Category: Business
The inevitable role of FinTech in improving your financial systems and outcomes
The COVID-19 outbreak has affected every aspect of the economy including financial technology or FinTech. Postponed events and conferences mark missed opportunities for FinTech companies, which could have been a great time to build relationships and focus on new businesses. As investors and customers retreat to more cautious positions, FinTech companies may find fundraising a challenge. Those who seek consumer investments are hit harder. Consumers may be reluctant to invest during such volatile times. Even those consumers who are relatively insulated from economic fallout may choose to invest in safer options for the present. FinTech innovations can improve the efficiency of the financial system and financial outcomes for their customers. This article will discuss how FinTech can safeguard customers’ interest in the post-pandemic world.
What is FinTech?
FinTech is a combination of Finance and Technology. It is used to describe new technology that can improve and automate the use and delivery of financial services. It also enables people to live upgraded lives through innovation. FinTech includes many sectors such as fundraising, education, retail banking, and more. It plays a major role in the development and usage of cryptocurrencies. FinTech also covers various day-to-day financial activities including money transfers, check deposits, and investment management.
Read more: FinTech Innovation: What Is In Store?
Why protect customer interest?
Customers are the primary source of growth, so they must be handled with the respect they deserve. Any product or service which is customer-centric offers the potential to attract and retain customers. Since FinTech provides advantages of speed and convenience, customers are looking at FinTech as a viable alternative. People want streamlined services with applications that are easy to adapt to. Hence, FinTech companies are outlining measures to make their services less complex and more transparent. They are focusing on creating better digital processes that their customers can personalize easily.
Customers’ convenience and requirements are paramount for FinTech start-ups. To that end, they are designing products and solutions to ensure customer satisfaction. Delivering a top-notch customer experience is the goal of FinTech companies globally.
Measures to protect customer interest
Here are some cutting-edge technologies that are protecting customer interest now and into the future:
1. IT foundation for better customer experience
FinTech startups are usually smaller in size and have a technological edge. They have a fresh canvas, allowing them to migrate easily from legacy technologies. The younger digital-first audience is attracted to their services. Larger FinTech enterprises must adopt a new IT foundation with modern technologies. Currently, FinTech customers prefer startups over established brands because they can reap the rewards in the form of better digital experiences. Though startups have a technological advantage, they must continue to focus on their capital reserves to make it through these unprecedented times.
2. Digital communication tools
The FinTech sector is based on understanding the needs of their customers. It is crucial for these companies to strategize the manner in which service providers communicate with their customers. This gets customers locked onto their services with relative ease. Communication through online media or through the content on your site can draw in new leads and build customer trust. When customer interest is protected, they will most likely return to you. In turn, they will recommend the service to their relatives and friends. These parameters are crucial if you want to keep your business afloat.
3. Embrace digital transformation
While your staff may be susceptible to coronavirus, technologies like ML and AI are immune. The financial services system must address customers’ demands swiftly and efficiently. Smart devices and the integration of artificial intelligence are a great way to achieve this. Virtual assistants and chatbots can deliver a customized experience to your customers. They perform all the activities that are usually done by customer service personnel and other executives. However, these digital solutions are faster and reflect sophistication. Digital transformation provides holistic 24/7 monitoring and automated remediation.
Read more: Artificial Intelligence In Investment Management: What To Expect
4. Digital banking
Previously, a customer’s confidence in a financial company depended mostly on physical infrastructure. However, COVID has changed that momentously! The new generation banking system is going all-digital to reach mobile-first customers. Digital-only banks do not need sophisticated infrastructure or higher human resource management. Digital banks are able to deliver cost-effective, robust services that match the high standards set by traditional banks.
5. P2P Transactions
P2P digital payment is quickly gaining popularity. Customers are adopting such technologies for daily use. P2P eliminates the middle layer and drastically reduces transaction costs. Digital transactions help FinTech enterprises expand their footprints and customer base.
6. Security and privacy
FinTech is an industry where the risk of financial crime is high. It is vital for FinTech companies to think over customer security while designing their consumer experience. Apparent security measures make customers feel comfortable. Customers expect rigid security from FinTech solutions along with reliability and FinTech is practicing stringent security measures to beat the competition. They are making visible efforts to handle customer data with care. To gain the attention of your customers you can make your privacy policies visible enough on your website or app. Remember, it can reflect on the confidence a company has in its security measures.
Read more: Artificial Intelligence and Machine Learning: The Cyber Security Heroes Of FinTech
Changing for the better
It may be difficult to predict how the payments landscape will emerge in the next few years and what will be the long-term impacts on the FinTech industry. Nevertheless, it is likely to witness a transformation that can dwarf what has been achieved thus far. At such times, it is important to gain the confidence of your customers to retain them and enjoy their loyalty.
Thus far, FinTech has only been in the shadows as it were, but now it has found a home in the innovation economy globally. Millennials are more reliant on their smart devices to accomplish their daily tasks. They want the world and its conveniences at their fingertips anywhere and anytime. Given that, perhaps the future might see more interesting innovations in customer experience.
Let’s look at some opportunities for FinTech in the future:
- Companies with remote workforces are better positioned to thrive during and after this difficult period.
- FinTech gives an impetus for greater adoption of contactless money transactions.
- FinTech companies are well-positioned to find new ways to incorporate better digital solutions.
In order to capitalize on all these opportunities, you will need a technology partner to help guide you through the latest innovations. Give us a call and let’s discuss how Fingent can help you guide your business and customers to success in the post-pandemic world…
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Fingent launches Odoo Zoom integration module in Odoo Apps Store
Are you managing your crucial business functions like ERP and CRM via Odoo and scheduling your online meetings via Zoom?
Very often, you’d have faced this difficulty of logging into Zoom separately to join the meetings. Some of you would’ve even missed the appointments or run late to join, just because you got too busy to track your Zoom calendar.
Spending your whole day on Odoo and switching to Zoom in between is annoying. 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. Now you can easily schedule your Zoom meetings from Odoo using Fingent’s new plugin that integrates Odoo with Zoom, inclusive of updating Odoo based calendars. Participants can join the meeting using the meeting link and ID. Both the organizer and the participants need not require individual Zoom accounts as the meeting can be scheduled from within Odoo.
Click here to check out our Odoo Zoom integration module launched in Odoo Apps Store.
Features
- Easy flow between Odoo and Zoom
- Automatically syncs meetings scheduled via Odoo with Zoom
- Sets passwords to join the meeting
- Manages time-zone considerations
- Support for Zoom’s advanced meeting settings
- Multi-user and multi-company support
Want to integrate this custom business logic to extend and amplify the functionalities of your Odoo CRM/ ERP suite? Get in touch with us.
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Does your business require Odoo ERP? Look at these aspects and decide.
Building a business is not an overnight endeavor. Spreadsheets and separate solutions may have worked years ago, but that is old news. In the current scenario, the business world is changing every second. It is important for businesses to make informed decisions quickly. Having up-to-date data can help businesses make these decisions that impact them for growth. However, as William Pollard said, “Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit.” To achieve that, businesses need Odoo ERP, a centralized information structure.
Read More: 5 Salient Features of Odoo that Make it a Reliable ERP for Enterprises
If you find that your business is experiencing difficulties in managing aspects such as finances, order volume, and customer satisfaction, then maybe it is time to invest in a workable ERP system. Businesses must decide which ERP can solve the majority of their problems and empower their business to succeed in its growth strategy. Before we even get to that, you must know for sure if your business actually needs an ERP system or if you can do without it. This article points you to five distinct signs that show whether you need ERP software. If your business is facing any of these 5 problems, it may be a clear sign that it needs the efficiency introduced by Odoo ERP system.
1. Accessing data related to your business is a horrendous task
Is it a time-consuming task to find out what your average sales margin is or the number of orders per day? Is your company totally dependent on separate systems and spreadsheets? Do you need to update them constantly and reconcile them manually? If your answer is YES to these questions, then this is a clear sign that you need an efficient ERP system to help you.
When your business experiences growth, you will notice that your employees need quick access to data at all times. You would not want your employees running around or calling each other across different departments until they find the information they are looking for. Also, business owners need a holistic view of business operations at any given point in time. Your sales representatives too should be able to view the full transaction history of your customers so that they can increase upsell and cross-sell opportunities. Odoo ERP system helps your entire staff get the necessary information more quickly and effectively. Odoo ERP system produces accurate and real-time data. This will save your staff the precious time that is otherwise used upon the duplication process. It can enable a seamless flow of information across all your departments.
Read more: Top 5 Open-source ERP Systems for Medical Equipment Suppliers
2. You have different software to manage different processes
Do your accounting team and sales team use two different systems while your warehouse team uses the third solution to track shipping and receiving? Do your employees feel that the job of processing orders is a tedious manual task?
Multiple software can create problems such as inaccurate and insufficient data. Odoo ERP can integrate these systems for a smooth business functionality within a single database. It is a source that contains accurate real-time data and prevents information confusion. This in turn helps your employees make quick decisions while freeing up their time to work on high-value projects that promote business growth.
3. Your accounting system is too complicated
Is your accounting department still relying on paper-based invoices and sales orders? Is your staff spending many hours manually entering information into various accounting systems? Has your financial reporting become a horrendous task? If so, you need the Odoo ERP system to make a significant impact and save you some valuable time.
With the Odoo ERP system, you can have all your financials on a single database. This means you can save time in manually cross-posting information and reconciling data. Implementing Odoo ERP reduces frustrations and minimizes delays in delivering critical reports.
Read more: Meeting the HR Requirements With Odoo
4. You have a complex and time-consuming IT system
Is managing your IT system consuming a lot of time? Managing multiple systems can be complex, costly, and time-consuming. Trying to add additional software to an already ineffective system is as good as patching a hole in a bucket with a cotton ball. In contrast, adopting Odoo ERP system gives you the capability to respond effectively to changing business and IT requirements. The cloud-based edition of Odoo ERP offers customized solutions. It increases flexibility and efficiency within your business. It can give you an edge in managing your partners, customers, and suppliers.
5. Your sales are suffering because of bad customer support
Are you finding that your inventory management has become more challenging as your business continues to grow? Are you running out of popular stock just when it is most in demand? Are your employees unable to locate products that your customers are requesting? These situations can undermine the trust of your customers in your reliability and customer service. No business can survive without retaining old customers in addition to acquiring new ones.
Odoo ERP allows your entire staff to access information in real-time. This enables your customer service representatives to answer customer queries without having to transfer them to another department. This also helps warehouse managers to replenish the stock before it completely runs out. It is a failproof way to stay ahead in business competition.
Read More: 5 Reasons to Integrate Your E-commerce Application with Odoo ERP
You Know You Need ERP. What Next?
If you see these signs in your business, you now know that you need an ERP system, so where do you go from there? You might want to know if it is worth the investment and how you can implement it.
Firstly, remember there is no limit to the improvements brought into your business by a well-implemented Odoo ERP system. It can fix your existing problems and also enhance what is working well, which is the best driver of growth and innovation. The Odoo ERP system is a single powerhouse software that covers all your business requirements. It can improve business efficiency while providing the much-needed flexibility to run your business smoothly. As an integrated management system, Odoo ERP focuses on the main business processes often in real-time. It can collect, store, manage, and interpret data from all aspects of your business. Investing in Odoo ERP software can help businesses improve performance. It can assist with the automation of certain processes within the organization making it a worthwhile investment.
How do you implement it? Fingent is an official partner of Odoo and has hands-on expertise in consulting, implementation, and customization of Odoo for clients all over. We can help you implement and customize Odoo ERP solutions for your business needs and answer any other questions you might have. Get in touch with us and let’s get the conversation started.
Read more: A 3-day Odoo CRM implementation story!
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How successful leaders are responding to COVID-19 business implications
As the world is wrestling with the unforeseeable implications of the coronavirus pandemic, our social and economic fabric is under severe stress. For most businesses, COVID-19 is unlike any crisis that they might have faced in the past. The urgency to respond has forced every business to rethink how they operate if they are to obtain any chance in navigating these new challenges. Times like these need leaders who must act quickly to minimize the risk to their employees and business operations while looking forward to creating a promising future. Beyond the crisis, they must ensure that their organization has invested in the right capabilities to adapt to the “new normal.”
Read more: Navigate Business Impact Of COVID-19 With These Hot Technologies
A resilient leader is a person who sees the most challenging crisis as a hurdle that you can hop over, not as an impregnable wall. That has been a hallmark of successful leaders. It is a remarkable ability that will help their companies recover quickly from a crisis and transform it into an opportunity to grow their business. Resilience is a learned ability, and it must be acquired, built, and developed by all business leaders.
This article will present a detailed guide on leadership practices that will help business leaders respond effectively to the present crisis.
1. Do not narrow your focus
When faced with severe stress, the human mind tends to narrow its focus. Perhaps it is a survival mechanism, but it restricts your field of vision to the immediate foreground. Leaders must intentionally pull back to take a broad and holistic view of both the challenges and opportunities. Remember a bend in the road is not always the end of the road. Well-focused focused leadership fosters well-directed management.
2. Do not panic
People do not follow leaders. They follow models of behavior. They look to their leaders for courage and strength when faced with challenging situations. Remember, your fear is contagious. Even if you do not say it out loud, people can understand and sense your fear. You cannot expect people to pivot if the leader is not positive. Aim to stir up energy in others, not fear. Empower your people with courage so that they can help in business recovery.
3. Turn the crisis into a stepping stone not a tombstone
Do not allow the present crisis to paralyze you. Resilient leaders get ahead of challenging situations when they welcome inputs from others, admit their own mistakes, and stay open to suggestions. They take steps to adapt courageously. Resilient leaders must be willing to take risks confidently and experiment new ideas. It is easy to be stuck in the same routine until situations like this pandemic require organizations to change or die. Leaders who are not afraid to make bold decisions are the need of the hour.
Perhaps you must put a hold on large initiatives and expenses. Just do it. Do not depend on your past strategy. Those strategies may not be relevant now. Assess the ground situation often. Extend your antennae across the entire operative ecosystem. The best way to accomplish this is to create a network of local leaders and influencers. They can assist you by giving you updated information about the sentiments of employees, suppliers, customers, and other stakeholders.
Read more: 7 Ways for Your Business to Overcome the COVID-19 Aftermath
4. Do not fixate on what is closed
Managing a crisis like COVID-19 can be thrilling for some leaders. However, that can be a trap where you might feel the urge to micro-manage the present. Resist the temptation to take over. Instead, use your experience to provide necessary guidance and support. A leader fixated on micro-managing will disrupt the rhythm of employees. Though managing the present is important, fixating only on one aspect hampers the growth of your business. It is like being bent on opening a closed-door when your house is on fire instead of running out via any other open door or window. Similarly, instead of micro-managing, a leader must take advantage of other employees by delegating responsibilities and trusting people while making tough decisions.
Such trust starts with transparency: a willingness to admit your ignorance, and the track record you have built over years. Building such trust helps you develop positive relationships with your employees and customers. The fact is, a leader may be willing to make a dramatic change, but they aren’t going to make much headway without positive relationships to support that change.
5. Rest, refuel and recover to rediscover the new win
One common mistake most leaders make is determining what to do without considering all the facts. The only thing that is certain about today’s crisis is uncertainty. All the facts may not be available or clear within the expected time frame. However, leaders must refrain from depending on their intuition or previous experience to make decisions. Resilient leaders better cope with uncertainty by continually collecting information and observing how well their response is working.
Read More: Fingent’s Response to COVID-19 Business Implications
Think of it as a long drive where a vehicle needs rest, refueling, and recovery before it continues onwards. In practice, it means that leaders must pause from time to time, assess the situation from multiple vantage points, and anticipate the possible outcome before they act. This prevents leaders from overreacting to new information as it comes in. True, there might be times when leaders will have to act quickly and decisively. However, leaders must take time to stop, assess, and anticipate before making further moves.
Two behaviors that help leaders in this regard are updating and doubting. Updating involves considering the fresh perspective of the team. Doubting involves critically considering if their decisions require modifications, adaptations, or the possibility of discarding. This will help leaders develop new workable solutions.
6. Avoid over-centralization
Situations like this pandemic increase risk, ambiguity, and uncertainty. This may scare leaders into becoming controlling and overbearing. They might create new layers of approval even for minor decisions. This might result in everyone involved becoming less responsive and frustrated with each new constraint. Instead, organize and determine which decision you will make and which you can delegate. Have clear guiding principles and guidelines.
7. Anticipate and welcome structural changes
The current pandemic has accelerated structural changes at a quicker pace. For example, the possibility of remote work was slowly evolving before this. Today though, worldwide, most businesses have learned and understood the increased efficiency of communicating and coordinating over the virtual platform. Keep pace with the changes.
Case study: How Fingent created an inspiring and collaborative digital workplace for Sony Mobiles? Click here to download
8. Do not disregard the human element
The present crisis is so intense because it is affecting people. A leader may forget that the coordinated efforts of their people go into the daily metrics of share price, revenue, and cost. Create an environment where people are collectively motivated to contribute to their shared success.
A crisis such as COVID-19 forces people to think of their own survival first. They might be bombarded with many anxieties concerning themselves, their work, and their families. A resilient leader will ensure a hands-on approach to this instead of assigning such as communications to legal staff. One of the most vital aspects of a leader’s role is to make a positive difference in people’s lives. Leaders must pay careful attention to the struggles people are facing and take measures to support them.
9. Communicate effectively and powerfully
Communication during a crisis is either overdone or underdone. George Bernard Shaw once said, “the single biggest problem in communication is the illusion that it has taken place.” An overconfident talk may raise suspicions about what a leader knows and how well they are handling the crisis. Distance working can create communication barriers as well and a team will look to their leaders for emotional reassurance and practical direction. This makes it important that leaders communicate frequently and thoughtfully. This will assure stakeholders that they are coping well with the crisis. Ensure to make your why’s clearly known to all involved. Let others know about what you are trying to do. Keep communication open and transparent. Communication also means that leaders listen and pay attention to differing opinions. They allow other team members to express their views firsthand.
10. Keep up the routine
Whatever happens, good leaders ensure that their teams are always active, working, thinking, learning, socializing, and innovating. Even if it is virtual, their teams are on the move. When working at a physical location, work involves chatting, socializing, laughing, and making friends. Leaders do well to find ways to do these things even remotely.
11. Welcome feedback
The most resilient leaders are concerned not only about their personal development but are more interested in the development of others. They recognize that everyone can contribute better if they learn from their strengths and weaknesses. Sharing constructive criticism plays a major part in this as well. The leader who welcomes feedback, negative or positive, is most likely to coach others well.
Leaders, you are models
Across the world, COVID-19 is testing business leaders in every aspect of their role. The consequences of the present pandemic could last for a long time. It could present greater difficulties than anyone could ever anticipate. Resilient leaders focus their attention on leading beyond the crisis toward a more promising future as they manage the present well. The prolonged uncertainty and ambiguity are added reasons for leaders to embrace the best practices discussed in this post. The best leaders establish and reinforce behaviors that can support their organization during this crisis and after.
Read more: Business Process Re-engineering: Facing Crisis with Confidence
Contact us to know more about how Fingent’s leadership supports customers to ensure business continuity and enables employees to engage effectively during the current pandemic.
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Supercharge Your Business with These 11 Hot Tech Trends
Technology is having an ever-greater impact on our personal lives and most importantly on the way we do business. The business world has transformed rapidly in the past few years and it will evidently continue to change the pace of business in the years to come. Whether it is the production of goods or the computing devices used at the office, new technologies have helped businesses run smoother and more effectively. As information travels more quickly and reliably, businesses are realizing how easy it is to grow globally and across multiple sectors. To gain benefits, however, businesses must keep up with technology and adopt new trends. This article discusses 11 tech trends to look forward to in the next couple of years. First, let us understand what drives these tech trends, and then we will consider their impact on businesses.
What Will Drive the Evolution of Tech Trends?
Two major reasons for the evolution of all kinds of tech trends are our day-to-day business challenges and the passion for innovation. As an intelligent being, it is normal for human beings to innovate to live better. However, from a business standpoint, it is about optimizing all that humans are capable of accomplishing and that includes making profits.
1. Greater predictive levels and programmability will reshape cybersecurity
Cybersecurity will be one of the prominent IT functions to mature. New technologies will bring about a fundamental shift in cybersecurity as they enable greater predictive capabilities and programmability. It will become more predictive with the use of large-scale data along with AI, analytics, and machine learning. As a general rule, the more we have, the more difficult it becomes to protect it from thieves. That is not the case with immense data accumulation. Even as data increases it will become easier to determine and match patterns to both predict and shut down any attack vectors.
As every element of infrastructure becomes programmable, you can put a firewall inside the software of all virtual machines in your architecture, thus limiting the flow of data within the software. This will eliminate the need of storing data on a network from where the data can easily be hacked or stolen. Businesses will continue to see this capability emerge as programmability improves.
Read more: Safeguarding IT Infrastructure From Cyber Attacks – Best Practices
2. Promise of serverless computing
According to IDC’s prediction, “from 2018 to 2023 — with new tools/platforms, more developers, agile methods, and lots of code reuse — 500 million new logical apps will be created, equal to the number built over the past 40 years.” Currently, we are witnessing a distinct change in the application infrastructure with most businesses moving to cloud-native applications.
There are four distinct computing models that are evolving simultaneously such as virtual servers, physical servers, container-based computing, and serverless computing. Virtual servers and container-based computing make it easy to move applications. Whereas the promise of serverless computing offers greater agility and cost savings as the applications do not need to be deployed on a server. Alternatively, functions can be run from a cloud provider platform. It can return outputs and instantly release the associated resources. As businesses see a change in the infrastructure, they will have to make choices about how they approach development.
Read more: 5 Trends That Will Transform Cloud Computing in 2020
Accelerated in part by the long-term shutdown due to COVID-19, industries that design and manufacture products will quickly adopt cloud-based technology trends to aggregate and intelligently transform. In a couple of years, these intelligent algorithms will allow manufacturing assembly lines to optimize towards increased levels of output and enhanced product quality thereby reducing the overall waste in manufacturing by half.
3. IoT and Edge
IoT and Edge can rightly be termed as superpowers of the tech world. The developing, managing, and running of widespread IoT and Edge applications will grow in complexity with numerous endpoints. For example, audiovisual technologies are being used to achieve the same input as you would get when you connect numerous IoT sensors. When compared to individual sensors, these tech trends provide reasonable mass coverage at a minimum cost. This is only possible when AI and ML are integrated into the IoT platform. Powering and maintaining thousands of sensors is a daunting prospect. Audiovisual solutions can thus make this a significant growth area. As a result, these changes will have a profound impact on how the businesses get value out of new data that they are able to collect and process.
Read more: Gearing up for IoT in 2020
4. Everything will revolve around data
Enormous amounts of data collected from IoT devices and digital platforms can now be made available through application programming interfaces for business insights, analysis and to develop other applications. Collecting information from a sufficient amount of data-points enables you to model behavior and understand patterns and come to more accurate conclusions quickly with minimum cost. With abundant data from multiple touchpoints and new analytic tools, businesses are able to customize products and services by creating ever-finer consumer microsegments. Businesses that do not build around data will find themselves swamped by its enormity.
5. Voice control is the next evolution of human-machine interaction
The advent of voice technology such as Apple’s Siri, Google’s Assistant, and Amazon’s Alexa is disrupting businesses as it creates a three-way interaction between devices, services, and people. It has completely changed the way consumers interact with smart devices.
According to recent research, by 2024, the global voice-based smart speaker market could be worth $30 billion. This technology trend has a huge impact on how online searches will happen. Businesses will have to adapt their way of promoting their products and services. It will also affect the way companies are organized as internal knowledge can be shared more easily which improves the possibility of multitasking. This will result in increased productivity.
In the next couple of years, we will see a transformation of voice technology from being an information tool to a transaction tool. It offers the possibility to directly order from brands and perhaps even pay.
Read more: 6 Key Predictions for AI-Driven Voice Computing in 2020
6. Blockchain platform market
Blockchain started as an offshoot of the cryptocurrency movement. Now, it is evolving to find use cases beyond just the international settlement areas. According to Gartner, Blockchain will grow to slightly more than $176 billion by 2025 and continue to exceed $3.1 trillion by 2030. The marriage of Blockchain and Artificial Intelligence can significantly change the nature of transactional businesses. This is possible as Blockchain is a decentralized unchangeable space for encrypted data and AI will assist you in analyzing and interpreting that data quickly and reliably to drive actionable insights. There is great potential for this technology to have an immense impact on cybersecurity.
Read more: How Blockchain Enables the Insurance Industry to Tackle Data Challenges
7. Seamless blend of the digital twin
Applied technology will intersect between the physical and digital worlds, the digital twin. For example, the digital twin will have a perfect digital copy of the physical world. Applied technology will allow you to blend these two worlds seamlessly. The resulting immersive environments will have a pervasive impact on the industry. This twin will allow you to collaborate virtually, simulate conditions quickly, understand what-if scenarios clearly, predict results more accurately, and more. Most businesses are already aware of the benefits of applying the digital world to enhance the physical world. They are digitizing physical processes to reduce inconsistencies, redundancies, and human error.
Explore: Learn more about Digital Twin Technology
This pandemic has shown us that communication is not just for work but is required to form real emotional connections. In the next couple of years, AI technology will be used to connect people at a human level and drive them closer to each other. There has been a lot of concern over the security of video conferencing companies. However, these concerns will move companies to ensure that they provide secure digital connectivity for their consumers.
Being a secure video conferencing software, InfinCE has been a game-changer for enterprises of all sizes. Click here to explore
8. 5G will be the game-changer
5G has innumerable use cases beginning from healthcare to more reliable security. With 5G, the audio-video experience will be faster and clearer than it has ever been. On the flip side, 5G will enable businesses to provide remote opportunities for their employees with work experience that would be similar to that inside the office. It will bolster recruitment and retention efforts for top talent.
As more businesses move their critical tasks to the cloud, employees will become increasingly productive from wherever they work and with whatever device they use. Though currently, 5G coverage is limited, according to Ericson’s Mobility report, 5G subscriptions could cover up to 65% of the world’s population by 2025. Businesses that anticipate and embrace these emerging technology trends will see a positive impact in the years to come. Low latency 5G networks can help resolve the challenges caused by the absence of reliable networks and can facilitate more high-capacity services. Private 5G networks can offset the high cost of mobility with economy-boosting activities.
Read more: From Remote Work to Virtual Work, 5G is Reinventing the Way We Work
9. Data lakes enable new analytic models
Data lakes are storage repositories that contain quantitative and qualitative data. Data lakes enable new models of predictive analytics and help unlock the potential of digital twins. Since they can hold enormous amounts of data, organizations can leverage the insights, including discrete data points to create a ‘digital twin’ of each customer. You can gain access to customer details such as demographic data, browsing behavior, purchasing patterns, and payment preferences. The ability to gauge qualitative data will increase the demand for robust ERP systems and AI-driven automation. This would mean that businesses should acquire the skills to set up, manage, and secure their data lakes and build data models that will help extract the insights they require for ongoing innovation.
Read more: 7 Key Differences Between Data Lake and Data Warehouse
10. Sophisticated sentiment analysis for real-time insights
Sentiment analysis uses techniques to interpret and classify the ‘mood’ of your customers. Sophisticated sentiment analytical tools allow businesses to recognize the customers’ sentiment towards a product, a service, or a brand. It can also be used by the businesses to respond to the feedback with a proactive approach. It allows businesses to understand how people are feeling in real-time and proactively position products, services, and visual merchandise. In the future, this technology will be used in addition to tools such as conversation intelligence, text analysis, and natural language processing. It can enable innovation on demand. Businesses will find it advantageous to incorporate sentimental analysis into their data analysis in the areas of customer feedback, marketing, CRM, and e-commerce.
Read more: CTOs Guide – How Robotics and AI Can Improve Customer Experience
11. Micro-fulfillment for e-commerce fulfillment
Robotics has turned around numerous industries except for a few sectors such as grocery retail. With the new robotic application termed micro-fulfillment, grocery retailing will no longer remain the same. Micro fulfillment allows you to convert personal garages into storage spaces and can operate 5-10% more economically than a brick and mortar store. This rising trend is captured in tiny, urban warehouses that leverage high-end automated systems to complete online orders with greater efficiency. These centers are used to deliver goods rapidly, in as fast as an hour. Robotic arms can be used to pick up items. The application of robotics downstream at a ‘hyper-local’ level will disrupt the grocery retail industry. This technology trend will unlock wider access to food and a better customer proposition such as product availability, speed, and cost.
Read more: 5 Transformative Trends Ushered by B2B E-commerce in Healthcare and Life Sciences
How Technology will Continue to Disrupt Businesses?
The transformative potential of innovative technology trends is exciting businesses today. It will change the way businesses plan, start, manage, operate, market, and make a profit. The next couple of years will see profound improvements in addressing most business challenges as organizations develop and deploy solutions that will deliver tangible results. Driverless cars, 3d printing, artificial and business intelligence tools, robotics, and IoT are just a few examples of how technology has transformed or disrupted the business world and has the potential to continue to disrupt.
The COVID-19 pandemic has necessitated worldwide collaboration, transparency of data, and speed at the highest levels to navigate the human and business impacts. Now is the time to recognize and support the opportunities for technology trends that can best and most rapidly address business challenges. Partner with us to capitalize on these trends and scale your business quickly.
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Choosing between SAP Business One and SAP Business ByDesign
Technology is constantly evolving to introduce better and more efficient ways of doing business. Manual and traditional spreadsheets are no longer the best way to do things. Most businesses are recognizing that technologies like ERP software are more robust when deployed over the cloud. This has got them looking for digital solutions to automate their processes. This is where SAP comes into the picture.
Growing businesses looking to streamline their business process are turning to SAP, which offers several solutions including SAP Business One and SAP Business ByDesign. With an ever-increasing choice in the ERP market, you might wonder how you can choose from all the different offerings and what is the difference between SAP Business One and SAP Business ByDesign. This article will walk you through the differences between these solutions. It will also help business users and decision-makers choose the perfect ERP solution that fits their business needs.
Read more: What is Business Process Expertise in SAP and Why You Need it
Let us begin with an overview of both platforms.
Overview of SAP Business All-in-One Solution (B1)
SAP Business One has been around for many years and has been the go-to product for small businesses. It is an on-premise system built on SAP ERP application. It addresses the fundamental business software requirements of all types of industries. These solutions provide support for your business. With it, you can win a new customer, make innovative products, and reconcile your accounts. SAP Business One is proven and comprehensive with built-in industry best practices.
Starting from production to distribution, SAP Business One (B1) promotes transparency at every step of the business. SAP B1 powers business growth by tapping into your personalized data to offer actionable insights. SAP Business One solution focuses on streamlining workflows and reducing costs.
It helps integrate a spectrum of business processes into a single solution to optimize your business performance. SAP B1 offers modules for financial management, reporting, accounting, analytics, customer management, purchasing, inventory management, and industry-specific versioning.
Overview of SAP Business ByDesign (ByD)
SAP Business ByDesign is cloud-based. It is designed for mid-market businesses and subsidiaries. It is perfect for those who wish to leverage the benefits of large-scale business management applications without the need for maintaining a larger IT infrastructure. SAP Business ByDesign unifies multiple business operations. It enables companies to incorporate business processes that can solve immediate problems and then add processes as required.
SAP Business ByDesign (ByD) is delivered through a single user interface. It can deliver pre-configured software for business processes. Additionally, it can support best practices for managing customer relationships, human resources, financials, projects, procurements, and the supply chain. This cloud-based ERP solution is delivered on-demand. It is monitored, managed, and maintained by SAP experts in cloud-hosted data centers. As a result, businesses need not worry about the upgrade and maintenance of the solution. Also, this does not require an up-front capital cost.
Read more: SAP Preconfigured Solutions Boost Efficiency Among Industries
SAP Business One (B1) vs. SAP Business ByDesign (ByD)
While these two might seem like twin solutions, they have some important differentiating factors. Let us look at these factors so that you can determine which fits better for your business.
1. Customers
SAP B1 typical customers include businesses that are from the manufacturing, distribution, basic retail, eCommerce, and service industries.
SAP ByD customers range from manufacturers who create products or processes to professional service firms who are looking to automate their business processes in real-time. Other sectors include life sciences, financial services, and fintech.
2. Size of the organization
SAP B1 is basically designed for small businesses. It has a minimum user limit. This solution is ideal for small to mid-sized organizations that need a step-up from a basic accounting solution. The sweet spot for SAP Business One is 5-50 users.
SAP ByD is best for upper mid-sized companies with a minimum number of 5 users. It suits businesses that are looking to scale as well as the enterprise subsidiaries. The sweet spot for SAP ByD is 20-1500 users or more.
3. Features
SAP B1 offers a lean set of modules that make up the core of ERP. It streamlines business processes end-to-end and is deployed on-site and runs on Windows OS. SAP B1 allows companies to add custom functionality. Users can manage sales, inventory, finances, production, and services. Companies can also use it for procurement, CRM, basic project systems, dashboards, embedded analytics, and basic multi-company functionality.
Read more: Tackling healthcare data challenges with SAP Analytics
In addition to all the features of SAP B1, SAP ByD offers multi-level bills of material, which makes it easy to manage project systems and allows you to incorporate multiple companies under a single instance. SAP ByD also offers a mobile app, travel expense fields, timesheet integration, and a built-in workflow to assist your employees to stay on task. SAP ByD streamlines business operations such as transactions, ordering, and logistics from end to end in real-time. It facilitates interactions between various departments and between enterprise branches.
SAP ByD enables you to customize your package to include the features your company needs. It facilitates real-time interactions. That means you can check your inventory and orders whenever you need it. This solution can be implemented in a matter of a few weeks.
4. Budget
The implementation target budget of SAP B1 ranges between $40k (simple) to $200k (complex) with the total package costing up to $1,700 for limited users and $3,700 for professional users. Apart from the cost of implementation, companies will have to spend money on the software license, hardware, IT support, security, and infrastructure. A company’s deployment options determine if their hardware and support requirements should be assigned to a cloud solution provider.
The implementation target budget of SAP ByD ranges between $50k (simple) to $200k (complex) with the average user cost at $80/mth/user. Apart from the implementation cost, clients are expected to pay for an annual subscription fee and any other optional technical support.
5. Deployment
SAP B1 is an on-premise application that is also available in the intranet cloud. However, it is not a complete SaaS application. Certain features such as Microsoft Outlook will work only through the Microsoft Outlook Integration add-On for SAP Business One.
SAP ByD is completely cloud-based and so it can help companies connect every function across their business.
6. Security
Since SAP B1 is hosted on-premise data center, the client is responsible for security. Because the data does not have to travel via cloud, it may be less vulnerable to remote hacking. However, it is more susceptible to a physical attack or espionage on your premises. It is not as safe and secure as SAP’s data centers.
Since it is a Saas system, the responsibility of security rests on the vendor. SAP ByD is hosted in a highly secured data center. It has the best data security centers with excellent security measures including advanced encryption standards and bulletproofing.
7. Implementation
SAP B1 does not support multi-company implementation. It is not possible to have an entity-specific data or entity-specific chart of accounts.
Whereas SAP ByD can maintain organizational structure, run subsidiaries and overseas branches with a single system. It is possible to have entity-specific charts of accounts.
8. Integrations
SAP B1 can be integrated with anything. However, it requires expertise and additional cost to do so. For an intercompany functionality, you will need an add-on. This means users will have to switch databases when they access information from another legal entity.
SAP ByD is a unique solution that offers over 200 pre-built integrations. It is a real multi-company solution. With intercompany capability built-in, SAP ByD can facilitate single-sign-on to offer visibility across various legal entities.
9. Industries
Manufacturing, trading, retail, distribution, eCommerce, and service industries are best suited for SAP B1.
SAP ByD fits companies that are involved in distribution, manufacturing, construction, software, IT, consulting, pharmaceuticals, chemical, medical and service industries.
Read more: SAP Focused Industry Templates & Automation Solutions
10. Financials
SAP B1 does not allow multiple account charts for one company and neither does it allow linking them with accounting charts. This solution lets you create just one posting period for one company. It does not offer different methods of revenue recognition. Though this version has built-in analytics, not all options are available. In purchasing, SAP B1 provides a direct invoice after receiving goods from the vendor. However, since it does not save the information of that invoice, there is no way you can resolve any discrepancies that occur at a later period.
SAP ByD allows multiple accounting charts for one company and you can link them with financial books and transactions. This solution lets you have different financial periods for different financial books. Additionally, you can generate financial reports based on these periods. SAP ByD supports different accrual methods for different sales documents. This version offers built-in analytics such as margin information from sales. In purchasing, SAP ByD provides an invoice receipt concept to confirm the invoice from the vendor. That invoice is then saved in the system before booking the final voice. This allows companies to resolve any discrepancies that arise at a later point.
Read more: Business Continuity Planning with SAP
What is the verdict?
SAP B1 and SAP ByD are two excellent and well thought out solutions. As discussed, they have a few differentiating factors that can help you choose between them. The best solution for you depends on the size, structure, and growth potential of your organization. A business with a simplified management structure and a more limited growth plan is better suited for the SAP B1 platform. However, a business that is on an accelerated growth plan with multiple operating subsidiaries would better suit SAP ByD. This is because it has the ability to expand quickly with greater functionality and capability.
We enable e-invoicing integration for SAP users to stay compliant with GST India regulations. Click here to explore
Regardless of whichever solution you chose, ensure to test your ERP system before you go live. Even after you go live, you can continue to optimize the technology’s features. We offer customized SAP solutions ranging from core ERP to innovative and intelligent solutions such as SAP S/4 HANA, SAP Leonardo, SAP Analytics Cloud, SAP Customer Experience, and more.
Fingent can help you make the right choice as well as implement it seamlessly for your business. Get in touch with us and let’s get the conversation started.
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Digital business transformation: Why Digital Strategy for Business is a Must Today?
- What is digital transformation?
- What is digital disruption?
- Causes of disruption and digital transformation
- Why should businesses leverage digital transformation?
- How to start your digital transformation journey?
- Digital transformation trends to embrace in 2020
- Conclusion
What is digital transformation?
Digital transformation is the process of integrating digital technologies to create a new business model or modify existing business processes to meet changing business requirements. Digital business transformation is also a cultural change that enables an organization to challenge the status quo, experiment, and accept failure as well.
While digital transformation may involve many technologies, the hottest topics currently are cloud computing, big data, the Internet of Things (IoT), and Artificial Intelligence (AI). Many companies have already started to transform digitally and by 2023, it is estimated that such organizations will contribute to more than half of global GDP.
According to research published by IDC, despite the COVID-19 outbreak, the global spending on digital transformation technologies and services is slated to grow from 10.4% in 2020 to $1.3 trillion. In fact, the pandemic has compelled businesses to increase operational efficiency and improve customer experience. Both of these aspects are not just major goals of the digital transformation of business but also deciding factors that influence a company’s fate during an economic slowdown.
In general, digital transformation is not just about disruption or technology and not even about transforming for a digital age. In this guide, we help you understand the essence of digital transformation for business and why you should implement it.
Read more: A Road Map To Digital Transformation in 2020
What is digital disruption?
In simple terms, digital disruption is nothing but transformation due to emerging digital technologies and business models. This can cause a significant change in customer behavior and market context, requiring the need for re-evaluation.
Consider these examples of digital disruption:
- The film photography and photo processing industry underwent digital disruption with the arrival of digital cameras.
- The traditional services like taxis and food delivery were disrupted by Uber that pioneered on-demand services.
- Companies like Netflix and Amazon caused disruption to the subscription-based economy model by transforming how content is accessed by people and monetized by advertisers.
Both digital disruption and digital transformation present immense opportunities for businesses to gain a competitive advantage.
Causes of disruption and digital transformation
1. Technological innovations
Digital business transformation is more impactful than ever before. Again, it is important to remember that neither does technology drive disruption nor does it cause transformation. It depends on how digital technology in business is used and adopted by partners, customers, competitors, and stakeholders. These technologies primarily include Artificial Intelligence, IoT, virtual and augmented reality, edge computing, and blockchain.
2. Customer behavior
The demand for customers’ convenience and simplicity in dealing with businesses is not a new concept. It existed even before the internet era. It will not be wrong to add that transformation is simply catching up. Customer behavior and needs are also affected by disruptions at the societal level.
3. Innovations and inventions
Be it science, technology, business or even non-technological context, innovations and inventions can be disruptive. For instance, the invention of the locomotive and the printing press led to drastic changes in our society in the past centuries. Today, we’re experiencing the biggest transformation in every sphere of life with the invention of smartphones, social media, software applications, and so on.
4. Ecosystem
Organizations are part of business as well as natural ecosystems. So, any economical changes, evolutions towards collaborations, regulatory changes, and even a pandemic can impact and drive the need for digital transformation. Most of the organizations that were either postponing or canceling their plans to switch to cloud-based infrastructure have now started migrating their legacy systems to cloud increasingly since the COVID-19 onslaught.
Why should businesses leverage digital transformation?
Businesses must focus on digital transformation to steer themselves towards growth, stay ahead of the competition, and make themselves ready for the future.
Undergoing digital transformation helps your business gain the following advantages:
1. On-demand services
Never have we seen these many businesses demanding more agile hybrid IT services and agile networking capabilities to provide a better user experience. This is not limited to just the usability of applications for employees or customers, it includes the experience of working with the IT team and tools as well.
2. Improves productivity
Digital technology enables employees to become more effective in their primary roles.
Digital transformation helps core business functions such as HR and finance to automate crucial areas such as payroll, enabling leaders to focus on more productive opportunities.
It also enables remote working and provides access to technology and services on demand, which is important to create an environment that helps employees to be efficient.
3. Security
Data security is one of the biggest concerns of many IT leaders. While this is a highly complicated task requiring stringent enforcement around access, data compliance, and protection from attacks, it is useless if network forces have to go elsewhere for faster speeds and flexibility.
So, businesses must surround themselves with technology partners as well as cybersecurity experts that understand the business objective and can operate honestly and transparently to achieve those objectives.
Read more: How IT-as-a-Service Boosts the Digital Transformation of Enterprises
4. Strengthen business partnerships
Demands of customers are changing more than ever before and so is the competition within industries. Most companies are relying on each other, working with suppliers and distributors, contractors, and specialized consultants to produce a myriad range of products and services to attract customers.
Though these partners can be managed via document-based communication, it is an exhausting obstacle to efficiency. However, technology can be used to streamline and redesign the process and make it more transparent, accurate, and timely.
With the digital process set at an early stage, businesses can stay ahead of the competition and make themselves available to future partners. Internal processes can be streamlined and over time, digital transformation for small businesses can produce tools to generate time and resource gains that will help strengthen business partnerships.
Read more: InfinCE – Digital Transformation for Today’s Small Business
5. Informed decision making
Most organizations have access to greater volumes of data today. This data can be converted to valuable business insights and used to make more informed and faster decisions.
The famous American food brand McCormick & Company’s “FlavorPrint” is a smart platform that allows consumers to discover personalized recipes and receive product recommendations. This use case shows how digital transformation helps McCormick to make informed decisions driven by data. Through personalization and added insights, the FlavorPrint program helps meet consumer needs with an enhanced and relevant food experience.
Leveraging AI-based technologies, analytics, and the Internet of Things (IoT) can support leaders in their endeavors to make quicker and better decisions resulting in progression.
How to start your digital transformation journey?
A few steps to set off your digital transformation journey:
1. Determine what digital transformation means to your business
First, identify all the challenges your business is facing and then figure out the likely digital solutions that will help you achieve your business goals.
Read more: 5 Questions that Define Your Digital Transformation
2. Define a digital strategy for your business
Once you have identified the challenges your business faces, the next step is to evaluate the various digital transformation solutions that you can consider for your case. For instance, it could be front-end transformation such as products and customer experiences, or back-end transformation such as cloud and IT.
3. Give importance to executive buy-in
Make sure to obtain executive buy-in within your company after you have defined a digital strategy for your business. Executive buy-in is one of the most reliable signs of your company’s commitment to digital transformation.
4. Identify partners for your digital transformation journey
Partners or stakeholders are critical to your digital transformation success. A reliable and strong partner can support your journey by:
- Delivering capabilities to help you transform
- Offering consulting services to help integrate digital technology
- Assisting you to navigate the digital transformation landscape
- Sharing successful approaches and practices
5. Communicate your plan to your employees
To gain the trust of your employees and obtain intrinsic buy-in, you must ensure to communicate the value of digital transformation to your employees. Make sure to provide your employees with a clear structure and plan, and train them adequately to prepare them for the digital transformation.
6. Execute your digital transformation
Start executing your digital transformation plan at all levels of your organization, that is, from the top-level leadership to your employees. It is important to remain committed throughout the journey to ensure successful digital transformation. Setting your sights on the end vision and working towards the future business success and growth will help you deliver a more unified experience to your customers as well.
Digital transformation trends to embrace in 2020
IT leaders should be prepared for DX-centric shifts in the IT service provider sector. They should get ready to embrace Artificial Intelligence and insight-driven innovation and explore the benefits of public cloud adoption. Here are a few trends that digital transformation companies must consider:
1. Digital operating models
CIOs need to adapt and include integrated cross-functional teams to lead the culture change within the organizations and create the digital backbone having the capacity to power the transformation.
2. Big data
The increasing volume, variety, and velocity of data can be overwhelming. Storing massive amounts of data is also a challenge. While cheap storage makes data collection easier, it is not recommended. Also, new regulations such as GDPR (General Data Protection Regulation) demand more careful data management. So, proper planning and management of data streams is a must as it can result in significant data privacy and compliance risk.
3. Leverage AI
Artificial Intelligence will have to take center-stage and deliver business outcomes with digital transformation. From sales, marketing to HR and Finance, AI will permeate all functions.
IT leaders should consider leveraging advanced machine-learning algorithms by incorporating them into their outcome-driven data analytics strategy. This will help them churn the data extensively and garner valuable insights. Both AI and machine learning can be leveraged to automate and mitigate the data governance problem.
4. Merger and Acquisition
The IT outsourcing industry has increased the merger and acquisition activity as traditional IT service providers are acquiring digital marketing and engineering companies to offer new services to their clients.
Experts believe that acquisitions will transform the landscape for CIOs and the service providers they collaborate with. It will also be a source of disruption for CIOs as they will have to identify the potential and integrate digital capabilities into their product lines.
5. New allies
The digital transformation era will see vendors teaming up on marketing and improving branded spaces within their design studios and innovation hubs. According to some analysts at Technology Business Research Inc, some consultancies may even have to become ‘frenemies’ and create partnerships where each party uses its strength and provides depth in the domain to deliver expertise.
Read more: Fingent Speaks: What it Takes to Build a Successful Digital Transformation Strategy
Conclusion
A digitally transformed workplace can revolutionize any business. So, it is crucial to adopt digital technologies and experiment using social media, big data analytics, cloud computing, and mobility. You may hire digital transformation services companies for your digital business transformation.
Read more: Prepare for the Future of Digital Innovation with these 10 Services From Fingent
At Fingent, we provide digital technology solutions and services for complex business problems across many industries such as retail, healthcare, finance, education, and more. Our comprehensive apps, platforms, analytics, and solutions expertise have helped us assist companies in their digital transformation journey. Connect with us to learn more.
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A Complete Guide to Understanding Offshore Software Development
- What is offshore development?
- What is the difference between onshore, nearshore, and offshore?
- What makes offshoring software development so popular?
- How does offshore development work?
- What are the advantages of offshoring software development?
- What are the disadvantages of offshoring software development
- What are the latest trends in offshore software development?
- How to choose the right offshore software company?
- Best practices to follow while offshoring software development
- Final thoughts
What is offshore development?
Offshore development simply is synonymous with outsourcing. It means you’re sending your software development to be done remotely by people who are located in different geography. Though ‘offshoring’ is perceived as risky in ROI, many software companies are considering offshoring software development as it can actually help a lot. Often, the main reason for outsourcing is the lack of human resources required for software development or lack of needed qualification level.
From simple coding to custom development, mobile application development, software support and maintenance, and website design and development, you can outsource tasks to a third-party offshore software development company.
Offshoring development will spare you from the challenge of hiring and training new staff and at the same time ensure you get the best quality software delivered to you in a short time. Offshore application development is used by many of the world’s largest and most famous corporations, so there is no question about its effectiveness.
Read more: Why Software Development Outsourcing is a Smart Move Now
In 2019, the global IT outsourcing market was valued at USD 333.7 bn which is only expected to grow further in the coming years. The inevitability of digital transformation is motivating organizations worldwide to offshore their software development needs. Offshore development companies thus become an extremely important part of the global economy.
What is the difference between onshore, nearshore, and offshore?
Onshore: Onshore outsourcing is when you decide to hire software developers within your country. Most companies find this option convenient and approachable.
Nearshore: Nearshore outsourcing is when you decide to outsource to developers from countries with a similar time zone. Typically, customers count on geographic proximity and cultural similarities.
Offshore: Here, the company of the service provider is located in a different country from yours. It can even be in a different continent with a notable time zone difference.
What makes offshoring software development so popular?
The main reason for its popularity is financial profitability. With offshoring, it is possible to minimize staff expenses within the customer’s organization as well as cut expenses such as rent of premises, equipment, social security, and deployment of development. In many of the developed countries, hiring and paying skilled in-house developers have a significant impact on the budget.
Some of the popular offshore countries in the world include India, China, Russia, Ukraine, Poland, Taiwan, Vietnam, S.Korea, etc.
On average, you can expect your offshore software development vendor to approximately charge the following rates per person per hour of work;
- Asia and Africa: $18-$40
- Eastern Europe: $25-$50
- Central America and South America: $30-$50
- North America: $95-$170
Depending on the requirements, engagement, and pricing models, the above charges may vary. To find out the actual outsourcing rates, you need to directly communicate with the vendor.
Read more: Selecting the Right Engagement Model for Business Software Development
How does offshore development work?
When you consider teaming up with a software development company located in a different country, you can:
- Delegate the project to an individual developer or an offshore development company
- Delegate only certain parts of the software or the whole project to the remote team
- Hire a dedicated offshore development team
If you hire a dedicated team or an individual, you will have complete control and ownership over the development progress which ensures that your remote workers are in touch with one another. This may not be a great idea unless you are a product management enthusiast.
If you turn to the services of a development agency, you won’t have to worry about finding the right resource to manage the working processes. Most of the issues such as what if a team member falls sick or quits will be taken care of by the company instead.
What are the advantages of offshoring software development?
1. Shared responsibilities and competent skills
Offshore development companies are more likely to share and manage the risks during projects, as they depend on the end-result as well. Also, deadlines facilitate a faster process.
2. No training or administration needed
Outsourcing companies need to stay competitive, hence they will have the requisite expertise. So, you need not worry about training the resources. Additionally, operational and administration costs will be negligible as you will not have to take care of office space, equipment, recruiting, etc. All these will be handled by the offshore software development company.
3. Faster time-to-market
Offshoring development ensures that your product reaches the market faster and on time. When qualified people work round the clock to develop your product, you can rest assured that you’ll be getting quality software at the end. Additionally, an external person or team can help improve your business processes and let you leverage creativity and innovation at each stage of the software cycle.
4. Lower cost
There’s no denying that maintaining an in-house IT team having expertise in the latest technologies is both challenging as well as expensive. By outsourcing your software development, you do not have to invest in IT infrastructure or worry about recruiting and training employees.
What are the disadvantages of offshoring software development?
1. Differences in language and culture
Differences in language and work ethics, cultural issues, what’s offensive and what’s not, etc., could lead to unpleasant situations if not known beforehand. For instance, working hard could mean something different in Spain and the UK. So, you will need to be thorough about the culture of that particular country before offshoring.
2. Core communication issues
Different time zones, working hours, bandwidth, etc may slow down communication. This could even hinder monitoring and resolving everything timely. A clear interpretation of roles and mechanisms, strong leadership, and an active management of culture by adapting to either the customer’s or the vendor’s corporate culture is an effective way to manage cultural differences.
3. Security
Data security is one of the biggest challenges faced by enterprises today. When offshoring your data, it’s important to validate the vendor’s trustworthiness and respectability w.r.t. ensuring data security. As a best practice, it’s recommended to sign a Non-Disclosure Agreement (NDA) or the confidentiality agreement between both parties (customer and offshore partner) which strengthens the confidentiality of data and relationship terms.
4. Quality of work
While offshoring may be cheaper, it does not assure the accurate skills or commitment to do the job. There’s always a chance of hiring a team with no proper skills. It’s important to conduct the vendor’s background check before outsourcing your requirements.
What are the latest trends in offshore software development?
Software development involves complex processes and is never an easy task. Developers and agencies have to embrace new technologies and trends to stay relevant and competitive.
Here are some of the latest trends in offshore software development:
1. Automation
Automation plays an important role in reducing human dependency, risks associated with manual labor, and costs. Apart from innovation and faster responses to changing business environments, technologies such as RPA contribute heavily to reducing administrative overheads.
Read more: How to accelerate your business growth with Robotic Process Automation
2. Cloud computing
Cloud computing offers scalability and flexibility and plays a vital role in offshore software development. More and more companies are realizing the benefits and possibilities of cloud computing and leveraging it. Soon, cloud-based applications and cloud infrastructure will be the way of life in offshore software development enabling companies to address the growing needs of businesses across the globe.
3. Artificial Intelligence(AI)
AI is taking the world by storm and software development is no exception. AI is specifically used to improve the quality of code and testing as well. Developers can combine AI technologies such as natural language processing, machine learning and business rules to build better software in a short span of time.
Read more: 6 Ways Artificial Intelligence Is Driving Decision Making
How to choose the right offshore software company?
There are plenty of offshore software companies across the world and finding the right one can be a daunting task. While word-of-mouth is still one of the best ways to ask for a reference and talk about the offshore team and ask important questions, there are still many other things to consider.
Firstly, groundwork is important. Finding the right offshore development company needs evaluation and time. One important tip is to contact several agencies and compare what they have to offer.
Along with checking the portfolios of software outsourcing companies, take your time to go through their social media handles, blogs, resources, endorsements, and codes if possible. You can even consider making a test run of a potential partner company related to technical requirements as it will help you make an informed decision.
Here are a few tips to choose the ideal offshore custom software development company:
- Visit the websites of several offshore development companies
- Check their portfolio and analyze their past and ongoing projects
- Understand the experience the company has in the industry you are interested in
- Learn the company rating on websites such as Goodfirms or Clutch
- Read reviews and testimonials from clients
- Learn about the professionalism of the programmers
- Learn how the company can support the applications if you develop any issues with the development
- Find out if the project development is iterative/ agile (that is, doing the work parallelly with continuous analysis of the results and adjustments in previous stages of work) or not
Read more: Points to Consider Before Choosing the Best Software Development Company
Best practices to follow while offshoring software development
- Get introduced to all the developers who are supposed to work on your project
- Make sure to have a full-time on-shore as well as an offshore team leads as they can establish necessary coding standards, help solve technical issues, and mentor the offshore team
- Use videoconferencing to arrange regular meetings to handle any issues and resolve the same in a timely and efficient manner
- Use appropriate tracking tools (project management tools) to plan tasks efficiently and prioritize work accordingly
Final thoughts
The demand for offshoring software development keeps surging as organizations want to optimize their business processes and align their strategic planning with their operational strategies. Outsourcing your IT necessities can be a boon in times of financial and natural adversities because offshore development companies like Fingent implement business continuity planning and disaster recovery plans to fulfill obligations and deliver services without interruption.
Our specialists and developers have several years of experience to complete complex tasks. We have expertise in offshore application development, cloud application development, system integration, and more. Hire our services and discover the benefits of partnering with us! Talk to our expert to learn more.
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Why IT is the guardian angel of businesses during a recession?
- Introduction
- Advantages of cutting-edge IT solutions
- 9 practical examples of how IT solutions recession-proof your business
- Use the present crisis as an unprecedented opportunity to lead
Introduction
Decreased revenue churn and the uncertainty in the global economy is making it difficult for many businesses to keep their financial wheels turning during the COVID-19 slouch. They are forced to revisit their strategies w.r.t. how they manage and operate their business, and vital to this is re-visiting their use of technology.
IT solutions lead to new ways of innovation and this can help organizations make lasting improvements to recession-proof their business. IT solutions allow leaders to redesign processes from the ground up. IT automates processes, with data captured at the right moment to deliver insights on processes and how to streamline them. IT innovative solutions rewire organizations to perform better through a fundamental reboot of how work gets done.
This article presents
- How businesses are adopting IT solutions to improve productivity and cut costs, while they recession-proof their business.
- 9 practical examples of IT solutions.
Advantages of cutting-edge IT solutions
– Improve productivity
Lack of technology has been one of the reasons why employees are unable to reach their productivity targets. According to a recent Workers’ Experience Survey, 85% of employees said they would prefer their organizations to provide them with the entire IT ecosystem (including tested and supported devices, accessories, and so on) that will help them to be more productive in their work.
– Cut costs
Most businesses are understandably reluctant to loosen the strings of their purse in the current situation of uncertainty. However, done in the right way, IT innovative solutions can be self-sustaining, and each of the incremental improvements will pay for the next leg of the journey. Take cloud computing for example. Cloud computing allows you to get rid of the hardware cost. Instead of purchasing your own equipment, the provider can offer you all that you need to keep your business running. Since it works on a per-per-use pricing model, it saves you from paying for any unused software/ hardware. 47% of IT executives report that their IT costs have dropped by 30-50% after they started using cloud infrastructure and apps.
– Recession-proof business
Technology will help you ensure that your business not only survives the imminent recession but also thrives. Among the many things, IT solutions will help you gauge customer engagement in real-time, keep your data clean to maximize new business growth potential, free up more time for employees to sell, and manage client experience.
Read more: Recession-proof Your Business with Digital Alternatives, Go Paperless!
9 practical examples of how IT solutions recession-proof your business
1. Cybersecurity
Data privacy continues to be a major cause of concern as incidents of phishing and other threats are on the rise. Businesses must rely on new and innovative IT technologies to help them differentiate and ensure growth in the evolving marketplace. Businesses that lack effective security measures face the ever-looming risk of exposing themselves to data theft that would result in breaking the trust of their stakeholders, customers, and the marketplace. Now is the time for a new take on protecting your organization.
Read more: Safeguarding IT Infrastructure From Cyber Attacks – Best Practices
2. Contactless shopping
The COVID-19 led safety norms such as social distancing have pushed businesses to use technology to lower interaction between people, products, and infrastructure. Contactless shopping allows your customers to conduct entire transactions on their mobile devices without touching anything else. For those who prefer stepping out to shop, technology solutions can be integrated and implemented for contactless shopping.
Read more: How Retailers Can Revive Sales While Adhering To Social Distancing Norms
3. Omnichannel for retailers
Innovative technology ensures that retailers have an omnichannel presence across all touchpoints. This means that they can go beyond brick-and-mortar locations to mobile browsing, social media, online marketplaces, and every online channel where the customer is inclined to browse. It helps retailers manage their tasks effortlessly while allowing customer engagement through a common quality service across various sales channels.
Read more: 6 Hot Technologies that Handhold Businesses Amid COVID-19 Impact
4. E-commerce
E-commerce solutions enable centralized management of all the orders as well as the inventory of both the digital and brick-and-mortar stores. This technology can direct the order placed online to the nearest store for faster delivery providing enhanced customer satisfaction. Automatic updates of the inventory ensure better stock management across all the stores. It further assists in automatic stock replenishment.
View Infographic: The Truth About E-Commerce, 2017-2020
5. Self-checkout systems
Secure cash handling machines and automated self-service checkouts are a huge success for retailers. Though initially it was used to reduce cost and for security reasons, now it has proved helpful in limiting staff contact with cash that is touched by other people, an essential technology in the current scenario.
6. Digital payments
For businesses that do not have access to expensive, automated machines, contact with cash can be limited by digital payments for in-store transactions. Low-value payments can be made contactless with just a ‘tap.’
Read more: Trends Shaping Mobile Payments Market Worldwide
7. Virtual trial rooms
Retailers can use several options available for customers who would like to see and experience the product before they make a purchase. Magic Mirror is one of those trends. it helps customers see what they would look like in different clothing styles by responding to their hand gestures and voice commands.
8. Chatbots
Based on machine learning, chatbots copy human conversations and react to written or spoken requests to deliver a service. Chatbots provide extensive customer assistance while your customers are shopping online. It allows you to provide customer support 24/7 leading to greater customer satisfaction. It keeps your customers engaged with interactive communication. Chatbots ensure that the buyer’s journey continues uninterrupted in the right direction. Since they are automated IT solutions, they allow your organization to handle several customers at the same time.
Read more: Capitalizing on AI Chatbots Will Redefine Your Business: Here’s How
9. Robotics in logistics
Use of Robotics in your logistics will ensure that you accomplish the same amount of work with improved efficiency and less cost. Businesses need workforce capability while they adapt to changing environments. COVID-19 has forced a large number of the world’s working population to go on extended periods of sick leave which has resulted in an increased need for workers. However, robotics could eliminate such concerns as these technologies become more widely used, becoming increasingly affordable and available. It has the potential to create a limitless workforce that does not claim retirement benefits, paid time-off, and other additional aspects of costs associated with human workers.
International Finance Corporation reports that logistics companies (including 3PL players) have increasingly turned towards robotics and automation for surviving the coronavirus crisis.
Read more: How Robotics in Logistics Helps Improve Supply Chain Efficiency
Use the present crisis as an unprecedented opportunity to lead
As the world is increasingly moving toward newer technologies, the expectations of consumers are also rapidly changing. The present scenario with the pandemic is further accelerating existing trends that push products and services towards emerging technologies. Organizations must be led by this change in behavior and meet their customers where they are. The current pandemic is a serious wake-up call for all businesses to recession-proof their business and mitigate the risk from such adverse conditions. Pick the right technology to propel your business growth. Partner with us and allow us to get you there!
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Identifying 7 Common Mistakes in Tech Projects
As a non-tech business, you are an expert on the product or service that you are selling. That is your core competency, not information technology. Still, some businesses feel they can do it themselves. That could cost you a lot more than you think. Technology by nature is like a moving target and pinning the best technology solution requires quite a bit of work. Treating tech projects as an afterthought is a mistake that non-tech businesses make far too often. Worse yet, those mistakes can stall the growth of your business. Avoiding tech mistakes, especially the high impact ones, will be the thing that ensures the success of your business.
What are the 7 deadly mistakes non-tech businesses make on tech projects and how you can avoid committing those mistakes? This article will help your company navigate the complex and confusing world of technology.
Mistake #1. Skimping on Security
Most small businesses might conclude that their business isn’t that big to become a target for hacks and data theft. Unfortunately, security has become the number one issue even for small businesses with increased online scams, software vulnerabilities, and networks using improper architecture. Can you imagine the impact on your business if your trade secrets, customer information, HR records, and confidential communication fell into the wrong hands!
One of the top security risks most businesses often ignore is the failure to encrypt their emails. Some discard email encryption either because it is costly and complicated, or because they feel that the threat is insignificant. You can prevent much pain and loss by encrypting your emails. Always assume that every email you send could be intercepted by unethical hackers.
Try this: Set up an email encryption system to protect all your emails and their attachments.
Read more: Emerging Security Technologies To Consider For Your Organization
Mistake #2. Patching New Software On Old Hardware
Most often than not software publishers release new upgrades that require a significant hardware upgrade in order to run the newer version. Many businesses purchase the latest version of the software without considering its hardware requirements. The use of old computers and their hardware can be problematic since these devices generally lack the latest features, hang too often, and are slower at common tasks like launching the application, booting up, printing, and internet search. This can result in a failed upgrade and can bring your business to a screeching halt until new hardware can be put in place or until the old version is reinstalled.
Try this: Before you purchase an upgraded software, check the minimum system requirements needed for the software to run smoothly and ensure that your existing system meets those standards.
Read more: Tips for choosing the right Business Software – Tools vs. Solutions
Mistake #3. Skipping The Planning Phase
Planning for IT may seem tedious and time-consuming especially when you have so many things to get done with the running of your main business. However, it is vital that every business, big or small, must plan out their IT initiatives at least once a year. Failing to map-out your technology path can impact your entire business. You must plan your budget for new software and hardware upgrades while considering the need for additional manpower and/or technical support. Planning ahead will ensure business continuity and will spare you from unanticipated problems and setbacks when something fails.
Try this: Decide on a particular month of the year for taking stock and planning your IT structure and requirements.
Read more: Plan Less and Learn Faster Through Lean Business Planning
Mistake #4. Inadequately Trained Employees
Some of your employees may understand technology, perhaps because they had some experience with it formerly or just because they are tech geeks. This is by no means enough to put them on the job to handle tech requirements. One of the most common mistakes that many non-tech companies commit is to try to get the job done with employees who are not adequately trained to use the technology they have at work. There is no alternative to training, it is an absolute must for business growth! Forgoing on the training of employees may render well-intentioned purchases useless and result in a massive loss of ROI. By training your employees you can lessen the likelihood of mistakes and improve overall productivity.
Try this: Take the “train the trainer” approach with your software provider. It is cost-effective and helpful.
Mistake #5. Ignoring Reliable Backup And Disaster Recovery
Businesses today are reliant on their records and data, which are almost completely stored electronically. It is extremely dangerous to assume that your backup system is working properly. A sudden power outage or a server crash can delete all your data within seconds increasing your downtime and the expenses that accompany it. It is a good practice to back up a test directory, erase it, and then do a test restore to ensure that your backup device is working. Also, ensure that the proper data is backed up.
Try this: Have a right backup solution and disaster recovery procedure in place.
Read more: COVID-19- Ensuring Continuity and Building Resilience- How business leaders can respond, survive, and thrive in the new normal
Mistake #6. Not Leveraging Cloud Computing
Most businesses either embrace cloud inconsistently or treat it as an unnecessary expenditure for their tech projects. Cloud computing has emerged as the most efficient platform for businesses than on-premise counterparts. This is because it makes it possible for employees, customers, and other authorized users to access the data at any time from any place. In most cases, cloud-based applications offer greater functionality and are less expensive. Cloud computing is more secure than an in-house computer operation that may lack proper antivirus solutions, firewalls, or backup systems.
Try this: Prepare a cloud strategy and as soon as possible, consider moving some of your applications and data to the cloud.
Read more: Cloud Migration: Essentials to Know Before You Jump on the Bandwagon
Mistake #7. Ignoring Preventive Maintenance
The most common mistake made by businesses on tech projects is the “repair when it crashes” strategy for IT infrastructure. While it may not hurt too much on some issues, can you imagine your 10-year-old server crashing! Now that could cripple your business. If your mission-critical hardware crosses its shelf life as it were, it is time to consider replacing it well before it actually crashes. Just like your automobile, IT software and hardware require regular maintenance and adjustments. Both the software and servers need continued care to perform at optimal levels.
Try this: Avoid overextending the life cycle of servers. Start planning to replace it well in advance. Look for the manufacturer’s instructions on MTBF (mean time between failures) for your equipment.
Read more: Why Get a Maintenance Contract With Your Software Solution Provider?
Don’t Make a Costly Mistake
As a business, you are constantly juggling multiple roles and duties to ensure that everything runs smoothly. Too often, the panic call comes after a technology mistake has been done already. It is crucial to remember that a single mistake could lead to catastrophic loss of data that your business may never recover from. Don’t take chances with your business. Get our experts to help you make those tech decisions and implement them smoothly. Give us a call and let’s get talking.
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