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?

Experience remote hiring success with custom hiring and onboarding platform

Even before the pandemic hit, the number of employees working remotely has grown considerably over the past few years. The number of people telecommuting in the US increased by 159% from 2005 to 2017. 

Even if the threat of COVID-19 ceases, we may not return to the traditional office structure any time soon. In other words, remote work will matter to business much more than it did earlier. Employers, therefore, need to find ways to facilitate remote work. This includes creating the best remote hiring and onboarding experiences for employees. Strong onboarding processes improve new hire retention by 82% (Glassdoor).

By making a switch from a traditional to a digital workplace, organization across the globe are embracing the new normal. While there are many off the shelf remote hiring and onboarding platforms available in the market, for long term flexibility, it is necessary to fine-tune the features, user experience, functions and so on to fit your organizational requirements. Fingent, as a top custom software development company, can help you create custom applications to power your recruiting and onboarding.

Challenges of remote hiring and onboarding

Companies want all of their employees to feel inclusive and want a collaborative environment. But how do you make people feel that they are a part of something when you’re working remotely? Remote working is not just video conferencing and chatting, but a comprehensive set of practices that organizations need to develop. Remote employees require more trust. This is what makes hiring remote employees so much different. With remote employees, you don’t have any physical control or direct supervision to know whether or not people are on Netflix or YouTube all day. Building trust over time is the main challenge that organizations need to address while bringing in remote employees. While hiring a remote employee, we’re investing in a person where we’re going to trust him/her to represent our company.

Read more: Check out how Odoo can help meet HR requirements

Remote employee hiring and onboarding is here to stay

Despite these unprecedented challenges that COVID-19 has presented, various organizations have reacted positively and made rapid changes to their remote workflow management priorities and expectations. This ultimately shows us that the need to hire and onboard new staff will continue. Businesses will have to come up with innovative ideas and creative best practices to continue with their hiring and onboarding processes. 

How can a custom platform for remote hiring and onboarding help you?

The hiring and onboarding process of each company is unique. Employers always look to incorporate the requirements of a particular LOB into their induction programs. A customized remote hiring and onboarding platform helps you edit your workflows the way you want. You can use different task types to create a unique workflow for a new hire, through which you can send forms, trigger emails, conduct training sessions, and much more. You can even generate reports to review the progress of each workflow. 

Let’s see how a custom platform can add value to your organization: 

1. Digitization of your recruitment process 

With traditional HR practices becoming archaic, organizations look for recruitment technologies that help streamline processes, giving them the best talent available in the market. A remote recruitment and onboarding platform that is customized to integrate ATS (Applicant Tracking System) allows you to post jobs, screen applications, conduct interviews, and centralize all this information in one shared place. When you’re hiring remotely, you have to find the best fit for your company from a large pool of candidates. Incorporating functionalities like intelligent screening, document parsing, video capabilities help you gain a better understanding as well as organize your recruitment process.   

Read more: Applicant Tracking System-Transforming Hiring Norms

2. Electronic documentation helps you go paperless

A custom platform that takes the paper out of paperwork is what you need today. An online onboarding solution with features that enable your new hires to complete their documentation procedures from wherever they are, using any smart device makes the workflow as painless as possible. This custom platform automatically triggers email reminders to employees if they have not completed their documentation before their joining date. The onboarding platform can be configured to give automatic error notifications and tips to resolve those errors to ensure that all your employee documents are accurate. Additionally, functionalities like fingertip signatures, photo upload, and OCR make paperwork a breeze.

3. Self-Service onboarding improves employee engagement 

Remote employees do not have the liberty of walking to their managers’ desk time and again for necessary guidance. Employee self-service onboarding comes to the rescue here and acts as a key to employee engagement. Self-service portals help to organize the onboarding process of your new hires helping them find all the information they need in one place. A customized remote platform with self-service onboarding capabilities helps your recruits access essential documents that help them learn and get up to speed quickly and with confidence. Thus employees are satisfied as communication channels are improved leading to higher productivity.

Read more: A Chatbot Story – How We Built a Comprehensive Onboarding Assistant for a Leading Research University

4. Project management on-the-go 

Onboarding and managing a remote team requires overcommunication. An online project management tool helps you do this with ease. You can opt for integrating a project management tool with your remote hiring and onboarding portal to reap the benefits in a single solution. This helps remote workers track the progress of their projects, collaborate effectively, and complete projects efficiently from anywhere, using any smart device. New hires can interact effectively, helping them learn fast. Managers can also track time and analyze what needs to be done in their projects. With a real-time overview, you easily get an idea of who’s working on what. Inbuilt video conferencing tools help you to stay in constant touch with your new hires working remotely.

5. Virtual mentoring and training programs 

Mentoring and training programs are an indispensable part of onboarding. They help an employee get accustomed to her new job, learn about the company culture, and update her skills to better perform his duties. You can integrate virtual mentoring programs in your onboarding process helping new hires know about their roles and get personalized training wherever they are.

Read more: Optimize Workforce Management with SAP SuccessFactors and Qualtrics

A company is indeed as good as its employees. Hiring and onboarding new employees was a time-consuming process traditionally. When all or most of your staff works remotely, things become complicated. A tailored platform for remote hiring and onboarding helps you deliver awesome onboarding experiences to your employees, fostering productivity, efficiency, and better employee retention. It also allows you to promote your company brand and culture which gives your remote employees a sense of belonging. 

So did you get a custom platform for hiring and onboarding remote employees? Now is the time if not done yet. Partner with us to develop a tailored platform to meet the unique needs of your company.  

Top Digital Alternatives to Go Paperless and Survive the Recession!

• Introduction
• Document Management Software
• Electronic Invoicing System
• Digital Signature
• Remote Work Collaboration Software
• Virtual Hiring and On-boarding
• Workflow Automation
• Mobile Payments
• Choosing the Best Way to Implement Paperless Initiatives

Concerned about app development costs? Here’s all you need to know!

There will be more people with access to smartphones in 2021 than with access to running water! Well, then there’s no questioning the fact that app development has become the need of the hour to capture the huge rapidly growing market. Investing in app development is valuable to establish yourself as an authority in your industry. As much as you would like to build an app, you might have many queries. One most pertinent question is: How much does it cost to create an app? This will be answered in detail in this blog. 

How much does it cost to create an app?

Some people think that creating an app requires a gigantic investment and that the cost of app development is an expensive affair. The truth is, not all types of apps require a princely budget. There is a lot of thought and work that goes into building an app from scratch, so the cost may vary. But looking into what is involved will help us make a fair estimate.

It is important to understand that the cost to build an app depends on various factors like the type of app, the platform you choose, the design, and the number of pages required. For instance, an app that doesn’t require back-end features like an email subscription, calendar, or social login, and API integration will not need a huge budget. On the other hand, multi-lingual support, custom features, and real-time updates will need resources in terms of the development budget. Each app is unique and the cost of making an app is based on the time and effort required to build an app. 

HackerNoon rates Fingent in the Top 20 when it comes to Mobile App Development Services. Our mobile team has years of experience working with a range of cost-effective mobile application projects. We’ve helped some of the world’s biggest companies create applications to enhance user experience and integrate new-age technologies. 

What Are Some Major Factors That Affect the Cost to Build an App?

Let’s look at some of the specifics that we need to consider, that may affect the cost of building an app. 

1. Functionalities, Scope, And Features of the App

The cost of building an app is going to depend on what you are trying to accomplish. Determining that will give a measure of clarity to the scope of the project. If the business is looking forward to a broader scope and returns from the app, it will have to be extensively developed with many functionalities. However, if the purpose of an app is to just establish a mobile presence and develop another channel to connect with end-users, then a limited feature app would suffice. When the goal and overall business purpose is clear to the development team, they will be able to accurately estimate the cost of developing an app.

Read more: Mobile App Development: 4 Tips To Consider

2. Number of In-App Pages

Another vital factor that determines the cost of building an app is the number of screens in the app. The more the number of screens, the more extensive the work required from the designers and UX experts. More screens would also mean higher interlinking of pages through the app, which requires adjustment of conditions so that users can easily access any particular in-app page. Such complex apps demand more time and effort from app designers and developers.

3. Platforms and Devices

The complete cost of developing a native app for a specific platform is different from developing a hybrid app that runs on multiple platforms and devices. Further, the app development cost also depends on the type of device the app is developed for. 

Making an app for devices running on Android, iOS, Windows, or Blackberry needs different sets of integration for each type of device. Additionally, supporting different generations of the same device can be another factor that increases the cost of building an app. iOS apps will need to be built to support the latest as well as previous iOS versions. The complexity of the Android market adds to the difficulty in determining a single standard cost of developing an Android app.

Read more: White Paper- Choosing The Right Mobile App Development Approach For Your Business

4. Type of App Development Team

Based on the complexity of the project, the app development team may comprise a project manager, designer(s), developer(s), and quality assurance engineer(s). You also have the choice of opting for a basic team with a backend developer, admin panel designer, Android or iOS developer.

5. Elements of App features

• Third-party integrations: Mobile apps require third-party libraries, frameworks, and services. 
• Backend development: Backend implements the app’s business logic enabling the exchange of data between the mobile and database.
• Hardware components: Identifying the right approach for communication between hardware and software components will make a difference in the cost of building an app. 

6. Database

Apps that allow end-users to upload videos, photos, and submit comments or reviews take more time in development. This would increase the complexity of an app because the user’s information must be stored and made available for future use. Obviously then, the app development cost and time for database-driven apps would be more.

7. Post-launch Expenses

The total cost of creating an app includes the money spent on actual programming as well as post-launch maintenance and updates like cloud hosting, backend server maintenance, and app marketing.

8. App Type

Choosing the right type of application for the project will have a massive impact on the overall cost to create an app. Apps can be categorized as:

• Web Apps: Web apps use a responsive design for smooth user experience across various screen sizes and operating systems.
• Native Apps: Native apps could be more expensive because they are optimized for high performance on a specific platform.
• Hybrid/Cross-platform Apps: This approach is best suited for the needs of a large audience across different platforms. The development and maintenance costs of this approach are lower when compared to the other approaches.

Read more: Hybrid Mobile App Development: When and Why To Choose For Your Business?

9. License and Legalities

Businesses that want to protect app features that could be knocked off by competitors may want to obtain a Patent, Copyright, or Trademark which increases the cost of building an app.

10. Support and Maintenance

Adding new features and refining existing features of the app will cost you. This is unavoidable because technology is constantly changing, and new updates will have to be made for your app to function seamlessly. 

Are you ready?

As of August 2020, there are 3.50 billion smartphone users in the world. As mentioned in the outset, Cisco Visual Networking Index Global Mobile Data Traffic Forecast says that there will be more people with access to smartphones in 2021 than with access to running water. Additionally, App Annie forecasts that consumers will be willing to spend a staggering $157 billion on mobile apps by 2022, an increase of 92% from 2017. Now, these numbers should leave you with no doubt that you must make full advantage of this trend by building an app for your business. 

However, having a great idea for an app is one thing but making it available to end-users is another. This guide detailed the cost of making an app, with varying features, technologies, platforms, and more for you to make an informed decision, but if you have any questions or you want to get started on building that app, give us a call. 

Cloud and Mobility: The two pillars to recession-proof your business

• Introduction
• How Does the Recovery Shape of The Coronavirus Recession Look?
• What is a recession-proof business?
• What can business leaders do now?
• How Do Enterprise Mobility Solutions Help in The Current Crisis?
• Five Unique business benefits of enterprise mobility during recession!
• Recession-proof your business by embracing Cloud
• Cloud is not a future aspiration rather an urgent mandate
• How can you capture the full value of the Cloud to recession-proof your business?
• Staying Afloat Despite the Crisis
• Are You Keeping Up with The New Normal?

Why Does Your Business Need IT Consulting Services?

IT departments or on-site IT professionals have become increasingly significant for many types of organizations- small and large, today. As the COVID-19 pandemic has changed the way people work, giving rise to alternative workplace strategies, businesses are forced to rethink IT technology and strategy to keep up with the ‘new normal’. Companies, therefore, expect their IT budgets to grow. 

So what’s IT consulting in simple terms?

Gartner defines IT consulting as “advisory services that help clients assess different technology strategies and in doing so, align their technology strategies with their business or process strategies.” 

IT consultants are needed for software implementations, training, and maintenance. Some companies try to do these activities on their own. Many have succeeded in getting their software up and running to what they think is “Best Practices” for their company. However, with a technology consulting company like Fingent, you’ll rest assured that you’re dealing with someone who knows the product end-to-end. You’ll get to collaborate with an expert who knows how to look for alternatives or add-on solutions for that product. Thus, you end up streamlining the entire process of conversion, training, and implementation with an IT consultant.

Read more: Software Development Outsourcing –  Why software development outsourcing is a smart move now?

Why should you hire IT consultants?

1. Flexible staff:  Most IT consultants offer their services on a contract basis. Organizations may need to supplement their team for a holiday season; they may be rolling out new software or merging companies. There are a lot of situations where a company needs a lot more people for a small amount of time. They don’t have to hire full-time salaried people and then lay them off. Consultants can come in for a short time and do the job for them. 

2. Proven expertise: Your organization may be the best in your LOB. But you may not have the required know-how in house, to implement the best IT solution for your business. Well-experienced IT consultants can advise the best modus operandi to ensure that your new IT project runs smoothly. A reputable IT consultancy would also bring in the shared knowledge of its many business partners. So, you’ll be at the receiving end of the latest trends and updates of the IT industry.

3. Outsider perspective: You are a part of your company. So, you may not spot the blunders that an outsider can quickly point out. Since IT consultants have already worked on similar projects before, they can quickly identify what would work and what would not. They can also bring in different schemes that can help improve ROI that may not have been visible to you.

4. Train employees: Employees are an asset to your company. So you have to provide them with the necessary training facilities to develop their skills and keep them engaged. IT consultants are always at the top of their game, making them good trainers. Suppose you have implemented a new ERP system. After understanding the needs of your company, IT consultants can provide customized training programs to your staff and equip them towards a smooth transition. 

Read more: Digital Transformation Consulting Services – How digital transformation solutions redefine businesses with effective digital experiences

Business benefits of hiring IT consultants

1. Reduced Costs: Hiring in-house staff solely for your IT technical needs or training your existing employees are other options that you can consider instead of hiring IT consultants. While hiring new employees, you’ll have to include the added costs along with their salaries, including taxes, benefits, and overhead expenses. On the other hand, for training existing employees, you’ll have to shell out on a trainer and the skill acquired may not even be used in the future.  Hiring IT consultants will help reduce downtime. Often, you bring in consultants to address a specific issue for a short period. Therefore, they prove to be more budget-friendly. 

2. Better Security: Cyberattacks continue to derail large and small businesses alike. Consultants who specialize in IT security can help tackle and prevent these risks. After analyzing the risk points in your system, IT security consultants can advise on the best security practices that would suit your company. IT consultants can help prevent possible risks by implementing regular updates on your software, training employees to identify malware, developing appropriate disaster recovery solutions, and so on.

3. Focus on core business: SMEs generally fall into the trap of trying to save money by doing everything themselves. The companies whose core competencies lie in non-IT related industries have observed that finding solutions for IT problems zaps them of their time and energy. Not to mention the rise in frustration levels of your workforce as they spend hours doing what they’re not good at in the first place. Once you outsource your IT needs to a specialist, you’ll see speedy execution with higher efficiency in completing the project. Thus, investing in an IT consultancy will lead to better ROI.  

4. Increased productivity and efficiency: IT consulting experts can help businesses optimize their systems. They can help homogenize your IT infrastructure according to the industry best practices. The resultant consistency can help streamline processes, create resilience, and reduce costs related to IT support. Next, as mentioned earlier, IT consultants help manage tasks like software updates, data, and network security that would otherwise be monotonous for your employees, enabling them to focus on increasing profits. Many enterprises are moving to the cloud to reduce their infrastructure costs associated with outdated physical servers. An IT consulting partner can help you realize the full benefits of the cloud by integrating all existing systems, making a smooth transition securely, and avoiding common mistakes.

Read more: Digital Innovation – 10 Services Offered by Fingent to Prepare Your Business for the Future of Digital Innovation

As technology grows by leaps and bounds, organizations have to find ways to grow along with the growth in business. The right IT consulting firm can help you use technology as a tool to increase productivity and reduce unwanted expenses. Need help to manage your IT needs? Fingent’s round-the-clock and customer-centric IT consulting services are bound to give you a competitive edge. We’re just a phone call away! Contact us now! 

How e-commerce adoption benefits B2B healthcare providers and device makers 

The healthcare and life sciences industry is expanding at an exponential rate. The complexity and regulatory nature of the industry have made it imperative that technology catches up with its pace and offers solutions to meet this expansion. This need is being felt more acutely at the moment with the COVID-19 pandemic on the loose. As the pandemic spreads its poison and puts the B2B healthcare and life sciences e-commerce market into a state of flux, it forces large and small organizations to cope with a range of problems that include difficult purchase decisions, supply chain disruptions, and fulfillment and delivery issues. This calls for a technological solution tailored to suit the B2B healthcare and life sciences industry. 

With over 17 years of experience in delivering customized technological solutions including developing e-commerce platforms for B2B clients, we provide B2B e-commerce web application development services for manufacturers, wholesalers, distributors, and so on. Also, our mobile app development services specialize in the designing and development of custom B2B e-commerce apps. 

Case Study: Fingent’s solution for our client Bonanza – Streamlining Online Listing and Inventory Management

In this article, we will explore five specific ways in which B2B e-commerce is that solution and how it will transform healthcare and life sciences.

Immediate and lasting impact on the B2B e-commerce market

In the present scenario, especially from a healthcare and life sciences manufacturing and supply perspective, the impact is immediate throughout the entire supply chain. Manufacturing companies are unable to keep up with the demand, and distributors are rushing to create workflows in an attempt to mitigate customer complaints. Distributors are being forced to claw their way to the front of the line to obtain supplies from manufacturers, stock up on products, and take care of their customers.  

Healthcare and life sciences organizations typically have disaster preparedness plans, but dealing with such an unprecedented disaster is another ball game altogether. The question has shifted from purchasing to inventory, from buying to stocking.  It makes it challenging to find the space to hold extra products that these industries may need and that causes anxiety to all parties within the supply chain. 

B2B e-commerce offers irresistible opportunities for purchasers and medical suppliers

B2B e-commerce works largely on a distribution-based model where customers get their supplies from local distributors or dealers. Thus far, e-commerce has been disrupting the offline system of the B2B industry at a slow pace. However, with the spread of coronavirus and the subsequent lockdown, various industries including healthcare and life sciences are switching to online buying options to prevent human contact. This has resulted in B2B e-commerce experiencing an unprecedented boost in traffic and sales in just a matter of a few weeks. 

Read More: Contactless Retail Delivery Software –  How Retailers Can Revive Sales While Adhering To Social Distancing Norms

While buyers turn to an online purchase, many suppliers have adapted their strategy to foster online sales, dedicating a certain amount of their budget to digital marketing and communications. The current pandemic is imposing digitization of all B2B businesses that would help to communicate with the buyers and generate sales. Digitization of the supply chain is a crucial aspect of e-commerce because it encourages transparency and shows real-time availability of goods right from the manufacturers to the buyers. This makes it extremely important for suppliers to implement digitization in their supply chain. 

The present COVID situation has forced most suppliers to work from home. Those who have already been using digital media are able to manage work remotely. However, others need to think over and plan to reform their business model to adapt to the new era of e-commerce. The pandemic might be temporary, but this trend is not going to be! This is a breakthrough that will continue far into the future. Now is the best time to be innovative, leverage the benefits of the latest digital technology, data analytics, and AI and unlock the potential of digitalization and e-commerce in B2B business. An advanced e-commerce solution built on the latest technology facilitates seamless interactions online across marketing, product discovery, sales, and post-sale service in the B2B sellers’ space. 

Read More: E-commerce ERP Software

Five ways B2B e-commerce can be transformative

As B2B e-commerce forges ahead, the healthcare and life sciences industries will prove to be faster adopters than others. They can fully leverage real-time data tracking inventory and logistics between buyers and sellers. For manufacturers and distributors who sell to hospitals and nursing homes, the level of information presented to buyers in the B2B space can depend on the size of the organization or the customer that is doing the transaction. Depending on the frequency of the order, the level of sophistication of information may vary.  Shifting to B2B e-commerce will prove to be a much-needed transformation. 

Here are five ways that this transformation will be seen: 

1. Online Shopping Drives Online Presence

E-commerce is changing the way people and end-users (such as doctors) shop for healthcare products and the way those products reach the hands of customers. Instead of visiting a pharmacy, most customers are turning to the internet to perform the functions of a regular pharmacy. Healthcare and life sciences companies use a business model that features quick delivery to a patient’s door or to hospitals and healthcare centers. Investors see promise in this revolutionary approach to medication fulfillment, demonstrating that the market has confidence in this model despite the shifting healthcare and life sciences landscape. 

With more and more people turning to the internet to access products and medical care, the healthcare and life sciences industries have been increasingly concerned with the quality of their online presence. According to an online medical marketplace, 50% of their customers are referred by their primary provider or by hospital staff, and 20% are referred by family or friends. This highlights the need for the healthcare and life sciences industries to increase their online presence and maintain it. 

2. Helps explore new possibilities while cutting costs and time 

Shifting to an online B2B e-commerce process can help businesses recover 25-30 percent of their investment. Some of the more mature players might even see higher returns of their business through online orders. 

Migrating more orders online frees up time for sales reps. They can concentrate on introducing new products and capitalize on opportunities for new business. This allows industry leaders to use their time and ability to explore new channels of business and revenue streams. This can also help expand their client base and move into new markets. 

B2B e-commerce enables the healthcare and life sciences companies to see where the business is coming from, where the segments are online and where they are offline. It also gives them the ability to offer variable discounts with certain customers, on certain products, or even just one customer. It will make drug prices more transparent and market-oriented. 

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

3. Transforms Logistics Operations

Synchronization of logistic operations is critical for the success of any business. Enterprise customers generally look for reliability, speed, traceability, and convenience in delivery along with effective product returns, and exchange policy of damaged products. 

Technology solutions for B2B e-commerce provide orchestration with an application that is to be hosted on an e-commerce website. The open standard in these applications facilitates information exchange that allows real-time visibility for seamless integration across supply chain stakeholders. E-commerce offerings can provide credibility and trust for transactions between companies involved in the supply chain. 

4. Enables Customer Personalization

B2B e-commerce enables customer personalization. Enterprise customers want personalized solutions. B2B e-commerce provides a customer portal with content organized around the parameters of their past purchase history and price optimization algorithms that are adjusted on the basis of the relationship. E-commerce offerings are simple, flexible, and convenient. B2B players can use a comprehensive suite of tools that are available to help their customers navigate the site. Certain platforms incorporate live online support to assist with any queries or issues which can improve conversion levels and facilitate buying decisions.

5. Sheer Momentum 

Many medical device companies are already selling products online to enterprise customers. The healthcare and life sciences market is ripe for disruption. Medical device manufacturers and pharmaceutical companies will continue to deliver to wholesalers and distributors, but e-commerce allows them to embark on direct-to-patient delivery. Logistics is ready to respond with tailored services for various products. B2B e-commerce is set to propel healthcare and life sciences forward in the extremely near future.

Take Action

Ultimately, healthcare and life sciences e-commerce will facilitate the redistribution of stakeholders’ offline enterprise transformation and reconstruct all the links of the value chain. Realizing the benefits of B2B e-commerce, many healthcare and life sciences companies are becoming believers. 

Read more: Top 5 Open-source ERP Systems for Medical Equipment Suppliers

E-commerce can effectively optimize operating processes, reduce costs, manage resource allocations, and address the increasingly diversified consumer healthcare demands. The healthcare and life sciences companies must understand that due to the conditions of accelerated technology change, it has become critical for enterprises to become more skilled in deciding their future course and be firm in taking action. If you need help with this, we at Fingent are here to help you take that next step. Get in touch with us and just let us know what you need. 

A list of 5 popular open-source ERPs that support healthcare equipment suppliers

The global healthcare expenditure is anticipated to rise at a CAGR of 5% till 2023. The healthcare industry can, therefore, look at a bright future. Medical equipment suppliers have to deal with various challenges. They have to ensure that all products comply with the regulatory guidelines, are of high quality, and are entirely traceable. Robust ERP systems can help medical equipment suppliers to gather insights from data to make quick decisions. Let’s take a look at some of the open-source ERP systems out there that are suitable for SMEs.

1. Odoo ERP

Odoo is an open-source ERP platform that allows ease of deployment. This is specifically helpful for SMEs that do not have dedicated IT infrastructure. The flexibility helps integration of different business processes and systems. Odoo for medical equipment suppliers is a comprehensive ERP solution that helps manage financials and operations with ease. 

The core modules of Odoo like Accounting, Project Management, and Inventory Management make it suitable for medical equipment suppliers. Developers can create custom third-party apps to meet the specific needs of a medical equipment supplier. Odoo offers more than 10,000 apps to meet most business needs. Fingent is an official partner of Odoo with years of experience in implementing, customizing, and providing consultation for clients. As an Odoo development company, Fingent has catered to the needs of various customers and streamlined their operations. Our motto of increasing efficiency and ease-of-use has made us a popular choice among various organizations for Odoo implementation requirements. 

Read more: 5 Salient Features of Odoo that Make it a Reliable ERP for Enterprises

2. ERPNext 

ERPNext is a contemporary ERP solution that allows you to focus on delivering medical equipment of high-quality by effortlessly managing your supply chains. It enables you to intelligently track orders, monitor stock levels, implement promotions, and minimize errors in inventory sourcing. You can leverage the numerous built-in integrations offered by ERPNext and start supplying in no time. With ERPNext, you can have real-time updates on the movement of equipment, control equipment transfers within different warehouses, and generate required reports quickly and easily. You can also create your customized software on-the-fly without any code. 

3. Epicor 

Medical equipment suppliers have to deal with difficult delivery timelines, complicated pricing arrangements, unique inventory, oversee seller agreements, and concessions. Epicor ERP solution enables you to carry out all your operations with ease. The Epicor Prophet 21 ERP is specifically designed for supply and distribution. This user-friendly ERP system can help suppliers maximize profits and scale without limits. Epicor allows you to integrate all your business applications with RESTful API. You can also automatically manage your warehouses with Epicor Prophet 21. This helps in the smooth running of all processes in your warehouse. This, in turn, improves precision enabling you to provide better services to your customers.   

Epicor Commerce Connect helps you to create and maintain an online presence which is the need of the hour. The increased visibility across the supply chain helps medical equipment suppliers even forecast demand. 

Read more: ERP or Digital Transformation: The Best Technology Solution For Your Enterprise

4. Microsoft Dynamics 365

Microsoft Dynamics 365 combines the best practices of Microsoft’s ERP, CRM, and BI solutions into a single product that is cloud-based. These features enable the system to scale and grow along with your business. Capabilities like Material Resource Planning and Vendor Self-Service Help minimize vendor lead times and inventory carrying costs. The fully automated warehouse management system (WMS) helps optimize your warehouse space, labor, and resources. 

Microsoft Dynamics 365 gives medical device suppliers full visibility across the entire supply chain and the ability to track information and job at all touchpoints. This helps improve efficiency, reduce expenses, and promote smooth communication within different segments of the medical device industry supply chain. As a medical device supplier, you need to understand who has purchased the device from you and whether it has come back for service. You have to take information from different systems and combine those to give meaningful reporting. You also may have to rework your inventory according to changes in regulations. Microsoft Dynamics 365 allows you to be unique in the medical device industry because that’s what gives you the edge.

Read more: ERP E-commerce

5. Oracle NetSuite 

Oracle Netsuite is proven to be a very mature SaaS solution that brings in next-level integration and seamless nature to the table. Though NetSuite is ideal for SMEs who can leverage the relatively low-cost entry point, many enterprise-level companies are also considering Netsuite due to the scalability that it provides. Oracle NetSuite helps medical device suppliers to react to the diverse market and deal with different customer bases and different routes-to-market. NetSuite helps you reduce indirect costs and get through the maze of the regulatory framework by allowing modifications and customizations. You get one central source of information that helps simplify the complexities of the medical device business. The flexibility that Oracle NetSuite offers, helps the medical equipment industry to adapt to the changes in customer demand and provide them with what they want and when they want. 

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

Conclusion

Analyses of the medical equipment supplies and distribution industry show that companies that have demonstrated the ability to leverage cloud computing and ERP have increased their profitability and revenue. This was achieved as a result of seamless integration of all business processes which enabled real-time financial and operational visibility, better cost management structures, improved forecasting and revenue tracking, and the ability to access data from anywhere. 

A large number of medical equipment suppliers usually are small to medium-sized businesses, where the one-off system automation model proves to be inefficient. Cloud-based ERP systems eliminates the old standalone computer systems and replaces them with a single, unified software program. Thus, someone in Finance can easily look into the Warehouse software to check if an order is shipped. ERP cloud computing can help you see exactly where your business is, at any second of the day. You can see how much revenue you’ve earned for the day, how much inventory you have, how you are trending over previous days, months, and years. 

Read more: A 3 day Odoo CRM implementation story!

Cloud-based ERP systems becoming the rage for medical equipment suppliers, it’s high time that you too invest in one, if not done already. Fingent helps you leverage the benefits of the open-source ERP systems mentioned above by understanding your unique business requirements. Because we know that this uniqueness is what gives you that competitive edge. Contact us to know more about how your business can benefit from ERP integration.