Category: Digital Transformation

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Introducing an intelligent ERP software for financial management can maximize profitability and help drive your business into an intelligent enterprise. Here, in this article we have discussed the due advantages of implementing Microsoft Dynamics 365 Business Central for your financial management.

Enterprise resource planning is the cornerstone of all organizations, be it enterprise level or small business. ERP software makes it easier for companies ready to face challenges and looking for ways to incorporate digital solutions into their business practices. Specifically, in the accounting and finance department, it can facilitate various modules to share information and eventually boost productivity and speed.

ERP is the backbone of the most successful organization as it has proven ways to bring transparency and streamlines operational benefits. It integrates applications from various modules into one system like project management, human resources, inventory management, finance, and accounting. Due to its immense benefits, it has undoubtedly become a part of modern businesses. Let's dive into the benefits of using an ERP solution for accounting and financial management.

● An integrated solution like ERP brings all the critical facets of the finance department into one single view. The financial team can rest assured as ERP software takes responsibility for minimizing expense overhead and improving profit margin. It helps to streamline financial operations and elevates the firm's value. 

● ERP system consists of Customer Relationship Management (CRM), which helps monitor customer payment systems and manage and track credit across departments. You can quickly eliminate multiple window modules to make payments to vendors and employees whilst driving the cost expense of all business activities.

● As more companies are thriving, they are integrating all the business modules to have a deep insight into the functionalities. Finance forecasting can be done with the help of an ERP platform. Whether planning a long-term or short project, you can forecast your financial expenditure using the ERP tool. You can have a tab on your business financial goals, from calculating budget to allocating and assessing cash flow.

● As the finance department's responsibility is to ensure the smooth functioning of financial assets, the ERP system is designed to monitor your complex monetary policies. It helps prevent fraud by accurately managing internal liabilities and your business's guidelines. In the case of small businesses, a finance manager might not be available, so the ERP system helps verify financial solutions and the company's policies and laws.

● An ERP finance module eliminates huge volumes of spreadsheet and manual work by automating data across departments. It gives faster access to confidential data by safeguarding information from potential threats. You can generate financial reports from each department and have a cash flow projection of projects. 

● With an ERP solution in place, it helps to avoid data duplicity and redundancy. It enhances data consistency throughout your accounting module by improving financial and operational activities. 

Using a Modern ERP platform for accounting and financial management guarantees real-time decision-making and improves your business's overall efficiency and security. These features allow you to address your business's financial goals necessary. Furthermore, with an ERP, you can connect with your vendors or suppliers to keep an update on the price changes and have knowledge of profit margins. In this way, it will help you to minimize bottlenecks and make an informed purchasing decision.

Key Benefits of Using MS Dynamics 365 Business Central for financial management

We discussed above how a robust ERP solution for financial management can speed up time and be a game changer for your business process. And to meet your growing business needs, the best ERP solution to take charge of the financial aspect of your business is Microsoft Dynamics 365 Business Central. It is an integrated rich finance solution for small, midsize, and enterprise-level businesses. As a user-friendly platform with unique functionalities, you must consider MS Dynamics 365 for your financial sector.

● Process efficiency is increased using Business Central as it incorporates artificial intelligence (AI) and machine learning (ML) capabilities. Data loss is prevented by automating operational efficiency and enabling actionable insights into particular financial modules of different departments. Missing data can be easily traced, and the entire spectrum's security is under a single platform's watch.

● There are journal templates that can be used for monthly accruals. You can create transaction orders and the number of times transaction order has taken place. With accrual schemes, you can easily track payment records in detail, i.e., when the payment is completed or is pending. And you can do this activity by creating a debit and credit account.

● Business Central is so intuitively built that it can integrate with your other Microsoft Applications like MS Office Suite, Power BI, and many others. 

This implies that if you have data loaded on excel sheets and manage and exercise your finance capabilities from there, it's time for you to make the shift.

● An end-to-end viewpoint is available on Business Central. Whether you want to glance at your finance and sales from the home page or take a deep dive, it gives you real-time updates using business intelligence. With centralized data, the ERP solution breaks down data silos and helps you make intelligent decisions.

● Financial forecast on revenues and expenses can be smoothly carried out using Business Central. It helps businesses to reach their financial target by using intelligent documents with mentioned due dates. Its smart notification displays will assist you in setting up a comprehensive cash flow forecast.

● As Business Central's user interface platform is like its existing Microsoft products, employees would get started immediately. It boosts employee productivity by eliminating mundane tasks and gives ample time for them to learn more from the platform. It also allows employees to share and access data when requested from the customer, which serves the business better.

● The general ledger module of Business Central helps to stay vigilant on the assets and liabilities of your business. With an in-built general ledger module, you can track and manage your transaction and analyze each year's financial quarters.

Almost all businesses have accounting software, but a functionally rich ERP software that caters to all components of the different departments is immensely beneficial. Business Central delivers robust financial solutions that can facilitate your decision and streamline your business process. Additionally, it is cloud-based. Hence you can access it from anywhere, anytime.

Grow your Business with Great Innovus

Working with Microsoft Dynamics 365 Business Central will enable your business to meet industry-specific standards. We at Great Innovus ensure you put flexibility in your business and have the edge over your competitors. We will help you by providing tailor-made solutions and assisting you through your ongoing business requirement. 

If you want to know more about the power of MS Dynamics 365 Business Central, contact us here.

Small and medium businesses (SMBs) fulfilling orders from customers on time and maintaining the market share is a significant area for technological adoption. Competing against large enterprises with the help of digital solutions has nullified the chances of disruptions and maximized better profitability. However, to do more and strategize better data-driven decisions, integrating ERP solutions in supply chain management (SCM) can help you to bring down costs, improves efficiency, ensures on-time delivery, and adds value to your business process. And there are quite a few challenges faced by SMBs that impact the SCM process; let's discuss to know about them further.

Inventory visibility issues create a major hindrance for SMBs; either there is an excess of the stock, which leads to locking of capital, or a shortage of stock which creates havoc in the supply chain. And handling customer expectations and demands become more complex to thrive in the competitive market. Manual inventory processing on excel becomes tedious and time-consuming, affecting the business's reputation; hence an efficient ERP software can help to take a real-time decision and prove visibility on end-to-end product traceability.

Small businesses allocate a periphery for the IT budget, which puts a constraint on optimizing SCM issues. The struggle to transition from disparate software solutions and applications put SMBs in a tough spot. The traditional supply chain system fails to predict demand forecasting or proper warehouse space utilization. Also, updating regulatory compliances and fluctuating customer demand is strenuous for SMBs. Hence, organizations investing in ERP systems will significantly increase efficiency and will have a better return on investment in the long term.

The relationship with suppliers is vital and can create potential conflicts if it is not efficiently managed. It is challenging to track billings, payments, and shipments without a transparent tracking system. The ERP solution can hugely improve the SCM by monitoring each feature from a centralized point of view. The software solution improves traceability for both parties. Thus, the SMBs can negotiate better and improve the accuracy of the delivered orders.

Benefits of having an ERP solution to manage your SCM

We have discussed the challenges of a fragmented supply chain and how it can slow down the business speed and improve product quality in the long run. So, a perfect balance of supply and demand, access to inventories, and the shipment cost are critical to ensure holistic growth in business processes. And this can be achieved with a sound ERP system that helps with better output delivery.

The USP of an ERP system is the complete visibility of the workflow. Financial visibility helps SMBs to understand business forecasts and allows them to make informed decisions. A consolidated view of each relevant business process streamlines the data and helps with accurate traceability.

The ERP software can easily be used for multiple purposes in an SMB setup. As SMBs are budget conscious, the ERP software is the best fit solution. A customizable dashboard can be implemented for various business purposes as and when required. So, the collaboration of ERP and SCM will take care of vendors and suppliers and optimize business processes.

The ERP solution automates demand planning and procurement of resources. A well-balanced project portfolio ensures retention of customers, manages the inventory level, and analyzes target customer behaviour and industry trends. It also helps to standardize the SCM's operational process by boosting the employees' productivity and enhancing the efficiency of SMBs.

In a supply chain that relies on stand-alone systems, tracking real-time data for projected goals is challenging. However, by implementing an ERP system with SCM, you will be able to find the necessary details to generate an in-detail report. The detailed report will highlight the business plan gap and help conduct a deeper assessment.

Finding the right ERP solution and implementing it in your business is not simple. It's not only about the technology but also the impact the new solution will have on all the areas of your business. An ERP solution that considers business performance, growth, and goals should be the perfect ERP for SMBs. And one such industry-leading cloud-based ERP solution is from Microsoft. Dynamics 365 Business Central is quite a popular and trusted ERP solution with rich functionalities designed to help SMBs accelerate business growth. MS Dynamics 365 Business Central is easily adaptable to Microsoft Cloud Services like Power BI, Office 365, and PowerApps and is available on cloud or on-premise.

Benefits of having MS Dynamics 365 Business Central for SCM

For SMBs to find ways to reduce business complexities and streamline various sales channels and warehouse locations, it is essential to have better cohesion and integration with SCM. It is imperative to keep digital solutions at the forefront to optimize operational data and maximize profitability. MS Dynamics 365 offers a robust and flexible solution to manage customer relationship management (CRM), finance and supply chain. It is an integrated platform that supports SCM functionalities and has proven capabilities to overcome supply chain disruptions and meet ever-changing consumer demand.

Analytics solutions & Insights

Disparate data is consolidated on a single system; hence data analysis becomes easy to maintain, and real-time critical data is available at various locations. Business Central helps SMBs to keep track of market trends and ensures a seamless sharing of information across departments. You can also track every stage of activities that are carried out in the supply chain.

Automated Inventory management

Insight into inventory management will help SMBs do away with manual handling of information. Business Central provides complete visibility to inventory dashboards and real-time updates and helps keep track of stock levels. Overall, it reduces expenses and creates accurate predictions on replenishment plans and inventory availability.

Fluctuating demand in Supply Chain

For SMBs, leveraging supply chain activities using Business Central during uncertain times promotes clarity and helps mitigate risk factors. It anticipates market fluctuations in supply and demand needs by addressing potential bottlenecks as well. It helps to manage the fluctuating demand from different geographical locations based on real-time insights and advanced computing.

A broad view of Warehouse & Logistics

With the help of Business Central, SMBs can get a holistic view of the warehouse to keep the margin high with minimal losses. Activities like invoice and purchase orders, tracking inventory county, and cross-docking are well-managed through Business Central solutions. It provides a robust warehouse foundation, replacing manual labour with an automated process.

Get started with Great Innovus

Microsoft Dynamics 365 Business Central is a powerful and user-friendly ERP platform for SMBs to control workflow and flexibly configure SCM into it. We at Great Innovus are passionate about taking your business challenges and resolving them by building an end-to-end ERP solution. Our team of experts is proficient at helping you achieve your goals.

 

Connect with us to know how Dynamics 365 Business Central can help your small or mid-sized business.

Power of Digital Transformation (DX) in Manufacturing Industry

Industry 4.0 has been a game-changer in the manufacturing space. It has brought innovative business solutions by integrating improved technologies like cloud computing, artificial intelligence (AI), and the Internet of Things (IoT). Smart factories are built by deploying smart machines that make informed decisions to increase efficiency across the value chain. With the help of the Industrial Internet of Things (IIoT), manufacturers are blending in data from factory floors to achieve visibility in the process. They are rapidly switching assets from manual to automatic to reduce equipment downtime.

The rise of advanced sensors, no-code machine learning (ML) platforms, embedded software, and robotics has been a blessing for small and medium-sized businesses. Manufacturers can break down previously siloed informational data by consolidating data from production operations and operational data from ERP and enterprise systems to achieve transparency. This helps manufacturers gradually change the industry by avoiding colossal expenditure.

What is Digital Transformation in the manufacturing industry?

In the digital transformation across industries, there is no single silver bullet to race ahead of the competition. It is the strategic integration of digital technologies across businesses to have an efficient and effective impact on our daily lives.

Digital transformation in the manufacturing industry is a wholesome combination of:

  • Replacing legacy systems or obsolete assets.
  • Combining traditional manufacturing equipment with modern systems.
  • Improving flexibility and delivering real-time solutions.

The pandemic played a significant role in the playbook of manufacturers. Although it derailed production, distribution, and supply chain activities, it presented new opportunities for the manufacturing industry to explore. IDC's report stated, “There will be an influx in investment in digital transformation by 2024″. Digital transformation possesses the power to reduce workload, boost production, deliver consistent quality and enhance customer experience. It gives significant benefits to the manufacturers by improving bottleneck functions.

Bottleneck functionalities predict failures and prescribe AI-driven remedies like interpreting data to alleviate issues. Also, an advanced quality management system helps the digital journey for organizations much more manageable. It reduces operational error and solves problems faster. It also helps to cut down on specified inspectors by automating the processes. With advanced technologies and an intuitively built platform, digital transformation promises to disrupt the manufacturing segment.

What are the challenges in the manufacturing industry

Adopting digital solutions brings many benefits to the industry in terms of higher ROI and improved customer experience. Along with the digital game, it presents fundamental challenges to implementing advanced technologies. Let's look at some top challenges manufacturing companies face that hinder digital transformation.

Challenges in manufacturing industry - Digital Transformation

Digital transformation is done across each business process, from the front desk to factory floors. If the manufacturing company is not highly invested in its own company, implementing new technology in a project will eventually fall off. So, it is highly imperative to have organizational alignment within the company as it will help in the success of long-term projects, and proper evaluation will help to realize organizational gaps.

The bandwidth to engage with higher financial investment might not be an issue for larger enterprises. But small and mid-size manufacturers require meticulous budget planning before implementing digital solutions. It is imperative to lay out a financial guide addressing the bigger picture of project ROI. Without structured financial planning, there is a high risk of the project becoming a failed investment.

Advanced technologies bring benefits like improving data analysis transparency, reducing operational downtime, and enhancing efficiency. But these benefits must be carefully introduced to retain and gain customers by investing wisely.

When it comes to digital skill challenges in the manufacturing industry, it is faced with two types of hindrances, i.e., acquiring the right talent and providing training to the existing employees. Although both are expensive, considering the opportunity cost and the benefits of digital solutions providers, bridging the digital gap is a must.

Manufacturing leaders must address this issue by partnering with third-party service providers to help train factory floor operators and managers. And hire the right set of skilled employees for the required project.

Digital technology is pacing at a higher speed, and organizations working with legacy systems are falling behind the organizations that are fast at digital adoption. When technologies grow old and outdated due to changes in customer preferences or the launch of new technologies, it becomes highly challenging to make the existing one compatible or let of existing employees.

The challenge can be combatted in two ways: retraining the existing employees and hiring a fresh batch of skilled employees, and carefully testing and integrating modern technologies in a completely digitized environment.

For example, ERP systems like Microsoft Dynamics 365 Business Central connect all systems across the organization and drive efficiency. It is essential to have a discussion to gauge the benefits of these technologies as it will help to draw a clear picture of whether traditional assets are more beneficial than digital solutions.

What are the benefits in the manufacturing industry

For transitioning from a traditional manufacturing organization to a smart factory, the initial cost amount and a well-planned strategy might be a stumbling block on your digital embarking journey. But we are here to tell you the significant benefits you can access when you have covered the challenges mentioned above.

Benefits in manufacturing industry

By introducing new technologies, manufacturers have prevented late deliveries and error-prone solutions. The technologies help to solve untimely production issues and adjust supply quantities accordingly. For example, an ERP solution can leverage your supply chain issues and enhance decision-making capabilities.

Digital adoption in case of customer satisfaction takes care of the availability of customized production. With the help of software solutions, manufacturers can forecast customer requirements based on region, demand cycle, and feedback. It also gives a window to have a different eCommerce platform which adds more value to the customer.

Manufacturing assets' operational value is beneficial when automated and optimized workflow. Real-time solutions like ERP, CRM, and intelligent logistics also help manufacturers manage their data efficiently.

Digitizing inventory reduces operational overhead and increases the efficiency of the workforce. Resources can be better utilized in a more productive form of work, reducing expenses and getting over mundane work progress.

What is Digital transformation with ERP

In a digital transformation landscape, a manufacturing organization must have an ERP system in its operations. A study by Gartner stated that 30% of organizations like manufacturing enterprises would deploy ERP business capabilities. Implementing an ERP system in a manufacturing process allows an organization to avail of benefits that come with Industry 4.0, including AI, cloud computing, ML, and robotic process automation (RPA). It helps manufacturers stay agile and quickly bounce back from potential risks and adversities.

For example, Microsoft Dynamics 365 Business Central ERP is flexible and adaptable to a dynamic technological environment. Its real-time solutions for inventory data and cloud-based functionalities act as a digital backbone for manufacturers. It is the steppingstone as a digital platform that allows manufacturers to streamline warehouse processes and control various supply chain activities.

The added benefits of adding ERP solutions to your manufacturing business are:

  • ERP system speeds up productivity by simulating machinery and optimizing warehouse processes. It not only has the capabilities to boost plant floor strategies but also improves workflow.
  • Disparate systems slow down managing processes, and data cannot be better utilized, so an intelligent ERP provides real-time access to business processes and KPIs. It allows easy data integration and flows within departments, resulting in better collaboration and communication.

In essence, it is a single source of truth for manufacturers by combining digital technologies and having a granular view of production cycles. So, ERP is the best ally of a manufacturer who aims to minimize costs, speed up the process of semi-finished goods, and have a good investment ROI.

How to embark on your digital transformation journey now

Digital transformation has cornered the traditional manufacturing industry. Deploying growing technologies has sped the industrial companies' progress through thorough engineering. It has connected IT with mechanical and electrical machinery and is changing the landscape.

We at Great Innovus will help you visualize your organization's digital roadmap and assist you in your journey towards it. Our skilled professionals will address any complex business solution and transform your vision into reality. We will guide you in advancing your evolution and assist you in automating solutions for a better future.

Let's get started here.

Covid 19 has radically changed and caused disruptions in how we connect with technology. It has deeply affected industries and reshaped organizations. The shift towards digitization and automation was ongoing, but the accelerated progress towards digital operation was phenomenal. It has propelled organizations to find new ways to rethink consumer preferences, integrate evolving technologies, and, most importantly, enhance employee and customer interaction.

Change is inevitable for any business organization. And adjusting to it doesn't come easy. Shifting towards an intelligent business solution might seem frightening but having the edge over competitors keeps you at the top of your game and bolsters your growth. To protect businesses from further turbulence, it is imperative to exercise sustainable digital practices.  

And after the pandemic hit, we all know that every business is a digital business or has the potential to be one. And healthcare business is the best case in point here.

The Digital Transformation Promise

Before the pandemic, the healthcare industry leveraged digital solutions in several areas. But it was either a piecemeal approach or a one-size-fits-all technology model. It adopted technology to maintain electronic health record (EHR) systems and build apps to cater to business models. But, technologies have more to offer.

Now organizations are taking a step further and approaching new technologies like cloud computing, Artificial Intelligence (AI), Internet of Things (IoT), Big Data, quantum computing, and analytics to create room for ingenuity and future-adaptive business goals. They have poised to benefit the industry at the core. The right cloud partner can help you build tech wealth by providing scalable microservices and flexible approaches. For example, Humana has partnered with Mercy to expand its virtual healthcare services and strengthen its “hospital without beds” concept.

Digital twin technology is witnessing a growth in investment from businesses across industries. Here, a digital replica is created of a physical object in a virtual environment. It is done with the help of digital drawing and sensors that helps to bridge the gap between physical process and digital capabilities. In healthcare facilities, operational efficiency can be improved by having a digital representation.

Digital Transformation promises to infuse digital solutions to reduce costs, improve operations and increase efficiency. It is not a simple pipeline process but a complex picture whose main objective is to replace obsolete technologies with modern ones.

It is crucial for the health care industry to adopt digital innovation and accelerate the quality of services. Organizations can manage complexity by using advanced analytical tools and taking real-time decisions. The essence of digital transformation is to build an agile system that integrates web and mobile applications, improve patient experience, and informs real-time decisions.

Digital Transformation in Healthcare

Digital adoption in healthcare is improving digital health services and digital therapeutics. The healthcare sector is accelerating its digital transformation opportunity by reengineering its business process and embedding digital technologies into its products. For example, Moderna Therapeutics provides its employees access to design a drug while away from desks.

Digital adoption in healthcare is improving digital health services and digital therapeutics. The healthcare sector is accelerating its digital transformation opportunity by reengineering its business process and embedding digital technologies into its products. For example, Moderna Therapeutics provides its employees access to design a drug while away from desks.

Telehealth became a necessity rather than being optional. It contributed to the damage control of the spreading of the infection. Healthcare facilities underwent digitalization and automated processes to facilitate doctor appointments more seamlessly. It eliminated long physical queues and bought in real-time appointment access.

ERP software solutions are imperative in a healthcare organization. It is in the spotlight for the right reasons. Microsoft Dynamics 365 Business Central Solution should be your reason to move away from the traditional ERP system. It is a one-stop centre that brings more flavour to the existing Office 365 apps. It provides cloud services and breaks away from a single point of truth. It helps healthcare providers streamline and manage financial applications and arrive at data-driven decisions. With Dynamics 365, a patient profile journey is well documented, which helps to connect data and people.

The digitalization transformation journey can happen rapidly by injecting digital features into the existing legacy system or by bringing in skilled professionals and technology. Keeping this in mind, let us walk through the ongoing digitalization transformation in the healthcare industry. 

An ecosystem of smart data: Data explosion of healthcare has created an ecosystem of its own. Data comes from research studies, wearable devices, and patient portals. It doesn't matter what the format or how “big” the data is. But it is of utmost importance for you to understand, analyze, manage and optimize. 

By integrating MS Dynamics 365 Business Central Solution, it is easy to overcome the challenges. It will help you to improve business processes and enhance patient satisfaction. It upgrades business agility by smashing data silos across departments. It offers end-to-end solutions by giving you a deeper insight and a perfect view of analytics and intertwined data.

Big data in healthcare implies digitizing your entire system and breaking down patients' data siloes. Intel has published a white paper describing how hospitals can forecast a given number of patients at each department on an hour and daily basis.

EHRs are most commonly used in healthcare departments to have all patient information in one place. They can be leveraged to remind patients of routine lab tests and doctor visits. And doctors can update prescriptions based on recent visits.

Leveraging remote health: AI in remote care is one of the effective ways to look at the future of healthcare industries. An MIT study reveals that 75% of healthcare institutions that adopted AI reported that they were able to reduce workplace burnout. And AI enhanced its capability decision to treat illness more robustly. IBM's Watson for Health uses cognitive technologies to identify developmental stages of diseases by going through numerous journals, patients' medical histories, and case studies worldwide. Even Google's DeepMind Health has incorporated machine learning and neuroscience systems to mimic the functionality of a human brain. It is getting better at predictive analysis and clinical decision-making capabilities. AI shines as the best example in the case of remote patient monitoring and information analysis.

Wearable technology: After the pandemic hit, digital wellness is rising. The rich information the device provides, like sleep tracking, measuring heartbeat, and blood pressure, give ample scope to combine technology and innovation for more significant benefits. Wearable medical devices help medical staff monitor patients' motion movement in bed. The data platforms are used as monitoring tools and to share the collected data with a healthcare Electronic medical record (EMR) system.

Wearable technology is evolving into the future where biometric sensors can be used with monitoring devices. In the long run, this will help reduce frequent hospital visits and improve home health care.

Health cloud for the future: Cloud adoption opens multiple possibilities for the healthcare organization. As rightly said, every cloud has a silver lining. Similarly, the pay-as-you-go model is unleashing its infinite power. 

For example, if a patient visits the hospital complaining of chest pain and cough. With the help of cloud-analyzed data, a doctor can extract relevant information and diagnose if the patient's condition is in the primary or secondary stage. Cloud transformation in the healthcare industry helps scale up, or down IT resources like storage, infrastructure, and software applications.

Microsoft's Azure cloud platform helps you with various cloud-based IT solutions like managing medical records and bills, registration and scheduling patient visits, insurance claims, and more.  

AWS cloud allows you to build a web portal by having you pay a nominal amount. It also fastened the bottleneck process for clinical trial testing of vaccines. It helps create a secure environment where patients and physicians can access remote facilities safely.

Explore more at Great Innovus

Overnight, the healthcare industry broke down its gradual technological succession. It sped up digital transformation like never before. The tech transformation, which might have taken a few years, came into existence within 1-2 years. It adopted a people-centric digital transformation strategy by providing access to real-time information.

At Great Innovus, we provide you unbeaten strategy of IT service infrastructure through innovative solutions. Partnering with a digital player like us will help you focus on your business objectives while delivering high-quality health care services without any glitches in the system. We will empower your healthcare organization to build a better world together.

Join us to discover a new era in the digital world and build tailor-made solutions for your healthcare organization or clinic.

Digital transformation (DX) is all about redefining and reimaging all the elements, i.e. data and processes of an enterprise. To stay ahead of the digital-first competition and bring value to your customers is one giant leap for every organization's business strategy. Behind the scenes for the giant leap, nearly all companies are pivoting business around digital capabilities. Digital transformation facilitates tailor-made solutions, enhances the consumer experience, and empowers enterprise platforms. It has compelled enterprises to reinvent landscapes and take bolder steps to cater to evolving customer needs and provide a single point of truth for collaborative platforms and extended business networks. Altogether, digital transformation imbues digital technology to all aspects of your business by bridging the gap between operations and delivery and scaling up your existing business scenario. 

Digital transformation: A journey

Digital transformation is an ongoing process that is steadily expanding to reach $2.3 trillion by 2023, as predicted by IDC. A Deloitte's global business study and MIT Sloan Management Review discuss how digital transformation has made businesses come forward to integrate technology seamlessly. It explains that a clear and systematic digital strategy will grow into a digitally mature company. For instance, when the world was grappling with the covid 19 outbreak and businesses had hit a low, some enterprises transitioned into the new normal with resilience. Starbucks, the global chain of coffee shops and roastery industry, emerged as a champion by focusing on AI-powered personalized product offerings and discounts. It handled orders through a mobile app and was able to ramp up its delivery and drive-through offerings. A digitally mature company engages with multiple components to implement forward-thinking strategies and be customer centric. Multiple pieces cover aspects such as 

  • Digital-first approach: Digitizing businesses foster growth at each level and spur progress at digital speed. When new technologies like artificial intelligence (AI) and the Internet of Things (IoT) blend in with business, there is a significant change in decision making, operational efficiency, and positive customer engagement.
  • Dynamic business scenario: Adapting to an ever-changing business environment is critical to sustaining in the long run. A cultural shift in the mindset and approach towards work reduces effort and increases speed, making your business customer-first.
  • Focus on employees: Upscaling skills are imperative for any company's transformation to attract and retain employees. Breaking down silos, acquiring the right digital skills and most importantly, providing learning access to existing employees aids in reducing turnover and is a win-win situation for all. The digital revolution's advantage is enormous and hasn't left any industry untouched. The digital disruption is here to stay with us, and we must combine agile principles, organizational expertise, and sustainable innovation to have skin in the game.

Digital Transformation in Retail

The retail industry is undergoing a massive change to sustain itself in the digital world. The bright side of the gruesome pandemic is that it pushed the retailers to infuse new technologies into their already existing brick and mortar model and serve what the customers want. It is riding the wave of digital disruption on the back of competitive consumption and the availability of easy credit. Digital tools and software solutions like ERP, AI, automation, and predictive analytics have helped businesses build chatbots, recommend best-selling products, and accurately forecast customer preferences. 

Enterprise Resource Planning (ERP)

ERP is a one-stop-shop business solution for managing and automating the daily activities of your organization. ERP in the retail sector streamlines scattered data among multiple stores to a centralized place. It helps retailers in managing day-to-day activities, analyzing performance measures, and simplifies inventory management. For example, Microsoft Dynamics 365 Business Central is the most favored cloud-based ERP software for retailers as it improves their business features and functionality. With centralized data, built-in Power BI dashboards, and AI-empowered predictive inputs Microsoft Dynamics 365 Business Central gives a facelift to the business practices of the retail sector.

Analytics 

Predictive analysis coupled with machine learning (ML) is no less than a magic lamp for retailers. It is used for tracking customers' behavioural analytics and suggesting personalized products. It is used in inventory and supply chain as well. It provides accurate demand forecasting, which includes updates about stock availability and improves the efficiency of warehouse operations. It also gives in-detail insight into current market trends.

Artificial Intelligence (AI) and ML have made significant changes in the retail sector. AI systematically implements strategies like placing relevant information for every user's repetitive interaction for each interaction. Interactive chatbots engage with customers to resolve queries and collect useful data to forecast accurate business decisions. 

Augmented Reality (AR) and Virtual Reality (VR) 

AR and VR are elevating the customer experience and are gaining momentum. These technologies enrich the customer journey, and companies are steadily developing business capabilities around them. 

AR is simply enhancing real-world experiences by adding digital elements to them. For example, in virtual fitting rooms, a virtual mirror protects customer safety and security and elevates the outfit-trying experience while standing in front of the display. AR eliminates the apprehension of buying furniture online. It helps customers decide the size and fitting of the desired furniture depending on the available space. Myntra has already launched its offline store, where it has deployed VR, AR and full screen displays for customers to bask in the “experience zone”. 

As the name suggests, VR deals with the virtual environment. It is an immersive virtual experience that transfers customers from a real-life environment to a 3-D environment with the help of VR headgears. VR is used in driving customer engagement. For example, Kellog has implemented eye-tracking technology into VR headsets to collect information about customers purchasing preferences. 

Blockchain

Blockchain is a distributed, digital ledger where information is kept discreetly in the blocks and information is added sequentially. Blockchain in Retail has exclusive benefits and can maintain a track record from field to factory. It is extensively used in inventory management, intelligent loyalty program, reduction of cybercrimes, and streamlining marketing strategy. By applying blockchain to inventory management, retailers can track down expired products. They can automate and have an update about shortages and a surplus of products. And in the case of a smart loyalty program, blockchain helps retailers with smart contracts that automate the entire process of reward points given out to customers.

The retail industry is scaling greater heights and raising the bars high for hassle-free customer experience by embracing technology. 

Driving factors behind digital transformation practices in Retail

Even though the retail industry has been one of the front runners in the adoption of digital technologies, multiple drivers are necessitating the demand to deliver faster.

  • Digital Customers have created their own identity, dismantling functional boundaries in business models. A large amount of data is now used to identify, collect and process to deliver a customized experience. The mobile apps are customer-centric and have loyalty programs, reward points and social media engagement.
  • As the line between retail outlets and online stores becomes obscure, business models make room for upcoming technologies. Digital interventions help businesses unlock new opportunities in cloud, operations, and ERP. At Great Innovus, we have been helping customers in the retail space deliver a better experience to their customers and optimize their operations.
  • The rise of e-commerce has propelled digital platforms to the front line in the logistics industry. Due to this, Small and Midsize Business (SMB) companies have a global platform to reach out to customers and compete with established moguls of the industry. Web-based solutions enable inventories to create digitally enhanced cross-border e-commerce platforms that help to streamline processes and automate communication between operation and tracking facilities.
  • Digital procurement solutions are helping the industry to a great extent. Digital technologies like data visualization, advanced analytics, and intelligent content extraction amplify legacy systems' productivity with nominal investment. Data storage in the cloud and IoT sensors are making more value for procurement functionalities, and blockchain-enabled solutions help retailers and vendors to establish real-time transactions.
  • Omnichannel retailing is gaining momentum in tandem with physical stores. Retailers are strengthening every touchpoint for the customers to have a seamless shopping experience. They have partnered with software companies to upgrade their website, have more than one method of online payment like e-wallet, store credit, digital transfer, 3D try-on rooms, and enhance customer relationship management (CRM). We assist you in going completely omnichannel and delivering unified services on the web, mobile apps, and retail stores.

Get Started with Great Innovus

As we advance, digital technology will play a more significant role in advancing the retail sector. The focus will be on the convergence of technology and aligning with customer demands. At Great Innovus, we help you realize your business's unlimited possibilities. We partner with our customers to provide a great ecosystem of agile business-centric solutions. Our technology solution, paired with on-time delivery, will pave the way forward for a successful digital transformation of your organization.

Here, at Great Innovus, we have helped customers build, develop, and implement custom-made solutions through relevant solutions. To know more about embarking on your digital transformation journey, reach out to us here

Introduction 

Whether your business has just begun or has already been supporting your customers, identifying the right technology solutions to keep your business moving forward is vital to your survival and success. When it comes to small businesses particularly, it’s important to optimize the technology resources at your disposal. 

We at, Great Innovus, are fully aware of this and have been helping customers like you across industries including eCommerce, ISC, and BFSI to achieve their business goals. Through a combination of solutions, and services we have been enabling enterprises of all sizes, to run efficiently and improve their business outcomes.

Today, more than ever, we all have realized that technology solutions are the foundation for practically any type of business, right from small startups to enterprises. Regardless of their vertical, businesses are looking for the right technology solutions partner who can relieve them of the IT worries and let them focus on their core business. 

Technology solutions are needed across a variety of functions within an organization including production, management, data analysis, and business processes. Simply put, this infusion of technology into your everyday work is what is called as Digital transformation. 

Digital transformation is now the most talked-about thing among businesses today. According to a Google-KPMG report, digitally enabled SMBs boost their profits up to twice as fast compared to their offline competitors. Digital transformation empowers businesses to optimize their operations, expand their customer bases, and improve their top, bottom line growth.

Digital Transformation – Where to Start

At the heart of digital transformation initiatives is data. Many organizations tend to have the data in silos and in multiple formats that need considerable manual effort to collate, consolidate, and analyze before a meaningful business decision can be made.

The time of business owners can be spent more efficiently, if they have a better view of operational efficiencies, customer expectations, market trends, and competition landscape. With stiff competition in every segment, it is important for businesses to get ahead of the curve with data-driven decision-making process.

Large businesses have been investing in digital technology solutions to improve their business functions and further their dominance in the market. Be it business process automation, or predictive analytics, modern organizations are digitally driven, and it's time that SMBs too transition from their traditional form of operations.

Traditional organizations have been depending on basic tools like spreadsheets to capture, analyze, and report data. But the advancements in technology and customer expectations demand that businesses adopt technology and offer state-of-the art services to the customer.

The first step towards digital transformation for your business is to start discussing about it with your core team and identifying the existing pain points. Also, you need to identify the list of business processes that need to be digitally enabled and prioritize them based on impact.

Some questions to consider would be:

  • What areas are affecting my ability to reach the critical business goals?
  • Which of the operations consume more time and effort?
  • Which of the processes can be technologically updated?
  • How is my competition doing it?

The Why of Digital Transformation

Once you have answered these questions and analyzed the answers, you will have a clear index of the areas to go digital and the order of implementation, based on priority.  Typically, SMBs tend to have the following reasons, for their digital transformation initiatives.

Cost Efficiencies

Businesses invest in digital solutions to optimize business processes and automate where possible, resulting in optimizing cost.  Priority should be accorded to breaking down silos and ensuring that internal departments collaborate seamlessly. An enterprise dashboard could provide deep insights on the functioning of various internal departments and indicate opportunities for growth.

Operation Excellence (OpX)

Operational excellence means that an organization that conventionally performs its core activities transforms into one that performs value-driven activities efficiently, based on relevant data. Digital transformation helps businesses achieve operational excellence and move towards a more autonomous operation. Advanced analytics, AI, and ML solutions can offer real-time understanding of the current condition of your equipment and predict its future performance and potential issues. Such a system not only helps preempt downtimes but also meet customer commitments.

Business growth

Technologically enabled businesses alone, are better placed to compete and grow in the present-day market. Without adequate technology infusion, growing in scale will be a huge challenge for organizations. Digital transformation helps break the physical and geographical boundaries for organizations to grow rapidly. For instance, offering your product/service in a hitherto unserved geography can be realized with a robust ecommerce solution.

Organizational Productivity

It’s important that all your business functions communicate with each other seamlessly. When your business applications (e.g., Marketing, finance, HR, customer support) are interconnected digitally, you turn them into efficient systems. It not only enhances cross-collaboration but also build a customer-centric

How can Great Innovus help you?

Having been in the business of technologically transforming business for more than a decade, we understand the customer problems and pain points very clearly. Our solutions are custom-designed to suit each customer. We have built deep expertise in digital transformation across the entire value chain in ISC, Healthcare, BFSI and other verticals having collaborated with many customers in these segments for a long time.

What do we offer?

At Great Innovus, we enable businesses in making the best use of digital technologies to expand their capabilities and accelerate growth in today’s digital economy.  We collaborate with our customers to reimagine their business operations through scalable, business-aligned solutions that are future-proof.

Our bouquet of services includes designing and building solutions for business process automation, Cloud transformation, custom eCommerce, and IoT.

Why choose us?!

Strategic solutions – We believe in delivering long-term value to our customers and hence always start by understanding our customer vision, goals, and roadmap. Our solutions are then designed to deliver maximum value through the journey.

Efficient solutions – We quickly understand your business and decide what changes can be made to technology and processes to deliver efficiencies.

End-to-End solution – We have the necessary skills to conceptualize, design, develop, deploy, and support technology solutions that require niche skills and extensive experience.

Focus on your core – We let you focus on your strategic business objectives while we own the technology part of it.

Click here to Get started with a custom technology solution for your business.

None of us have predicted where 2020 would take us: The last six months during the COVID alone have produced more digital transformation than the last decade.What does this mean for 2021? Will Mainstream technologies like AI and data analytics still dominate headlines, or will we see newer, previously emerging technologies take the lead? Here are the top 5 digital transformations to look for in 2021.

COVID-19 Augmenting 5G Forward Faster

This Lockdown has made everyone realize across the globe the importance of faster connectivity, both at home and in the workplace. COVID-19 only escalated the demand as workers left their offices in well-connected areas for at-home offices in the sprawling suburbs and beyond. Better networks are needed to keep everyone connected. The Positive note is that: Despite the virus, the pace of Deployment is never hindered.

Many telecoms are on track to deliver their 5G implementation goals. Here are a few more noteworthy stats on Verizon launched a virtual lab in May to test 5G deployments and rolled out 5G coverage across San Diego, CA.

In China, 5G deployments are happening so rapidly that Ericsson had to up their 5G enrollment goal, for the year.

Qualcomm announced in its most recent earnings that over 60% of devices shipped that quarter was 5G.

Ericsson predicted that 5G internet will cover up to 65% of the world's population by the end of 2025. 5G technology is already being put to work in China and other places too. Chinese hospitals are using robots powered by 5G to monitor user temperatures and other health applications. It’s very clear that 5G was not hindered at all by COVID-19 and has only continued to boom in the coming months 2021 should be a massive year for 5G technology.

Customer Data Platforms & Data Analytics – Powering Businesses through Pandemic

”Businesses which aren’t heavily invested in analytics in 2020 probably won’t be in business in 2021”. Big data and analytics have always been on a steady and sustained growth trajectory and then the pandemic exploded and made the demand for data even greater. Johns Hopkins and SAS created COVID health dashboards that compiled data from a multitude of sources to help Public organizations and businesses to make informed decisions to protect citizens, employees, and other key stakeholders.

Recent announcements from several big tech giants including Microsoft, HPE, Oracle, Cisco, and Salesforce states that they are focusing on developing data-driven tools to help bring employees back to work safely — some even offering it for free to their customers.

The need and demand for data to make all business decisions has grown and during this pandemic, Data analytics being used in real-time to make critical business and life-saving decisions, and We can expect a massive continued investment from companies into data and analytics capabilities that power faster, leaner and smarter organizations in the wake of 2020’s Global Pandemic and economic strains.

AI Proliferation & Conversational AI

During the Lockdown, customer service is one component that took a major blow for all companies. This Pandemic made the existing customer service out of service, a highly-trained army of conversational AI bots r to answer customer queries is one way to solve that: and keep their shows running. This technology has the attention of the world’s largest tech companies.

At the 2020 GTC Conference, NVIDIA CEO Jensen Huang made a massive bet on conversational AI with the launch of its Jarvis framework, by bringing latency in conversational AI to as little as 3ms while providing the possibility for things like 3D, Eye Contact, and Lip Reading.

Indeed, even beyond communicating important health information, conversational AI will continue to see increased development as companies realize they simply don’t have the human bandwidth to keep their customers informed and satisfied during a global emergency. And this will spill well beyond the response—as businesses see how fast and accurate conversational AI is becoming, & it is very evident that this technology space has much more potential that can be leveraged by businesses.

The proliferation of AI will impact our lives from every activity of how we shop, to what we eat, how we hire, and what we do for entertainment. It will be powered by masses of data that use powerful computing capabilities. AI will continue to require monitoring to make sure we use it for positive purposes and this will be a joint effort of government and industry, but no doubt its use continues to grow rapidly and we will see this scale even faster now that resources are becoming less expensive and more available to businesses around the globe.

Reshaping Commerce using Headless Technology

The eCommerce Industry is changing. With consumers getting used to consuming content and making purchases through various touchpoints — from IoT devices to progressive web apps — legacy eCommerce platforms are struggling to keep up with the demands of the customer. In a nutshell, headless commerce is an eCommerce solution that stores manage and deliver without a front-end delivery layer. With a headless commerce platform, the front end has been decoupled and removed, leaving only the backend.

Developers can then use APIs to deliver things like products, blog posts, or customer reviews to any screen or the device, while front-end developers can get to work on how to present that content using any framework they desire.

In other words, headless commerce architecture is built for the IoT age. By moving beyond the omnichannel experience to connect everything from warehouses to storefronts to online services, companies 2021 could become more efficient, more streamlined, and possibly get a competitive edge on competitors if they adopt it a little faster.

RPA/IPA Will See More Growth Post-COVID

RPA and IPA (Intelligent Process Automation) can help keep a company moving when employees are unable to be physically present in the office. More companies are looking to disburden as many tasks as they can to ensure that business runs smoothly once the next global disruption occurs. This drives the RPA and IPA space. 

Many investments are now happening in seeing software-driven automation meet the cloud and accelerate with the help of AI. Reports show a CAGR of 30 % for RPA in the forecast period through 2026. Beyond those mentioned, tech giants like Microsoft and Amazon are eyeing this space, and RPA players like Pega, Automation Anywhere, and UiPath has a lot more to offer to the companies in the automation space that can be repurposed to address businesses specific needs in the current situation, and also helps in maintaining business continuity now and in the future.

To see the silver lining, COVID-19 made things move faster. Most of these trends discussed above will continue to grow in the future. we are continually pushed to our limits through these pandemics, we believe that more companies will discover better ways to use these technologies and we can’t wait to see where we can go.

Conclusion

To see the silver lining, COVID-19 made things move faster. Most of these trends discussed above will continue to grow in the future. we are continually pushed to our limits through these pandemics, we believe that more companies will discover better ways to use these technologies and we can’t wait to see where we can go.

The COVID-19 pandemic has disrupted business as usual, around the globe, and across business sectors. This must be hard for many, including small businesses that may have to radically alter their day-to-day operations. Companies that are capable of using technology to keep their business running and rethink their business model for the future by fast-tracking digital transformation will be ones ahead of their competition.

Great Innovus can help you uncomplicate the process of defining and designing a robust and compelling business model for your firm. We will provide you an exceptional proposal to make your business scalable and profitable by leveraging Technology.

With our Digital consultation Programme, we provide short-term possibilities and long-term changes in your business performance.

 

The following are the major scopes that will be covered in the Digital Transformation consultation:

Great Innovus Product Analysts help you in assessing your strategy, plan your course and implement solutions for real results.

We help you in understanding and refining the customer journey, understand your customer attribution data, automate operations, and build technical solutions that allow you to work better and faster through Product/Service Market Fit assessment.

we combine business and technology expertise in the search for answers to your challenges. Together with you, we create custom solutions based on your needs, industry, and desired outcome.

At the same time, we provide you with profound ideas on how to accurately determine your position and what makes your business unique!

In 2017, the value of the retail industry was US$2.346 billion. During the forecast period (2018-2023), the compound annual growth rate is expected to be 5.3%, and it will reach US$31,888.0 billion by 2023.  More than anything the retail industry felt the repercussions of COVID-19: physical stores closed as lockdowns forced shoppers to stay away, and millions of retail employees were unable to do their homework.

Retailers are thinking about how this immediate transition can be reacted to. They want to learn how innovations can be used to find creative ways of developing new business models and producing more sales.

Therefore, it is necessary to understand all aspects of digital transformation in the retail industry.

Changing times, Replace purchases :

While shops have been closed, shopping online has flourished. U.S. online spending in May reaches $82.5 billion, up 77 percent year-on-year an enormous rise, according to Adobe's Digital Economy Index report released in mid-June.

China saw customers start shopping online in much greater numbers, while 13% of Europeans said in April that they were preparing for the first time to explore e-tailers. During COVID-19, Italy, one of the hardest-hit nations in the world, announced an 81% rise in e-Commerce transactions since the end of February.

Digital transformation brings major changes, and retailers should have a plan for change management in place.

Rise of new solutions for technology

In order to successfully carry out a complete digital transformation, the foundation must be strong-whether it is orders, products, inventory, a single view of customers, or a scalable architecture that supports dynamic changes in the business. In addition, choosing the right technology that can bring value is also one of the major challenges. 

The trend for disappearing borders between digital and physical is already part of the consumer mindset. Innovations such as the Internet of Things (IoT) or immersive experiences offered by Augmented Reality (AR) and Virtual Reality (VR) only boost this driver.

What does the retailer need to do?

Retailers with a long history of high street influence will need to work hard to encourage consumers to return to the store. This will mean using a different approach than the one they just adopted to attract customers before COVID-19, but these different approaches should still complement the omnichannel model.

Retailers may be in various phases of their path of digital transformation but are judiciously placed to:

  1. Allowing operational data to generate efficient insights into the supply chain, IT, and consumer requirements.
  2. Deploying tools and processes to serve customers effectively.
  3. Total automation and digitization of existing structures for them.
  4. Migrating their workloads to the cloud and using everything as a service.
  5. Needs to invest in to ensure future growth.

Great Innovous is expertise in the retail sector

Great Innvous solutions is a powerhouse of proven domain expertise and a skilled and collaborative workforce with years of experience in successfully delivering customized software development projects in the retail industry. Our talent pool has been handpicked from across different industries and the knowledge gained has been shared across our organization. Working on live projects across industries, regular training & development ensures that we are at the top of changing needs and the latest trends in the Retail industry we cater to.

To Name a few of our works in Retail:

Overview commerce:  Retail-as-a-service platform empowering retailers to overcome competitive threads by unifying commerce and customer experience at all touchpoints.

TENX App:  A comprehensive Jewel management application that helps jewelry whole stores to effectively manage the entire inventory, order/memo processing, job Tracking, and financial management system.

PurpleTab:  Great Innovus's Flagship product-focused to provide a better retail experience to customers.

Our Retail solutions span across different businesses such as Jewellery, apparel, Real-Estate,eCommerce, and other retail Verticals.