Tag: Industry News

• ChatGPT Defines New Era for Chatbots

  Artificial intelligence (AI) continues to evolve, offering new possibilities in various fields, and its recent manifestation, ChatGPT, is reshaping the landscape of chatbot technology. Developed by OpenAI, this breakthrough AI chatbot not only fulfills typical chatbot tasks but goes above and beyond, transforming the way we perceive and interact with AI.

  ChatGPT is an advanced model that builds upon OpenAI’s prior project, GPT-3. It uses machine learning algorithms to process a staggering amount of text data, including books, news articles, and countless web pages. This allows the chatbot to understand the complex structure of language, enabling it to generate meaningful and contextually relevant responses.

  What truly sets ChatGPT apart and marks its transformation of chatbot technology is its training process. Unlike other AI models, ChatGPT was trained using conversations between human AI trainers, setting it on a trajectory to create useful and safe responses. This unique method has allowed the chatbot to sidestep inappropriate requests and veer toward more productive interactions, paving the way for more secure AI text generators.

  However, even with its transformative features, ChatGPT is not devoid of challenges. It doesn’t access real-time information, and its responses, while often helpful and relevant, can sometimes be inaccurate. There have also been instances where users have manipulated its safeguards to produce biased responses.

  Nevertheless, these shortcomings do not eclipse ChatGPT’s potential. With its debut in November 2022, the chatbot quickly gathered a million users in just five days, exhibiting the promising potential it holds. OpenAI is committed to addressing these issues, with plans to incorporate user feedback into the system for continuous improvement. The developers have proposed adding a “confidence indicator” feature, which would highlight the model’s confidence in the information it provides, further empowering users.

  ChatGPT’s ability to draft business letters, create poems, and even generate computer code is transformative in itself. It showcases the possibilities of AI and pushes the boundaries of chatbot technology, taking us a step closer to AI’s full potential.

  The specifics of the unique technical advancements of ChatGPT remain undisclosed, suggesting a shift towards a more proprietary approach in AI developments. This points to an interesting trajectory in AI advancement that intertwines rapid innovation and changing attitudes towards research openness.

  Despite the challenges and the broader implications of its development, ChatGPT has indisputably transformed chatbot technology. As we stand on the brink of a new era of AI, it’s exciting to see what transformations ChatGPT will bring next.

  December 15, 2022

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  Baibi Australia

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  Insights

  Artificial Intelligence, Industry News

• Insights From Gartner’s Top 10 Strategic Technology Trends for 2023

  In an ever-changing technology landscape, businesses must remain competitive and adaptive to achieve their strategic goals. Gartner, a leading global research and advisory firm, has identified the Top Strategic Technology Trends for 2023, designed to empower businesses to optimise, scale, or pioneer their business initiatives. 

  Organised into four themes – Streamlining, Expansion, Innovation, and Sustainable Technologies – these trends provide invaluable insights, assisting business leaders and technologists in making informed decisions and aligning their technology roadmap with future objectives.

  Embracing these technology trends can enhance strategic growth, boost customer value, and promote eco-friendly practices.

  The Streamlining theme encompasses Digital Immunity, Applied Observability, and AI Trust, Risk, and Security Management (AI TRiSM), focusing on improving IT systems’ reliability, data-driven decision-making, and AI systems’ integrity, thus augmenting customer experiences, real-time decision-making, and AI governance.

  The Expansion theme, featuring Sector-specific Cloud Platforms, Platform Engineering, and Wireless-Value Utilisation, strives to accelerate vertical offerings, product delivery, and omnipresent connectivity. By refining industry-specific platforms and offering curated tools, productivity for developers and end-users can be increased.

  The Innovation theme comprises trends such as Superapps, Responsive AI, and the Metaverse, which emphasise business model evolution, reinventing employee and customer interactions, and accelerating strategies to explore new virtual markets. This fosters the development of distinctive ecosystems, adaptable learning environments, and immersive virtual experiences.

  The Sustainable Technologies theme highlights a range of eco-friendly solutions centred on energy efficiency, enterprise sustainability, and customer sustainability objectives, including traceability, analytics, emissions management software, and AI-driven innovations. By investing in sustainable technology, businesses can achieve operational resilience, improved financial performance, and new growth opportunities.

  Gartner’s Top 10 Strategic Technology Trends for 2023 cater to essential business needs across Streamlining, Expansion, Innovation, and Sustainable Technologies themes. By adopting these trends and aligning with long-term strategic objectives, businesses can pave the way for a more resilient, efficient, and environmentally conscious future.

  October 28, 2022

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  Baibi Australia

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  Insights

  Industry News

• Key Themes from the 2022 Gartner Hype Cycle for Emerging Technologies

  The Gartner Hype Cycle for Emerging Technologies is a highly anticipated report that provides insights into the latest technologies that are expected to impact the business landscape in the near future. The 2022 edition of the report has just been released, and it highlights some interesting trends and themes that are shaping the world of technology.

  The 2022 Gartner Hype Cycle for Emerging Technologies is divided into three main themes:

  Evolving/Expanding Immersive Experiences 

  This theme focuses on technologies that are designed to enhance the way we interact with digital content. Some of the key technologies under this theme include virtual reality, augmented reality, and mixed reality. According to the report, these technologies are expected to become more mainstream in the coming years, as they offer new ways for businesses to engage with customers and stakeholders.

  Accelerated Artificial Intelligence Automation

  This theme focuses on technologies that are designed to automate tasks and processes using artificial intelligence (AI). Some of the key technologies under this theme include machine learning, natural language processing, and robotic process automation. According to the report, these technologies are expected to become more prevalent in the coming years, as they offer new ways for businesses to improve efficiency and reduce costs.

  Optimised Technologist Delivery

  This theme focuses on technologies that are designed to improve the way IT professionals work. Some of the key technologies under this theme include DevOps, cloud-native infrastructure, and low-code platforms. According to the report, these technologies are expected to become more important in the coming years, as they offer new ways for businesses to develop and deploy software more quickly and efficiently.

  In addition to these themes, the report also highlights some specific technologies that are expected to have a significant impact in the near future. Some of these technologies include:

  Quantum computing: This technology has the potential to revolutionise the way we process information, and it is expected to become more mainstream in the coming years.

  Digital twins: This technology allows businesses to create digital replicas of physical assets, which can be used for monitoring and optimisation purposes.

  Smart spaces: This technology uses sensors and other IoT devices to create intelligent environments that can adapt to the needs of users.

  Melissa Davis, VP Analyst at Gartner said “All these technologies are at an early stage, but some are at an embryonic stage, and great uncertainty exists about how they will evolve. The embryonic technologies present greater risks for deployment but potentially greater benefits for early adopters, which differentiates them from Gartner’s top strategic technology trends”.

  The 2022 Gartner Hype Cycle for Emerging Technologies provides valuable insights into the latest trends and themes that are shaping the world of technology. By focusing on evolving/expanding immersive experiences, accelerated artificial intelligence automation, and optimised technologist delivery, the report highlights the key areas where businesses should be investing in the coming years. Whether you are a business leader, an IT professional, or simply someone who is interested in the latest trends in technology, this report is a must-read.

  August 12, 2022

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  Baibi Australia

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  Insights

  Industry News

• Global $187 Billion Low-Code Development Platform Market Growth To 2030

  Digital transformation amongst almost all industries will drive the low-code development platform market growth globally to $187 Billion by 2030 according to growth forecasts from ResearchAndMarkets.com, rising from $10.3 billion in 2019.

  As companies increasingly rely on digital solutions to reduce time and resource requirements to stay competitive in the market, the ability to make processes easier and develop improved solutions for customers, has resulted in the growing demand for low-code development platforms across the globe.

  Low-code app development allows developers with differing levels of experience, to create mobile and web applications using drag-and-drop components.  Low-code software makes it easier for non-technical and citizen developers as they do not have to write code and the infrastructure can be supported by professional developers.

  The demand for low-code development services is also projected to increase due to the rising need for integration, implementation and low-code consulting services with further demand growing due to an increased need for upgrading, technical expertise, maintenance and monitoring of low-code platforms.

  Many global industries already make use of low-code development platforms including banking, financial services, insurance, media, entertainment, retail, manufacturing, healthcare, energy, utilities and government to successfully develop web, mobile and third-party applications.

  Due to the early adoption of new technologies, increased disposable income, high IT spending, and technically inclined population in the region, North America has emerged as the largest low-code development platform market in the past, however demand for low-code platforms is also predicted to increase considerably in the Asia-Pacific region in the coming years, owing to the surging internet penetration, increasing utilisation of smartphones and rapid economic growth.

  Hence, the demand for low-code development platforms is growing due to digital transformation across the globe.

  The complete ResearchAndMarkets.com report, “Low-Code Development Platform Market Research Report: By Offering, Deployment Type, Enterprise, Vertical – Global Industry Analysis and Growth Forecast to 2030” can be downloaded here: https://www.researchandmarkets.com/reports/5184624/low-code-development-platform-market-research

  January 24, 2022

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  Baibi Australia

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  Industry News, Low Code Apps

• How to Increase Loyalty Through Customer Value

  Customer service organisations are discovering how to increase loyalty through customer value by systematically enhancing experiences that drive tangible business outcomes using value enhancement tactics to drive customer loyalty and retention.

  While a low-effort service experience is still critical to customer retention, in today’s environment, the use of ‘value enhancement’ can increase the probability customers will increase their wallet share and spread positive word-of-mouth while driving overall loyalty.

  Service organisations looking to capitalise on customer interactions that impact loyalty through ‘value enhancement’ will ensure customers leave an interaction with more confidence in their purchase decision and better able to maximise their value of the product or service.

  Gartner research identified the impact of value enhancement activities on customer loyalty that showed some customers were more likely to advocate, renew and spend more after experiencing a value-enhanced service interaction.

  Further research shows customers who experience a low-effort service experience in resolving their issue are 61% more likely to stay with the company. On the other hand, a high-effort customer service experience drops that probability to only 37%.

  Yet 40% of customers will still leave a company, even if they get that high-quality service experience, so to avoid leaving that 40% on the table, customer service needs to focus on ‘value enhancement’ which impacts customer perceptions of the product or offering.

  Brent Adamson, distinguished vice president for the Gartner Customer Service & Support practice says “Most often, companies find ‘value enhancement’ activities fall under the customer success team…customer service can leverage these same types of activities in the service experience to help drive up customer loyalty.”

  Activities that drive “value enhancement” and demonstrate value to customers during service interactions can be done in many ways.  Gartner research has shown these 5 effective ways to drive value enhancement:

  1. Validate customer purchase decisions. Reassure the customer that their purchase decision was a smart one.
  2. Anticipate customer needs. Predict what features your customer may find valuable in the future based on their current needs.
  3. Help customers achieve a goal. Outline the product features a customer should use based on their goal for partnering with you.
  4. Educate customers on better uses. Rather than focusing on how customers have been using the product incorrectly, teach them how best to use it.
  5. Advise customers on new uses. Introduce the customer to newly introduced or untapped product features.

  Recent Gartner research also suggests that it is only about 15% of customer interactions that currently produce value enhancement, yet that there are many more which could.  The opportunity for value enhancement often depends on the reason for the initial contact, with inquiry calls offering the greatest chance to enhance the value the customer perceives, whereas complaint calls offer the lowest likelihood.

  Depending on the mix of calls, value enhancement could possibly occur in 35–50% of conversations.

  Notably, these activities can take place in both live and self-service channels. By operationalising value enhancement, service organisations can double or triple the frequency with which value enhancement occurs. To do this, businesses will need to predict the opportunities (identifying which customers are open to value enhancement, to what degree and when), matching customers to the best resources (e.g., specialised reps), and scaling delivery through automation. 

  At Baibi, we help to implement the mechanisms to integrate with your existing systems and use automation, AI and business intelligence data to discover these ever-valuable opportunities to drive value enhancement.  Baibi provides a way to connect, analyse and report on the data that your business has been missing.

  December 14, 2021

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  Baibi Australia

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  Customer Service, Industry News

• Gartner Research Insights On Customer Service Beyond 2021

  Recent forecasts and research insights on customer service beyond 2021 delivered by market advisory firm, Gartner addressed the potential market shifts occurring between 2021 and 2025 across customer service organisations.

  Previous shifts toward enterprise-native mobile app experiences that occurred with the proliferation of smartphones and tablets are being abandoned by 80% of organisations as they shift the focus of their digital transformation toward messaging to deliver a better customer experience, according to Gartner.

  Despite heavy investment and promotion, many service organisations failed to see adequate customer adoption of their service apps and many are retiring their native mobile app experiences in favour of messaging.

  Philip Jenkins, senior director analyst in the Gartner Customer Service & Support practice said “Messaging channels such as SMS and third-party messaging apps like Facebook Messenger, WeChat and WhatsApp have been widely embraced in the global market, making them ideal for service organisations,” said Philip Jenkins, senior director analyst in the Gartner Customer Service & Support practice.

  “By transitioning to messaging platforms, customer service and support leaders will reduce dependency on native mobile app experiences, reduce cost, increase digital and self-service effectiveness, and achieve a persistent experience for customer engagement.”

  Gartner also offered other customer service and support predictions for 2021 and beyond, which forecast:

  40% of customer service organisations become de facto leaders in digital customer engagement resulting in them becoming a profit centre by 2025.  

  Customer service will evolve from a cost centre into a profit centre by having greater responsibility for the customer relationship and journey. In a profitability scenario, the customer service function is likely to drive new business outcomes supported by new objectives, metrics and organisational structures.

  10% of customer service organisations revamping hierarchical staffing models to create huddle groups by 2025.

  In increasingly complex product and organisational environments, customer service leaders are finding that they need access to a broader set of skills than ever before. Gartner recommends that customer service leaders collaborate with cross-functional leaders to create huddle groups focused on customer groups — for example, by industry, product class or subscription type — as opposed to internal functions.

  Proactive customer engagement interactions outnumbering reactive customer engagement interactions by 2025.

  Reactive, rather than proactive customer engagement has resulted in high-customer-effort experiences limiting the effectiveness and profitability of self-service.

  “An initiative to reach out to customers proactively creates a major opportunity for customer service organisations, said Brian Manusama, senior director analyst in the Gartner Customer Service & Support practice. “Along with the cost optimization benefits of reducing call volumes and increasing engagement with self-service channels, customers feel a greater sense of appreciation toward the provider and its service organisation.”

  Learn more about these forecasts in the Gartner report on CRM Customer Service and Support here: https://www.gartner.com/en/newsroom/press-releases/2021-01-12-gartner-predicts-80–of-customer-service-organization

  November 5, 2021

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  Baibi Australia

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  Insights

  Customer Service, Industry News

• Gartner Forecast Low-Code App Market Growth In 2021

  The worldwide low-code app market growth, as forecast previously by market research and advisory firm Gartner, has been predicted to rise to a projected total of $13.8 billion in 2021, an increase of 22.6% from 2020.

  The surge in remote development boosted the adoption of low-code development technologies during 2020, with low-code application platforms expected to remain the largest component of the low-code development technology market through 2022, increasing nearly 30% from 2020 to reach $5.8 billion in 2021.

  Research vice president at Gartner, Fabrizio Biscotti said that “While low-code application development is not new, a confluence of digital disruptions, hyper-automation and the rise of composable business has led to an influx of tools and rising demand”.

  The increase in demand for custom software solutions that support this rapid digital transformation, is putting additional pressure on IT leaders to dramatically increase application delivery speed and Time to Value which has influenced the rise in low-code through its availability to employees outside of IT.

  Gartner predicts that half of all new low-code clients will come from business buyers that are outside the IT organisation by year-end 2025, where 41% of employees outside of IT are currently involved in the development of low-code solutions.

  Fabrizio Biscotti from Gartner also said that “in the longer term, as companies embrace the tenets of a composable enterprise, they will turn to low-code technologies that support application innovation and integration”, and went on to offer further insights into the low-code app market, saying “Globally, most large organisations will have adopted multiple low-code tools in some form by year-end 2021.”

  Business technologists want to create and execute their own ideas to drive more automation across their business applications and workflows. The needs of business-driven hyper-automation will be one of the top three drivers for low-code adoption through 2022.

  Learn more about these forecasts in the Gartner report on Low-Code Development Technologies here: https://www.gartner.com/en/newsroom/press-releases/2021-02-15-gartner-forecasts-worldwide-low-code-development-technologies-market-to-grow-23-percent-in-2021

  September 15, 2021

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  Baibi Australia

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  Insights

  Industry News, Low Code Apps