SHANGHAI, March 28, 2016 /PRNewswire/ -- Speaking about the Internet issues that were discussed and the economic outlook that was presented at this year's Boao Asia Forum, RKYLIN Group co-founder and Facetouch Digital CEO, An Shihui, has indicated that the company's focus presents it with great opportunities for the future.
Held from March 22-25, the annual Boao Asia Forum ("the Forum"), held in Boao, Hainan Province, China, hosts high-level forums for leaders from government, business and academia in Asia and other continents to share their vision on the most pressing issues in this dynamic region and the world at large.
The theme of this year's Forum was "Asia's New Future: New Energy and New Expectations." It predicted that China's economy will continue steadily. Mainly there are three driving forces, with one of them coming from restructuring. "This is the key for economic transformation. We need to actively develop the new economy and vigorously foster new driving forces, transform and improve traditional economic drivers shaping the 'twin engine' of development," said Li Keqiang.
This year's Forum also gave the answer for how to achieve this mentioned transformation and improvement. The Forum's secretary general, Zhou Wenchong, introduced this year's six big directions: start up innovation, Internet Plus, significant events, macroeconomic problems, new phenomena, industry hotspots and other topics. Among these topics "Internet Plus" and "plus internet" were the most extensively covered.
Excavate Consumer Data Assets
Along with the ongoing transformation, more and more traditional businesses urgently seek to leverage digital technology to continuously excavate consumer data and transform the enterprise value chain, while lowering costs and increasing efficiency at the same time.
As his companies focus on realizing digital transformation for traditional businesses, An Shihui paid special attention to this year's Forum's two internet-related topics. "Through this angle of view we also found this industry's opportunities; digitalization really already infiltrated the whole national economy and our daily lives," he said.
RKYLIN Group ("RKYLIN") was established in 2009 in order to meet the needs of traditional brands' consumer digitalization. In 2014 four new companies stated within the group, just in time to take advantage of market needs. One of them is Facetouch Digital, a technology company focusing on providing digitalization services for traditional businesses. They have been providing solution plans based on big data digitalization for traditional businesses in the maternal, automotive, FMCG, healthcare and retail industries.
The internet market is changing at full speed and consumers' needs are changing within the digital space and in real life. Every industry must redefine its consumer relationship in the fields of production, marketing and corporate responsibility and create interactions that provide an experience of desire and value.
In that way, consumer data becomes a sort of treasury that requires technical means to be decoded, and digitalization needs to be the basis to sufficiently excavate consumer assets.
For consumers, data are a kind of code, but for businesses data represent a vital resource. It is the obtainment, excavation and analysis that enables businesses to establish a really meaningful and efficient proximity with their consumers. It also allows to companies to judge which stage their business has reached in terms of development, or which problems still persist within the value chain and how to resolve them.
If digitalization is applied properly, it is not a problem to transform businesses' value chains and bring about a qualitative change for their development.
Combining Data and Commerce
Aiming at this very demand, Facetouch Digital provides a digital integration solution. Utilizing data to connect with commerce cannot be accomplished overnight or all at once. Depending on the different business types and their different stages, every business solution is distinct. With that in mind, An Shihui believes that the adaptation of traditional businesses covers three parts:
- Traditional Businesses' Data Adaption: In the past it was just single offline data or single advertisement data. However, nowadays businesses need to integrate things like transactional, behavioral and social data, and on that basis further integrate with external social data to obtain a comprehensive data asset. Through this data it is possible to indentify the development stage of a business, which links within the value chain have problems and how they can be solved.
- Integration of Data Adaption & Business Value Chain: The complete business value chain environment includes research and development, production, propagation, interaction, services and more. Data need to be closely integrated with every link of the value chain. The application of data helps businesses to design products that consumers really like and even to anticipate consumers' future needs, how to use consumers' preferred way of communication and how to propagate businesses' and products' value. In a next step the business' products and services can be delivered better through various online and offline consumer touchpoints.
- Upgrade to A Service Business or Transformation Into a Platform: This is the most difficult part. Taking FMCG as an example, based on the prior two steps these businesses add O2O strategies to the B2B model to transform from manufacturing or manufacturing chain companies to service companies. There are even certain businesses hoping to transform into platforms. This transformation implies that these companies' profit won't depend on manufacturing any longer, but on the new value of a platform or service company, thus accomplishing a real adaptation to the internet.
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SOURCE RKYLIN Group