted a system to deal with:

  • Product bundling and pricing,
  • Manage subscriptions
  • Manage offers efficiently
  • Single billing for subscription and consumption events

They required a provision that can offer the customers bundled product with a lot of unique options for them and a robust OTC process that includes quotation approval.

What SAP Innovative solutions were used to deal with the above-mentioned challenges –

SAP BRIM Solutions can significantly reduce manual efforts and operational cost by offering support for businesses that deal with subscription models. A few SAP BRIM solutions that are involved in this process includes SAP CX C4C, Commerce, Data Mediation, SAP BRIM and Subscription Billing.

Depending on your business goals, SAP BRIM solutions are implemented which helps the businesses understand the scenario of getting numerous advantages for both customers and business itself.

 SAP BRIM Solution Architecture for Media and Entertainment Industry

Benefits

After implementing SAP BRIM solution, the end user was provided with a highly scalable and high-performance SAP CX Integrated solution along with a 360° view of customer records to accelerate collections processes and improve customer service. The business also gets the benefit of provision of performing usage and recurring based billing.

How Acuiti Labs can help –

Acuiti Labs is a UK based SAP Silver Partner and offers innovate solutions like BRIM, Subscription Billing, CPQ, C4C and more. Business growth or improving customer relationships, we can help you with customized solutions for all your requirements. We can help you in accelerating implementation time, reducing risks, reducing manual processes, enhancing sales activities, improved customer interactions and moreover, get you ready for your digital journey with our SAP based solutions.

Best SAP Innovations Witnessed by various industries in 2019, What has 2020 got for you?

SAP is the new age technology and calling it as one of the most intelligent, yet simplified technology of the last decade couldn’t be wrong! From digitally transforming a lot of businesses to giving them an entirely new face for the customers, SAP has truly been a technology that has changed the business game for many in the past years.

As 2020 is already here, many businesses involved in big data spaces are eager to understand and grab upon the next set of SAP Innovations and latest technology trends that this new year has got in for them. Measures to achieve organisation’s bigger goals, transforming and redefining business strategies to offer significantly better customer experience, and focusing on the latest trends to remain ahead of the competitors are a few points that every business promises to follow while at the starting of a new year. 2020 is no different when it comes to enhancing the business and following the latest tech trends.

Another thing that remains static, is the focus on innovation. These innovations could be in the form of anything like launching a new product, or a solution, or it could also be a service. The businesses that will keep innovation as their primary focus in 2020, will flourish and here is when SAP’s latest tech trends are going to help you!

Role of SAP Innovations to fulfill Customer Demands

Customers are evolving over the period of time and so are their expectations. This has somehow created a virtual world of outgrown competition with which every business is dealing in reality. If you are looking for a solution to solve the most complex business problems and want to bring your company’s vision to life, SAP’s innovative solutions can help you. Many businesses are already taking advantage of SAP’s offerings and had achieved the greatest goals through unique and leading-edge software innovations. In 2020, it’s your turn to collaborate with SAP to provide a unique experience to your customers right from discovery to delivery.

Industries that have been benefited with SAP innovations in 2019:

SAP’s latest tech trends and innovations had already helped many organizations in bringing their vision to life and transformed the way they use to deal with their business problems.

Get Benefited from SAP’s experts who have built over 4000 innovative solutions for more than 1500 clients across the range industries including:

1. Health Care

The American Society of Clinical Oncology is shaping the future of cancer care by providing individualised solution. With the help of big data stored in the cloud, people can easily access it and use it to create personalised evidence-based treatment plans which will further result in better patient care.

2. Agriculture

In agriculture, ‘Stara’ – which is a farm equipment manufacturer is reimagining its ecosystem and fundamentally changing its business models with the exceptional solutions by SAP that are helping to digitally connect ‘the internet of things across people, plants and machines. These innovations are helping the company realise its goals in a better way.

3. Transportation

Trenitalia, a high-speed rail company is using a tailored, dynamic magnets management SAP solution that harnesses the internet of things to analyse censored data from trains in real-time. Now customers enjoy better service and the company is saving 8-10% cost annually

4. Retail

A retailer company, Tata CLiQ launched the first of its kind ‘phygital’ marketplace with SAP Hybris Solution to combine the Physical and Digital world. Now, the customers are enjoying seamless omnichannel shopping experience that is personalized so that they feel special every time they visit or buy from here.

5. Entertainment:

Cirque du Soleil, has revolutionized its fan experience by investing in an interactive mobile app. This app is creating a more impressive fan experience.

Make your innovations real with SAP innovative solutions. Now, it is your turn to best utilize these and let your business bloom in 2020. Bring your concepts to life with high value, individualised solutions built by SAP experts.

SAP Tech Trends and Predictions for 2020

1. Big Data

Big Data is the huge collaborated data that we deal with almost every day in our lives. This data keeps flowing and moving from one computer to another computer or devices like mobile or machine sensors. With the use of the right big data tools, your organization can easily manage, store, and analyse this data and get valuable insights that were earlier impossible to imagine.

Big Data can play a vital role in transforming the decision-making ability of you your business with the help of technologies like in-memory data management, analytics, artificial intelligence (AI), and machine learning. Big data solutions for SAP can easily manage your various data landscape – across data warehouses, data lakes, and databases – with perfect to use on-premise and Big Data cloud solutions.

With the use of SAP HANA, you can easily transform the way you deal with the business challenges and get the responsiveness and processing power to make the most out of new opportunities.

2. Machine Learning

Machine learning is a smart technology that educates the computers to perform tasks in a desired way through learning from data – instead of getting it done to explicit programming.

Through the collaboration done with top universities in the world, SAP is all set to explore the more futuristic choices of machine learning and expand the technology for businesses. This collaboration will help SAP in focusing on a lot of different machine learning research topics and work on resolving open AI challenges in various industries.

3. Cloud Computing

Cloud computing can be simply defined as the process of delivering the applications, platforms, data storage, operating systems, and other computing resources over the Internet instead of doing it over on-premise infrastructure.

Businesses like yours can be benefited by choosing the cloud solution as by doing so you don’t need to make direct investments in hardware or IT staff, but get a subscription to the computing resource based on your requirement and pay the amount only for what you use.

These are three main SAP innovations cloud deployment options from which you can choose the best fit for your business requirement – public, private, or hybrid cloud. SAP promises to provide the most secure cloud platform that is maintained with the highest quality standards so that your data is safest.

4. The Internet of Things

The Internet of Things can be defined as a network of physical objects like vehicles, objects, machines, home appliances etc. that use sensors & APIs to connect and exchange data over the Internet.

Get the most out of the Internet of Things and SAP in 2020 for your business with high-tech IoT applications, software, and services.

5. Blockchain

Unlock the potential to revolutionize the way your business currently operates with Blockchain technology. Blockchain is based on distributed ledger technology, which securely records information across a peer-to-peer network. Join SAP Blockchain group and stay ahead of the competition. Easy communicating and networking with peers, staying updated with the latest industry trends and knowledge from speakers and SAP experts are a few best advantages that any business will be able to take while using Blockchain.

6. Digital Transformation

A fundamental rethinking of customer experience, business models, and operations is what digital transformation is all about. Any business that chooses digital transformation automatically chooses new ways to deliver value to the customers, generate better revenue, and improve efficiency.

Now or later, every business will eventually have to opt for digital transformation. A few businesses are under pressure to go for digital transformation and built a strong clientele, while there are others that are looking forward to it and moving ahead with slowly. Are you among those businesses that need to be transformed digitally in 2020?

Customer Satisfaction remains the primary goal for businesses in 2020 too –

Just like 2019, 2020 will also be a year for businesses that will keep their primary focus on Customer Satisfaction. The market will be dominated by the businesses that will understand the customer requirements better than ever before and offer them exactly what they need, even before they know they need that.

Innovation and success of your business success go hand in hand and thus SAP innovations are going to play a vital role in defining the success rate of business growth in 2020.

Most Exciting Artificial Intelligence Trends to watch out in 2020. What does experts say?

Just like 2019, 2020 is going to be a yet another big year for Artificial Intelligence. Though AI is amongst the least predictive industries and we cannot commit anything based on it, still based on what happened in 2019 we can make a few assumptions for 2020’s AI game.
There are some really big technologies that have already made their way in 2020 and, if everything went just like what the experts are saying, this year is going to be super exciting for AI.

Here are a few really interesting Artificial Intelligence trends to watch out for in 2020

Advanced Improvements in Predictive texts

it’s been quite a while since predictive text came into picture and this is a fact that we all have experienced the importance to text predictions in our lives at-least once in a while. Combination of predictive text with Artificial Intelligence could be really exciting as it can help the users in speeding up the writing process to a great extent which will not only save time but will also provide accuracy.

AI Evolutions for Computer Graphics Advancements

The other most exciting trend to look in 2020 will be improvements in the use of AI in computer-generated graphics. This is going to be a great advancement for more photorealistic effects like creating high-fidelity and more real environments, objects, and characters in movies, games and similar HD online shows.

Improved and Efficient Marketing teams

When it comes to improving the efficiency of marketing teams of any organization, use of AI, is going to play a vital role in the year 2020. Research shows that 96% of AI “experts” and 90% of both “opportunists” and “novices” say AI has helped in making their marketing team more efficient. This is because, AI is time saving, it automates a lot of manual tasks, and performs data-intensive work far better and accurate than humans can.

Advancements in Voice-assisted Search

Voice search is on the rise and future clearly belongs to it. Research shows that in 2020, 30% of web browsing and searches will be done without a screen which will be voice based. Auditory technologies and devices like google home, Amazon Echo, Siri, etc. recognizes voice, spoken language and syntax, that not only derive meaning and deliver the results, but it personalizes the results too. 2020 will have almost of 7 billion devices that come with voice-powered assistants and this is only getting better with time.

Business Benefits and Revenue Gains

2020 will bring more benefits for businesses that are going to integrate AI with them in one or the other way. When utilized by the organization within an end-to-end platform, Artificial Intelligence brings in a lot of benefits like predicting and driving revenue to the businesses.

Improvement in real-time personalization

We all have experienced suggestions of personalized messages and notifications many times while we shop. This is done the with AI as it allows sellers or marketers to quickly and accurately get a complete view of customers in real-time while they interact through online portals and mobile apps. This helps businesses to quickly learn how their estimates can fit the wants and needs with ever-increasing accuracy.

Highly improved Facial Recognition technique

Facial recognition technology is amongst the fastest grown technologies of the last decade and perhaps it is only likely to intensify as we move into 2020. Though there are a few ups and downs related to the use of facial recognition technology, we still are hopeful about seeing some more advancements related to facial recognition technology in 2020.

Business Benefits of using Contract Lifecycle Management (CLM) Software

Contract activity is an essential business aspect that requires proper management during the complete cycle. SAP Contract Lifecycle Management (CLM) service is a practical and systematic way to manage the entire contract lifecycle right from initial stage, through award, agreement and renewal (if required). A few advantages of using CLM for your business includes simplifying sourcing and procurement processes, accelerate compliance with negotiated terms, and enhance competitive advantage.
Contract activity is an essential business aspect that requires proper management during the complete cycle. SAP Contract Lifecycle Management (CLM) service is a practical and systematic way to manage the entire contract lifecycle right from initial stage, through award, agreement and renewal (if required). A few advantages of using CLM for your business includes simplifying sourcing and procurement processes, accelerate compliance with negotiated terms, and enhance competitive advantage.
Below listed are a few reasons why businesses find it difficult to manage contracts –

  • Contracts management take significant time to copy, file and store which businesses fail to give and thus the process becomes difficult for them.
  • There’s no streamlined process to keep a track of price and payments which creates revenue loopholes.
  • Lot of time consumption in approval process from various ends can put a wrong impression on the customers and can also make you less valuable in their eyes
  • If working without a proper CLM software, split management can result in incorrect and incomplete information or even overlook policy compliance

Choosing SAP CLM can be very helpful in overcoming all the problems that you might face and can also be helpful in improving cost savings and efficiency of your business. Having proper understanding and automating CLM minimises organisational liability and increases compliance with legal requirements.

Benefits of Using CLM (contract lifecycle management) for your business

Here are certain ways through which you can understand the use of automation software and how it can benefit your business with contract lifecycle management (CLM):

1. Standardized and managed process right from start to end

You need to first properly understand how the complete process of customer lifecycle management works. We can take an example of following steps that a CLM could involve:

  • The first step is ‘generating a quote’ with the help of CRM (Customer Relationship Management system) that you might be using.
  • Next, you will be sending over an e-sign document to bind the contract.
  • Further, you might have to carry out the operation of making the sale and supplying the product
  • Once all this is done, you will store your contract in a database
  • And at the last, you will book the contract using Enterprise Resource Planning (ERP) and keep track of your contracts from there.

CLM, instead streamlines all contracts based on the business’s operations thus helping you in managing multiple applications like separate CRM and ERP software from the same place. By doing this, you will be able to manage all steps of all contracts in one single program, where the collaborating with your partner or client becomes faster and you can also easily manage and track different tasks.

CLM minimises your chances of missing any deadlines and also provides access to required information from any part of the process just with a few clicks.

2. Minimises the requirement and dependency of manual tasks

Contract Lifecycle management is the new generation, smart software with the capability to deal with contract’s front end and back end experience without any requirement of creating custom code. The standard businesses today use a dedicated CRM software for customer relations, and an ERP software for doing the booking. However, they carry out the steps in between manually.

CLM is the best solution to automate the complete manual process and streamline it in the following ways:

  • An auto-generated contract sent to the customer to sign based on the quote that has been selected
  • Approval and renewal notifications are sent to the appropriate people and applications in charge of moving the contract along once the task is complete
  • Contract is automatically updated and stored in the database once it has been signed by the customer.

When you choose to use CLM, you make sure that you are not missing any important steps in your contract’s lifecycle with the freedom of running through the complete sales process without worrying about completing and focusing on manual tasks.

3. Automate everything between and after first and last step of the contract

The above two steps clearly signify how CLM can imitate the contract procedure and manage it smartly for you. Though, these steps are covering up the entire process of managing a contract, there are many businesses that need to be smart enough while taking care of a few little details that they might come across before and after the first and the last step of the contract.

This can be better explained with the help of an example in which, when you are sending a quote to you customer, then first you will have to go through your business’s pricing module to understand it and find out in which category your customer’s profile fits perfectly. You will also look for the discounts that your customer might be eligible for. Similarly, while finishing up the contract, there are some formalities that you might need to finish.

Once you choose CLM software for this, it will automatically take care of the all the details that require attention right before you start the contract and after the deal is done. Irrespective of what platform these details function in, CLM software can easily access them from anywhere. For example, if after the booking is done and contract is signed and now you need to activate a special benefit plan, CLM does it for you automatically.

4. Streamlined Process of Personalizing Contracts

When it is about details, we have to understand that contracts are the strong connection that two parties share with each other and it should be feasible enough for both the parties to remain updated and navigate through it. A streamlined process to personalize contracts assure that the both you and your customer have accurate and up-to-date info and neither you nor your customer is wasting time during negotiations.

Once you start using CLM, it takes all the responsibility of creating and managing numerous drafts of your contract. It accesses and edit the necessary information whenever you need. Contract Lifecycle management software along with easy tracking options also offers advantages like:

Transparency : When using CLM, you don’t have to worry about where and by whom the contract has been drafted. The details of the contract will always remain easy to track so there is no pressure on manager of going back and forth to manage the contract.

Effectiveness : Using CLM increases the efficiency as you and your customer will get alert notification about the latest drafts that are being used so that both the parties are not wasting time on the incorrect draft.

Accuracy : Stay more accurate as any manual or automatic change is always is being tracked, documented and automatically stored along with all the previous version.

5. Measure and stay updated about the Success of your contract

SAP CLM that you can use for the Contract Lifecycle management of your business comes with an analytics tool which will help you in having a 360-degree view of your success. It is very important to keep a track of how your contract is moving and how is the progress and this can be easily done with the help of SAP CLM Software. Here are a few ways how CLM software with the help of already installed analytical tool can help you in managing and tracking the whole process of contract signing or renewing:

  • The software can easily find out steps in the process that are taking too long for the approval and get them wrapped up quickly.
  • You can also check for step that require permanent changes in a pricing model.
  • You can also remain updated about any change that customer might want to make in the e-sign document that needs your attention.

The CLM software keeps you ahead in the race so that there is no delay from your end when it comes to signing the agreements of making very important changes in contract’s lifecycle early on. This makes it easy to verify whether or not that particular contract is helping your business to reach the planned goal. By this it will be easy for you to determine if there is any serious change that you have to make in the process or even you have to continue working on the project. This is very helpful at the time when your business is dealing with a large number of complicated contracts.

Reasons to Implement Contract Lifecycle Management (CLM) Software for your Business

1. Saves money and Time : When you choose good CLM, there are less chances that your business will have to deal with issues like penalties for non-compliance, missing important opportunities from special terms and rebates, missed payments or other payment errors, incurring fees and other penalties. This all is handled in the right manner because of good contract administration thus saving a lot of money and valuable time for you. CLM helps in simplifying processes in the contract administration and thus saves a lot of time and cost.

2. Prevent any legal process from contract non-compliance : There are many contracts that deal with a major of compliance. If contractual commitments remain incomplete, the potential for a legal action can be higher. A good CLM software prevents you from any such situation.

3. Deliver best to your customers : Being a business, what else would you need than fulfilling and exceeding your customer demands and expectations. This is only possible through a planned contract performance that can enhance any organization’s value and lead to better customer relationship.

4. Justifies the difference between the functionalities of contract managers contract administrators : The Contract managers and contracts administrators are different and are assigned to do different tasks. CLM software helps in letting them do their tasks the best, thus saving time and it also avoids any confusion that might occur.

How Acuiti Labs can help?

From contract drafting, it’s management, to its completion, SAP CLM software that we provide at Acuiti Labs is capable of supporting businesses to simplify their entire process of Contract Lifecycle. So, choose SAP CLM (Contract Lifecycle Management) for your business today and see how it plays an important role in closing deals faster and growing your business. Contact us for more details about CLM and Acuiti Labs.

Top 7 industries impacted by IoT Solutions

IoT (Internet of Things) refers to the physical devices around the world that are now connected to the internet, used for collecting and sharing data. IoT adds some portion of digital intelligence to devices enabling them to communicate real-time data without a human being involved, effectively merging the digital and physical worlds.

Do you have any idea how far the Internet of Things (IoT) solutions have impacted many industries? Internet of Things (IoT) continues to spread across the home and the enterprise, which is changing how we live and work. We can say that IoT is the next wave of internet technologies. The reason why IoT is being preferred by businesses is that it provides access to more data about their products and their own internal systems. IoT products can be broadly disputed into five categories:

• Smart city

• Smart environment

• Smart wearable

• Smart home

• Smart enterprise

The IoT is a giant network of connected “things” that has the potential to impact how we live and how we work. We can say that the world is going with a flow of “Anything that can be connected, will be connected.” Here are a few examples that can make you understand this thing better, consider an alarm clock waking up you at 6 a.m. and then notifying your coffee maker to start preparing coffee for you. Another such example could be that you are on the way to a conference in your car that has a connection with your calendar and already know the best route to take and in case of heavy traffic on the route notifies another party that you will be late. One can say that IoT allows for endless opportunities and connections to take place.

We can see that equipment is becoming more digitised and more connected, establishing networks between machines, humans and the internet. We are entering an age where data analytics, connectivity, and automation are creating innovations and progressing out of reach day-by-day. If we go to see manufacturing, transportation, utilities, healthcare, consumer electronics, retails, financial industries, energy, communication, these all industries are leading IoT investments and adoption. IoT created a new opportunity for industries to evolve and reach new markets.

Here are some remarkable statistics about the impact that IoT has on seven industries:

1. Manufacturing

As we all know more than companies in other industries, rely on heavy machinery to produce products which in return lead to a deep interest in understanding the performance of these machines. IoT is considered to be the driving force behind the industries. In addition to optimizing workflows and processes, it enables automation, data collection, and analytics. It can collect data on the status of the equipment that allows smart technologies to be put in place that allows for proactive maintenance or automated recovery after failures. This data can be exchanged with analytics programs that improve and iterate workflows and processes. With this manufacturer are seeing the greatest transitions from IoT.

2. Transportation

Every industry is investing in IoT, even transportation industry is heavily investing in it. IoT systems are playing a role in managing movement and logistics in transportation. Transportation vehicles are equipped with sensors that help monitor maintenance, optimize fuel consumption, and train drivers. Cameras and sensors may be placed along railroad tracks to monitor wear and tear on wheel assemblies. Vehicles can also monitor driving behaviour for insurance purposes. Digital data recorders are another facility that is programmed to take video samples under conditions of heavy acceleration.

3. Utilities

This industry was one of the early adopters of IoT. The IoT solutions help utility companies to more accurately and efficiently bill customers for consumption. Smart meters are developed that help track the amount of energy users of green technologies send back to the grid helping to incentivize the use of environmentally friendly energy. The oil and gas industry are also benefited from IoT solutions. It is also used within power generating plants to monitor equipment over time. Energy companies are turning to IoT solutions to monitor asset performance and enhance their customers’ experience to boost overall efficiency.

4. Healthcare

In the years to come, the Healthcare industry is that will experience the fastest spending growth in IoT. The healthcare industry has the vast use of IoT solutions that ranges from medical machines that capture images and share with patients, monitoring and troubleshooting problems with equipment, a system that can track dispensation of medicine and much more. Connecting such devices to the internet benefits patients by reducing errors and providing more data to doctors to improve diagnosis and quality of care. IoT solutions are also used for employee monitoring along with patient monitoring facilities and enhancing customer experiences.

5. Retail

As an impact of IoT, the retail world has changed. It can be predicted that in the coming years, rather than going to stores, people will soon be able to try on different outfits using augmented and virtual reality headsets. It’s not only that the fashion stores will change but also the farming and food consumption, a supermarket that is also set to drastically alter their retail approach. Supermarkets will have an abundance of low-cost products, which can be produced only as and when they are required by consumers ultimately leading to saving food wastage and over-stocking of perishable goods.

6. Financial Service

When it comes to financial service organisations they are highly concerned with security and therefore increasingly rely on networks of cameras to ensure the viability of their facilities. Companies in this sector are well ahead of visual analytics adoption. The most important goal of the financial industry is to expand the connectivity of their networks along with employing IoT as a vehicle for greater security. Both banks and consumers are becoming more accustomed to managing their financial transactions through a variety of connected devices. With the help of IoT, devices businesses can measure risk a lot more accurately, helping insurance firms to cost their decisions with a greater degree of precision.

7. Consumer electronics and cars

Observations say that this is the 4th largest IoT market segment in 2016 and is projected to become the 3rd largest segment in 2020. A proven example could be the rise of home and office automation systems and digital assistants such as the Amazon Alexa and Google Home. Most people invest in fully connected homes and offices for a better and convenient living.

Connected cars are also an IoT industry leader. For example, every General Motors car produced today has IoT functionalities that allow drivers to gain information and connect to the internet. In the next coming five years, connected vehicles and smart buildings are predicted to rank among the top industry segment for IoT adoption.

As you can see every industry has the potential to reap the benefits from IoT. The flexibility of IoT technology makes them useful in a wide variety of applications. IoT offers industries the opportunity to increase automation and improve data processing and analytics. IoT devices are driving and will continue to drive change in a variety of industries over the coming years.

How Acuiti Labs can help?

No matter what industry you own, IoT will have some or the other capabilities to offer for your business to get it simplified. It’s time to leverage IoT to gain competition in your marketing and flourish in the sector. If you are looking forward to adopting IoT for a certain reason Acuiti Labs have got a team of experts working on customising IoT solutions according to the requirement of the clients. So, if you are interested to know more about the services offered at Acuiti Labs or you have any quarries and requirements regarding IoT solutions, contact us at https://www.acuitilabs.com/contact-us/.

Cloud Connected Security Camera ‘CAPTARE’ – Best investment to keep your premises safe

When it is about safeguarding your home or other similar premises, security camera is the first thing that strike our minds. We all know that one and the most obvious reason to choose these cameras is to remain cautious about any suspicious activity that might occur in the range of the cameras and ensure 100% safety.
A lot depends on the quality of the security camera that you use and what is the purpose of using that camera. The camera requirement can also vary based on its usage. Some might use it to keep a check of the family members or pets via mobile phone, others might just need to talk to a visitor that has come home in their absence. But the ultimate requirement is to be aware of what’s going on there when you are not physically present.
However, not all the connected cameras are cloud controlled and smart enough to identify the difference between what’s suspicious and what’s not. Captare – An Acuiti Labs’ smart product with intelligent security camera is fully controlled by cloud and its smarter algorithms that are specially crafted to give you utmost security when you are not around. It is capable of sending real time alerts to the mobile, immediately after recognising any suspicious person or object.

Captare – Not just Camera, but combination of Camera & Sensor

Captare is nothing but a small self-contained security video device which is a combination of cloud compute platform and mobile application. The device has a built-in video camera, a sensing device, communication hardware, and in-built video analytic capabilities. It operates both overtly and covertly and delivers real-time alerting via Cloud-based video analytics on locally captured video triggered by any suspicious events.

How does this Security Device work?

The device completely works on the pre-defines intelligent algorithms that are set on the cloud platform which is directly connected to the camera. As this camera device comes with a built-in video image capability, it clicks pictures upon being triggered by any movement. The clicked imagery is then sent to cloud, where Artificial Intelligence runs preselected algorithms to determine the reason behind why the camera was triggered.
Now you might be thinking about the trigger happening because of your kid playing in the garden or by your pets’ activities. But, as mentioned earlier all this is defined in the algorithms with the help of AI’s facial recognition feature. You can upload the pictures of known people and pets etc. so that even though the pictures are being clicked and being sent to the cloud by the device, but no notification is sent to the mobile app.
In case of the video imagery that does not matches to any of the input, an alarm is immediately sent to the mobile application in the form of app notification, an email and an SMS along with the Image of the suspicious person or object. Yes, this security device will notify you about any suspicious movement directly on your mobile, and help you take any necessary precautionary measures.
The end to end process mainly consists of the different activities performed by the major components of this AI based intelligent security camera device:

  • Captare Device: Capture the image or video. It can operate both overtly and covertly and is intended to deliver real-time alarming / alerting via cloud-based video analytics on locally captured image / video triggered by events
  • Captare Cloud Platform: Admin configuration panel and AI based video analytics. Receives the captured image / video on the cloud and runs some AI based analytics which then alerts the mobile (smart phones) of the relevant people.
  • Captare Mobile Application: Alert and monitoring application which is designed to receive alert from the cloud system after the appropriate validation of the images / videos.

Smart Logics of Captare

  • Face Recognition:This is one of the most important features of this smart device ‘captare’. This can help you in uploading a list of imagery of the known people and objects in the algorithm so that it does not trigger and send the notification on the mobile app when any of these comes in the range of the camera. But, on the basis on facial recognition, it will definitely trigger and send message if any stranger is observed in the range of the camera.
  • Object Detection:Other important aspect of the device is that it has the capability of detecting objects with the help of smart AI algorithms on which the entire system works. For example, if a burglar that is trying to cross the fence of your premises is carrying some dangerous armaments like gun etc. you will be immediately get a notification along with the warning about the gun. The gun is recognised with the help of object detection techniques on which our smart security device works.

Why should you use CAPTARE as a real-time security device for you?

Captare and Acuiti Labs, Best Combination – Acuiti Labs have a great deal of experience in video analytics and with the launch of device like ‘Captare’ we’ve made it clear that Acuiti Labs and Captare together offers the perfect security for your house while you are away.

Simple, yet effective security device – Captare can detect specific events and raise alarms in real-time which could be great service to the security industry, retail, industry and banking. Plus, a simple version could be deployed in homes, garages etc. to detect unwanted behaviour.

Get real-time notifications, right to your mobile device –As convenient as this; you are getting notified about any suspicious movement in the area where the camera is installed right on your mobile phone irrespective of your location. All you need is the internet connectivity in your mobile device and you don’t have to worry about the safety of your home.

Benefit of custom alerts – Get alerts of only those activities that you want. The algorithms that cloud uses to send the notifications to you, understands special AI techniques of facial recognition and object detection with the help of which only notifies you only when something real happens and not when your pet is playing in the garden of your house.

Clip/Image sharing ability – Security cameras are of best use only if they have the capability to quickly share the images. Captare’s mobile application makes it very easy to share an image through SMS, email and even through latest social media applications. This could help you in catching a robber around your house. This is a fact that Burglars or other visitors with wrong intensions keep returning to the same area over and over again. So, a video clip that is captured through captare could provide help to your local police in identifying and catching them.

Always be up to date – We completely understand that installing security cameras are mostly a one-time investment and you are definitely not going to buy it again and again. Captare camera and the complete system works on the latest AI technologies and we keep on updating the algorithms and solutions frequently. In case of any upgrade additions of any new feature, the mobile app will receive a notification about the update, and you can do it without any extra or hidden charge. This ensures longer life, and better value of the device.

Professional Support whenever required – We know that Security cameras like captare requires professional assistance and support. Acuiti labs provides complete support, right from positioning and fixing your cameras on day one, to maintaining them for through years, CAPTARE and Acuiti Labs service provider takes the responsibility of everything including Installation, Configuration, monitoring and maintenance.

Setting up the Captare Device –

All that you need to set up the camera and the entire device is just a mobile application. Before you start using the camera, you will have to install the mobile app of Captare. Once you have the app in your device you can easily navigate through the steps of installing the complete device. But apart from this if you are looking for more sophisticated corporate systems, there will be a full pc interface for configuration and reporting.

Get started with all the more intelligent Security Device – Captare
Contact Acuiti Labs today and get the intelligent camera installed to ensure complete safety of your home or similar premises. Visit the website for more details and also get an overview of our other smart products.

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