How Organizations Can Embrace Transformation and Expedite Their Growth

From remote working and e-learning to sales and customer service to more critical cloud infrastructure and security, the COVID-19 pandemic has accelerated technology adoption across several key domains. The pandemic has made digital transformation crucial for business growth across various industries. Satya Nadella, the CEO of Microsoft, puts it that “We’ve seen two years’ worth of digital transformation in two months.” 

That said, companies will have to change their mindsets and adopt new strategies to stay relevant and competitive in future. Here are six ways you can adapt to the new normal and taste business success. 

Read more: How Business Owners and Leaders Can Set up a Successful COVID Exit Strategy 

1. Adapt to change

Change is the only constant and more so today than ever before. Change is happening at a faster pace and is very crucial for small businesses. Today, old and traditional methods of winning clients and serving them do not seem to fit. The list of things you need to change may be long and only growing. Instead of reacting to these changes, the best approach is to embrace them and treat them.

So, when you treat the problem, you employ change to work with you and not against you. People are more likely to accept strategic changes now, especially if the initiatives are focused on improving their lives.

Bring agility and innovation to your business by implementing a quarterly strategic planning and review process. It will allow you to remain focused, actionable, and agile by adopting new learnings.

While you are in the process of adapting to changes, consider a few questions that you need to ask yourself.

• What can disrupt my business and change everything?
• How can I lead that change?
• How can I ensure that my business stays relevant and profitable in the next five years?

Read more: Top 5 Organizational Imperatives for Business Leaders to Become Winners in the New Normal 

2. Customer always comes first

As consumer needs keep evolving, you have to think of ways to meet the new supply and demand to stay relevant and competitive.

Social distancing due to the pandemic has left many businesses struggling—for instance, physical retail stores, manufacturers, automotive, banks, etc. Many product-based companies face significant issues related to manufacturing and distribution. Service-based companies are also suffering due to poor customer demands. In short, business models should be revamped so that they are immune to new challenges.

The pandemic has even changed customers’ needs and preferences.

One of the best ways is to engage in a conversation with your clients to identify opportunities. You could probably start by asking a probing question at the end of the conversation with your client. You may also conduct surveys or quarterly client advisory groups to follow a more formal process.

To stay relevant, you will have to prioritize customers’ needs and problems. It is imperative for future growth and innovation.

View Infographic: Business technologies to boost customer experience and satisfaction 

3. Implement automation wherever possible

Working smarter means hiring and collaborating with the right talent. Encourage teamwork for removing the bottlenecks and hurdles. It will translate to more revenue with the available resources. Effective workplace collaboration will also boost your team’s morale and reduce lay-offs.

Leverage technology and systems to streamline your business and allow it to run smoothly. According to Gartner, by 2024, businesses will see a 30% reduction in their operational costs by combining hyper-automation technologies with redesigned operational processes.

Identify processes that can be automated and evaluate how automation will enhance your customer service and experience.

Read more: What Makes a Business Process Apt for Automation 

Automation of repetitive, routine, and mundane tasks saves your workforce’s productive hours and spares them for more crucial tasks. Automation enhances your organizational efficiency and offsets growth investment.

4. Speed is the key to sustain in 2021

The pandemic has made companies rethink their conventional organizational models and pushed them to adopt new ways of working at speed. Flat structures empowering decision-making are replacing the traditional management-led hierarchies. It enables companies to perform with improved speed and precision. For instance, PepsiCo adopted newer working models to enable fast and easy access to their products during the pandemic. Within 30 days (from concept to execution), the company launched two direct-to-consumer (D2C) websites. 

5. Adopt digital commerce

The pandemic has spurred digital commerce like never before. Deloitte’s 2020 holiday retail survey reports that contactless shopping experiences enjoyed a huge spike in demand during the holiday season last year. Over 73% of shoppers planned to have orders delivered to their doorsteps as against 62% in 2019. 

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

Companies should accelerate and optimize both B2B and B2C digital commerce channels by developing custom retail software solutions to enjoy the benefits of e-commerce sales and ROI. 

As customers demand efficiency and speed, organizations must give precedence to customer experience to overcome competition.

In 2020, Adidas established itself as a top digital commerce player targeting $4.9 billion in online sales, almost 12% of their overall business. In the future, the company expects it to rise to 25%. Also, they were quick to recover from the pandemic impact with an increase in online sales during the lockdown.

Read more: 5 Transformative Trends Ushered by B2B E-commerce in Healthcare and Life Sciences 

Fingent leverages innovative and emerging technologies to help digital retailers and e-commerce businesses

Fingent custom software development experts helps retailers build custom retail software solutions, e-commerce, and mobile commerce apps that help you deliver exceptional customer service and experience, just like your physical retail store. Fingent helps retailers and e-commerce brands develop Augmented Reality-based solutions that allow their customers to preview objects in 3D. Using AR technology, both online shoppers and in-store buyers can choose their preferred products without the hassle of buying the wrong ones. We enable companies with an e-commerce presence to build AR applications through web platforms (WEB AR), avoiding the need for separate mobile apps. 

Read more: Technology Investments: How to gain maximum value? 

6. Ensure customer data privacy and protection

Data transparency is imperative. With the rise in going digital, the total amount of data created, captured, and consumed will more than double by 2024 globally. A 2019 Factual survey reveals that more than 50% of the US smartphone users will be ready to share their geolocation details with a service provider only if they are aware of how the information will be used. When customers realize the benefits of sharing personal data, such as online behavior, shopping history, mobile app usage, or geolocation tracking and trust that their data will be protected, they will be more willing to share it. 

Jersey Mike’s Subs, a US sandwich chain, has a transparent privacy policy that lets you know which customer data they collect and how it is stored and used. Approaches like these that give consumers clarity and control over their personal information will define personalization and enhance customer experience.

Consumer data privacy acts such as General Data Protection Regulation (GDPR) for the European Union (EU) and European Economic Area (EEA) and the California Consumer Privacy Act (CCPA) aim at ensuring consumer privacy rights and data protection under the respective regional, state, and federal laws. These acts allow consumers in the respective regions to see all the information companies have saved on them and how the data will be protected and used. 

We help ensure smooth business transformation

As we try to recover from the crisis, it is essential to consider what the future looks like for your business. Your organization must adopt new technologies, innovation, and new practices to ensure a smooth business transition. It also helps you meet the growing customer demands.

Reach out to us and let us help you accomplish a seamless business transition through modern technology adoption. 

Being an Official Partner of Odoo, Fingent has always catered to the needs of various customers and streamlined their operations, thus saving their costs, time, and resources. In this post, you will see how Odoo ERP implementation helps retail management.

Odoo ERP: A Highly Customizable Cloud-based Platform for Retailers!

The retail industry is one of the primary beneficiaries of digital transformation. In 2010, eCommerce accounted for only 5-6% of the aggregate retail sales in the US. The industry has witnessed phenomenal growth over the past decade with the development and adoption of retail technology, ERPs, eCommerce applications, custom retail solutions, and stiff market competition. At present, online retail sales in the US account for 21% of the total retail purchases. Isn’t that mind-blowing?

The paradigm shift from the traditional operating landscape to a digital world presents both opportunities and challenges. Many people look for products online, make buying decisions based on social media reviews, and order products to be delivered home. They even use the internet to search local shops, order online and collect from nearby stores (click & collect) or find retailers that offer discounts in their area. The message is clear: physical/ in-store retailing also needs to pace up with the change.  

To overcome the challenges in managing physical and digital selling, retailers need to adopt a modern enterprise resource planning (ERP) system.

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

Today, ERP is extensively used to simplify and automate customer relationship management, project management, accounting, compliance, inventory, and supply chain operations. ERP is a reliable investment for business owners as they can control and monitor their operations, get reports, and gain insights on consumer behavior and market situations.  

Odoo ERP for Retail Management

ERP software allows integrating the core processes to run a company in one place, such as finance, manufacturing, HR, supply chain, inventory, procurement, tracking, transactions, etc. It also integrates all the data and related business processes of an organization. 

Odoo ERP is a popular, open-source, cloud-based business management software that helps manage various business needs such as manufacturing, finance, inventory, point of sale (POS), eCommerce, purchase, logistics, etc. Odoo is an intelligent ERP system that allows retailers to integrate their whole data and all the processes associated with the retail industry. For retailers, Odoo is a perfect choice that increases profit and enhances productivity as it provides comprehensive solutions that can seamlessly integrate with eCommerce.

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

How Odoo ERP Benefits Retail Management

Following are the significant benefits of using Odoo ERP in retail:

1. One-step checkout 

In online shopping apps, the checkout stage tends to have several processes spread across different web pages. This can put off some customers who don’t want to spend their time navigating through each. Odoo eliminates these multiple processes by offering a one-step checkout that is fast, convenient, and intuitive. It has the potential to reduce checkout abandonment and thereby increase sales.

2. Craft stunning product pages

For eCommerce websites, high-quality product pages are crucial to gain maximum traction. Long descriptions with dull-looking pages are outdated. Odoo ERP lets you build beautiful and stunning product pages with a simple drag and drop feature. You can also customize your online store’s look, layout, color, and theme with Odoo and make last-minute changes to meet the demands and expectations of your clients. You can also make changes and enhancements at regular intervals to add more features to your store. Make sure that your digital store is mobile responsive to be compatible with the changes and new features.

3. Payment module integration

Having different payment options can enhance the customer experience. With Odoo’s plugins and extensions, retailers can integrate and customize various modules like wallets, cryptocurrencies, credit and debit cards, and UPI. It also supports PayPal, PayUMoney, Buckaroo, Sips, Stripe, Ingenico, Adyen, and Authorize.net.

4. Sales, purchase, and finance management

Odoo offers non-retail and retail companies different sales management processes. Odoo has a Point of Sale (POS) module, which is integrated with the sales and inventory module. This module helps retailers track stock and commodities in real-time. The module also allows for the use of biometric devices to log in and out. It’s compatible with any hardware and doesn’t require installation. What’s more, the POS remains operational even when offline.

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

5. Inventory management

It’s a known fact that inventory management in a volatile and dynamic consumer goods market is an arduous task for many retailers. With several issues such as excess inventory or out-of-stock scenarios, inefficient inventory management processes result in financial loss and lead many retailers to bankruptcy. 

Odoo ERP offers inventory management as its integral feature, where it stores details of an organization’s entire inventory, including the individual product details. Odoo enables retail managers to keep track of crucial information such as:

• The present status of the inventory
• Items that will run out of stock
• Shelf life details of each product
• Notifications related to product expiry
• Ability to make demand forecasts based on past trends and customers’ online behavior and buying habits

Odoo ERP enables retailers to gain a competitive edge by modifying inventory to meet the fluctuating customer demands.

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

6. Manufacturing and production

Retailers who are also engaged in manufacturing and production can use Odoo’s module to help run functions. The Manufacturing module can assist in creating bills of materials (BoMs), managing semi-finished products, subcontracting manufacturing, etc. It can also help in configuring work centers and managing and configuring kits.

7. The Cloud Advantage

• Odoo solutions are cloud-based, allowing retailers to access their e-commerce stores from anywhere in the world. 
• Odoo is flexible, customizable, and scalable, making it especially ideal for small and medium-sized enterprises (SMEs). 
• Odoo is an affordable ERP solution with the maintenance fees included in the license fee.

In a nutshell, Odoo ERP serves as a high-performance retail management system where retailers can manage everything on a single system. It can bring tremendous benefits to the retailing industry. They can integrate Odoo’s various business apps such as Sales, Accounting, Customer relationship management (CRM), Inventory, etc., with Odoo e-commerce. 

The Odoo App Store features nearly 10,000 apps that connect to the same database on Odoo’s own servers. A testament to Odoo’s popularity is in the numbers: it has more than 5 million users worldwide, from start-ups to large enterprises. 

With a simple checkout process, robust customer portal (order tracking, advanced shipping rules, and return management), order review, and wish lists, Odoo ERP provides real-time information to users.

Read more: Why Choose Fingent as Your Odoo ERP Partner

Fingent has an ace team of Odoo developers that offers consulting, development, and implementation services. Whether you want to integrate Odoo ERP with your existing e-commerce store or build an online store from scratch powered by Odoo integration, give us a call right away.       

Clutch Hails Fingent as India’s Top Software Developer for 2021

We are thrilled to announce the news!!!

Fingent is once again recognized by Clutch for its many innovations and robust industry solutions. And this time we are ranked as the Top Software Developer for 2021, in India!

Why is Fingent recognized as India’s Top Custom Software Development Company?

Our focus here at Fingent is to help emerging enterprises make a difference with improved business agility and efficiency that’s powered by cutting-edge web and mobile solutions. Our goal always lies in delivering next-generation enterprise applications that streamline business processes and promises unique user experiences.

We make sure that our clients get what they expect and more. With our expertise in emerging technologies, we deliver custom, pre-packed, and hosted applications that support all operating systems and cloud platforms for improved business reach and growth.

Moreover, we don’t just build software! We collaborate with businesses to understand their struggles in the market, and determine the perfect technologies that can enhance their capabilities and grant them a competitive advantage. We also make sure to bring these solutions promptly and cost-efficiently.

Here’s looking back at the success stories of some of our Indian Clients!

GST Implementation in SAP: With the changing regulations of GST policies in India, our client, HOCL, an enterprise owned by the Government of India to indigenize the manufacturing of vital organic chemicals, wanted to integrate GST into their SAP system and support the GST implementation. The enterprise, consisting of complex and critical workflows, required the implementation to be quick and fast adaptive to the existing environment.

What we did was a 100% compliant GST implementation in the customer’s SAP system, while carefully addressing all taxable scenarios and specific requirements. Our strategized and timely implementation of GST changes into the customer’s SAP system, ensured zero deviation from the regulatory timeline, and zero effects on the business continuity.

An E-commerce Platform to Streamline Medical Procurement: Analyzing the challenges of the healthcare industry in procuring quality medical supplies, Kogland required a streamlined platform to seamlessly connect top vendors and trusted brands with healthcare organizations. 

Fingent helped the firm develop an e-commerce platform that delivered a hassle-free shopping experience for healthcare sectors, as well as a trusted selling platform for healthcare vendors. Capabilities around Magento were utilized to serve the front-end of the e-commerce functionalities, whereas advances in Odoo to structure the back-end operations of the company, including sales, purchases, inventory, and accounting.

Based on these successful projects in India, in research conducted by Clutch in 2021, Fingent stood as one of the top software development companies in India! 

Clutch is a popular B2B rating and review platform that crucially evaluates tech service and solution companies based on their client reviews and work qualities. We are thrilled and excited to have been awarded this title from Clutch, and we look forward to more successful client stories and achievements in the future.

We are also truly thankful to our clients who constantly support us by posting their honest reviews and thoughtful feedback on the Clutch website.

“We are recognized for our clients, and that’s why we make sure that their dreams and ideas come to life with the advances and expertise we have in technology today! We are truly thankful to Clutch for appreciating our efforts.”

                     – Varghese Samuel, CEO & Managing Director, Fingent.

If you are looking for a technology partner to innovate your business ideas, then contact us now, and let’s talk about your project and goals.

How to gain maximum value from technology investments for your business?

The slow economy stemmed from the COVID-19 pandemic is forcing organizations to identify and cut all unnecessary costs. Unfortunately, technology investments also fall prey to these budget cuts. It happens when businesses invest in technology without adequate planning. 

According to a survey, 29.2% of respondents holistically examine their technology usage while searching for efficiencies. It may mean canceling or delaying new projects and purchases or reducing or canceling maintenance and support contracts for existing investments.

Research by Accenture reveals that while 47% of the companies are building their future growth strategies on mobility and technology, considering inefficient technology as one of the top hindrances to their growth. It is clear that IT-led innovation is the need of the hour, and 82% of companies are investing specifically in technology for improved growth.

Simply put, now, it is crucial to improve the return on investment of resources, optimize costs, and select the right solution when making sourcing decisions.

Read more: Navigate The Business Impact Of COVID-19 With These Hot Technologies 

Here, we share a few tips to help you gain full value from your technology investments.

Ways to optimize costs

Gartner reveals that optimizing costs is essential for businesses and is one of the best ways to control spending and attain cost reduction while maximizing business value.  

Optimizing costs should take into account:

• Automating and digitizing business operations
• Simplifying and standardizing applications, platforms, processes, and services
• Obtaining the best terms and pricing for business purchases

While this means ensuring that technology investments generate the maximum possible value, it also means cutting costs and considering how each technology investment drives business value.

Some technology may be expensive, but it doesn’t mean that it isn’t providing value to the organization. Expensive technology may already be optimized because of the value it generates, while inexpensive technology may be unused and wasted. Therefore, it is important to make the right decisions regarding purchasing hardware, software licenses, or cloud services contracts.

Once you have identified and mitigated what you do not need and what you need, there are no more costs to reduce. It is time to look at how to optimize technology assets.

Ways to get the most out of your tech investments

Despite the cutbacks and search for savings, many organizations continue to invest in technology projects and accelerate their digital transformation initiatives. However, even with the economic slowdown coupled with pandemic-related uncertainties, organizations that have performed well during 2020 are looking to increase resilience by reducing risks and demanding shorter ROI periods on investments.

That said, the key to maximize ROI is preparation. It is essential to know that you’ve selected the right solution and are ready for implementation. Several surveys done in the past suggest that the software chosen is rarely the reason for any IT project’s failure. And a few leaders even agree with this, revealing a lack of investment in preparation, project management, and implementation. Even the simplest of IT systems require some amount of work to install and configure. So, the more complex your environment is, the more careful you will have to be.

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

Key factors to consider while developing a technology strategy to improve corporate performance are:

Investment profile: Your management team must identify your IT investment percentage (allocated to build significant capabilities) versus the foundational investment. Ideally, foundational investments should not be more than 40% of the total annual investments.

Organization focus: You must identify whether a significant portion of your internal resources aims to drive innovation or growth. Also, find out if you have the proper operating processes in place to drive these investments.

Tenure: You will have to figure out if your workforce has the right experience and skills to achieve the target.

Investment economics: Move over traditional measures and instead identify newer ways to evaluate your projects and investments.

A few technologies worth investing

Following are some of the technologies worth investing in the present business scenario:

• Artificial Intelligence (AI)
• Blockchain
• Internet-of-Things (IoT)
• Cloud
• Cybersecurity
• Self-driving technology
• Streaming media

Tips for getting maximum value from technology investments

To get maximum value from your technology investments, you should:

• Be prepared with clear objectives and outcomes. You must ensure that your vision aligns with that of the new technology vendor.
• Ensure that you have people, processes, and governance for leveraging the technology when deployed, reducing the time to both value and ROI.
• Identify and assess your data sources’ quality to develop appropriate metrics for accuracy and completeness of data and check for any improvements.
• Invest in the implementation and system or process integrations to make sure they are carried out successfully. If you are using any third-party service provider for the implementation, ensure that you hire a reliable and trained team like Fingent.
• Identify users and key stakeholders and invest in their time to maintain the system.
• To reap benefits early in the project and demonstrate the value of initial investments, take a phased approach. Phasing could be by business unit, geography, or environment depending on the organizational structure and business goals. This will ensure that the project is manageable.
• Provide both initial and ongoing training in phases to allow end-users to familiarize themselves with the features and functionalities they have learned about before undergoing further training. That said, make sure the new users are also appropriately trained.
• Ensure that third-party consultants have completed their vendor training or certification programs before allowing them to use your tools. Also, check if you are using the latest version of the tool. If needed, arrange for additional training.

Read more: Fingent Speaks: What it Takes to Build a Successful Digital Transformation Strategy 

Be smart with your tech investments

With technology and digital transformation becoming more pervasive across all industries, technology investment can make a huge difference in winning or losing a business. By focusing on the tips discussed in this article, companies can maximize value from their technology investments.

Technology wins only if it can appease users. A bad customer experience forces the customer to switch from vendor A to vendor B. Not only should you identify and invest in the right technology, but make an emotional connection to craft human experiences that drive customer satisfaction and differentiate you from your rivals. 

Fingent top software development company helps you make a fortune out of tech investments by helping you leverage the latest technology trends. Our business technology consulting services focus on helping businesses tackle technology problems, attain business objectives, and derive value from tech and IT investments. Chat with an expert to learn more. 

Is custom software poised to fulfill business needs?

From small firms to established companies, the COVID-19 pandemic has forced businesses and leaders to embrace digital transformation. Businesses are spending more on custom software solutions to ensure smooth workflow as they switch their operations to virtual workspaces. Custom software development and mobile application development have become inevitable for business growth and success. As technology advances, intelligent interfaces and highly intuitive cognitive capabilities transform businesses in unimaginable ways.

Custom software solutions appeal to tech leaders and companies of all sectors globally. In today’s dipping economy, software development companies like Fingent help businesses restart or rebuild what they lagged with custom software solutions. 

Read more: 5 reasons why custom software development is important to your business 

What is a custom software solution?

A custom software solution is the best response for both clients and customers to adapt to the new normal. Currently, many organizations are allowing their employees to work from home, thereby limiting physical interactions. Such organizations adopt customized software applications tailored for specific use by their employees. Remote working software tailored to meet specific workplace requirements and maintain privacy without affecting the workflow allows businesses to better serve their customers. 

Simply put, custom software development involves designing, developing, implementing, and managing a particular software application used by a specific set of audience, functions, or organizations. 

A software development company first analyzes the business and its product requirements to develop customized scalable, dynamic, and cost-effective software solutions. It helps meet the needs and preferences of the customers, clients, and the organization at large.

The new normal is making it difficult for businesses to obtain a competitive edge, so they resort to custom software applications rather than off-the-shelf software development. Thanks to these tailor-made solutions, work is becoming easier and enabling businesses to take a step ahead.

What is the difference between custom software and commercial software?

Custom software solutions are designed and built to adapt to the changing market demands. Off-the-shelf software allows businesses to adjust to their expertise. Commercial off-the-shelf applications come pre-packaged and are purchased by enterprises to carry out their tasks. Custom software enables you to retain only the features you use and supports scalability in the future.   

View infographic: What are the advantages of custom software over commercial off-the-shelf solutions? 

Why do businesses need custom software development services?

Custom software solutions are one of the best ways for businesses to survive in today’s uncertain market. Moreover, custom software development assures that your data remains secure and confidential as there is a high amount of data security risk with off-the-shelf software. Custom software is the best option today, considering your business’s privacy, security, and accountability. As custom software is made exclusively for in-house use, the associated risks are low.

What are the benefits of custom software solutions?

1. Improves efficiency

Custom software is designed to support the specific processes followed by a business entity and its users. Hence it improves the productivity and operational efficiency of the business and its employees. By automating mundane tasks and tweaking the workflow to eliminate unwanted elements, custom software implementation adds business value.  

2. Reduces integration costs

Most of the commercial off-the-shelf software fails to work with existing and legacy applications. If it does not comply, businesses will have to invest further to ensure that the prepackaged software operates with the existing infrastructure. On the other hand, custom software integrates well with the current environment and adapts to a business’s needs.

3. Scalability

Custom software can grow as the business expands or changes. Developers can assess future requirements and incorporate them into the application. It can save costs associated with purchasing additional licenses or subscriptions of commercial applications.

4. Profitability

Investing in custom software development increases the profitability of a business. Depending on the project’s terms and conditions, the organization that creates custom software can own it or license it or sell it to other organizations.

5. Independence

As you will be free of a commercial software vendor, you need not worry about price hikes for licensing and support or whether the vendor terminates a product or goes out of business. However, the business that develops and uses custom software should bear the cost of maintaining and supporting the software. So, every organization must carefully decide whether it’s better to buy or build.

Read more: How to Choose the Right Custom Software Development Firm 

Technologies and practices to consider in custom software development

1. Open-source

Open-source indicates that the software source code is open to the public and the development community to use. For example, Microsoft, Linux, and Google. Open source can significantly improve development productivity through software component reuse and improve interoperability by avoiding proprietary architecture.

2. Artificial Intelligence (AI)

Artificial Intelligence allows the software to replicate human decision making and learning. It can enhance the development process. For example, natural language processing (NLP) is used to analyze requirements from elaborate texts and recommends improvements based on best practices. AI technologies such as machine learning and modeling may also be incorporated into applications through application programming interfaces (API) and cloud services.

3. Blockchain technology

Developers are leveraging open- source hyper ledger technology and blockchain ledgers to build new types of secure transactional and financial applications that can boost business processes.

4. Cloud-based development

It brings the advantages of cloud computing by hosting development environments in the cloud. It supports design, coding, integration, and other development functions to build on-premises and cloud-native applications. These environments also promise cost control, speed, and on-demand convenience.

5. Mobile application technology

With the customers’ buying behavior shifting from products and services to experiences, mobile application technology is a must. So, developers have to connect mobile apps with data to improve and enrich the user experience. 

6. Analytics technologies

These technologies enable software applications and their users to understand data through dashboards, visualizations, and predictive capabilities. AI, cloud-based services, and automation make it easier to incorporate analytics into applications.

The health crises and economic uncertainties brought in by the COVID-19 pandemic have compelled businesses to adopt solutions tailored for use by their employees and customers. So, opting for custom software solutions is a wise decision as they can be customized to suit your business needs.

Read more: 5 Custom software development trends every business should know 

While the initial investments seem a bit high, custom apps will get you a higher ROI in the future. If you are looking for a custom software solution for your business, all you need to do is select a trusted and reputed company like Fingent. We first understand your requirements and help preserve your accountability in the market. To know more, please don’t hesitate to get in touch.

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! 

In Conversation with Stephen Cummings, SVP, Infince

Infince represents the next phase of cloud for enterprises. Being a progressive approach to running IT, Infince democratized the cloud enabling businesses of all kind to leverage its possibilities. Unveiled at the 2018 Small Business Expo, Infince marks a shift in “untangling technology”, which simplified how businesses utilize the cloud for refining their processes and operations. Infince delivers a secure cloud model that encompass all the essential IT requirements of enterprises.

As a radically different enterprise cloud system, Infince really invoked my curiosity to know more about its simplified cloud model. Stephen Cummings, the Senior Vice President of Business Development at Fingent Corporation was earnest enough to spare a little time from his busy schedule and give me a firm background about Infince in accordance with the questions that I presented. He elaborated on the features and functionalities of Infince, which got me well informed of the capabilities of this platform.

Thank you, Stephen, for your time. Let us begin this short interview with a brief description of what Infince is about.

So, can you tell us a bit about Infince and who is it aimed at?

Up until now, cloud technology has been structured for use by, and marketed to, a technical audience of developers and IT professionals in large corporations. We developed Infince to both simplify how businesses get the software and related support and to dramatically lower their IT-related costs. By building upon the latest developments in cloud-based systems, and incorporating available open source software, we have been able to pull together the things a small business needs to have a secure, modern IT infrastructure  – from a company website and mail server to full-featured enterprise software and desktop tools.

Infince is the new way for small businesses to run IT.

Business owners don’t have time to learn about digital tools or to manage them, and they don’t have money to waste. We give them high-value technology options that are intuitive and affordable. Our concierge support services are at hand whenever there is a technical question or concern.

What led you to develop a cloud platform like Infince?

Survey after survey showed that a large percentage of small businesses were not taking advantage of technology that would help them significantly improve their ability to serve their customers. In today’s internet-focused world, their lack of technology puts them at a serious disadvantage to their more nimble competitors. Many companies were discouraged from using existing open-source software, which, though free of cost, did require technical knowledge to get set up.

At the same time, we knew that new developments in cloud and communications technology were making it possible to deliver solutions for them in a completely new way. For open source specifically, we knew if we could automate the setup process, a further barrier to its use would be eliminated. What we were able to do is to make software set up a “one-click” process and to do the same for support services.

Business owners can not only get up and running easily and quickly, but they can do so without anxiety because they can easily use a “life-line” to have someone knowledgeable lend a hand.

Yes, technical complexity and jargon are preventing businesses from adopting the technology. In view of that, can you elaborate on the challenges that you came across while developing this platform?

To make a system both powerfully featured and easy to use meant we had to meet a number of design challenges. How could we make the setup fast and automatic, even for business owners who may not be very technical themselves? How can we make it easy -whether a business owner is technologically intrepid or not – to leverage the options that make sense for their business?

How can we make application software developed by many independent developers work well together? How can we accommodate a flexible and economical infrastructure that works for simple or complex applications, and for small or large companies?

How can we make the user have a friendly experience, for example with a “single-sign-on” capability across all applications? How can we give users an even more secure system than is typical?

With data privacy and security featured again in the news, how much protection does a business cloud platform like Infince offer to businesses?

We have given a lot of focus on data security as it allows people to build trust within the application and its information – which is one of the most important factors. Every customer’s data is hosted on a separate secure virtual server. Our secure servers and SSL built for applications ensure that there is no information that is being tracked or eavesdropped by any external entities.

How much relevance does cloud computing have in today’s business environment? And where does Infince fit in this environment?

In today’s business environment, a business owner needs to have access to her data right when she needs it, irrespective of her location or geography and the device she is accessing it from.  This is what cloud computing provides – an access to one’s business data at any time and anywhere you have an internet connection. Apart from this obvious benefit, cloud computing also improves scalability, business continuity, collaboration efficiency and reduces cost. So yes, cloud computing is going to be here for the foreseeable future.

Cloud computing is an umbrella term for different types of cloud services, that include SaaS, PaaS & IaaS. Infince can be considered as an IaaS service as we provide the servers, storage, and networking hardware, as well as the virtualization layer.  On top of that, we also leverage SaaS to offer a plethora of tools and applications that will cover all the technology needs of an SMB. Infince is thus a unique combination of IaaS and SaaS to cater to all the IT needs of a small business.

Read more: Top Trends That Will Transform Cloud Computing in 2020 and Beyond!

Will Infince’s concept of cloud management for businesses lead to a better form of managing and optimizing business processes?

Infince is an IT solution for SMBs. A small or medium business owner needs technological solutions for a variety of business needs, but may not have an IT budget that is large enough to afford the top of the line enterprise software solutions.  On the other hand, we have a lot of feature-rich Open Source software that are competitive alternatives to Enterprise Software.

The challenge here is that installing, customizing and setting up an Open Source software requires technology experts in the team. Off the shelf SaaS products will need the employees to access various products through multiple channels with multiple logins, with no single source for all of the business data.

Infince is a solution to this problem. We are constantly integrating good quality Open Source and third-party tools into our App Marketplace. With a few clicks, an Infince customer can add the desired App to his Infince Workplace.

The new software will automatically be integrated through Single Sign-On, becoming part of their IT system. This ease of plugging in business apps on demand makes Infince a powerful IT solution for SMBs.

What are the potential benefits that small and medium businesses can derive from using Infince?

In terms of setting up Small & Medium businesses, the ability to collaborate with their internal team and carrying out business activities has substantially improved and can be managed accurately using Infince — which no platform provides. Going further, different departments within a company can be micromanaged and this increases transparency by also allowing user restrictions across Infince.

Security is another key area that benefits our customers, as nowadays the emails, files that we share travel through various servers before reaching us, and there can be eavesdropping and privacy can be at stake. We provide servers that are managed by us to send emails and fresh dedicated email servers can also be bought at a very less cost.

How do you envision the future of Infince and what new improvements and upgrades will be implemented in this solution in the coming times?

Infince stands for “Infince Cloud for Enterprise” and that’s the vision driving us. By continuously integrating more and more applications in our App Marketplace and innovating our cloud solution, we aim to arm SMBs with the latest technology and tools. The business owners can concentrate on growing the business while we take care of their IT.  Our work never stops!

Compared to other enterprise cloud platforms, what specific features have you included in Infince to make it a popular dependable platform?

Compared to other enterprise cloud platforms, we are providing one-of-a-kind platform wherein business can access numerous Open Source applications, with a Single-Sign-On option to effectively run their businesses. Apart from that, all the servers, hosting and basic support for Open Source applications are offered by us and an extremely affordable cost and is secured. Our features, costing, and level of services have been brutally transparent and there have not been any hidden costs involved which sets us apart from our potential competitors.

Does the extended storage options given at Infince come in specific tiers?

We prescribe a minimum of 2GB storage per user.  Additional storage can be bought from a minimum of 10GB upwards. The real benefit for Infince customers is that they are in control of how the storage is allocated across the users. The business owner is free to do a differential allocation of the extended storage across users, as per individual requirements.

That indeed provided me with some in-depth information about Infince. In a way, the open accessible cloud model that you envision clearly does have much larger potential in the coming years. Deep down, I do believe in the same thing, which is that all businesses should be given the means to utilize technology to their advantage.

By creating a platform like Infince, Fingent Corp has indeed opened the doors of the cloud to businesses of all kind, so that they could remain technologically competitive and productive. Thank you, Stephen, for granting this interview and wishing the very best for all your ventures.

To learn how your enterprise can benefit from custom-built business applications, get in touch with our experts today!

Identifying 7 Common Mistakes in Tech Projects

As a non-tech business, you are an expert on the product or service that you are selling. That is your core competency, not information technology. Still, some businesses feel they can do it themselves. That could cost you a lot more than you think. Technology by nature is like a moving target and pinning the best technology solution requires quite a bit of work. Treating tech projects as an afterthought is a mistake that non-tech businesses make far too often. Worse yet, those mistakes can stall the growth of your business. Avoiding tech mistakes, especially the high impact ones, will be the thing that ensures the success of your business. 

What are the 7 deadly mistakes non-tech businesses make on tech projects and how you can avoid committing those mistakes? This article will help your company navigate the complex and confusing world of technology. 

Mistake #1. Skimping on Security

Most small businesses might conclude that their business isn’t that big to become a target for hacks and data theft. Unfortunately, security has become the number one issue even for small businesses with increased online scams, software vulnerabilities, and networks using improper architecture. Can you imagine the impact on your business if your trade secrets, customer information, HR records, and confidential communication fell into the wrong hands!

One of the top security risks most businesses often ignore is the failure to encrypt their emails. Some discard email encryption either because it is costly and complicated, or because they feel that the threat is insignificant. You can prevent much pain and loss by encrypting your emails. Always assume that every email you send could be intercepted by unethical hackers. 

Try this: Set up an email encryption system to protect all your emails and their attachments.

Read more: Emerging Security Technologies To Consider For Your Organization

Mistake #2. Patching New Software On Old Hardware

Most often than not software publishers release new upgrades that require a significant hardware upgrade in order to run the newer version. Many businesses purchase the latest version of the software without considering its hardware requirements. The use of old computers and their hardware can be problematic since these devices generally lack the latest features, hang too often, and are slower at common tasks like launching the application, booting up, printing, and internet search. This can result in a failed upgrade and can bring your business to a screeching halt until new hardware can be put in place or until the old version is reinstalled.

Try this: Before you purchase an upgraded software, check the minimum system requirements needed for the software to run smoothly and ensure that your existing system meets those standards. 

Read more: Tips for choosing the right Business Software – Tools vs. Solutions 

Mistake #3. Skipping The Planning Phase 

Planning for IT may seem tedious and time-consuming especially when you have so many things to get done with the running of your main business. However, it is vital that every business, big or small, must plan out their IT initiatives at least once a year. Failing to map-out your technology path can impact your entire business. You must plan your budget for new software and hardware upgrades while considering the need for additional manpower and/or technical support. Planning ahead will ensure business continuity and will spare you from unanticipated problems and setbacks when something fails.

Try this: Decide on a particular month of the year for taking stock and planning your IT structure and requirements.

Read more: Plan Less and Learn Faster Through Lean Business Planning 

Mistake #4. Inadequately Trained Employees

Some of your employees may understand technology, perhaps because they had some experience with it formerly or just because they are tech geeks. This is by no means enough to put them on the job to handle tech requirements. One of the most common mistakes that many non-tech companies commit is to try to get the job done with employees who are not adequately trained to use the technology they have at work. There is no alternative to training, it is an absolute must for business growth! Forgoing on the training of employees may render well-intentioned purchases useless and result in a massive loss of ROI. By training your employees you can lessen the likelihood of mistakes and improve overall productivity.

Try this: Take the “train the trainer” approach with your software provider. It is cost-effective and helpful.

Mistake #5. Ignoring Reliable Backup And Disaster Recovery

Businesses today are reliant on their records and data, which are almost completely stored electronically. It is extremely dangerous to assume that your backup system is working properly. A sudden power outage or a server crash can delete all your data within seconds increasing your downtime and the expenses that accompany it. It is a good practice to back up a test directory, erase it, and then do a test restore to ensure that your backup device is working. Also, ensure that the proper data is backed up.

Try this: Have a right backup solution and disaster recovery procedure in place.

Read more: COVID-19- Ensuring Continuity and Building Resilience- How business leaders can respond, survive, and thrive in the new normal 

Mistake #6. Not Leveraging Cloud Computing

Most businesses either embrace cloud inconsistently or treat it as an unnecessary expenditure for their tech projects. Cloud computing has emerged as the most efficient platform for businesses than on-premise counterparts. This is because it makes it possible for employees, customers, and other authorized users to access the data at any time from any place. In most cases, cloud-based applications offer greater functionality and are less expensive. Cloud computing is more secure than an in-house computer operation that may lack proper antivirus solutions, firewalls, or backup systems. 

Try this: Prepare a cloud strategy and as soon as possible, consider moving some of your applications and data to the cloud.

Read more: Cloud Migration: Essentials to Know Before You Jump on the Bandwagon

Mistake #7. Ignoring Preventive Maintenance

The most common mistake made by businesses on tech projects is the “repair when it crashes” strategy for IT infrastructure. While it may not hurt too much on some issues, can you imagine your 10-year-old server crashing! Now that could cripple your business. If your mission-critical hardware crosses its shelf life as it were, it is time to consider replacing it well before it actually crashes. Just like your automobile, IT software and hardware require regular maintenance and adjustments. Both the software and servers need continued care to perform at optimal levels. 

Try this: Avoid overextending the life cycle of servers. Start planning to replace it well in advance. Look for the manufacturer’s instructions on MTBF (mean time between failures) for your equipment.

Read more: Why Get a Maintenance Contract With Your Software Solution Provider? 

Don’t Make a Costly Mistake

As a business, you are constantly juggling multiple roles and duties to ensure that everything runs smoothly. Too often, the panic call comes after a technology mistake has been done already. It is crucial to remember that a single mistake could lead to catastrophic loss of data that your business may never recover from. Don’t take chances with your business. Get our custom software development experts to help you make those tech decisions and implement them smoothly. Give us a call and let’s get talking.