Innovation alphabet
Digital Core
in a nutshell
Digital Core is the technological brain of the company: it concerns the digitalization processes that enables efficient and low-cost internal operations, improving the operating margin. Today, it is no longer enough to “do digital” but to “be digital.” Having a Digital Core that can cope with advances in technology can, in fact, result in a competitive advantage.
Application Fields
• Facilitate Smart Working: With Cloud ERP Software, the data and applications needed by a business team are always readily available. This allows for seamless coordination among team members regardless of location.
• Sales enhancement: Integration between CRM and ERP allows the sales department to bring together data from each business department. In this way, they have a database containing all synchronized information. Sales managers can thus formulate advantageous offers, prevent any complaints, and provide customers with precise delivery times.
• Logistics improvement: The logistics department within a company that adopts a Digital Core system is able to optimize inventory control by bringing together order, sales, and delivery data in one centralized software. A situation that helps management to make predictions regarding future orders, to plan medium to long term decisions, to make timely decisions that can speed up the handling of an order, and to avoid stockouts of goods or raw materials.
Industries
• Digital Core in the pharmaceutical industry
Comar, a medium-sized company specializing in the production of medical and pharmaceutical components, adopted the Digital Core (ERP) system. By doing so, it was able to rely on more information related to product traceability and processing in real time, so as to be able to efficiently complete necessary audits. This was a key step. In fact, it enabled them to meet production demands on short notice, maintain high quality, and meet deadlines. By applying a Digital Core system, Comar has been able to outperform the competition and become the company driving innovation in its target market.
• Digital Core in the energy industry
Bluewater Power Distribution Corporation is an electricity distributor in Ontario, Canada. The company, consisting of an IT team of only 5 people, decided to use a Digital Core system through an ERP platform, which enabled it to align strategic, financial, human, and operational processes. The alignment of business processes enabled the company to meet regulatory requirements and easily adapt to future innovative changes.
• Digital Core in the service industry
Toronto-Dominion Bank is a Canadian multinational banking and financial services company. The company switched to a Digital Core system through ERP software that enabled it to conduct complete digital filing, significantly decreasing the use of paper. But it also improved customer relationship management and offer customers a digital experience. And, finally, it carried out integration between data, database analysis among bank relationships, and Artificial Intelligence developments.
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Business Functions
• Digital Core in support of marketing
TiLite is a company specializing in the custom design and manufacture of wheelchairs based in Washington, U.S. TiLite has taken advantage of evolving digital processes by using as a marketing tool an online product configurator in which potential customers can customize their wheelchairs to their taste and needs. The web configurator is linked to an ERP software that allows the company to integrate the information obtained and allows the customer to purchase the customized product directly. Through this function, the company’s production has increased by 12 times.
• Digital Core in support of HR
Nissen Chemitec America, a leading plastics injection molding company, has resorted to an ERP software that can reformulate workflow management. The system previously used required staff to manually enter data on forms. The marginality of errors and timelines were high, and it became difficult for staff to identify problems. The ERP system has enabled the company to revolutionize the control of workflows, automating many processes so that the staff’s work would be more effective, and the final output would be optimized.
• Digital Core in support of management
Country Club Enterprise is a Golf Cart rental and sales company in New England, U.S. that has embraced a Digital Core system to facilitate management in handling rentals and sales. Through a hybrid Cloud platform, the company has incorporated service management, distribution management, rental management, point-of-sale systems, financial management, and Customer Relationship Management into one system. This system has provided the Country Club with a huge competitive advantage, as management is now able to identify and respond to opportunities in a timely and effective manner.
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Check out more of the Innovation Alphabet:
3D Printing
3D Printing
“3D printing” is a process carried out by an electronic device which, instead of resorting to the canonical ink, it molds almost any kind of material: from concrete to living tissue, most usually plastic, but also metal. And the operating principle is similar to that of a traditional printer. The creation of three-dimensional models can lead to the redesign of a company’s production capabilities.
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5G
5G
5G is the new frontier of cellular telephony. It was designed to improve (or completely replace) previous generations of mobile networks. The 5th generation features lower latency, ensuring flawless performance of business applications and many other digital experiences – thus enabling the new cultural generations to furiously play Fortnite away from home.
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Advanced Analytics
Advanced Analytics
The term “Advanced Analytics” refers to the ability to autonomously or semi-autonomously analyze data and content to identify correlations, develop analyses, predictions, and recommendations. It is not just a matter of collecting information and then organizing it into watertight compartments: the ultimate goal is to identify a dialogue pattern from a data-driven perspective.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Ansoff Matrix
Ansoff Matrix
The Ansoff Matrix is a marketing planning model that arises from the intersection of new and existing products and markets. It derives four possible strategies for expanding the company’s market, which are built around four variables with a changeable factor of risks and possibilities: existing product, new product, existing market, new market.
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Artificial Intelligence
Artificial Intelligence
Artificial Intelligence is not strictly defined. Basically, it is a computer system able to make decisions in an independent and flexible way. A good AI application can perform everyday tasks better than an average person (e.g., identifying other people from their photos on social media or beating the best chess player). Nothing to fear, then. Unless you are a chess champion.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Attack Surface
Attack Surface
The term attack surface refers to the part of a system that may be subject to attack or breach by hackers. The smaller that surface is, the easier it will be to protect it. Indeed, the Internet is an ocean of deep, dark waters: those who navigate it must be aware that they are exposing themselves to a flood of digital risks. Yet, ironically, we do not need a big boat to shelter us.
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Augmented Reality
Augmented Reality
Augmented Reality is an ever-evolving technology that overlays multimedia information on top of our common sensory horizon to gain a deeper understanding of our surroundings. No, it doesn’t allow you to step out of the Matrix dream simulation, nor can it be accessed by swallowing a red pill. But neither is it the disturbing experience of the Playtest episode of Black Mirror.
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Balanced Scorecard
Balanced Scorecard
In business, as in life, you need balance. The Balanced Scorecard is a holistic tool for strategic management. It offers, in fact, the possibility of assessing corporate performance in its wholeness. An overview that embraces four perspectives: the business/financial side, customers and stakeholders, internal processes, and learning and growth.
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