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. 

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. 

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. 

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

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

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

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. 

Fingent Helps Ensure Hassle-free Filing of B2B e-Invoices for SAP Users in India

e-Invoicing is fast becoming the norm rather than the exception across industries and is being deemed mandatory by many governments as well. The Government of India has announced that starting from 1st October 2020, e-Invoicing will be mandatory for enterprises with a turnover of ₹500 crores while they submit their B2B invoices to the IRP and GST portal. 

Invoices that do not comply with the set requirements will be considered null and void.  All registered businesses under the notified class of taxpayers with an aggregate turnover of ₹500 crores and above must get ready and take advantage of solutions that facilitate the automatic issuance and receipt of electronic invoicing. 

In today’s fast-changing world, enterprises are under increasing pressure to adapt and perform. One way to deal with this challenge is to simplify processes for both buyers and suppliers. e-Invoicing is an excellent step in that direction. By making the transition from physical to digital invoicing, many companies are reaping the benefits of a more reliable, traceable, secure, and streamlined process. Fingent helps you accomplish the change in the simplest way. 

This article covers how SAP provides an automated solution for your business and how easy it is to file e-Invoices through your SAP ERP system. 

Without further ado, let us get into the details of e-Invoicing for B2B businesses.

What is the difference between a digital invoice and an e-Invoice?

Is there really a difference? Yes, there is! A digital invoice is either a Word or a PDF file of a paper invoice that is scanned. An e-Invoice on the other hand, is a data file that is transferred between computers. It contains structured data making it easier for a computer to comprehend and book automatically.

Why switch to e-Invoicing?

IRN has become mandatory on invoices and it is a requirement to avail the credit. False filing of credit with fake invoices has caused a considerable loss of revenue for the government. The e-Invoice system can provide a better taxpayer service resulting in an enormous reduction in evasion. e-Invoicing can also enhance the efficiency of tax administration by setting up enterprises on paper to generate invoices. 

An e-Invoice helps you detect and avoid false claims made through fake invoices. It restricts tampering with invoice value and other details. It can also simplify GST reporting. 

Here are some benefits of e-Invoicing:

• Convenient: Processing is digital and automated
• Fast: No waiting time for the paper to move from one desk to another
• Accurate: Minimized human error
• Cost-effective: Printing and postage cost is eliminated

Read more: Recession-proof Your Business with Digital Alternatives, Go Paperless! 

What is involved in e-Invoicing?

Having seen the benefits of e-Invoicing, let us get into the nitty gritty of e-Invoicing. Electronic invoicing or e-Invoicing is a system that is used to generate and authenticate an electronic document containing transaction information between the seller and the buyer. It is automatically sent over the internet and can be easily integrated into a customer SAP ERP or third-party system.

The IRP (Invoice Registration Portal) gives an identification number to these e-Invoices. The IRN (Invoice Reference Number) generated by IRP will then be used to transfer all the information to the e-Way bill portal and the GST portal. This system reduces human efforts and a lot of paperwork. These e-Invoices are specially simplified with web apps while still allowing for SAP systems to process them easily. 

The documents that are valid for e-Invoicing are invoices by a supplier, credit notes by a supplier, debit notes by a recipient. In the SAP system it is extremely easy to determine if the customer is eligible for e-Invoicing. Currently, the SAP solution is valid for B2B customers. If a customer has a registered GSTIN (goods and services tax identification number), the standard SAP solution determines if the customer is eligible for e-Invoicing or not. 

How to generate an e-Invoice under GST?

Here is a look at the steps involved in generating e-Invoices:

1. e-Invoices must be generated in the standard format prescribed by the GST network.
2. After generating the e-Invoice, it will be updated on the IRP and sent through an asynchronous call.
3. The IRP will then assign an IRN to the e-Invoice and digitally sign it.
4. Then, IRP will generate a unique QR code that contains vital information on the invoice.
5. Lastly, the e-Invoice is emailed to the recipient of the document. 

The e-Invoice process and its advantages

The e-Invoice system aims to avoid data mismatch errors by addressing various challenges and enabling better data reconciliation. The generation process allows for interoperability, thus minimizing data entry error. It allows you to track the e-Invoices prepared by suppliers in real-time. As the relevant data of the invoices are auto populated when filing different returns, it makes the tax return filing process much simpler and easier.

How SAP rose to the occasion

With most aspects of the business being digitized, the government process is not far behind. This approach towards digitization by the government has generated a need for electronic tax compliance. The e-Invoice system with regulatory obligations has become mandatory for businesses in most countries, including India. In order to cater to the need for a country-specific legal requirement integration, SAP developed its own SAP document compliance solution for S/4 HANA systems and SAP ECC for India users.

Benefits of navigating e-Invoicing through SAP document compliance

• A Global platform: SAP e-documentation is a globally used platform to generate e-Invoices and real-time reporting. 
• Live status update: It offers a live status update for each e-Invoice.
• Health check: By validating transaction data, it ensures an error-free payload to the IRN and NIC portal.
• Three solutions in one platform: It consists of e-Way bill, e-Invoice, and SAP digital compliance service of India.

SAP document compliance can offer businesses real-time generation of e-Invoices, auto-generate part-A of the e-Way bill while creating an e-Invoice, smoothen reconciliation between the e-Way bill and IRN and make cancellation of IRN possible. 

How Fingent can help you stay compliant with GST India e-Invoicing

Being a Silver Partner of SAP, Fingent offers e-Invoicing integration for SAP ERP users in India. We provide:

• API integration to authenticate, generate, cancel, print, and track e-invoice as per the prescribed format
• Follow SAP billing transactions to generate e-invoices directly
• MIS Reporting, Reconciliation, Status, Alerts, and Dashboards
• Extensive configuration options and easy-to-manage customizations
• No conflict with any of the existing SAP functionalities 
• SLA-driven support under AMC 
• On-demand support to handle any statutory changes made by the Govt. 

Read our case study: Automated Integration between SAP SuccessFactors-Employee Central and SAP S/4HANA– How Fingent helped the customer gain real-time insights for improved decision-making

The right implementation of e-Invoicing has the potential to transform the transactional landscape of the Indian commercial economy into a transparent digital system. It is an opportunity to create an automated e-trail and the SAP solution is designed to help you make this smoother and keep a tight control over legal requirements and compliances. 

Future-proof your business by giving it the edge it needs with our customized SAP solutions, which will help you with your e-Invoicing as well as offer you a host of other competitive advantages. We at Fingent are experts at creating intelligent business solutions with SAP. Give us a call and let us get you started. 

The Growing Application of AI in Insurance Leads to a Radical Transformation

• Introduction
• Why does the insurance industry require AI now?
• What are the benefits of AI in the insurance industry?
• Top 3 primary use cases for AI in the insurance industry
• Must-have AI technologies for the insurance industry
• Are you ready to ride on the wave of AI?