Category: Business

Technologies that help optimize revenue and performance of your medical practice

There’s no denying that revenue is essential for any business. Sustained revenue flow keeps the employees paid, leaves the doors open, and the patrons happy. It is the same for medical practice as well. However, it can be challenging to optimize medical practice revenue and increase avenues to bring in more money. It is crucial to find strategies that the medical practice can maintain over time to ensure a steady cash inflow. 

Additionally, as the COVID-19 pandemic continues to influence patient behaviors, it is pushing healthcare practices across the globe to re-evaluate their business operations and look for solutions that emphasize clinical efficiencies, improve patient revenue cycle management along with enhanced reporting and analytics tools.

Apart from the challenges related to the patient intake process during the pandemic, healthcare providers also have had to meet the sudden demand for virtual care by embracing digital healthcare technologies. Advanced technology in healthcare helps automate major processes, facilitate patient engagement efforts, and improve financial stability.

In this article, we share tips to optimize the revenue of your medical practice.

1. Robust financial management

Strong finance is the foundation of every business. You must consider what money is going out in the form of overhead costs, payroll, and miscellaneous expenses. Look for ways to cut unnecessary expenditures and save your practice some money.

There are chances that you are spending on something unnecessary at your practice or experiencing a small ROI due to a huge yet incompetent investment. If a service is not bringing you a good ROI, you should remove it. To overcome these issues, ensure you have a robust revenue cycle management system in place.

Custom RCM systems help improve the administrative and clinical functions associated with claims processing payments and revenue generation. The RCM system also facilitates the financial processes of identification, management, and collection between patients and providers. RCM helps you optimize your revenue cycle at all the points of the financial process. This enables you to collect and increase revenue whenever and wherever you should.

2. Leverage healthcare information technology

While the initial cost and ongoing investment may vary based on your practice, most of the following technological investments will help you save money and increase your revenue over time.

Read more: 7 Major Impacts of Technology in Healthcare

Example 1: Telehealth

Technologies like telehealth offer safer alternatives to in-person visits. With the ongoing pandemic, this technology helps provide safe care by connecting via virtual video visits. If your practice can allot for more appointments, then telehealth allows for more visits throughout your day.

Additionally, patient portals, self-check kiosks, and QR codes help reduce the risks of exposure and increase scheduling flexibility and clinical availability. Remote patient monitoring (RPM) helps bring about organizational resilience and stabilizes patient outcomes with better and safer alternatives to in-person visits.

Example 2: Appointment Management Systems

Most medical practices lose revenue due to no-shows, missed appointments, or late cancellations. Appointment management systems ensure that patients are notified well ahead of their appointment times. This will eventually provide your practice with a better chance of fulfilling appointment times and retaining revenue. It will also improve patient trust and credibility and allow your medical staff to stay organized at work. 

Example 3: Practice Management System

This system includes all your appointment scheduling, billing, patient registration, claims processing, clearinghouse integration, and more. So, investing in an intelligent practice management system can bring billing in-house and retain previously claimed revenue from outsourcing.

Read more: Digital Tools For The Future Of Healthcare Providers

3. Intuitive reporting and automation

An Electronic Health Record(EHR) system includes an array of innovative tools that can significantly impact your practice’s productivity and profitability. The EHR technology should also have tools that offer flexible functionality and interactive engagement in addition to simple record keeping so that you can focus more on patient care and waste less time on troubleshooting staff errors or reconfiguring documentation notes.

Additionally, automated workflows, comprehensive reporting features, and insightful productivity metrics help simplify your practice’s workload and streamline task management. Picklists allow you to create templates, line-item defaults and define column choices so that information is readily available and easily accessible.

4. Optimize your medical billing

To maximize your medical practice’s revenue, you must include efficient and personalized medical billing software.  It allows you to optimize the bills according to the prevalent industry standards. Most practices bill patients at allowable lower levels to avoid being audited. While you may not get audited, the practice leaves behind a lot of money. So, when you provide clinical service, make sure to document it properly and bill customers appropriately. Medical billing software makes auditing easy and relieves your admins from revenue management challenges. The software also ensures that your billing and coding staff are not making mistakes, leading to significant claims denial.

If claims denials, coding errors, or any other billing issues keep your practice from optimizing the income, you may consider building customized software to handle your organization’s specific challenges. Fingent specializes in developing customized medical billing software and healthcare application platforms by working closely with your medical practice. It allows you to lower denial rates, reduce errors, and streamline your revenue cycle.

5. Security and compliance

When it comes to healthcare, efficiency matters not just at the surface level but in every single aspect of treatment, including financing, scheduling, and reporting. To ensure your EHR can keep up with the regular system, it should include an educational database that allows providers to quickly train their staff and give the patient access to explanatory articles and videos. Keeping these resources available will help bring about positive outcomes and hassle-free software maintenance. Fingent offers custom software development, testing, implementation, maintenance, and support services for healthcare service providers. We’ve partnered with organizations like NHS to help them improve clinical process management using technology. 

While compliance laws ensure patient health information (PHI) and overall safety of practice operations, you must make cybersecurity a top priority. This is especially true now with the shift to working remotely. Employees are more prone to hacker’s attempts to cease connectivity and steal confidential data. To overcome this, you must use virtual private networks (VPN) and reliable firewall software to safeguard vital business information. Our network security and IT infrastructure management services ensure that your business-critical assets are protected from cyber threats, and your proprietary information is protected 24/7. 

Read more: The Application and Impact of Information Technology in Healthcare

Advanced technology in healthcare has helped providers choose and select a system that benefits their business. For example, medical billing software, revenue cycle management, appointment management, and patient engagement systems are a few solutions that providers should consider when employing an EHR solution. Healthcare technology improves patient resolutions, avoids preventable errors, and expands clinical availability. 

Practice is a step ahead of theory. Our healthcare IT system developers follow this rule of thumb. Connect with our team to learn more about the technologies you can adopt to gain business benefits and significant cost savings. 

Why is SAP the Go-to Solution for Managing Your Complex Business Functions

SAP is a powerful ERP solution for all kinds of enterprises and their subsidiaries. From streamlining and automating to standardizing your business, SAP for business performs numerous functions and accelerates business growth.

Systems, Applications & Products in Data Processing or SAP is one of the world’s leading ERP (Enterprise Resource Planning ) software. The software consists of several integrated modules that cover virtually every aspect of modern business management. Fingent, being an SAP Silver Partner, helps you realize the full potential of the wide-ranging SAP solutions that can maximize your business performance and boost profitability.

How does SAP help businesses?

Most of the traditional business models have decentralized data management, with each department storing its operational data in the individual database(s). Decentralized data storage makes it difficult for employees from different departments to access each other’s information needed to complete their tasks. Moreover, duplication of data across the departments leads to data errors and increases IT storage costs.

SAP software centralizes data management and provides multiple business functions with a single source of the truth. This enables companies to manage complex business processes efficiently, allow easy access to employees of different departments, and gain real-time insights across the organization. It helps businesses improve operational efficiency, increase productivity, boost customer experience, and eventually increase profits.

SAP for business

SAP for business offers solutions across different areas such as:

• ERP and Finance
• CRM and Customer Experience
• Network and Spend Management
• Supply Chain Management
• HR and People Engagement
• Business Technology Platform
• Digital Transformation
• Digital Supply Chain
• Small and Midsize Enterprises
• Experience Management
• Industry Solutions
• Industry 4.0
• Intelligent Enterprise Solutions
• Cloud solutions

SAP for business maximizes business performance by giving companies step-by-step guidance to set up their tech infrastructure. 

Here’s how.

1. Wide-ranging experience

From government financial institutions to small businesses, SAP provides tech solutions to everyone. We extend our support, right from identifying your requirements to implementing and testing your SAP solutions to maintaining them once they are in place.

Read more: Why partner with an SAP AMS provider like Fingent

2. Efficiency improvement

In the past, companies were forced to repeat tasks day in and day out. Thanks to technology! The situation has changed today. Technology has provided companies with more innovative ways of doing repetitive manual tasks. From collecting large amounts of data to filling the databases, SAP offers an efficient and faster way of doing things. 

Enter SAP IRPA. This Intelligent Robotic Process Automation suite accelerates your move towards Intelligent Enterprise. With SAP IRPA, you can redirect your resources to high-value functions.

Read more: Top 7 Business Benefits of Adopting SAP Intelligent Robotic Process Automation

Additionally, SAP provides several options to streamline different business processes and improve efficiency throughout your organization, such as SAP S/4HANA, SAP Analytics Cloud, SAP Fiori, etc.

3. Affordability and scalability

Small businesses and start-ups face the challenge of ensuring that their technology infrastructure is scalable. It means you will have to accommodate the growth in every aspect of your business. You will have to consider fitting more data, equipment, and employees. For this, you will need a system that can accommodate growth easily without the need to make changes from the grassroots level. That is where the SAP system comes into the picture. It is designed to scale up smoothly according to your business requirements post the initial implementation.

SAP for business ensures that you never invest in resources that you don’t need and instead try to derive the most out of your IT budget. 

Read more: SAP Preconfigured Solutions Boost Efficiency Among Industries

4. Enhanced predictability

As a business leader or owner, you must have access to the most accurate information related to your business so that you can plan well for your business. As SAP ERP solutions are designed to provide you with options in generating company forecasts, you can easily access the real-time facts and figures stored in the SAP system.

You can use the data, facts, and figures saved in the SAP system to prepare realistic forecasts of your business and make informed decisions.

Read more: Empowering CFOs to Derive Crucial Insights and Implement Strategic Decisions with Confidence  

5. Flexible solutions

SAP helps you achieve significant flexibility in adapting to changes in the market dynamics. Your business must adapt its functions to the changes in the market dynamics if you want your company to grow and expand.

It is well-known that user perspectives change over time, regardless of the industry. Hence, it is crucial to attain enough flexibility and provide what your target audience demands. SAP-enabled company structure will help you adapt to the changing market dynamics and cater to the industry demands.

Read more: How Organizations can Gain a Competitive Edge by Implementing Digital Core ERP

6. Smarter data management

Organizing data is one of the most crucial features of the SAP ERP system. Businesses need to store data in such a way that it could be accessed quickly and securely when required.

If you have multiple sources to feed information to your company, SAP helps you gather all the distributed data in one place and keep it organized.

With SAP, you can collect all the information in one place and keep it organized. For example, you can integrate your CRM with the SAP framework and keep all your customer-related information centralized. Fingent offers SAP HCI (HANA Cloud Integration) and PI (Process Integration) capabilities to integrate multiple independent systems/ applications required to run your business processes.

Read more: Create Intelligent Organizations with SAP Model Company

7. Improved compliance

SAP ERP offers the unique ability to track company regulations. Using SAP for business ensures that all operations comply with your company policies and the geographical regulations in the regions where you trade. The system will reject any exceptions automatically or set off an alert to notify you on time.

SAP helps you implement active cooperation among all your company departments and employees.

8. Cost and time savings

SAP will serve as the single source of data for all your company needs. When your employees access more accurate and up-to-date information from a single location, it will automatically reduce your organization’s operational complexities and expenses. Also, regardless of where your employees are working from, connecting to your company’s network will give them access to the centralized SAP system for trusted information, thereby saving a lot of time.

9. Streamlined communication

Whether it is marketing communication or company-specific communication, you can integrate SAP ERP to create compelling modes of communication. For example, you can create a more robust reputation management structure and focus on marketing strategies that help generate higher ROI.

Additionally, you can use flip books or online catalogs to create content that drives traction. If you are looking for business presentations for marketing or a professional portfolio, SAP can help you achieve a great level of finesse.

Read more: SAP Focused Industry Templates & Automation Solutions

To sum up,

Apart from the benefits mentioned earlier, there are many more ways that SAP for business can add a touch of sheer magic to your business endeavors and maximize your business performance to a significant level.

At Fingent, we provide SAP implementation and customization services that will help businesses phase out old infrastructure, upgrade to the new systems efficiently, and save money. If you are ready to get your business on to this revolutionary business suite, get in touch with us. 

Being an Official Partner of Odoo, Fingent has always catered to the needs of various customers and streamlined their operations, thus saving their costs, time, and resources. In this post, you will see how Odoo ERP implementation helps retail management.

Odoo ERP: A Highly Customizable Cloud-based Platform for Retailers!

The retail industry is one of the primary beneficiaries of digital transformation. In 2010, eCommerce accounted for only 5-6% of the aggregate retail sales in the US. The industry has witnessed phenomenal growth over the past decade with the development and adoption of retail technology, ERPs, eCommerce applications, custom retail solutions, and stiff market competition. At present, online retail sales in the US account for 21% of the total retail purchases. Isn’t that mind-blowing?

The paradigm shift from the traditional operating landscape to a digital world presents both opportunities and challenges. Many people look for products online, make buying decisions based on social media reviews, and order products to be delivered home. They even use the internet to search local shops, order online and collect from nearby stores (click & collect) or find retailers that offer discounts in their area. The message is clear: physical/ in-store retailing also needs to pace up with the change.  

To overcome the challenges in managing physical and digital selling, retailers need to adopt a modern enterprise resource planning (ERP) system.

Read more: 5 Reasons to Integrate Your E-commerce Application with Odoo ERP

Today, ERP is extensively used to simplify and automate customer relationship management, project management, accounting, compliance, inventory, and supply chain operations. ERP is a reliable investment for business owners as they can control and monitor their operations, get reports, and gain insights on consumer behavior and market situations.  

Odoo ERP for Retail Management

ERP software allows integrating the core processes to run a company in one place, such as finance, manufacturing, HR, supply chain, inventory, procurement, tracking, transactions, etc. It also integrates all the data and related business processes of an organization. 

Odoo ERP is a popular, open-source, cloud-based business management software that helps manage various business needs such as manufacturing, finance, inventory, point of sale (POS), eCommerce, purchase, logistics, etc. Odoo is an intelligent ERP system that allows retailers to integrate their whole data and all the processes associated with the retail industry. For retailers, Odoo is a perfect choice that increases profit and enhances productivity as it provides comprehensive solutions that can seamlessly integrate with eCommerce.

Read more: 5 signs which imply that your business needs Odoo ERP

How Odoo ERP Benefits Retail Management

Following are the significant benefits of using Odoo ERP in retail:

1. One-step checkout 

In online shopping apps, the checkout stage tends to have several processes spread across different web pages. This can put off some customers who don’t want to spend their time navigating through each. Odoo eliminates these multiple processes by offering a one-step checkout that is fast, convenient, and intuitive. It has the potential to reduce checkout abandonment and thereby increase sales.

2. Craft stunning product pages

For eCommerce websites, high-quality product pages are crucial to gain maximum traction. Long descriptions with dull-looking pages are outdated. Odoo ERP lets you build beautiful and stunning product pages with a simple drag and drop feature. You can also customize your online store’s look, layout, color, and theme with Odoo and make last-minute changes to meet the demands and expectations of your clients. You can also make changes and enhancements at regular intervals to add more features to your store. Make sure that your digital store is mobile responsive to be compatible with the changes and new features.

3. Payment module integration

Having different payment options can enhance the customer experience. With Odoo’s plugins and extensions, retailers can integrate and customize various modules like wallets, cryptocurrencies, credit and debit cards, and UPI. It also supports PayPal, PayUMoney, Buckaroo, Sips, Stripe, Ingenico, Adyen, and Authorize.net.

4. Sales, purchase, and finance management

Odoo offers non-retail and retail companies different sales management processes. Odoo has a Point of Sale (POS) module, which is integrated with the sales and inventory module. This module helps retailers track stock and commodities in real-time. The module also allows for the use of biometric devices to log in and out. It’s compatible with any hardware and doesn’t require installation. What’s more, the POS remains operational even when offline.

Read more: How Odoo ERP Simplifies Sales Management in Your Organization

5. Inventory management

It’s a known fact that inventory management in a volatile and dynamic consumer goods market is an arduous task for many retailers. With several issues such as excess inventory or out-of-stock scenarios, inefficient inventory management processes result in financial loss and lead many retailers to bankruptcy. 

Odoo ERP offers inventory management as its integral feature, where it stores details of an organization’s entire inventory, including the individual product details. Odoo enables retail managers to keep track of crucial information such as:

• The present status of the inventory
• Items that will run out of stock
• Shelf life details of each product
• Notifications related to product expiry
• Ability to make demand forecasts based on past trends and customers’ online behavior and buying habits

Odoo ERP enables retailers to gain a competitive edge by modifying inventory to meet the fluctuating customer demands.

Read more: Fingent’s new plugin facilitates the scheduling of Zoom meetings from Odoo! 

6. Manufacturing and production

Retailers who are also engaged in manufacturing and production can use Odoo’s module to help run functions. The Manufacturing module can assist in creating bills of materials (BoMs), managing semi-finished products, subcontracting manufacturing, etc. It can also help in configuring work centers and managing and configuring kits.

7. The Cloud Advantage

• Odoo solutions are cloud-based, allowing retailers to access their e-commerce stores from anywhere in the world. 
• Odoo is flexible, customizable, and scalable, making it especially ideal for small and medium-sized enterprises (SMEs). 
• Odoo is an affordable ERP solution with the maintenance fees included in the license fee.

In a nutshell, Odoo ERP serves as a high-performance retail management system where retailers can manage everything on a single system. It can bring tremendous benefits to the retailing industry. They can integrate Odoo’s various business apps such as Sales, Accounting, Customer relationship management (CRM), Inventory, etc., with Odoo e-commerce. 

The Odoo App Store features nearly 10,000 apps that connect to the same database on Odoo’s own servers. A testament to Odoo’s popularity is in the numbers: it has more than 5 million users worldwide, from start-ups to large enterprises. 

With a simple checkout process, robust customer portal (order tracking, advanced shipping rules, and return management), order review, and wish lists, Odoo ERP provides real-time information to users.

Read more: Why Choose Fingent as Your Odoo ERP Partner

Fingent has an ace team of Odoo developers that offers consulting, development, and implementation services. Whether you want to integrate Odoo ERP with your existing e-commerce store or build an online store from scratch powered by Odoo integration, give us a call right away.       

How Logistics Management Software and Technology Will Transform Businesses in 2021

Without logistics software management, Pfizer cannot become one of the world’s largest sterile injectables suppliers in 2021. Neither can they store, transport, and distribute the COVID-19 vaccine to multiple countries, maintaining ultra-low temperatures. Monitoring temperatures, optimizing delivery routes, managing cold storage, tracking vaccines in transit, overseeing distribution – all these prove that the logistics and supply chain sector has been at the forefront of tech disruption in 2021. Various governments are taking measures to expedite vaccine distribution to the masses; shoppers have increasingly moved to online shopping – 2021 is set to witness the increasing adoption of logistics management software. 

Read more: 6 Tips for Logistics and Supply Chain Leaders to Plan COVID-19 Vaccine Distribution Strategies 

The Impact of Technology in Logistics

Technology continues to disrupt logistics and supply chain processes by changing it altogether from its core. Research and Markets reports that the increasing use of IoT and emerging technologies across industries will accelerate Connected Logistics’s adoption. The Global Connected Logistics market is projected to grow at a CAGR of 17.5% during 2021 – 2026. 

Consequently, logistics will become more refined and fast, changing the way materials, goods, freight, sales orders, inventory, and production are managed.

As efficiency and speed become the determining factors, logistics need to adopt a new approach to deal with the rising demand and complexity of processes. The industry needs a viable solution that manages the flow of things so that the right product reaches the customer within the specified time.  

Logistics software adoption streamlines operations and removes process hassles. Organizations that invested in logistics management software have produced good outcomes with noticeable improvements in process, operations, and delivery.

This article attempts to explain all that you need to know about logistics management software, including: 

• What is Logistics Management Software?
• Challenges in logistics management
• Pros of a having a logistics software
• 2021 trends that reshape logistics management
• Choosing the right Logistics Management Software
• Checklist of essentials in a Logistics Management Software
• How logistics software improves efficiency
• The future of supply chain

What is Logistics Management?

Logistics involves the flow of things from their point of origin to the point of consumption, usually general customers or businesses. The selection of vendors, transportation means, routes, and delivery methods constitute an essential part of logistical operations.

Logistics management is a part of the supply chain that uses planning and implementation to store and deliver goods and services to the customer. It coordinates several critical activities of the supply chain that range from product development to commercialization.

Typically a logistics management system includes the following:

• Inbound and outbound transportation management
• Warehouse management
• Fleet management
• Processing orders
• Inventory control
• Managing third-party logistics service providers
• Planning supply and demand

Watch Video: Top Challenges Faced by Logistic Management

Logistics management constitutes several functions such as production planning, sourcing, procurement, packaging, and dispatching. It also involves finding the suitable means to deliver goods and services to the end-user. Inbound and outbound traffic is vital in logistics management.

• Inbound logistics is a linear flow of raw materials from suppliers into a warehouse and then a production unit.
• Shifting the products from the warehouse inventory into the hands of the customers falls under outbound logistics. 

An example of inbound and outbound logistics at play is that of a manufacturer of electronic goods, which requires several raw materials in the form of components, nuts, bolts, cables, casting, packaging cartons, etc., to build products.

Challenges in Logistics Management

Logistics is prone to several issues that occur primarily due to simple human errors or other factors. Weak decisions usually result in delays in the transport or delivery of goods, leading to customer dissatisfaction. Besides, another challenge that logistics face generally is in the safe transportation of goods. The goods can become damaged or faulty if not handled accordingly while in transit.

Customer demand has also become higher as they want more transparency in the delivery process. Moreover, logistics and supply chains are facing the still unsolved issue of cost control. The rise of fuel charges combined with a steep increase in energy, freight, and labor rates put further pressure on logistics providers.

Effective risk management and managing the relationship between the suppliers and partners are also vital. A reliable solution that covers all these individual challenges in logistics is thus becoming a necessity. The use of logistics management software (LMS) can streamline logistical operations and guide a logistics provider or business to deal with them appropriately.

What is Logistics Management Software?

Logistics Management Software (LMS) simplifies logistics operations by refining the production cycle and making it easier to access important information quickly. A logistics management software helps businesses manage the various processes that go into the production cycle from the delivery of raw materials to shipping the finished products to the consumers.

Logistics software has become broader in its scope and functionality to deal with a vast array of operations and processes. It shares similarities with supply chain management software (SCMS), which contains tools that help deal with transactions, processes, and suppliers. The functionality of a logistics management software extends to areas such as:

• Processing customer requests
• Processing purchase orders
• Inventory Management
• Suppliers Management
• Sales and Distribution

A logistics management software gets rid of all the conventional approaches like paperwork and spreadsheets to simplify management. It comes in three variations: warehouse management systems, enterprise resource planning systems, and integrated supply chain management suites.

Companies with an in-house logistics or supply chain division and third-party logistics providers utilize any of these different versions according to their requirements to efficiently manage their logistical and supply chain operations.

The Pros of having a Logistics Software

In logistics, handing over the process to a logistics management software has several advantages. With logistics management software, a company or 3PL (third-party logistics) provider could avail of the following benefits.

• Refine Transportation: Transportation is a crucial area of logistics. It incurs the most charges in the form of fuel, energy, labor, motorway tolls, and shipping fees. Relying on logistics software can help manage the various transportation means and leverage the operational data for process automation. Logistics management software makes it easy to analyze data and make relevant decisions for reducing costs maximizing efficiency.
• Faster Delivery: The logistics and supply chain industry faces several issues that affect delivery and lead to delays. By incorporating logistics software, businesses can rapidly deliver their products to customers. A logistics management software can improve delivery speed by making meaningful interventions in the production cycle and choosing the suitable carrier. It ultimately reduces shipping delays to a great extent.
• Minimize Human Errors: Another notable advantage of having logistics management software is in reducing human error. Manual analysis of vast quantities of transportation data is difficult, time-consuming, and prone to errors. A logistics software can process these data without any mistakes in less time, seamlessly pushing forward the operations with minimal/nil delays.
• Automates Functions: Process Automation is a tremendous boon of logistics software integration. Certain functions like creating shipment routes, load planning, and tendering of load to carriers are easily automated and managed by using logistics software. Moreover, it eliminates paperwork, which helps deal with the processes efficiently and timely.
• Reduce Costs: Logistics software can automatically compare different shipping services, delivery agents, and transportation methods to find the least pricing ones. The other way logistics software reduces costs is by lowering the expedited shipments through improved shipment planning.

Read more: How Transportation Management Systems Benefit Third Party Logistics (3PL) Service Providers 

2021 Trends that Reshape Logistics Management

The demand for logistics software management has peaked with the widespread popularity of e-commerce in 2021. The onset of COVID-19 is also a reason behind the peak in demand for logistics technology. As a result, logistics is constantly evolving to accommodate each industry’s rising requests that depend on it. One area where logistics has transformed is the digitization of its processes and resources. In 2021, the industry is expected to embrace the cloud, mobile, and emerging tech to transform logistics operations. Here are some of the top tech trends that will influence logistics and supply chain in 2021. 

1. Artificial Intelligence

Logistics companies will use AI to identify patterns in data and churn insights. It will help advance operations such as intelligent transportation, route optimization, demand forecasting, budget planning, etc. McKinsey reports that AI-driven logistics optimization can reduce costs through real-time forecasts and behavioral coaching. The potential incremental value of AI in the logistics and transportation industry (89%) will be more than other analytics techniques.

Read more: How AI is Reshaping the Supply-Chain and Logistics Industry

2. Warehouse Robotics

Over the last few decades, innovative logistic robotic companies have worked hard to mesh AI and machine learning, better sensors and response capabilities, warehouse management software, or logistics management software. Recently, warehouse robotics in the supply chain has picked up pace exponentially. There has been colossal funding and investment in the industry. For example, Alibaba invested $15 billion into robotic logistics infrastructure, and Google invested $500 million into automated logistics for JD. It is also estimated that the global market for warehouse robotics in the supply chain will reach a market value of $22.4 billion by the end of 2021.

Read more: How Robotics in Logistics Helps Improve Supply Chain Efficiency 

3. Cloud Computing

Cloud integrated logistics management software allows having real-time price updates, inventory, and tracking. Cloud-based logistics software enables real-time accuracy and 360-degree management of processes and systems. You can track a product through its lifecycle, right from ordering to distribution. It allows to significantly cut down the costs of lost products, missing deliveries, locate a shipment at any stage of transport, and reroute a misdirected shipment. Cloud-based logistics software allows everyone in a trade network to communicate and share data in real-time, make decisions quickly, and scale on-demand. 

4. Contactless last-mile delivery

In a pandemic-troubled world, contactless delivery is more critical than ever. eCommerce companies and carriers face increasing pressure due to the surge in online shopping. It’s crucial to stay agile by ensuring business continuity. At the same time, it is also vital to remain safe and meet delivery needs. Electronic parcel lockers, contactless parcel delivery and collection, and self-service pick-up automate delivery processes to reduce physical interactions between customers and delivery agents. 

Watch video: Custom Web Application Developed to Enable Smarter Locker Management

 Custom logistics software applications can help fulfill the increasing demand for last-mile delivery. Fingent helps build healthy tech partnership ecosystems to ensure uninterrupted supply and distribution of your products and services. 

5. Blockchain

Blockchain, also known as the distributed ledger technology, offers the ability to record transactions between parties securely and permanently. The shared and secured databases enabled by blockchain helps in avoiding intermediaries and third parties that verify, record, and coordinate transactions in a supply chain. Blockchain helps increase the traceability of the material supply chain, improve the credibility and trust of shared data, digitize physical assets like contracts and critical documents, streamline administrative processes, reduce costs, and enable effective auditing of supply chain data. 

Example of blockchain application in logistics: The international logistics giant DHL uses blockchain-based serialization of pharmaceutical drugs and products to ensure that:

• the products come only from legitimate manufacturers, 
• are not counterfeit, and 
• are adequately tracked and traced through their journey from origin to consumption. 

6. Predictive Analytics

The emergence of sensor technologies and AI has contributed heavily to the rapid growth of predictive maintenance in the logistics industry. Supply chain leaders want to utilize data effectively to optimize predictive maintenance, forecast demands, adjust inventory levels, improve cold chain transportation, and protect the integrity of the supply chain. Smart and optimized data management through predictive analytics and AI allow logistics providers to refine and transform the supply chain in 2021. 

Opting for the right Logistics Management Software

With the trends shifting logistics management in a progressive direction, the need for software solutions in the field has become indispensable. Businesses, whether focussing on e-commerce or delivering services, can benefit from having logistics management software. However, the real question is finding the right kind of logistics software since the requirements vary for each business.

Read more: How to Pick the Right Logistics Management Software 

A checklist of essentials in a Logistics Management Software

Before settling on software for logistics management, it is vital to understand the requirements and challenges a business faces daily. Carrying out a detailed analysis can help identify deficiencies in the existing logistical operations of a business. Besides that, it can suggest measures to redeem any discovered shortcomings in the cycle.

When deciding on logistics management software, there are several essential factors to consider. Firstly, it should contain a basic set of functions that can aid in simple logistical management operations.

Besides that, numerous other things should also be present in the software to tackle the wide base of a business’s logistical operations and processes. 

Some of the key features to look for in a potential LMS are:

• Compatible Multi-Client Architecture: A logistics software that comes with multi-client architecture support is necessary if a business handles multiple customers. Software with inventory and purchase orders has more emphasis since it deals with several customers simultaneously or in different phases.
• Forecasting: The ability to forecast is a needed trait in logistics and supply chain management software since it can bridge gaps in supply and demand by enhancing the business processes. Demand, supply, and price forecasting can help supply chain management with proper production scheduling, better customer satisfaction, and minimized out-of-stock scenarios.  
• Finance Integration: Having tools that integrate the supply chain’s financial side is another critical software requirement. Vital financial aspects like general ledger, account payables, and receivables can help manage the bookkeeping and records of transactions conveniently when included in logistics software.
• Inventory Tracking: Having an inbuilt inventory tracking feature can make logistics management software more dependable. Logistics involves transactions of various kinds. An inventory control feature enables easier processing while ensuring that the customer gets the invoice on time.
• Customizable and Streamlined Interface: A good logistics management software should contain a streamlined interface that allows for effortless navigation across its chief functions. A customizable logistics software can easily accommodate the unique infrastructure and methods implemented by a business.
• CRM: Logistics software should also cover the customer side. A CRM embedded logistics software allows the customers to know the status of their deliveries. For both inbound and outbound logistics, CRM can answer the customers’ queries and supply them with relevant information and adjustments to the delivery.  
• Bill of Lading Creation: As a critical document in the shipping and freight chain, looking for a logistics system that can generate the bill of lading is recommended. This can make it easier to create the bill of lading receipts. It facilitates the seamless exchange of goods under the consignee of the shipper and the logistics company.

Refer the chart below to get a grip on the overall profile of any software logistics management:

With logistics pushed to the forefront of business operations, leveraging the right technology can make your business compatible with the changing environment.

Outsourcing to a software development vendor will help deploy scalable software for logistics management into your entire supply chain operations. A global software solutions provider like Fingent can give you the advantage of custom logistics solutions built solely based on your requirements.

How logistics software improves efficiency

Logistics management software guarantees more efficiency and control over the logistical and supply chain operations of a business. It means simply substituting the existing manual methods with a software-centric solution. The array of features in a logistics system can refine the entire logistics cycle right from its center. For owners, vendors, and the end customers, using an LSM (Logistics Software management) model opens up improved collaboration, which is the essence of effective logistics management.

Opt for logistics software requires considering all the criteria mentioned above. For a business, it involves addressing their needs and then choosing one that wraps around their existing processes. By integrating an LMS into their operations, companies could reduce their turnaround times and streamline the overall cycle of planning and delivery while keeping up with the customers’ requirements.

Read more: Build or Buy Logistics Software – An End To The Prolonged Discussion 

Transitioning into Cloud-Based SaaS: The Future of Supply Chain

With cloud computing gaining momentum in 2021, a whole new way of processing data is unveiled. The tech innovations in 2021 have influenced the supply chain and logistics operations. Increased adoption of supply chain and logistics solutions in 2021 will lead to a shift from the on-premise model to the SaaS model.

Predictions estimate that a subscription-based SaaS model will dominate supply chain management in 2021 and beyond. Adopting a cloud-based supply chain solution offers benefits in the form of flexibility, robustness, and affordability. Free and open-source software adoption has made the Cloud the primary choice for logistics providers and organizations worldwide.

Cloud-based SaaS supply chain solutions offer numerous benefits. It gives a comprehensive outlook on the overall operations in logistics by making processes more transparent and collaborative. Implementing a cloud system reduces the upfront and operating costs. It also offers the ability to scale up with the business needs and enhances supply chain efficiency.

To sum up,

Opting for a logistics solution is one step to simplifying the entire cycle of logistical and supply chain operations. Effective management of each process from procurement to delivery requires a custom logistics management solution that can accommodate each provider’s demands. For instance, an organization lacking an in-house logistics department needs a software management tool that can wrap around their existing methodology and improve it.

By partnering with a vendor specializing in software development, businesses can deploy logistics management software tailored to their requirements. Pioneers in custom software development like Fingent can assist companies from wholesalers to distributors to e-commerce with the advantage of custom logistic solutions. Get in touch with us to spearhead your operations swiftly and efficiently.

How does a Warehousing Management System Simplify Operations and Help Your Business Scale?

A Warehousing Management System is a software application that controls and manages the operations in a warehouse. It can either be a standalone system or part of the Enterprise Resource Planning (ERP) system.

Additionally, most consumers today want to buy anywhere and return anywhere. So, businesses must have the ability to respond quickly with Warehousing Management Software that optimizes the fulfillment capabilities. 

A modern WMS solution:

• Guides inventory receiving and put-away,
• Optimizes picking and shipping consignments, and 
• Advises inventory replenishment. 

Simply put, the solution offers visibility into a business’s entire inventory and manages the whole supply chain fulfillment right from the distribution to the store.

While many companies have ERP or Order Management System (OMS) systems that include warehousing functionality, companies can outgrow their warehousing and distribution functionality capabilities by implementing warehousing management software.

In the past, many small and mid-sized companies wanted to increase the functionality of the warehousing management system. However, the entry-level costs were excessive. Today, with cloud-based platforms, the deployment and operational costs have reduced drastically.

Read more: How Transportation Management Systems Benefit Third Party Logistics (3PL) Service Providers

This article discusses the various benefits of a warehousing management system that can support your growing company.

Why is a Warehousing Management System better than a traditional order management system?

There’s no denying that both OMS and ERP systems have warehousing and distribution functions. However, they often lack critical functions such as accepting ASNs (Advanced Shipping Notice) or managing the inbound receiving docks.

Additionally, the traditional system can become obsolete if your company runs several distribution centers. It will not be easy to manage multiple warehouse inventories if you don’t have a warehousing management system. It is also true when retail companies need small parcel shipping for omnichannel commerce like a “ship from a store” or to “manage inventory in stockrooms” in addition to the central warehouse. In such cases, a warehousing management system is a must as they are built from scratch with multiple distribution centers in mind.

A WMS manages activities and functions across the warehouse and will help give you better control over managing the labor to improve the levels of efficiency. Warehouse management software improves inventory visibility, makes it easy to track shipments, monitors expiration dates, and performs cycle counts.  

Most OMS and ERP systems are not effective in reporting employee productivity and throughput by job function. The most significant benefit of being barcoded throughout the DC processes or using voice technologies is identifying the work performed by an employee by job function. On the other hand, a warehousing management system improves the company’s gain as the cost of labor increases.

Additionally, most OMS or ERP systems are selected and implemented to improve other departments such as contact centers, accounting, marketing, etc. Warehousing management software will ensure the distribution center organization grows, controls costs, gains efficiency, improves customer service, and extends the life of the OMS or ERP.

Read more: Logistics Management Software – Everything You Should Know

What are the benefits of a Warehousing Management System?

1. Receiving and marking

Typical functions of a WMS include ASN and EDI transactions, carrier scheduling of dock appointments, and receiving and putting-away personnel. Additional functions include:

• Identifying forward and bulk locations after receiving the product and quantity on hand
• Creating barcodes for pallets and carton labels
• Ability to record any vendor or carrier damage claims upon receiving
• The capability of both paper and paperless receiving
• Identifying special processing of product before put-away process
• Eliminating the put-away process by cross-docking from receiving to packing
• Resolving any issues through status reporting of incoming receipts to warehousing and merchandising staff

Quality Assurance(QA):

• Store product specifications for QA
• Support vendor compliance programs and report a vendor scorecard, on-time delivery, errors in shipment and receiving, and more.
• Store vendor, product, SKU sample testing criteria
• Marking direct, retail, and wholesale customer print and ticket formats

2. Put-away

After receiving the inventory, products have to be either cross-docked to packing stations or shipping to fill backorders or put-away. A warehousing management system can help identify storage type, open bin/slot locations, cubic capacity, and more, along with profile characteristics and cube required. Many warehousing management systems will have “directed put-away” options based on products. Storage parameters, system rules, and velocity functions may be available in a few smaller warehouse management systems.

3. Slotting

Slotting products is one of the most significant benefits of warehousing management software. It assigns SKUs to pick locations based on various factors such as size, sales, velocity, weight, category, and more. Sometimes, slotting functionality is available through add-on modules from some WMS vendors at an additional cost.

The slotting functionality reduces picker travel time and recommends changes in bin or slot size requiring less replenishment, thereby improving productivity.

Velocity reporting enables personnel to re-slot primary locations to get more space or change fast-selling items to the “hot pick” slot locations. Advanced operations can use dynamic slotting functionality.

4. Automates restoring of forward pick

A WMS automates refilling of primary or forward pick storage from bulk before the next set of orders is directed to the floor for picking. It reduces warehouse backorder costs and lost time.

Sales velocity data helps plan the size of the forward pick storage according to the item to reduce the number of replenishment tasks. Also, a product’s demand replenishment functions trigger recommended stock movement in an automated way.

Read more: How Robotics in Logistics Helps Improve Supply Chain Efficiency

5. Assembly

Most warehousing management software provides several functions such as work orders, kitting, assembly control of labor and material costs, and more. Other functions such as a single-level bill of material (BOM) or a multi-level BOM and managing component inventory assignment through the work order process are also available.

Other options such as tracking inventory usage and sales at the finished kit and component level, tracking labor usage by work order and assembled product, and also about work in progress reports are available. While ERPs may have a comparable function, it is not the case with OMS.

6. Packing

Packing is as crucial as picking in fulfillment of small parcel eCommerce. To gain customer satisfaction, consider the “pack confirm” verification process in your operations. You can pull aside all missed picks, and incorrect order quantities for correction through the “pack confirm” process. Many warehousing management systems can print-on-demand customer documents, assembly directions, and shipping labels and support the insertion of promotional materials.

Watch video: How custom-developed web app, enabled smarter locker management.

Today, most businesses struggle to keep pace with customer demands. Thanks to the ongoing COVID-19 pandemic, the demand has only increased. At Fingent, we provide you with custom software solutions that streamline business processes and save time and money. We help you develop custom warehousing management software for businesses that deal in logistics, shipping, transportation, eCommerce, third-party logistics (3PL), and more. If you want to discover our services further, please chat with our consultant. 

Custom Accounting Software Development: Understand the Steps, Cost, and Benefits!

Small business accounting software is a system that helps maintain a count of business revenues, cash reserves, loan allocation, cash flow, and payment data. There are several pre-packaged commercial accounting software available to meet business requirements. However, custom development of accounting software helps address a business’s specific needs. 

View infographic: What are the advantages of custom software over commercial off-the-shelf solutions?  

Custom accounting software is developed keeping in mind the specific needs and goals of your company. Typically, a custom accounting software system helps businesses streamline business operations such as cash flow tracking, tax calculating, internal auditing, financial transactions, business analysis, and reporting.

Small business accounting software solutions help reduce human resource costs and increase overall productivity. Most start-ups adopt accounting programs to boost competitive advantages to develop into mid-size and large companies.

Read more: Custom Software Development is the Ideal Way to Build Business Apps in 2021

Benefits of custom accounting software

1. Improves efficiency

There’s no denying that technology works faster than humans. All you need to do is input the data correctly and command it to perform the function. The software will perform all the tasks within the stipulated time frame. Simply put, custom accounting software does all the finance-related work while the business owner can concentrate on your business.

2. Reduces human errors

Regardless of your business’s size, you need an accounting system. Otherwise, managing all the accounts can be a daunting task. In the process, there will be some chances of human errors. A custom accounting software will perform all the functions with technical efficiency and helps in reducing human errors.

3. Saves time

Custom accounting software allows you to perform more tasks in less time and enables business growth. With small business accounting software, your resource hiring and maintenance costs will come down as the software allows you to handle more accounting jobs in less time.  

4. Better financial monitoring and reporting

When financial operations are handled manually, the financial reports are usually prepared at the end of the year. Organizations can reduce this mundane task with the help of custom accounting software. It can generate the report at any time and help you identify any problems beforehand.

5. Faster data processing

When it comes to accounting, you must have experienced and efficient people to register and process all the data before using it. Custom accounting software makes this process easier and faster.

Significance of small business accounting software

Business accounting includes a wide range of operations to capture the entire financial situation of an organization. Done manually, it is time-consuming and a daunting task. However, custom accounting software has helped automate all the processes, allowing business owners more time to concentrate on other vital business aspects.

Without accounting, it’s impossible to do business. The accounting team makes it possible to evaluate the progress of the organization. It gathers information, creates arrangements, and evaluates the financial data of the organization. Small business accounting software simplifies financial reporting and management of operations. 

Steps involved in custom accounting software development

Step 1. Define an idea

So, you got an excellent idea for your small business accounting software? That’s great! The idea itself is enough to kickstart the project. Next, you need to solidify it into an actionable strategy. Your team should take the initiative, perform analysis, identify the additional functions and features that will be feasible for the system.

Step 2. Design the UX/UI of your system

After assessing the project, the next step is to start on the prototypes and designs. The cost of software development tools is often based on the number of features the solution requires. As a business owner, you can ask the developer to design the app according to your business needs.

You will be able to decide what to add and delete during the initial phase. Once the software’s framework and future design are accepted, you can switch to determining the accounting software’s functionality.

Step 3. Decide the features and functionality

Some of the critical features you need to include in the software are:

• Account management
• Inventory management
• Invoice processing
• Multi-user support
• Budgeting
• VAT calculations
• Third-party app integration
• Sales order
• Payroll management
• Credit tracking
• Payment management
• Advanced analytics
• Billing management & record keeping
• Generate reports

Step 4. Develop the software

Designing accounting software is a complex and time-consuming process. However, using a questionnaire development approach can help develop appropriate accounting software.

Designers and QA engineers need to compose test cases before the actual development work. This will prevent any bugs in the future. At Fingent, our developers know the trending designs and develop applications using configuration management techniques to ensure proper software development methodology. Before that, we guarantee to address all the steps and innovations.

Step 5. Deploy and maintain

After the development of the software, the project is implemented and ready to use. The application may need tracking and improvements to stay relevant. Therefore, a support and maintenance team is a must for small business accounting software. The team must resolve issues and cope with problems in case of any crashes.

Cost of custom accounting software development 

The development cost depends on several factors, such as the software’s features and techniques. The more features and tools you require, the more money you may need to spend from your pocket.

Additionally, you will have to consider the production period- the longer it will take, the more expensive it will be. The cost would also rely on the developers you employ to create your software. 

Read more: Offshoring Software Development: Here’s All You Need to Know

Choosing the right partner for custom software development

Custom accounting software development may seem challenging, but it proves worthy in the long run as it allows your business to stay out of chaos. When businesses go for custom software development, they can build new capabilities on top of existing enterprise applications. Custom software solutions appeal to tech leaders and companies of all sectors globally. In today’s dipping economy, software development companies like Fingent help businesses restart or rebuild what they lagged with custom software solutions. 

Read more: Points to Consider Before Choosing the Best Software Development Company

Being the top custom software development company, Fingent helps you identify the right tech stack and skills required to develop your software. Are you wondering how to boost your company’s growth and operating efficiency? Talk to our expert right away and get your questions answered.  

Clutch Hails Fingent as India’s Top Software Developer for 2021

We are thrilled to announce the news!!!

Fingent is once again recognized by Clutch for its many innovations and robust industry solutions. And this time we are ranked as the Top Software Developer for 2021, in India!

Why is Fingent recognized as India’s Top Custom Software Development Company?

Our focus here at Fingent is to help emerging enterprises make a difference with improved business agility and efficiency that’s powered by cutting-edge web and mobile solutions. Our goal always lies in delivering next-generation enterprise applications that streamline business processes and promises unique user experiences.

We make sure that our clients get what they expect and more. With our expertise in emerging technologies, we deliver custom, pre-packed, and hosted applications that support all operating systems and cloud platforms for improved business reach and growth.

Moreover, we don’t just build software! We collaborate with businesses to understand their struggles in the market, and determine the perfect technologies that can enhance their capabilities and grant them a competitive advantage. We also make sure to bring these solutions promptly and cost-efficiently.

Here’s looking back at the success stories of some of our Indian Clients!

GST Implementation in SAP: With the changing regulations of GST policies in India, our client, HOCL, an enterprise owned by the Government of India to indigenize the manufacturing of vital organic chemicals, wanted to integrate GST into their SAP system and support the GST implementation. The enterprise, consisting of complex and critical workflows, required the implementation to be quick and fast adaptive to the existing environment.

What we did was a 100% compliant GST implementation in the customer’s SAP system, while carefully addressing all taxable scenarios and specific requirements. Our strategized and timely implementation of GST changes into the customer’s SAP system, ensured zero deviation from the regulatory timeline, and zero effects on the business continuity.

An E-commerce Platform to Streamline Medical Procurement: Analyzing the challenges of the healthcare industry in procuring quality medical supplies, Kogland required a streamlined platform to seamlessly connect top vendors and trusted brands with healthcare organizations. 

Fingent helped the firm develop an e-commerce platform that delivered a hassle-free shopping experience for healthcare sectors, as well as a trusted selling platform for healthcare vendors. Capabilities around Magento were utilized to serve the front-end of the e-commerce functionalities, whereas advances in Odoo to structure the back-end operations of the company, including sales, purchases, inventory, and accounting.

Based on these successful projects in India, in research conducted by Clutch in 2021, Fingent stood as one of the top software development companies in India! 

Clutch is a popular B2B rating and review platform that crucially evaluates tech service and solution companies based on their client reviews and work qualities. We are thrilled and excited to have been awarded this title from Clutch, and we look forward to more successful client stories and achievements in the future.

We are also truly thankful to our clients who constantly support us by posting their honest reviews and thoughtful feedback on the Clutch website.

“We are recognized for our clients, and that’s why we make sure that their dreams and ideas come to life with the advances and expertise we have in technology today! We are truly thankful to Clutch for appreciating our efforts.”

                     – Varghese Samuel, CEO & Managing Director, Fingent.

If you are looking for a technology partner to innovate your business ideas, then contact us now, and let’s talk about your project and goals.

SAP S/4HANA: The Torchbearer in Intelligent Enterprise Journey

In the present digital age with cut-throat competition in every sector, businesses must offer compelling and consistent customer experience and innovative products and services. Your organization will be able to create a superior, personalized, and enriched customer experience only when you leverage intelligent technologies such as SAP S/4HANA.

Intelligent Enterprise can empower organizations to grow faster in an ever-changing digital environment. As your organization battles with an excess of data from various systems, you may feel overwhelmed. You know you need that data to be doing so much more than it is right now because the ability to make decisions based on accurate and appropriate data is critical to gain a competitive edge in today’s dynamic world. With SAP S/4HANA, organizations can use data, people, and enterprise assets in an aggregated manner that best suits their business. 

Read more: How SAP S/4HANA transforms the end-to-end business process

This article explains how SAP S/4HANA can be the torchbearer on your journey towards an Intelligent Enterprise. Before that, let us consider the reasons why you must become an intelligent enterprise.

Top 5 reasons why your company must become an Intelligent Enterprise

An Intelligent Enterprise leverages intelligent technologies to enable the workforce to focus on higher-value outcomes. Here are the top 5 reasons why your company must become an Intelligent Enterprise.

1. Allows your organization to be more agile with a clear chance of sustainable growth
2. Achieve breakthrough outcomes in redefining the end-to-end customer experience
3. Makes your business processes more effective and reliable
4. Delivers a step-change in productivity
5. Helps your business to stay ahead of the competition 

6 capabilities of SAP S/4HANA that will lead your path to becoming an Intelligent Enterprise

All businesses can become intelligent enterprises by transforming their business models to become more flexible, customer-centric, and responsive to market demand. Here are six capabilities of SAP that can help transform your organization into an intelligent enterprise.

1. Intelligent suite

SAP intelligent suite is a carefully curated ensemble of solutions that address challenges faced by different business functions of an enterprise. This suite helps every aspect of your organization, including employees, clients, customer experience, products, supply chain, IT, and more. It also allows stakeholders to take advantage of in-depth business insights. In short, it enables you to have a 360-degree view of your business. 

Read more: How Fingent Helps CFOs Gain New Insights and Reliably Enable Key Decisions

2. Experience management

To understand why things happen, you must understand the thoughts and sentiments of the people involved. Experience management solutions of SAP are aimed to help businesses improve customer, employee, product, and brand experiences. It is a process of monitoring each interaction stakeholders have with an organization in real-time to spot the problems. Experience management solutions provide insights into the thoughts and feelings of your employees, customers, and stakeholders. 

3. Business technology platform

SAP’s business technology platform helps modernize business processes and turn data into action. This digital platform makes it easier and quicker for companies to become intelligent enterprises. It offers more options with one unified business-centric platform for data, analytics, and intelligence. Best of all, it supports application development and integration.

4. SAP industry cloud

As a service, the SAP industry cloud enables organizations to undertake application management work while the platform allows users to access data in real-time. SAP cloud is one of the most popular services today. Its key functionalities include analytics, transactions, security, integration, and more. Thus, SAP cloud empowers your business to discover and deploy vertical solutions leading to industry best practices and extend the current business process. 

5. Sustainability management

The SAP suite of sustainability management solutions addresses various sustainability needs. It can integrate compliance and safety activities while improving the sustainability performance of an organization. It enables businesses to understand and manage their impact on people and their environment. 

6. Business network

Across all industries, businesses have reported disrupted supply chains and effects on day-to-day business operations because of the pandemic. SAP’s business network helps enterprises adjust quickly and responsibly to disruption and fast-changing market demands. It enables companies to reinvent business methodologies with the help of interconnected value chains and flexible networks.

These six capabilities can help your business achieve the best possible results as you embark on the intelligent enterprise journey.

How do you know if you need to become an Intelligent Enterprise?

Answering the following questions will help you understand if you need to embark on the journey to become an intelligent enterprise:

• Is your company focused on customer experience?
• Do you employ an experience management platform to understand all the people involved?
• Does your company leverage intelligent technologies such as ML, AL to provide the agility and speed required for growth?
• Does an SAP cloud platform connect your business process to provide you real-time updates?

If your answer is ‘no’ to any of the questions, you know you need to get on to the path of becoming an intelligent enterprise TODAY.

Read more: Create Intelligent Organizations with SAP Model Company

Are you ready to implement an Intelligent Enterprise strategy?

The intelligent enterprise is a strategy that uses the above technology to turn data into actionable insights. This strategy enables your business to be more agile and increases the opportunity for sustainable growth. An intelligent enterprise is an approach or a strategy that your organization adopts by leveraging SAP S/4HANA. Now that you know what an intelligent enterprise is and how you can leverage SAP S/4HANA to become one, you must think about implementing it for your organization. 

Though every industry is different, and the outcomes may vary, a common link across sectors is “customer experience.” Hence, it is vital to remember that the journey to becoming an intelligent enterprise starts with defining your business goals across the organization with the customer experience at the forefront. Once you define your goals, your organization must implement the essential capabilities of SAP S/4HANA at the highest level. 

Read more: Deploying SAP S/4HANA: Methodologies and Tools to Adopt

Become an Intelligent Enterprise ASAP

SAP S/4HANA is a vital blueprint to becoming an intelligent enterprise. SAP solutions can empower you to become a leader in your industry. SAP S/4HANA provides you a risk-free approach that allows for a seamless transition into an intelligent enterprise without business disruption. 

Read more: 7 Tips To Ensure A Seamless Transition To SAP S/4HANA

Fingent offers SAP S/4HANA custom implementation and migration services. 

Let’s get talking!

Top 5 Misconceptions about AR and VR in eLearning

In this tech-savvy era, computer-based realities are a new way to perceive a surrounding. Two of the most trending reality technologies are Augmented Reality (AR) and Virtual Reality (VR). Over the last few years, AR and VR have taken strides to become the most prominent consumer technologies. With developments in technology and broader accessibility, we started to discover more ways AR and VR can benefit various industries such as entertainment, automotive, transportation, oil & gas, aircraft, etc. AR and VR have helped many industries since their onset. Both technologies have a massive potential in immersive learning. The COVID-19 pandemic forced physical classrooms to go virtual globally. Since then, the education sector is witnessing the extensive application of reality technologies such as AR and VR to promote immersive learning. 

Read more: How Virtual Reality Improves the Standards of Medical Education and Training

What is immersive learning?

Immersive learning refers to a learning strategy – a future training method – that uses an artificial or simulated environment that puts learners in a highly interactive learning environment. Augmented and virtual reality technologies play a crucial role in today’s immersive learning scenario by offering a new way of using an eLearning screen.

Role of AR and VR in eLearning

Augmented Reality or AR is an interactive experience that enhances or augments real-world objects and projects computer-generated images and animations into it – like Snapchat lenses, Pokémon Go (game), and so on. It overlays or adds digital elements or imagery –in the form of text, graphics, audio, and other visual extensions – to a live view. On the other hand, Virtual Reality or VR is a ‘computer generated’ experience created inside a simulated environment. It immerses the user in a replicated/imagined world using a head-mounted device (HMD), shutting down the physical world. With the help of special manipulators, users gain the potential of intuitive and multifunctional interaction with virtual elements in VR.

Read more: Top 7 Ways AR and VR Can Impact Employee Safety Training

Both the technologies create new and interactive experiences for users through their immersive environment and accessibility in 3-dimension. Especially in the eLearning industry – which is all about using advanced technologies to enhance the learning experience – the alternate reality technologies AR and VR have been warmly accepted by modern learners because of the diverse benefits they offer. Few benefits include:

• Makes the learning more engaging and exciting
• Better online training mock-ups
• Makes learning a practical experience
• Customizes learning paths in courses
• Provides visual feedback in assessments with advanced learning analytics

Though AR and VR are trending immersive learning strategies, they are new in the Learning and Development space, and therefore, several myths are revolving around the topic. This blog will debunk five common AR and VR myths in eLearning.

Myth #1: AR and VR are the same

Many people believe that AR and VR are the same and can be used interchangeably. People often get confused between these two computer-based realities. Though both AR and VR play a massive role in immersive learning, the fact is that both these technologies have two entirely different concepts. Virtual Reality (VR) entails a complete immersion experience that displays a virtual environment to a person that blocks out the physical world by using a virtual opaque headset. At the same time, Augmented Reality (AR) adds digital elements or animations to the user’s real world using the camera on a smartphone.

Myth #2: AR and VR based apps are difficult to use

Even with an increasing number of users worldwide, some organizations still believe that AR/VR apps are more difficult to use than any other apps. This doesn’t seem right because such applications mainly meant for learning use high-end technology, making them more user-friendly. Skilled augmented/virtual reality developers ensure that the user interface is simply leading to the applications’ success perspective.

Read more: Accelerating AR/VR Adoption Among Customers

Myth #3: AR and VR are very expensive

Many organizations consider other training methods, as they believe learning through AR and VR is too expensive. When used right, AR and VR techniques can reduce costs and provide organizations with a high ROI in the long run. Many believe that VR apps can only be used with expensive gears and headsets. There are many affordable options and multiple authoring tools that businesses can consider to make AR and VR learning easy at a relatively low cost.

Myth #4: AR and VR are mainly for gaming and entertainment purposes

Because of the popularity gained by AR and VR with its practical use in the entertainment and gaming industry, people tend to think that AR and VR are primarily focused on these industries for entertainment purposes. But the fact is that AR and VR are not just limited to games. Though gaming and entertainment are the most prominent applications for computer-based realities, many industries embrace AR and VR in their marketing and advertising efforts, with widespread success. 

Usage of AR/VR is trending in diverse sectors such as Manufacturing, Education, Event Management, Tourism, Automotive, Real Estate, Healthcare, Retail and E-commerce, Media and Entertainment, Defense and Military, and more. For instance, a global leader in medical imaging solutions, AccuVein uses AR to project an image of veins over skin for all medical imaging purposes.

Read more: Impact Of Augmented Reality In Education Industry

Myth #5: AR and VR may not stay for long

Many people say that AR and VR are just fads. The truth is that, as AR and VR offer many innovative ways to interact with the data around us and visualize it, reality technologies are expected to enrich users in the future years too. 

Research & Markets reports that the global AR and VR market is projected to reach $1,274.4 billion in 2030, rising from $37.0 billion in 2019, and is predicted to progress at a robust CAGR of 42.9% during the forecast period (2020-2030). Key factors leading to the AR and VR market’s growth include the rising penetration of smartphones and tablet computers, increasing technology adoption among enterprises, and vendors’ surging focus on price reduction. 

AR and VR lead among the emerging technologies and are being updated continuously. AR/VR development is a highly appreciated career today. 

So, AR and VR are not fads and are going to stay for a long time.

Misconceptions are lifted for about every potential revolutionary technology, just like myths about AR and VR are prevalent in the mainstream now. AR and VR are emerging as crucial reality tech in 2021. Especially during this COVID-19 pandemic, which has turned our lives upside down, organizations need innovative eLearning techniques now more than ever. These computer-based realities can help enhance the learning experience more safely, engagingly, and productively.

Watch Video: How AR can be a powerful learning tool in the future

Fingent’s AR/ VR development team allows you to leverage the power of immersive learning with AR and VR and enjoy the experience! Contact us to know more. 

Identify the best approach to legacy system modernization

With changing customer behavior, enterprises have changed their norms and business applications. Now, retailers have to fulfill orders in a multichannel, multitouch eCommerce environment; consumer banks have to provide secure and user-friendly apps, and travel brands have reconfigured their approach to stay relevant in the face of disruptors.

All these changes require legacy system modernization.

What are legacy systems?

A legacy system may be different for each company, depending on their business. While many organizations prefer to leverage new software tools and run them on old systems, others update their applications one at a time. That said, few companies are still using both old software and old systems.

Read more: Four Ways to Future-Proof Legacy Applications

Legacy systems are considered old when the software fits the early 2000s, not 2020-21. However, not all legacy software or systems are defined solely according to their age.

What is legacy systems modernization?

Simply put, modernization means updating all or some of the IT stack to enhance your business processes and goals.

However, here are three definitions that will help you understand that legacy system modernization is more than just updating the system.

• Legacy software: The application(s) that your business depends on from the last year to the past decade or more.
• Legacy software modernization: Replacing and updating all inefficient systems, processes, and applications either partly or entirely. 
• Re-platforming: Modernization begins with the platform on which your business applications are built. Moving your e-commerce platform from Shopify to Magento is an example of re-platforming. 

There’s no denying that business leaders drive innovation at their companies. But they need the latest technologies to enable and support this innovation. They need fast applications, systems that support connectivity, and platforms that bring all these together. Most older IT companies fail to meet these modern needs. So, legacy system modernization is a must in such cases.

That said, digital transformation has pushed application leaders to find effective ways to modernize legacy systems.

Why do you need legacy system modernization?

Legacy system modernization is more than just updating the system. It is about bringing the entire organization to meet the digital environment.

Some of the reasons to consider legacy modernization are:

• It helps create and maintain a competitive advantage by building a solution that will help you stay ahead of competitors.
• Provides reliable processes with reduced risks, improves the system’s functioning, and improves performance.
• Ensures satisfied customers and happier employees by meeting UX and performance standards.

Watch video!

• It helps you scale in the future by transforming your IT stack into an agile platform for future change.
• Secures your IT infrastructure from internal security breaches and external threats
• From accounting software to CRMs, legacy systems introduce simpler integration with several new enterprise software used by various businesses.
• Addresses the financial inefficiencies of legacy system
• It helps realize growth opportunities, exceed customer expectations, and gain new customers by staying ahead of the enterprise software curve.

Have a look at some of the points in more detail.

Company finances

Integrated, up-to-date, and user-friendly software and systems will save your company on downtime, transactions, and more. For instance, Javelin Strategy & Research observed that mobile and online banking transactions cost only $0.10 while offline processing cost around $4.25 for financial institutions.

Older software and systems can help you spend less on technology, but they end up incurring other overhead expenses.

Software integration

Most organizations rely on third-party APIs to realize maximum enterprise value. For example, Zillow, a real-estate listing site, relies on the Google Maps API for full functionality.

Making sure your new software system is ready for integration will help meet the expectations of your customers, employees, and stakeholders.

Gartner recommends how to approach legacy modernization  

Here is a three-step evaluation process provided by Gartner on how to approach the legacy system’s modernization.

Step 1: Use six drivers to evaluate your legacy systems

There are six main drivers for the modernization of your legacy system. These are the issues or concerns that the legacy application has created due to its architecture, functionality, or technology.

Three of these drivers are from a business perspective, such as business value, business fit, and agility. So, if your legacy system does not meet the new requirements, it will have to be modernized to fit properly and should be updated to provide more business value. Systems that are not agile enough to meet digital business demand are more likely to risk liability.

Step 2: Evaluate modernization

Once you identify the problem and select the opportunity, look at the modernization options. Here are seven options provided by Gartner. These options are ranked based on the ease of implementation- the easier it is, the less risk and impact it will have on the system and the business processes, the difficult, the more risk and impact it will have.

1. Enhance and extend the application features by encapsulating its data and functions by making them available via an API.
2. Be it cloud, virtual or physical, rehost the application component to other infrastructure without changing its code, functions, or features. 
3. Make minimal changes to the code but not the code structure, features, or functions to migrate to a new runtime platform.
4. Restructure and optimize the existing code but not its external behavior to improve non-functional attributes and remove technical debt.
5. Modify the code materially to shift it to new application architecture and exploit newer capabilities.
6. Rebuild the application component from scratch while retaining its scope and specifications.
7. Eliminate the former application and replace it while taking into account the new requirements and needs.

Step 3: Select a modernization approach that has the highest effect and value

The last step is to choose the modernization approach by mapping the seven modernization options concerning their effect on architecture, technology, functionality, costs, and risks.

It is important to weigh all the options to identify the extent to which they will all have the desired effect with less effort and maximum positive impact.

Read more: Business Process Re-engineering: Facing Crisis with Confidence

How can Fingent help update your legacy system?

Whether you are looking to re-architect your enterprise software or re-platform your entire system, or simply looking for new solutions that integrate with what you have going, we have you covered. We offer business process re-engineering and platform modernization services.

With expertise in various industries and a full-cycle in-house software development team specializing in legacy modernization, we can make your entire process efficient and personalized. Talk to our expert to know more about this.