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Why APIs are critical for modernizing your business

In today’s fast-paced digital landscape, businesses need to constantly adapt and evolve in order to stay ahead of the competition. One way to achieve this is by using application programming interfaces (APIs). APIs have become essential tools for modernizing businesses by allowing them to seamlessly integrate different systems and applications, streamline processes, and provide better customer experiences.

An API is an application programming interface, a set of protocols, routines, and tools for building software applications. APIs define how different software components should interact with each other, allowing applications to communicate and share data with each other. In simpler terms, an API is like a waiter in a restaurant who takes orders from customers and communicates with the kitchen staff to fulfill those orders.

 

APIs can be either public or private. Public APIs are made available to developers by companies or organizations to allow third-party developers to build software applications that can interact with their services. Private APIs, on the other hand, are used internally by companies to facilitate communication between different software components within their organization.

APIs are critical for modernizing your business because they allow different software applications to exchange information and perform various functions. This communication is essential for businesses that rely on multiple software applications to run their operations. For example, a business may use an accounting application to track financial data, a customer relationship management (CRM) application to track customer data, and a human resources (HR) application to track employee data. Without APIs, these different applications would not be able to communicate with each other and share data. This would make it exceedingly difficult for the business to run its operations effectively.

 

APIs also allow businesses to integrate new applications and services into their existing systems. This is essential for businesses that want to stay up to date with the latest technological trends. For example, a business may want to add a chatbot to its website in order to provide better customer service. If the chatbot provider does not have an API, then the chatbot integration would be impossible. This would limit the functionality of the chatbot and make it less effective at providing customer service.

 

BENEFITS OP API XORLOGICS

 

How to Implement an API

APIs are critical for modernizing your business as they provide a way to decouple your front-end and back-end systems. This means that your front end can be built on one platform and your back end on another, and they can communicate with each other through an API.

There are many ways to implement an API, but the most common is to use a RESTful API. To do this, you will need to define a set of endpoints (URLs) that your API will support, and then write code to handle requests to those endpoints. Some real-life examples are Twilio, Stripe, and Google Maps. If you’re not sure how to get started, contact us for step-by-step guidance.

 

The Future of APIs

As the world becomes increasingly digital, the importance of APIs will only continue to grow. APIs are the key to unlocking the power of the digital world for businesses. By making data and functionality available to developers, they can build applications that will drive innovation and growth.

The future of APIs is bright. They offer a way for businesses to open their data and functionality to the world, paving the way for new applications and new opportunities. In summary, APIs can help modernize business by improving operational efficiency, enhancing customer experience, enabling innovation, fostering collaboration, and enhancing security. As more businesses recognize the power of APIs, we can expect to see even more innovation in the years to come.

Cloud Computing: A Life-Saver for Businesses in Crisis Situations

In times of crisis, businesses need reliable solutions to keep their operations running smoothly. From natural disasters to pandemics, the right digital infrastructure can make a world of difference in terms of both cost and efficiency. That’s why more and more companies are turning to cloud computing – a digital solution that promises maximum data security while being highly scalable and cost-effective.

 

It’s proven that Cloud computing is a life-saver for businesses in crisis situations. It allows businesses to continue operating even when faced with power outages, natural disasters, and other unexpected events. By storing data and applications in the cloud, businesses can keep their critical operations running and avoid costly downtime.

 

The benefits of cloud computing for businesses in crisis situations include:

 

  • Increased Flexibility: Cloud computing gives businesses the ability to scale up or down as needed, which can be a lifesaver during times of crisis when demand is unpredictable.
  • Reduced Costs: The pay-as-you-go model of cloud computing can help businesses save money during times of crisis when every penny counts.
  • Enhanced Collaboration: The collaborative features of many cloud-based applications can help businesses stay connected and work together effectively even when employees are working remotely.
  • Improved Disaster Recovery: With cloud backup and disaster recovery solutions, businesses can protect their critical data and systems from being lost or damaged in the event of a disaster.
  • Greater agility: In today’s fast-paced world, the ability to quickly adapt to change is critical for survival. Cloud computing gives businesses the agility they need to make changes on the fly and keep up with the competition.

 

 

How Does Cloud Computing Help with Business Continuity?

Business continuity is an important consideration for any business, and cloud computing can be a valuable tool in maintaining business continuity. Cloud computing can provide businesses with the ability to maintain access to their data and applications in any given circumstance. Additionally, cloud computing can provide businesses with the ability to scale their resources up or down as needed, which can help to ensure that they have the resources they need during times of increased demand.

There are many different cloud computing solutions available, and the best one for your business will depend on your specific needs. However, there are some general best practices that you should follow when implementing a cloud solution:

 

Best Practices for Implementing Cloud Solutions

There are many different cloud computing solutions available, and the best one for your business will depend on your specific needs.
However, there are some general best practices that you should follow when implementing a cloud solution:

 

    • Define Your Goals: Before you even start looking at different cloud solutions, you need to take a step back and define what exactly you want to achieve with the move to the cloud. What are your specific goals and objectives? Once you have a clear understanding of what you want to achieve, you can start evaluating different options to see which one is the best fit for your business.
    • Do Your Research: Don’t just go with the first cloud solution that you come across. Do your research and compare different options before deciding. Consider factors such as pricing, features, scalability, security, and support when making your decision.
    • Work with a Reputable Provider: When it comes to choosing a cloud provider, it’s important to work with a reputable and experienced company. Choose a provider that has a good track record and is able to meet your specific needs. Ask for references from other businesses that have used the provider’s services before making your final decision.
    • Implement a Pilot Program First: Before moving all of your data and applications to the cloud, it’s often helpful to implement a pilot program first. This will allow you to test out the cloud solution and make sure that it works well for your business. It’s also a good way to get a feel for the provider’s customer service and support.
    • Stay Up to Date: Cloud technology is constantly evolving, so it’s important to stay on top of the latest trends and changes. Make sure that your cloud solution is up to date with the latest features and security measures in order to ensure that you’re getting the most out of your investment.

 

Following these best practices will help ensure that your cloud solution is implemented successfully and meets your business needs.

 

Nevertheless, there are a few critical considerations to take into account when choosing a cloud provider, particularly for businesses in crisis situations. The 1st is scalability: can the provider scale up or down to meet the changing needs of the business? 2nd is reliability: is the provider’s infrastructure reliable and robust enough to handle mission-critical workloads? 3rd is security: how well does the provider protect data and ensure compliance with industry-specific regulations? 4th is cost: what is the total cost of ownership for using the provider’s services? And lastly, flexibility: how easy is it to use the provider’s services and how much control does the customer have over their own data and applications?

 

To choose the best possible cloud provider for your business, it’s important to understand your own requirements and objectives so you can evaluate different providers to see which one best meets your needs.

At Xorlogics, we advise you on all questions regarding the introduction, update or optimization, maintenance, and further development of your IT systems according to your needs and are at your side as a competent partner. We are happy to assist you in all technical areas. Thanks to our many years of experience, we know what is important, and which hardware and software make sense for your work processes. Just contact us and we will be happy to advise you.

How to measure Resilience and success in Machine Learning and Artificial Intelligence models?

ML and AI are powerful tool that can be used to solve complex problems with minimal effort. With the rapid advances in technology, there still exists many challenges when it comes to making sure these models are resilient and reliable.Resilience is the ability of a system to resist and recover from unexpected and adverse events. In the context of AI and ML systems, resilience can be defined as the ability of a system to continue functioning even when it encounters unexpected inputs, errors, or other forms of disruptions.

 

Measuring resilience in AI/ML systems is a complex task that can be approached from various perspectives. Fortunately, there are some steps you can take to ensure your ML models are built with robustness. There is absolutely no one-size-fits-all answer to measuring resilience in AI and ML systems. However, there are a number of factors that can be considered when designing a resilience metric for these systems.

 

  • It is important to consider the types of failures that can occur in AI and ML systems. These failures can be classified into three categories: data corruption, algorithm failure, and system failure. Data corruption refers to errors in the training data that can lead to incorrect results. Algorithm failure occurs when the learning algorithm fails to connect a correct solution. System failure happens when the hardware or software components of the system fail. In other terms it’s also called robustness testing. This type of testing involves subjecting the AI/ML system to various types of unexpected inputs, errors, and perturbations to evaluate how well it can handle these challenges. Thus the system’s resilience can be measured by how well it continues to perform its tasks despite encountering these challenges. A resilient system is one that is able to recover from failures and continue operating correctly.

 

  • It is necessary to identify what creates a resilient AI or ML system. It is also important for a resilient system to be able to detect errors and correct them before they cause significant damage. Usually, the fault injection method makes easier to evaluate how the system response to intentionally introduced faults and if it’s able to detect & recover. With this method, the resilience of the system can be measured by how quickly and effectively it can recover from these faults. It is also mandatory to develop a metric that can be used to measure resilience in AI and ML systems. This metric takes into account the type of failures that can occur, as well as the ability of the system to recover from those failures.

 

  • The performance monitoring of the AI/ML systems cannot be considered insignificant as this monitors the performance of the AI/ML system over time, including its accuracy, response time, and other metrics. The resilience of the system can be measured by how well it maintains its performance despite changes in its operating environment.

Overall, measuring resilience in AI/ML systems requires a combination of methods and metrics that are tailored to the specific application and context of the system. Along with that, we also need to ensure that the data which is use to train ML models is representative of the real-world data. This means using a diverse set of training data that includes all the different types of inputs our model is likely to see. For example, if our model is going to be used by people from all over the world, we need to make sure it is trained on data from a variety of geographical locations.

 

Last but not the least, ML systems need regular training “refreshers” to keep them accurate and up-to-date. Otherwise, the system will eventually become outdated and less effective. There are a few ways to provide these training refreshers. AI/ML systems are typically trained using large amounts of data to learn patterns and relationships, which they then use to make predictions or decisions. However, the data that the system is trained on may not be representative of all possible scenarios or may become outdated over time. One way is to simply retrain the system on new data periodically. In addition, the system may encounter new types of data or situations that it was not trained on, which can lead to decreased performance or errors.

 

To address these issues, AI/ML systems often require periodic retraining or updates to their algorithms and models. This can involve collecting new data to train the system on, adjusting the model parameters or architecture, or incorporating new features or data sources.This can be done on a schedule (e.g., monthly or quarterly) or in response to changes in the data (e.g., when a new batch of data is received).

 

Another way to provide training refreshers is to use transfer learning. With transfer learning, a model that has been trained on one task can be reused and adapted to another related task. This can be helpful when there is limited training data for the new task. For example, if you want to build a machine learning model for image recognition but only have a small dataset, you could use a model that has been trained on a large dataset of images (such as ImageNet).

 

Measuring the resilience of AI/Ml systems requires extended range of tools and expertise. We at Xorlogics make sure to produce the best model with the highest standard of resilience & accuracy. Tell us about your business needs and our experts will help you find the best solution.

How Hyper-automaton is changing the digital landscape?

In the past two years, the shift from the workplace to the home office has led to increasing demands for artificial intelligence (AI) and automation in our daily life. Hyperautomation is a term that keeps coming up while discussing digitalization processes in businesses. For some, this is simply a detailed kind of process optimization, whereas hyperautomation is the key for the long term success for others.

 

The term hyperautomation goes back to the market research company Gartner. It refers to a well-founded methodology and a disciplined approach that organizations use to automate as many business and IT processes as possible. This technique uses a variety of technologies to speed up the automation of complicated business processes; in essence, businesses are attempting to maximize the efficiency of available digital opportunities and advance their Process Excellence initiatives.

 

Hyperautomation-Enabling Software

Hyper-automation has gained popularity over the previous 18 months, which is not surprising. The industry has adopted a somewhat hopeful attitude toward the development in light of Gartner’s identification of hyper-automation as one of the main strategic technology trends and its prediction of significant progress in years to come.

 

It’s true that hyper-automation opens up many opportunities for companies, especially when it comes to process improvement initiatives, lower operational expenses, fewer mistakes, and better outcomes, such as higher customer satisfaction through tailored customer experiences. Although it may seem thrilling and promising, the implementation is always the most difficult part. Because hyperautomation only functions as a holistic approach, you need to develop a sustainable and long-term plan before you start implementing it in your business. Organizations must also deploy the effective automation tools & techniques that form the strong foundation of hyper-automation.

 

Organizations run the risk of failing on these initiatives if they don’t take essential and key steps to understand the potential of automation as well as its capacity to generate ROI through increased productivity and cost reductions. In order to automate at such a high degree, businesses must first digitize widely.

 

While hyper-automation remains a concept, technologies such as robotic processing automation (RPA) are being deployed to create more dynamic industrialization and promote seamless collaboration between humans and bots. Plus many pure RPA applications can be implemented as small islands in the company almost overnight. Because it enables businesses to enhance their workflows and use AI-based automation, RPA will continue to be a key instrument for the digitization.

For example, an RPA process discovery platform can be used to automatically identify work processes that are suitable for automation. “Automating automation” is an crucial step to achieve scalability, as only 8 percent of automation projects reach more than 50 bots. Hyper-automation at scale is impossible without RPA.

 

According to Forrester, return on investment (ROI) in the form of both cost and time savings is expected to boost the market for RPA software from $13.9 billion to $22 billion by 2025. “Hyperautomation has shifted from an option to a condition of survival”, says research vice president at Gartner. While advances in hyper-automation will no doubt continue to evolve, RPA will help leverage this technology—ultimately “to automate automation”—and support the longer-term goal of hyper-automation.

Digitization: Why should companies invest in Artificial Intelligence training

Technology is a key helper on the way to the digital future. Artificial intelligence is considered a crucial future technology in the worldwide economy and more and more companies see an opportunity for their own business in artificial intelligence (AI). Whether predictive maintenance, process optimization, system control, or individualized products – everyone is talking about the fact that everything will be AI-supported in the future if not even function autonomously. AI can also improve processes in companies from production to sales or serve as the basis for new products and services.

 

Artificial intelligence also gives enormous competitive advantages. A survey conducted by McKinsey highlighted that a majority of survey respondents say their organizations have adopted AI capabilities, as AI’s impact on both the bottom line and cost-saving. Regarding the employees, however, there is an urgent need for action as they are poorly prepared for the use of artificial intelligence in this suddenly changing environment. Employees must perform skilled jobs that require more education and training compared to their normal routine jobs.

 

Another survey conducted by the market research company Statista on behalf of the TÜV Association among 1,000 people aged sixteen and over, including 568 employed people has revealed that 78 percent of employers agree that companies need to invest more in training their employees when it comes to AI. Many companies must invest significantly more in further training in artificial intelligence to make their workforce fit for the digital world. This involves both in-depth knowledge for the use of the technology, but also user knowledge since many tools already work with AI today. According to the results of the survey, a start has been made, 28 percent of the employees surveyed have taken part in further training on AI content in the past two years. And 34 percent of those in employment planned to do so within a year.

 

With basic AI knowledge, TÜV association expert Fliege observes considerable deficits in the companies. “Many employees only have a vague idea of ​​what AI is and where they encounter it.” AI is already in use in many cases, sometimes even unnoticed. “Algorithms work quietly in numerous systems – for example in IT security, where they recognize and resist cyber-attacks,” says Fliehe. AI is perceived more strongly in factories, for example, where it supports production control. The use of AI promises more efficiency and greater process automation in production. That doesn’t have to have a negative impact on employment, says Fliege: “Interesting new fields of work can arise for employees because they are relieved of routine activities.” The development is still in its infancy, and a lot is in flux. “A whole new door is opening for companies and employees.” According to Fliehe, the use of AI for small and medium-sized enterprises (SMEs) is particularly promising. “They usually have to make do with scarcer resources and are committed to high efficiency.”

 

“Knowledge about artificial intelligence is improving as the technology spreads,” said Stenkamp. At the same time, the attitude of the citizens is also improving. Fifty-one percent of respondents feel something positive when they think of AI, compared to the previous study by the TÜV Association in 2019, this is an increase of five percentage points. On the other hand, only 14 percent feel something negative, two years ago this value was twice as high at 28 percent. Thirty-five percent are neutral (up 14 points).

 

However, one thing is certain: the responsibility of the employees will increase, because they will remain the final decision-making authority. “Users in companies must know that AI decisions are not optimal in every situation,” says Fliehe. It may therefore be necessary to check whether an algorithm has captured all the valuable information. “Human expertise and experience will not become less important through the use of AI, but even more important,” emphasizes Fliehe. Employees would have to be able to guide the algorithm and classify the results. “Employees must become designers and also recognize the limits of AI.” In this way, the employees also contributed to the security of AI systems. “AI applications must not endanger or disadvantage people,” says Fliege. Corresponding legal regulations for the use of AI in security-critical areas are currently being developed in the EU as part of the planned “AI Acts”. The “TÜV AI Lab”, founded last year, supports politicians in developing standardized testing tools for artificial intelligence.

 

To prepare workers for more automated workplaces, professional training must be considered as an individual right. The transition to modern technologies and onwards will be a continuous process. Thus, the training and re-training of employees must not be ignored.

Data: A key resource for Digital Business Models

Businesses are generating and collecting large amounts of data, due to the rapid digitalization in all sectors and industries. Digitization has come to stay so not only the volume but also the variety of data – structured and unstructured – is growing exponentially in companies around the globe. New sources of income and growth opportunities are what companies strive for today. The evaluation and analysis of data help significantly and are becoming more and more important for companies – because the results of such analysis are considered as a strategically valuable asset.

Data A key resource for Digital Business Models

Companies don’t just want to collect the data, but their goal is to get real benefit from it. The analysis of data, which arises from individual digital interactions, generates significant added value for companies. This also includes the processing of omnichannel data, regardless of whether they are structured or unstructured, to get better insights into the entire customer journey. In order to unlock this potential in companies, a data strategy is required, i.e. a plan for data value creation in the company. Because only those who use data in a targeted and intelligent way can make better and faster decisions, optimize processes, improve planning or develop new approaches, define new customer-specific offers, or even innovate the entire business model & define short- and long-term objectives.

If implemented correctly, a data strategy offers companies from all industries and, in all areas of the company, sustainable benefits. In the transformation process, management must take into account the data infrastructure, data management, the general data strategy approach, and data analysis and its use.

 

Data infrastructure

The development of future-proof and efficient data infrastructure is based on a high degree of flexibility in data generation, virtualization, and processing. For high-quality data analysis, companies should therefore increasingly focus on independent software components (microservices) that have interfaces with common communication standards and thus enable quick and flexible integration into new applications without detours. Particular attention should be paid to fast network architecture, the prevention of data silos (e.g. by introducing a data lake), and the inclusion of secure cloud solutions.

 

Data strategy

The development and implementation of a data strategy often present companies with challenges. A suitable data strategy must be adapted to an organization and its objectives. It defines how data is handled and which goals are pursued. Since data value creation is not just a technology issue, but rather affects almost all areas of the company as the core of digital transformation, uncoordinated and decentralized approaches often do not lead to success.

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Therefore, a correspondingly fast and agile strategy is required to achieve results quickly. If the decision is made on a static approach, the motto is usually “defense instead of attack”. The focus is clearly on strict regulations in the handling of data and data quality. With a strategic approach, companies choose the middle ground between strict guidelines and targeted data usage. Companies that take a dynamic approach to data handling use a large amount of data in order to be able to react quickly to market changes and to improve their own analytical skills. Fast data access and quick results are important here. In the dynamic approach, cost savings and profitability through the use of data come to the fore. Flexibility in analysis and quick availability of results, for example through user-friendly data visualization, is essential.

 

The data warehouse

No matter what you need your data for and how you ultimately create your data strategy, every modern organization with a lot of data needs modern data warehousing. The data warehouse is the universal place where data from many different sources is collected. If you are planning a suitable data strategy, the data warehouse is one of the most important core elements to be reviewed. In many companies, IT teams are looking for a suitable data strategy that simplifies administration and helps to draw value from all the existing data. A modern data warehouse must therefore be part of a successful data strategy. Companies working on a data strategy cannot avoid modernizing their data warehouse. And one of the most important tasks in this modernization is the automation of the data warehouse.

 

The goal of a strong data strategy should always be to build an organization where agility is an integral part of its DNA. Such an organization works with an operating model that focuses on the employee and the customer. The model equips the company with the ability to quickly recognize changing business requirements and to continuously develop. We support you in designing, implementing, and integrating data correctly into your existing system landscapes and thus into your processes. Feel free to reach out to our consultants that offer a wide range of business and technical know-how as well as the necessary instinct to solve the individual challenges of your organization. We can’t wait to help you find success.

 

 

Sources:

SAP White Paper: Digital Transformation – Digital Business Modeling A Structural Approach Toward Digital Transformation

Why Business Apps are indispensable in 2021

 

Ensuring that corporate processes run smoothly is still one of the great challenges and is taking on a new dimension due to the social and economic challenges posed by COVID-19. Triggered by the “New Normal”, companies around the world are busy innovating in order to minimize/limit disruptions to their businesses and supply chains.

 

As worldwide digital transformation accelerates, cloud adoption, remote working, the automation of processes, IoT integration, and the networking of systems through digitization are causing a radical change and massive structural changes within companies. As part of this digital transformation, business applications are also increasingly being used and are now an integral part of everyday work in many areas of the company. These smart applications have become an important competitive factor thus companies are increasingly making customized applications available to employees, customers, and partners.

 

Driven by real-time capability and the seamless documentation of processes, business-to-business (B2B) applications are now a hot commodity in the workplace. In fact, the demand for B2B apps is expected to drive the market to $140 billion by 2023. This growth is justified by the prevalence of mobile devices and the way employees manage their personal lives on smartphones. According to Statista, a total of 218 billion mobile apps were downloaded in 2020, up from 204 billion app downloads in 2019. Around 3.4 million apps are available for download in Google Play while nearly 2.09 million apps are available on the Apple App Store. But not everything that shines is gold, in order to take advantage of these apps, they must be developed in an agile manner.

 

There is no point in designing a B2B mobile application if it does not precisely meet a business need and there’s hardly an operational process that cannot be optimized using an app. The areas of application are almost endless and cross-sectoral – whether automatic control of a machine, management of the supply chain, or mobile simplification of business processes. Large IT corporations such as IBM and SAP have long recognized the trend and have launched hundreds of business apps of all kinds on the market. Many company processes can be flexibly supported with these smart apps. An increasing number of companies are progressively dependent on the use of technical solutions such as smart devices in order to meet the expectations of their customers in terms of mobility. Not only they can automate tasks but also stay organized and streamline their business processes. The ultimate goal is to achieve an increase in the efficiency of processes through the optimization and automation of existing processes because companies that get the operating model right can see dramatic improvements. Working with apps offers significant potential for improvement, especially where manual and non-IT-controlled processes are encountered.

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Companies are increasingly relying on digitization and making their workplace “smart”. Areas with highly standardized processes and clearly defined procedures are particularly suitable for mobile solution replacement. Many tasks can be processed and managed via the app directly from the employee’s mobile device, with all communication being handled directly in the app. Bad accessibility of employees, the complexity of the assignment of tasks and the enormous administrative effort can also be significantly optimized. As a result, human errors are avoided and 100% transaction security is guaranteed.

 

Additionally, more and more companies are relying on cloud solutions for their digitization projects, because the operation of systems and applications from the cloud offers a multitude of advantages. Mobile apps are environment-friendly as they reduce the paperwork required in business operations. When the information is shared across your cloud-based network as digital documents, the business process becomes easier to handle and operate. Cloud also enables rapid availability and flexible use of applications as required. A particularly important reason for cloud solutions is the quick and easy implementation of digitization projects. Thus, complex internal IT resources can be minimized, since both the operation of the application (including updates, releases) and the complete provision of infrastructure and computing power can be outsourced. The scalability also enables a rapid increase or reduction in users and rental models can avoid complex budget processes.

 

 

 

Sources:

 

Strategy Analytics: Mobile Business Applications Market Will Hit $140 Billion By 2023

Construction Equipment Rental: The rise of Multi-Channel Selling

Multi-Channel Selling

 

Companies around the world are waking up to new market demands for increased business speed and increased simplicity in the use of online services. Ignoring the digital practice is the same as losing, there is an underlying message to the market, but those companies that do not take this modern call seriously risk getting off the train. Changes in digital technology are extremely rapid. The benefits of digital transformation include new ways to communicate with customers, improved efficiency, increased transparency, revenue growth & cost savings along with increased opportunities to use information and data.

 

As more investments are put into sustainable and renewable energy, the construction equipment renting industry is also adapting and finding new ways to provide the utmost amount of flexibility. According to recent research, the global construction equipment rental market size was accounted at US$ 91.34 billion in 2019 and expected to reach over US$ 136.1 billion by 2027, expanding at a compound annual growth rate (CAGR) of around 4.78% during the period 2020 to 2027. A recent independent study conducted by – Climate Neutral Group, CE Delft, and SGS Search, shows that by sharing equipment and reusing building materials, the rental industry is contributing to avoid carbon CO2 emissions. Depending on specific user practice renting construction equipment leads to emissions reductions of at least 30% to 50% over the full lifecycle of the product.

 

When it comes to procuring construction equipment, one needs heavy down payments, which means not every construction business can opt for the purchase option. Renting construction equipment not only saves the cost of buying new equipment but also avoids extra ownership and operating costs such as licensing, tax, insurance, interest on storage cost, and loan amount among others.

 

As all business models evolve with time, either due to market changes either due to technology advancement, the construction equipment renting market is also resulting in the emergence of new exciting trends. Online presence is considered an important part of the overall strategy of equipment rental companies. Many companies are aware of this current shift to the Internet as the main medium. However, only a few companies understand how to react appropriately to this development.

 

Here are a few reasons why online marketplaces are crucial for rental companies looking to grow and take advantage of competitors in the digital area:

  • Online marketplaces are proven to be a useful addition to other sales channels. For niche shops, in particular, it’s possible to achieve greater brand awareness without investing a lot of money in marketing. Suppliers can benefit from the enormous reach that they can achieve through this distribution channel. By listing products, they can win many new customers right away, that is, without search engine optimization or advertising on Google Ads or Facebook. It is also possible to develop further potential customers on an international level, as the large marketplaces are present all around the world.

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  • Online marketplaces are designed to be easy to use. Without having much technical skill, you can list and start selling on marketplaces. They give you the possibility to set up a storefront in minutes and then enjoy the full benefits of payment processing, advertising, and even distribution and shipping channels in a fraction of the time of sourcing and registering for these tools on your own. Everything from sales to marketing and customer service is handled on the same platform through a single dashboard.
  • While physical retail stores were affected due to the pandemic, e-commerce and marketplaces were flourishing. One of their biggest advantages is the large volume of traffic and immediate access to many potential buyers. Online marketplaces enabled online providers to reach a very large target audience without having to worry about problems in shipping logistics or customer service + being available 24/7/365 increases the number of orders.
  • Marketplaces invest heavily in their infrastructure and security and are best protected against cybercrimes, hackers, and/or outrages. Retails don’t need to worry about server maintenance, updates or other technical issues as the marketplace provider is in charge of the hosting. Additionally, the overall digital experience is more advanced on a marketplace platform versus owned website. Marketplace website is faster, more optimized and the customer has more payment options to choose from. They also provide customers with a better mobile experience and/or even apps.
  • Providers can keep a track of their inventory in real-time and inform their customers/vendors about their stock availably. In a Salesforce research study, State of the Connected Customer, nearly two-thirds (65%) of business buyers say that they’d likely switch brands if a company didn’t make an effort to personalize communications with their business. Eighty percent of business buyers expect real-time communication. When you active your commerce on a marketplace you also benefit from its marketing and brand-building. Consumers tend to trust marketplaces, which automatically helps your business have a built-in established level of trust.

Whatever the future vision of a company may be, it needs to undergo a digital transformation so that the company has the opportunity to grow and be able to compete. It is also necessary for a company to have information technology that supports its goals. Xorlogics is specialized in helping companies develop digital solutions in line with their business policy and thus achieve increased results. One of their recent successful projects is Rentaga, a rental marketplace for heavy construction equipment. Not only just big rental houses but also smaller independent rental companies can register on Rentaga. Contractors have a better opportunity to find what they’re looking for and have a great online experience. Contractors/users can look at the collection of different supplier’s equipment, compare prices and features on one marketplace and rent them in one go. They also have the option to pick up from a store or get delivered to their desired address.

 

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Digital Transformation in the Construction Equipment Rental Market

Internet and digital mobility are changing our lives faster than ever before! It’s affecting a variety of industries across the world in a number of creative ways and fundamentally changing the way we do business. Additionally, 2020 taught us that there is no alternative to digitization. Even in the construction industry, which is not one of the most changeable industries, a lot has happened in the last few years. Since 2016, the construction and construction machinery industries around the world have only known one thing: GROWTH. Then came the Covid-19 crisis, along with every other business, construction sites also faced severe lockdowns and disruptions to their activity. If we look at current trends in the construction industry, it quickly becomes clear: Digitalization is advancing and offering huge opportunities and ways to improve their productivity to players in the construction industry.

 

Digitalization, in the world of construction, is affecting the following 4 main areas, logistics, procurement, production/construction, and sales/marketing. Renting and leasing of construction machinery is also on the rise. A report released by the European Rental Association (ERA) with the support of the ERA Statistics Committee, highlighted construction machinery rental market size in the EU. The equipment rental industry in the EU-15 area countries saw growth of 4.1% in 2019. In 2020, there was an estimated decrease of 10.4%. The ERA had forecasted rental growth of 4.8% this year, prior to the COVID-19 outbreak. These 15 countries account for more than 95% of the equipment rental industry in the EU, European Free Trade Association (EFTA), and the UK.

 

Renting is an inherently sustainable model. By renting construction equipment, companies and individuals not only contribute to a more sustainable world but also make economic decisions, as buying a piece of new equipment involves a high cost, maintenance, operational, and storage-related issues. Renting is becoming a viable possibility for newer businesses as well. The European equipment rental market is worth €28 billion a year and is growing year on year, according to statistics from the European Rental Association (ERA). Europe’s rental businesses are spending €5 billion a year on new fleets, providing users with the latest machines.

 

The construction machines rental industry has traditionally been characterized as medium and small-sized companies that mainly operate locally and serve regional markets. As we saw that construction sites came back to operations by end of 2020 but it was a challenge to rent construction machines like, excavators, cranes, work platforms, and similar equipment to complete their construction projects. The main reason was that this industry was working on a very old-fashioned way by calling to the rental companies and asking for availability and price quotes to rent machines but due Covid-19 most of the people were operating from home that made it very difficult for them to complete their work on time. This created the need of e-platforms that would connect construction companies and other businesses to machine rental companies as quickly as possible from anywhere anytime. Looking at digital business in machine rentals, many players came into market like BigRentz in the USA while Tracktor, Rentaga, Bullswap, SmartYard and Klarx in the Europe. However, our evaluation found Rentaga (www.rentaga.com) is the only real marketplace that offers complete end to end electronic solution with online comparison of rental offers and immediate booking of rented equipment to its customers. This is a big breakthrough towards the e-platforms and doing digital businesses in the machine rentals industry, now construction companies, maintenance companies, engineering companies can rent their machines from their work sites by visiting www.rentaga.com. They can do immediate comparison of equipment from multiple suppliers, know the specifications, check availabilities and book multiple machines in one order. This makes machine renting easy and smart.

 

This is a real step towards digital transformation in construction equipment rental market!

 

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Industry 4.0: Future of Manufacturing

Industry 4.0: Future of Manufacturing

The concept of Fourth Industrial Revolution was first introduced in 2015 by Klaus Schwab, executive chairman of the World Economic Forum. It’s characterised by the increasing digitization and interconnection of products, smart machines, value chains and business models. Since connected machines collect a tremendous volume of data that can not only analyse that data to identify new patterns and insights but also inform maintenance, performance and other issues, that are impossible for a human to do in a reasonable timeframe. Today, Industry 4.0 offers the opportunity to factories across the globe, the opportunity to optimize their operations quickly and efficiently by knowing what needs attention.

 

Here below technologies that are the significant driver for the advance of Industrial Internet Solutions aka, IIOT:

  • The Internet of Things (and services)
  • The Digitization and Interconnection of products and services
  • Virtual and Augmented reality
  • Cloud Computing
  • Intelligent machines and autonomous Systems
  • Big data and Analytics
  • Cybersecurity

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The Internet of Things is nothing new. It is already present all around us and is growing strongly. Every day new things are linked together. This growing list of objects includes everything from your thermostat to the parking meters, household appliances, heating and cooling systems, vehicles, health and fitness monitors, environmental sensors, and more. Many of these devices can already observe their surroundings, exchange information over internet and report this data back to the user.

 

The adoption of IOT in the world of production is also increasing at an exponential rate. By 2025, Industry 4.0 –the Fourth Industrial Revolution–is expected to generate close to $1 trillion in economic value, much of it is unlocked by continuous operational efficiencies through traditional cost-cutting measures, significant transformation in the way goods are produced and delivered and large manufacturers are becoming more streamlined, efficient, and agile.

 

Whether we call it Smart Industry, Factory Automation or Industry 4.0, the goal remains the same, enable companies to produce more efficiently, which translates into an increased efficient manufacturing and production. The aim of Industry 4.0 is to make factories “smart factories”, producing “smart products with autonomous machines that will self-monitor and organize their own maintenance.

 

More and more companies are using the IIOT to capture new growth through increasing production and creating new hybrid business models, exploiting intelligent technologies to fuel innovation, and transform their workforce. It’s quite clear that the Fourth Industrial Revolution represents a fundamental change in the way we live, work and relate to one another. There is huge potential for digitization and innovation to add value to factories and to contribute to the environment and biodiversity.

 

However, to unlock the true potential of this revolution, companies must digitise and integrate their processes vertically across their entire organisation, from product development and purchasing, through manufacturing, logistics and service. Factories and warehouses must adapt and implement a digital mindset, leverage the IIoT and digitalization to become much more agile and efficient in their production lines around the world.

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