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Millennials and Unified Communications: What’s the Connection?

shutterstock_328634297The U.S. Bureau of Labor Statistics predicts that Millennials are likely to comprise 50% of the national workforce by 2020, and as much as 75% by 2025. Businesses are beginning to recognize that these individuals are valuable in many ways, including the effective adoption of unified communications (UC) technologies.

UC uses tools such as instant messaging, email, and video chat in a single platform that allows employees to more easily communicate with each other from nearly any location. The main influence behind the increase in UC adoption is the Millennial generation.
How Millennials Are Changing the Landscape

Millennials have benefited from instant communication technology that allows them to easily connect with individuals from any location at any time. Many Millennials are used to this technology out of the workplace, so it’s natural for them to want to utilize that same innovation on the job. This means that if employers want to appeal to the Millennial generation, implementing UC systems is a necessity.

A study published by Bentley University found that 77% of Millennials think that more flexible work hours would result in greater productivity, with 40% relating the same belief regarding remote and virtual work. Also according to the study, many stated that they would be willing to sacrifice pay and promotions in exchange for increased flexibility. The nine-to-five system is becoming obsolete as a result.
Pros and Cons of Unified Communications

There are many reasons for businesses to implement UC. It allows organizations to employ people from nearly anywhere in the world, and retain a dynamic work schedule that helps maintain a consistent workflow. Businesses that operate without any kind of UC system face the risk of falling behind the competition and deterring Millennials—an increasing majority of the workforce.

On the other hand, UC doesn’t come without its risks. Ransomware and hacking attacks are some of the many threats that businesses face, but they can more easily avoid these issues with an effective security system that includes a reliable backup plan.

Ultimately, utilizing UC in business operations can prove invaluable to a business, encouraging Millennials to remain productive and become a part of the company’s success. Without a UC system, companies close themselves off to this lucrative generation.

How Businesses Benefit from Fast Data Analytics

shutterstock_328634297As the Internet of Things (IoT) expands in popularity, people are using more devices with interconnectivity. This includes using smartphones and tablets to control home security systems, appliances, fitness tracking devices, televisions, and many other systems to maximize convenience. Because of this interconnectivity, IoT has given businesses access to better raw data that helps them understand their customer base and the performance of their products.

Fast data analytics can allow many companies across a wide variety of industries to develop better processes for customer service, marketing, and other aspects of their business.

Following are some examples of how certain businesses can utilize fast data analytics to their benefit.
Financial Companies Can Closely Monitor Business Transactions

Many financial firms handle millions of transactions with customers on a daily basis, which means it can be difficult to effectively detect delays or breaks at any given moment.

Fast data analytics has allowed financial companies to more easily monitor business transactions, from specific processes to complete transactions. Firms can use automated algorithms to make sure that every moment of every transaction receives the same level of attention through monitoring software. These algorithms can determine if flows have any issues that need to be addressed, allowing for quicker responses.
Insurance Firms Can Experience Faster Processing of Claims

Similar to financial firms, insurance companies often deal with millions of claims every day. In some cases, insurance companies might work with monitoring systems that are outdated, causing them to potentially miss certain issues and spend more time and resources identifying and solving them.

A faster data monitoring service can help insurance companies detect delays in claims processing, bringing issues to the attention of IT professionals who can address them faster.
Securities Firms Can Meet Industry Compliance Requirements

2010 saw the introduction of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is a U.S. federal law that was intended to regulate financial institutions and help avert crises in the industry. To avoid legal troubles, securities companies must remain in compliance with this Act.

Dodd-Frank compliant businesses will have the ability to report SWAP trades within minutes, which is made possible by fast data analytics. This technology provides securities firms with the real-time monitoring they need to say within Dodd-Frank regulations.

These are only a few of the many instances where fast data analytics can help businesses in both customer experience and accountability. Fast data analytics implementation helps companies make positive change.