Trends in Technology
New technologies, economic instability, and increasing regulation have placed pressure on the consumer electronics industry. Subsequently, companies face complex supply chains, a shrinking product life cycle, uncertain demand, and decreasing revenues. Luckily, cloud computing provides a new path for sustainable, flexible, and efficient growth. In fact, Gartner offered a 16.6% growth forecast for the cloud services market in 2020 ($249.8 billion) with 90% of organizations using cloud services by 2022.
Consumer electronics’ leaders are sharing their top reasons to adopt cloud computing. Examples include, improved internal business-process efficiency, increased customer demand, and expanded sales channels. Furthermore, companies accelerate time-to-market and improve their customer experience simultaneously with cloud based services, DevOps services and analytics.
Cloud computing services offer the electronics industry a chance to redefine customer relationships management, improve transparency and governance. They also provide opportunities to transform operations, and expand upon business agility. To showcase its complete impact, let us see how cloud benefits for the consumer electronics industry.
Businesses Achieve Improved Operational Efficiency
The development of web services, service oriented architecture, and cloud computing is the integration key to enhanced collaboration and operational efficiency for businesses. Conveniently, cloud computing service providers allow companies to move a part or all of their operations from a local network to the cloud platform. This makes it easier for them to access a host of facilities like processing, data storage and more.
Additionally, managing content deployment and OTA for 70K+ on-field connected devices would not be possible without cloud device management Software-as-a Service (Saas). The cloud based portal allows user subscription and management, add/update devices, content upload, and configurations on a single portal with one click. As a result, the anytime anywhere access simplifies processes and improves operational efficiency.
Additionally, an organization’s deployment of SAP/CRM on the cloud and simplified setup for software/servers demonstrates a standard transition of business apps to the cloud. Moreover, applying the DevOps methodology in the cloud offers a number of benefits. These include enhanced team collaboration, application development cycle efficiency boosts, to optimize product quality and save time. By automating key steps with standardization, DevOps tools and practices help businesses run effectively.
Personalized Customer Management and Relationship
Aside from bringing buyers and sellers together on the online marketplace, consumer electronics companies adds value. More specifically, they generate personalized product recommendations for buyers with the help of cloud computing and analytics. The cloud’s expanded capacity and computing power also helps store information about user preferences. Furthermore, algorithm results produce intelligent insights to enable product or service customization.
A leading consumer electronics brand even inferred their user preferences from buying behavior and usage patterns. They then used that analytics to provide customized advertisements, offers, and suggestions. Ultimately, this paradigm facilitates a host of different possibilities, such as radically improving the performance of current devices and services. As such, customer satisfaction improves which leads to continued customer loyalty.
Allowing Businesses with Faster Time to Market and Reduced Cost
Going to the market first with innovative products, whether feature-rich or value-drive, provides a vital competitive advantage. in the electronics industry. Electronics OEMs have made dramatic reductions in the product development cycle time with product life cycle management (PLM) systems. However, the development process still remains time consuming and inefficient.
Ready to use development and managed services like AWS IoT core, EC2, API gateway, Cognito, S3, Azure Blob Storage, Virtual Machines , etc., help expedite collaborative product development by reducing the work of the developer. With cloud, companies can enforce standardized protocols, synchronize information between their systems. They can also access a centralized database provided by infrastructure-as-a-service.
With standardization and automation, OEMs improves development efficiency while avoiding costly downstream errors. Therefore, companies with serverless cloud architecture, on-demand database connectivity, and pay as you go model can shift their IT capital cost to a variable or operational cost. Clearly, speeding time to market and time to value yields a critical competitive advantage.
Simplified Partner/Vendor Ecosystem Connectivity
One of the major business enablers powered by the cloud is ecosystem connectivity. The cloud facilitates collaboration with value chain partners and customers and leads the way for productivity and increased innovation. Moreover, cloud-based platforms bring disparate groups of people who can collaborate and share resources, information, and processes.
The recent trend of ‘open innovation’ is powered via cloud-based software solutions that connect parties to facilitate shared ideas. There are also cloud based deal management platforms, that streamline the presentation, negotiation, invoicing, and reconciliation of trade promotions in a secure, cloud environment. This consolidates streamlines typical exchange of emails, faxes, and spreadsheets and reduces communication errors.
Data Driven Demand Forecasting and Decision-Making
Efficient inventory management is one of the common challenges faced by the Consumer Electronics industry. While managing large distribution channels and products, it is difficult to check or manage stock in real-time and predict future demands. However, data analytics and cloud computing offer wide visibility of their stocks, market, consumer preferences and competition at a global level.
Cloud offers access to real-time data, cloud architecture and analytics platforms. Building both predictive and prescriptive inventory forecasting significantly decreases issues like stocks shortage or surplus . It also enables better decision making and managed inventories. As a result, company executives can access data and stocks at any time and from anywhere to check the real-time stock availability.
To be successful with cloud, consumer electronics companies have to asses its impact on the operating model. They must also determine successive actions for more effective cloud adoption. Ultimately, cloud computing services help consumer companies transform their business model and operations. Gain enhanced flexibility, scalability, and efficiency to elevate your business to the next level now.
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