This article explores the potential of the Internet of Things for businesses embracing digital transformation and why the right enterprise solution can help you take advantage.

All predictions point to a highly connected, data-driven world in the near future. The devices, infrastructure and systems we use every day are being connected across worldwide wireless networks.

What is the Internet of Things?

Internet-enabled ‘things’ that talk to each other—and to us—are cropping up in our work and home environments and revolutionising the way data is collected, stored and analysed: this is the Internet of Things (IoT). 

More than half of Australian homes have an IoT product installed: such as smart speakers, plugs, fridges and lighting. Sectors including manufacturing, distribution, transport, and utilities are also rapidly embracing IoT, often referred to as the Industrial Internet of Things (IIoT). 

Businesses may embed sensors that collect data and automate tasks anywhere—examples include within production line machinery, plant facilities, lighting, vehicles, and packages. 

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What opportunities does IoT offer business?

A 2019 survey of industry professionals found the majority were eager to adopt IoT and leverage the data for uses like real-time maintenance, monitoring equipment wear and tear, shop floor management, improved sales and marketing, quality control, energy metering, managing inventory, safety and smart packaging. 

A report by the ACS—the professional body for Australia’s ICT sector—revealed that the IoT has the potential to supercharge Australia’s next wave of economic growth, realising billions in revenue through productivity gains.

As well as helping businesses work smarter, the report points to the enormous value to be gained from applying data from connected devices and sensors through artificial intelligence. “We often hear that data is the new fuel for the digital economy, it is, however, crude oil, and needs to be refined.” Yohan Ramasundara from the ACS said.

How does the refinement process occur? Software applications will play an enormous role in helping businesses make sense of IoT data and use machine learning algorithms and other AI tools to automate tasks, suggest improvements and make predictions with greater accuracy. 

The IoT is one of many technologies shaping new business approaches

Planning and implementing IoT with skill requires recognising that internet-connected things form part of an ecosystem. Earlier in 2019, the IoT Alliance Australia released a framework to help people consider the end-to-end aspects of IoT—from endpoints (devices/sensors), through to the connectivity of your networks, and the user interfaces and security of your applications. 

Getting the most from IoT requires many ‘building blocks’. For instance, for IIoT to be scalable you need to be able to access, interpret and apply the data consistently in the course of your day-to-day work and strategic planning. 

That is easier to achieve when you combine IoT with integrated and user-friendly enterprise software solutions that coordinate data-sharing, workflows, analytics and reporting across all aspects of your business. 

For most mid-sized companies, operating efficiently without an Enterprise Resource Planning (ERP) solution is becoming almost unthinkable. For companies that want to grow and adapt as quickly as technology changes, a robust and flexible ERP solution is a must-have. 

The most innovative ERP solutions already harness AI to deliver benefits to business, helping them to streamline financial transactions, forecast and plan production and purchasing processes, and delivering business intelligence to support decision-making. 

As technologies like IoT develop further, leading ERP software vendors—those that are continually investing in R&D and embracing cutting-edge approaches—will also evolve to bring new benefits to their customers. 

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Start by connecting the dots internally to benefit from connected things

Thought leaders predict technologies like IoT, AI and automation will re-shape the world, but also that the future for businesses will be more unpredictable and require almost constant adaptability.

The foundations you put in place to enable holistic and clear-sighted business management matter as much as your focus on cutting-edge technologies. 

Hardware and software choices matter when it comes to facing a more connected and data-driven business world with confidence. A choice you won’t regret is building your readiness for IoT and other technologies by adopting an enterprise solution that manages the flow of data from multiple sources so it can be accessed, analysed, and acted on by your team.

We have first-hand, in-depth knowledge of how ERP solutions can boost performance in Australian businesses. Speak with a Leverage Technologies consultant now.

This post examines how digital technology has changed purchasing behaviours and common misunderstandings many businesses have about engaging buyers online.  

Whether you’re a manufacturer collaborating with retail partners, or a wholesale distributor that sells to both businesses and direct to consumers—your customers interact with multiple touchpoints before deciding to buy. 

The multiple channels that contribute to conversions likely include social media, content marketing, search engines, websites, emails, and advertising. Interacting with a salesperson or in-store display is just one facet of an increasingly complex customer journey that probably began online.

Despite the unflagging emergence of the digital path to purchase, many B2B organisations continue to lag in the adoption of technology and data-driven approaches.  

Let’s explore common misconceptions B2B companies have about the purpose and value of digital channels and why you need holistic business systems that allow you to integrate on and offline activities.

1: Putting information online won’t automatically boost sales

Today’s buyer is savvier and they like being able to do their own research online. People may be likely to trust online reviews or third-party sites more than your marketing messages. 

Research by SiriusDecisions found that 67 per cent of the buyer’s journey now happens digitally—but the company stresses that doesn’t mean people won’t engage with sales people at any stage of their journey or that you need to wait for them to reach out. Digital channels should augment the expertise and relationship-building efforts of your sales and marketing teams. 

2: E-commerce is not the only reason to list products online

E-commerce is booming. A study of Australian online shopping trends released by Australia Post shows that one in five purchases in 2017 were made from a mobile device, ‘buy now pay later’ services were more in demand, and online spending grew by almost 20 per cent since 2015. In 2020, we are seeing an ever-increasing move towards on-line shopping as “bricks and mortar” retail declines.

However, online sales are not the only reason to showcase your products and services online. Many buyers research online before purchasing in more traditional ways, such as by engaging with a salesperson or shopping in-store. The most important factor—as Australia Post’s report highlights—is that customer gets a “…frictionless end-to-end shopping experience, with easy access across all devices, simple payment options and convenience across all touchpoints.”

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3: More channels doesn’t help if the experience is inconsistent 

Navigating B2B purchasing is becoming more difficult for buyers. You need to find a balance between reaching people through a variety of channels and ensuring your combined efforts are cohesive and genuinely helpful. 

Gartner reports that the amount of quality information available to B2B customers can actually overwhelm rather than empower them—especially if your channels aren’t well coordinated. Consistency of information across all channels improves customers’ ability to successfully purchase: “…those who report consistency are roughly 4.5x more likely to make the purchase.” 

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Embrace digital but focus on delivering a holistic experience  

An analysis of the Australian B2B marketing landscape revealed that gap between ‘best practice’ marketers and the rest was widening because businesses were failing to adopt the right processes to improve the customer journey and activate them through the use of technology. 

Businesses need to prioritise an integrated approach to engaging and serving customers, and leveraging data about customers, across multiple channels (both on and offline) in order to remain competitive. 

For many manufacturers and distributors, the ideal solution is an Enterprise Resource Planning (ERP) system. ERP solutions enable you to:

• Consolidate information across multiple business areas and from multiple data sources (including e-commerce and social media).
• Provide a single customer view and track your transactional and relationship history with ease throughout the entire customer lifecycle.
• Link CRM tools and sales management processes to financial, operational, production and order fulfilment workflows and analyse data at an organisational level. 
• Create an end to end solution that ensures on time, in full delivery for your customer
• Co-ordinate front office (sales/e-commerce) with back-office delivery, inventory, finance and purchasing to create a seamless user/customer experience and to encourage repeat customers through outstanding customer service.

Businesses must remember that a great website with excellent search engine optimisation is only part of the solution. The business still has to purchase the right inventory, stock the inventory, pick and ship the inventory in a timely manner and invoice the customer. A complete, “integrated” journey, matters to the customer.

Digital channels matter, but sales and long-term customer loyalty rely on delivering a cohesive and simplified customer experience enterprise-wide. Consider end-to-end business systems to support a frictionless, end-to-end experience for buyers.

We’re experts in cutting-edge ERP solutions and implementing them in ways that enhance how your business engages customers. Get in touch now.

Developing a digital business strategy is high on the agenda of progressive business leaders: we explore some essential things to include to ensure your strategy delivers.

There’s a mindset shift taking place among business leaders about the role of IT and digital initiatives in their company, and how technology enables them to deliver value. 

Digital disruption is real: businesses are using technology to undercut much larger competitors, offer new types of products and services, and more adeptly meet customer’s needs. Companies that confidently embrace technology are achieving revenue growth faster and have a clearer picture of how they will adapt and develop their team to face the changes yet to come.

However, research shows that while Australian businesses feel compelled to digitally transform, they often lack company-wide strategies for sharing data and don’t have the required level of Board and management support.

Small, medium and large businesses in every industry need to take advantage of digital to remain viable, let alone thrive—that necessitates a strategy to guide your digital transformation. 

Focus on a strategy for a world driven by digital 

Some people view digital strategy as a way to document goals for online activities: such as e-commerce and digital marketing approaches, and the hardware and software stack behind them. 

But the truth is, digital technologies are no longer simply a way to augment current business practices. The world is becoming digital by default. 

Almost every consumer relies on their smartphone. Massive companies are built around connecting people with the information they want, engaging user interfaces, and making transactions easier. 

Just look at the staggering rise of Airbnb, a company that owns no “hotel” assets but whose competitive advantage centres on a platform that creates value for consumers—helping people to earn money from unused spaces and making it easy for travellers to book accommodation.

A digital business strategy, therefore, has whole-of-organisation implications. It’s about setting a strategy to succeed in an environment where digital technologies are ubiquitous.

Seven key factors you must address in your digital business strategy

In business, everyone wants to win. A strategy is like a game plan—it defines the goals but also how you’ll achieve them, and which moves and players will need to be involved. 

That requires an in-depth look at how your business can best realise its competitive advantage, framed by an honest evaluation of how you stack up against competitors, where your market is headed, and the value you can bring to customers. 

Start by thinking carefully about:

• How are you currently performing, and where can you improve?
• Who are your customers, how do they behave, and what do they want?
• Which digitally-driven operating models will help you improve and add value?
• What kind of technologies, workforce skills, processes, and partners are needed?

The digital business strategy you produce should touch on these factors: 

1. Customer value: What outcomes will improve customer’s lives, reach more people, enhance their experience, and produce higher levels of satisfaction and loyalty? How will you engage with people, collect and use their data, understand how effective your marketing has been, and leverage customer information throughout your business?
2. Business model: How will you reinvent your business to remain relevant in a digitally-driven world? How can you reposition or restructure to benefit from data, emerging tech, and online platforms going forward?
3. Cloud and mobility: Cloud computing and mobile devices are becoming the norm because they offer greater flexibility and accessibility. In what ways can you make use of these technologies to enhance efficiency and decision-making?  
4. Supply chain: There are fewer limitations in engaging with global markets when you take advantage of technology. How will you improve or enable supplier interactions, streamline sourcing, or develop your networks? 
5. Security: Data and information are assets and liabilities, and the type of infrastructure, systems, and data governance methods you adopt will impact your company’s value, reputation, compliance, and cybersecurity risk. 
6. Efficiency and productivity: Where is manual effort needed and where is it wasted? What equipment, software or techniques will free your team from process-driven activities through automation and analysis, increase output, improve quality, and reduce errors? 
7. Skills and workforce development: What approaches will help prepare and empower your team to apply their talent and critical thinking skills more readily in a digitally-driven environment? What skills or information do they need and how can these be delivered as and when needed? 

And here’s a bonus eighth thing to consider and include in your strategy: who are the trusted partners or vendors you will work with to determine the right technology for your purpose, implement the systems you select, and support your business to keep your systems current? 

Once you know the game plan, you commit to execution, with an awareness that the strategy may need to be adapted and tweaked over time.

Remember, successful digital transformation is an enterprise-wide endeavour, and may require significant change, investment, and leaving behind legacy systems—such as adopting a more modern Enterprise Resource Planning (ERP) solution. 

We’ve helped hundreds of Australian businesses to advance their digital business strategy by implementing the ideal ERP solution, and we can help you too. Call 1300 045 046 or email [email protected].

This post explores the increased cyber risks that come with an increased focus on digital business and how it affects your ERP software.  

You can’t avoid it: business is becoming more digital. Technology lies at the heart of efforts to increase efficiency and deliver value, which is why the pressure to adopt smart finance, distribution, logistics and manufacturing is growing. 

Businesses who don’t transform digitally could soon be driven out of the market, yet the increased flow of digital data powering Industry 4.0 also brings cybersecurity concerns. It’s not exactly a catch-22 situation—like all industries, manufacturers simply need to be conscious and proactive about IT security. 

Data is the lifeblood of digital success: you need to manage and protect it

No doubt, your business is now collecting a lot of data. That’s why Enterprise Resources Planning (ERP) solutions are so critical to doing business in a digital age. 

The best ERP systems make it easier to collect, manage, analyse and leverage your data, including personal information about employees, customers, suppliers, and partners—and operational knowledge relating to sales, production, processes, finances, and inventory.

With the ideal ERP solution, silos in managing people, data and processes are removed. That gives leaders the high-level visibility and control they need to identify and act on opportunities to improve and grow the business. 

However, the wealth of valuable data contained in ERP systems also makes them an attractive target for cyber criminals. Like any asset, you need to take serious measures to protect your ERP solution. 

Time to take your ERP security more seriously?

There can never be a 100% guarantee of security, but you can take steps to avoid incidents.

If you’re still running your business on outdated, legacy ERP systems, that’s a good place to start. Legacy software is particularly vulnerable when it comes to cybersecurity. 

Whether you decide to upgrade or select a new solution, it’s important to work with a trusted vendor. Do they have the resources to continually innovate and ensure their product stays abreast of evolving threats?

As well as paying attention to traditional perimeter-based security measures like antivirus, anti-malware, and firewalls, it’s essential to keep your ERP up-to-date by applying patches and new versions as they become available. Cloud-based ERP solutions make this much easier as these updates are applied on a regular basis with minimal or no extra effort required by you, the customer.

Leading and progressive ERP vendors are always developing and refining their offerings and often have more frequent update cycles that are automatically applied via the cloud. 

Cyber criminals and hackers are always adjusting their methods and looking for new vulnerabilities. Some businesses invest in continual cybersecurity monitoring of their ERP environment, regular audits and usually have a response plan in place should a breach occur.

If you’re in a regulated industry, you might consider ERP vendors that can offer cloud platforms in a privately hosted environment—giving you both speed, agility and customised security.

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Don’t overlook the internal risks when it comes to your ERP users

Cybersecurity is a strategic risk. Human error or carelessness can lead to confidential data or intellectual property being compromised. 

The threat of cybersecurity breaches by your employees—both accidental and intentional—is a realistic concern. It’s a wise move to establish company-wide protocols and training that helps your team to consider and mitigate the impact of data breaches and hacks.

This is where your choice of ERP software and implementation partner also comes into play. Truly integrated, intuitive and well-configured ERP solutions reduce the temptation for workers to use workarounds or separate tools to share or manipulate data. That’s a real problem (and security risk) when you have multiple, disjointed systems or still use spreadsheets. 

Comprehensive ERP solutions also allow businesses to control and manage who can access essential or sensitive information, as well as helping to automate workflows and processes to make it more difficult for human error to play a role. 

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The right ERP solution makes cyber risks more manageable

When you have the right ERP solution, implemented effectively and used as intended by your team:

• Data is stored securely and can be managed and updated easily via one source of truth.
• User permissions and admin controls can be carefully managed to ensure that employees can only access relevant information and actions – including automated approval workflows.
• Communication and collaboration can occur via your ERP solution in many cases, avoiding the need to share critical data via email or other channels.

The benefits of a robust, unified ERP solution are clear given the incredible speed of automation and digitisation influencing the manufacturing sector and the sheer volume of data involved. But getting the most from your ERP system also requires careful consideration of cybersecurity—both during selection and the ongoing operation of your system. 

Helping Australian businesses to find and implement the ideal ERP solution is where Leverage Technologies shines. Start a conversation by phoning 1300 045 046 or email [email protected].