Category: Business

To build or to buy has been a million-dollar question most businesses seek an answer for. This can become more daunting when you consider the numerous factors influencing the decision. To make it less overwhelming, we will discuss factors and tips to help business leaders make informed decisions. This blog also explains the right process to follow once the decision is made.

Build Or Buy: Should You Buy Software or Build It?

Several factors must be analyzed when deciding to buy or build software internally. Here is an analysis of four key points that can help business leaders to make an informed decision that will impact their business growth:

• What is the scope of the problem that you are attempting to solve?
• How complex does the software solution need to fit your business?
• Can the organization leverage exist experts, or will you need to hire more?
• How quickly does the organization need the software?

It is good to remember that there are no one-size-fits for all in this regard. Analyzing these questions will help businesses zero in on one of the two options. Please read on to find out top tips to help companies identify which of these two is most suitable for their business.

Read more: Choosing the right Software Development Vendor

Top Considerations for Companies to Help Recognize Build vs Buy

Deciding to buy or build custom software is not as easy as flipping a coin. Here are the top considerations that will increase the odds of making the right decision:

• Problem – Businesses must give thought to the problem at hand. Is it attempting to solve a common problem or specific to the company alone?
• Funds – Can the company have dedicated funds to host and maintain the software solution, including upfront costs?
• Time – Consider how time-intensive the problem at hand is. Is it just a nagging annoyance or a serious health threat to the company’s survival?
• Strengths and Weaknesses – Analyzing a business’s strengths and weaknesses will help companies choose whether to build or buy. Can the business withstand the risks that may surface with technical debts, quality concerns, opportunity costs, and more?
• Quality – Consider if you can fully focus business efforts on solving this problem without compromising quality.
• Surface-Level Risks – Before buying or in the future with a trial, demo, or quote, reviewing the surface-level risks of buying versus building software is important.
• Data – For certain companies, their data is vital to their competitive advantage. In such cases, it is crucial to consider how the third party may your proprietary data. Consider if there is the possibility of losing access or oversight to customer data or other critical business insights.
• Security – Ensure the company’s accounts are not compromised by finding out if the third party can be trusted and if they use cybersecurity best practices.
• Vendor Reliability – Consider if the third-party vendor is reliable. Does it have the ability to weather a market downturn or other external factors that may impact the business?

Read more: When Does Your Business Need Custom Software Development Solution – Evaluate Now!

If a company decides to build custom software after all these considerations, it is vital that they follow the right process for the successful development of software.

What is The Right Process If You Decide to Build?

Building custom software might be the perfect solution for your business and building it the right way is key to its success. Usually, it is developed by a third party or in-house developers. Custom solutions ensure features and functionality with the company’s needs in mind. As a result, businesses enjoy increased productivity and growth.

To get started, here is the right process companies can follow:

1. Define your organizational needs

First, determine the current business process, expectations, and verifiable success. Talking to experts, finding out why the changes are necessary, and sketching out the workflows will help ensure a smooth project management process.

2. Resist the temptation to keep everything in-house

It may be tempting to handle all processes in-house to save money. However, working with your own IT team could cause a slowdown in the company operations as they already have their daily work. Here, outsourcing certain tasks makes the most sense. Consider working with a vendor with a verifiable track record in building custom software for other companies.

3. Be practical

To keep the project on track, create a realistic plan together with all involved in the project. This will allow companies to set specific deadlines. Knowing the timeline will help in allocating funds when required.

4. Test and test

Before implementing the new custom software, it must go through two levels of test. One is technical testing by IT professionals and developers to ensure all elements are working. The second is user testing to see if the software works as intended.

5. Document each stage

Documentation must include the team members’ details, roles and responsibilities, deadlines, and expectations for the project. It must also include a test plan, checklist, scope statement, training plan, implementation plans, and detailed user documentation.

Top 5 Trends in Custom Software Development Today to Look Out For

The custom software market is growing exponentially. Some software development trends stand out. These trends are influenced by the need for businesses to leverage advancing technology.

• Cloud technology: The pandemic shut the door on data on-site and opened the door to cloud technology. Developing cloud-native applications will likely continue as many companies still use remote work setups.

• Internet of Behavior: The Internet of Behavior, or IoB, studies customer behavior through the data gathered from various devices. This data allows businesses to understand how to improve the quality of their products and services.

• Blockchain: Blockchain is used in businesses to track records without worrying about discrepancies.

• Low-code and No-code development tools: Workers can create programs and sites even if they lack coding knowledge. According to research, by 2024, 65% of software projects will be done through low-code or no-code development.

• Software integration: Software integration can provide a seamless user experience. Additionally, it helps the company save time and increase productivity.

Read more: Low Code/No Code Development with SAP BTP: How It Is Turning the Future of Enterprise Resilience

Build For the Future

Building custom software allows organizations to use technology that addresses their unique needs. Following the right process can ensure they are implemented in a way that supports and advances business growth.

Custom software development is our forte, and we have been able to help many clients get exactly what they need from their software.

Give us a call, and let’s discuss what we can do for your business.

Frameworks are the backbone of mobile app development. They are essential to building dependable apps quickly. When choosing a framework, you can choose between native or cross-platform applications. Though both approaches have advantages, cross-platform applications work on multiple devices regardless of their operating system.

Different companies use different technologies to build and design great apps. Various company requirements have led to the emergence of four major frameworks in the market – React Native, Flutter, Ionic, and Xamarin.

If you are considering building a cross-platform application, you must understand the basics of the available frameworks and their unique strengths and features. Doing so will help you choose one that is most relevant to you. That is why we have put together this comparison. We will help you understand the key differences between Flutter, React Native, Ionic, and Xamarin.

Top 4 Characteristics to Consider While Choosing A Mobile App Framework Of 2022

The six most significant reasons to choose a cross-platform mobile development app are:

• Decreased development process
• Cost efficient
• Improved user experience
• Improved performance
• Improved quality
• Increased reach

You can determine the best mobile app framework based on the characteristics on which we can compare the four tools. Let us begin with features.

1. Features

Flutter

Flutter is the best UI toolkit that comes with fully customized widgets. Its layered architecture will ensure quick component rendering. Several popular organizations use Flutter.  Its features include:

• Built-in Cupertino widgets
• Supports iOS and Android platforms
• It is comprehensive and precise
• Visuals are both appealing and engaging
• Ability to develop high-performance apps
• Rich motion APIs

Xamarin

Xamarin allows code sharing on multiple platforms. It is known to offer a development ecosystem with a back-end, API, and components. Xamarin’s’ features include:

• Faster development time
• Lesser bugs
• Best backend infrastructure
• A component store that contains cross-platform libraries, third-party libraries, and UI controls.
• Allows application indexing and deep linking

Ionic

Ionic is useful if you want to build interactive hybrid mobile and progressive web apps with cross-platform applications. It also has another lightning and powerful version called Ionic Studio that provides an easy visual development environment. Ionic’s features include:

• Fast and powerful
• Allows complete control over app building
• Allows development of both native and progressive web applications
• Easy to handle
• Allows for a single code base app building

React Native

React Native is a widely used JavaScript library that helps to develop rich apps to give the best user experience. It allows developers to create platform-specific versions of various components. React Native’s features include:

• Single codebase across multiple platforms.
• Low-code requirement.
• Declarative API for predictive UI.
• Compatible with third-party plugins.
• Supports both iOS and Android.

2. Development ease

Development of the app should be easy and should offer smooth user engagement.

• Flutter is known to provide the best. It is extremely efficient and offers great performance.

• Xamarin can be used to develop the UI. Using Xamarin.Forms to develop apps can reduce time and simplify the process.

• Ionic does not apply native elements. Instead, it applies Cordova to offer a native look and feel.

• React Native works in tandem and offers a better user experience similar to native apps.

3. Performance

Performance is a crucial factor to consider as it shows how apps will perform when different frameworks are used.

• Flutter tops all of the other apps in performance. It offers amazing speed as it uses Darts.
• Xamarin can be used to develop apps similar to native apps. It is focused on business rationale. On the other hand, Xamarin. Forms work with the concept of broad code sharing. This may decrease the performance of the code in various operations.
• Ionic does not offer performance similar to native apps. Since Ionic tools use web technologies to render the app, it tends to reduce the speed.
• React Native can be leveraged to build apps similar to native apps. It allows developers to use native modules for scripting code for complex operations.

4. Top pros and cons

Each framework has its pro and cons. Please take a closer look at them:

Flutter

React Native

Ionic

Xamarin

Read more: Top Technologies Used to Develop Mobile App

Identifying What Suits Your Project

Every situation is unique. It might turn out that your technical requirements will lead to a solution. Still, this is how you can identify what suits your project:

• Flutter is a good option if the existing tech stack no longer satisfies your needs but it should be a very careful choice for startups.
• Xamarin usually fits most projects. It might be a little tricky to have everything you want, but in the long run, you will get it.
• Ionic excels in terms of performance. If you are a beginner in cross-platform development, Ionic may be the best option.
• React Native works wonders for MVPs and projects that need heavy interactivity. However, if your project is loaded with performance-hungry features, it may be best to skip it.

How Fingent Can Be Your Right Mobile App Development Partner

As a leading custom software development company, Fingent has years of experience in developing apps using various platforms for app development. Our app development team has hands-on experience in developing iOS and Android apps. No matter how complicated your app idea is, we can help you find the best solution. Let’s get talking.

Modernization is a desire to stay relevant and grow. App modernization does just that for businesses. It enables them to stay relevant and grow. In line with that, organizations worldwide are scrambling toward digital transformation. How does that benefit businesses?

App modernization or updating older software for newer computing approaches extends the lifespan of an organization’s applications while allowing it to take advantage of technical innovations. It is like renovating an old house to improve efficiency, safety, structural integrity, and more.

However, there have been occasions when the app modernization project has failed. This has been a concern to most business owners considering digital transformation. Are you one of them? If so, through this blog, you can learn why and how to avoid app modernization failure.

First things first. Does your company need app modernization? If so, why?

Why Your Company Needs App Modernization

Apart from what we discussed earlier in this blog, app modernization integrates new features to keep up with the latest business requirements. Even so, many business leaders wonder if their business needs app modernization. Here is a list of specific reasons for you to consider:

• It allows you to create new features and services that align with your current business needs and goals. In addition, you can personalize these features to ensure long-term value creation.
• Educating new and older employees becomes easier as app modernization can automate tedious and repetitive processes.
• App modernization helps you leverage the benefits of the cloud environment, allowing you to provide fast and efficient customer service.
• Cloud-native applications offer top-notch security features as compared to legacy applications.
• App modernization allows you to add newer features, services, and functions. These, in turn, increase customer satisfaction leading to increased revenue.

Why, then, does app modernization backfire at times? And how can you ensure the success of the project?

Read more: Why modernize your legacy systems? What’s the best approach to legacy systems modernization?

Why Some App Modernization Projects Fail

When an app modernization project fails, it may pose serious problems for your business, including wasted resources and time. Failed app modernization may hinder agility and keep your business from capitalizing on modern technology. It was noted that an alarming 79% of app modernization projects still fail. Why? Surprisingly, the failure is not due to the new system or methodology, nor caused by the modernization vendor. The reasons are much deeper. Here are the top 5 reasons why app modernization projects fail:

1. Ignoring the business process

Modernization efforts fail when the business process (accounting, inventory, finance) is poor, and a business tries to correct it with new systems. That will never work. Businesses must first understand what is slowing them down. Determining the problem is the right foundation for successful app modernization.

2. Implementing new systems without considering drastic business changes

When entirely new systems are implemented without considering the drastic business changes, the employees are forced to adapt quickly. In addition, such practice forces the business to evolve to fit the new software. Instead, the software must adapt to fit the current business process and requirements.

3. Businesses mistakenly assume that they are ready for a complete revamp

Most businesses believe that they are ready to replace the old system with new systems, and the business will run better. Now that is a huge mistake. Completely replacing all systems can send your business and your employees into shock. It may even change how customers interact with the business. A better approach is to modernize in calculated steps.

4. Failing to adopt an agile software

The pandemic helped us see that agility is king. Adopting inflexible applications can have disastrous consequences on your business. If you want to be future-ready, replace rigid applications with agile applications.

5. Failing to consult the end user

Modernization projects that do not involve the IT department and the end user fail as they do not consider how the new solution fits business needs.

Read more: Advancing Business Software Development With Cloud Native

The Secret to A Successful App Modernization Project Journey

Every business that embarks on a modernization project journey faces many challenges. The success of your app modernization efforts comes down to two key components: your IT team and your employees. As teams go through this journey, use these secrets to avoid failure and ensure success.

Secret 1.  Build a cross-functional team

When choosing a team or developing an innovation group, build a cross-functional team that can focus on developing the culture, process, and tools needed to improve the modernization process.

Secret 2.  Toss it, sort it, and commit to it

An effective business principle is to welcome all ideas and sort them, but when a decision is reached, you must commit to it and execute that above all else. Doing so will ensure the progress of the project.

Secret 3. Map out the development workflow

Mapping out a development workflow can help you when you encounter complexities in the project. It helps you look at every tool being used and identify dependencies.  

Secret 4.  Set milestones 

Projects may change. Setting small modernization goals will help you adjust your long-term plans and reduce engineering risk. Focus on many small steps when planning for a major milestone. Doing so will ensure smooth progress from one step to another.

Secret 5.  Prioritize data into categories

If you prioritize data into high, moderate, or low categories, you can decide what safeguards to have for each category.

Secret 6.  Do not sew a new cloth on an old cloak

Take a hard look at your development workflow and identify habits that could derail your app modernization process. Don’t just patch up old problems with a new tool. Remember, these problems can derail new tools, so don’t patch, fix.

Secret 7.  Keep your team in the loop

Your team may find it challenging to develop the knowledge they need to work on the new tools. Keeping them informed about the new tools and training them to navigate new workflows can ensure the success of application modernization.

Several aspects may factor into a successful modernization. That is why modernization endeavors are so challenging. However, implementing the above secrets can help the success of app modernization efforts.

Speaking to an expert can help you understand how to proceed with your app modernization needs. Why not reach out to us at Fingent and discuss your project with our software development experts?

Digital presence is no longer confined to a static website. The advent of backend frameworks has helped raise the standards of web development. The backend frameworks are an important aspect of web development. These frameworks help in creating necessary online platforms and applications. Finding a suitable framework that ensures utmost scalability and performance is the key to a successful business.

However, with many choices available in backend frameworks, finding one that suits a specific business goal can be challenging. This is why we want to help you dive deeper into the popular backend frameworks so you can make the right choice. Here is an unbiased comparison of two popular and trusted backend frameworks: Node.js and Ruby on Rails (ROR).

An Overview Comparison of Node.js and Ruby on Rails

Node.js

Node.js is a server-side open-source tool. It attributes its success to the single-threaded process used for web loads and async programming. Businesses can also use Node.js-based frameworks to enhance the backend capability of a project. This technology can build single-page applications, websites, and backend API services.

Market Stats Of Node.Js

• 66.8% expressed interest in continuing to develop with Node.js frameworks.
• A survey revealed that 85% of Node.js developers use it for web app development.
• There also has been 3.5% of stack overflow questions addressed regarding Node.js a month.

Node.js Use Cases

• Nasa: By creating a single database for any query, Nasa could reduce access time by 300%.
• Netflix: When they migrated from Java to Node.js, they decreased their startup time from 40 minutes to 60 seconds.

Read more: Learn why Fingent is recognized as a Top Node.js Company by TopDevelopers.co!

Ruby on Rails 

Ruby on Rails is an open-source web application framework written by Ruby. It is the best option for beginners to help them build and deploy web applications and websites.

Market Stats of Ruby on Rails

• Ruby on Rails powers 394,000 websites

Ruby on Rails Use cases 

• GitHub: GitHub has over 61 million repositories for its 22 million users worldwide. Using Ruby on Rails, they improved performance, documentation, and features.
• Airbnb: Airbnb boasts over 7 million listings in over 220 countries and regions. Ruby on Rails enabled them to reduce the TTM.

Pros and Cons of Node.js and Ruby on Rails

Now that we understand the pro and cons, let us look at a few other comparisons.

Performance and Speed 

Performance is important when building complex and large projects.

Node.js creates the perfect environment for small tasks that do not affect the main application thread. Plus, the JavaScript engine can make multitasking more efficient.

Ruby on Rails can create efficient web applications with satisfactory performance. RoR applications may slow down in rare cases, like when the traffic scales significantly.

Application Architecture

It is important to choose flexibility when choosing a framework. A framework should be a guide, not a standard.

Node.js enables developers to handle multiple concurrent requests with high performance. in addition, it supports asynchronous communication between various components providing high performance. It ensures faster, flexible development modules and reduces time to market.

Ruby on Rails, on the other hand, follows MVC architecture. This architecture easier testing and decoupling because of the convenient separation of concerns. Also, since it follows the conventions of the configuration principle, it reduces developers’ legwork.

Learn more: Case Study – How Fingent helped Be Strong create an application using Node.js framework to prevent bullying, violence, and other mental crises amongst youth.

Scalability and Ease of Testing 

Backend frameworks significantly influence web application scalability and ease of testing.

Node.js builds highly-scalable applications, and the event loop mechanism enables the server to process maximum requests. It is highly compatible with microservices. Hence, development teams can build applications more quickly as they scale. Node.js offers competent testing and debugging capabilities.

It is possible to scale with ROR if you invest more resources than other leading backend frameworks. However, Inadequate memory management and poor concurrency can create issues when trying to scale quickly on the ROR platform. Testing is simple and effective in ROR, considerably reducing intricacies during the testing phase.

Microservices Compatibility

Node.js builds smaller parts of services and code modules to efficiently handle multiple concurrent requests. Hence, Node.js and Microservices are an absolute combination for building enterprise-grade complex applications with higher scalability.

Though Ruby on Rails leans on monolithic architecture, it can be used in a microservices architecture. Hence, it is compatible with microservices’ needs and deployments.

Database Support 

Node.js supports all kinds of databases. However, it is better to use a NoSQL database as it stores data in JSON objects because it offers more accessibility to Node.js.

Ruby on Rails comes configured for SQLite. However, it allows the use of multiple databases.

Hiring The Best Developers 

The large community of Node.js and Ruby on Rails makes it easy to hire developers. If you are considering a backend tool for your project, Fingent top custom software development company can help define your project priorities to help you choose the stack that fits your needs.

Read more: How we optimized a MEAN Stack project for better performance

Fingent provides you with top performing talent pool for all your development needs for both these frameworks.  If you struggle to choose, our elite consultants will help you find the right framework that suits your business goals.

Reach out to us, and let’s talk about what that is.

‘There is success through many advisers.’ This ancient proverb has proved not just true but very effective and powerful in this digital age. This is precisely what Open-Source Software (OSS) accomplishes. It allows for collaborative development where the community can modify and enhance the source code.

Open-source systems can help businesses adapt quickly to changing circumstances and facilitates controlled upgrades. Integration and maintenance become less of a hurdle. With the wide range of OSS possibilities, businesses are wise to tap into this huge potential for building a robust, secure, and yet, cost-effective infrastructure.

This blog will help you gain an in-depth understanding of how open-source can power your digital transformation journey!

How Open-Source Software Powers Digital Transformation

Vendors today provide various software solutions indispensable to a business’s software strategy. But finding the right software solution that caters closely to an organization’s needs has always been challenging! Meanwhile, OSS helps businesses build and maintain their IT ecosystem and enables sourcing highly creative developers with hard-to-locate skills. Engaging with domain experts and making their contribution to the OSS bank helps developers find satisfaction and boosts creativity. Judicious use of OSS can be of great benefit to any business.

Most IT leaders believe that OSS is either “very important” or “extremely important” to the enterprise software strategy. How do we know that? In 2021, developers downloaded over 2.2 trillion open-source packages. That is a 73% increase.

Read more: How to Ensure Safe Use of Open Source Libraries

Here are more reasons to justify this statement!

1. OSS Can Serve as A Ramp to The Future

Irrespective of whether you are a small business with limited resources or an established enterprise with an established IT ecosystem, open-source software’s ability to supply code that can be easily changed and customized to your specific needs is invaluable. Many businesses are turning to AI and blockchain to better understand customer needs and work towards fulfilling them. Open-source code can not only hasten the process but also ensure efficiency.

AI, ML, and AR/VR could feel like the proverbial butterfly always out of reach, and more so if your business does not have a well-established IT team. OSS can then serve as your ramp to the future. Your vendor or coder could build on the resources available to ramp up your IT capabilities and reach your desired situation.

2. OSS Can Be a Beacon for Talent

OSS provides coders and developers with access to code written by experts or extremely creative pioneers. This would be an immersive learning exercise. At the same time, experienced engineers could interact with others in their community, freshening their skills while keeping up with the latest in the IT industry. This exposure would, in turn, influence their recruiting and training activities.

The OSS is also a repository of “glueware.” It allows software engineers to create things outside their immediate area of expertise. While it requires ingenuity and skill to glue parts together to make a whole system, OSS provides not just the individual parts and the “glue” required to fix them. It is a new method of looking at the design, resulting in greater satisfaction and a sense of accomplishment.

3. OSS Can Build Engineering Discipline

Open-source projects have very clear frameworks. There is structure and good practices such as separation of concerns, abstraction, and isolation. A business of any size would benefit from following the same discipline in setting up its systems.

Maintaining clear standards of operability ad interoperability is another advantage. Using OSS ensures that the same standards are followed. Businesses do not have to invent standards and frameworks but can build on the foundation provided by OSS.

4. OSS Can Improve Your “Ilities”

Scalability, availability, and reliability – are just a few of the many aspects that OSS can help improve. Utility to ensure efficiency and avoid duplicating work can also be added to the list. Developers or vendors would likely prefer importing sections from a tried and tested OSS repository than building from scratch.

Read more: Artificial intelligence and Machine Learning For Faster and Accurate Project Cost Estimation

Dimensions of Open-Source Software 

OSS boosts the digital transformation of businesses. It is good for businesses that lack the resources to meet the needs of IT development. OSS can yield different variations by its modularity. Consider a few pros and cons of OSS:

• Price: The price is very low to zero. However, one must consider the need for support, customization, and hosting while considering the cost of using OSS.
• Source Code: Full access to the source code helps developers evaluate the quality of the software and customize it to the needs of the business.
• Functionality: While individual systems from the OSS may be limited, they can be easily ramped up to serve all business needs.
• Modularity: OSS is modular. Hence it prompts the engagement of several experts in building a specific IT system.
• Development: OSS code is developed worldwide by motivated developers from a wide range of roles and functions.
• Distribution: OSS code is distributed over the internet, which is fast, efficient, and cost-effective.
• Licensing: A range of OSS licenses specify how the code can be used, modified, or redistributed. However, certain restrictive licenses only support the limited use of the OSS code.
• Monetization: Offering support services to help integrate the system, train users, and fix bugs is one way to monetize OSS. Offering to work out the deployment of OSS systems and taking care of backups, upgrades, and downtime is another way to monetize OSS.

Is Customization A Smarter Choice With Open Source?

Remember that OSS is another tool best suited for certain tasks and not so well suited for others. OSS might not be the best choice for your strategic activities or initiatives contrary to your cultural norms. Certain projects on OSS might have too high a level of uncertainty or too little support.

This does not mean that OSS should be put out of the picture. Do you need to adapt quickly to the fast-paced development in certain domains? Do you need greater effectiveness in attracting and retaining talent? Do you need a solution that requires utility, quality, and speed? OSS can help you in all these scenarios.

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

How Can Fingent Help?

Fingent can leverage open-source technology to quickly develop your customized, dynamic business application. Our experts use PHP, AngularJS, jQuery, Magento, and several other open-source technologies to develop, implement and support a wide range of open-source technologies and resources. Our extensive experience working with open-source tools helps ensure that we can provide our clients with customized, innovative solutions quickly and efficiently without compromising on quality.

Intrigued to learn more about how we can help you develop and leverage the best business software solutions with open source. Connect with our experts now!

Machine learning is changing the face of everyday life, science, and business. It is revolutionizing all industries, from advancing medicine to powering various cutting-edge technologies. Though Machine learning (ML) was a part of AI’s evolution until the 1970s, it evolved independently. It has become a chief response tool for cloud computing and eCommerce.

The goal of machine learning in business is to adapt to new data independently and make decisions and recommendations based on thousands of analyses. Machine learning enables systems to learn, identify patterns and make informed decisions with minimal human intervention.

Today, ML is a necessary aspect of modern business. It uses algorithms and neural network models to improve the performance of computer systems. Machine learning in business and manufacturing is enabling organizations to achieve notable strides. These strides include increased performance and efficiencies, improved processes, and enhanced security.

This article will discuss the benefits of machine learning in business and its use cases.

Remarkable Benefits of Machine Learning for Businesses 

According to Fortune Business Insights, the global market size for machine learning in business is expected to grow to USD 209.91 billion by 2029, exhibiting a CAGR of 38.8% during the forecast period. ML has been and continues to scale operations tremendously. Across industries, ML has led to a boom in affordable data storage and faster and more reliable computational processing.

Here are six remarkable benefits of machine learning in business:

1. Automation for better decision-making 

Most businesses find themselves wasting precious time sorting through duplicate and inaccurate data. Such businesses benefit from using the predictive modeling algorithms of ML in their processes. Such a process will understand duplicate inaccurate data and distinguish the anomalies. It enables the organization to avoid inaccurate reporting that can result in poor customer retention.

Instead, this will allow businesses to use their accurate database to detect wasted costs, missed opportunities for sales, and revenue capital. In addition, organizations can overcome challenges and risks that arise due to miscommunication or poor performance metrics. Thus, businesses can streamline their operations and improve decision-making which could be translated into better ROI.

2. Increased scalability with minimum expense

Semi-supervised machine learning algorithms can help organizations leverage useful insights from customer profiles and enable them to view their brands from customers’ perspectives. Doing so will equip organizations with relevant insights to build their brand by improving their products and services.

3. Predictive maintenance

Predictive maintenance that ML aids manufacturing firms’ power to follow best practices that lead to efficient and cost-effective operations. The historical and real-time data predict problems and stipulate strategies to solve those problems. Plus, workflow visualization tools can eliminate issues and unwanted expenses incurred due to those issues.

4. Financial analysis

ML can greatly assist as it gathers and analyzes large volumes of quantitative and accurate historical data. It is used for portfolio management, loan underwriting, fraud detection, and more.

5. Personalization 

Using machine learning in business will allow organizations to know their customers better and provide them with a more personalized customer experience. Organizations no longer need to rely on guesswork because ML models can process different types of information collected from numerous sources and provide relevant data about their customers.

6. Cybersecurity

ML technologies can improve cybersecurity to solve cyberattacks once and for all. Empowered by ML, intelligent security programs can gather and process data about cyber threats and respond to them in real time. ML models can detect the slightest deviations in patterns and flag them. Or destroy an attack in its nascent stage.

Read more: Can Machine Learning Predict And Prevent Fraudsters?

Top Use Cases

Machine Language has made its mark across industries and found a place in many different applications. Here are some top use cases:

1. Enhanced social media features 

Businesses can use machine learning algorithms to create attractive and effective social media features. For example, ML algorithms in Facebook enable it to identify and record a person’s activities. These activities include records of chats and the amount of time that person spends on each post. It uses this data to determine what kind of friends and topics may interest that person and accordingly make suggestions.

Read more: Why Time Series Forecasting Is A Crucial Part Of Machine Learning

2. Product recommendation

Product recommendation is an advanced application of machine learning techniques. It has been the most popular application of almost every eCommerce website today. This technique allows websites to track a consumer’s behavior based on their previous purchases, search patterns, and cart history. It enables the website to make apt product recommendations to that consumer.

3. Recognition

Image recognition is one of the most significant and notable ML and AI techniques. It is adopted further for pattern recognition, face detection, and face recognition.

4. Sentiment analysis

Sentiment analysis is a real-time ML application. It determines the emotion or opinion of the speaker or the writer. For example, a sentiment analyzer can detect the thought and tone of a written review or an email. It can analyze the review-based website, decision-making applications, and more.

5. Access control

Most large businesses are actively implementing ML models to determine the level of access an employee should be granted. This application of machine learning can ensure the security of the organization.

6. Bank Domain

Banks are using ML to prevent fraud and protect accounts from hackers. Machine learning algorithms determine what factors to consider in creating a filter to prevent an attack.

Read more: Machine Learning – Deciphering the most Disruptive Innovation

How Fingent Can Help with Deploying the Best of ML

Leveraging the capabilities of machine learning in business can open the door to many opportunities. It is wise for any organization to take advantage of ML rather than lag behind competitors. However, we understand if you have questions. That’s why Fingent software development experts are here to help you. We can deploy the best machine-learning models efficiently and smoothly.

As a partner, Fingent can work with your team as you take on digital initiatives for sustainable business growth. We enable our clients to make data-driven decisions by efficiently deploying machine learning in business. Our cost-effective services will save you a considerable amount of time and money.

Furthermore, we do not follow a one-size-fits-all strategy. We provide custom software development services that cater to your needs. Therefore, look no further if you are looking for a reliable, efficient IT partner to deploy the best machine-learning models.

Contact our experts today!

From the mundane to breathtaking, AI is disrupting virtually every business process in all sectors. People are ceasing to associate Artificial Intelligence with science-fiction dystopias as Artificial Intelligence (AI) is taking more commonplace in our daily lives.  While such acceptance in mainstream society is a new phenomenon, it is not a new concept in business. Today, AI has become imperative to maintain a competitive edge.

This guide will help business owners who are serious about maintaining a competitive edge in their business sector by adopting AI.

Rising Need for Adopting AI In Business

Did you know that 52% of companies accelerated their AI adoption plans after the pandemic? Why?

Artificial Intelligence in business is seen as a supporting tool. It is adept at processing and analyzing a trove of data much faster and more efficiently than a human brain can. Since AI can synthesize courses of action and present them to the human user, businesses can use AI to help investigate the probable consequences of each action. That way, businesses can streamline the decision-making process. This is what makes AI valuable throughout many industries.

Artificial Intelligence is a form of software that can make decisions independently. It can act even in situations not foreseen by programmers. AI has a wider latitude of decision-making capabilities than traditional software – whether it is simply helping visitors or performing a task as complex as monitoring a wind turbine to predict its maintenance.

Read more: Conversational AI: Reimagining Customer Experiences

How To Identify If Your Business Needs AI?

AI software and tools can make business processes much simpler and more effective. Besides, implementing AI in business ensures cybersecurity defense, powers customer service, and more. But how do you know when you must adopt AI in business? Here are a few scenarios:

Scenario 1: Do you need to enhance your customer experience? 

Are you struggling to provide your consumers with quick, easy, and personalized solutions? AI-powered digital assistants can help your business resolve customer queries by imitating human conversation. Chatbots are among the most promising trends in customer engagement and customer experience. Perhaps most business owners realize how imperative this AI technology is to their business. Perhaps that is why the chatbot market is set to reach 1.25 billion USD by 2025.

Scenario 2: You know the value of sentimental analysis but do not know how to leverage it.

Businesses use sentimental analysis to monitor and analyze customers’ opinions and emotions from various texts on a website, social media, and product or service comments. Skimming through large amounts of data to churn out customers’ sentiments can be daunting. All thanks to AI-assisted sentiment analysis, you can now quickly understand how your customers feel about your services or products.

Scenario 3: Your business has suffered due to inaccurate forecasting.

Accurate sales forecasting helps businesses predict future sales for long-term business growth. It can also enable the detection of potential problems to avoid them. Implementing AI-based CRM software can help detect how each data element relates to sales performance.

Scenario 4: You have a great online presence but an awful in-store experience.

If that describes your business, it is time to adopt AI to provide the next level of a personalized in-store experience. AI can enable instant access to products or services and contribute to smarter buying decisions.

A Quick Guide to Implementing AI For Your Business

AI applications can be used in many ways depending on organizational needs and the business intelligence (BI) insights derived from the data collected. Here are some tips to explain the steps businesses can take to ensure their implementation is a success:

1. Know your options.

Find out your options and what AI can and cannot do. This will help you decide if you want to add specific AI technology or change the entire app.

2. What is your business goal?

Working on an ‘end-first’ process will help refine the list to select specific features or capabilities that best suit your business goals.

3. Find out how AI can benefit the end-users

This is crucial as it gives you the two main objectives for a successful implementation. Then, choose the software and hardware you need to make this process a reality.

4. Evaluate your internal capabilities

You need to consider if you have enough skilled employees in-house who can manage the process and if you have the budget to outsource it.

5. Choose between building or integrating the system

Remember building an AI system from scratch can take several months. On the other hand, if you choose to use a premade system, your AI partner will help install the software app, train your staff, and fulfill your business needs.

6. Test system

Testing the system for a predetermined time will help you understand if the clients are more satisfied, and if the employees work more efficiently.

7. Choose the right partner 

A good AI partner will be clear about the offer, value, and terms of cooperation.

8. Make refinements

After you gather a reasonable amount of data evidencing the success of an AI solution, you can start making refinement changes to the solution.

Watch more: How Artificial Intelligence Can Enhance Your Customer Experience!

Avoid 4 Common Mistakes While Implementing AI

A well-considered plan can lead to success, but a mistake can cost you considerably in terms of time and resources. Here are four common mistakes to watch out for when implementing AI:

• Not applying AI to the right use cases: If AI is incongruous with your business goals, your time and resources will be wasted

• Not diligent in hiring the right talent: Hiring the right AI team is like putting together the right football team that can win. Hire candidates with specialized skill sets and experience that match your business needs.

• Ignoring data: Ensure all teams are responsible for organizing, vetting, and maintaining data.

• Inadequate intervention: Inadequate intervention could result in AI recommendations that hinder business objectives. Hence, ensure interventions are scalable and repeatable.

How Fingent Can Help You With Personalized AI Software Development 

Artificial Intelligence is for every future-oriented business. How exactly you will use AI depends on your business goal and how well it was implemented. At Fingent top custom software development company, the AI developers are equipped to design intelligent solutions to help solve your business problems, automate tasks, and improve customer experience.

Our suite of AI solutions includes data capture and processing. Our AI developers are also proficient in analytics, multi-platform integration, and ML solutions.

Let us help you reach your business goal with intelligent AI-driven solutions. Give us a call today.

Historically, SAP solutions have required abundant resources and time to implement. However, this investment of time and resources pays dividends, as organizations that successfully implement the latest SAP solutions gain a distinct advantage within their industry. This is particularly true when discussing the latest SAP solution, SAP S/4HANA. The evolution of cloud technologies fueled the rise of this next-generation enterprise resource planning (ERP) solution.

This definitive guide explores SAP S/4HANA, so business leaders can determine whether this ERP solution is the wisest investment for their organizations.

Why Modern Businesses are Considering SAP S/4HANA

SAP S/4HANA is the culmination of decades of product development innovation. This expertly designed ERP incorporates simplified architecture and a robust digital core. Additionally, it is equipped with artificial intelligence and machine learning capabilities to provide clients with access to truly revolutionary tools and functionalities.

Deploying SAP S/4HANA maintains the unparalleled level of business process coverage that SAP products are known for, while simultaneously allowing users to tap into the rapidly scalable computing power available via cloud services.

In simple terms, SAP S/4HANA eliminates the most commonly cited pain points associated with ERP implementation. Specifically, SAP S/4HANA can be implemented faster than legacy options and at a less cost-prohibitive price point, especially when users leverage the platform’s “best practices activations.”

Clients no longer have to invest in an abundance of on-premises computing resources but instead can leverage cloud-based alternatives.

Read more: It’s Time To Transform Your Business For The New Digital Age – Rise With SAP

Top Benefits of Implementing SAP S/4HANA

By transitioning to SAP S/4HANA, organizations can experience benefits such as:

1. Enhanced Ability to Adapt

With SAP S/4HANA, businesses will be better prepared to adapt to rapidly changing conditions within their sector. Additionally, the platform will help companies adopt the latest business models. Cumulatively, these benefits will make businesses more agile and resilient.

2. Improved UI/UX with Fiori

When SAP S/4HANA is paired with Fiori Innovation, the user experience is significantly enhanced. Fiori is the standard created by SAP for the use of design conventions and rich software elements.

3. Faster Deployment

In the past, deployments of legacy SAP ERP solutions could take years. Now, SAP S/4HANA migrations can be performed in mere months or weeks. Conversions from the ECC platform to SAP S/4HANA can also be performed in record times.

This reality allows clients to decrease their time to value and begin using their new software faster than ever.

4. Optimal Scalability

Transitioning from on-premises solutions to cloud-based options maximizes the scalability of ERP technologies. As businesses grow and expand, their SAP S/4HANA ERP software can evolve with them.

Before the release of S/4HANA, expanding ERP capabilities required businesses to invest in incredibly costly on-premises equipment. SAP S/4HANA makes this scalability challenge a distant memory.

5. Decreased Time to Market

One major hurdle to digital transformation was lead times. When businesses explore digital transformation investment opportunities, options that take years to go live are naturally not all that appealing to decision-makers.

As a result, some businesses settle on lesser solutions or rush through the deployment process, only to experience lackluster results with their new investment.

SAP S/4HANA addresses these recurring challenges by offering an expediting deployment process. While the efficiency and efficacy of the deployment depend primarily on the skill of the team overseeing the transition, capable SAP partners can implement S/4HANA far faster than its predecessors.

This rapid deployment is a significant selling point for businesses that need to achieve a condensed time to market and a fast time to value.

6. Advanced Analytics Capabilities

SAP S/4HANA’s dynamic array of reporting and analytics tools can provide organizational leaders with the insights they need to make data-driven decisions.

Decision-makers can view these data points through their preferred lens by customizing their reporting dashboard. SAP S/4HANA provides real-time updates, so business leaders can access the most accurate information possible.

In addition to its advanced analytics capabilities, SAP S/4HANA facilitates process automation via artificial intelligence software. Businesses can implement end-to-end automation, which reduces the workload on staff while simultaneously enhancing organizational efficiency.

Signs It’s Time to Transition to SAP S/4HANA

Waiting too long to upgrade ERP technology can turn a solution that should make businesses more efficient into a financial burden. If businesses are unsure whether it is time to transition to a leading-edge solution like SAP S/4HANA, they should look for indicators such as:

1. Lack of Standardization

When developing SAP S/4HANA Cloud, the company took the time to listen to its client base. What SAP found was that many clients were clamoring for product standardization. SAP’s clients are most often established companies that are facing very complex problems. They were early adopters of the Cloud ERP, but now these entities need to scale quickly to continue to innovate within their respective industries.

Antiquated options offered little or no standardization, making implementing and maintaining ERP software tedious, especially for those businesses with on-premise systems. SAP S/4HANA offers the level of standardization that clients were seeking while still providing them with the opportunity to customize their solutions.

2. Out of Compliance

Organizations that operate in closely regulated sectors must always be mindful of compliance requirements. The consequences can be serious if an organization clings to a legacy solution long after it has exceeded its optimal service lifecycle.

When compliance is a concern, businesses should promptly look to upgrade their legacy system with a modern alternative like SAP S/4HANA.

3. No Vendor Support

While product vendors support their technology products, they cannot support everything perpetually. As new products roll out, vendors will need to eventually discontinue offering support for previous iterations of software and ERP solutions.

You have two options when the vendor no longer supports your company’s preferred software suite.

The first involves maintaining the product in-house via cobbled-together solutions. This approach can quickly lead to diminishing performance and increasing maintenance expenses. The second, more pragmatic option is to upgrade to the latest available solution.

4. Costly to Maintain

All business moves, including replacing a legacy ERP solution, are boiled down to a risk vs. reward assessment. Much of this assessment focuses on the potential value benefits of making the switch versus the transition cost.

When legacy software becomes excessively costly to maintain, making this decision is that much easier. Antiquated technologies not only deliver less value over time, but they are also costly to keep up and running. If your organization has encountered this conundrum, it is a sure sign that it is time to upgrade.

S/4HANA Conversion vs. S/4HANA Implementation

There is an important distinction between migration or conversion and implementation for S/4HANA. Conversion involves transitioning all data and files from your existing SAP ERP solution (like ECC) to S/4HANA. Put simply, you are transforming your existing ERP solution into a variant of SAP S/4HANA.

During a system conversion, businesses will need to migrate their databases to SAP HANA 2.0. From there, they will need to convert their data to the new SAP S/4HANA model. In addition, the company must upgrade its software, which will involve replacing legacy application code with the code for SAP S/4HANA.

On the other hand, a new implementation involves building out SAP S/4HANA and then transitioning to the new system. The implementation process can be performed via a phased rollout, an incremental transition from legacy ERP to the new solution. Alternatively, businesses have the option to take all business units to SAP S/4HANA during a single massive rollout.

Both processes can be incredibly involved. Therefore, you should carefully analyze each approach’s benefits and choose the best method that best aligns with the needs and goals of your organization.

S/4HANA Conversion

Businesses that select a conversion strategy will see less significant downtime as the conversion is a one-step process. Choosing a conversion or new implementation is determined by your business type (if you are based in IT or finance, for instance), your long-term strategy and how many other systems are connected to your influencing system.

Prepare for Your Conversion

Before any new implementation or conversion projects, preparing your team and system for the changes is essential. Poor preparation can increase downtime, which decreases the effectiveness of the conversion.

Caring for your financial data includes preparing your team for new parallel accounting and document split capabilities via conversion. Also, verify the compatibility of your add-ons to ensure that they can handle the transition.

Ready your team for test cycles and have a plan in place so that each member knows their role to follow the guidelines.

Qualify a Baseline Plan

Your conversion and migration partner will assess your system to help determine the baseline plan for your system landscape. They will walk you through optimizations as well as the quality assurance systems and processes and which development system is best for you. They’ll also conduct a dress rehearsal to minimize the downtime and optimize the time your system has.

Consider Your Add-Ons

Most SAP systems have third-party add-ons as some were used to enhance the existing SAP architecture. Before starting a conversion, locate the vendor of each add-on and verify its compatibility with the SAP S/4HANA system. You’ll also want to check that you’ll still need each add-on. The vitality of the SAP S/4HANA product may eliminate the need for some third-party enhancements.

Read more: Low Code/No Code Development with SAP BTP: How It Is Turning the Future of Enterprise Resilience

Tips for Choosing the Best S/4HANA Migration Partner

When searching for the right S/4HANA migration partner, organizations like yours should consider factors such as:

• Scope of services offers
• Level of experience
• Industry reputation
• Whether the organization offers ongoing support

Of the above factors, industry reputation is of particular concern. While virtually any SAP 4/SHANA migrations partner can claim to be “top-notch,” not all of them are. Feedback from past clients serves as a valuable form of social proof that can help you determine whether a provider is right for your organization.

Fingent is Your SAP Partner

Whether you need assistance with SAP S/4HANA implementation or migration, Fingent is the ideal partner to oversee this complex process. Since 2003, Fingent has been delivering exceptional value to our clients while helping them gain distinct advantages in their respective industries.

Past clients have praised us for our quality of service, ability to expedite time to market, cost-effectiveness, and tailored approach. To learn more about our SAP S/4HANA solutions, contact Fingent today.

Customer Experience – Two words that could make or break your business.

Today, customers expect businesses to provide nothing short of an excellent customer experience whenever and however they shop. This is going to be the main differentiator between you and your competitors. The race to own customer experience is on!

Some businesses are learning this the hard way, but you don’t have to. The solution is right here – Technology. Through this article, we want to help you understand how technology can improve customer experience. We will also discuss top technology trends to help your brand beat the competition.

But first, let us explain why customer experience matters.

Does Customer Experience Matter?

Did you know that 66% of customers expect companies to understand their needs and expectations?

Gone are the days when an unhappy customer used to complain directly to the brand. Today, they choose to complain to the rest of the world through social channels such as Twitter, Facebook, Instagram, and more. Creating a powerful and memorable customer experience is more complicated than ever in such a scenario.

While that is true, it is also true that these customers share positive customer experiences on these platforms as well. 71% of customers recommend a product or service just because they received a “great” customer experience.

As a brand, you may define your brand’s promises. However, the customer decides whether or not your brand delivers on its promises. According to market research by Gartner, customer experience drives over 60% of brand loyalty.

To satisfy customers, most businesses hire and train good people. But that is not sufficient. They need tools that will help them deliver a top-notch customer experience and make them want to come back to you. Using technology for customer experience can build your brand through satisfied customers.

That takes us to the next intriguing question: How does technology improve customer experience?

How Does Technology Improve Customer Experience?

Technology for customer experience gives customers unlimited access to information, allowing them to demand products and services whenever they want. As the speed of technology to enhance customer experience accelerates, businesses must evolve quickly. Brands that use technology to enhance customer experience will thrive, but you can be sure that those that are slow to react will not survive.

Here are three key ways in which technology enhances customer experience:

1. Increased opportunities 

Using smartphones, customers can research products, raise queries, and purchase products or services no matter where they are and what they are doing. A study revealed that consumers in the UK spend over 22.8 billion pounds per year on online shopping while using public transport.

With consumers becoming hyper-connected, businesses need to leverage increasing opportunities to engage new and existing customers. Technology can help companies integrate all marketing channels to deliver a cohesive customer experience irrespective of their channel. Technology can help you use customer data effectively to deliver seamless experiences.

2. Reach every audience segment

According to a Google report, 90% of online shoppers use more than one device to shop. A shopper may use one device to search for a product and another to check the pricing and complete the purchase.

Businesses need to be available with the right messaging at the right time. Technology for customer experience will help you reach your customers on any device. Technology can enable you to provide contextually relevant experiences that engage customers in the right place, at the right time, and with the right message.

3. Communicate better

Most customers switch brands because the purchasing process is too difficult. Technology offers solutions to reach customer demands. AI-powered chatbots enable your brand to communicate better with your customers.

Since chatbots provide detailed records of conversations with customers, you can use that data to analyze to reveal insights on consumer pain points. You can use these insights to improve products and services.

Top Technology Trends That Improve Customer Experience

1. AI chatbot

AI chatbot is restructuring the way brands communicate with their customers. These conversational AI chatbots are responsible for creating a personalized customer experience, making sentiment analyses, and more. Consider a use case:

Fingent helped one of the oldest state universities to develop an AI-driven ecosystem that allows students to interact with an AI chatbot (teaching assistant). These are built to be trained and allow instructors to upload the content that students need. These chatbots can manage student queries and allow for keyword and tag searches of teaching material.

2. Virtual reality

Virtual reality is a game-changer enabling customers to educate themselves about your company. Plus, VR redefines how your sales reps understand customers, increasing their empathy and enabling them to suggest better solutions to their issues.

Fingent recently built a highly interactive visual medium to enable medical students to quickly gain efficiency in stand medical procedures.

3. Augmented reality and 3D configuration

Augmented reality is considered a boon to improving the digital customer experience. It gives customers a clear picture of your product, helping in quicker purchasing decisions.

Fingent helps build interactive mobile apps that enable 3D purchase decisions. It also develops agnostic web solutions for eCommerce to better use AR capabilities.

Watch more: Take a look at how Fingent helps leading businesses thrive with 3d Web Configurator and other AR/VR capabilities.

Fingent- A Perfect Partner to Create Custom Technology Solutions To Enhance Customer Experience.

The impact of technology is a powerful catalyst for change, and the speed of that change is getting faster and faster. Fingent can help you identify technology trends and capitalize before it is too late.

You must acknowledge and meet consumer demands for your business to increase market share and stay relevant. Marrying customer service and technology can drive customer delight.

Fingent brings you deep expertise in experience strategy and design, harnessing best-in-class solutions. We can help you drive transformation across the customer lifecycle, sales, marketing, and more.

Fingent top custom software development company is equipped to provide support across channels. Our quick and easy setup allows you to cut time and lower costs. With the help of AI and automation, we can route your tickets to the right agent and boost customer satisfaction. Find out more about us and chat with our experts to see how this can be done.

Manufacturing has long been a driver of global prosperity and economic growth. We all see astounding growth as the manufacturing industry evolves and keeps up with changing consumer needs.

This has led industry leaders to shift their focus from traditional to smart factory technology. A smart factory offers many benefits to operators, managers, and executives of companies in this industry. And yet, a few companies hesitate to start their journey the ‘smart way.’ If you are one of those companies, this article will help you with details and show you how a smart factory can bring its business operations and customer satisfaction to a new level.

Let us begin by understanding what a smart factory is.

What Is a Smart Factory?

Take a manufacturing facility and completely digitize it – that is what a smart factory is. The smart factory is a digitized manufacturing facility that uses digitized manufacturing methods, devices, and systems to continuously collect and share data. This data is used to make informed decisions that improve processes and address manufacturing challenges. The smart factory is a new industrial revolution phase focusing on real-time data, connectivity, automation, and Machine Language.

A smart factory uses the best digital and physical worlds to monitor the entire production line, from supply chain management to manufacturing tools. It can even monitor the work of an individual operator on the factory floor.

Why Is It Smart to Embrace the Smart Factory Movement?

According to a press release by Marketsandmarket, the smart manufacturing market was projected to reach USD 228.2 billion by 2027. It is expected to grow at a CAGR of 18.5% from 2022 to 2027. Then, most businesses consider smart factories highly beneficial and crucial across industries and sectors. Here are some of those significant benefits:

• Measure key performance indicators: A smart factory provides managers with automated data that is accurate. This data gives them the ability to measure key performance indicators more efficiently.
• Think ahead better and faster: Smarter predictive maintenance allows managers to predict and resolve maintenance issues better and faster.
• Efficient demand management: It can forecast more accurately and thus reduce waste enabling efficient demand management.
• Boosted productivity:  Managers boost productivity as it can provide seamless data on machine maintenance and potential bottlenecks.

Read more: A Look Into The Future Of Manufacturing Industry: The Challenges, The Opportunities, and The Technologies That Will Help Revolutionize

Key Elements of a Smart Factory

There are a few elements that make the smart factory what it is. Understanding these elements will help you see how it fits into your business.

1. Robotics

Robotics is a crucial element of a smart factory. Robotics enables smart material handling and adaptive operations. Besides, robots come with flexible infrastructure that can scale depending on business needs.

2. Big data and IoT

The Smart factory provides augmented access to large amounts of data obtained through the cloud and connected devices. This can empower manufacturers to identify patterns and insights, thus enabling them to make more informed decisions to optimize operations and improve productivity in the long run.

3. Cloud-based management

Cloud-based management includes a suite of professional software architecture that can be developed to empower highly efficient business operations. This can offer market reactivity and scalability. It can also provide real-time visibility into a business’s inventory and manage supply chain operations from the manufacturing to the end customer.

4. Virtual reality

Manufacturers have been using virtual reality for some time now. It uses computer-generated visuals that help improve the experience of the user. It trains engineers to handle complex virtual processes, maintenance systems, and troubleshooting.

5. Cybersecurity

Smart factories tend to increase cyber security threats. Thankfully, smart factory technologies are equipped to streamline cyber threats. For example, AI-powered bots act as guards 24/7, ensuring data security.

6. Additive manufacturing

Additive manufacturing is used for rapid prototyping, on-site manufacturing, and more. It saves time and costs spent on production and tool replacements. Quick reproduction, reconfiguration, and validation can also enable reverse engineering.

Read more: ERP Systems for Manufacturing: How it Improves Business Process

A Look into The Future of Smart Factories

Manufacturers that leverage smart factory technologies will unlock game-changing flexibility and agility. Emerging imperatives for the manufacturing industry include supply chain resilience, enhanced productivity, flexibility, and sustainability. In simple terms, only those manufacturing systems that enable a demand-driven and dynamically optimized value chain will survive and thrive.

1. Increasing demands

In the coming years, factories will face more stringent regulatory and compliance requirements ever. Such demands also merge with global trends toward adopting digitization. Given their ability to drive exponential productivity and sustainability benefits, digital technologies are at the heart of these changes.

2. Automation and beyond

Across the world, manufacturers began their digital transformation with automation to minimize manual operations and maximize output. But technological advances are enabling manufacturers to empower operators to understand operational data. Furthermore, newer platforms and integration technologies are driving down the cost of digital transformation.

3. Transformational gains

By implementing an integrated automation system, manufacturers can accelerate their sustainable manufacturing vision. Driven by the unrelenting need for agility and resilience, manufacturers can empower their workforce by adopting smart factories. By building future smart factories, they can unlock value benefits for all stakeholders along the way.

Creating a Smarter Future for Manufacturing with Fingent!

A smart factory is a direct way for manufacturers to excel in a competitive and dynamic marketplace. Partnering with the right app development company could mean make or break for you. Manufacturers need the right partner to help them implement solutions correctly. Fingent has been a consulting partner to several manufacturing companies and proved its mettle. Have a look at our Case Studies:

With the right partner, upgrading a traditional factory to a smart factory is much simpler than most imagine. Fingent builds custom solutions to integrate factories with smart solutions. Through our experience, we have already helped many businesses transform their traditional factories into smart factories.

Our experts at Fingent can help retrofit most existing manufacturing equipment and set up a centralized hub that can receive data from all the sensors. A cloud service could be set up to monitor and analyze from offsite. What is more, these solutions are upgradeable.

This allows established factories to upgrade at their own pace while keeping the upgrade cost low. Do you have a traditional factory that needs to become smart? Contact Fingent today!