Tag: intelligent business solutions
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.
SAP S/4HANA: The Torchbearer in Intelligent Enterprise Journey
In the present digital age with cut-throat competition in every sector, businesses must offer compelling and consistent customer experience and innovative products and services. Your organization will be able to create a superior, personalized, and enriched customer experience only when you leverage intelligent technologies such as SAP S/4HANA.
Intelligent Enterprise can empower organizations to grow faster in an ever-changing digital environment. As your organization battles with an excess of data from various systems, you may feel overwhelmed. You know you need that data to be doing so much more than it is right now because the ability to make decisions based on accurate and appropriate data is critical to gain a competitive edge in today’s dynamic world. With SAP S/4HANA, organizations can use data, people, and enterprise assets in an aggregated manner that best suits their business.
Read more: How SAP S/4HANA transforms the end-to-end business process
This article explains how SAP S/4HANA can be the torchbearer on your journey towards an Intelligent Enterprise. Before that, let us consider the reasons why you must become an intelligent enterprise.
Top 5 reasons why your company must become an Intelligent Enterprise
An Intelligent Enterprise leverages intelligent technologies to enable the workforce to focus on higher-value outcomes. Here are the top 5 reasons why your company must become an Intelligent Enterprise.
- Allows your organization to be more agile with a clear chance of sustainable growth
- Achieve breakthrough outcomes in redefining the end-to-end customer experience
- Makes your business processes more effective and reliable
- Delivers a step-change in productivity
- Helps your business to stay ahead of the competition
6 capabilities of SAP S/4HANA that will lead your path to becoming an Intelligent Enterprise
All businesses can become intelligent enterprises by transforming their business models to become more flexible, customer-centric, and responsive to market demand. Here are six capabilities of SAP that can help transform your organization into an intelligent enterprise.
1. Intelligent suite
SAP intelligent suite is a carefully curated ensemble of solutions that address challenges faced by different business functions of an enterprise. This suite helps every aspect of your organization, including employees, clients, customer experience, products, supply chain, IT, and more. It also allows stakeholders to take advantage of in-depth business insights. In short, it enables you to have a 360-degree view of your business.
Read more: How Fingent Helps CFOs Gain New Insights and Reliably Enable Key Decisions
2. Experience management
To understand why things happen, you must understand the thoughts and sentiments of the people involved. Experience management solutions of SAP are aimed to help businesses improve customer, employee, product, and brand experiences. It is a process of monitoring each interaction stakeholders have with an organization in real-time to spot the problems. Experience management solutions provide insights into the thoughts and feelings of your employees, customers, and stakeholders.
3. Business technology platform
SAP’s business technology platform helps modernize business processes and turn data into action. This digital platform makes it easier and quicker for companies to become intelligent enterprises. It offers more options with one unified business-centric platform for data, analytics, and intelligence. Best of all, it supports application development and integration.
4. SAP industry cloud
As a service, the SAP industry cloud enables organizations to undertake application management work while the platform allows users to access data in real-time. SAP cloud is one of the most popular services today. Its key functionalities include analytics, transactions, security, integration, and more. Thus, SAP cloud empowers your business to discover and deploy vertical solutions leading to industry best practices and extend the current business process.
5. Sustainability management
The SAP suite of sustainability management solutions addresses various sustainability needs. It can integrate compliance and safety activities while improving the sustainability performance of an organization. It enables businesses to understand and manage their impact on people and their environment.
6. Business network
Across all industries, businesses have reported disrupted supply chains and effects on day-to-day business operations because of the pandemic. SAP’s business network helps enterprises adjust quickly and responsibly to disruption and fast-changing market demands. It enables companies to reinvent business methodologies with the help of interconnected value chains and flexible networks.
These six capabilities can help your business achieve the best possible results as you embark on the intelligent enterprise journey.
How do you know if you need to become an Intelligent Enterprise?
Answering the following questions will help you understand if you need to embark on the journey to become an intelligent enterprise:
- Is your company focused on customer experience?
- Do you employ an experience management platform to understand all the people involved?
- Does your company leverage intelligent technologies such as ML, AL to provide the agility and speed required for growth?
- Does an SAP cloud platform connect your business process to provide you real-time updates?
If your answer is ‘no’ to any of the questions, you know you need to get on to the path of becoming an intelligent enterprise TODAY.
Read more: Create Intelligent Organizations with SAP Model Company
Are you ready to implement an Intelligent Enterprise strategy?
The intelligent enterprise is a strategy that uses the above technology to turn data into actionable insights. This strategy enables your business to be more agile and increases the opportunity for sustainable growth. An intelligent enterprise is an approach or a strategy that your organization adopts by leveraging SAP S/4HANA. Now that you know what an intelligent enterprise is and how you can leverage SAP S/4HANA to become one, you must think about implementing it for your organization.
Though every industry is different, and the outcomes may vary, a common link across sectors is “customer experience.” Hence, it is vital to remember that the journey to becoming an intelligent enterprise starts with defining your business goals across the organization with the customer experience at the forefront. Once you define your goals, your organization must implement the essential capabilities of SAP S/4HANA at the highest level.
Read more: Deploying SAP S/4HANA: Methodologies and Tools to Adopt
Become an Intelligent Enterprise ASAP
SAP S/4HANA is a vital blueprint to becoming an intelligent enterprise. SAP solutions can empower you to become a leader in your industry. SAP S/4HANA provides you a risk-free approach that allows for a seamless transition into an intelligent enterprise without business disruption.
Read more: 7 Tips To Ensure A Seamless Transition To SAP S/4HANA
Fingent specializes in providing exceptional SAP S/4HANA custom implementation and migration services. Let’s start a conversation today and explore how Fingent, the top custom software development company, can assist you in leveraging the power of SAP S/4HANA for your business.
How Fingent Enables e-Invoicing for SAP Users to Stay Compliant with GST India Regulations
Fingent Helps Ensure Hassle-free Filing of B2B e-Invoices for SAP Users in India
e-Invoicing is fast becoming the norm rather than the exception across industries and is being deemed mandatory by many governments as well. The Government of India has announced that starting from 1st October 2020, e-Invoicing will be mandatory for enterprises with a turnover of ₹500 crores while they submit their B2B invoices to the IRP and GST portal.
Invoices that do not comply with the set requirements will be considered null and void. All registered businesses under the notified class of taxpayers with an aggregate turnover of ₹500 crores and above must get ready and take advantage of solutions that facilitate the automatic issuance and receipt of electronic invoicing.
In today’s fast-changing world, enterprises are under increasing pressure to adapt and perform. One way to deal with this challenge is to simplify processes for both buyers and suppliers. e-Invoicing is an excellent step in that direction. By making the transition from physical to digital invoicing, many companies are reaping the benefits of a more reliable, traceable, secure, and streamlined process. Fingent helps you accomplish the change in the simplest way.
This article covers how SAP provides an automated solution for your business and how easy it is to file e-Invoices through your SAP ERP system.
Without further ado, let us get into the details of e-Invoicing for B2B businesses.
What is the difference between a digital invoice and an e-Invoice?
Is there really a difference? Yes, there is! A digital invoice is either a Word or a PDF file of a paper invoice that is scanned. An e-Invoice on the other hand, is a data file that is transferred between computers. It contains structured data making it easier for a computer to comprehend and book automatically.
Why switch to e-Invoicing?
IRN has become mandatory on invoices and it is a requirement to avail the credit. False filing of credit with fake invoices has caused a considerable loss of revenue for the government. The e-Invoice system can provide a better taxpayer service resulting in an enormous reduction in evasion. e-Invoicing can also enhance the efficiency of tax administration by setting up enterprises on paper to generate invoices.
An e-Invoice helps you detect and avoid false claims made through fake invoices. It restricts tampering with invoice value and other details. It can also simplify GST reporting.
Here are some benefits of e-Invoicing:
- Convenient: Processing is digital and automated
- Fast: No waiting time for the paper to move from one desk to another
- Accurate: Minimized human error
- Cost-effective: Printing and postage cost is eliminated
Read more: Recession-proof Your Business with Digital Alternatives, Go Paperless!
What is involved in e-Invoicing?
Having seen the benefits of e-Invoicing, let us get into the nitty gritty of e-Invoicing. Electronic invoicing or e-Invoicing is a system that is used to generate and authenticate an electronic document containing transaction information between the seller and the buyer. It is automatically sent over the internet and can be easily integrated into a customer SAP ERP or third-party system.
The IRP (Invoice Registration Portal) gives an identification number to these e-Invoices. The IRN (Invoice Reference Number) generated by IRP will then be used to transfer all the information to the e-Way bill portal and the GST portal. This system reduces human efforts and a lot of paperwork. These e-Invoices are specially simplified with web apps while still allowing for SAP systems to process them easily.
The documents that are valid for e-Invoicing are invoices by a supplier, credit notes by a supplier, debit notes by a recipient. In the SAP system it is extremely easy to determine if the customer is eligible for e-Invoicing. Currently, the SAP solution is valid for B2B customers. If a customer has a registered GSTIN (goods and services tax identification number), the standard SAP solution determines if the customer is eligible for e-Invoicing or not.
How to generate an e-Invoice under GST?
Here is a look at the steps involved in generating e-Invoices:
- e-Invoices must be generated in the standard format prescribed by the GST network.
- After generating the e-Invoice, it will be updated on the IRP and sent through an asynchronous call.
- The IRP will then assign an IRN to the e-Invoice and digitally sign it.
- Then, IRP will generate a unique QR code that contains vital information on the invoice.
- Lastly, the e-Invoice is emailed to the recipient of the document.
The e-Invoice process and its advantages
The e-Invoice system aims to avoid data mismatch errors by addressing various challenges and enabling better data reconciliation. The generation process allows for interoperability, thus minimizing data entry error. It allows you to track the e-Invoices prepared by suppliers in real-time. As the relevant data of the invoices are auto populated when filing different returns, it makes the tax return filing process much simpler and easier.
How SAP rose to the occasion
With most aspects of the business being digitized, the government process is not far behind. This approach towards digitization by the government has generated a need for electronic tax compliance. The e-Invoice system with regulatory obligations has become mandatory for businesses in most countries, including India. In order to cater to the need for a country-specific legal requirement integration, SAP developed its own SAP document compliance solution for S/4 HANA systems and SAP ECC for India users.
Benefits of navigating e-Invoicing through SAP document compliance
- A Global platform: SAP e-documentation is a globally used platform to generate e-Invoices and real-time reporting.
- Live status update: It offers a live status update for each e-Invoice.
- Health check: By validating transaction data, it ensures an error-free payload to the IRN and NIC portal.
- Three solutions in one platform: It consists of e-Way bill, e-Invoice, and SAP digital compliance service of India.
SAP document compliance can offer businesses real-time generation of e-Invoices, auto-generate part-A of the e-Way bill while creating an e-Invoice, smoothen reconciliation between the e-Way bill and IRN and make cancellation of IRN possible.
How Fingent can help you stay compliant with GST India e-Invoicing
Being a Silver Partner of SAP, Fingent offers e-Invoicing integration for SAP ERP users in India. We provide:
- API integration to authenticate, generate, cancel, print, and track e-invoice as per the prescribed format
- Follow SAP billing transactions to generate e-invoices directly
- MIS Reporting, Reconciliation, Status, Alerts, and Dashboards
- Extensive configuration options and easy-to-manage customizations
- No conflict with any of the existing SAP functionalities
- SLA-driven support under AMC
- On-demand support to handle any statutory changes made by the Govt.
Read our case study: Automated Integration between SAP SuccessFactors-Employee Central and SAP S/4HANA– How Fingent helped the customer gain real-time insights for improved decision-making
The right implementation of e-Invoicing has the potential to transform the transactional landscape of the Indian commercial economy into a transparent digital system. It is an opportunity to create an automated e-trail and the SAP solution is designed to help you make this smoother and keep a tight control over legal requirements and compliances.
Future-proof your business by giving it the edge it needs with our customized SAP solutions, which will help you with your e-Invoicing as well as offer you a host of other competitive advantages. We at Fingent are experts at creating intelligent business solutions with SAP. Give us a call and let us get you started.