Category: Technology

The impact and significance of digital transformation in financial services

Changing customer expectations, increasing regulatory complexity, stiff competition, and other factors are constantly pushing businesses for renovation and innovation. Also, the rising number of FinTech companies and solutions over the last few years have completely transformed the financial services landscape. Rather than just technology, digital transformation in financial services has now become an integral part of a successful business strategy. Digital transformation in the financial industry has improved employee and customer experience by helping meet regulatory deadlines and ensure cost-effective operations while remaining highly competitive.

If you consider how banking has transformed over the years, you will understand how digital transformation in banking and financial services has grown to benefit everyone with convenience. From simple branch offices to ATM and mobile apps, digital transformation has offered greater convenience, choice, and experience. Today, customers are gravitating more towards digital experiences and products.

What is the importance of digital transformation in the financial industry?

According to a recent report by Global Economic Prospects, the global economy will contract by over 5% in 2020 due to the COVID-19 pandemic.

However, the crisis has accelerated economic transformation, leading to an increase in the adoption of digital financial services.

Although the digital transformation was a development priority even before the COVID-19 crisis, it has now become indispensable for both short-term as well as long-term sustainable recovery efforts. 

Here are four fundamental shifts that are forcing financial institutions to accelerate the rate of digital adoption.

1. Forced adoption of online and mobile channels

Social distancing and lockdowns are forcing people to stay indoors or go outdoors only to buy essential items. This has forced the rapid adoption of digital technology across the globe.

Deloitte reports that the United States, which has traditionally lagged in digital adoption is experiencing an all-time high in the number of check deposits and mobile logins. Interestingly, the major contributors to this growth are baby boomers and senior citizens who have been typically slower to adopt the digital channels.

For example, Goldman Sachs reported a 25% increase in the number of active users on the bank’s institutional platform. Also, the country has seen a spike in call center interactions as customers seek protection from the financial crisis caused by the pandemic. 

2. Digital and contactless payments

The lockdown has witnessed a race among retailers to set up e-commerce capabilities to capture sales. With consumers shifting to online purchasing, there has been an acceleration towards digital and contact payments. 

While MasterCard reported over 40% growth in contactless payment across the globe, Visa reported a staggering 150% increase in the U.S alone. Hygienic payment modes such as digital wallets, scanning QR codes, click/tap-to-pay, etc. have taken off well to encourage contactless payments during the pandemic.    

Read more: FinTech: Safeguarding customer interest in the post-pandemic world 

3. Virtualization of the workforce and ways of working

Previously, financial institutions hardly imagined their workforce working remotely. But, the COVID-19 pandemic has forced financial services companies to build a remote work model.

Wells Fargo and Bank of America have pushed almost 70% of their employees to work from home and have established contingency locations for those employees who are into trading and operations. Standard Chartered Bank has kept most of its employees working from home, increasing its VPN system capacity to 600% to keep pace.

Bandwidth issues aside, this transition has been largely successful due to digital disruption in financial services. Most financial companies have even committed to making the remote working model permanent. 

4. Evolution of economies and underlying market structure

Even though financial companies have been enjoying stability for years, the COVID-19 pandemic has fuelled margin pressures for companies.

On one hand, insurers are fighting lowered premiums and high claim costs due to the market scenario, while on the other hand, banks are affected by reduced interest rates. Though it is difficult to predict the duration of the economic downturn, it is forcing financial services companies to operate effectively and efficiently to remain competitive in the market. 

Moreover, as the market dynamics continue to evolve, “big tech” is likely to reinforce its foray into financial services leveraging its scale, size, and expanding its role in the consumers’ day-to-day activities. Also, smaller FinTechs could be at risk with their funding models. All these evolutions will have a substantial impact on buying, building, and partnering decisions for many incumbents as well as start-up financial companies.

Top 6 digital transformation trends in the financial industry

1. Mobile banking

The digital banking environment allows customers to transfer funds, deposit checks, and apply for loans easily from their mobile devices. Today customers prefer to do online banking at their convenience instead of visiting the brick-and-mortar banks. More and more customers prefer to use mobile banking as it allows 24/7 access, almost negligible waiting time, and ease of use. Mobile banking has changed the functioning of banking and financial institutions to a great extent and is expected to grow further in the coming years.

2. Blockchain

Blockchain is gaining momentum steadily and will play a crucial role in digital payments, loan processing, escrow facilities, etc. Additionally, Blockchain will be used in RegTech (a new technology that uses information technology to streamline regulatory processes) to avoid unnecessary regulation breaches.

3. Big data

Big data is everything. Financial institutions including banks are using machine learning to process data and drive analytical solutions effectively. Big data helps banks and other financial institutions to serve their customers efficiently by tailoring their services based on the insights gathered. Eventually, this can help financial institutions to bring in more investment and create a great work environment for both employees as well as customers. 

4. Mobile apps

While everything in banking and other financial services is going mobile, there are third-party financial service providers who are competing with the banks. They could be financial managers, unconventional leaders, or financial budgeting mobile apps. Banks will have to consider ways to integrate these third-party services- what information to provide, the companies they want to partner with, and which services they are likely to offer to their customers directly without the need of the middle-man.

5. Automated Wealth Managers

Artificial Intelligence (AI) is disrupting several industries with automation and numerous other possibilities. Wealth bots or automated wealth managers use complex algorithms to calculate the best investment opportunities, best loan providing institutions, best interest rate, etc. Automated wealth managers have made financial planning a breeze and are also helping people achieve their business objectives accurately and with great returns.

6. FinTech (Financial Technology)

FinTech is a modern technology adopted by banks and financial companies to deliver financial services efficiently. It has improved drastically since its ATM and credit card days to the latest digital banks and blockchain technology.

FinTech along with automated technology and machine learning algorithms are revolutionizing the world of finance. Digital technologies such as customer service chatbots, expenditure tracking, and online budgeting tools are some examples of how far financial services have come today. 

How Fingent can help you?

As your digital solutions partner, we will help you navigate industry disruption and equip you for future challenges. We apply our extensive experience and deep industry knowledge in fintech to guide you to see digital transformation through fruition. Here, we ensure to maximize value with minimal disruption to your existing infrastructure to help achieve your goals. Get in touch with us to learn more. 

How Technology is Transforming Classroom Learning

There’s no denying that technology has completely transformed the way we live and steadily it is becoming more and more predominant in the classroom as well. From improving the communication between teachers and students to enhancing presentations and lessons, to organizing curriculum calendars, there is no limit to the ways to use technology in classrooms to set up a successful life for students outside of school. 

Today, many educational institutions are offering courses that no longer need students to study in a traditional classroom. 92% of teachers said that the internet has a significant impact on a student’s ability to access resources, content, and materials, according to the Pew Research Center. 

Benefits of using technology in the classroom

Here are a few advantages of using technology in classrooms. 

1. Improves collaboration

Many technology-based tasks involve aspects that require students to seek help from their friends or teachers. Teachers have observed that when students are assigned to tasks, the students who are more technologically advanced assist those who are not.

2. Incorporates different learning styles

Each child is different and it can be challenging to adjust a study plan to fit every student in the classroom. Thanks to technology in education, it is possible to modify the lessons. For instance, kids who might want to draw during the class can create an infographic to demonstrate their capabilities and understanding of the concept which a teacher might not have previously seen or assessed.

3. Creates an engaging environment

While most people consider technology to be just a distraction, it is not so. When used correctly, it can help encourage active participation in the classroom. Using laptops, computers, tablets, etc., in the classroom can help bring more interaction and fun into learning, thus making lessons more interesting.

Read more: Impact Of Augmented Reality In Education Industry 

4. Students learn essential skills

Using technology in classrooms, students can gain the knowledge and skills essential for problem-solving, critical thinking, collaborating with others, and improving motivation and productivity. Technology can also help develop several practical skills such as creating presentations, writing emails, learning proper online etiquette, and understanding the difference between reliable and unreliable sources on the internet. These skills are very important and prepare the students for the future.

How to use technology in the classroom?

While traditional classroom learning is still prevalent, many educational institutions are willing to embrace technology. Here are nine creative ideas to use technology in classrooms to enhance learning.

1. Schedule your online classes

Google Calendar allows you to create and share a class calendar that will keep the students informed about the class, duration, announcements, and important dates. Teachers can easily email the class calendar link to the students. This will help both the teachers as well as the students to stay organized and come prepared for each class.

2. Use virtual manipulatives

While there are manipulatives such as blocks, ten blocks, coins, and tangrams to visualize mathematical concepts, virtual manipulatives are more effective.

Virtual manipulatives help students to comprehend complex concepts. So, incorporating virtual manipulatives in classrooms is not just going to benefit the students but also appealing to hands-on-learners.

3. Digital field tours 

One of the popular and cost-effective ways to use technology in classrooms is to take digital field tours. Apps such as Google Streetview allow you to virtually explore parks, forests, and even national and international landmarks from the comforts of the classroom. For instance, a virtual tour of the Grand Canyon can help students learn about the location or the subject and help them learn beyond books.

4. Use Social Media

Much of our time is spent on social media today. So integrating social media into the classroom is a great way to use technology in classrooms. For example, creating a WhatsApp or Facebook Group for a particular class allow students to post discussion topics. You can even consider developing interesting Twitter hashtags students can use to discuss lessons or ask questions.

5. Create digital content

Digital content related to what students are learning helps them display their individual creativity as well as showcase learning. Provide options like blogs, videos, eBooks, podcasts, flyers, or other digital means that will help students to express themselves.

6. Gamified learning

Make learning fun by incorporating gamified learning. Simply create a virtual scavenger hunt by giving the students a list of questions for students to search and find the correct answers. You can even consider forming groups or pairs of students to encourage teamwork and collaboration.

7. Include videos

Videos help students remember important concepts longer than reading. Teachers can record videos such as whiteboard explainers, peer presentations, classroom activities, etc., and share it with the class via Google Classroom, YouTube, or Gdrive.

Videos will help visual learners to learn at their own pace. Also, videos will help establish a better connection between teachers and students while comprehending clarity.

8. Podcasts

Motivational podcasts, interviews, and online courses can aid the teaching process in the long run.

Some examples of podcasts that teachers can include in the classroom are;

• Podcasts blogs
• Lectures from other teachers
• Researches on academic topics

Teachers can take it to the next level by asking the students to create their podcasts.

9. Multimedia lessons and presentations

By incorporating visual effects, music, videos in the presentations, they can be made more enriching for students. Teachers can consider inviting virtual guest speakers via Skype, Google Hangouts, and Facetime to engage their class during the slideshow or digital presentations. This will boost engagement with lessons.

Some of the future trends in the education industry

1. Student-centered learning

The future of education will be student-centric learning. Teachers need to adopt personalized teaching and learning practices. Flexibility in learning will result in imparting quality education to students. Flexible learning patterns will gain prominence in future classrooms. 

2. Edutainment

The concept of blending learning with entertainment is opening the doors to thinking forward. Technology can be used to focus on slide shows and online videos. Technology innovations like Augmented Reality (AR) are already replacing pens and chalk pieces in the field of education and will bring about significant changes soon. A study conducted by the University of Georgia has shown that the introduction of AR makes 72% of the students more likely to participate in classes. Building such participation is a critical aspect of education. 

Media learning is helping students to hone their creative skills and stay in touch with educational events that are happening across the globe. Videos, educational podcasts, simulations, and recorded audio-visual lessons are trends that transform traditional classroom learning and teaching. 

3. Adaptive learning

The adaptive learning curriculum is personalized learning that allows students to work on instant feedback given by their teachers and improves student engagement. 

In the future, students will be categorized and trained based on their inherent strengths and capabilities. Appropriate learning tools can be recommended to reveal students’ budding talents and bring them to the fore. The adaptive learning pattern will not only keep the fundamental interests in mind but also the individual needs of the students.

Fingent helps schools, universities, colleges, educational institutions, NGOs, and training centers to develop customized LMS platforms that come with aptitude-based smart learning tools. This makes sure that you can have a more interactive learning atmosphere. Customized LMS allows you to cultivate more transparency and communication between the instructor and the learner, which works to improve performance significantly.

Read more: E-Learning Taking A New Front: How Can LMS Technology Help 

Integrating technology into the classroom allows more effective communication between the teachers and students. It empowers students to take responsibility for their learning by participating in projects and learning activities, giving feedback on lessons, and understand how to use technology in classrooms creatively and safely. Get in touch with our experts today and know how we can help you bring technology in classrooms more effectively.

Why Does the Retail Industry Need to Embrace Digital Transformation?

The term digital transformation in the retail industry means disruption, new services, and improved functioning of the existing system using technology.

As the customer journey is evolving, retailers have to adapt and evolve as well. Also, with the shift towards personalized shopping, retailers have to go beyond focusing on a single technology in order to create new and innovative business models.

Location-based services, mobile apps, and big data analytics have brought about a significant change in the retail industry. This post details the significance of Digital Transformation in Retail. 

What does digital transformation mean for retail?

Retailers will have to look beyond marginal enhancements and redefine processes to create a connected engagement using technology. Digital transformation is not only about agility, innovation, data intelligence, customer centricity, and new value propositions but also about streamlining processes, reducing costs, and improving productivity across the transactional cycle. 

Now, more than ever before, retailers have to rethink every aspect of their business. Right from sourcing, pricing, inventory planning, employee training to customer experience management, retailers have to find new ways to drive revenues and create innovative business models.

McKinsey states that COVID-19 has accelerated the adoption of digital technologies in the retail industry. According to their report, e-commerce penetration in the United States which was supposed to reach 24% by 2024 has rapidly grown from 17% to 33% in just two months since the lockdown. 

“Contactless retail that leverages digital transformation technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Virtual Reality (VR) increases customers’ confidence to shop during the COVID-19 pandemic”, says GlobalData. With changes in consumer behavior and consumption patterns, retail digital transformation trends are only likely to continue in the future. 

Read more: Contactless services: The New Normal in Retail 

Simply put, digital transformation in retail can improve customer retention and satisfaction by offering products and services according to their needs. 

What are the benefits of digital transformation in the retail industry?

While digital transformation is not an easy one, a well-thought strategy can bring in the desired results. Also, it comes with several advantages such as:

1. Improved operations

Using cloud technologies helps improve operations within the company and enable the retail staff to respond to customers quickly which eventually improves client support. Availability of real-time data helps predict demands ahead of time and stock goods in advance. 

2. Convenience

AI tools are helping customers to shop without a cashier and enabling retailers to sell their products in physical stores as well as websites and mobile apps. Thus, AI-powered automation of retail processes such as locating items, tracking inventory and replenishing stocks, remembering customer preferences, etc. will enhance the customer experience.

Read more: AI To Solve Today’s Retail Profit Problems 

3. Better communication

Retailers can form a better connection and improve their communication with their customers via social media, mobile apps, websites, chatbots, etc.

4. Enhanced customer experience

Digital transformation influences customer experiences and makes them better. Technical tools help increase the productivity of the employees and make services more efficient. This helps customers get not just high-quality services but also ensures a pleasant buying journey. While digital transformation is customer-centered, it also helps your business become better and stay ahead of the competition.

Read more: Re-Imagining Customer Experience in Retail Industry 

5. Boost revenue

Digital transformation offers retailers a chance to reach a wider target audience and thus increase their channels of income.

Why is the retail digital transformation more relevant now?

While the shift towards e-commerce is not new, the COVID-19 pandemic has only accelerated it. In the United States alone, approximately $600 billion represented online sales that accounted for 56% of overall retail growth in 2019.

Here are some more reasons why businesses have to mandate digital transformation and tweak their customer journey to respond effectively.

1. Life post-COVID will see a surge in online shopping

With increased emphasis on social distancing and personal safety, there will be several changes in consumer demands, saving patterns, spending style, and buying channels. Business leaders must plan their digital transformation and make profits in the post-COVID era. Business recovery and sustenance will depend on digital channels during the social distancing phase. Businesses should consider establishing digital channels and improving presence, invest in data, and improve models for customer demands. Additionally, business leaders can integrate pandemic outbreak models with supply chain demands and empower employees to work from home efficiently.

2. Transparency in supply chain

The pandemic has affected the supply networks across the globe and has caused many retailers to be unable to meet consumer demand for their products. So, retailers will have to be more transparent about their inventory and plan their online and offline customer experience.

3. Retailers with a digital presence will be more successful

Given the current pandemic situation, most people are indoors and spending only on essential items. So, retailers having a digital presence are already ahead of the competition. Such retailers are taking advantage of the pandemic situation and capturing the market share through innovation and customer acquisition. Businesses need to continue with their digital transformation program instead of closing their business and filing for bankruptcy.

4. Customers are rooting for their favorite brand

Most people are affected by social distancing, maintaining personal hygiene, queuing up for entry in stores, and other restrictions. So, customers are rooting for their favorite brands and expecting them to provide better services while taking safety measures. This increases the demand for digital transformation of retail more than ever.

Top 3 retail digital transformation trends to embrace

Retail digital transformation has already started and many companies have benefited from it. However, digital transformation is not a short-term process as technologies keep evolving and retailers will have to keep track of the latest trends. We have shared some of the latest trends to watch out for.

1. Augmented Reality (AR)

AR technologies and tools are helping customers to try and view things from the comfort of their homes. For instance, Toyota’s Augmented Reality shopping experience allows you to try 10 different cars before selecting the right one. 

Another great example is IKEA. They let their customers choose furniture using their app. Customers just have to point the camera to the right place at home and the app will suggest options that suit your decor.

2. Mobile applications

Mobile apps help you connect with customers in a better way. It allows customers to check on the products, read reviews, etc. Additionally, customers can contact the support team in case of any issues.

Mobile apps are also good for further development as they allow you to add new features and enhance the services you provide.

Read more: 3 Must-Have Retail Mobile App Features to Boost Your Business 

3. Virtual Reality (VR)

Virtual Reality technology has immense potential to develop and grow in the retail industry. VR can enhance customer experience and take it to the next level as it will allow customers to check homes, cars, etc., without even stepping inside. The retail giant Walmart employs VR headsets in over 4,500 of its stores for managing grand shopping events like Black Friday. VR training has boosted the confidence and productivity of Walmart’s associates and has increased their rate of retention. 

Summing up

It can be said that simply having a retail store will not help you anymore. You must integrate digital transformation from your physical store to your online store and social media accounts.

Instead of spending days researching your options, we can help you save your time and money. Let us know about your retail business needs and we’ll come up with the best digital transformation strategies suited for you. Contact us today. 

The inevitable role of FinTech in improving your financial systems and outcomes

The COVID-19 outbreak has affected every aspect of the economy including financial technology or FinTech. Postponed events and conferences mark missed opportunities for FinTech companies, which could have been a great time to build relationships and focus on new businesses. As investors and customers retreat to more cautious positions, FinTech companies may find fundraising a challenge. Those who seek consumer investments are hit harder. Consumers may be reluctant to invest during such volatile times. Even those consumers who are relatively insulated from economic fallout may choose to invest in safer options for the present. FinTech innovations can improve the efficiency of the financial system and financial outcomes for their customers. This article will discuss how FinTech can safeguard customers’ interest in the post-pandemic world. 

What is FinTech?

FinTech is a combination of Finance and Technology. It is used to describe new technology that can improve and automate the use and delivery of financial services. It also enables people to live upgraded lives through innovation. FinTech includes many sectors such as fundraising, education, retail banking, and more. It plays a major role in the development and usage of cryptocurrencies. FinTech also covers various day-to-day financial activities including money transfers, check deposits, and investment management.

Read more: FinTech Innovation: What Is In Store?    

Why protect customer interest?

Customers are the primary source of growth, so they must be handled with the respect they deserve. Any product or service which is customer-centric offers the potential to attract and retain customers. Since FinTech provides advantages of speed and convenience, customers are looking at FinTech as a viable alternative. People want streamlined services with applications that are easy to adapt to. Hence, FinTech companies are outlining measures to make their services less complex and more transparent. They are focusing on creating better digital processes that their customers can personalize easily.  

Customers’ convenience and requirements are paramount for FinTech start-ups. To that end, they are designing products and solutions to ensure customer satisfaction. Delivering a top-notch customer experience is the goal of FinTech companies globally.

Measures to protect customer interest 

Here are some cutting-edge technologies that are protecting customer interest now and into the future:

1. IT foundation for better customer experience

FinTech startups are usually smaller in size and have a technological edge. They have a fresh canvas, allowing them to migrate easily from legacy technologies. The younger digital-first audience is attracted to their services. Larger FinTech enterprises must adopt a new IT foundation with modern technologies. Currently, FinTech customers prefer startups over established brands because they can reap the rewards in the form of better digital experiences. Though startups have a technological advantage, they must continue to focus on their capital reserves to make it through these unprecedented times. 

2. Digital communication tools 

The FinTech sector is based on understanding the needs of their customers. It is crucial for these companies to strategize the manner in which service providers communicate with their customers. This gets customers locked onto their services with relative ease. Communication through online media or through the content on your site can draw in new leads and build customer trust. When customer interest is protected, they will most likely return to you. In turn, they will recommend the service to their relatives and friends. These parameters are crucial if you want to keep your business afloat. 

3. Embrace digital transformation

While your staff may be susceptible to coronavirus, technologies like ML and AI are immune. The financial services system must address customers’ demands swiftly and efficiently. Smart devices and the integration of artificial intelligence are a great way to achieve this. Virtual assistants and chatbots can deliver a customized experience to your customers. They perform all the activities that are usually done by customer service personnel and other executives. However, these digital solutions are faster and reflect sophistication. Digital transformation provides holistic 24/7 monitoring and automated remediation. 

Read more: Artificial Intelligence In Investment Management: What To Expect 

4. Digital banking 

Previously, a customer’s confidence in a financial company depended mostly on physical infrastructure. However, COVID has changed that momentously! The new generation banking system is going all-digital to reach mobile-first customers. Digital-only banks do not need sophisticated infrastructure or higher human resource management. Digital banks are able to deliver cost-effective, robust services that match the high standards set by traditional banks.

5. P2P Transactions

P2P digital payment is quickly gaining popularity. Customers are adopting such technologies for daily use. P2P eliminates the middle layer and drastically reduces transaction costs. Digital transactions help FinTech enterprises expand their footprints and customer base. 

6. Security and privacy

FinTech is an industry where the risk of financial crime is high. It is vital for FinTech companies to think over customer security while designing their consumer experience. Apparent security measures make customers feel comfortable. Customers expect rigid security from FinTech solutions along with reliability and FinTech is practicing stringent security measures to beat the competition. They are making visible efforts to handle customer data with care. To gain the attention of your customers you can make your privacy policies visible enough on your website or app. Remember, it can reflect on the confidence a company has in its security measures.

Read more: Artificial Intelligence and Machine Learning: The Cyber Security Heroes Of FinTech 

Changing for the better

It may be difficult to predict how the payments landscape will emerge in the next few years and what will be the long-term impacts on the FinTech industry. Nevertheless, it is likely to witness a transformation that can dwarf what has been achieved thus far. At such times, it is important to gain the confidence of your customers to retain them and enjoy their loyalty. 

Thus far, FinTech has only been in the shadows as it were, but now it has found a home in the innovation economy globally. Millennials are more reliant on their smart devices to accomplish their daily tasks. They want the world and its conveniences at their fingertips anywhere and anytime. Given that, perhaps the future might see more interesting innovations in customer experience. 

Let’s look at some opportunities for FinTech in the future:

• Companies with remote workforces are better positioned to thrive during and after this difficult period.
• FinTech gives an impetus for greater adoption of contactless money transactions.
• FinTech companies are well-positioned to find new ways to incorporate better digital solutions.

In order to capitalize on all these opportunities, you will need a technology partner to help guide you through the latest innovations. Give us a call and let’s discuss how Fingent can help you guide your business and customers to success in the post-pandemic world… 

Fingent launches Odoo Zoom integration module in Odoo Apps Store

Are you managing your crucial business functions like ERP and CRM via Odoo and scheduling your online meetings via Zoom? 

Very often, you’d have faced this difficulty of logging into Zoom separately to join the meetings. Some of you would’ve even missed the appointments or run late to join, just because you got too busy to track your Zoom calendar. 

Spending your whole day on Odoo and switching to Zoom in between is annoying. Being an Official Partner of Odoo, Fingent has always catered to the needs of various customers and streamlined their operations thus saving their costs, time, and resources. Now you can easily schedule your Zoom meetings from Odoo using Fingent’s new plugin that integrates Odoo with Zoom, inclusive of updating Odoo based calendars. Participants can join the meeting using the meeting link and ID. Both the organizer and the participants need not require individual Zoom accounts as the meeting can be scheduled from within Odoo. 

Click here to check out our Odoo Zoom integration module launched in Odoo Apps Store. 

Features

• Easy flow between Odoo and Zoom
• Automatically syncs meetings scheduled via Odoo with Zoom
• Sets passwords to join the meeting
• Manages time-zone considerations
• Support for Zoom’s advanced meeting settings
• Multi-user and multi-company support

Want to integrate this custom business logic to extend and amplify the functionalities of your Odoo CRM/ ERP suite? Get in touch with us. 

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