Custom software tackles the specific needs of users more comprehensively than traditional off-the-shelf packages. Efficiency, scalability, lower integration cost, uniquely tailored features, functions, profitability, and independence are a few of its major benefits. In simple words, custom software creates a more customer-centric approach to your business, which translates to more business.

Globalization has pressured companies to take bold steps in expanding their horizon and potential. The rapid increase in market trends, technological innovations, and increasing competitor growth has changed and raised customer expectations. Deploying custom software development solutions in your business can be a strong weapon in this vicious battle. This blog will show you why and also help you see if this might be the right time to implement it for your business.

Why Is There a Need For A Custom Software Solution?

Evolving times have made it necessary for businesses worldwide to step up to the challenge of being bold, unique, and versatile. “Be different or be forgotten” has never before been more relevant than today. Custom software gives you the tools you need to satisfy your customers.

Here are some more reasons why custom software development is the current need for businesses on a global scale:

1. High Security

Security nowadays is a prime preference provided by most companies. Getting hacked by cyberpunks is a nasty affair that not only compromises your company’s data and security but also ruins the reputation of your business. Compared to commercial off-the-shelf (COTS) Software, customized business software is better in terms of security and competence in saving data.

Mobile app formulating corporations exemplify this feature by merging features like two-way authentication and data encryption.

2. Efficiency

Custom Software is purpose-built to support unique operations and workflows promptly and productively. It refines the workflow by removing unnecessary factors and automating monotonous and tedious manual jobs. This way, it fulfills the fundamental goal of improving your company’s and its employees’ operational efficiency and productivity.

Read more: How Fingent helped Impact XM improve their marketing management capabilities and enhance their business performance with a custom software solution!

3. Scalability 

Since customized software is created based on the unique needs of a business, it can easily be modified and embellished depending on the growing needs and requirements of the company. Scalability is one of the greatest significant advantages of custom software. It allows you to construct relatable software based on your business requirements. It can also cut costs associated with purchasing extra licenses and subscriptions to commercial software.

4. Cost-Effective

COTS software generally fails to work with existing and legacy applications. Businesses must invest further to ensure the software works well with their existing infrastructure. On the contrary, custom software can be built to adapt easily to an organization’s needs and integrate with any environment. Custom cloud software development goes one step further and enables you to build cloud-native applications at a much lesser cost.

Read more: Know What’s Driving Custom Software Development Cost This 2022!

5. Independence 

Deploying custom software means freedom from the clutches of a commercial software vendor. You can avoid incessant price hikes for licensing and support. You will also remain unaffected when packaged software goes out of business, or a vendor terminates a product. With custom-developed software, you are in charge of creating and maintaining the software, which means you can update and modify it as regularly as you need.

These are just a few reasons for the increasing need for custom software solutions. It can effectively meet the demands of businesses irrespective of the company’s size. Technically progressive solutions can give you a stepping stone over opponents.

Using custom applications reports a 77% reduction in manual data entry! Learn more about why choosing custom software works over commercial off-the-shelf solutions. Scroll through our Infographic now!

Does Your Business Need Custom Software Solution Right Now? 

Now that you know the benefits of custom software, the question is: do you need to implement it right now, or can you put it off for a while? Here is a checklist of symptoms. If you tick any of these boxes, it might just be time to get that ball rolling on a custom software solution:

1. Lack Of Efficiency 

Are your employees struggling with mundane manual work? Is it resulting in delays, lower productivity, and errors?

Custom business software developed according to your requirements will empower your business to tackle these challenges by providing an all-in-one environment for employees to plan and execute the workflow, communicate effortlessly, and procure data anytime. By enabling automation and AI in the software, you will be able to eliminate the element of human error and conserve your human resources for more focused tasks.

2. Data Management Issues

Do you often struggle to access and track crucial data? Does it take ages to make sense of the data and put it to good use? Are you struggling with the threat of data leaks?

Data is probably the essential asset of any business. It is usually challenging to store, analyze and track crucial information, and keep the data secure from theft to maintain the data integrity in your industry.

A custom software solution can be built to include Business Intelligence (BI) solutions that can help you convert data into actionable insights. This will help you make intelligent data-driven decisions for your business. You can also customize security layers for your software to address the particular security risks associated with your business.

3. Low Customer Satisfaction

Have you been receiving more customer complaints lately? Are they dissatisfied with their interaction with your business?

Nobody knows your customers as you do. Integrating this knowledge into your software can be priceless in ensuring customer satisfaction. Custom software allows you to do just that. You can work with your developers to integrate insights from your customer base and market analysis and provide features that your customers will be happy with, which can lead to a seamless customer experience.

4. Business Expansion

Is your business expanding? Do you need to grow technologically?

Expansion and development are two constants in a business owner’s mind. Whether your business is expanding in terms of location, the number of employees, or customers, you unquestionably need to grow technologically.

You don’t want to add technological issues to the chaos of a quickly expanding business. Looking for new software solutions every time a component of your business grows will be a real challenge. With custom software, you can easily build on the existing software and add features as you scale.

Read more: Choosing the Right Software Development Vendor

How To Get Started?

As you can see, custom software can play an integral part in the operation and success of your business by improving productivity and increasing efficiency. It is an excellent investment in time-saving, cost-effectiveness, and risk reduction.

The first step is hiring a professional technical team to help you develop custom software. Fingent, a leading custom software development company, excels in crafting tailored software solutions for clients, perfectly aligned with their unique requirements. We can help you too.

Give us a call, and let’s discuss your requirements.

It is getting more competitive than ever before for businesses today! Every company wants to lead in the market as quickly as possible. How can you get there first?

Software development can be your answer. But can outsourcing software development make a difference?

Outsourcing has been one of the most talked-about digital transformation strategies, especially if you want to launch your products quickly into the market. Outsourcing software development nurtures your business goals by saving time and cost. You ensure effective and innovative product delivery when you allow top professionals to work on your project. The benefits are not just limited to that.

This blog will explain the pros and cons of outsourcing software development and how you can select the right company so that you are well prepared the next time you plan to outsource your software development!

Why Outsource Software Development?

Organizations outsource software development to save costs and resources, nourish business growth, remain competitive in their sector, and more. By outsourcing, businesses enable their in-house team to focus on their expertise rather than be jack-of-all-trades. This kind of freedom allows your team to improve their performance in their field instead of doing routine tasks that consume precious time. Here are some more benefits:

1. Control business expenditure

The biggest driver of outsourcing software development is cost reduction. This frees up more funds to channel into other crucial business areas.

The question is, how does it reduce cost?

When you outsource software development, you are only paying for their services. You save common expenses associated with in-house staff like hardware and software, rent, training, etc. Besides, it is much easier and cheaper to outsource as you can find software development teams within a few clicks.

2. Gain access to the world’s best outsourcing specialists

Outsourcing software development goes beyond physical boundaries, empowering you to connect with the world’s best talent. The best part is that this collaboration could be for all projects or just a one-off project with no further obligation.

3. Saves time on onboarding specialized talent

Looking for a software developer with a diverse skill set is a complicated and time-consuming process. Plus, training a developer incurs more delays and costs. Conversely, outsourcing software development is far simpler while saving time, effort, and money.

4. Flexibility and speed 

Outsourcing software development gives you the simplicity of scaling your project. An outsourcing company allows you to choose the right cooperation model that matches your business needs.  This allows you to respond to changes as they occur and take action to address them with a quick turnaround.

5. Forge ahead with the latest technology

A good software outsourcing company uses the latest languages and development tools to build effective and innovative products at minimum cost. You can benefit from this and trust that the best tools will be used for your requirements.

6. Get exceptional support

Since the outsourcing firm may already have experts with immense knowledge in their field, they become your business partners. If you face any crisis, you can count on them to solve your problem as soon as possible.

Now that you understand why you should outsource software development let us clarify the difference between offshore and nearshore outsourcing.

Read more: Why Software Development Outsourcing Is A Smart Move Now?

Offshore Vs Nearshore Outsourcing

Offshore outsourcing is sourcing company operations outside your country in a different time zone. Nearshore outsourcing is sourcing company operations within your country.

Benefits of offshore outsourcing include cost savings, access to specialized expertise, and 24/7 support. Benefits of nearshore outsourcing include shared time zones, similarities in cultural background, better control, and better security.

Software development doesn’t need an in-house team, so you can choose either near or far outsourcing companies to build your ideal dedicated team.

Pros And Cons of Outsourcing

As for any solution, there are always pros and cons. Let us look at both, so you can make an informed decision for your business.

Pros of Outsourcing

1. Timing: While every business needs to go through a procurement phase, that time will be much reduced if you don’t have to spend onboarding the right talent. Besides, if your idea is still in the formative stage, you will not be able to attract the right talent. This makes outsourcing the best option.

2. Business goal: If validating your idea is your primary business goal, the earlier you begin to do this, the better. Outsourcing frees you to concentrate on business goals and build the foundation of your business viability.

3. Access to proven workflows: Because the outsourcing firm likely worked with many organizations similar to your business, you can be confident that it will implement proven workflows and processes.

4. Speed to market: Speed to market increases as the outsourcing firm can manage and optimize workflows.

5. Access to a larger talent pool: Outsourcing companies can access industry experts who can be reached whenever you need to consult them for a solution.

Cons Of Outsourcing

1. Risk of failure: Business failure is risky if you cannot manage your outsourcing company effectively.

2. Communication challenges: Some offshore firms with different cultures may pose communication challenges.

3. Lack of motivation: An outsourcing firm may not share your motivation to see a project through to successful completion.

4. Limited control: If the outsourcing firm uses freelancers, the hiring company may have only limited control over the actual work.

Digital transformation is an investment that has to be made to stay relevant. However, whether to hire in-house or outsource will ultimately make the business more successful and profitable.

Read more: A Detailed Software Development Outsourcing Guide For CEOs!

How To Select the Right Outsourcing Company?

Once you have decided to outsource your software development, evaluating and selecting the right vendor to complete the work that meets the best standards is crucial.

Here are some tips that can help you find the right outsourcing company:

• Research and list all potential partners who can provide the required services. Also, find out from others to see if they have any recommendations.
• Good communication is of utmost importance. Request a meeting to help you understand their communication style.
• Ask for references, read their case studies, and do your research to determine whether they have the needed experience and expertise to see your project through.
• Be cautious about any outsourcing company that offers cheap rates. Instead, enquire about their success in the past.
• Verify a vendor’s security policies, certifications, and accreditation.
• Ensure the vendor has professional liability insurance.
• Find out if the vendor can support all of the programming languages you need for your software development projects.

We at Fingent would love for you to come and test us out. Meanwhile, here is a look at what our clients have to say, some of our case studies, and a look at what we excel in!

Are You Ready to Outsource Your Software Development?

The choice is entirely yours. Make sure you consider all the pros and cons and make an informed decision. First, look at your business needs. Then, find out if the vendor is compatible culturally and financially. This will ensure a higher probability of success. We would be happy to discuss your needs and help you decide. Please feel free to reach out to our experts.

The world of programming has come very far, and it continues to evolve. What this gives you is – options. Out of the many ways to fabricate these programs, the two most common ways are functional programming and microservices. This blog gives you an in-depth view of both of them.

To understand the similarities and differences between these two, we must first understand how they work individually.

What Is Functional Programming?

Functional Programming (also called FP) is a programming paradigm in which everything is bound together by using pure mathematical functions. Its programming style is declarative because it focuses on “what to solve” instead of “how to solve.”

FP is mainly based on the ancient Lambda Calculus developed in 1930. It is famously known as the smallest programming language in the world, and it defines what is computable. Functional programming languages are classified into Pure Functional Languages and Impure Functional Languages. A few examples of Programming Languages that support functional programming are – Haskell, JavaScript, and Python.

Read more: Enhance Your Small Business Growth & Success with Custom Software Solution!

What Are Microservices?

Microservice architecture, or simply Microservices, is a modern perspective on software whereby application code is conveyed distinctively in small, manageable pieces. It mainly focuses on building small, self-contained, and ready-to-run applications that can bring great pliability and added resilience to a code.

Each service functions independently in its own process, making microservices a service-oriented architecture where applications are built as a collection of divergent smaller services rather than one whole monolithic app. The programming languages that support microservices development are – Java, Golang, Python, .Net, and Node JS.

Read more: Is Microservice Architecture The Next Best Move For Businesses?

How Are Functional Programming And Microservices Similar? 

Although Functional Programming and Microservices are very different, a few similarities can be noted between them.

• They have a shared goal of deployed elasticity
• Both functional programming and microservices are formulated to scale and load-balance simultaneously with any increase in demands
• They are also designed to replace faulty instances
• They both share a concept of encapsulation and clear separation
• Both functional programmes and microservices are small, which means they both carry the minimum amount of logic
• When using microservices or functional programmes, utmost discretion is advised since the major quality of experience problems could develop.
• The most significant point of similarity between the two is that neither functional programming nor microservices should store data within a component.

With the help of transport independence and pattern matching, services can be edited from your system, letting you reposition the topology with each deployment. If you look closer, this benefit emerges from the similarities between microservices and functions from functional programming.

How Is Functional Programming Different From Microservices? 

Although often associated together, microservices and functional programming are fundamentally quite different, especially regarding software design and development. A few of these differences are listed and explained below:

• Reasons for small size – Microservices are small to facilitate better generalization, which capacitates developers to contrive applications from a collection of small functional units. Whereas functional programmes are small to perform limited tasks. Functional programs cannot be composed into applications; instead, they are linked with events.
• Functional programming concepts aggressively exercise stateless behavior. It emphasizes mostly on generating the same outputs from the same inputs. While microservices usually exhibit stateful behavior because they conserve state throughout a database, which is also called back-end state control.
• Functional programming performs on asynchronous outside triggers cited as event flows. Alternatively, microservices are called by other software when they are required to be part of a workflow.
• At a specific point during processing, you’re probably calling a microservice if you want to call an individual component. Still, if you want to respond to something external, that’s generally pursuant to functional programming.
• Organized functions have sequences in place of workflows, and every step in the processing of an event is likely set on by the step before it. On the contrary, all activations of your software associated with microservices are explicit calls, so you don’t have to worry about figuring out how to keep the steps in sequence.
• Exploring how they will sequence the steps in their scheduled functions is imperative for functional programming, but concurrency is the key with microservices.
• Since microservices are called by other software, you can control how they are called, so you can control concurrency. Alternatively, you can expect event-driven functions to be concurrent.

Under What Circumstances Are Functional Programming And Microservices Best Employed? 

Functional Programming:

Typically it is used for mathematical operations, AI, and pattern matching; generically, anything that can be broken down into a set of rules that must be utilized to get a solution.

Some of FPs advantages that make it better employed are –

• It helps solve problems effectively in an easy way.
• It increases modularity.
• It allows the implementation of lambda calculus in programmes to solve complex problems.
• Some programming languages endorse nested functions which improve the tenability of the code.
• It improves the productivity of the developer.
• It helps debug any code briskly.

Microservices:

Microservices have quintessentially changed the way server-side engines are fabricated. Making the most of microservices is a unique science and requires discipline.

A few of their advantages that make them better employed are –

• Each microservice, as needed, can evolve independently, enabling constant improvement and faster app updates.
• Resources can individually be increased to the most needed microservices rather than scaling an entire app. Therefore scaling is faster and usually more cost-efficient as well.
• If a particular microservice fails, you can prevent cascading failures that would cause the app to crash by simply isolating the failure to that single service.
• Its smaller codebase allows teams to understand the code more easily, making it simpler to maintain.
• Microservices boost agility by reducing the time to market and speeding up your CI/CD pipeline.

Read more: Breaking Down The Enterprise Software Monoliths!

Make the Best of These Programming languages for Your Business

Deciding which programming language is best for you is a critical decision.

Speak to our tech experts at Fingent top custom software development company to see which one is right for you and how you can implement it for your business.

Cyberattacks are hitting the headlines with increasing frequency. Data breaches and attacks are currently inevitable parts of running an organization. Cybercriminals are adept at using phishing, malware, or insider threats to infiltrate infrastructure and steal confidential information.

Businesses that compromise their cybersecurity face more than just the loss of confidential data. Cybersecurity breaches can affect a business’s market value, jeopardize the brand reputation and compromise competitiveness. The effects of a single cyber-attack can be permanent and devastating.

How do you combat this era of over-smart cyber criminals? You need more than cyber security. What you need is cyber resilience!

Are you wondering what the best way to protect your company from within and without is? Do you want to secure your business in this volatile economic atmosphere?

If YES is your answer, please continue reading to find out why shifting from cybersecurity to cyber resilience is necessary.

Why Has It Become Necessary to Shift from Cybersecurity to Cyber Resilience 

Pandemics are not the only calamities from which a business needs to build resiliency. Any unforeseen event, be it a natural calamity, a shift in the economy, or anything else, needs to be part of comprehensive disaster recovery planning.

Such unforeseen events provide many risk-based opportunities to pivot in response to risk. Chief among these is digital transformation. Here are four risk-based opportunities that make it necessary to shift from cybersecurity to cyber resilience.

1. Strategic risks: Included among many others are business continuity, reputational hazard, competition, insurance legal risks, and more. If these risks are not mitigated in time, they can affect organizational sustainability.

2. Financial risks: Financial risks have implications for regulators, tax complexities, and employee outsourcing.

3. Operational risks: Operational risks include organizational and digital functions, from employee well-being to AI and robotics. It can affect the business process and all those involved.

4. Remote work: This can easily expose an organization to cyber threats.

If an organization becomes a target of persistent cyber threats, its networks will likely be compromised. That is why businesses must be ready.

Cyber resilience allows an organization to minimize the impact of persistent threats. It lowers the probability of a successful attack and minimizes the damage if the attack is successful.

Read more: A Detailed Whitepaper On – Is Cyber Resilience Over Taking Cybersecurity for Good?

How Are They Different From Each Other?

1. Cyber security-the mighty wall

Cyber security is about reacting to a cyber-attack while cyber resilience is about anticipating a possible attack.

Cyber security is about technologies and processes designed to shield computer systems, networks, and data from cyber threats.

For example, when an empire wants to prevent security breaches, it might first build a huge, robust wall. If it feels that is not sufficient, it may construct another wall that is higher than the existing wall and perhaps add a ditch.

Can such measures completely protect an empire from a breach? Well, history has a different story to tell.

Cyber security is somewhat like that wall. It is more focused on preventing hackers from breaching ITs’ security wall. While it may prevent the majority of attacks, a hacker can still find ways to breach that mighty wall when the landscape changes. Despite all measures, an organization may be still vulnerable to a cyber-attack.

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

2. Cyber resilience-an ever-equipped and ever-prepared tech-ninja

The goal of cyber resilience is to anticipate, withstand, and adapt. It depends on the theory of “when there is a cyber-attack,” not “if there is a cyber-attack.”

A cyber resilient business is like a ninja, able to respond and recover from a cyber-attack. Such a business can continue to operate through the attack, and eventually, get back on track and become more capable of withstanding future disruptions.

It helps organizations to foresee hackers’ activities and be informed about the possible threats they pose. This way organizations are prepared to prevent and protect, defend and respond successfully to any attacks.

Cyber resilience is not just a security measure. It is a cultural shift – a full-time task that applies security best practices to defend an organization’s networks and systems. here are five key areas:

• Prepare: Preparation is key to success! Hence, to prevent cyber-attacks an organization requires a multi-layered approach. This includes technology, people, and processes. Cyber resilience involves having comprehensive security policies and providing training and in-work support to ensure that all involved know their role.
• Protect: In addition to basic security software, more sophisticated solutions like endpoint detection and response solution provide a greater degree of protection. Security awareness training and data protection layers offer even greater cyber resilience levels.
• Durability: Building durability into an organization is one of the end goals of cyber resilience. Adopting a single platform for data and content can make it easier to protect an organization as a breach can be identified quickly and quarantined before it affects other sections. All this while, employees can continue to access other systems and data.
• Recovery: Resilience means rising every time we fall. Cyber resilience means returning to normal no matter what. To avoid a complete halt to all business operations, an effective data backup and recovery is essential. Automated, granular backup and recovery of data to a separate network will enable businesses to quickly restore data that may have been seized or wiped.
• Adapt: According to a writer, adaptability is the simple secret of survival! And that is a key component of cyber resilience. Security solutions that leverage up-to-the-minute threat intelligence ensures that a network can adapt automatically to the latest threats. This sort of intelligence allows you to understand the current threats and make accurate predictions about likely attacks in the future.

Read more: Redefining Cyber Security Needs With AI!

ACT and not REACT

Data and infrastructural security are the topmost concern of every organization. Active and continuous protection is a must for tools and techniques. This is also why investing in cyber resilience can never go wrong in any condition.

Cyber resilience equips businesses with technical know-how in order to prepare for the worst and ensures it can deliver in the worst situations.

Cyber resilience involves a change of mindset. It is also about security operating within the organization and beyond. It is only by thinking of overall network resiliency that businesses can surmount existing threats, and overcome future threats.

Security experts at Fingent have their finger on the pulse of the digital world and know how to nip cyber threats in the bud and keep your business resilient from attacks. This means that you leave your cyber worries in our hands with the confidence that it will be dealt with effectively.

Call us and let’s discuss your security needs and how we can fulfill them. 

“Innovation is critical to the future well-being of society and to driving economic growth.”

                                                    – The World Economic Forum, 

Prior to the COVID-19 outbreak, several organizations were reluctant to consider digital innovation as a cornerstone of their business strategy. A sea of overnight changes forced them to try and implement a digital-first strategy, without even knowing how they can effectively choose and adopt digital tools. Data shows that 94% of executives are unhappy with their firms’ innovation performance, despite spending heavily on incubators, accelerators, and internal venture capital. These businesses are unable to create any impact because their efforts are stifled by some of the biggest barriers to innovation, such as lack of organizational support, inability to foresee the long-term rewards offered by customized solutions, and poor process and data management, among others.

In this post, we’ll briefly examine five major innovation hurdles faced by business leaders today and how these challenges can be busted.

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

1. Organizational Resistance

True digital innovation embraces an organization’s leadership, work culture, technology, and business practices. Many business leaders struggle with digital innovation because it appears to oppose their established ways of working, which they have been practicing for decades. It’s hard to get innovation right within a rigid organizational structure where mistakes cannot be tolerated. At the same time, every organization cannot afford to engage in costly and time-consuming experiments that will intervene their daily show.

Overcome Resistance Through Outsourcing

By strategically outsourcing innovation, business leaders can reduce the experimental cycle times and lower the associated risks and costs. Consider the insurance law industry that processes massive amounts of legal documents and insurance data on a daily basis. A typical employee compensation claim would take nearly three years for final settlement, after all the paper sifting, consulting, probing, and finalization. The average case settlement time costs a carrier close to $85k. Sapra & Navarra, a leading Californian attorney wanted to put an end to this enigma. They outsourced their technology requirements and developed an AI and Machine Learning program that enhanced and accelerated the activities involved in processing workers’ compensation claims.

The result: 50% decrease in average total claim costs, claim cycle time, and associated personnel costs.

Outsourcing your digital innovation project gives you access to top-rated specialists in various technologies such as AR, VR, IoT, automation, blockchain, mobility, enterprise content management, data analytics, and business intelligence. Outsourcing saves your cost and time and makes your business scalable for future needs.

2. Disorganized Innovation Process

Several organizations fail to formulate a process to guide sustainable innovation. Companies rely on serendipity instead of formally analyzing their strengths and weaknesses around innovation, thereby failing to understand and define their expectations. This prevents business leaders from broaching innovation as an enterprise-wide responsibility. Innovation thrives in an open and supportive environment where employees are assured of recognition and professional growth.

Ways To Adopt A Systematic Innovation Process

Business leaders and managers can assist with the process of innovation by:

• Understanding the operational details of innovation projects and keeping a close eye on the project performance.
• Establishing a learning-focused environment that encourages employees to speak up and try new ideas.
• Ensuring the selected ideas are well-evaluated and are based on their organization’s protocols.
• Responding to opinions and queries and motivating employees to ask the right questions.
• Paying rapt attention to customers’ needs and specifications and utilizing technology creatively to lessen their woes.

To put it simply, a systematic innovation process should have three components: a worthy problem to solve, a technology that helps develop the solution, and a business model that generates ROI from it.

Read more: Prepare For The Future of Digital Innovation with Fingent

3. The Rift Between B2B And B2C Tech

Just like how B2C customers rely on Amazon to buy their household essentials, B2B customers are also switching to digital tools for researching and buying products. Several factors, such as decision-makers, influencers, higher price points, competing sales channels, and a growing range of product lines and specifications come in the way of B2B purchasing decisions. This has caught B2B sellers in a maze of innovation challenges. More than anything else, B2B companies need to become more customer-centric to stay ahead of the competition.

How B2B Companies Can Apply Innovation

• Have a solid omnichannel strategy, with a specific focus on improving mobility. This will put better tools in the hands of B2B sales teams.
• Evolve from legacy organizational structures. The leadership should bring more clarity to digital roles and define the ownership of digital initiatives.
• Outsource digital capability building requirements to a trusted offshore software vendor. Migrate to the latest technologies like the cloud and update your legacy enterprise software to drive your innovation efforts.

Read more: Cloud Migration – Essentials to Know Before Jumping the Bandwagon

4. Too Much Focus On Short Term Gains

Building the gap between digital innovation leaders and laggards is a time-consuming endeavor, which can pay off in the long term when done rightly. Several enterprises go for ready-made, canned technology solutions in a race to become digital. Such businesses tend to lose out big as they fail to prioritize the long-term gains such as scalability and adaptability that are more crucial in their growth journey. Custom software, that is purpose-built for your business, is the best digital innovation solution that can stabilize and scale your business growth.

Reaping Long Term Rewards With Custom Software 

With a solution tailored to your industry’s requirements, it becomes easy to integrate software into your organization’s daily routine. Off-the-shelf software meets only 60% of your operational business needs.

Our customers reveal the long-term benefits of adopting custom software:

• 93% of our clients saw a decline in inefficient tasks after implementing custom software
• 91% agree that tailored software solutions have increased their productivity
• 77% could reduce manual data entry errors after replacing their off-the-shelf software with custom applications
• 76% of our clients reported increased ROI

Read more: Ensuring small business success with custom software

5. Innovation Has To Be Managed Only By C-Level Execs

More than technology, the success of the digital transformation is determined by the attitude of people across the organization. According to Harvard Business Review, “when leaders think about investing in technology, they should first think about investing in the people who can make that technology useful.” This is where the main implication lies. Digital innovation success depends on your ability to adapt to the changes rather than the technology itself.

Driving Innovation Forward

In these times of change, it’s important to count diverse perspectives, talents, thoughts, and ideas to drive innovation forward. Business leaders should invest in raising new skills, think cloud and mobile-first, build personalized experiences using data, and tie all the digital channels to offer customers a unified experience.

Read more: Future-proof your business with 5G, Edge Computing, and Cloud

Start Your Digital Innovation Journey With Fingent!

Have you started your digital transformation journey yet? If not, there’s no better time than now. We’re helping businesses build robust custom solutions that can sustain their innovation model and boost their customer experience even in the wake of a black swan event. The way each business looks at innovation could be different, but what ultimately matters is how your innovation model integrates with your business strategy, long-term growth plans, team culture, ROI, budgeting, market value, and above all the impact on your customer. Are you ready to take a free assessment?

Drop us a line and our sales team will contact you shortly. 

Call it the innovation driver or the disruptive power, PropTech – the intersection of property and technology – has massively influenced real estate in recent years.

More than two-thirds of real estate players consider adopting new technology solutions as a strategic priority to survive and thrive in the post-pandemic era. While tech-driven innovation is crucial, the biggest challenge faced by real estate investors and property managers is to identify and implement the tech solutions that fit their purpose.

If you’re a property business trying to meet your expectations with the right PropTech, here’re a few solutions to focus on.

Read more: Reimagining Real Estate Operations with Fully Integrated End-to-end Solutions

Solving Real Estate Challenges with PropTech: Real-life Examples

Managing leads, arranging site tours, estimating prices, maintaining properties, handling documentation, and collecting payments are some of the major challenges hindering property management companies from scaling and growing their revenue. With the right PropTech adoption, you can mitigate them. Here’s the proof:

1. Property Listing

Keeping consistently accurate data across multiple property listing sites is a major challenge confronted by real estate aggregators. Equally important is to review the property’s performance across various listing sites.

The Challenge:

A US-based investment brokerage firm had a tough time getting real-time visibility into the performance of Commercial Real Estate (CRE) property listings. This affected their brokers’ productivity as they weren’t able to match properties to investors’ expectations. Even though the firm manages plenty of property data, legacy technology prevented them from making any gains out of it.

The Solution:

Thanks to predictive analytics and data visualization! Today, they’re realizing the benefits of data-backed decisions. With a cutting-edge net lease trading platform that leverages these tech innovations, the company is now able to personalize property and seller dashboards, track 1031 exchanges, compare listings, and help investors make better decisions.

Click here to read the full story. 

2. Property Visits

Offering a safe and satisfying visitor experience to customers regardless of where they’re located is a crucial requirement in today’s competitive real estate market. There is an increasing demand for self-guided 3D virtual home tours and property visits, self-showing real estate apps, VR-powered property expos, and virtual staging tools among others. All these heavily influence buying decisions.

The Challenge:

Chasing a huge number of leads looking for leased properties and managing peak season demands were two of the major challenges that hit a leasing property management firm’s day-to-day operations. Showing vacant properties to clients across various locations via a self-guided application was an important step in connecting them to the right rental properties.

The Solution:

With an IoT-enabled self-showing application, the realtor could now virtually take visitors through vacant properties. As IoT helps consolidate discrete data from various software, the realtor could reduce unwanted overheads, minimize hardware investment, eliminate overlapping site visit schedules, and manage the growing number of leads effectively.

Want to learn more about the self-showing PropTech app? Click here. 

3. Property Management Automation

Are your business development plans taking backstage due to a lack of automation? Do you rely on manual processes to manage buyers, sellers, and properties, contracting and leasing functions, property listing, and tracking, and finance and accounting? Solving this dilemma requires investing in an automated, customized PropTech solution.

The Challenge:

Inefficient communication systems, disconnected business segments, and poor customer experience failed to deliver a leading property management firm with the expected ROI. Lack of integration between various software handling individual business operations added to the prevalent inefficiencies. They needed a single platform that centralizes all the aspects of the property management life cycle.

The Solution:

Employing automation and the cloud, the realtor developed an all-in-one property management platform with customized interfaces for tenants, owners, and vendors. Cloud capabilities and automation enhanced their speed-to-market. The company grew from 2 to 160 employees within two years of implementing the software.

Read the full story to understand how the new platform serves as a robust single-source property management solution.

Also Watch: How an all-in-one property management solution fosters a remarkable journey for a leading Real Estate management firm in the US.

4. Price Estimation

With each property featuring unique attributes (such as location, floor plan, lot size, and other amenities), valuing real estate has become extremely difficult. Investors need to make more informed decisions and forecast potential earnings from a property over a given period of time. Establishing accurate property values requires churning myriads of data.

The Challenge:

Property businesses in the US lost many potential buyers as they failed to quote accurate property prices based on buyer data. Seamless coordination between buyers and sellers becomes possible only when property valuation is accurate and prices are competitive.

The Solution:

Automation and data analytics enhanced their property management skills and helped them estimate real estate prices precisely. With an integrated PropTech tool featuring a customized price estimation module, property agents get access to both investor data and pricing details, resulting in better productivity and more deal closures.

Read the case study here. 

5. Real Estate Workforce Management

Managing property repairs or ensuring a property is fit for listing can be a strenuous job. Especially when handling multiple properties at the same time. Keeping track of the tasks at hand, or collaborating with the on-site workers, can take a toll if not effectively managed.

The Challenge:

Scheduling tasks, dispatching workforce to various properties, inspecting and auditing properties, keeping track of various tasks, and at the same time keeping all workforce effective, motivated and on the same page, might sound challenging, especially when the work culture keeps shifting from remote, to hybrid, to on-site!

The Solution:

The ReachOut Suite, primarily a field service management software, is a leading example of enabling an optimized field workforce. Want to assign property management tasks to your selected field service agents? Simply drag and drop the task onto their calendar. They will be alerted and you can track the progress of the task right at your fingertips, that too in real-time. ReachOut offers customizable inspection and audit templates to scrutinize your property and helps generate reports when you need them. Integrate ReachOut with your real estate inventory, accounting, quotations, and plenty of other business-critical functions to experience the power of automation and the cloud.

Click here to explore the features of ReachOut Suite. 

Read more: What’s in Store for Real Estate This 2022

The Most Anticipated PropTech Trends

As PropTech continues to widely reimagine real estate operations, here’re a few trends that will hog the limelight in the coming days.

1. 5G

5G introduces extended connectivity for smart home devices with zero latency, improved augmented reality in home tours, flexibility to live and work from anywhere, and unlocks new revenue streams for CRE investors as they can lease rooftops to broaden 5G service delivery. 5G provides access to real-time data on building and infrastructure usage, tenant occupancy, and asset conditions. It facilitates instant monitoring of mechanical and electrical infrastructure in buildings, which will help avert problems before they occur. 

2. Smart and Sustainable Homes

The average eco-friendly home cuts energy bills by 30%. When people are aware of their energy usage patterns and practices that harm the environment, they exercise more caution in energy usage and follow eco-friendly behavior. IoT and data analytics-enabled PropTech applications help homeowners understand better the benefits of sustainable living powered by smart home devices.

3. Neighborhood Analysis Using AI

AI and machine learning algorithms are now able to predict the evolution of urban landscapes over a said period. For instance, Google’s Street View images can be analyzed by AI to measure the safety score of a particular street based on the evaluation of data related to crimes, walkability, livability, amenities, and more.

4. Tenant Screening

PropTech applications that help owners identify financially qualified and reliable tenants will expedite the online leasing process and guarantee investors regular earnings.

Drones that facilitate virtual site tours, blockchain-enabled smart building contracts, and secure smart locks are also becoming hot pursuits in the PropTech market.

According to Metaprop, the global investor confidence in real estate technology has risen significantly, with 70% of investors planning to adopt PropTech in the next 12 months. Have you integrated PropTech into your real estate management business? If not, do take advantage of the technological revolution by partnering with a reliable PropTech development company. We develop customized property management software for our clients that leverage the latest technologies needed to make a firm stride in today’s dynamic real estate market.

Get in touch with us to understand how PropTech can take your business to the next level.   

Although rapid change has become a necessity of life in this world of instant gratification, obsolescence-avoidance and generating value from technology over a long period of time are critical. Modernizing a business model is an ongoing project. The faster you can build and distribute your product or service to your customer, the more competitive you are. 

This is what cloud-native is built to handle!

The rapid growth of virtualization technologies and the popularity of distributed frameworks hastened the trend to migrate applications to the cloud.  Cloud-native is a powerful new application-building approach using independent components (microservices, and other concepts) that are fast and simple to test and modify.

Are you pondering over a shift to the cloud? This blog will help you understand all you need to know about cloud-native. We are also listing out key benefits you can expect in your cloud journey. 

What are Cloud-Native Apps?

Cloud-native apps are tools and applications that function in the cloud. These are highly scalable and fast. Cloud-native apps use the Platform as service tools and agile methodology to transform the entire software development process. Cloud-native apps are hosted using services from the hyperscalers (e.g., AWS, Google, Microsoft) but need not be bound to a particular cloud vendor.

Cloud-native apps should not be mistaken for another tool or another platform. It is a complete shift to a set of different practices, design, accelerated production environment, and more. It means a transformation within the entire development team of an organization.

Read more: Cloud-Native Application Development: How It’s Powering App Delivery!

Why Is Cloud-Native Important Today?

Today’s digital marketplace needs to deal with several challenges. And cloud-native computing paradigm is an apt response to those challenges. To stay relevant, businesses are expected to respond quickly to changing customer needs, and new market opportunities, and keep up with the emergence of disruptive technologies. 

Cloud-native gives an organization the flexibility it needs to meet growing business requirements by addressing concerns about software reliability, security, and data management. 

Let us delve deep into two important aspects: agility and reliability.

1. Agility

Regardless of what the business is, all organizations must ensure their technology continues to provide value. In software, agility is demonstrated by quick responses to new demands, made possible by reducing the time taken to deliver new features and resolve bugs. 

Cloud-native practices enable organizations to respond quickly and scale up or down to handle increased or decreased demand. With modular and flexible software businesses can pivot easily when they face challenges and respond faster to customer demands, market trends, and employee preferences.

2. Reliability

Building software around cloud-native practices helps you create simpler and highly scalable applications that are more reliable and secure. 

But the advantages go beyond that.

You can utilize the native security offerings provided by cloud providers. These security offerings extend the cloud provider’s security knowledge and learnings into your application, increasing your security.

In a nutshell, improved agility will help you move faster and react more quickly to security vulnerabilities that impact your applications and your organization. Thus, you will be less likely to fall victim to threats from bad actors.  

Read more: Can Moving to Cloud-Native Improve Business Agility?

Increasing Business Benefits of Cloud-Native App 

Different industries benefit differently from cloud-native technology. These features are what will set your business apart from your competing organizations. However, these benefits support the goals of all industries of varying sizes and scopes.  Here are key benefits:

1. Reduced rollout time

The top goal for any business is a quicker time to market. Reduced rollout time offers a competitive advantage allowing businesses to embrace the current trends. Over the lifetime of an application, cloud-native practices result in faster product development and launch for updates of bug fixes and new features enhancements.

2. Cost-effective

Legacy architecture confined organizations to fixed resources regardless of their involvement in the software development process. This led costlier process as the backup was an additional service.

In cloud-native infrastructure, all solutions are designed to function on the cloud. This reduces costs on backup, maintenance, development, and usage of resources. Opting for pay per use model can drive down costs considerably.

3. Ease of management

Using a serverless platform enables straightforward infrastructure management as it does not need configuring an on-premise network and storage. With the growing popularity of cloud-native platforms, companies can reduce the time for infrastructure setup. Given that, they can now better use existing human resources in more relevant ways. 

4. Improved customer experience

Traditional applications required a dedicated team for each task and long periods of time to update the software. With cloud-native apps, you no longer require to spend so much time and resources for an enhanced customer experience.  The majority of customers use mobiles, and cloud-native applications take a mobile-first approach. It places emphasis on customer experience far greater than the traditional applications. 

5. Reduced vendor lock-in

It is essential to choose a vendor who assures performance, security, and maintenance. However, one may have to stick to the same vendor due to the time and effort invested, even when they deliver poor quality service. With cloud-native infrastructure, you can avoid vendor lock-in by allowing services from multiple cloud providers.

6. Reusability and serverless platforms

The cloud-native infrastructure uses serverless platforms to upload portions of the code. This allows the development team to reuse the individual parts of a project’s code as they develop a new project. Since each part of the cloud-native services function contains its own logic, it saves the development team time and expense. 

7. Easy troubleshooting

Cloud-native infrastructure has an inherent fault-tolerant mechanism. How does this work? The entire application is divided into microservices. Each of these microservices acts as a separate service function, which makes tracing the origin of the issue is much easier.  Once the issue is tracked, it is isolated and fixed at the source. Testing microservices is faster because each one has limited interaction with the rest of the application. That means far fewer opportunities for the introduction of “unexpected” side effects. 

Build Your Cloud-Native App with Fingent

With applications at the center of almost every business strategy, all industries have become software companies. Businesses that hope to be leaders in their space need the competitive edge provided by high-quality, custom-built software – developed and deployed fast. 

Fingent top custom software development company understands how this journey requires investing in processes, infrastructure, and architecture to compete in the current, fast-changing marketplace.  Fingent is uniquely positioned to partner with companies to deliver solutions. Let us bring our experience as applied technologists to help you maintain the technology effectiveness that meets the operational challenges and customer expectations of your business. 

Customer expectations are changing dramatically. In response, digital transformation is becoming an unstoppable wave that is overtaking all sizes of businesses. To succeed in this environment, it is vital that businesses transform into smart and intelligent ecosystems.

Digital transformation is continuously increasing its presence, by developing ecosystems that are increasingly adaptive and provide sustainability. Companies are developing a dynamic network of external partners and internal departments to provide seamless customer service.

While developing an intelligent ecosystem has been a red-hot subject during the pandemic, it is likely to further accelerate adoption, especially among mid-sized businesses. Given its value generation and potential to grow and generate revenues from new products and services, most mid-sized companies are actively considering transforming their ecosystem business model. 

Is yours a mid-sized business?

Are you among the many who are wondering how to remain sustainable in today’s fast-evolving market?

If so, then this blog is designed to help you understand the reasons why you need an ecosystem that can create value. 

Embrace The Future with A Smart Ecosystem

We live in a digital world, so moving with intelligent ecosystems is key to the continued improvement and growth of your business. The future of your business depends on the ability to do more with less, speedy services, and the elimination of inconsistencies. 

It is time for mid-sized businesses to move into the digital age and finally put their existing tech stack to work through the digital ecosystem.

Here are five reasons why mid-size businesses must reshape ecosystems:

1. Logistics will continue to grow in complexity

Technology is changing as the world continues to change. Given that, the many needs and demands of customers and partners are changing. Those changes will continue to grow in complexity as new suppliers and businesses arise on the world scene.

To keep pace with these changes the ecosystem must adapt, creating a continuous evolution cycle. A Digital supply ecosystem powered by Artificial Intelligence can help future-proof operations. 

2. Ability to make informed decisions

Today’s technology provides many things at your fingertips. Customers today, thus expect quick responses, real-time updates, and services at their doorsteps and fingertips! When demands increase, companies need to be efficient and capable of making quick decisions. 

Besides, making decisions regarding delivery time, costs, and outcomes based on partial information can be detrimental to the growth of your business. On the other hand, digital ecosystems allow you to access real-time data whenever and wherever you need it, enabling you to make informed decisions that impact your business. 

3. Bridge and divide for better control

An ecosystem bridges a network of organizations, people, information, and resources to move a service to the customer. 

Empowered by AI, the digital ecosystem has enabled businesses to move to a more streamlined and successful chain of command. It helps bridge every team member and trading partner making quick and easy communication possible. This can be done on each and every level, without exceptions. 

Read more: A Detailed Guide to Understanding Digital Business Transformation

4. Fast and free is the in-thing 

In the instant world, customers expect fast and free delivery and every shipper strives to provide this. Customers would like to track their items digitally and receive real-time updates. 

The current gold standard of delivery experience is two-day, one-day, or same-day deliveries. It is the minimum requirement for supply ecosystems to provide such deliveries to stay ahead of the game.

5. Recapture sustainability

Providing fast and unique customer experiences requires more energy and resources. It affects the bottom line of the business and can cause you to cut corners in other areas to make up for the expense. Doing so can have a detrimental effect on sustainability.

This is why businesses must look for ways to recapture sustainability without compromising on the gold customer experience. And leveraging a digital ecosystem that is powered by emerging technologies is one means to that end. 

6. Internal and external collaboration

The strategic partnership between large organizations and large platforms is increasing. Fortunately, the ecosystem allows partners to share data when required, scale assets up or down as needed, and collaborate internally and externally. 

Additionally, enormous amounts of cross-functional data with AI help pinpoint the root causes of issues and identify opportunities for performance improvement. 

Read more: It’s Time To Pivot Your Legacy Software To A Platform Ecosystem!

Reshape Your Business Ecosystem with Fingent!

Creating a smart ecosystem from scratch would open up a whole new world of possibilities for your business. However, the first step would be to get your transformation right. 

George Westerman a research scientist aptly said, “When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.”

Fingent doesn’t just help you deploy technologies! We help you digitally transform into a future-proof and successful organization. 

How do we do that?

Here’s how we helped one of our clients transform with a customized smart ecosystem!

The client: Cheetah Transportation System – a leading truck transportation service that provides transportation of time-critical freight throughout the United States.

Their requirement: They needed to rethink their existing business processes to build a sustainable competitive advantage.

Their challenges:

• Complexities in placing and handling orders
• Licensed third-party software was partially used but was increasing overhead costs
• Ineffective Master Data Management
• Inability to provide their customers with real-time updates about their shipment
• Complex off-the-shelf systems
• An inefficient process led to delays, increased trip cycles, and wasted resources and time

What role did Fingent play in its digital transformation?

After a thorough analysis of their major pain points, Fingent helped Cheetah Transportation System build a customized software solution that included a web app for dispatches and administrators and a mobile app for drivers to simplify their interactions with the company. Their new transformed ecosystem streamlined:

• Rate Sheet Management
• Master Data Management
• Invoice & Accounting
• Payment Processing
• EDI and GP Integrations
• Dashboards and Reports

The solution’s overall architecture helped Cheetah maintain business transparency, avoid potential disruptions and do much more than what was possible with their previous system. They could reduce the time taken to respond to customer queries by 30%, and save overall time by 40% with automated tasks and real-time reporting. The company also gained an increased capability to ensure continuous performance optimization.

At Fingent the digital transformation strategies are focused on the value it brings to businesses and their customers. Once we identify gaps and growth points, we offer customized technology solutions that can help clients to stay ahead of their competition in the current fast-changing digital world.

To know more about how we can help you reshape your business ecosystem for a sustainable and successful future, connect with our experts today!

Augmented Intelligence has presented enormous potential in several sectors. Enterprises are adopting Augmented Intelligence to gain the best outcomes. 

After 2 years of disruption, partners, employees, and customers increasingly expect businesses to focus on long-term value creation. With this new mandate, enterprises adopted Augmented Intelligence to build resilient businesses that prioritize communities, employees, and better customer experience.

Augmented Intelligence is poised to improve the speed and quality of employees. It improves household and workplace security, combats fraud, and increases productivity. Deploying Augmented Intelligence correctly can diminish information overload and lead to fast, data-driven decisions. 

This blog discusses how you can improve business performance with Augmented Intelligence.

Some confuse Augmented Intelligence with Artificial Intelligence (AI). Is there a difference? Let us first find that out. 

What Is Augmented Intelligence?

Essentially, Augmented Intelligence boosts human abilities and has the potential to revolutionize how we live and work. Augmented Intelligence is the utilization of AI and other types of automation to provide new and better information to help professionals make better-informed decisions, rather than having fully automated decisions. Augmented Intelligence may also eliminate rote tasks, freeing people to reflect and evaluate more easily.

AI enables machines to think and act like humans, whereas Augmented Intelligence uses the same machines to assist humans with specific tasks enabling them to make smarter and faster decisions. That means not only discovering hard-to-see trends, conditions, and outliers but also presenting these things to decision-makers in timely and easy-to-understand formats.

Read more: The Convergence of Edge Computing and AI: Why Is It Important For Your Business?

Does Your Business Need Augmented Intelligence?

Augmented Intelligence can make sense in any business where experienced and knowledgeable employees are key to business success. Job functions that involve making sense of many factors can benefit from Augmented Intelligence capabilities that organize or synthesize information. Companies that have difficulty finding people with the right experience or with business roles that involve lots of training can employ Augmented Intelligence to reduce training needs.

1. Distribute accurate information companywide

Deploying Augmented Intelligence helps data scientists prepare data, gain the latest insights, and distribute necessary information to all involved. It offers the full benefits of connecting technology and analytics with your employees. 

2. Ease of use

The Augmented Intelligence capabilities help routinely assemble information from all types of structured data, from multiple sources. After gathering it, it can clearly present relevant data for humans to see from every angle. This allows employees to be more informed on news across their organization.

How Does Augmented Intelligence Improve Business Performance?

Augmented Intelligence is a partnership model of people and AI working to enhance decision making, cognitive performance, and more. Business leaders striving for competitive advantages are finding that Augmented Intelligence elevates the prowess of their workforce in a variety of areas. Here are some ways Augmented Intelligence can improve business performance.

1. Build a “high-trust network”

New employees may not be familiar with how the business functions. Such unfamiliarity can shift your work culture to higher supervision leading to more towards a “low-trust network.” 

Leveraging Augmented Intelligence can equip newer staff to rapidly achieve the competence they need to take responsibility for running their own areas of business leading to a “high-trust network.” 

2. Prevent blind spots

Businesses that cannot see the necessary information when they need it grows slowly. 

Augmented Intelligence can help you see all the information about your business, customers, employees, or even competitors. Such information will help plan your business strategies meticulously, yet quickly.

3. Improve the customer environment for better satisfaction 

Augmented Intelligence helps businesses create innovative products and services. These innovations can enable a business to address customers’ queries faster, improving the customer environment. 

Read more: Memorable Customer Experience – A Key For Brand Transformation!

4. Faster and smarter decision making 

Businesses that make decisions faster and smarter are the ones that grow and remain resilient during a critical period. 

Using Augmented Intelligence to make suggestions to employees and record their responses can help you come up with the best solutions faster. It can help achieve faster results and save significant costs by reducing risky experiments.

5. Tighter security and lighter resource

Augmented Intelligence enhances the speed of knowledge in human resources and cybersecurity. By using the capabilities of Augmented Intelligence, companies can sense, decide, and act at speed and scale. Thus, companies can achieve faster results, cut costs, generate insights, and improve security. 

6. Enables strategic planning

Businesses without strategic planning are like a traveler without a map. Strategic planning creates a map for businesses to follow and correct course when needed. This is where Augmented Intelligence plays a key role.

Augmented Intelligence tools can help clean data sets and forecast future trends based on social trends and customer feedback. Thus, you will be able to make smarter marketing plans, faster.

7. Enhanced customer relationships

The success of a business greatly depends on customer relationship management. The better the relationship, the easier it is to generate leads and revenue. 

Challenge is when the business grows, the customer base increases. Such an increase can affect how you manage your customer relationship leading to either satisfied or dissatisfied customers. Thankfully, you can manage customer relationships in a sustainable and consistent way with Augmented Intelligence.

8. Keep tabs on financials

Financial monitoring is continually evolving. It’s no longer enough for companies to have regular, reliable financial reports. Today’s businesses benefit from real-time notifications and early warnings of trouble. Examples of not being able to monitor financials effectively could be the inability to invoice fast enough, detection of inaccurate billing, or identification of services that are no longer profitable. 

Augmented Intelligence capabilities can help businesses keep track of their financials even during a period of intense growth. 

Read more: Can Augmented Intelligence Improve Finance and Accounting?

Let Fingent Create a Recipe for Success with Augmented Intelligence

If Augmented Intelligence is like fine dining. Artificial Intelligence, RPA, and Machine Learning are just some of its ingredients. An experienced chef like Fingent can combine them in the right ways and at the right time to make an outstanding dish. 

Fingent professionals are experts in applied technology. We work with clients to understand their business objectives. By employing the right mix of technology we devise options for advancing their business strategy within available budgets and required timeframes.

With an ever-evolving competitive landscape, enterprises deploying Augmented Intelligence will be quicker to insights, faster to market, and more able to leverage data to navigate changing conditions today and into the future. Our experience working with many clients from many sectors and types has equipped us with insights beyond a narrow and vertical. 

 Give us a call and let’s discuss your project.

Your Financial Service business needs software solutions that fully consider all the individual features of your services.

Why?

The best financial advice must be provided in real-time and should be based on customer behavior. Their services must be original and unique for successful business development. This is what will make you different and will help you stand out from your competition and emerge a winner.

How do you achieve that?

Custom software for financial firms can solve complex challenges of business workflow. With custom software leading the way, the finance industry is seeing a significant shift in multiple areas including customer experience and business operations. 

You see, to stay competitive it is important not to cut corners when dealing with customers. To win a customer and retain his financial services, you need versatile capabilities that will help you stay customer-centric despite the rigid nature of the industry.

A financial custom software application can help financial services match customers’ high expectations while managing the company’s unique needs. They offer simplified transactions between people and enable financial institutions to create a wider customer base. 

In this article, you will find out how you can deliver services that separate you from your competition. 

Read more: Digital Transformation in Financial Services: All You Need to Know!

What Is Custom Software and Why Do You Need It Now?

Unlike off-the-shelf solutions, custom software is designed and developed exclusively for each customer’s tasks and requests. The custom software solution can be designed to handle the roadblocks specific to you. Given that, you can choose to eliminate features that your business does not need.

1. Custom software is built around your business landscape

Off-the-shelf applications are rigid and do not allow you to adapt quickly when market dynamics change. Whereas custom software can be responsive to your customer base and market advancements. 

2. Ensures robust data protection

The foundation of financial services is based on trust as it deals with private and sensitive data that demand robust protection. Custom software gives you control over the level of security you need to keep your customer’s data and your reputation uncompromised. 

Trust is a fragile thing in the finance industry. A small mistake or a performance issue can drive your clients away from you to your competition. Essentially, one mistake due to data vulnerabilities can cost your company and your customer millions. 

There are hordes of hackers looking for opportunities to steal financial data. Custom software ensures your security requirements are adjusted to keep your customers’ data secure. 

While keeping your customers’ data secure is of paramount importance, those measures should not jeopardize customer engagement. This balance can be achieved through custom software development as it allows you to create an engaging digital tool that also helps keep your data safe. 

3. Competitive advantage

Custom software is dedicated to achieving the results that you want. So, it is a strategic initiative and investment that allows you to align with your business. When you custom-build your software with a futuristic outlook, your business can outperform your competitors in the long run. 

4. Address errors in real-time

When customers encounter a bug while making a transaction, they will expect an immediate resolution. Custom software allows your team to provide a quick response without depending on scheduled maintenance. 

5. Scale up as required

The market is always in flux with changing customer demands. Responding quickly to those changes is only possible if the software is flexible and agile. Custom software can be built with the ability to scale as and when required. It allows you to add new features and integrate 3rd party services that enhance your app’s performance. The ability to scale as required can support rapid business growth.

6. Seamless customer experience

Today’s customers expect convenience, speed, and seamless experience across multiple touchpoints. Custom software can make it easy for your organization to intelligently and adequately handle any business challenge.

To become customer-centric, financial services need to integrate digital capabilities to keep up with market dynamics. It provides the technological backbone that can adapt to your organization’s growth. 

Custom software is personalized to meet customers’ business needs. With a simplified business process, and operations your customers will find it easy to use. As a result, tailored software always scores high on the customer satisfaction front. 

Read more: FinTech: Safeguarding Customer Interest In The Post Pandemic World.

7. Technologies under control

Preconfigured software does not offer much control over the choice of technologies. But custom software can make any technology more competent, sustainable, and efficient. You can tailor it to meet your expectations and deploy it into your existing business process. 

8. Exclusively yours

Each finance service is unique, and fulfilling the unique needs of the business is only possible with tailored software. This makes customized software a requirement and not an option. 

It will work exactly the way you want it to work. Instead of you adjusting your business process according to the software, custom software fits right into your business process to help you achieve your business goals. 

9. Optimized cost control

As mentioned earlier, customized software allows you to choose preferred features and functionalities based on your business priorities. 

You are at liberty to opt-out of a particular functionality if you feel it is irrelevant to your business. So, you pay only for the features and functionalities that you need. This can considerably save your technology investment costs. 

10. Real-time reporting

Finance services rely heavily on reporting. You may have to spend hours digging your way through a number of excel sheets and other files. Customizing your software can spare you that pain and save you time as it can give you a summarized report.

Read more: Business Intelligence in Financial Services

11. Compatible with your existing process 

You may have been using many useful tools and technologies. Creating custom software does not mean you have to revamp your entire business process. 

Conversely, since the custom development process involves consideration of the various tools that you already have, the software can be built to be compatible with your existing process.  

12. Reduced risk factor

With off-the-shelf software, your business will be highly affected if you decide not to maintain your application, or your business goes bankrupt. During such dire circumstances, you will have to either change your business process or find another vendor to develop another software. 

This can mean extra expense on your business investments. On the contrary custom software can be maintained as long as you need it to be maintained.

13. Relieves you from constant concern

Each business has its own concerns. When a custom software does its work perfectly and serves its purpose optimally, you will be relieved to focus on your core job instead of spending enormous amounts of time finding solutions to your routine business concerns.

An Essential Boost for Your Business

Custom software is the right decision for your business and within your budget. It works more efficiently and can provide your business model with the much-needed lift. 

So, take time to analyze the needs of your business and choose the right software for your business.

Give us a call and let’s discuss what that is for you.