The cloud approach is gaining immense popularity amongst businesses due to its scalability, enhanced productivity, and cost-effectiveness. According to Cisco, in 2021, over 94% of workload and computing processes will be hosted on the cloud. While many firms are already implementing and thriving with the Cloud, a few still remain to deploy this technology. This blog is a simple guide to help you understand every aspect of the Cloud, and how your business can drive success with Cloud Application Development!
- Knowing the Cloud!
- What is a ‘Cloud-based Application’?
- Benefits of a Cloud App
- Types of Cloud Application
- Key Features to Consider When Developing a Cloud Application
- Some Examples Of Cloud Application
- Developing a Cloud Application
- A Look at the Tools to Build Cloud-based Apps
- Challenges of Cloud-based Application Development
- A Few Common FAQs
Knowing the Cloud!
In simple terms, the cloud refers to software or service that is accessed over the internet. The cloud uses data centers to store data, which enables easy access of files and applications from anywhere and from any device.
For businesses, leveraging cloud technology can immensely reduce IT costs and overhead, eliminating frequent updates and maintenance of servers. Cloud computing can also simplify international operations for companies by allowing seamless access and control of files and data from anywhere. Google Drive, Dropbox, Apple iCloud, and Microsoft OneDrive are some widely used cloud services today.
What is a ‘Cloud-based Application’?
In the last decade, cloud computing has experienced a tremendous investment. By the end of 2023, the global cloud market is estimated to reach over $ 623 billion.
Typically, a cloud-based app is an Internet-run program having its components stored online with some or all of its processes carried out in the cloud. These on-demand services allow you to access computer networks, storage, or resources using the internet.
Cloud-based solutions help businesses augment capacity, scalability, and functionality while at the same time reduce maintenance and cost for computer infrastructure or in-house teams.
Common solutions provided by cloud-based applications may include;
- File storage and sharing
- Order entry,
- Inventory management
- Word processing
- Customer relationship management (CRM)
- Data collection
- Financial accounting features
Benefits of a Cloud App
The cloud is creating a huge impact on businesses. According to Gartner, over 60% of companies will majorly rely on the cloud for their operations by 2022. Of course, this means that the cloud has some huge benefits to offer for businesses. Here are a few to highlight.
1. Improved data sharing and security
The data stored in the cloud is easily and instantly available to authorized users. Since the cloud offers easy availability of data, security and privacy are often a concern. That is why the advancements in cloud technology have majorly focused on providing enhanced data security. Many cloud providers now guarantee improved data security, making the cloud the best source for secure storage. Also in case of disaster recovery is inevitable, the cloud provides a streamlined solution to restore and back up data.
2. Improved collaboration
Cloud-based apps and software enable organizations to make collaboration an easy and effective process. These applications provide easy data sharing and editing options allowing employees to work effectively on projects remotely and in real-time. Role-based access control enables better monitoring of tasks, and improves team management, especially when operating remotely. Improved collaborations can help enterprises to reduce time-to-market and enhance customer service. InfinCE is a prime example of how enterprises can use a cloud-based app to improve team collaboration. The app provides centralized management, enhanced visibility, and easy communication that drives operational efficiency and productivity.
The cloud space can be scaled up or down depending on your business needs. Cloud service providers allow you to pay per usage of the cloud infrastructure allowing you to only pay for the services you need. Most cloud providers offer seamless concierge support and regular maintenance, which in turn immensely helps reduce the stress and cost of maintenance. Moreover, there is no need to invest separately on devices to store data, as the cloud ensures safe and secured data storage. Put simply, cloud-based apps help enterprises reduce the upfront cost of the IT infrastructure and hence are a cost-effective solution.
Types of Cloud Application
To proceed with cloud application development, you will have to decide what type of app you would want to create. One way to classify the categories is about the differences in the app architecture.
SaaS – Software as a Service
SaaS serves both cloud apps as well as individuals. These apps run on third-party hardware and not on the user’s device. Also, the software is hosted remotely. A big advantage of SaaS is that you don’t have to spend on additional hardware or buy licenses for every software update.
IaaS – Infrastructure as a Service
This type of product often requires middleware and app support from the clients. The customer may have to create a custom programming bridge between the application and its operating system. However, with IaaS, one can develop a customized product without building the basic components from scratch.
PaaS – Platform as a Service
This cloud-based app development requires the application code from the customer. PaaS providers allow their customers to use their hardware and basic development software. As this software is updated constantly, developers can use only its latest version. PaaS is flexible and lets the users scale the product as per their needs. Cost efficiency and flexibility are some of the major benefits of PaaS.
Key Features to Consider When Developing a Cloud Application
The Cloud is a powerful technology, which if leveraged the right way can do wonders for your company. That is why it is imperative to be clear and sure of what benefits you need exactly to derive out of the cloud application development. Here are a few things to consider when fixing the features of your cloud application.
One of the most eminent features of the cloud is that it provides ample space for flexibility and scalability. With the cloud, one can empower safe storage of data that can be expanded as per convenience.
Most users prefer the cloud because of its storage facilities. However, its security is always a concern. When investing in cloud application development, one must highly prioritize app and data security by ensuring a code-based architecture for improved security.
Although the cloud delivers unlimited benefits, cloud hosting comes with a cost. Thus, data size optimization and condensed user requests should be the top priorities while developing a cloud platform.
To ensure you attain maximum benefits from these and the many other features of the cloud, it is imperative that you partner with developers who are highly aware and experienced with the diverse cloud platforms so that you attain software that perfectly suits your business needs. Moreover, following an agile method of development would allow you to collaborate better with your developers, programmers, designers, data architects, and QA managers for improved development efficiency. At Fingent, we ensure client participation at every stage of app development.
Some Examples of Cloud Application
Most of the apps we use today, utilize the cloud in one way or another. Cloud application development has given birth to some amazing tools and services that make operating businesses a little less stressful. Here are a few to point out!
- InfinCE: Provides streamlined and simplified IT Infrastructure, centralized management, enhanced work collaboration, access to unlimited productivity tools, all under a single platform.
- Dropbox or Google Drive: This allows you to store your files on the cloud easily and help others access them from anywhere.
- Figma: This powerful cloud-based design app is gaining popularity due to its collaborative nature.
- Miro: This provides a virtual board that enables you to work with other users in creative and fun ways.
The possibility to collaborate with users from all over the world, even in real-time is one of the biggest advantages of cloud apps.
Developing a Cloud Application
Cloud application development involves different stages, each of which matters to enable your app to hit the market. Most cloud application development teams use DevOps practices and tools such as Kubernetes to ensure an effective and successful project.
At Fingent, we analyze your business needs and custom-build apps that solve your business complexities. We can help you seamlessly transit to the cloud and efficiently deploy its benefits to achieve greater business growth and value.
A Look at the Tools to Build Cloud-based Apps
A wrong tech approach can slow down your business development, so the technological stack is of utmost importance when developing cloud-based apps. You can choose a cloud service vendor from market leaders such as;
- Amazon Web Services(AWS) – In 2019, it obtained a 32% market share and became the leading provider. AWS includes over 140 flexible and integrative services. This allows you to build almost any custom app.
- Google Cloud Platform – As a PaaS, it offers you cloud computing, API services, advanced analytics, storage, NoSQL database service, and even virtual machines. It is flexible, affordable and a great platform for start-ups.
- Microsoft Azure- Its solutions are designed for enterprises looking for scaling or having many web products. Its services may include ML modules, mobile back-end, database services, and virtual machines.
Cloud-based app structure
- Another aspect to consider when cloud application development is the data architecture. A cloud app operates as a collection of interconnected services or APIs. So, to get maximum benefits of cloud services, you will have to connect them and at the same time understand the kind of components you have while ensuring that those services are integrated.
- Next, you must consider data organization. Remember, the app architecture must instruct the cloud services about how to decouple the data. This will help you store the app components either on a public or private cloud. As a result, your business will become flexible and enable you to make your web performance better.
- You must develop a communication logic between the data and services of your app. The app components should communicate instantly. If the logic is not well-designed, the customer experience could be poor due to slow loading speed. So, optimize the communication and apply either single-channel streaming or system message grouping.
- Scaling is something you must think of in advance. Create a margin of safety for your operational channels and consider future traffic extensions. Make sure to build an operational model to help back-end components and storage server customers especially in extreme situations.
- The last issue to think about is the security algorithm. Banking, retail, or healthcare have their dedicated standards so make sure your tools meet their expectations. Make sure to check the security algorithms for any vulnerabilities of your cloud-based solutions and the encryption is strong. Also, implement a cloud identity and access management (IAM) approach, to ensure your product is secure and cost-effective.
Challenges of Cloud-based Application Development
When you decide to opt for a cloud-based software solution you should figure whether your company can be a cloud provider (SaaS, IaaS, or PaaS) or build an app based on third-party cloud solutions.
If you decide to be the cloud provider, you will have to think of issues such as the data processing logic, hardware, and service security as you will have to host your service and provide the users with a cloud network. If you decide to develop your app on a third-party cloud, you will have to consider the integration and so you will have to choose your provider carefully.
Here are a few challenges that you may come across during cloud application development.
- Reliability: Your cloud software design includes critical operations that need to work if you want your customers to benefit from the solution. Avoid using a cloud framework that cannot maintain important processes. You can consider backup data and operations with a private cloud.
- Scalability: You must ensure to provide a scalable solution with the service you have chosen. If a product can’t be scaled or it falls over due to sudden traffic surges or you are unable to deliver services to a large audience regularly, you are bound to lose potential profits to your business.
- Performance: More data centers mean the better your app will perform. Global providers place their servers in such a way that users can experience the same page loading speed from any location. If the number of servers is less or the custom UI needs more than three seconds to load, the app customer experience is likely to be poor. More loading time means less conversion. The app loading speed is defined by a Content Distribution Network(CDN) which is a part of the cloud app infrastructure.
- Interoperability: The cloud environment should be able to run your app on different devices and integrate other cloud services into your infrastructure. However, as all cloud systems do not communicate with each other, you may not have a chance to mix components from different services.
- Security: Security especially client-side along with storage protection will remain challenging for developers. Security is the biggest challenge when it comes to adopting cloud computing. Cloud apps may include API integrations. These apps also must be easily accessible for users. To raise the security level of your cloud-based app, you will have to leverage strong data encryption, SSL, and reverse proxy.
A Few Common FAQs
1. What are cloud-based technologies?
These technologies are applications, services, or resources that are made available to users on-demand via the internet from cloud computing providers’ servers.
2. How do cloud applications work?
To process logic, a cloud-based app relies on remote servers. This is accessed through a web browser using the internet.
3. What are the different types of cloud computing?
There are three types of cloud computing; public cloud, private cloud, and hybrid cloud.
4. What are the different types of cloud services?
Cloud services are of four types – serverless, infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).
5. What is the difference between a web application and a cloud application?
A web-based application requires some or all the software to be downloaded from the web every time it is run. On the other hand, a cloud-based application function within the cloud and is similar to a web-based application as well as a native desktop application.
From cost reduction and scaling opportunities to higher accessibility of the final product. Cloud application development offers a host of benefits to businesses. However, cloud application development has its own set of complexities if not carried out the right way. A custom software development partner plus a trusted cloud service provider like Fingent can help you seamlessly transit to the cloud with 24/7 concierge support and consultation. Get in touch with us today to discuss your project!
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
All You Need to Know About Enterprise Resource Planning Software (ERP) Software
ERP software is used to manage many business functions. In the past, only large organizations considered using Enterprise Resource Planning software (ERP). But, with the rise of cloud technology, these solutions have become affordable to small businesses as well.
As a result, 96% of best-in-class growing businesses have implemented ERP software solutions. This percentage is impressive! Yet, some may find it difficult to understand why they need ERP software now and what are the key features they must consider. This article will help you understand all you need to know about Enterprise Resource Planning software.
What Is ERP Software?
ERP software is a suite of applications that are built to manage and integrate day-to-day business activities. These activities include procurement, production, project, human resource, finances, and so on. It provides accurate and real-time data that help stakeholders make informed decisions.
Enterprise Resource Planning software helps businesses to keep track of manufacturing and distribution processes. It eliminates duplicate data and provides data integrity. Typically, ERP software enables the business processes to achieve all that their business code requires.
Among the 96% of businesses discussed in the onset, Enterprise Resource Planning software is used by various industries such as education, wholesale and retail, food and beverages, real estate, and more. All these organizations manage employees, sell or distribute something and maintain accounts. An ERP software solution allows organizations to integrate and manage all these basic functions efficiently.
Why Do Businesses Need ERP Software Solutions Now More Than Ever?
The pandemic has ushered in drastic changes in all industries. Most industries have experienced serious setbacks while some have struggled to survive the crisis period. Few others are now thriving once again with the support of a decentralized workforce.
Decentralization is a gigantic task for those industries that operate under one roof. However, ERP software system has helped businesses to tackle the situation. Here are some ways in which Enterprise Resource Planning software can help industries as employees continue to work from home.
1. Easy decentralization
The cloud support of Enterprise Resource Planning software connects employees and the manager enabling them to work remotely. It can be used to allocate work and interact as often as required. Managers can also review the work of their subordinates remotely. It also helps organizations to manage the time offs and working hours of the employees and make it productive.
2. Effective planning helps to make better decisions
ERP software system can help you plan your project and alert your employees about their roles. The real-time data can be used to predict the challenges and forecast the demand. As Enterprise Resource Planning software is powered by AI, you will be able to assess the situation quickly and organize work efficiently. Thus, you can deploy the workforce proficiently and manage all operations profitably.
3. Stabilized business ensures a steady cash flow
ERP software tools help you stabilize your business during an economic upheaval such as the pandemic. B2B and B2C operations can be strengthened to streamline the business. Enterprise Resource Planning software system offers complete eCommerce support for businesses. This ensures a steady cash flow.
4. Safe transactions
ERP software can help you ensure safe transactions during economic crises. Plus, it enables you to remain agile and stay abreast of constantly changing customer demands. The academic sector is a great example of this as they have kept running smoothly despite being virtual. Thanks to the ERP software that makes student-teacher interactions more effective.
5. Better customer service
ERP software tools ensure quick interaction and timely delivery. Thus, it will enable the stakeholder to manage business operations safely during the pandemic. It can help you manage and continue all business-related operations on time leading to customer satisfaction and retention.
6. Online support
As the work environment has evolved to become more remote, maintenance and repair support must be performed remotely. ERP software allows for online maintenance and support.
7. Better customer support
Enterprise Resource Planning software enables you to connect and interact with your customers through live chat or email. Marketing automation along with the best CRM tools can help businesses provide better customer support.
8. Remain resilient
Your business can remain resilient with ERP software tools as customers can avail of your products or services from the comfort of their homes. Plus, this software system can help you automate marketing campaigns.
9. Supply chain integration
The number of businesses dependent on the online controlling system has tremendously increased during the pandemic. Enterprise Resource Planning software can enable the coordination of various supply chain activities from anywhere in the world. The investor can control all operations from the safety of his location as long as he is using ERP software.
Now that you know why Enterprise Resource Planning software is the need of the hour, you may want to know what are some of the features of the ERP software system. Please read on to find out why this software plays a pivotal role.
Features of an ERP software system
- Integration: ERP software provides a central view of financial, operational, and business data. Moreover, this data can be shared in real-time across the organization. You can now turn this data into reports and insights that your organization can use to grow your business.
- Reporting: Reporting modules enhance business processes and identify problem areas before the business suffers. These reports may include visual representations that reveal trends and patterns to improve your business results.
- Automation: You can automate repetitive business tasks such as order processing, invoicing, payrolls, and more. Automation reduces errors and the time spent on manual data entry. This allows your employees to focus on more value-added tasks at hand.
- Tracking and visibility: ERP software allows organizations to track and understand business metrics by granting companywide access to near-real-time data.
- Data analysis: Data analysis enables employees to gather a wide variety of information and turn them into actionable insights. It can optimize current operations, identify frauds, minimize expenses, and provide better customer service.
- Accounting: This feature gives you the ability to track, store, and analyze financial data.
Successful Implementation Of ERP Software
Transitioning to an ERP software system can be challenging, but a properly implemented system can be highly rewarding. Here are some essential steps you must take for a successful implementation.
1. Determine your needs
It is crucial to know exactly what your business goals and objectives are and find ways in which an Enterprise Resource Planning software can help you achieve them.
2. Find the right ERP software
Each business has specific requirements. What worked for someone may not be the right solution for your business needs. Discuss with an expert ERP consultant to figure out what is the right ERP software for your business.
3. Data migration
Filter all unnecessary and incorrect data before you begin the data migration process. This way your system will be clean and accurate, and you can achieve efficiency and data integrity.
4. Launch the system
A capable vendor will review your requirements before implementation to make the process smoother and shorter. Discuss this timeline with your vendor to avoid any misunderstanding.
5. Test the system
Testing can ensure that everything is working properly and give you a clear insight into the performance of the system.
6. Choose a capable project manager
A capable project manager can ensure smooth implementation of the process. He can also guide your employees through the process and ensure they understand the importance and impact it will have on your business.
7. Go live!
Go live to test the system to ensure that it is working optimally.
Read more: Why Choose Fingent as Your Odoo ERP Partner
It’s Worth Every Penny!
The modern business landscape has become volatile and fast-paced. By using an ERP software system, you can speed up your operations and remain agile.
Now that you know everything about an ERP software system, all you need to do is find one that suits your business requirements. Implementing Enterprise Resource Planning software can be one of the best decisions you make. Fingent can help you achieve a smooth ERP implementation and get the best out of your software. Call us today!
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
Top Healthcare Digitalization Trends To Look For In The New Normal
Healthcare digitalization is reshaping the way we interact with healthcare professionals, share medical data or make decisions related to treatment and outcomes. There are plenty of examples that substantiate the digitalization of healthcare today, such as Artificial Intelligence-powered medical devices, telemedicine, blockchain, remote-patient monitoring, and electronic health records.
The main aim of healthcare innovation is to streamline the medical professionals’ work, optimize medical software systems, reduce human errors, improve patient outcomes, and lower costs through integrated web and mobile experiences.
Let’s look at the state of healthcare digitalization in 2021 and beyond:
1. On-demand Healthcare Will Grow
With the COVID-19 pandemic restricting many people to remain indoors, more and more patients seek on-demand healthcare. It is convenient as it helps patients seek guidance at their own time and from anywhere they need it.
DMN3 reveals that patients obtain online medical information primarily for the following reasons:
- 77% for booking medical appointments
- 47% for searching information about doctors and healthcare professionals
- 38% for searching information about hospitals and medical facilities
That said, on-demand healthcare is rising due to the growth of the gig economy. Here, freelance professionals from various industries hire themselves out per job or ‘gig’ instead of sticking to one company.
Many online healthcare marketplaces link doctors directly with short-term tasks, making it easier for physicians to deliver patient care in specific circumstances based on their expertise and schedule. Simply put, doctors are becoming on-demand healthcare providers to meet the changing needs of their patients in a better way.
2. Big Data Will Be Used To Improve Healthcare Management
Big data is the information gathered from various platforms such as eCommerce, social media, online transactions, and financial transactions. It helps identify patterns and trends for future use.
For healthcare, big data offers benefits such as:
- Reduced medication errors: Patient record analysis allows the healthcare software to flag any inconsistencies between a patient’s health and drug prescriptions. This alerts the health professionals and patients in case there is a potential risk of a medication error.
- Simplifying preventive care: Many recurring patients stepping into emergency rooms are “frequent flyers.” These frequent flyers account for up to 28% of clinical visits. Big data analysis helps identify these recurring patients and create preventive plans to keep them from returning.
- Improved staffing: Using big data’s predictive analysis, hospitals and clinics can estimate future admission rates enabling these facilities to allocate proper staff to deal with the patient. This will help save money and reduce emergency room waiting time, especially when a facility is understaffed.
Case Study: How did a data analytics solution help NHS gain financial, clinical, and geographical insights to improve visibility over their KPIs? Read Now!
Big data analytics, visualization, and insights generation can improve healthcare operations management and transform the patient experience.
3. Virtual Reality Will Transform Medical Training & Care Delivery Models
Virtual Reality is one of the most outstanding healthcare digitalization trends that change the way patients are diagnosed, and medical residents are trained.
- VR in medical diagnosis & treatments: VR is increasingly used in treatment segments in healthcare, such as patient education, robotic surgery, physical and psychological therapy, etc. For instance, medical professionals can use VR to construct a 360° patient-specific video detailing how the surgery will help the patient cure and the consequent results. Virtual Reality has been found effective in treating anxiety, post-traumatic stress disorder, and stroke.
Case Study: Find how Fingent developed a unique mixed reality application for a leading university that enables users to identify people using facial recognition. Download Now!
- VR for medical training: Other uses of VR technology include doctors and medical residents using VR simulations to hone their skills (learning in near-real situations) and safely plan complicated surgeries. In addition, VR headsets are used post-surgery to encourage patients to exercise and follow physiotherapies. The technology also enables autistic children to learn and navigate the world.
- Growth of VR in the medical field: From startups to established pharma companies, everyone recognizes the role of VR in healthcare. Experts estimate that by 2025 the global virtual and augmented reality in healthcare will reach $5.1 billion market value. So, if you’re a healthcare company wanting to improve your digital marketing strategy, you should consider investing in VR.
Virtual Reality technology offers a powerful communication channel that allows you to understand customers’ needs better and virtually engage them with your products and services.
4. Wearable Medical Devices Will Enjoy A Wider Market
Another major healthcare digitalization trend is companies collecting their health data from medical devices such as wearables. Previously, most people would check in with their doctors only when something went wrong and were used to undergoing physical check-ups once a year. However, technology is changing that. Today, people highly focus on preventive maintenance and are interested in knowing about their health status frequently. This trend forces several healthcare companies to invest in wearable technology devices that allow patients or family members to track health vitals and seek medical aid when needed. Wearable medical devices enable up-to-date monitoring of high-risk patients and determine the likelihood of any severe health risk.
Experts estimate that the wearable medical device market value will cross USD 27,200 mn by 2023.
Following are some of the widely used wearable devices:
- Exercise trackers (Google Fit, Fitbit, etc.)
- Heart rate sensors (Samsung Heart Rate Sensor, Pulse Sensor, etc.)
- Sweat meters: to monitor blood sugar levels of diabetics
- Oximeters: to monitor the amount of oxygen carried in the blood
Wearable devices in healthcare offer the following benefits:
- Personalized healthcare experience: Medical devices help patients improve their health and give them a sense of ownership regarding personal healthcare management.
- Insurance pricing: Wearable devices provide insurers with insights that enable them to rate a patient’s risk for illness more accurately.
- Insurance incentives: Wearable devices allow patients to take preventive measures to improve their health. Such patients are more likely to obtain lower insurance premiums.
- Gamification opportunities: Fitness watches can help create competitive goals for users to achieve through diet, nutrition, and exercise.
5. Healthcare AI Investments Will Increase
By 2025, the healthcare AI-enabled tools market is expected to exceed $34 billion globally. This indicates that healthcare AI investments will peak soon as Artificial Intelligence is set to transform various segments in medicine.
AI-powered chatbots and virtual health assistants fulfill many roles in the healthcare industry, such as customer service representatives, diagnostic tools, or even therapists. Hence AI in healthcare is gaining immense popularity. According to a report published by MarketsandMarkets, the global healthcare chatbots market is estimated to reach $314.3 million by 2023.
That said, we can witness the real power of AI in diverse areas such as medical imaging, drug discovery, precision medicine, and genomics. For example, the first-ever drug designed by AI is showing some promise to help patients suffering from obsessive-compulsive disorder. The AI-made drug molecule, DSP-1181, is in clinical trials currently. Researchers and scientists expect that the use of AI will make drug development faster and more efficient.
Overall, AI is projected to bring USD 150 billion by 2026 in annual savings for the US healthcare economy. As start-ups are lapping up the opportunity, the number of active AI start-ups has increased 14 times since 2000.
Why Keep A Close Eye On These Healthcare Digitalization Trends
These five healthcare digitalization trends will spill over in the future as the industry will innovate and adapt to meet the patients’ demands. As a result, organizations that embrace healthcare digitalization will see dividends sooner.
Fingent helps you navigate the digital healthcare space and adapt to the ‘Next Normal’ with our transformative experiences. Our custom healthcare software solutions have helped many of the leading healthcare providers worldwide. Contact us to learn more about how your healthcare organization or clinic can leverage healthcare digitalization effectively.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
How Various Industries are Leveraging AR, VR, and MR Today?
Augmented Reality (AR), Virtual Reality(VR), and Mixed Reality (MR) may sound the same to many of us. But do you know that each one is different? AR, VR, and MR are different tech concepts with characteristics that differentiate each from one another.
Here’s what you need to know about each of the technologies, along with a few examples.
Augmented Reality uses computer vision along with mapping and depth tracking to show the appropriate content to the user. This functionality allows the cameras to collect, send and process the data to show the appropriate content to the user.
AR is designed for unrestricted movement while projecting images or other objects that you are looking at and enhances the user’s physical environment with contextually relevant digital content in real-time. A user can experience Augmented Reality with a smartphone or special hardware.
Watch Video: Augmented Reality in Education Transforms Learning Experience
Some of the interesting real-world examples of AR
1. AR in Gaming
Games like “Pokemon Go” project a Pokemon on your screen, on top of whatever your mobile camera focuses on. Augmented Reality has beautifully combined the real world with the favorite Pokemon characters.
2. AR in Medical Training
Augmented Reality is finding its virtue in medical training today. For example, students at the Cleveland Clinic, Case Western Reserve University are learning human anatomy using AR headsets or glasses. AR allows them to examine the human body without the need for dissecting cadavers or watching live operations.
3. AR in Retail
The retail sector also has been taking advantage of AR to help customers have a more enjoyable and interactive shopping experience. For example, Harley Davidson has developed a unique mobile app for its customers that allows them to view a motorcycle in-store using AR and customize it by adding accessories, changing paint jobs, etc.
IKEA, the leading retail conglomerate, has rolled out AR-powered retail apps that allow customers to “try on” clothing remotely before buying them online.
4. AR in Manufacturing
Augmented Reality enables the manufacturing industry to gain a competitive edge by helping companies improve quality and productivity. Workers can get assistance from AR gadgets to save time, reduce errors and increase efficiency. Some of the world’s biggest brands like Boeing and General Electric are already using AR in their manufacturing processes.
Using AR glasses allows Boeing’s technicians to easily view the wiring renderings in the aircraft fuselage without external distractions.
Augmented Reality enables GE mechanics to be more productive as the technology offers them step-by-step instructions and visuals directly within their line of sight. They also get alerts in real-time through AR smart glasses so that they can inspect every step before moving on.
Virtual Reality Environments (VREs) allow users to experience real-life scenarios via simulated counterparts and gain practical knowledge that would otherwise be difficult to comprehend in a real environment.
As the main focus of Virtual Reality is on simulating the vision, you will have to wear a VR headset such as Oculus Quest or HTC Vive Cosmos in front of your eyes that eliminates any interaction with the natural world (avoids distractions). Typically, two autofocus lenses are placed between the screen and the user’s eyes. The lenses adjust based on the individual eye movement and positioning. To render the visuals on the screen, you can use an HDMI cable connected to the PC or mobile phone.
Virtual Reality uses speakers, goggles, and even handheld wearables to simulate a real-world experience. You can also employ visual, audio, and touch simulation to create a more immersive reality.
A few real-life applications of VR
1. VR in Education
Virtual Reality can make learning more engaging and immersive. In addition to schools and universities, virtual experiences can help businesses train their staff. Currently, Unimersiv is offering VR educational content for institutions and companies.
Case Study: Using 360-degree VR simulations, the University of North Carolina offers an immersive campus touring experience to aspiring students. Download now!
2. VR in Real Estate
For years, real estate agents have used photos and graphic designs to showcase properties to prospective buyers. Today, Virtual Reality has transformed real estate property tours, making them more personalized, immersive, and close to reality. Being an immersive technology, VR enables potential buyers to experience a 3D walkthrough and understand better what each property has to offer even before scheduling a physical site visit.
For example, Sotheby’s, one of the world’s leading luxury realty brands, offers Virtual Reality home tours and videos to its clients. Potential buyers can view properties and spaces from the comfort of their homes using a web browser, or a smartphone, PC, laptop, or through a wearable headset.
3. VR in Marketing
VR is helping businesses reach out to their audiences by launching immersive and engaging marketing campaigns. With the COVID-19 pandemic compelling people to shop online and companies to transform digitally, Virtual Reality is gaining more popularity as it is helping people get a feel for products without leaving their homes.
For example, IKEA has introduced a VR app that enables users to experience kitchen remodeling. Using the VR Kitchen app, you can explore the virtual kitchen and interact with the objects using a VR headset.
4. VR in Healthcare
Virtual Reality helps doctors understand their patients’ needs better as it provides an in-depth look into human anatomy. Today, VR is extensively used in surgical training.
An educational project conducted by the University of New England (UNE) successfully used VR to teach empathy to medical and health profession students. The project used a VR tool called “Alfred Lab app” – to teach students about macular degeneration and hearing loss from a 74-year-old African American man’s perspective. Realizing an aged and ailing patient’s thoughts and concerns enables the residents to develop empathy towards such patients.
5. VR in Travel and Hospitality
The travel industry is facing the hardest time ever in its history. However, vaccination rollouts on a global scale and international travel relaxations now give a fillip to travel, tourism, and hospitality. An early adopter of digitalization, the travel industry has already forayed into Virtual Reality. Travel businesses attract tourists and even promote holiday destinations through virtual staging and tours. Virtual Reality also allows people to explore the world virtually, especially those who cannot afford to travel.
Google StreetView is one of the best examples of how VR is being used in the travel industry. In addition to viewing panoramic images on a computer, it allows users to enable Google Cardboard mode for a Virtual Reality experience.
Mixed Reality, sometimes known as hybrid reality, combines the elements of both AR as well as VR. However, here the virtual content is not only overlaid on the actual environment but is fixed to and interacts with that environment. In simple terms, Mixed Reality lets you see virtual objects just like Augmented Reality, but these objects are capable of interacting with the real world. In simple words, Mixed Reality is more like immersive and interactive Augmented Reality.
MR is still in its nascent stages and may take time to create an impact like the other two technologies. One of the most remarkable Mixed Reality apparatuses is Microsoft’s HoloLens.
Opportunities provided by Mixed Reality
1. MR in Education
Mixed Reality allows students to see both the real world as well as the holograms. MR offers an immersive learning environment enabling students to understand better.
Case Study: Find how Fingent developed a unique Mixed Reality application for a leading university that enables users to identify people using facial recognition. Download Now!
2. MR in Manufacturing
Mixed Reality provides workers with real-time assistance, thereby facilitating manufacturing processes. The technology allows workers to see holographic instructions, so they know what to do. This minimizes human errors and improves quality significantly. Mixed Reality is also helpful for repairs and maintenance, especially in industries that require precision and expertise.
For example, Renault Trucks integrates Mixed Reality into its manufacturing process for enhancing engine quality control at one of its factories.
The blurring line between physical and virtual
While Virtual Reality takes you to the virtual world from wherever you are, Augmented Reality adds to the reality by projecting information on top of what you see. Mixed Reality combines both AR and VR. All these technologies, though powerful, are yet to make their mark with consumers. That said, they can completely change the way we use computing devices, gadgets, and technology in the future.
Are you thinking about delivering immersive virtual experiences to your customers that can overtake physical encounters? Talk to our reality tech experts today.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
Add More Zest to Your Ecommerce Marketing and CX with 3D Web Configuration
Having a digital infrastructure is inevitable, but it just isn’t enough to keep up with the competition. Achieving business success is about “wowing” your e-commerce buyers. In the post-pandemic world, businesses must find engaging and innovative ways to increase customer satisfaction and experience. A recent Frost & Sullivan study showed that by 2020, customer experience would overtake price and product as a key brand differentiator. True to this, business in 2020 was entirely driven by customer experience.
View Infographic: Business Technologies to Boost Customer Experience and Satisfaction
Local shoppers switched to online shopping, door deliveries were encouraged, telemedicine became more popular, mobile and internet banking users increased, and even classrooms became virtual.
So, how do you “wow” your customer in this age of online shopping? By giving them as close to the real experience as virtually possible!
How do you do that? With a 3D configurator!
A 3D product configurator allows your customers to see exactly how your product looks, acts and feels. It gives them a personal connection with their potential purchase. 3D configurators have become an integral part of the sales process and rising customer expectations during the pandemic, making it vital for specific industries.
This blog helps you understand what a 3D web configurator is and how it can help increase your e-commerce sales and boost customer satisfaction.
What is a 3D Web Configurator?
In the past, customers were satisfied to see a static photograph that they could easily zoom in and out. However, with the changed circumstances and digital development, customers would like to view how various product designs or features would look in real-time, allowing them to spin, zoom, scroll, and rotate. That is precisely what a 3D web configurator allows your customers to enjoy.
A 3D web configurator is defined as an interactive tool powered by 3D models that lets your customers personalize a product to their specifications in real-time. Plus, it allows them to choose custom options and watch them transform instantly, and receive estimates of the costs based on their customizations.
This service gives your customers the feel of being at your store because it gives them the ability to get the feel of the product, such as the color, texture, and other aspects of your product. Customers can watch it from any device without using plugins.
Essentially, 3D configurators are not just for retailers and car companies. All industries that sell customizable products can benefit from letting their customers see how their products look in real-time. Once this service is implemented, you can increase your ecommerce sales and boost customer satisfaction.
How does a 3D Web Configurator Work?
A 3D web configurator accomplishes two pertinent e-commerce goals:
- A detailed exploration of your products
- The ability to customize the product to a customer’s specific needs
When your customers have not zeroed in on a particular product, your 3D configurator steps in to display different combinations and options for that product to inspire them to make an informed decision. In effect, your 3D configurator will help them check out the colors, styles, material and combine them in different ways until they create a personalized product. Then, as they mix and match their specifications, your configurator will allow them to see their combinations in 360-degree, in real-time mode, along with the price. Such precise control over their product will encourage them to make a purchase.
How 3D Web Configurators Boost E-Commerce Sales and Customer Satisfaction?
1. Enable omnichannel experience
As mentioned at the outset, 3D configuration solutions do not require a third-party plugin which limits the number of customers who can view your product. Above all, it can be formatted for events or used in interactive stores as it can also work offline. Such interaction encourages your customers to participate in your productions, ensuring you understand their choice and budget.
2. Grow your e-commerce sales
Your customers will have proactive control of what they want to buy as 3D configuration solutions allow them to try out various combinations virtually. Once you know their exact requirements, you can minimize errors, misunderstandings, and mistakes between you and your customer.
3D web configuration reduces barriers to the market as you will be able to release the options to your customers during the first stage of product development. Thus, you can grow your e-commerce sales as your customers know that you understand them clearly and provide them with quality products.
3. Save costs
3D web configurators can redefine and shorten the sales cycle as real-time customer responses/ reactions can help you create better outcomes. This allows you to track consumer behavior in real-time. Also, you can reduce the quantity of raw materials you need to stock as you will now create products as per request.
Furthermore, you can minimize significant expenses incurred in logistics and storage to a great degree. You can also personalize this unmatched 3D technology to become as responsive as the rest of your website.
4. Place your customers behind the wheel
As the factory floor entered the digital age, brands must let their customers take the driver’s seat for tremendous success. Only then will you precisely understand what your customers want. Knowing that will help you meet their demands accurately. The 3D web configurator allows your customers unparalleled freedom to bring their dream product to life, ensuring their satisfaction.
5. Distinguish your brand with a “wow” factor
Consumer attention has created intense competition between brands, forcing them to spend billions in an attempt to find the magical ingredient that will capture and retain the attention of their customers.
What determines whether their attention sticks or moves away is the “wow” factor that keeps them returning for more. A 3D configurator will help you ensure that your customers are “wowed” each time they visit your website because they would have truly enjoyed the experience. Your configurator can boost customer satisfaction by delivering the experience needed to attract and amaze your customers repeatedly.
6. Boost sales
3D web configurators increase conversion rates and revenues as your customers can make informed decisions without delay. It gives them all the information they require to make a quick purchase. For example, it offers details such as customization of the product, price, immediate and direct contact with the salesperson, detailed descriptions, and a strong call to action. Additionally, you can avoid cart abandonment scenarios through increased engagement.
Make 3D Web Configurators Your Launching Pad
Customer engagement and interactive product visualization can customize a product of choice and provide a tangible in-store experience to your online customers. It can become a launching pad for increased growth, higher sales, and conversions. Would you like to experience the power of a 3D web configurator and don’t know where to start? Get in touch with us right away.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
How CEOs Can Gain Value from Software Development Outsourcing
In-house creation of a complete and sophisticated software application requires large amounts of resources and time. Maintaining an in-house team amid the coronavirus lockdowns has added to this and become increasingly complex. Frankly, in these turbulent economic times, software development outsourcing can prove more profitable to your business than ever before.
Software development outsourcing offers limitless possibilities to CEOs. As the world is connected by the power of the internet, you can access the talent you would normally be hard-pressed to find. Additionally, finding an expert offshore software development company that meets your fast-approaching deadlines is another benefit.
As CEO of your company, before you take full advantage of software development outsourcing, you need to know how you can leverage outsourcing effectively. Here is a comprehensive guide that will help you understand various aspects of the offshore software development process and prepare you to face the challenges it can bring your way.
Does Your Business Need Offshore Software Development?
For most businesses, hiring an offshore development partner’s services has helped them breathe easy and take the load off their shoulder. Here are a few scenarios where the offshore software development model will prove to be the best solution for your company.
1. Do you require talent with narrow expertise?
Software development outsourcing improves the quality of your team as it gives you access to a vast talent pool with narrow specialization. Such resources allow you to leverage both international perspectives and onboard the best talent.
2. Do you need to scale your team?
If you lack an excellent in-house team that can undertake multiple projects simultaneously, it is time to consider offshore software development. This allows you to scale up your team of experts without spending a fortune or risking output quality.
3. Do you want to concentrate on your product?
Software development outsourcing can help you automate most mundane operations such as payroll and accounting. This will help you concentrate on the growth of your company and innovation.
Advantages of Software Development Outsourcing
Software development outsourcing can help your company experience higher production levels without spending too much money or energy. Partnering with the offshore software development team will help you carry out temporary tasks, improve the pace of your growth, and reduce your labor costs. In other words, it gives your company a much-coveted competitive advantage by improving customer service while ensuring limited-budget product quality. Here are some specific benefits of offshore software development.
1. Saves costs
Cost-saving is one of the most significant benefits of software development outsourcing. Whether you want to scale up your employees or scale down, outsourcing a whole project is much cheaper than hiring each developer separately. The difference in salaries across the globe can save you millions of dollars. Offshore development allows you to get the same amount of work done, with the same quality, in the same amount of time at a much lesser cost as different countries have different living costs. For example, the average offshore software development rate in India per hour is $30, whereas, in the USA, the hourly developer rate will cost around $100.
Once you offshore your development requirements, you do not have to spend time recruiting, training, and housing new employees. Besides, it is impossible and impractical to hire a full-time in-house contractor for your short-term projects. Software development outsourcing gives you the option of choosing developers for a single project. You can find talent that fits perfectly without investing in a permanent position. This will give your core team some relief as they can concentrate on mission-critical activities essential to run the company and focus on the development process.
3. Saves time
Offshore software development relieves you from searching for new developers and preparing them to suit your needs. It can also improve speed to market as it helps your management and key employees to focus on the core business. Since it can eliminate secondary tasks, you can redistribute your services for more essential aspects of the organization.
4. Centered approach
One of the most competitive advantages is the ability to have a focused strategy. If the in-house team needs to deal with several projects simultaneously, they may be forced to compromise on quality. However, Software development outsourcing can streamline your business process. This will allow your employees to take a centered approach and produce high-quality output within the set timelines.
5. Technological advantages
Businesses seeking to gain a competitive advantage will develop cutting-edge innovations using the latest technologies without expending an additional amount of time and resources in learning them themselves. This is possible when they team up with strategic offshore development partners with a proven track record.
6. Compensate for the lack of in-house experience
Software development outsourcing can bring in additional knowledge and power to reach your business goals. Outsourcing offers the flexibility to use your resources where there is a need as it allows you to scale up or scale down as required. It means that you can either let go of certain talent in one field while allowing you to quickly add specialists to your pool of experts in another field. You can employ a team of varying size, complexity, and cost. Such a team will be able to find optimal solutions contributing to the growth of your company.
Best practices to follow while offshoring software development
Here are a few points to consider when you decide to outsource your software development project:
- Get introduced to all the developers who are supposed to work on your project.
- Ensure to have a full-time on-shore lead and an offshore lead to help establish necessary coding standards, solve technical issues, and mentor the offshore team.
- Use video conferencing to arrange regular meetings to handle any problems and resolve the same in a timely and efficient manner.
- Use appropriate tracking tools (project management tools) to plan tasks efficiently and prioritize work accordingly.
Offshore Software Development with Fingent
Since 2003, Fingent has been a reliable and capable offshore partner for leading global brands, including many Fortune 500 companies. With an impeccable track record as an offshore software development team, Fingent has helped improve cash flow and increase business efficiency for many clients. We help your organization scale up as required without the need to hire or fire any of your team members.
Our diverse offshore talent pool includes experienced developers and tech professionals who leverage the latest software development trends, such as automation, cloud computing, Artificial Intelligence (AI), Internet of Things (IoT), Augmented Reality (AR), Virtual Reality (VR), 3D Web Configurator, Robotic Process Automation (RPA), Mobile application development (native, hybrid), Microsoft solutions, SAP solutions, and so on.
Our experts are available to provide you with inputs on your project. Let’s get talking and find out which process fits your project.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
How is Augmented Reality Set to Transform The Future of Healthcare?
Augmented Reality in healthcare has emerged as one of the most exciting technologies expected to grow and transform medicine and surgery. In 2020, Augmented Reality saw unprecedented growth. According to a report by AR Insider, 598 million AR units were active at the end of 2020. By 2024, the total number of active AR devices is estimated to be 1.73 billion, states the report.
Augmented Reality allows us to experience the real-life environment around us with a digital augmentation overlaid on it. It works by integrating digital information into the user’s environment in real-time. In AR, the objects that reside in the real world are enhanced using computer-generated capabilities. AR includes graphics, effects, sounds, text, and touch feedback to improve the user experience. Due to its versatility, AR is becoming more accessible and affordable for medical imaging, medical education, dentistry, and training nurses. Leading examples of AR in healthcare include AccuVein, ARnatomy, VIPAR, and VA-ST.
In this post, we will look specifically at the future of Augmented Reality in the healthcare industry.
Augmented Reality helps examine the human body without the need for visualization using displays and sensors. Augmented Reality is used to educate patients today. For example, doctors can use AR to explain surgical procedures or health conditions. Google Glass with AR was first used by Dr. Rafael Grossman during a surgery.
Here’s why augmented reality in healthcare is a boon for medical professionals, future medical research, and education.
1. AR in patient care
- Most patients are unable to explain their symptoms to the doctor. However, Augmented Reality helps patients address their concerns. Patients can use AR to check their symptoms and the state of their health. Also, doctors can show the patients the effects of their current lifestyle and help them make positive changes.
- Using 3D AR technology, patients can see how the drug works within their body instead of reading the long list of drug descriptions of prescribed medicine.
- New mothers have a tough time during the initial days of breastfeeding. A Melbourne-based company in association with the Australian Breastfeeding Association conducted a Google Glass test. The mothers could easily share their problems with experts and find solutions while breastfeeding. Thanks to the AR-enabled technology of Google Glass, this was possible. The lactating mothers were able to communicate their problems in real-time and seek medical aid quickly.
- AR enables storing life-saving information on custom apps. For instance, Radboud University of Netherlands has developed an AED4EU AR-driven mobile app. This app tells you the exact location of automated external defibrillators. So, during an emergency, you can access a crucial life-saving piece of information.
2. AR for surgeons and nurses
- Sometimes, it is tough to find the vein to draw blood from the hand or to inject intravenous shots. Thanks to AR hand-held scanner technology, a nurse can easily see the vein to draw blood or give a jab. The patient also feels relieved to have found the vein in the first attempt. Not only does it save time, but it ensures that the elderly or children are not faced with undue coercion while taking the shot.
- Surgeons can leverage 3D AR to operate with precision. It helps prevent unnecessary risks and increases the success rate of many complex surgeries.
- Surgeons can use image reconstruction technology to reconstruct any tumor. It enables surgeons to view X-rays in real-time and locate a tumor anywhere in the body and operate on it. Simply put, AR helps reduce the difficulty level and risk to a great extent.
While everybody knows the importance of staying healthy, most people take their health for granted. AR can be used to diagnose the human body to understand the current state of health. Dietitians and nutritionists can use the learnings to encourage and persuade people to bring desirable changes to their lifestyles. Using AR, you can make boring activities like a morning walk or jog more pleasurable. AR apps such as “Zombies, Run!” helps convert your daily running task to a game format. It can push people to take care of their health more seriously.
AR and the future of healthcare
The future AR market is more likely to resemble the present smartphone market. We will be our own doctors, which will enhance self-care. Suppose every wearable device or smartphone ends up representing a doctor. In that case, the healthcare costs can be lowered significantly, several thousands of lives can be saved, and our living standards can be improved tremendously.
Of course, we will still need medical professionals and specialists to diagnoses specific cases. However, instant AR telehealth devices and remote patient monitoring tools will make the experience of visiting a doctor less intimidating.
Mental health depression is one of the key fields of medicine that is often overlooked. By integrating AR with artificial intelligence (AI), the ability to detect and identify voice tones, facial expressions, and physical behaviors can help doctors and families identify any signs of mental illness or depression in real-time. Brain Power, a start-up, enables people with autism to learn life skills and measure their learning progress.
Watch Video: How AR can be a powerful learning tool in the future
Augmented Reality in healthcare is witnessing several mergers and acquisitions due to an influx of software, hardware manufacturers, mobile data, and voice businesses.
Several AR companies are also addressing regulatory and privacy concerns to become successful in the healthcare space. This will benefit AR-assisted surgeries, in-patient behavioral and rehabilitation programs, and staff training. By 2025, people will be able to analyze their health in real-time through AR-based apps, giving them a snapshot of how unhealthy lifestyles would affect their bodies and help them take precautionary measures to maintain good health.
To sum up
Summing up, we can say that augmented reality in healthcare is a game-changer and a boon for the industry.
We at Fingent develop tailored healthcare AR systems and applications that help improve quality of care, cost and meet your healthcare requirements by automating the process of collecting and measuring enormous amounts of healthcare data. Contact us today for more details!
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
How Organizations Can Embrace Transformation and Expedite Their Growth in 2021
From remote working and e-learning to sales and customer service to more critical cloud infrastructure and security, the COVID-19 pandemic has accelerated technology adoption across several key domains. The pandemic has made digital transformation crucial for business growth across various industries. Satya Nadella, the CEO of Microsoft, puts it that “We’ve seen two years’ worth of digital transformation in two months.”
That said, companies will have to change their mindsets and adopt new strategies to stay relevant and competitive in 2021 and beyond. Here are six ways you can adapt to the new normal and taste business success.
1. Adapt to change
Change is the only constant and more so today than ever before. Change is happening at a faster pace and is very crucial for small businesses. Today, old and traditional methods of winning clients and serving them do not seem to fit. The list of things you need to change may be long and only growing. Instead of reacting to these changes, the best approach is to embrace them and treat them.
So, when you treat the problem, you employ change to work with you and not against you. People are more likely to accept strategic changes now, especially if the initiatives are focused on improving their lives.
Bring agility and innovation to your business by implementing a quarterly strategic planning and review process. It will allow you to remain focused, actionable, and agile by adopting new learnings.
While you are in the process of adapting to changes, consider a few questions that you need to ask yourself.
- What can disrupt my business and change everything?
- How can I lead that change?
- How can I ensure that my business stays relevant and profitable in the next five years?
2. Customer always comes first
As consumer needs keep evolving, you have to think of ways to meet the new supply and demand to stay relevant and competitive.
Social distancing due to the pandemic has left many businesses struggling—for instance, physical retail stores, manufacturers, automotive, banks, etc. Many product-based companies face significant issues related to manufacturing and distribution. Service-based companies are also suffering due to poor customer demands. In short, business models should be revamped so that they are immune to new challenges.
The pandemic has even changed customers’ needs and preferences.
One of the best ways is to engage in a conversation with your clients to identify opportunities. You could probably start by asking a probing question at the end of the conversation with your client. You may also conduct surveys or quarterly client advisory groups to follow a more formal process.
To stay relevant, you will have to prioritize customers’ needs and problems. It is imperative for future growth and innovation.
View Infographic: Business technologies to boost customer experience and satisfaction
3. Implement automation wherever possible
Working smarter means hiring and collaborating with the right talent. Encourage teamwork for removing the bottlenecks and hurdles. It will translate to more revenue with the available resources. Effective workplace collaboration will also boost your team’s morale and reduce lay-offs.
Leverage technology and systems to streamline your business and allow it to run smoothly. According to Gartner, by 2024, businesses will see a 30% reduction in their operational costs by combining hyper-automation technologies with redesigned operational processes.
Identify processes that can be automated and evaluate how automation will enhance your customer service and experience.
Automation of repetitive, routine, and mundane tasks saves your workforce’s productive hours and spares them for more crucial tasks. Automation enhances your organizational efficiency and offsets growth investment.
4. Speed is the key to sustain in 2021
The pandemic has made companies rethink their conventional organizational models and pushed them to adopt new ways of working at speed. Flat structures empowering decision-making are replacing the traditional management-led hierarchies. It enables companies to perform with improved speed and precision. For instance, PepsiCo adopted newer working models to enable fast and easy access to their products during the pandemic. Within 30 days (from concept to execution), the company launched two direct-to-consumer (D2C) websites.
5. Adopt digital commerce
The pandemic has spurred digital commerce like never before. Deloitte’s 2020 holiday retail survey reports that contactless shopping experiences enjoyed a huge spike in demand during the holiday season last year. Over 73% of shoppers planned to have orders delivered to their doorsteps as against 62% in 2019.
Read More: Contactless Retail Delivery Software – How Retailers Can Revive Sales While Adhering To Social Distancing Norms
Companies should accelerate and optimize both B2B and B2C digital commerce channels by developing custom retail software solutions to enjoy the benefits of e-commerce sales and ROI.
As customers demand efficiency and speed, organizations must give precedence to customer experience to overcome competition.
In 2020, Adidas established itself as a top digital commerce player targeting $4.9 billion in online sales, almost 12% of their overall business. In the future, the company expects it to rise to 25%. Also, they were quick to recover from the pandemic impact with an increase in online sales during the lockdown.
Fingent leverages innovative and emerging technologies to help digital retailers and e-commerce businesses
Fingent helps retailers build custom retail software solutions, e-commerce, and mobile commerce apps that help you deliver exceptional customer service and experience, just like your physical retail store. Fingent helps retailers and e-commerce brands develop Augmented Reality-based solutions that allow their customers to preview objects in 3D. Using AR technology, both online shoppers and in-store buyers can choose their preferred products without the hassle of buying the wrong ones. We enable companies with an e-commerce presence to build AR applications through web platforms (WEB AR), avoiding the need for separate mobile apps.
6. Ensure customer data privacy and protection
Data transparency is imperative. With the rise in going digital, the total amount of data created, captured, and consumed will more than double by 2024 globally. A 2019 Factual survey reveals that more than 50% of the US smartphone users will be ready to share their geolocation details with a service provider only if they are aware of how the information will be used. When customers realize the benefits of sharing personal data, such as online behavior, shopping history, mobile app usage, or geolocation tracking and trust that their data will be protected, they will be more willing to share it.
Consumer data privacy acts such as General Data Protection Regulation (GDPR) for the European Union (EU) and European Economic Area (EEA) and the California Consumer Privacy Act (CCPA) aim at ensuring consumer privacy rights and data protection under the respective regional, state, and federal laws. These acts allow consumers in the respective regions to see all the information companies have saved on them and how the data will be protected and used.
We help ensure smooth business transformation in 2021
As we try to recover from the crisis, it is essential to consider what the future looks like for your business. Your organization must adopt new technologies, innovation, and new practices to ensure a smooth business transition. It also helps you meet the growing customer demands.
Reach out to us and let us help you accomplish a seamless business transition through modern technology adoption.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
Smart Contracts to Streamline KYC: A Big Leap in FinTech
The advent of online transactions has brought in improved convenience, speed, and cost advantages across various aspects of our lives. KYC processes, online shopping, insurance premium payments, internet banking, and a host of financial functions have witnessed a drastic transformation with the adoption of FinTech solutions.
However, these digital advancements have also taught us that a person’s online identity is not always what it appears to be. Identity theft, phishing schemes, and money laundering are just a few examples of digital scams that have wreaked havoc in the finance sector. Shockingly, a report by PwC stated that “in 2020, the average US organization experienced six incidents of fraud in the last 24 months and customer fraud ranks first among them.” The total loss suffered by the US companies from the frauds is close to $6.5B (over the past two years).
As many of us know, the KYC (know-your-customer) process was designed to eliminate the risk of customer fraud. Various companies use KYC to verify their customers’ credentials with the ultimate aim to confirm that they are not fraudulent or engaged in any criminal activity. However, KYC is a labor-intensive, repetitive process that is prone to human error. This blog explains how smart contracts for KYC can solve problems related to customer fraud and identity theft. Before that, let’s consider what smart contracts are and how they work.
What are smart contracts?
Most industries are eagerly adopting blockchain technology for smart contracts. According to Statista, “in 2021, global spending on blockchain solutions is projected to reach 6.6 billion dollars and is expected to reach 19 billion US dollars by 2024.”
Investopedia defines a smart contract as a self-executing contract that entails an agreement between the buyer and the seller. A smart contract encodes the agreement/ transaction between two parties and exists across a distributed, decentralized blockchain network. Smart contracts eliminate the need for an external party or an intermediary to enforce the contract as defined. The decentralized blockchain network controls the execution of trusted transactions and agreements. All the transactions are trackable, irreversible, and impossible to manipulate because of the immutable audit trails created by blockchain.
In simple words, smart contracts are programs that run based on predetermined conditions. Participants engaged in a smart contract are sure about the outcome. The unique digital structure of a smart contract makes it super secure and resilient to any kind of data modification. What problems do smart contracts solve, though? Here are a few examples of real-world problems solved by smart contracts.
How does a smart contract work?
A smart contract is a blockchain application. Just as a standard legal contract, a smart contract outlines the terms and conditions between two organizations. It works on a condition-based principle, that is: ‘if-when-then.’ Smart contracts allow you to define as many conditions or terms as you would require. Moreover, a smart contract enables both parties to interact in real-time, saving enormous time and resources. Additionally, it allows for anonymity, if needed.
How smart contracts assist banks and financial institutions to solve KYC-related problems?
1. Identity theft
Clients’ identity includes data on where they live, their passport number, driving license, security number, and so on. These data points are stored in centralized databases. If a criminal gets hold of one of these documents, they can exploit certain security flaws and steal your client’s identity. Cybercriminals can use your customer’s identity to gain some financial advantage or steal money. There have been occasions when a criminal successfully stole a deceased person’s identity to commit crimes.
Smart contracts on blockchain offer a novel solution that may include a comprehensive electronic signature service. It allows access to a private key and a public key. While a public key provides access to your public records, it offers concrete security as no one has access to change or edit your data. However, a private key allows you to give access to those required. This simple method helps prevent and restrict identity theft. Best-in-class data encryption technology ensures the highest levels of safety standards.
2. Distributed user data collection
Smart contracts enable finance companies to uncomplicate the process of identity verification. It can make data available on a decentralized network. For example, claiming, verifying, and processing insurance has always been a labor-intensive task that frustrates your customers. Smart contracts offer a single source of truth, drastically reducing friction in the business process.
Here is how smart contracts simplify the process:
- Make data reconciliation easy
- Improve accuracy
- Minimize time spent in uncovering information
- Enhance improvements in speed and accuracy
- Improve customer experience
3. Automation and standardization of operations
Client data is collected daily. Name, address, and social security number are required for almost all transactions. Considering the recent progress achieved on KYC policy standardization, it is now possible to use smart contracts to control operations and execute agreements or transactions.
You can streamline the procedure across the industry by coding and standardizing the KYC workflow. It will minimize manual oversight and increase the effectiveness of the KYC system. It even allows you to implement multilingual solutions with the help of translation tools and smart contracts. Since smart contracts remove the need for a manual process for each document, decisions can be made quicker.
4. Comprehensive authentication process
It is crucial to verify the identity of individuals for data protection compliance and the prevention of fraud. A cryptographic verification solution is vital here. On the other hand, industries face another major challenge – allowing users to conduct online banking through apps. The glitch is that if a person loses her smart device, she exposes herself and the bank to a greater security risk.
Fortunately, the blockchain’s decentralized model almost eliminates the security risk by not allowing any edits on the data accessed by the thief or the fraudster. Once a smart contract on blockchain is formed, it remains immutable.
5. Communication and transparency
The smart contract will allow you to monitor everything from account openings to day-to-day transactions actively. Since the terms and conditions are pre-defined, it is recorded immediately, and remittance is raised automatically. This process avoids laborious approval workflows.
Since it allows for trust data to be stored on the KYC smart contract platform, banks or financial service providers can eliminate the secondary validation processes and cross-checking. Apart from this, when mistakes occur, they are quickly identified, reported, and solved. While transparency has to be dictated by the parties involved in traditional contracts, smart contracts always remain transparent. Such openness makes tracing transactions less cumbersome and could be traced right from the point of origin. Additionally, it automatically creates fully accessible history.
6. Heightened security
KYC banking processes can go on for weeks, highly increasing the maintenance of regulatory compliance as the industry struggles to dodge financial fraudsters and terrorists. Fortunately, a shared ledger will help adjust and monitor the KYC process for all those involved. This would allow all parties to view any changes or updates made to the clients’ data. Such direct access would save on the time-intensive process of identifying suspicious activity and reporting it.
Get smart with smart contracts!
As you can see, Smart Contracts are so much more than just an intelligent way of handling contracts. They are going to become the only way, and it’s time you get ahead of the competition by leveraging this technology. Talk to us and allow us to guide you through any questions you might have.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
Being an Official Partner of Odoo, Fingent has always catered to the needs of various customers and streamlined their operations, thus saving their costs, time, and resources. In this post, you will see how Odoo ERP implementation helps retail management.
Odoo ERP: A Highly Customizable Cloud-based Platform for Retailers!
The retail industry is one of the primary beneficiaries of digital transformation. In 2010, eCommerce accounted for only 5-6% of the aggregate retail sales in the US. The industry has witnessed phenomenal growth over the past decade with the development and adoption of retail technology, ERPs, eCommerce applications, custom retail solutions, and stiff market competition. At present, online retail sales in the US account for 21% of the total retail purchases. Isn’t that mind-blowing?
The paradigm shift from the traditional operating landscape to a digital world presents both opportunities and challenges. Many people look for products online, make buying decisions based on social media reviews, and order products to be delivered home. They even use the internet to search local shops, order online and collect from nearby stores (click & collect) or find retailers that offer discounts in their area. The message is clear: physical/ in-store retailing also needs to pace up with the change.
To overcome the challenges in managing physical and digital selling, retailers need to adopt a modern enterprise resource planning (ERP) system.
Today, ERP is extensively used to simplify and automate customer relationship management, project management, accounting, compliance, inventory, and supply chain operations. ERP is a reliable investment for business owners as they can control and monitor their operations, get reports, and gain insights on consumer behavior and market situations.
Odoo ERP for Retail Management
ERP software allows integrating the core processes to run a company in one place, such as finance, manufacturing, HR, supply chain, inventory, procurement, tracking, transactions, etc. It also integrates all the data and related business processes of an organization.
Odoo ERP is a popular, open-source, cloud-based business management software that helps manage various business needs such as manufacturing, finance, inventory, point of sale (POS), eCommerce, purchase, logistics, etc. Odoo is an intelligent ERP system that allows retailers to integrate their whole data and all the processes associated with the retail industry. For retailers, Odoo is a perfect choice that increases profit and enhances productivity as it provides comprehensive solutions that can seamlessly integrate with eCommerce.
How Odoo ERP Benefits Retail Management
Following are the significant benefits of using Odoo ERP in retail:
1. One-step checkout
In online shopping apps, the checkout stage tends to have several processes spread across different web pages. This can put off some customers who don’t want to spend their time navigating through each. Odoo eliminates these multiple processes by offering a one-step checkout that is fast, convenient, and intuitive. It has the potential to reduce checkout abandonment and thereby increase sales.
2. Craft stunning product pages
For eCommerce websites, high-quality product pages are crucial to gain maximum traction. Long descriptions with dull-looking pages are outdated. Odoo ERP lets you build beautiful and stunning product pages with a simple drag and drop feature. You can also customize your online store’s look, layout, color, and theme with Odoo and make last-minute changes to meet the demands and expectations of your clients. You can also make changes and enhancements at regular intervals to add more features to your store. Make sure that your digital store is mobile responsive to be compatible with the changes and new features.
3. Payment module integration
Having different payment options can enhance the customer experience. With Odoo’s plugins and extensions, retailers can integrate and customize various modules like wallets, cryptocurrencies, credit and debit cards, and UPI. It also supports PayPal, PayUMoney, Buckaroo, Sips, Stripe, Ingenico, Adyen, and Authorize.net.
4. Sales, purchase, and finance management
Odoo offers non-retail and retail companies different sales management processes. Odoo has a Point of Sale (POS) module, which is integrated with the sales and inventory module. This module helps retailers track stock and commodities in real-time. The module also allows for the use of biometric devices to log in and out. It’s compatible with any hardware and doesn’t require installation. What’s more, the POS remains operational even when offline.
5. Inventory management
It’s a known fact that inventory management in a volatile and dynamic consumer goods market is an arduous task for many retailers. With several issues such as excess inventory or out-of-stock scenarios, inefficient inventory management processes result in financial loss and lead many retailers to bankruptcy.
Odoo ERP offers inventory management as its integral feature, where it stores details of an organization’s entire inventory, including the individual product details. Odoo enables retail managers to keep track of crucial information such as:
- The present status of the inventory
- Items that will run out of stock
- Shelf life details of each product
- Notifications related to product expiry
- Ability to make demand forecasts based on past trends and customers’ online behavior and buying habits
Odoo ERP enables retailers to gain a competitive edge by modifying inventory to meet the fluctuating customer demands.
6. Manufacturing and production
Retailers who are also engaged in manufacturing and production can use Odoo’s module to help run functions. The Manufacturing module can assist in creating bills of materials (BoMs), managing semi-finished products, subcontracting manufacturing, etc. It can also help in configuring work centers and managing and configuring kits.
7. The Cloud Advantage
- Odoo solutions are cloud-based, allowing retailers to access their e-commerce stores from anywhere in the world.
- Odoo is flexible, customizable, and scalable, making it especially ideal for small and medium-sized enterprises (SMEs).
- Odoo is an affordable ERP solution with the maintenance fees included in the license fee.
In a nutshell, Odoo ERP serves as a high-performance retail management system where retailers can manage everything on a single system. It can bring tremendous benefits to the retailing industry. They can integrate Odoo’s various business apps such as Sales, Accounting, Customer relationship management (CRM), Inventory, etc., with Odoo e-commerce.
The Odoo App Store features nearly 10,000 apps that connect to the same database on Odoo’s own servers. A testament to Odoo’s popularity is in the numbers: it has more than 5 million users worldwide, from start-ups to large enterprises.
With a simple checkout process, robust customer portal (order tracking, advanced shipping rules, and return management), order review, and wish lists, Odoo ERP provides real-time information to users.
Read more: Why Choose Fingent as Your Odoo ERP Partner
Fingent has an ace team of Odoo developers that offers consulting, development, and implementation services. Whether you want to integrate Odoo ERP with your existing e-commerce store or build an online store from scratch powered by Odoo integration, give us a call right away.