Sample COIT20250 Emerging Technologies in E business Assignment

COIT20250 Emerging Technologies in E-business Assignment Sample

Corematic Engineering is an engineering consultancy company providing an externalised research and development (R&D) service. According to the organisation’s website, Corematic Engineering provides R&D services to businesses that want to de-risk innovation and automate their operations, keeping full control of their IP.

As per the Corematic’s website, “in 2018, Scott Hansen and Jonathan Legault established Corematic Engineering with the vision of bringing a different R&D approach to the Australian business landscape with savoir-faire and strong knowledge focusing on an agnostic approach to technology. Happy clients equal a successful business - this success story of two senior industry leaders who live and breathe client success led Corematic to reach two million dollars in two years.” As a self-funded company, they are fully funded by their customers - not investors, subsidies, or government grants. Corematic has offices in Brisbane and Bundaberg, both cities located in Queensland.

Corematic website states “bringing a proven engineering process that combines state-of-the-art R&D practices with a return-on-investment approach, Corematic’s new-generation mechatronics engineer tailor solutions in robotics, artificial intelligence, computer vision, and machine learning to empower businesses to lead Industry 4.0.” In particular, they specialise in vision, vision system, 3D camera, LiDAR, Industry 4.0, Internet of Things (IoT), Smart Factory, Intelligent Technology, Artificial Intelligence (AI), Sensor, Monitoring Platform, Proximity warning system, Anti- collision system, innovation, and automation.

“At Corematic, we never push a particular technology or brand. We are unbiased in our role as consultants, presenting options and giving clients the freedom and control to choose what they want to do.” Scott Hansen & Jonathan Legault, Founders of Corematic. Even though, the field of expertise of Corematic Engineering revolves around robotics, computer vision and machine learning, they also specialise in lean manufacturing and business improvement by placing long term consultants with their clients. Corematic applies a Lean Six Sigma Approach to analyse the current processes for both operation and business, define a performance baseline, and identify opportunities for improvement before proposing and implementing innovative solutions. To leverage this expertise, Corematic uses and resells one of the best business process mapping tools available on the market: PRIME BPM. Corematic is also mapping processes and defining procedures for its own internal activities with an ISO9001 certification in mind. Corematic also runs a Digital Marketing Agency specialising in B2B activities, preferably in engineering where marketing is relatively unexplored.

According to their website, “Corematic Engineering is now referred to as a disruptor in the robotic and business intelligence industry, providing turnkey solutions for complex problems that made black box solutions obsolete.” Because of their establishment in robotics and automation, they have been awarded referrals to different organisations including their award for Harvester.

Mounted Vision System ‘TallyOp’ that allows farmers to optimise efficiency and boost yield performance to simplify and enhance farm management decisions through detailed insight.

“Corematic Engineering’s expertise in robotics, artificial vision, and machine learning has been applied to multiple projects, revolutionising the power of business intelligence in the Australian landscape.” Corematic has worked on multiple projects with many esteemed leaders in the Australian agriculture, smelting and pharmaceutical industries so far!

Please Note: Corematic Engineering official website (https://corematic.com.au) was the main source to prepare this Case Study with minimal change in order to protect the original information provided by the organisation. The Case Study provides a short business story about Corematic Engineering, however accessing their website and other internal/external sources for more detailed information about this organisation is necessary to complete the assessment as required.

WHAT YOU ARE EXPECTED TO DO :

Pretend that you have been appointed as an Emerging Technologies consultant by Corematic
Engineering (https://corematic.com.au) to advise them on their next e-business strategic direction (2023-2027) in terms of adopting emerging technologies in their current and other potential business operations. This is because Corematic Engineering would like to expand their businesses nationally and internationally in the next 1-5 years and become one of the most advanced technology consultancy companies in Australia, and build a national and global brand name. Furthermore, they recently realised that they are facing fierce competitive pressure from a number of national and international companies as well. Corematic’s business has been growing significantly since their establishment in 2018, however they fear that they cannot sustain this growth after the next few years unless they take some serious action, invest in variety of emerging technologies, and expand their business operation fields (in addition to what they have and do currently). They think the solution could be using appropriate emerging technologies effectively in their many business fields and operations. To help them achieve this, first you will need to read all the information given to you about this case study including accessing the Corematic Engineering website and other relevant sources to understand the organisation’s business, growth strategies, operations, and processes better.

You then need to read the Assessment-3 details to find out how you can help Corematic Engineering business by advising about emerging technologies to allow them to achieve their business strategic goals and provide much better and diversified products and services, not only on a national scale, but also to become a truly international company, build a global brand name, and gain and sustain competitive advantages in their business operations. When you are suggesting appropriate emerging technologies for your chosen three e-business use cases of Corematic Engineering, apply your innovative thinking, imagination, long visionary skills, and e-business knowledge and experience in an effective way.

Each of you will analyse a given case study and identify the issues arising from the case study. Based on the issues found in the case study, you will identify three e-business use cases (for example, Predictive Maintenance). You will then choose as many emerging technologies as appropriate to address those use cases. You can choose any emerging technologies that fit the use cases, even the ones not covered in the lectures.

You will write a report illustrating how the chosen emerging technologies would fit into and address the requirements of the identified e-business use cases.

In the main body of the report, you will include the following topics.

1. A list of identified three e-business use cases and chosen emerging technologies including a brief background study of those emerging technologies. You need to first list identified three e-business use cases and chosen emerging technologies to address those use cases (as per the given Case Study) then describe how the chosen emerging technologies evolved, their underlying designs, working principles, functions, and capabilities (in general).

2. A brief description of the future potentials of the chosen emerging technologies. You need to discuss the future applications of the chosen emerging technologies in e-business in general.

3. An illustration of how the chosen emerging technologies would fit into the identified e-business use cases

You need to illustrate what issues of the identified use cases would be resolved by the chosen emerging technologies as per the given Case Study.

4. Details of how the chosen emerging technologies would address the requirements of the identified use cases

You need to elaborate how the chosen emerging technologies would interoperate to fulfill the requirements of the identified use cases as per the given Case Study.

Solution

Introduction

The company of Corematic Engineering offers an externalised research and development (R&D) service. As per Corematic Engineering's website it has been discovered that the respective company is offering R&D service to companies that are looking to automate and re-disk Innovation while maintaining total control of their business as well as their IP. It has been found from the case study that the respective company is aiming for creating a different R&D approach within the Australian business market landscape. The services of the company mainly centre around various robotic technologies such as AI and IoT. It has been visible in the provided case study for assignment help that the respective company is trying to expand their business internationally. However, they found a barrier to competitiveness. So, the management department of the respective company needs some specialized solutions for improving its business strategy internationally. The respective study is going to discuss the essential technologies that the company should adopt to grow their international market.

Identifying three use cases and chosen emerging technologies

Predictive maintenance is one of the important use cases of e-business that has been identified. Going with the view of Carvalho et al. (2019), predictive maintenance can be termed as a design that helps in monitoring tools along with techniques. With the help of Monitoring the tools as well as techniques, predictive maintenance plays a vital role in monitoring the structural performance of the company. Based on the view of Nasution et al. (2020), this case can be used by the companies to determine the issues within their structural performance. There are five major technologies that the company can adopt to improve their predictive maintenance. The technologies are PdM Tools and Technology, Vibration analysis, Ultrasonic analysis, Oil analysis techniques and Motor circuit analysis. These are some of the essential technologies that can be used by the Corematic Engineering company to increase its business strategy within the international market. Based on the view of Rong et al. (2018), it can be stated that these technologies can help a company effectively maintain its business fields as well as operations. These technologies can help a company in allowing their safety compliance. As per the view of Gouda et al. (2020), these predictive technologies are mainly used for a variety of tasks, including establishing credit risk models, managing resources as well as anticipating inventory. These technologies in predictive maintenance support businesses in lowering risks, streamlining processes, and boosting earnings.

Aside from predictive maintenance, Sales-Profitability & Demand Forecasting is another important case. Based on the view of Bhimani et al. (2019), sales profitability helps in keeping an accurate map of the profit status of an industry. In other words, it can be stated that this case is mainly used for measuring the sales dollar of a company to map their profits after maintaining all of the costs along with taxes. The sales profitability of a company can be identified by performing a subtraction between total revenue and total expenses. According to the view of Lei et al. (2021), demand forecasting helps in predicting future customers as well as future demands. Few technologies can be used by a company to maintain sales profitability and demand forecasting. The technologies are big data analysis, Cloud storage technology, Internet of things or IoT. These technologies are highly associated with the development of Sales-Profitability & Demand Forecasting. These technologies can help a company in identifying its net profit. Aside from this, the pre-mentioned technologies can be also used in determining the future of an industry.

Besides all of this, trend Identification to Drive the Pricing & Promotion Plan can be termed as one of the major cases that have been used by the e-business. Based on the view of Bhimani et al. (2019), a trend can refer to the overall direction of a market. Trend identification can help a business identify how the business is performing in a market. This also helps in finding various issues related to the business. The trend identification process of comparing the business data with marketing trends. Going with the view of Huang et al. (2019), four important technologies are highly associated with the development of trend Identification to Drive the Pricing & Promotion Plan. The technologies are Machine learning, 3D printing, computing power, smarter devices and datafication. This technology plays a vital role in analysing the service and supply demand of a product on a market.

Describing future potential and application of the chosen emerging technologies

Technology is growing at an intense level. As per the view of Biswal and Gouda (2020), good technology can prove to be a boon to a company. The Corematics Engineering company must adopt the latest technologies so that it can lead itself ahead of any other technological consultancies present in the market. To perform predictive maintenance the use of PdM tools and techniques is very much essential to identify the risks, assess the data from core to core and predict if there are any flaws or not. It does not only reduce the time of the experts but also the costs get reduced. The company can rely on this technique to perform quality-based work that can assure high-quality results. The Corematics Engineering implementation of predictive maintenance can take the company to a whole new level. Apart from that, the application of big data analysis and cloud storage can help in increasing sales profitability and demand forecasting. The future of these technological advancements can not only take the company to another level but create a global name worldwide. The profit could be calculated and the demand of the customers could be identified very easily. The demands can be met by the company very easily and the company can earn good profits through that. The future of these technologies is very crucial and their implementation can bring a revolution in the e-business market. The Corematics Engineering consultancy company can prove to sustain in its future activities if the business of the company goes at par with the technological advancement going on everywhere and between a lot of companies that are trying to create a revolution in the e-business industry.

As far as going with the trend is concerned any company that does not understand the dynamics of the market generally suffers a lot in future. The potential e-business company must adhere to the latest smart computing techniques, 3D printing, smarter devices and machine learning so that it can fix proper pricing and bring a revolution in the market. The implementation of these technologies can help Corematics Engineering to maintain a proper e-business as well as earn profitability without any hesitation and gain a strong competitive advantage over any other company on a global scale.

Application of the chosen emerging technologies in the identified use cases

Cinematic engineering being one of the reputed engineering consultancies has been facing a lot of issues that need to be resolved. As mentioned by Lei et al. (2021), the advancement of technology can help an organisation in improving its activities and achieve heights. Similarly, as far as Corematic Engineering is concerned it must adhere to the latest technologies to sustain its business as well as its operations for the later future. Even if the idea of predictive maintenance has improved downtime and decreased long-term expenses since its inception, it still leaves open the chance of those unforeseen surprises and the cost of downtime that goes along with them. This situation was real because the mechanic's skills, intuition, and experience were all that were relied upon to keep the machine operating at its best. The preventive component of the maintenance programme was also left to the mechanic's "fingers crossed" optimism. Therefore, Corematic Engineering must adapt to using PdM tools and techniques for predictive maintenance. As stated by Ran et al. (2019), the idea of conditions-based predictive maintenance aims to close the gap between the limitations of relying on human experience and intuition for repair and the capacity to not only prevent failure but also predict it and optimize maintenance and repair to reduce time and cost. It can be of vital essence to the company to sustain its business and the application of the various PdM tools and techniques can be used to do proper predictive maintenance. According to Sony et al. (2020), the application of AI is an essential ingredient that has the power to not only change the business reality but take the company to the next level. Not only can it satisfy the goals of the company but also develop the latest in-hand facilities that can give quick solutions to harder tasks or problems. Being an R&D company, Corematics Engineering aims to solve the issues of competition that are developing in the market and that can be sorted with the implementation of the latest AI facilities. Sales profitability and demand forecasting play an important role in an organisation. The application of big data analysis, IoT and Cloud storage can help benefit organisations at a huge level. The ascertainment of net profit could be made with the execution of these advanced mechanisms. Finding the right data for execution at the right time becomes very much easy with the application of AI that builds a friendly tech-savvy atmosphere. Lastly, building a promotion plan and pricing through trend identification is of essential need by an e-business company like the Corematics Engineering company. The application of machine learning, 3D printing, smarter devices, and computing power can help the company in locating the trend and fix the promotion and pricing. Corematics Engineering must adhere to these innovative techniques.

Application of the chosen emerging technologies in addressing the requirements of the identified use cases

Emerging digital technologies can help the Corematic Engineering company in spreading its business within an international range. It has been assumed that after adopting the technologies the company would be able to solve the arising business-related issues. Aside from this, the selected technologies can also help the company in identifying the essential requirements of the pre-mentioned identified cases. There are almost twelve digital technologies have been identified in the previous sections of the respective study. Therefore, it can be stated that adopting the identified technologies may help the R&D organisation in spreading their business within w worldwide range.

PdM Tools and Technology:

This technology plays a vital role in monitoring the predictive maintenance of the industry. In other words, it can be stated that this technology plays an important role in addressing the case of predictive maintenance. As it has been found in the case study the respective company is trying to spread their business internationally. Based on the view of Rashid et al. (2019), before conducting any business in an international market it is important to have proper maintenance of the tools and techniques. This respective technology mainly helps in maintaining the pre-mentioned factor and increasing the capacity of the business. Thus, this technology helps in identifying the requirement of the identified use cases.

Vibration analysis:

Aside from the pre-mentioned technology, vibration analysis is another important technology that plays an important role in monitoring predictive maintenance. It can be stated that the technology is mainly used for maintaining machines. It can be assumed that with the help of this technology the respective industry can identify the issues within their machines. To spread the business within a new market it is essential to identify the potential failures. In other words, it can be described that it helps in increasing the safety levels of the employees.

Ultrasonic analysis:

Along with the pre-mentioned technologies, Ultrasonic analysis also plays a vital role in developing the maintenance of monitoring predictivity. Going with the view of Yang et al. (2020), ultrasonic analysis of a product is mainly done for detecting the flaws and issues of the product. Detecting the flaws and issues provide a chance of finding a perfect solution to solve the problems. With the help of this technology, the respective company can investigate how sound waves move through the materials under test, allowing us to find significant faults. This will also help the company in examining the potential of ultrasonic analysis as a condition monitoring tool and a preventive maintenance technique throughout this paper.

Oil analysis techniques:

Oil analysis techniques are an important technique that helps in analysing the oil volume within a machine. Based on the view of Hanga et al. (2019), Oil analysis is a routine analysis that helps in analysing the level and the health of oil within a machine. Understanding the coordination of the oil can be termed as one of the major reasons behind performing oil analysis. With the help of this oil, analysis is the respective R&D company can be able to read as well as check the data on the machine type. Thus, this technique of oil analysis can help in identifying the requirement of the identified use cases.

Motor circuit analysis:

Motor circuit analysis can be termed another important part of predictive maintenance. Along with the pre-mentioned technologies, motor circuit analysis techniques also play a vital role in analysing the machines and the production system within an industry. Based on the view of Choudhary et al. (2019), motor circuit analysis is a method that helps in identifying the health condition of a motor. The respective company has been suggested to adopt this technology to understand the health of their electronic motor circuits. In this way, this technology can help in addressing the requirements of the case of predictive maintenance.

Big data analysis:

The pre-mentioned technologies are for addressing predictive maintenance, whereas this technology helps in addressing the requirements of the case of Sales-Profitability & Demand Forecasting. Based on the view of Mikalef et al. (2020), big data analysis can be defined as a complex process. This complex is used in identifying necessary information within a huge amount of data. It has been suggested to the respective company to adopt the technology of big data analysis. This will help the company in spreading its business internationally. Along with this, big data analysis can help the organisation in analysing data for making data-driven decisions. Eventually, it will lead to improving business-related outcomes.

Cloud storage technology:

Along with the previous technology, cloud storage technology also plays an important role in addressing the requirements of the Sales-Profitability & Demand Forecasting case. Going with the view of Gur (2018), cloud storage technology is not only safe as well as secure but also it is budget-friendly. Corematic Engineering can easily adopt this technology to increase the growth of the business. Using cloud storage technology can provide the access to companies to view their files from anywhere with the help of an internet connection.

Internet of things or IoT:

IoT is another vital technology that has been used in addressing the requirements of the Sales-Profitability & Demand Forecasting case. Based on the view of Alam et al. (2021), IoT is all about using sensors, devices, gateways, and platforms to improve business processes and solutions. With the help of this technology, the respective company would be able to gather data efficiently for improving the capacity of the business. Moreover, IoT can help in increasing the connectivity between the stakeholders of the company.

Machine learning:

Machine learning technologies can be termed as a bunch of AI or compute learning technologies. Based on the view of Hair et al. (2021), machine learning plays a vital role in identifying customer behaviour as well as the patterns of business operations. It can be assumed that with the help of technology the respective company can identify the situation of the company within a market. Which eventually can provide a greater opportunity of understanding the needs of the business as well as customer needs.

3D printing

Along with the pre-mentioned technologies, 3D printing can be termed as another important technology that helps in addressing the requirements of the trend Identification To Drive The Pricing & Promotion Plan case. Based on the view of Rong et al. (2018), 3D printing can help a business by having a 3D look at their plans and projects. With the help of this technology, the respective company would be able to manufacture perfect products.

Adoption of Smarter devices:

With the help of smarter devices, the respective industry would be able to conduct an efficient management system of operations. Besides this, the respective technology can help the respective industry in receiving real-time data.

Conclusion

As studied in the report, it can clearly be stated that the Corematics Engineering consultancy company must adapt to its latest technologies. It is very much clear that to sustain itself in the market the company must implement new technological aspects that can benefit the company. As far as the long run is concerned, with the emergence of the latest technologies like the PdM tools and techniques, vibration analysis, motor circuit analysis, and ultrasonic analysis, the latest AI implementation in the business can help Coremetrics Engineering in flourishing in their business. With the three use cases as explained in the above report, it is very clear that every technology has its relevance and its adaptation can not only create a huge success but help the company grow in the long run. With the competition in the market being very high, the Corematics Engineering consultancy needs to rely on its technology and must continuously upgrade its internal activities so that the business does not perish as well as the customers do not complain about their work. As quoted by Roman-Belmonte et al. (2018), technology can bring revolution. Similarly, the Corematics Engineering consultancy with the proper execution of the latest technologies and creating a tech-savvy environment can prove to be a leader in the global market and establish itself as one of the main names internationally.
 

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