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Digital Technology in the Chemical Industry

Digital Technology in the Chemical Industry

Shahabudin K
Content Creator

5 min read | Apr 16, 2021

Market Value of Chemical Industries:

 

                  $178 billion is the value at which the Indian chemical industry stood in the year 2019. It is expected to skyrocket to $304 billion in the year 2025. The CAGR is approximately 9.3% when it hits 2025. The specialty chemicals industry hits 22% of the calculated value. The demand for Specialty chemicals is expected to hit 12% more demand in the year 2022.                   

                 How can the chemical industry meet such demands? By which means the chemical industries hit these values in a short span? It is the technology that is boosting the business. Companies hitting a billion dollars differentiate themselves from the rest by the technology they implement to scale business. Let’s dive into the possibilities at which the chemical industries strategize their placement of digital technology.

ERP Selection:

     

                     Chemicals are always in demand, they hit different points in the consumer market, they deliver b2b as well as b2c communities. The business size becomes large here, meaning the maintenance of various business processes becomes a challenge. Here is where digital tech comes into play. ERP systems have evolved almost out of all folds. Around 60-70% of the manufacturing industries use SAP as their ERP and variations of SAP are adopted depending on the needs.

                     So, the star value here is SAP has made almost all business processes easier and profitable too. But here comes another challenge while adopting SAP, manual tasks taking place in SAP require huge manpower and high infrastructure costs. With the advent of Automation and AI, industries started adopting RPA automation which nevertheless proved to be worthy.

                     When an Industry adopts ERP automation, it should keep in mind that the automation implemented suits all time frames meaning the automation used must be versatile enough. Outdated technologies have become common nowadays, ultimately leading to the failure of the companies. So What can be done to face such challenges?

“Modernized ERP Automation is the Key”

Versatile ERP Automation:

“Reduce complexity through Standardization”

                       Most chemical industries fall into the traps of SAP automation which takes place outside SAP, which leads to the increase in infrastructure costs, manpower, increased number of SAP licenses, and much more. In many ways, this type of automation is outdated in all circles.

                       To escape from this rat trap, chemical industries must adapt to modernized ERP automation where they can save these recurring costs. Selecting ERP Automation services that can help you reduce infrastructure costs, recurring licenses and manpower give a perfect fit for ROI and this can contribute to your company’s CAGR indirectly owing to the effectiveness of the business.

                      We Beez Innovation Labs have helped industries adopt our modernized ERP automation, by enabling Automation within the Client’s SAP system rather than automating the ERP outside SAP.

For more information book a slot with us @ appointments.beezlabs.com or write to us at : [email protected]

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Understanding Deep-Tech Startups

Understanding Deep-Tech Startups

Shahabudin K
Content Creator

5 min read | Apr 16, 2021

Quick Introduction:

                           The term “Deep-tech” was first coined by Swati Chatruvedi, Founder/CEO of Propel(x). Deep-tech is the innovation of engineering technology which sets apart itself from the existing protocols and procedures providing a unique scale of productivity and profitability. To be more precise, creating a revolutionary tech with unique aspects that could bring the raise of a particular industry well defines deep-tech.

Footprints of Deep tech:

                                    Deep tech involves fields with respect to Artificial Intelligence, Machine Learning, Robotics, Automation, Blockchain etc., as all these terms suggests it is evident that with these varied technologies the sectors which needs immediate revival or the sectors which can perform better, can be made more efficient, if deep tech is in action.

The Antonym of Deep Tech:

                              Shallow Tech which acts as a strong opposite of Deep tech involves reusability of the existing technologies and aspects. Meaning, it involves the same model of activation and productivity which has been performed for years. Some famous companies like Uber follow a business model which runs on shallow tech. From a business point of view any strategy can be followed for success in the market if it works out well, But giving a deep tech touch makes a business remarkable and will serve as a reference model for upcoming businesses.

How can Deep tech startups help revive the Indian Economy?

                                Intelligent Automation supporting huge business enterprises help in scaling up productivity, with increased domestic production will scale up the downtrodden GDP. With native Indian startups growing, they can adapt to deep tech involving AI, Automation, which will lead to the effective usage of resources and indirectly contribute to productivity and revenue. This ultimate adoption of Deep tech might seem tough in the short run, whereas it proves to be more productive in the long run.

What does it take for an organization to adopt deep-tech?

                                   For an organization to adopt deep-tech, be it of any size, must be ready to learn and implement change management, with change management comes the mindset of adapting to new tech in the market, then comes digital transformation, which ultimately proves productivity. Start-ups helping other start-ups to scale productivity will throw light on how technology is leveraging business and will turn the eyes of giant corporates towards these startups, turning everything into a profitable business opportunity.

Now, What is your take on Deep-tech? Are you a Start-up owner? If “yes”, what deep-tech factor have you used in your organization? Let us know in the comments.

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Balancing your Balance sheets with Artificial Intelligence and Machine Learning

Balancing your Balance sheets with AI and Machine Learning

Shahabuddin
Content Creator

5 min read | Apr 15, 2021

Balance sheets:

A company’s current fiscal strength, valuation, IPO releases, the attraction of Investors, and almost everything depends on its Balance Sheet. How? Years-long, balance sheets have been a key for understanding the income, expenses, SKU numbers, interest rates, asset values of a company.

As time passed, the modern world started requiring Modernized solutions, meaning a quick prediction of the future expenses, a short prediction of how a company can cut down interest rates, the level to which assets can be monetized in the long run, etc., These are a very few modern expectations arising from the business world when it comes to financial statements.

With the evolution of Automation and AI, these predictions proved to be effective to a maximum level. However no system is 100% efficient, that is why a prediction is happening instead of accurate outputs. Now let us see some of the important aspects in a balance sheet where ML and AI can help

An increase in the income structure, optimization of Operation costs, bringing down expenses are some of the must achieve targets in any balance sheet. One target in which businesses fail is ” Repayment of Debts” with “Interest”. Can AI help you pay the interest and debt amounts? No. But AI can help you in predicting the range of interest rates that your company will reach within a particular period, which can prove helpful for your finance manager to understand at what rates debts can be settled to free the balance sheet from interest rates and making the debt rates come down to zero.

Interest Rates over debts:

“When a gift is deserved, it is not a gift but a payment”

An increase in the income structure, optimization of Operation costs, bringing down expenses are some of the must achieve targets in any balance sheet. One target in which businesses fail is ” Repayment of Debts” with “Interest”. Can AI help you pay the interest and debt amounts? No. But AI can help you in predicting the range of interest rates that your company will reach within a particular period, which can prove helpful for your finance manager to understand at what rates debts can be settled to free the balance sheet from interest rates and making the debt rates come down to zero.

Revenue Forecasting:

                Revenue in business terms is the expenditure added to income in the balance sheet. You might find this definition a common one, but the results which we are going to get out of this simple formula are vast. Meaning, Revenue of a company decide almost every aspect of the budget in the upcoming financial year.     

              What if AI can do this prediction for you, for example, say for the next 5 financial years, Insane right? It can do even more. In basic aspects of financial management, we can predict the estimated revenue and other terms by using Financial ratios.

               Ratios can give you a certain level of output, but still, it is manual & time-consuming too. If you want to stay ahead of time and also make your company adapt to modern trends then you can bring AI into the picture, training an AI model with numerous balance sheets of all models and sizes with different data can help predict for the upcoming years, this will help your CFO and stakeholders where to concentrate more so that they can increase their revenue.

Failure of CAPEX:

“Money is always eager and ready to work for anyone ready to employ it”

 

                 The smartness of a business persona is making money work for you. Meaning, the expenditure which you had made on your capital assets, must yield a good percentage of ROI. The source of money for spending on your CAPEX depends on various sources, what if all these go wrong? You get hit by a strong debt, which will eventually lead to the failure of the assets, increasing the depreciation value of the assets which in turn will lead to bankruptcy at a certain point.

                 So how can AI/ML can help in this scenario? Again prediction modeling comes into the picture, your AI model can help analyze how much the depreciation cost might hit after a few years or the next year too, it can also help you understand whether investing in a particular asset is worth it or not. Which can help you preplan your monetary allocation on CAPEX saving your company from numerous pain points.

Conclusion:

                    AI & ML are aspects that can help you give a predictive analysis to make your company prepared to face challenges. Any system isn’t 100% efficient, AI is no different from this. But the results will prove sufficient enough to take care of your challenges and over a while, this can skyrocket to any percent level for that matter, meaning the sufficient results given by AI can increase the strength of your balance sheet year on year.

Hope this helps. Now, tell us in which financial aspect you think AI can help you resolve your challenges.

Write your views to [email protected]

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Tulip Blog

“Why is your RPA tool not able to scale your productivity?”

Why is your RPA tool not able to scale your productivity?

Shahabuddin
Content Creator

6 min read | Jan 20, 2021

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Overture

        Intelligent Automation in the recent past is losing its core meaning. Companies providing automation services end up providing either RPA or AI or Analytics, but this is the same old method revolving, again and again, giving no value to the term “Intelligent Automation” and businesses.

The key factor defining intelligent automation is the integration of RPA and AI and Analytics. Further, we will discuss how traditional RPA is out-dated and the components of an upgraded modern intelligent automation platform. 

Why traditional RPA fail to scale Business?

        The functions of RPA from past times include automating tasks, tasks which are mundane, and making employees work for something which requires more human concern. Automation tools focus on traditional RPA services just to automate piecemeal tasks and not an entire business process.  

       

           If you are looking forward to scaling your business, your vision about automation should be modernized. During these times of the COVID pandemic, where a lot of innovation has happened that has brought digital transformation, organizations must bring in modern methods that could scale their entire business. 

 

Automating small tasks is a short-term achievement and in a competitive business environment, enterprises should target long-term achievements that are worth it and one among them must be scaling their business processes overall with modernized automation. 

How can traditional RPA deteriorate the productivity of your Enterprise

Effectiveness and efficiency are the two strongest factors for productivity. Automation companies like UiPath and Automation Anywhere lead in offering effectiveness but lag in providing efficiency. With digital transformation in the lead, traditional RPA services are slightly off the race. Effectiveness should come along with efficiency.  

 

   Just automating specific tasks in a business process would involve dumping automation technology without much thought, which will distort the process in the long run, and would also involve high costs in production and maintenance. So, effectiveness without efficiency is like a single-legged LED that fails to emit light. 

Modernising RPA starts when your organisation focuses on change management:

The first step in implementing an intelligent automation platform for your business is to adapt to change management and then adopt digital transformation. Why is it important? When your company is ready to adapt to rapid changes, your company will be able to compete successfully with your competitors in any era. When it comes to digital transformation you should be ready to show a change that differentiates you from the rest.  

 

        Modernizing RPA involves the integration of RPA, AI, and Analytics, which makes it sufficient to automate an end-to-end business process without any disruption. This is the change that will make your organization scale ahead of your competition. 

Only 13% of RPA adopters use it productively, you are one among them, if your automation platform has the following features: 

An Orchestrator Engine:

    A successful digital transformation requires both automation and orchestration. Automation helps remove manual tasks that bog down your customer experience, while orchestration brings them all of the moving parts together into a well-oiled, systematic engine. Working hand in hand, your company can realize significant benefits.

 

  • Cost savings: Armed with a full understanding of each process in your system, you can lower IT costs and eliminate unnecessary resource costs. Staff no longer needs to fix a single issue across multiple processes but has the visibility needed to fix one instance. The powerhouse pair of orchestration and automation also enables your systems to dynamically scale, so you are only paying for the resources you’re consuming. 

  • More tightly regulated processes: If you have to make the same security update to every app or process within your suite, human errors are more likely to crop up. With everything under a single umbrella, you can enact mass policies that quickly trickle down to every automation within your system. 

  • Increased agility: Businesses constantly push to increase their time-to-market. Automation and orchestration open up a new market of cloud tools where you can handpick 


When all of these comes with business standards like BPMN 2.0 and DMN 1.1, which manage workflows and rules in a standard protocol, it makes this a truly enterprise standard.

Automation Agents:

Automation Agents are native applications that run on edge systems. They build the ladder to success by helping optimize your infrastructure costs, causing lesser SOX disruptions, and smoothing change management.

 

1.   Cross-Platform Agent

         An OS-Agnostic agent that can provide the most demanded service in the market – “Desktop less Automation”, which reduces the buying cost of new desktops and virtual machines. As this agent automates backend processes via API it makes it possible to give you a desktop-less environment by which you can optimize your resources.  

 

 2. RPA Agent 

     The core agent for any RPA platform is the RPA agent and when it comes to an intelligent automation platform, it can work with any RPA tool in the market, be it UiPath, Automation Anywhere, Blue prism, etc. This RPA agent can perform Front-end Automations connecting with fellow automation tools.  

 

Is that all? No, we have another surprise package for you if you are into SAP, understanding the importance of edge applications and the future value of backend automation we have developed an additional agent, which will provide end-to-end automation for your SAP ERP, with a vibrant and a user prompting experience.

 

3. SAP Agent

Automation of SAP Process is no more outside SAP, the Native ABAP Framework based Tulip SAP Agent makes now build, maintain and Run Robots for SAP process within SAP. #SAP ECC Above 7.0 #SOH #S/4 On-Premise & Private Cloud

 

 

Combining Automation Agent with capabilities for AI gives an additional edge for digital transformation in enterprises  
Digital Assistant for ERP Automation

A Digital Assistant

      In this digital era, chat-bots are becoming a common and exclusive space that lets you enquire about a product or helps a user in support. Intelligent automation platforms let you initiate the process in form of text messages which is a breakthrough in the field of automation that too for automating an end-to-end process. 

Image Classification Models:

   A modernized intelligent automation platform lets you build intelligent components like OCR, NLP, CV, AI/ML, bots, and also allows you to use your domain-specific language.  

Along with all of these, a Next-Gen User Experience will enable end-users to have complete transparency on the overall execution and allow them to make manual intervention from anywhere and any device. This makes the Automation Platform cutting edge.

 

   A modernized intelligent automation platform lets you build intelligent components like OCR, NLP, CV, AI/ML, bots, and also allows you to use your domain-specific language.  This means that if a user is experiencing an issue, it must be visible for the user to check & should not need to rely on the technical team which will reduce the dependency and the reliance on the IT support team.

 

What is the use? A vibrant user experience increases the user’s morale which indirectly increases productivity. 

 

We will go through a clear explanation of the workflows, tasks, the control towers, which completes a modernized RPA tool which is the way a new age modernized intelligent automation platform differentiates.

  

A modernized Intelligent Automation Platform allows business users to perform the following tasks: 

 

Automation Request:  

        The automation should be triggered by the business user/the end-users where the user can get complete visibility of the automation which will be a new age self-service for the users. Instead of initiating requests from a native tool, make sure that you can initiate directly from your daily applications like Microsoft Teams.

 

User Task:  

     Manual Interventions are important, the tool should provide a next-age solution where you can approve user tasks anywhere from any device with modernized user interaction. 

    Say, from your daily business applications like Microsoft Teams & mobile apps, where you can perform tasks like approving a blocked sales order because of various credit history reasons so that the order can go through. Users can provide inputs in the form of attachment, text, or table for the next level approver to take action.

 

Rule Maintenance

          Users, automation admins & business users should be able to maintain business rules specific to the automation process so that they do not need to depend on IT, and they are self-empowered to manage automation processes.  

 

Role-based control towers:  

      Continuing the legacy of single view control towers, it provides you with control towers for every role of automation, like DevOps Lead, End Users, technical Users, Automation Admin 

 

The question that arises now is “Is there a tool with the above-mentioned power-packed features?” the answer is a big “YES”. 

 

We from BeezLabs with our pioneering team have engineered the best and futuristic intelligent automation platform – “TULIP” with which we can guarantee you an ever-versatile automation experience for your business.

  Most importantly, we are times ahead when it comes to user experience, as we offer you to manage processes in TULIP via Microsoft teams, iOS & Android apps, even on the web too. All of these include a hybrid deployment strategy: On-Premise, BeezLabs Cloud, and Private Cloud.  

“Change is the only constant, and we are innovating that too”.

Many Global giants have started experiencing the change driven by TULIP. If you want your company to experience this new vibe, feel free to write to us at [email protected], we will get back to you with the collaterals and a demo request to make you feel the difference we are making.