How does Odoo ERP Customization Help Businesses?

In the current age of empowered consumerism, businesses should never underestimate the importance of customization in their strategy. Each company has its specific requirements, so customization has become increasingly significant to business growth in the past few years. As businesses wade through unprecedented times, customization emerges highly relevant in 2021. Enterprise systems like custom Odoo ERP solutions, in particular, witness an increasing market adoption. 

Undeniably, customized ERP software can unlock tremendous opportunities for businesses to grow and expand. However, do you feel that committing to a software vendor could mean you are relinquishing control of your business or that it might not be financially viable? If yes, we invite you to read this article and put your fears to rest as you discover the importance of Odoo ERP, especially as we approach 2021.

Read more: How Odoo ERP Simplifies Sales Management in Your Organization 

Does Your Business Need Odoo ERP Customization?

Every business has its requirements, and just because one methodology worked for a particular company, it cannot be a yardstick for all enterprises. Hence, it’s crucial to customize your business software to address your specific needs. The foremost reason for having customized Odoo ERP software is that it can address your specific business requirements. It is essential for businesses to wisely use this capability and customize their Odoo ERP software for an organized workforce and a highly streamlined workflow. 

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

Consider a few reasons:

1. Process Extension

The productivity of any business depends on its work process and business forms. Each association has an alternative work process that may require customization to be more effective. To that end, business leaders may have to stretch out procedures to build new functionalities. In such situations, customizing Odoo ERP can improve collaborations within the work process. 

2. Increase application lifespan 

Applications are building blocks of any business process because they provide vital features and functionality while simplifying the business process. Given that, businesses cannot afford to lose applications at a critical moment. Companies thus need customized ERP solutions to increase the lifespan of business applications. 

3. Establish Unique Identity

Every business has specific objectives to accomplish, which sets them apart in the market. Online marketing activities and data reports of a business mirror its unique identity. Customization of Odoo ERP software can empower businesses to establish their unique identity despite challenging situations.

4. Mobility

With the changes brought about by the pandemic, the need for mobile ERP solutions has taken precedence. Odoo ERP customization can help organizations achieve the desired mobility.

5. Additional features

COVID-19 has redefined the way businesses function that necessitates improvements and upgrades in the business process for 2021. However, it would help if you streamlined each upgrade with the existing process. You can achieve this by incorporating additional features to improve the performance of the whole organization. Odoo ERP customization will help you include other features tailored for your specific business needs.

Read more: Fingent’s new plugin facilitates the scheduling of Zoom meetings from Odoo! 

6. Increased adaptation 

The pandemic has made it evident that an unprecedented event can take you completely by surprise and change the face of your business. Quick adaptation is necessary for businesses if they are to survive and thrive. However, it can be challenging to find new ways that align with your existing business process. Business systems that are not flexible to adaption can collapse, bringing a thriving business to a grinding halt. Odoo ERP customization enables companies to achieve flexibility, empowering them to adapt quickly as the need arises.

Benefits of Odoo ERP Customization

Odoo ERP customization offers businesses increased flexibility and better control resulting in increased sales and improved customer relations. Here are four main benefits of customized Odoo ERP software:

1. Flexible

Flexibility and better control over mission-critical business functions are two of the main benefits of Odoo ERP customization. The extent of that flexibility depends on the type of customization done by the ERP development company. Since Fingent is an official partner of Odoo, our team is fully trained in Odoo ERP development. Our projects are tailored for easy adaptability. 

2. Comprehensive

Odoo ERP covers a wide range of business needs, such as financial management, warehouse management, CRM, and human resource management. It can integrate almost all aspects of a business to improve overall efficiency. 

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

3. Offers support and allows upgrades

Customized ERP applications give you complete control over their features. It also allows you to upgrade the applications when required. At Fingent, we offer user-friendly applications that help businesses achieve their daily organization and management goals. 

4. Development time

Development time might concern enterprises that need to deploy a customized ERP solution within a given time frame. The development timeline varies from project to project, depending on the requirements and expectations of an organization. However, it is a profitable investment considering the long-term benefits.

5. Cost-effective 

There is a misunderstanding that customization of the Odoo ERP system costs a fortune or might complicate the software system’s entire delivery. This has held back some businesses from investing in it. While it is true that customized ERP solutions require to be developed from scratch and tend to be more expensive than off-the-shelf systems, you must consider that the benefits and long-term savings far outweigh the cost.  

The development cost of customization depends on various factors such as the type of application, the number of features, and the time required for the development. However, Odoo offers a basic ERP system with a low-cost license fee. Hence, developing a simple enterprise application with basic features can be cost-effective in the long run. Organizations can maximize the budget on the customization of the platform. 

6. Security 

Odoo ERP is known to be secure by design. Being an open-source platform, Odoo is under constant scrutiny by its users. This ensures that it continually improves on bugs as soon as users report them. 

Easy Adaptability with Complete Control – Grab It Now 

Customization of the Odoo ERP system provides you with the functionality that your business requires. It eliminates any unnecessary features that could confuse a customer and allows you to customize the source code to suit your business needs and features. Customization can also reduce entry duplication and removes redundant fields, which enhances the efficiency of your employees. It can address your current business requirements while providing you with the opportunity to continually improve and refine your business processes as 2021 approaches with new challenges.

If you are worried that the implementation might be difficult, we want to assure you that it isn’t. Fingent’s Odoo implementation projects are tailored for easy adaptability and user-friendliness while ensuring that you have complete control over your processes. Contact us, top custom software development company and discover how we can collaborate to bring value to your business. 

How CEOs can prepare their business for 2025? 

The unexpected entry of COVID-19 and its consequences blew away the year 2020. Technology rose to the occasion and helped businesses cope with these changes to a certain degree. However, the “new normal” has proven that we can adapt and come through any mishap. A fresh surge in innovation and new technologies promise to help us deal with the new normal of 2024 and beyond. However, with future business technology trends shifting in real-time by consumer behavior, volatile markets have become a daily reality. As businesses emerge from a chaotic year, CEOs need to begin a rebuilding phase in 2024. It is not just a restoration because the rebuilding must form the foundation of a new era. Are you prepared for it? 

Fingent supports customers to ensure business continuity during COVID and enables employees to engage effectively during the current pandemic. Our business technology consulting solutions are tailored to address the unique requirements of various industries.  

Read more: 11 Practices Followed by Leaders to Build Resilience and Ensure Rapid Business Recovery 

This blog explores five such business technology trends CEOs need to follow in the coming year. 

1. Transformation of workplace and work culture

Work from home (WFH) has become a growing trend in today’s work environment. While some businesses already practice a regular remote working option, COVID-19 has made WFH mandatory. 

As coronavirus’s terror continues, most businesses have already considered the work from home set up as a permanent feature. Some companies have announced work from home for their employees till the middle of 2021. Few others went a step ahead and allowed their employees to work from home forever! According to an estimate by Global Workplace Analytics, 25-30% of the workforce will be working from home multiple days a week by the end of 2021.

This trend may worry CEOs as it involves a massive element of trust. Laying down work-from-home policies and metrics to ensure productivity will help.

2. Bridge gaps and renew relationships

“That unplanned kind of interaction that contributes so much to how we build relationships with people and how we build culture, those things are what are missing,” says Andi Owen, CEO of Herman Miller Inc. 

Both CEOs and employees can empathize with Andi Owen’s sentiments. Perhaps one day in the future, face-to-face meetings will return to normal. However, right now is the time to shift strategies toward the digital realm to improve relationships. 

Whatever the circumstances may be, businesses must ensure they have a defined work from home policy. For this concept to be practical, CEOs must ensure that the need for inspiration, connection, and a sense of purpose are met in the workspace. Though remote working makes it practically impossible to have in-person meetings, CEOs must ensure that their employees have newer ways to work – where they feel connected and enjoy a sense of purpose, though isolated. 

Additionally, businesses will need to adjust their marketing plans. This could include strengthening their online presence to gain and retain customers while keeping their employees engaged and happy. The most successful CEOs will find ways to improve their network even in the most challenging times.

Read more: 6 Ways to Ensure Business Success Through Strong Digital Presence 

3. Embrace innovation and a creative approach

In the past, a CEO could be successful by specializing in certain areas while delegating other responsibilities. Some CEOs may shy away from embracing new ideas and technologies because they do not have the resources to commit to significant innovations. However, the pandemic has completely changed the business landscape. If a CEO is not prepared to accept new ideas and practices, it may turn into a business disaster. 

A successful business will always have data and technology at its core, but a successful CEO will encourage creativity in his employees and welcome new ideas and practices. He must have a hands-on approach to every sector of the business and communicate with employees, partners, and customers.

Read more: Prepare for the Future of Digital Innovation with these 10 Services From Fingent 

4. Better online presence 

All the trends mentioned before this – accommodating a work from home culture, strengthening the network, and embracing innovation – require businesses to improve their online presence and digital profile. It means that CEOs should revamp their online presence by following these tips:

• Business websites must become more interactive yet easy to use. 
• Improved customer service should be a top priority on your radar.
• In addition to product launches, continue to update your social content on social media.
• To build your audience, look at the suggestions in their feed. 
• Include images and short video clips. 
• Look for tools to increase time and bandwidth.

Read more: How Custom Website Development Services Can Increase Sales for Your Business

5. Flexibility is the key 

As the new year approaches, every business makes some long-term and short-term plans. However, 2020 taught us that the world could change suddenly and dramatically. Upheaval will continue as the pandemic persists, and we must contend with social and economic collateral damage. Businesses thus need to assess their ability to be flexible. 

“The supply and demand for office space may change significantly. Many people have learned that they can work at home or that there are other methods of conducting their business than they might have thought from what they were doing a couple of years ago. When change happens in the world, you adjust to it.” – Warren Buffett, CEO of Berkshire Hathaway. The best thing a business can opt for during these historically tumultuous times is to remain flexible.  

Retooling for tomorrow

The coronavirus brought in an unprecedented whirlwind of changes. Technology has been so helpful to businesses in coping with a global economic crisis. The pandemic has been the catalyst for new tech trends, and it will continue to drive innovation to the new normal. 

CEOs who leverage these technologies born out of today’s crises to their advantage have an opportunity to elevate their business. Though no CEO can predict what will transpire in future, you can get ready for the new year by focusing on these business technology trends. Talk to us and let us make your business equipped for a better tomorrow.

How AR and VR augment employee safety training programs in industries

Employee Safety has taken on a new meaning as the world totters and tries to wrap its head around COVID-19. The pandemic spared no prisoners as it touched every aspect of our life, including our work and our businesses. It has changed the way people work and accomplish their jobs and altered the way employers look at employee safety training.

For starters, traditional employee safety training usually takes one of two forms: on-the-job and classroom learning, which might be a problem at this time. Fortunately, the latest training methods that feature immersive technologies such as Augmented Reality (AR) and Virtual Reality (VR) demonstrate their ability to close the current gaps in employee safety training. This blog discusses the impact AR/VR has on employee safety training. Before we discuss that, it is crucial to understand why businesses require augmented and virtual realities now.

Read more: How Augmented Reality Can Simplify Equipment Maintenance 

The increasing significance of AR and VR in employee safety training  

Adapting to the new normal, most employees will continue to work from home. Others will face new measures and procedures when they return to workplaces. It can pose a challenge to employers as they struggle to find new methods to train new employees while following physical constraints like social distancing. 

Before we look at the solution, let’s have a look at a few drawbacks of the traditional classroom training: 

Drawbacks of the conventional classroom training

– Ineffective training procedures

Usually, safety procedures are taught with a combination of computer testing and classroom exercises. These methods do not allow repetition training. It is good but not good enough because it lacks effectiveness and does not encourage knowledge retention. Besides, social distancing norms make it difficult to arrange for classroom training.

– Doesn’t engage employees

As traditional learning techniques are not imparted in a realistic environment, they do not simulate the hands-on experience in scenarios that are tough to be recreated. Classroom learning is often not a useful or engaging teaching style for workers who are in highly mechanical roles. With such training, employers cannot risk a technician to perform their jobs effectively and safely on day one.

– Classroom trainings are expensive

According to the 2019 training industry report, on average, companies spent 1,286 dollars in 2019. The same report also mentions that, on average, employees received 42.1 hours of training. It proves that traditional training methods and materials are a significant expense for financials and lost work time. Employers must look for newer ways to train their employees. Thankfully, AR and VR technologies help support employee safety training. 

Read more: How Augmented Reality Is All Set to Transform the Workplace 

Top 7 ways AR and VR impact employee safety training

Workplace injuries cost businesses more than 59 billion dollars per year. However, companies cannot cut back on employee safety training under any circumstances. In professions where inadequate safety procedures are a huge risk to the employee, employers must ensure that safety training is practical and accessible.

1. No more trial and error

Specific jobs, such as working in power plants or manufacturing units, require that employees be trained before assuming full responsibility. Augmented and virtual reality help make simulations that allow for training that is safe and free of consequences. Employers can create an exact simulation of their operations and enable new employees to practice repeatedly. Such training allows them to see and correct their mistakes before they start using the actual equipment. 

2. Risk-free immersive training

AR and VR technologies allow instructional designers, animation engines, and game designers to combine fun with practical learning. It raises levels of engagement in trainees. Besides attractive and fun components, AR and VR appeal to learners because of the risk-free training element. It eliminates the need for employees and trainees to be in the same location during the training session. 

3. Increased retention and skill acquisition

Practice is the best way employees can sharpen their skills. It is a well-known fact that we retain much more information when we combine learning with “doing.” Compared to discussions, reading, lectures, or even audio-visual learning, hands-on-practice is the best way to retain information. AR and VR technologies allow for such training that increases knowledge retention and skill acquisition. These technologies enable employees to practice the concepts they have learned immediately.

4. Allows self-paced learning

Each employee is different with varying levels of learning abilities. AR and VR allow each person to learn at their own pace. It means they can work on the same concept multiple times without the risk of injury to themselves or the machinery. This risk-free approach allows for self-paced learning and the ability to take the training until they master a particular concept. 

5. Enhance the effectiveness of learning

Most employers have deemed it unsafe for their workers to share headsets to receive safety training in the current situation. Augmented and virtual reality allows employers to develop solutions where an employee can point his phone camera to a portion of the training manual that opens up additional materials or resources on his screen. This technique allows companies to train their employees about specific products, solutions, or services. 

Read more: Impact Of Augmented Reality In Education Industry 

6. Prepare employees for emergencies

Augmented and virtual reality are ideal for training employees to handle real-life situations. This technology is apt for safety training. It can minimize damage to the equipment and the cost of training. AR and VR allow firms to train employees to handle emergencies or real-time threats such as controlling a shooting situation. 

7. Easy to customize training

Each organization and its requirements are different. Employees may encounter unique challenges and problems because of location, weather, or just the project’s complexity. AR and VR provide a considerable advantage in terms of flexibility and costs to offer company-specific training. It can accommodate a more tailored training experience. 

The future of AR and VR in employee safety training

The safety risk is a real challenge that all industries face. Whether it is theft or operating potentially dangerous machinery, employees face risks, including physical hazards. Besides, the pandemic has necessitated a transition to a new way of life. There is currently a desperate need for new solutions that allow businesses to continue with some semblance of normalcy. AR and VR technologies provide organizations effective ways to train their employees while still preserving physical distancing norms. The use of augmented and virtual reality in employee safety training will become the new normal! 

Case Study: A unique mixed reality application for a leading university that enables users to identify people using facial recognition

Want to explore how you can start with Augmented Reality and Virtual Reality technologies? Talk to us right away. 

Technology in Finance: An Overview of the 2025 Landscape 

Technology in finance, along with evolving consumer behavior and regulations, are transforming the financial services industry. The COVID-19 pandemic is accelerating the industry’s focus on digital offerings. Government payment schemes, emergency loans, and personal finance management are the need of the hour.

With several bank branches shut and long waiting hours for phone assistance, financial institutions are forced to invest in better IT infrastructure, relevant automation, and technology in finance to deal with the growing consumer demands.

Read more: The impact and significance of digital transformation in financial services. 

A study of financial institutions (FIs) by ISMG and OneSpan in North America revealed that providing customers with a top-notch experience is their main priority. 49% of the respondents feel that legacy and manual ID verification are the biggest obstacles to digital opening for FIs, while 35% found that knowledge-based authentication tools were obstacles to onboarding. 

Some general FinTech statistics worth knowing are:

• By 2022, the global financial sector is expected to be worth USD 26.5 trillion with a CAGR of 6%.
• 49% of banks and 60% of credit unions in the US believe that FinTech partnerships are worth it.
• Digital payment is one of the most significant FinTech products and holds about 25% of the FinTech market.

That said, many banking and financial institutions are adopting the latest technologies such as artificial intelligence, blockchain, etc., into their operations to benefit their customers, stay competitive, and improve business growth.

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

Here are the top five technologies that transform the financial services industry currently. 

1. Artificial Intelligence

The most crucial advantage of Artificial Intelligence in the finance industry is cost savings, which is anticipated to be worth $447 billion by 2023.

AI systems are a game-changer for the finance industry as they can examine vast amounts of data and find patterns and trends that people may miss, and even predict future trends. AI technology makes it possible to automate processes and manage tasks such as comprehending new rules and regulations or generating personalized financial reports for individuals. For example, IBM’s Watson is capable of understanding complex regulations, including reporting of markets’ requirements in the Financial Instruments Directive and the Home Mortgage Disclosure Act.

Chatbots in banking are helping automate simple tasks such as opening a new account or transferring money between accounts and are proving to be a great money-saving tool.

Many financial institutions such as Bank of America and JP Morgan Chase use AI to streamline customer service. Additionally, AI facilitates mobile banking that allows 24/7 access to customers to conduct banking operations. AI is also helping financial institutions boost security and detect and prevent fraud. 

2. Blockchain

Blockchain is a promising technology that will impact financial systems significantly. Blockchain technology is inspiring to create several P2P (peer to peer) online financing platforms that help monetary interactions happen in a more decentralized way. Blockchain technology can improve existing systems and processes and create cryptocurrencies.

Five typical applications of blockchain include:

• Make cross-border transaction processes faster, more accurate, and less expensive
• Banks can leverage trade finance to create smart contracts between participants, increasing transparency and efficiency
• Clearing and settlement procedures
• Protect against fraud and speed up the verification process with blockchain-enabled IDs
• Credit-reporting

3. RegTech

RegTech is a regulatory technology that uses cloud computing technology through SaaS (software-as-a-service) to help businesses comply with regulations efficiently and lower costs.

The various areas of RegTech intervention are:

• Data management
• Reframing regulations and implementing new governances
• Real-time reporting
• Data- analytics and decision
• Fraud and risk management

Non-compliance with mandatory government rules leads to fines and crisis. So most FIs want to do everything in their power to avoid non-compliance.

The need for RegTech solutions is growing as FIs grapple to stay compliant with new and existing regulations. RegTech solutions will create a layer that companies will rely upon significantly. Its high accuracy, single dashboard, data analytics, alerts, and insights will help companies optimize resources allocated to compliance and achieve better results.

4. Machine learning 

Similar to AI, machine learning helps create a marketing campaign around the consumer. It enables you to understand what kind of services will attract your target market. For example, how people find a financial website, what page they clicked, and what services they need.

Machine learning algorithms and their capability for sentiment analysis will impact trading significantly in the future. It involves using enormous volumes of unstructured data such as photos, video transcriptions, social media posts, presentations, webpages, blogs, articles, and business documents to understand the market sentiment.

Sentiment analysis will transform the future financial markets, and many believe that machine learning will be central to developments.

5. Big Data

According to the IDC Semiannual Big Data and Analytics Spending Guide, currently, banking is one of the top investors in big data and business analytics solutions. Credit card transactions, ATM withdrawals, credit scores, etc., generate massive amounts of data. Deriving actionable insights from this data is crucial to optimize financial processes and make effective business decisions. It will increase the competency of financial institutions in the future. 

Big data can help FIs learn more about customers and make business decisions in real-time. Big data analysis allows FIs to identify market trends and streamline internal processes and reduce risks.

Read more: FinTech Innovation: What Is In Store? 

The Future of FinTech Adoption

82% of traditional financial organizations plan to collaborate with FinTech companies in the next five years as they fear losing out. 88% of established FIs believe that they may lose to standalone FinTech companies in the next five years if they fail to adopt FinTech innovation.

Financial companies will have to work towards providing a seamless digital experience for their consumers. To avoid the risk of losing out in the market, many FinTech startups, incumbent financial institutions, and technology companies are entering into new partnerships. 

Read more: The New Untapped Opportunities for FinTech Companies in the Coming Years 

Technology in finance is no different than other disruptive technologies across various industries. It would be wise for even small businesses to consider FinTech as an investment for the future. Fingent has developed end-to-end disruptive technologies and innovative FinTech solutions that will help your business thrive and stay relevant. Contact us for more details.

How AI is Transforming Businesses Worldwide

Post the PC and the dot-com revolution, the world is witnessing another significant disruption- Artificial Intelligence.

Businesses that implement AI applications will have better access to data across multiple functionalities such as customer relationship management, enterprise resource management, fraud detection, finance, people operations, IT management, and other crucial segments. AI in business finds solutions to complex problems in a more human-like way and automates processes. Organizations can redirect their resources towards more creative aspects such as brainstorming, innovating, and researching.

The COVID-19 pandemic required solutions in days, not weeks or months, and business leaders needed to act quickly. AI-based techniques and advanced analytics are helping organizations augment decision making during crises like the coronavirus. While machine learning models were a great choice, developing machine learning models or advanced analytical models would take around four-eight weeks. So, the pandemic accelerated the demand for developing minimum viable AI models quickly.

Despite the many naysayers who believe robots will take over human jobs in the future, AI is already revealing itself as more of an enabler than a disruptor. Here are nine examples of artificial intelligence transforming business.

Read more: How Will Artificial Intelligence Transform The World By 2030 

1. Sales and Business Development

As lockdowns and stay at home orders continue, people are now moving from personal interactions to digital interactions such as online shopping and mobile banking. This shift has created many new and unstructured data that is hard to interpret. That’s where AI comes into the picture and helps understand what consumers feel and need.

AI-powered sales performance solutions can identify which customers are most likely to buy a company’s product or service. This model will help people in sales prioritize their customers and improve their productivity and effectiveness.

2. Demand and Supply

Most companies are interested in matching demand and supply. For instance, a steel company may have information about various factors that may influence steel demand. Typically, these demand measures depend on external data to match up with what the company’s supply chains can generate.

AI solutions help analyze these external data and ensure that the company is not producing more than you need to satisfy the demand and not leaving any request unfulfilled.

COVID-19 crisis is unprecedented, and companies have to make sure that they use data that is representative. Historical data allows you to gain insights into upcoming demand patterns and predict possible outcomes. 

3. Back-office Tasks

Companies can leverage AI-powered cognitive assistants to perform their back-office tasks such as ordering new credit cards, canceling orders, or issuing refunds. If these assistants cannot handle complex tasks, human assistants can perform those tasks. It will ensure that the team members spend their time solving challenging problems and focus on productive activities.

As long as there are structured tasks, Robotic Process Automation can take care of back-office service operations. RPA is particularly useful for automating the claims processes of banks or insurance companies. Enterprise platforms like SAP offer Intelligent RPA that combines automation and artificial intelligence to augment business process automation. 

4. Cash-flow Forecasting

As revenue systems dry up, cash flow is likely to be a severe concern for smaller businesses. However, several AI solutions can analyze data (only if representative) for cash-flow forecasting. 

Read more: 6 Ways Artificial Intelligence Is Driving Decision Making 

5. Document and Identity Verification

AI can identify and verify documents easily. For example, think of a bank that needs to verify customer data for onboarding and compliance. Human agents manually verify documents such as driving licenses or payslips and other relevant records. It is a costly and inefficient process.

AI is used to identify the type of ID document captured, perform face-matching, determine if the ID’s security features are present, and even determine if the person is physically present.

6. Travel and Transportation

The transportation industry forms an integral part of a country’s infrastructure. As many employees may have to self-isolate during the COVID-19 crisis, AI solutions can analyze the number of staff needed by a travel company to run its business in these unprecedented times. For example, a company can request AI to provide information on whether they have enough workers to staff a railroad. Here, AI can help identify demand and supply from the laborers’ standpoint. 

AI is already being used in the transportation industry to reduce traffic congestion, avoid accidents, improve passenger safety, lower carbon emissions, and reduce overall financial expenses. 

7. Healthcare

From robot-assisted surgeries to safeguarding personal records against cybercrime, Artificial Intelligence is transforming the healthcare industry like never before. The healthcare industry has suffered in terms of medical costs and inefficient processes. 

AI-enabled workflow assistants are helping doctors free up 17% of their schedule. Virtual assistants are reducing redundant hospital visits, thereby giving nurses almost 20% of their time back. Also, AI helps pharmaceutical companies research life-saving medicines in a shorter time frame and reduce costs. More importantly, AI is being used to help improve healthcare in underdeveloped nations.

Read more: 7 Major Impacts of Technology in Healthcare 

Examples of AI in healthcare:

• PathAI creates AI-powered technology for pathologists to help them analyze tissue samples and diagnose them more accurately.
• Atomwise uses AI and deep learning to improve drug discovery and to speed up the work of chemists.
• Pager is using artificial intelligence to help patients with minor pains, aches, and illnesses.

8. Finance

The financial sector relies on real-time reporting, accuracy, and processing of high volumes of quantitative data, where AI can enhance the processes. The finance industry is rapidly implementing chatbots, automation, algorithmic trading, adaptive intelligence, and machine learning into financial operations. For instance, Robo-advisor, an automated portfolio manager, was one of the biggest financial trends of 2018.

A few examples of how artificial intelligence transforms the financial industry:

• Betterment uses AI to learn about an investor and create a personalized investor profile based on their financial plans.
• Numerai is an AI-powered hedge fund that uses crowdsourced machine learning from many data scientists worldwide.

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

9. Social Media

With over 3.6 billion active profiles and about $45 billion in annual revenue, social media is invariably in the battle to personalize and provide a better experience for users. 

AI can organize massive amounts of data, recognize images, predict shifts in culture, and introduce chatbots. The technology has the potential to make or break the future of the social media industry.

Similarly, machine learning enables social media to identify fake news, hate speeches, and other anti-social activities in real-time.

Final thoughts

With the advancement in technologies, AI is improving possibilities taking businesses to the next level. These examples of artificial intelligence prove that artificial intelligence can transform business models if deployed correctly. 

Case Study: Development of AI-enabled chatbots and teaching assistants – How Fingent helped a leading university to create an Automated Intelligence-driven ecosystem

Fingent top custom software development company helps you leverage AI to drive the smart reinvention of your business workflows, processes, and technology. If you are looking to develop an intelligent infrastructure for your business or improve the security process or enhance the customer experience, contact us today! 

Manufacturing technologies set to hold the reins

From big data analytics to advanced robotics to computer vision in warehouses, manufacturing technologies bring unprecedented transformation. Many manufacturers are already leveraging sophisticated technologies for manufacturing such as the internet of things(IoT), 3D printing, Artificial Intelligence, etc., to improve operations’ speed, reduce human intervention, and minimize errors.

As 2024 rapidly approaches, manufacturers will have to move away from Industry 4.0 and embrace Industry 5.0. The latter is all about connecting humans and machines (smart systems). Interestingly, Industry 5.0 may already be here. The ongoing COVID-19 pandemic only accelerates its arrival.

Read more: Digital Transformation in Manufacturing

Here are the top 10 technologies that positively impact the manufacturing industry.

1. Robotics

With advances in robotics technology, robots are more likely to become cheaper, smarter, and more efficient. Robots can be used for numerous manufacturing roles and can help automate repetitive tasks, enhance accuracy, reduce errors, and help manufacturers focus on more productive areas.

Benefits of Using Robotics in Manufacturing:

• They improve efficiency right from handling raw material to finished product packing
• You can program robots to work 24/7, which is excellent for continuous production
• Robots and their equipment are highly flexible and can be customized to perform complex jobs
• They are highly cost-effective even for small manufacturing units

Collaborative assembly, painting, and sealing, inspection, welding, drilling, and fastening are a few examples of the jobs done by robots. Today, robots work in several industries, including rubber and plastic processing, semiconductor manufacturing, and research. While they are mainly used in high-volume production, robots make their presence felt in small to medium-sized organizations.

Read more: What Are Cobots and How Can They Benefit Industries? 

2. Nanotechnology

Nanotechnology has grown to a great extent in the last few years. It involves the manipulation of nanoscopic materials and technology. Though its widespread use is relatively new, it will be indispensable to every manufacturing industry soon. Further research and experimental designs suggest that nanotechnology can be highly effective in the manufacturing industry.

Applications of Nanotechnology in Manufacturing: 

• Create stable and effective lubricants that are useful in many industrial applications
• Car manufacturing
• Tire manufacturers are using polymer nanocomposites in high-end tires to improve their durability and make them wear resistance
• Nanomachines, though not used widely in manufacturing now, are, for the most part, future-tech

3. 3D Printing

Post its tremendous success in the product design field, 3D printing is set to take the manufacturing world by storm. The 3D printing industry was worth USD 13.7 billion in 2019 and is projected to reach USD 63.46 billion by 2025. Also known as additive manufacturing, 3D Printing is a production technology that is innovative, faster, and agile.

Benefits of Using 3D Printing in Manufacturing:

• Reduces design to production times significantly
• Offers greater flexibility in production
• Reduces manufacturing lead times drastically
• Simplifies production of individual and small-lot products from machine parts to prototypes
• Minimizes waste
• Highly cost-effective

Major car manufacturers use 3D printing to produce gear sticks and safety gloves.

Read more: 3D Printing: Fueling the Next Industrial Revolution 

4. The Internet of Things (IoT)

IoT in manufacturing employs a network of sensors to collect essential production data and turn it into valuable insights that throw light into manufacturing operational efficiency using cloud software. This connectivity had brought machines and humans closer together than ever before and led to better communication, faster response times, and greater efficiency.

Benefits of Using IoT in Manufacturing

• Internet of Things (IoT) reduces operational costs and creates new sources of revenue
• Faster and more efficient manufacturing and supply chain operations ensure a shorter time-to-market. For instance, Harley- Davidson leveraged IoT in its manufacturing facility and managed to reduce the time taken to produce a motorbike from 21 hours to six hours.
• IoT facilitates mass customization by providing real-time data essential for forecasting, shop floor scheduling, and routing.
• When paired with wearable devices, IoT allows monitoring workers’ health and risky activities and making workplaces safer.

The ongoing pandemic has expanded the focus on IoT due to its predictive maintenance and remote monitoring capabilities. Social distancing makes it difficult for field service technicians to show up on short notices. IoT-enabled devices allow manufacturers to monitor equipment’s performance from a distance and identify any potential risks even before a malfunction occurs. Additionally, IoT has enabled technicians to understand a problem at hand and come up with solutions even before arriving at the job site so that they can get in and get out faster.   

Read more: Upcoming IoT trends that can shape the business landscape

5. Cloud Computing

After making its presence felt in other industries, cloud computing is now causing ripples in manufacturing. From how a plant operates, integrating to supply chains, designing and making products to how your customers use the products, cloud computing is transforming virtually every facet of manufacturing. It is helping manufacturers reduce costs, innovate, and increase competitiveness.

IoT helps improve connectivity within a single plant, while cloud computing improves connectivity across various plants. It allows organizations across the globe to share data within seconds and reduce both costs and production times. The shared data also helps improve the product quality and reliability between plants.

Read more: Why It’s Time to Embrace Cloud and Mobility Trends To Recession-Proof Your Business? 

6. Big Data

The manufacturing industry is complicated in terms of the variety and depth of the product. As far as opening new factories in new locations and transferring production to other countries is concerned, companies can leverage big data to tackle it. 

As the process of capturing and storing data is changing, new standards in sharing, updating, transferring, searching, querying, visualizing, and information privacy are arising. Think of manufacturing software like MES, ERP, CMMS, manufacturing analytics, etc. When integrated with big data, these can help find patterns and solve any problems. 

Benefits of Using Big Data:

• Improve manufacturing
• Ensure better quality assurance
• Customize product design
• Manage supply chain
• Identify any potential risk

Explore our use case: Adding New Dimensions to Equipment Maintenance with IIoT, AR, and Big Data

7. Augmented Reality

In manufacturing, we can use AR to identify unsafe working conditions, measure various changes, and even envision a finished product. Augmented Reality can help a worker view a piece of equipment and see its running temperature, revealing that it is hot and unsafe to touch with bare hands. An employee can know what’s happening around them, like what machinery is breaking down, a co-worker’s location, or even a factory’s restricted sites. Simply put, AR applications can help inexperienced employees to be informed, trained, and protected at all times without wasting significant resources.

AR has made it possible for technicians to provide remote assistance by sending customers AR and VR enabled devices and helping them with basic troubleshooting and repairs during the COVID-19 crisis. Also, more and more customers are open to allowing manufacturers to implement AR with the long-term goal of creating permanent solutions. After all, it helps both the customers and field technicians by reducing the risk of exposure. 

Read more: How Augmented Reality Can Simplify Equipment Maintenance 

8. 5G 

5G will have a tremendous impact on the manufacturing industry. It will be more transformational for devices that drive automated industrial processes.

The amazing low-latency and connectivity of 5G will power sensors on industrial machines. It will help generate a lot of data that will open new avenues of cost savings and efficiency when combined with machine learning. Currently, China and South Korea are leveraging 5G this way. Soon the US and the UK are expected to compete with them.

Read more: From Remote Work to Virtual Work, 5G is Reinventing the Way We Work 

9. Artificial Intelligence(AI)

Manufacturers are already employing automation on the plant floor and in the front office. In the future, AI-powered demand planning and forecasting will continue to develop that will help manufacturers align their supply chain with demand projections to get data that were not possible previously.

A study from IFS shows that 40% of manufacturers plan to implement AI for inventory planning and logistics and 36% for production scheduling and customer relationship management. 60% of the respondents are said to focus on productivity improvements with these investments.

Read more: The Future of Artificial Intelligence – A Game Changer for Industries

10. Cybersecurity

Moving manufacturing operations to the cloud and building and integrating systems using IoT will equally create opportunities and challenges. In an increasingly insecure digital era, there is a pressing need for heightened security. 

Manufacturing experts are investing in secure cloud-based ERP like SAP and Odoo to resolve the security challenges. Enterprises-big or small- will soon increase their dependence on cloud-based ERP systems to address security glitches and save costs by paying for usage. 

Read more: Top 6 Reasons Why You Should Move to a Cloud-Hosted ERP 

White Paper: What difference does RPA bring to your business? How can you embrace this disruptive technology to remain competitive? Download to learn more! 

Conclusion

Technologies for manufacturing will decrease labor costs, improve efficiency, and reduce waste, making future factories cheaper and more environment-friendly. Additionally, improved quality control will ensure superior products that will benefit both the consumers and the manufacturers.

COVID-19 has changed the way the manufacturing industry operates. If your business wants to remain competitive, you will have to embrace manufacturing technologies to shape your company’s future. To know more about the forward-thinking strategies that integrate the latest trends and technologies, please connect with us today.

SAP Analytics Cloud: 7 proven ways it can help your business

From manufacturing to marketing, businesses worldwide face unforeseen challenges as they continue to meet the impact of the COVID-19 pandemic. Many organizations are accelerating digital transformation, establishing variable cost structures, and implementing agile operations to emerge from the pandemic stronger.

While most companies believe that the pandemic will negatively impact their business, some businesses feel that the consequences will be short-term. Although most firms have been affected by the pandemic, a survey shows that two-thirds of micro firms are severely affected by the crisis than 42% of the large companies.

Amidst this uncertainty, companies must consider how the pandemic’s continuation or return in different regions will impact their recovery strategies. Businesses must face this uncertainty by reassessing assumptions, re-evaluating scenarios, and strengthening their ability to respond.

Read more: 11 Practices Followed by Leaders to Build Resilience and Ensure Rapid Business Recovery

Simply put, now is the time for businesses to focus on supporting critical areas of their business that will help them stay relevant in the new environment and plan new strategies for what’s next.

Critical areas for businesses to focus presently

• Workforce
• Finances
• Operations and supply chain
• Strategy and branding
• Tax, trade, and regulatory
• Crisis management and response

What can businesses do?

• Leverage their crisis management team to focus on efforts in the wake of the crisis.
• Shift your focus on bringing back employees to work, assess your company’s response efforts to date, and evaluate areas for real-time course corrections.
• Use the insights the crisis has provided to help chalk out better strategies and capitalize on the opportunity for transformation.

  SAP Analytics Cloud has changed the way businesses plan their strategies. It is a robust, agile analytics platform that helps firms arrive at faster and improved business decisions. Moreover, it delivers insights that can be used for enhanced decision-making and optimize resources across all processes.

Read more: How SAP Supports Effective Business Continuity Planning 

Combining our functional and industry expertise with SAP Analytics Cloud, Fingent top custom software development company, delivers analytics solutions that drive your competitive advantage, reduce costs, and increase revenue. 

What is SAP Analytics Cloud?

SAP Analytics Cloud or SAC is one of the best SaaS solutions that combines all the functionalities such as planning, predictive, business intelligence, and more in one user interface. It helps save time and effort while making improved decisions.

SAP Analytics Cloud comes in two modes: Private and Public. As the name suggests, the Private edition hosts only one customer while the Public edition offers multi-tenancy. Also, cost-wise, the public edition is less expensive than the private edition.

Also read: Fingent offers e-Invoicing integration for SAP ERP users in India – Stay compliant with GST India e-Invoicing

Top 7 business challenges solved by SAP Analytics Cloud

1. Planning and consolidating financial strategy in one solution

SAP Analytics Cloud puts together- planning, predictive, Business Intelligence, and augmented analytics competencies into a simple cloud environment that allows you to consolidate your finances, expenses, and revenues at a single source across your whole organization.

2. Discovering useful insights

SAP Analytics Cloud joins hands with machine learning and augmented analytics to help convert insights that deliver value across your business.

Augmented Analytics allows you to explore your data automatically, discover cycles and trends, and identify possible ways to effectively chalk-out your expenses and cost plans. These intelligent insights can be turned into an actionable plan using a personal sandbox environment that helps visualize your performance metrics and simulate potential budget outcomes.

3. Aligning plans across your business

There’s no denying that financial and operational planning is a must when working with multiple teams and stakeholders. SAP Analytics Cloud helps you make smart decisions. It comprises several collaborative enterprise planning tools that allow you to link and align your expense and cost plans across departments such as HR, sales, finance, marketing, IT, and supply chain in real-time. These benefits eliminate the need for sending out unnecessary emails enclosed with irrelevant plans and avoid collaborating without context.

SAP Analytics Cloud allows you to create and assign tasks with the calendar, communicate with your team in real-time with the discussion panel, and collaborate directly on your plans with the data point commenting tool.

4. Improving planning cycles with predictive analysis

Gone are the days of the tedious manual building of your expense forecasts. SAP Analytics Cloud includes exceptional machine learning and predictive analysis technology that can help you build accurate expenses and cost plans much faster.

You can use the predictive features to automate baseline expense planning forecasts based on previous data. You can then monitor plan attainment with real-time, up-to-date predictive forecasts. Its accuracy indicators enable data analysts (without any technical knowledge) to trust the data-driven predictions before including them into their planning process directly.

5. Enhancing strategic business decisions

With SAP Analytics Cloud machine learning technology, you can convert insight into action within seconds. Automated technology helps you avoid agenda-driven and biased decision-making as it provides you with insights that drive your business.

• Search to Insight – Natural language query generates visualizations to answer your questions instantly. Machine learning technology provides you with important trends quickly.
• Smart Insights – Machine learning technology helps you save time and focus more on high-value activities by allowing you to understand the significant contributors of data points without the need to pivot your data manually.
• Smart Discovery – This allows you to identify key influencers and relationships in your data to help you understand how business factors influence performance. Also, it can detect anomalies and help you take corrective measures. With machine learning projection, anyone can simulate the impact of strategic business decisions.

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

6. Data modeling

SAP Analytics Cloud helps you plan and build the right model where your data is stored efficiently. With this end-to-end solution, you can immediately take action and start planning. The data modeling feature allows you to prepare your data for analysis. “Models” and “Stories” are the two key components of SAP Analytics Cloud’s BI function. Models allow you to enhance your data by cleansing, wrangling, establishing hierarchies, defining rules and conditions, and adding formulas. Stories give life to your data by letting you visualize your information through charts and graphs, which will help you gain valuable business insights. 

7. End-to-end industry dashboards 

SAP Analytics Cloud offers business content packages tailored to individual analytic scenarios. Each package entails aesthetically built dashboards, stories, and data models carefully designed for specific lines of business and end-to-end business scenarios. Also known as Analytics Content Network, this business content library offers tried and tested best practices for leveraging your available data and accelerating your go-live. The content network is customized to work with existing SAP data sources such as SAP S/4HANA or SAP C/4HANA.

Read more: SAP Focused Industry Templates & Automation Solutions 

Today, businesses need to forecast changes ahead of time. SAP Analytics Cloud helps to anticipate and plan for the impact of the crisis on business. How a business responds to challenging situations determines its strength and potential to recover. 

Fingent is an SAP Silver Partner. With our expertise in cloud computing and SAP services, we can support you through this critical time and help stabilize your business operations and strategize for the future. Get in touch with our expert to discuss your requirements. 

Odoo ERP Implementation for Sales and Revenue Optimization

Pandemic or no pandemic, businesses are facing intense competition in the market. To stay competitive, your organization must think strategically before every move. This is especially true when it comes to sales and marketing. Ask yourselves these questions: Are your projections based on assumptions rather than figures derived from an analytical perspective? Does it take an awfully long time to reconcile your finances at the end of the month? Are you struggling to keep up with a surge in order volumes, which leads to disgruntled and dissatisfied customers? Is your inventory a royal mess? If your answer is yes to any of these questions, then your business needs an ERP system! With its vast suite comprising over 40 business productivity applications, Odoo ERP provides a smoother and simpler way to run your business.

The range of business apps offered by Odoo is highly comprehensive, fully-integrated, easy to use, and supports numerous different industries. Fingent, utilizing its partnership with Odoo ensures their clients are leveraging one or more apps from Odoo to boost their business efficiencies. 

This article will highlight the challenges you may be facing in sales and marketing, and help you see if Odoo ERP can be a solution. 

Challenges in Marketing and Sales

Sales and Marketing play a vital role in your business, whether you are a B2B or a B2C company. Here are some challenges that could be an indicator that something is amiss and that you need to take action asap. 

1. Different processes to handle different tasks

Is your company using different types of software to record, track, and process information? If so, it can result in inaccurate sales data. Not having the accurate and latest accounting information can have an impact on everything from market budgets to payrolls. 

The good news is that the Odoo ERP software can integrate these systems so that all business functions stay connected to a single database. This will ensure you get accurate, real-time data when required. This can also free up your staff so they can concentrate on helping the business grow even faster. 

2. Finance reconciliation is a laborious process

Perhaps your accounting team is spending hours cross-posting information, rekeying numbers, or reconciling data manually. Odoo ERP can make a big difference here. It can automate process transactions and generate audit trails and financial reports. This can greatly simplify period-end closings.

3. Reconciliation of data takes too long

Finding average sales margins or other metrics might be a daunting task for companies that have isolated systems or work on spreadsheets. Thankfully, the Odoo ERP solution can give a holistic view of your business operations so that your staff can get accurate information to accomplish their jobs more effectively. 

Read more: 5 signs which imply that your business needs Odoo ERP 

How Can Odoo ERP Assist Your Business Gain?

Odoo ERP provides more than 5000 modules. These can help you accomplish all your business tasks efficiently and successfully. Since it is an open-source ERP platform, it can fulfill all business requirements. Odoo is API-friendly. Hence, it is easy to implement and integrate with your other business applications and modules.

Odoo has a modular structure that allows for phased implementation. Implementing one module at a time helps your organization test the functionality of that module before implementing the rest. This saves a considerable amount of time and resources. Also, with Odoo development, you can avoid licensing costs. Understandably, this enables businesses to invest for future customizations. 

Fingent’s new plugin facilitates the scheduling of Zoom meetings from Odoo!

Check out our Odoo Zoom integration module launched in Odoo Apps Store. 

With Odoo you can:

• View complete details of sales order and sales management in real-time with the help of a single software application.
• Track the future profitability of your organization based on the analytics of current production and sales.
• Make quick and informed decisions with the help of sales reports. These reports help you forecast the product demand for the future.
• Decrease the time that takes to manage the sales process. 
• Manage the entire sales order lifecycle with the help of post-sales activities. 
• Minimize the delivery time.

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

In What Ways Can Odoo ERP Help?

Odoo ERP is a customizable platform. It enhances sales and marketing and thus drives growth. It can help in:

1. Managing Sales 

Odoo makes it easy to manage and categorize sales orders into a well-structured and hierarchical system. It allows you to create fresh orders as well as review existing ones.

2. Point of Sale or PoS 

Odoo can optimize the Point of Sale management that includes various processes like invoicing, cash registration, and inventory. 

3. Customer Relationship Management

The customer relationship module (CRM) of Odoo helps you manage business activities, cash opportunities, solve bug-related issues, and focus on leads. With the help of this module, you can automate most activities like streamlining communication. It also allows you to prioritize your work.

4. Easy Warehouse Management 

Odoo can support the management of multiple warehouses and stock locations. You can easily and quickly define inbound, outbound, and stock locations for each of those warehouses. 

Read more: How your online store can benefit from Odoo ERP integration

5. Purchase Management

Odoo ERP makes it convenient to monitor the quotations from the suppliers. You can effortlessly convert those quotations into purchase orders.

6. Enhance Manufacturing Process

Odoo helps you to streamline the manufacturing process and its management. It can simplify the process of planning and speed up the process of manufacturing. 

7. Generate More Leads 

Odoo website builder provides a wide range of preferential options. Most importantly, it provides useful features for sales and marketing that include drag-and-drop and call-to-action buttons. Also, a client’s proposal for a project is directly stored into the Odoo sales app which can be retrieved anytime.

8. Project Management

Odoo ERP makes project management simple yet more efficient. You can track the status of the project in real-time. Additionally, it allows you to categorize the project into sub-tasks and assign it to different employees. No longer do you have to worry about missed deadlines because Odoo’s calendar helps you to keep a track of those stringent deadlines. 

9. Automation 

Tasks such as sales order and invoice generation of Odoo ERP system allows you to automate manual tasks with zero or minimal errors. Such automation lets your staff focus on more important aspects of business growth.

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

The Bottom-line 

Integrating systems and maintaining them with security updates could seem like a herculean task if your business is working on multiple orders. It can become a complicated and costly endeavor to maintain outdated versions of business software. Fortunately, Odoo is being updated continuously for higher performance and improved scalability. It allows you to match the market’s competitive scenario by implementing end-to-end ERP. 

In more ways than one, the coronavirus pandemic has pushed us to live and perform without any excuses. We can perform well when we learn to live with technology. Odoo ERP can help your company make profits now and in the future. Fingent has hands-on expertise in the consulting, implementation, and customization of Odoo for clients globally. Give us a call and we will be happy to help you understand and implement this solution for your business.