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.

Read more: How Organizations can Gain a Competitive Edge by Implementing Digital Core ERP

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.

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

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.

Read more: 8 Ways SAP ERP Software Implementation Benefits Your Business

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.

Read more: ERP Software Selection – 5 Step Checklist for CFOs

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 top custom software development company, can help you achieve a smooth ERP implementation and get the best out of your software. Call us today!

Building Ground-breaking Customer Experiences With Augmented Reality

For the unversed, experiential marketing is a unique and effective way to build brand awareness through face-to-face connections with consumers. Unlike traditional or online marketing efforts, experiential marketing engages all the five senses that bring about emotions to form lasting memories and drive brand loyalty. It allows you to connect with your customers in the most relatable way while building brand awareness and loyalty.

So, how can companies effectively incorporate experiential marketing to make their products stand out? The answer is quite simple: by embracing Virtual Reality and Augmented Reality.

Augmented Reality technology boosts experiential marketing by allowing consumers to interact with products or services with improved personalization.

Read more: Augmented Reality, Virtual Reality, and Mixed Reality Detailed With Real-life Examples 

Benefits Of Using AR In Marketing

As stores closed their doors and people remained indoors, Augmented Reality has received a lot of attention over the last year and will become essential for retailers as stores reopen worldwide.

AR is bringing the in-store buying experience into consumers’ homes. Consumers can now virtually experience how a cute summer dress, a pair of sunglasses, or sneakers will look on them. As a result, AR boosts the customer’s confidence when buying online. AR is also an excellent solution for people who are worried about trying products such as garments or footwear that numerous other hands have touched before them. The technology allows consumers to make decisions safely, without physically touching sample products kept in the shops’ display racks.

Read more: How Top Brands Embrace Augmented Reality For Immersive Customer Experiences 

Sephora, a well-known cosmetic brand, has experienced great success with its Augmented Reality marketing strategy. The brand uses face recognition to help customers try makeup products before buying them in-store with their Virtual Artist app. Another example, Snapchat, which uses AR ads via snap filters.

Augmented Reality enables brands to show their customers what makes their products or services great instead of simply sending out marketing literature and thus allows them to connect with their customers better. This helps brands deliver memorable customer experiences and reduce costly returns.

Benefits Of Using AR In Experiential Marketing

1. Boost Sales

Let’s assume that you decide to re-decor your room. You will probably go through magazines and even visualize the furniture in the desired spaces. However, most often, you end up achieving a completely different outcome than what was intended.

So, that’s where AR comes into the picture. All you need to do is point your smartphone in the desired space, and you will be able to view (virtually) how your room would appear with all the desired items in place. This eliminates all the tedious trials and errors that can often lead to disappointing results. So, isn’t this unique and immersive approach a great way to attract your customers?

Read more: What are 3D Web Configurators? How do they Boost E-Commerce Sales and Drive Customer Satisfaction? 

2. Save Unnecessary Marketing Costs

If you think that the new-age technology of AR and VR would cost you a fortune, you’re wrong. With advances in technology, gadgets and other technology components are becoming cheaper. For instance, AR ads are more affordable than traditional mediums.

AR’s targeted and personalized approach helps save up a lot from your budget compared to the conventional ways of communication. Additionally, it can be used for marketing campaigns as it is a highly efficient tool for advertisers.

3. Overcome Language Barrier

There’s no denying that people are more attracted to visuals than texts. As a result, visual images seem to have a language of their own. Both AR and VR use visualization to their advantage and excel in the process of communicating through moving images. While you may need a language to operate at the base level, users can easily find what they are looking for using the multiple options available.

4. Make Content That Goes Viral In The Social Space

Given the situation we are living in, social media has never been more relevant. It has changed the rules of advertising, and everybody is adapting to it. Advertisers are leaving no stone unturned to ensure their content reaches every potential customer of their brand.

Both Virtual and Augmented Reality technologies have the potential to make your content go viral. It is not only engaging and entertaining but also fascinating. The content is compelling enough to attract people of targeted age groups and helps communicate the brand’s message correctly.

For example, recently, Inphantry, a Boston-based digital ad agency, orchestrated an immersive AR pop-up exhibition in a Houston shopping mall. This was done to promote Nike’s AJXX8 sneaker, its latest addition to the Air Jordan line. Customers were given challenges such as dribbling, jumping, etc., wearing the sneakers and the Jordan branded bracelet with an RFID chip to track their scores.

On completion of the challenge, the high-scorers could experience the Air Jordan pop-up museum and lounge. Additionally, the participants were encouraged to share their pictures (of their experience) on social media. This strategy attracted over 2500 users and created the much-needed buzz around the newly launched sneakers.

5. Conduct Virtual Events

The pandemic has wreaked havoc in our lives both physically as well as emotionally. Most people are still not open to the idea of going out in a crowd, even at the cost of missing something important. In such cases, AR and VR technology comes to the rescue. The immersive technology allows the audience to access desired events virtually. Considering the times we live, immersive technologies are indeed a boon!

AR and VR platforms enable brands to engage and launch their offerings by organizing virtual corporate events, expos, and conferences.

6. Fulfill Training Needs

If any of your products or services requires technical training to understand its aspects, VR technology is what you need. It provides a personalized and interactive experience where the user can understand the product/service virtually. Moreover, this approach is highly effective as it can be re-run multiple times.

Additionally, the user can practice using the VR headset for as long as desired. This reduces any operational risks that the user could experience while using the actual product and helps educate them about it skillfully. That said, using AR/VR technology for training your users is more fun than traditional training sessions.

Read more: How Virtual Reality Improves The Standard of Medical Education and Training

7. Enhance Customer Service

The main goal of any business is to ensure that their customers are satisfied and thus increase sales. AR and VR technology can help educate customers in a fun way and help them make informed decisions. This prevents any conflict of ideas that may arise in the consumer’s mind. Thus, Augmented Reality and Virtual Reality help in increasing customer satisfaction and sales.

Scale Your Marketing Efforts With AR

Summing up, it can be said that businesses must earnestly consider using Augmented Reality to boost experiential marketing and create ground-breaking experiences that will set them apart from others.

If you’re looking for a unique and one-of-kind opportunity for marketing and advertising, you can collaborate with Fingent. We software development experts offer immersive and interactive experiential marketing solutions using AR and VR. Explore our offerings by simply giving us a call, and we will be delighted to help.

Why Should Manufacturing Companies Leverage Odoo ERP?

As the manufacturing industry flourish, the need for a centralized control mechanism to ensure streamlined and effective operations is turning imperative. Processes like material sourcing, inventory, invoicing, purchase, order, accounts, and human resource management needs to be automated to make room for high-level practices and decisions. In such a scenario, how do you think Odoo ERP can help manufacturing companies accelerate efficiency and business success?

Odoo ERP can empower businesses with centralized management! From inventories to work orders, to customers and accounts, Odoo ERP enables streamlined management of the entire business processes, seamlessly. Leveraging Odoo ERP and using its open-source methodologies can enable manufacturing companies to derive the required speed, flexibility, and transparency to drive business growth and success.

Here at Fingent, we provide ERP solutions for various industries challenges including those of the manufacturing industry. But before we dive deeper into how Oddo ERP can simplify management for manufacturing companies, let’s take a look into the prevailing challenges of the industry.

Read more: Drive digital transformation in manufacturing

Challenges Faced By The Manufacturing Industry

From inventory to sales to the customer, the manufacturing industry deals with a huge amount of data, on a daily basis. As digitization is taking precedence, enterprises are looking for business models that are supported by intelligent systems. Therefore, companies must use an ERP system to manage their operations. Here are few challenges that organizations face without an ERP system in place.

• Forecasting demand – To avoid waste, spoilage or over/under production, businesses must gauge customer behavior and demands. As markets are becoming more volatile and unpredictable, it is becoming increasingly difficult to predict trends and plan production and distribution.
• Planning inventory – Inventory, if managed manually is bound to have errors that can cause inaccuracy of data, stock issues, and bad decisions, all of which can hinder returns. For the smooth functioning of a manufacturing company, data accuracy and consistency are important.
• Lack of skilled labor – To preserve the quality of services and reputation, manufacturing companies must hire and retain skilled workers. With fairly large applications and without a quick processing tool, HR may find it difficult to select suitable candidates.
• Minimizing costs and improving efficiency – One of the best ways to increase returns is to lower production costs while maintaining an efficient supply chain. However, this must not compromise quality. So, manufacturing plants need to automate their operations and management.
• Client Relationship Management(CRM) – Customer loyalty, though important does not come easy in today’s competitive business landscape. Businesses must invest in resources that help prioritize client data for current and potential customers and manage sales lead. A CRM will take into account the customer preferences and demands along with market trends.

Read more: Odoo Migration: Why Is It Crucial and How to Do It Seamlessly!

Top Features of Odoo ERP System

Manufacturing firms must implement customized software solutions with multiple functionalities that are tailored to the industry. Odoo is an open-source ERP software that acts as an effective business management tool with its robust functions. Here are a few highlighted features of Odoo ERP for manufacturing:

• Inventory Management
• Material Management
• Purchase Management
• Production Management
• Sales Management
• Quality Assurance
• Customer Relationship Management
• Accounting and Invoicing
• HR and Payroll Management

All these features can be customized based on your business needs.

In addition to the above features, Odoo ERP helps in automating the maintenance order for repairs and other preventive maintenance. It includes a scheduler functionality that uses statistical calculations to alert you in case of any failure.

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

6 Ways Manufacturing Industry Can Benefit From Odoo ERP

1. Automation

As digitization is gaining a lot of importance, companies must optimize workflows in the supply chain through automation. Processes such as inventory updates, payments and invoicing, tracking, distribution, and sales across different channels, even making decisions on high volume orders can be automated using Odoo.

Automation drives efficiency, productivity, accuracy, lowers operational costs, and ensures employee safety. All this helps in meeting the changing supply demands of a changing market.

2. Master Data Management

Odoo ERP comes with master data management capabilities that allow companies to incorporate business processes without duplication of data. The master data management ensures there is a consistent exchange of organizational data, eliminates redundancy, and simplifies business operations.

3.Quality Control

With Odoo ERP, companies can set quality checks for certain triggers. It can help schedule operations and even send maintenance requests automatically whenever needed.

The tool also allows enterprises to track different versions of a product(Product Lifecycle Management) and manage its routing accordingly.

4. Forecasting

Odoo ERP is equipped with analytical tools that locate patterns, observe huge datasets and forecast future trends, and enable manufacturing companies to create business strategies accordingly. These predictive capabilities allow companies to focus on production to meet customer demands and earn their loyalty.

Read more: How Odoo ERP Helps Leverage Business Intelligence and Data Analytics

5. Managing the workforce

Odoo’s HRM module automates the basic segregation process based on the required attributes for the post and enables better recruitment. It also includes training and development, capabilities and skills management, compensation records, and employee data.

Additionally, Odoo ERP comes with an employee scheduling feature that helps schedule and track tasks.

6. Returns

Odoo ERP helps businesses to maximize returns by improving operational efficiency, boost productivity and enhance customer satisfaction.

Conclusion

At Fingent, we maximize the potential of manufacturing companies with future-proof technologies. We develop ERP systems that integrate WFM, CRM, HRM, and accounting services for businesses of every size. For custom Odoo ERP development, talk to our experts.

Streamline And Enhance Your Warehouse Management Operations With SAP EWM

Worldwide, companies spend an average of €300 billion a year on warehousing, either in-house or through third-party logistics. The rise of eCommerce and the growth of global supply chains increase warehousing operations costs for enterprises. In addition, with the pandemic heightening consumers’ interest in eCommerce, they expect instant delivery of products. To cater to this dynamic demand, some logistic companies increased the number of their seasonal employees. With this demand continuing to rise, it becomes imperative that warehouse management processes be optimized.

Read more: Warehousing Management System: Simplify Operations & Scale Your Business  

Warehouse management is currently undergoing a modern-day makeover to meet growing demands. Therefore, industry leaders must take steps to optimize warehouse management to keep pace with faster requirements and ever-increasing volumes. SAP Extended Warehouse Management (SAP EWM) streamlines, simplifies and optimizes your warehouse operations. This blog considers how SAP EWM can benefit your business.

Challenges In Supply Chain Management Today

Supply chains are at the core of business operations. Therefore, supply chain management needs to overcome several challenges that impact the bottom line of their business.

Read more: Top Challenges Faced By Logistics Management Today

Here are some challenges companies should be aware of:

1. Identifying Bottlenecks In Customer Service

Customers’ demands have become extremely specific. Plus, they expect to be notified about any possible delays. Therefore, supply chain management can benefit from advanced planning and scheduling systems that can help them identify bottlenecks. This can help them prevent delays or notify the customer of a possible delay.

2. Gaining High Supply Chain Visibility

Overall production cost is affected by several factors that go unnoticed. High supply chain visibility will help the management increase the system’s efficiency and eliminate wasteful steps. Such visibility can contribute to cost control.

3. Finding The Right Talent

Hiring and retaining the right talent has become increasingly difficult. Hence, it is beneficial to have a performance tracking system that allows you to gauge employee productivity and spot the right talent that could be trained effectively.

Read more: Warehouse Automation: Streamlining Operations

4. Ensuring On-time Delivery

Delivering goods on time is another challenge that can make you lose your customers to your competition. You can resolve these challenges with planning and scheduling software. It can help you receive and deliver the material on time.

5. Maintaining An Agile Production Plan

Lack of an agile production plan that does not reflect market changes can lead to inefficiency of production. You can remain agile by having a planning and scheduling system. This system helps you keep a tab on the effect of market changes without disrupting your current schedule. Those insights equip you to make the best decisions in response to those changes.

Read more: Understanding The Types Of Warehouse Management Systems

How SAP EWM Can Benefit Your Business

Statista forecasts the global warehouse automation market to surpass 30 billion U.S. dollars. And, Zebra warehousing vision study shows that 80% of organizations plan to invest in new technologies to be competitive. And 27% plan to utilize full automation by 2024. SAP EWM helps you capitalize on this.

Read more: How Robotics In Logistics Helps Improve Supply Chain Efficiency

SAP Extended Warehouse Management (EWM) is fast, agile, and powerful. It is designed to future-proof current supply chain technology and help your business grow.

SAP EWM can be deployed into many business environments. It can support both simple and complex warehouse processes at the granular level. It is a high-speed system that makes supply chain management more accessible and more efficient. SAP EWM can be configured to the organization’s specific needs and can be streamlined over different locations.

Here are some other ways your business can benefit from SAP EWM:

1. Optimize Task Management

In a standard warehouse, one person can be seen going to the same stock bin several times during the day. This happens when all orders that need to be picked for a day appear together, making it difficult to break them down.

You can optimize the picking process with SAP EWM. The platform uses various algorithms to employ the most efficient way to complete as many tasks as possible. This prevents pickers from wasting their time as they have to tread the same path constantly. Plus, SAP EWM’s voice picking functionality enables shorter search time and minimizes errors.

Read more: How SAP Helps Realize Voice-enabled Warehouse Operations

SAP EWM can easily integrate all processes to provide easy end-to-end operations management. It can take the burden off your team for outgoing shipments allowing them to tackle inevitable snags that need to be addressed.

You can link SAP EWM with your transportation management system for greater accuracy for delivery targets. It provides your company a holistic outlook alerting your team when to expect delays and other time-sensitive information.

2. Streamline Labor Management

Efficient use of time, effort, and resources can contribute to business growth. This is another point where SAP EWM can integrate with your WMS. The platform can provide structure in the workplace. With a good framework, each worker knows their location and responsibilities. Such an organized structure will help your employees enjoy more efficient task allocation.

SAP EWM generates real-time insights on workers’ performance, enabling managers to offer more constructive suggestions to improve efficiency. Subsequently, your employees develop more efficient and consistent work habits.

3. Control Costs

Not following the first-in, first-out method for perishables and inefficient use of space and labor can increase wastage. SAP EWM can help reduce wastage of perishables by identifying which units need to be picked first.

SAP EWM can maximize the use of the warehouse space by optimizing the location for each pickup time. It optimizes your space and the travel path of the pickers. All this will reduce your on-hand inventory and reduce your space costs without compromising on quality.

4. Boost Customer Relationship

SAP EWM can reduce delivery lead times and order accuracy errors. This increases customer satisfaction and results in more sales. Thus, SAP EWM elevates and improves relationships with your suppliers and end customers.

Read more: Logistics Management Software – Everything You Should Know

Leverage SAP EWM Capabilities With Fingent

Logistics providers must evaluate the best warehousing management solution for their specific needs. If your business is at a crossroads in choosing the best option for your warehouse operations, Fingent is here to help. Feel free to contact us to learn more about how SAP EWM can transform your business.

Fingent is a certified SAP silver partner and has assisted global businesses in successfully implementing SAP EWM. Our custom software development experts can guide and help you explore the flexibility in deploying SAP EWM and ensure it is the best fit for your specific business requirements.

Business Intelligence in Finance becomes the most trusted aide of the modern CFO. Here’s how BI helps finance teams to leverage insights and drive the business forward.

Business Intelligence In Finance: A CFO’s Most Reliable Tool

In 2020 alone, 64.2ZB of data was created or replicated by many industries. However, 73% of the enterprise data is left unused for business analytics and intelligence. Several studies prove that business intelligence in finance enables enterprises to reap ROI and profitability and boost customer retention. In one of its recent reports, Tech Jury reveals that effective utilization of big data allowed Netflix to save $1 billion per year on customer retention.

Is Business Intelligence worth putting time into? If you’re a CFO, then it might be a good idea to investigate this further. After all, time is worth money, and BI does come with costs.

In our experience, we know that it is worth it. A CFO can use BI to harvest business-critical insights and drive value through process improvement. This blog presents some key facts that show why Business Intelligence in finance is crucial for CFOs.

Read more: How Odoo ERP Helps Leverage Business Intelligence and Data Analytics

What Is Business Intelligence?

Business Intelligence is a tool that is often misunderstood and usually underutilized by finance organizations. Business Intelligence in banking uses analytics software to create interactive data visualization. BI covers a broader range of functions that include querying, data mining, data preparation, and so on.

Data thus collected is an invaluable asset that allows finance organizations to understand themselves better and make informed decisions.

Read more: Business Intelligence 101

Why Must CFOs Understand The Significance Of BI In Finance?

As financial organizations recover from the devastating blow of COVID-19, CFOs must look beyond managing costs to discovering new opportunities to plan business. CFOs can pursue these opportunities with the help of BI solutions.

Financial services are awash by terabytes of data pouring in each day. To manage a financial organization successfully, CFOs must understand that data quickly and in a targeted manner. Business Intelligence tools can draw data from internal and external sources for centralized and comprehensive data management and analysis.

A Business Intelligence (BI) tool will help CFOs infer the potential market and business opportunities, identify value drivers for growth opportunities, and then track KPIs against those. A well-implemented BI tool can assist CFOs in handling real-time data quickly and precisely. Business intelligence in finance enables CFOs to correlate between investments and profitability across multiple dimensions of your financial organization.

Such analysis will help CFOs further strategize on valuation or growth optimization. As a result of that solid proof, the finance organization can improve overall services and create future go-to-market strategies.

By focusing on strategic value through BI, CFOs can enable their organization to become resilient and agile. These traits are crucial now than ever before, given the need to mitigate risk while navigating potent disruptors like a global pandemic.

Read more: Business Intelligence in SAP: How It Helps You Become a Data-driven Organization

How BI Can Enhance The Role Of The CFO

Business Intelligence combines proactive data management with process automation and business analytics. By using this combination, CFOs can make several critical improvements within their organization, such as:

1. Clear and Complete Data

The CFO needs to know what is happening in the company to help him develop and implement refinements. BI tools can help CFO and his team to:

• Integrate and standardize existing software environment
• Eliminate human error
• Automate key processes that boost speed and accuracy
• Eliminate data silos
• Perform advanced data analysis tasks

The BI tools use ML to bring data together in a secure, well-managed data warehouse. These tools will clarify and organize your information, assisting CFOs to make the best decision possible. BI can benefit:

• Real-time working capital analysis and management
• Advanced budgeting and forecasting
• Preparation and distribution of critical financial statements

2. Data Visualization

CFOs need to make crucial decisions in real-time. However, looking through pie charts or reams of printouts can be time-consuming and delay the process of decision-making. Finance leaders can tackle this challenge easily with the help of business intelligence tools.

Read more: How Fingent Helps CFOs Gain New Insights and Reliably Enable Key Decisions

Business Intelligence uses data analytics to make insights available faster and with greater clarity. Hence, it can generate concise visualizations that bring additional value to the process. Such data visualizations help CFOs examine the connection of seemingly disparate data sets.

The CFO can use visualization to develop new products that will attract a key demographic and increase their average spend. Also, it will help them identify saving opportunities in the supply chain. BI uses advanced technologies to create heat maps, interactive augmented reality applications, and data dashboards. These will assist in tracking business performance and strategizing effectively to reduce the risk or increase profitability.

Read more: How Data Warehousing Adds Value To Data Visualization & Reporting

3. Risk Mitigation

The banking and finance sector faces unprecedented business disruptors creating uncertainty in business growth. With the help of BI tools, CFOs and their teams can organize all their data for real-time access and analysis.

Finance professionals can use these metrics to monitor and evaluate internal processes and detect and reduce fraudulent activities to minimize risk. This provides context and clarity and helps companies identify invoice fraud and improve internal compliance.

Business intelligence tools can be integrated with analytics capabilities to measure, identify, track, and analyze operations.

Read more: Transforming The CFO into a Business Value Creator and Role Model

4. Operation and Performance Management

Synchronizing the organization to build resilient operations has never been easy. The efficiency of management alone will not suffice. A well-known business benefit of BI tools is performance management capabilities. This will help you identify your business performance at every level. You can conduct a performance and operational health check regularly.

5. Identify Potential Weaknesses in Business

Growth will suffer if a business’s weakness goes undetected. A CFO and their team can identify incomplete or inconsistent data with the help of accurate and comprehensive data. This will reveal potential flaws in specific controls and processes.

6. Improved Customer Service and Retention

Finance organizations must understand why their customers might be inclined to move to the competition to stay ahead of the competition. BI tools reveal customer requirements because they identify the customers spending patterns. This data helps organizations to improvise and provide services that procure customer loyalty.

7. Predict Future Trends

A smart CFO will always have their gaze fixed on the future. Therefore, the CFO will want to explore and make predictions about future trends and prepare their finance organization with the future in mind. Instead of relying on old methods, CFOs can use BI tools to make predictions for the future of their organization and deliver clear plans that find sure success.

Read more: Reimagine Your Business Intelligence With Dynamic Visual Storytelling Using SAP Analytics Cloud

Make Better, Intelligent, Informed Decisions – Starting Now!

Equipped with valuable data, a CFO can make intelligent, informed decisions and help their financial organization stay ahead of the curve. They can also ensure that their organization remains resilient under disruptive circumstances. Thus, they can enable their business to maintain momentum with new developments, detect market changes, and measure the effect of changes on customer requirements. If you are a CFO, you need to get on board with the best way to maximize your Business Intelligence. Custom software development experts at Fingent can help you understand how. So give us a call, and let’s get talking.

Revolutionizing Home Improvement Business With 3D Web Configurator Technology

COVID-19 pandemic’s impact has ushered in a dramatic shift in the behavior and preference of customers. However, this shift was not restricted to customers alone. Social distancing and isolation protocols put industries like home improvement in a state of dilemma, as their business depends highly on showcasing products to customers in a physical space, preferably in-store. Almost overnight, businesses like interior designs and home decor had to adapt and adjust how they presented their products. Today, home improvement companies are increasingly relying on 3D web configuration technology to ensure that their customers gain personalized product experiences and can shop from the comfort of their quarantined couches.

Forbes reports that by replacing static 2D images with interactive 3D models, businesses have gained a 40% increase in online conversion rates and a 30% improvement in average sales prices. Moreover, they also managed to reduce online returns by 80%.

As a customer begins experiencing the ease, personalization, and speed of online shopping, there is no going back. Businesses can leverage this cemented habit when they use a 3D web configurator. In the world of e-commerce, 3D web configurators are already a breakthrough. Unquestionably, it is the need of the hour!

Like e-commerce, the home improvement industry is also a crucial beneficiary of 3D web configuration. This article discusses how the home improvement industry uses 3D web configurators to enhance customer engagement and accelerate business growth.

How the Home Improvement Industry is Utilizing 3D Web Configuration

According to Statista, the projected total home improvement sales in the United States will touch 510 billion USD by 2024. Such an exponential increase is only made possible by the power of 3D web configurators. From sofas to paints and bathroom essentials like faucets and sinks, there are various configurations available today.

3D visualization software can help customers project a 3D model of the product against the background of any room. This does not mean a customer must invest in special equipment. Instead, they can view using their phone camera.

For instance, if a customer wants to see how a beige wardrobe would appear in their bedroom, they can simply point the phone camera and project that wardrobe onto the background. Plus, a 3D configurator allows customers to customize the product before they click on the “purchase” tab. So it is no surprise that 3D visualization software can build your customer’s confidence in their purchase.

Read more: What are 3D Web Configurators? How do they Boost E-Commerce Sales and Drive Customer Satisfaction?

3 Ways 3D Visualization Helps the Home Improvement Industry Thrive

3D visualization gives your customers an overall impression of their living room. It can provide an in-depth view of both real and surreal aspects. In other words, it will help you increase professional accuracy as you incorporate your customer’s requirements.

Here are the three advantages that 3D visualization can bring to the home improvement industry:

1. Color Match

Most people tend to research products online before buying. Besides, homeowners prefer to select their wall color from the comfort of their homes. An excellent 3D configurator case that can influence a consumer to move from the consideration stage to the purchase stage is Dulux. Using 3D visualization helped them to provide a better user experience across various channels and devices. In addition, it benefits both the customer and the consultant as they can pick and choose from all available colors.

The primary goal of 3D configuration is to help customers visualize how they can decorate their homes using various combinations. It generates accurate visualization of the selected paint on the walls and ceilings. Plus, it allows a shopper to import, tweak, process, view, and save the final visualization. This is an excellent feature for tradespeople and DIY renovation enthusiasts as they spruce up their homes.

2. Engaging Visualization

Home improvement businesses can use 3D configurators to educate customers about their products. It enables them to blur the lines between the consideration stage and point-of-sale decision-making. For example, 3D web configuration technology will let shoppers measure what size of furniture would look best in their living room. Once they decide on the size, the configurator could narrow it down to other furniture features and help customers make purchase decisions.

A 3D web configurator can do more than sell a product. It enables a business to be transparent and open about its products in detail. This assures the potential customer and increases decision-making comfort whether they commit to buying or not.

When customers cannot visit a store in person, they may want to inspect the purchase in detail. Having 4k zoom on your product page allows your visitors to scrutinize your products, feel the texture, and choose the right shade of color. This can be made easy when you add 360-degree images. Interactive 3D models can significantly improve your web session duration.

Typical case: Timothy Oulton

Timothy Oulton is a British handcrafted leather furniture brand. From 360-degree views to detail shots, it uses various 3D configuration features to create an engaging product page experience.

3. Interactive Imagery

With more people shopping online, having a 3D interactive website has become increasingly important. It can give your shoppers a degree of interactive imagery that photographs cannot render. You can achieve this by combining the background and the product to create an in-context image. Those combinations will help you convey a certain quality, tone, or mood that will influence a shopper’s perception of your product.

True, you can have multi-angled images, but you cannot rotate them. However, 3D product rendering enables immersive interaction between the customer and your product. Now, a shopper can rotate, enlarge, or shrink the product to view it from all directions. Such context enables shoppers to visualize how your product looks in a real-life setting.

Typical case: Neptune

A British interior design and lifestyle brand, Neptune, designs and creates furniture, lighting, and accessories for the entire home. They use context images to tell a story. Their product pages are filled with high-quality room scenes that highlight the beauty of their products.

Tangible Results of Implementing 3D Web Configurators

3D rendering is a distinctive way to present your home improvement products to your customers. It is less expensive in part because it can be used throughout the process of design and sale. Plus, it nudges them along in their buying decisions.

3D web configurators can help increase your customer engagement, boost online sales, and reduce returns. Thus, more businesses are likely to embrace the power of 3D configuration to ensure business continuity during the pandemic and beyond. So, yes, product visualization is the new reality of the future. But, are you ready for it? If your answer is yes, get in touch with us software development experts and help us give you a 3D view of your business’s success!

Streamlining SAP S/4HANA Migration with Selective Data Transition

Though the COVID-19 pandemic accelerates digital adoption among industries, the journey towards Intelligent Enterprise can be complex. Typically, this begins with establishing an intelligent core like SAP ERP. However, even migrating to a new system is more than just a simple upgrade for many companies. With several years of historical business data across complex system landscapes, companies will have to adopt a specific migration approach to SAP S/4HANA. A well-defined migration approach will help businesses ensure business continuity, embrace innovation, and stay relevant and competitive. This post will look at SAP S/4HANA Selective Data Transition Engagement and how this approach accelerates SAP S/4HANA migration.

Read more: Deploying SAP S/4HANA: Tools and Methodologies to Adopt

Two Popular SAP S/4HANA Migration Methods

There are two popular methods to manage SAP S/4HANA migration.

1. Greenfield migration

The first option is the Greenfield approach or a complete re-engineering (new implementation). However, the limitation of this approach is that you cannot migrate your historical data and so cannot take advantage of the latest intelligent features you need for your company’s historical data to work.

2. Brownfield migration

The second option is the Brownfield approach that allows migrating high volumes of historical data (system conversion). However, moving a vast amount of historical data could leave you with more data that could be non-compliant with data privacy laws. Also, this approach could leave you with a lot of irrelevant data in your newly configured system.

As both these options offer certain limitations, SAP formed a brand-new approach, the SAP S/4HANA Selective Data Transition Engagement, that makes your data migration to SAP S/4HANA a lot easier.

What is Selective Data Transition?

Selective Data Transition, also known as Hybrid Approach or Landscape Transformation, is an alternative to the New Implementation approach (Greenfield) or System Conversion approach (Brownfield). It allows you to consolidate several ERP systems to one central SAP S/4 HANA system. Selective Data Transition is vital for companies moving from an existing SAP ERP solution to SAP S/4HANA on-premise or SAP S/4 HANA cloud (private edition).

Just like an inland river delta flowing into the ocean, Selective Data Transition allows you to migrate only a relevant selection of your existing ERP data to SAP S/4 HANA. So, if you’re on SAP ECC planning for transition to SAP S/4HANA, then selective data transition is one of the best approaches to move to SAP S/4HANA.

Case Study: Thermo Pads partners with Fingent to migrate from ECC 6 to SAP S/4HANA. View Case Study

Business Benefits of Selective Data Transition Approach

• Selective data transition avoids business disruption when moving to SAP S/4HANA and enables you to go live according to your business needs. In general, this approach allows for a single go-live, moving several organizational units or roll-out in multiple phases, for example, by country.
• This approach enables you to migrate only your relevant historical data and retain a consistent process chain while leaving behind obsolete data, for example, outdated company codes.
• Selective data transition helps you define your speed and combine single projects such as a new go-live implementation, finance management, etc. while moving to SAP S/4HANA in a single step or a phased approach.
• With SAP S/4 HANA, you can introduce new business processes and manage your historical data while protecting good practices and previous investments.
• The near-zero downtime approach restricts the technical downtime to just a few hours.
• Selective data transition can help change your landscape by either splitting or consolidating existing systems.

Read more: 7 Tips to Ensure a Seamless Transition to SAP S/4HANA

Customize Your Selective Data Transition Approach with Fingent

Selective Data Transition Engagement is a great way to balance between redesign and reuse. It can happen across various scenarios for companies of different sizes to support a smooth transition to SAP S/4HANA. This approach provides a suitable IT landscape for every company’s unique needs. Selective data transition goes beyond the standard implementation as it offers several options for customers to choose from, based on their current landscapes and future needs.

You can work with Fingent and define the appropriate structural changes that need to be considered during data migration, along with any business processes that may need to be modified or redesigned. Our tailored approach has helped many of our customers to increase their flexibility to adapt data and processes in just one step.

Read more: SAP S/4HANA journey: 8 ways C-level leaders and executives can derive business value 

With Selective Data Transition Engagement, companies can even take advantage of select innovation and modify their business processes to facilitate the use of the latest tools and functionality without the need to start from scratch.Companies having mature SAP landscapes can clean up their environments while retaining those investments that matter most and lower their transitions by bypassing preparation projects.

Selective data transition can even help split some of your projects between the cloud and on-premise. It also allows you to restructure and consolidate your environments as you want. But, most importantly, this approach helps you save time by combining all tasks in just one step.

Read more: 6 capabilities of SAP S/4HANA that will help you become an intelligent enterprise 

So, if you are interested in learning how the SAP S/4HANA Selective Data Transition Engagement can help your organization accomplish successful migration, don’t hesitate to contact Fingent. We are an SAP Silver Partner and have the expertise in this area to expedite your intelligent enterprise journey.

A comprehensive guide to web application development in 2021

• Introduction
• What is a Web Application?
• What is Web Application Development?
• Web Apps vs Mobile Apps
• Types of Web Applications
• Technology Stacks for Web Application Development
• Benefits of Web Application Development
• Web Application Development Process
• Web Application Development Validation & Deployment
• Web Application Development Trends
• The Cost of Developing a Web Application
• FAQs About Web Application Development
• Develop Your Web Application with Fingent