Why can businesses not neglect progressive web apps (PWA)?

Reading Time: 3 minutes

PWAs integrate the user-friendliness of a native app and the seamless experience of a website into a single platform.

Businesses desire to provide top-notch services to their customers. But they have to often choose between a full-fledged website or a mobile application to do so. It usually requires investing a significant amount of resources and time, which isn’t feasible for every business. An excellent alternative to building resource-heavy applications is Progressive Web Apps (PWA) that integrate the user-friendliness of a native app and the seamless experience of a website. PWAs have gained massive appeal in recent times. According to Gartner, Progressive Web Apps will replace about 50% of all customer-centric apps by 2020. It seems to be an overstatement, but things are progressively changing, and people are adopting PWAs at a fast pace. 

The best thing about PWAs is that they are resource-light and can be developed at half the cost of an iOS or Android app. They are responsive on every device regardless of the operating system. Also, users don’t need to search and download them. They can link to PWAs, share on the web, or install them on their devices to use as native apps. Do you know that 53% of mobile users abandon websites that take more than 3 seconds to load? PWAs provide a worthy alternative for businesses looking to create a super-fast and interactive platform for their customers. 

Let’s check out how PWAs can help your business flourish.

1. Frictionless experience

Unlike native apps, users don’t need to download and install PWAs on their mobile devices. They can log in to the website and continue doing their business. Also, native apps require various permissions and occupy a substantial amount of memory, which isn’t the case with PWAs.

2. Enhanced security

PWAs use HTTPS protocol instead of HTTP because the former provides enhanced security mechanisms. So customers don’t hesitate to provide necessary details to a business that uses PWAs. Moreover, web app developers use Fetch APIs and Cache to load PWAs faster, which means that it takes less time to load content. This feature also allows users to access PWAs offline directly through their home screen. 

STAY UPDATED

Subscribe To Our Newsletter


Also Read: CRM and Cybersecurity: Is your business ready?

3. Improved speed

PWAs load very fast. They run using JavaScript that allows users to access the app conveniently, even in low internet connectivity. PWAs caches information from both the browser and the app, which further improves the speed.

4. Increased flexibility

PWAs support all actions of a native application and their interface is also very similar to a mobile app. Moreover, PWAs support push notifications and payment gateways. Users can purchase products, participate in loyalty programs, and post queries using PWAs. They can also save PWA shortcuts on their mobile screens and access them at any time. 

5. Bugs are fixed instantly

If a user reports a bug in a native app, the developer will fix the problem and send the new build to the App Store or the Play Store for review. The user can download the updated version of the app once the changes have been approved. On the other hand, companies can make instant changes to Progressive Web Apps once they receive a bug report. Thus, making changes in PWAs is faster when compared to native apps.


Also Read: Data Security Risks during ERP Implementation: Playing Safe

Conclusion

PWAs are rising in importance. According to a report, PWAs receive about 15.7 million users every month, which is 2.2 times higher than native apps. Also, users spend 10.9 minutes on average on progressive web apps. Another report suggests that the user acquisition cost of PWAs is 10 times lesser compared to native apps. It’s high time that you create a progressive web app and reap the benefits. 

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. You can also write to us at sales@sagesoftware.co.in.

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

How is Virtual Reality going to transform various business sectors?

Reading Time: 5 minutes

VR has become the new buzzword. With its ability to significantly improve customer experience across each industry, companies are trying to incorporate this technology in any way possible.

In 1968, Sutherland and his student, Bob Sproull, developed the first virtual reality head-mounted device, The Sword of Damocles, which showed simple virtual wireframe shapes. Then in 1972, General Electric built a flight simulator that provided a 180-degree field of vision. Later in 2014, Facebook acquired the Oculus VR company that changed gaming forever. Fast forward to 2019, so many companies were accomplishing significant feats in VR that Forbes declared it as the year virtual reality gets real.

Today, VR is delivering memorable experiences to customers. PlayStation, Valve, and HTC are taking this tech seriously to make a mark in the mainstream.

According to Statista, the number of VR users worldwide has increased rapidly from 43 million in 2016 to 170 million in 2018.

Numerous industries are trying to implement VR to streamline their processes and improve customer experience. This article will shed light on how VR technology will impact the future of five such industries. 

1. VR in healthcare 

VR is creating a significant impact in the healthcare industry. One of the first use cases of this technology is for rehab patients. 

Rehab patients often go through a series of painful stages and find it challenging to adhere to doctors’ medications and therapy sessions. Companies like the VR Health Group are trying to ease their pain by developing fun-filled activities facilitated by the playability and rewarding video game experiences.

Patient education is another field that is changing rapidly due to VR technology. Doctors find it extremely challenging to explain medical concepts and provide disease-related information to patients. Textbooks, charts, diagrams, and pamphlets consume enormous time and only give so much information. On the other hand, Ghost Productions creates immersive animations that help share details of the medical procedure conveniently

Researchers are also developing compelling 3D models of the human body from information collected through MRI and CT scans, allowing the health care staff to provide exact details about the patients’ treatment. New developments in this field are also helping surgeons to perform intricate surgeries remotely. 


Also Read: How Artificial Intelligence Can Enhance Healthcare

2. VR in Entertainment

The entertainment industry has been at the forefront of developing and implementing VR solutions. A significant share of new VR users belongs to this field. Experts believe that if widespread adoption continues, it will have a ripple effect in other industries.

VR has taken the gaming world by storm. Gamers provide detailed accounts of their personal experiences while playing a virtual game. Most of them deeply enjoy the immersive experience inside a VR world where they can explore the environment and enjoy the beauty of nature as in the real world. 

The best thing is that VR gaming headsets are available across various price points. High-end headsets such as HTC VIVE, Oculus Rift, and PS VR will leave no stone unturned to provide you a compelling virtual experience. On the other hand, Gear VR, Oculus Go, and Google Cardboard are affordable offerings in this space.

The story doesn’t stop here. New developments like the Vive tracker allow you to transform real-world objects into VR objects. Suppose you purchase a VR cricket game, but instead of playing on the Vive game controller, you prefer to play on an actual cricket field. You can attach the Vive tracker to a real cricket field that will produce its digital replica inside the virtual world. 

Moreover, VR systems allow converting your living room into a theatre hall so that you can get the best-quality cinema experience in the comfort of your home. Soon, you will be able to try new clothes without visiting a trial room at the local garments store.

3. VR in Finance

You might have heard the quote “Data is the new oil” hundreds of times. Data has become the backbone of each industry, especially finance, which depends on gleaning information quickly through tables, charts, and graphs. Imagine if financial analysts could promptly go through immersive visual representations of financial data. It would help monitor changing market trends in real-time and make faster decisions. 

Oculus Rift VR headsets provide compelling 3D representations of factual data that allow financial analysts to visualize their investment portfolios’ crests and troughs. It enables them to interpret data and understand its underlying implications much more quickly than relying on hand-written reports or boring presentations.

Do you know that 68% of millennials believe that the way they handle their finances will completely change in the next five years? Another intriguing statistic by Millennial Disruption Index tells that 73% of millennials like using financial services from tech companies such as Amazon, Apple, PayPal, and Google instead of traditional banks.

By adopting VR technology, banks can attract millennials’ attention and increase the range of their financial services. 


Also Read: The AI Revolution in Finance Sector

4. VR in Hospitality

When you book a hotel room through a website or an app, you see spacious rooms, enormous swimming pools, and mouth-watering delicacies. But most of the time you feel disappointed when you enter your room. 

Few hotels are adopting VR technology to allow their customers to take a 3D tour of the property from their home’s comfort. It will enable customers to get a complete picture of the features they will get for the money they are paying.

The virtual booking process is slowly picking pace in the hospitality industry. Recently, Oracle.com conducted a survey of hoteliers that provides shocking results. Out of all the respondents, 52% believe VR will become an essential part of the hotel booking process by 2025

VR technology will also change the way people enjoy themselves in a hotel or a resort. For example, in 2014, the Marriott Hotels chain launched the Marriott Teleporter, an immersive 4D VR travel experience. The user wears an Oculus Rift headset while being inside a particular teleporter station. The best part is that, along with visual experience, the user also experiences smell and touch. 


Also Read: Why the Future of Hospitality Industry Depends on ERP?

5. VR in fitness

Some are fitness freaks who visit a gym daily. Others visit sports clubs sporadically to lighten their mood or to play with their friends over the weekend. The best part is that VR improves the experience of both kinds of customers. 

Companies like Holofit and VirZOOM are building exercise machines integrated with VR capabilities that allow fitness freaks to experiment with new exercise regimes periodically. They use VR applications’ reward techniques in the gaming industry to motivate the person to adhere to a specific regimen. 

For those who don’t like exercising in front of others, VR is no less than a boon. It allows them to perform various exercises privately within the confines of their home. You will be surprised to know that Nintendo sold more than 22 million copies of its Wii Fit, a motion control game that encourages users to move around through the numerous reward-based mini-games from 2007 to 2012. 

The advantage of fitness VR devices is that users don’t necessarily have to perform full-body exercises. The virtual environment is so enthralling and mind-boggling that users instinctively want to explore the world around them. In this process, they automatically move their hands, legs, and other body parts.

Conclusion

VR is quickly making its mark across various industries. Companies have realized its importance and the benefits they can expect to gain by using this technology. 

With fast adoption rates, the prices will come down in a few years. Moreover, companies like HTC and Oculus are weeding out VR technology’s inefficiencies that will further improve user experience. By looking at the present scenario, experts believe that VR will soon become mainstream that will transform each industry forever. 

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

Eye Opener: Don’t run a Pharmaceutical Manufacturing business without implementing an ERP Solution

Reading Time: 7 minutes

Summary: The advent of Industry 4.0 solutions is creating significant tremors in the pharmaceutical industry. Procuring, manufacturing, tracing, serialization, and formula management require the use of sophisticated tools that can reduce manual effort and eliminate human errors that lead to delivery issues, stock-outs, and Product recalls. Pharmaceutical companies also need to ensure that product quality meets managerial standards and is compliant with government norms and regulatory requirements. Thus, pharma companies need to implement state-of-the-art ERP software that can take care of all business needs and helps them transform into an industry leader. 


“One of the biggest challenges to medicine is the incorporation of information technology in our practices.”
– Samuel Wilson

Why are companies looking forward to implementing an ERP system?

Today, technology is changing the way business is done. Companies across industries are automating their business functions to increase profits, decrease operational expenses, schedule workflows, and streamline workforce efforts towards mission-critical tasks. The same holds for the pharmaceutical industry that requires autonomous software to solve challenges such as changing consumer dynamics, increasing process complexity, healthcare reforms, analyzing information regarding hundreds of patients in a minute, and adhering to healthcare norms dictated by the government. 

The Ultimate ERP Guide

Enterprise resource planning software for the pharmaceutical industry leverages industry 4.0 technologies like artificial intelligence, machine learning, data analytics, big data, and cloud to provide a solid IT infrastructure. But pharmaceutical companies shouldn’t consider an ERP system as some panacea. 

A recent report by Gartner tells that by 2021, the labor rates for ERP cloud enterprise applications will rise by 60% because of high demand and a lack of skilled resources. 

This statistic shows that, like other sectors, the pharmaceutical industry will also have to streamline resources to upgrade their employees’ skills and recruit ERP software experts for smooth implementation. 

After getting a comprehensive understanding of why ERP software has become the backbone of every industry. We must see how ERP solution for the pharmaceutical industry can help medical institutions and companies outperform:

1. Pharma ERP system manages product costs effectively.

Managing product costs is one of the most significant functions in the pharmaceutical industry. There are numerous government institutes, international watchdogs, and self-regulatory bodies that oversee the product costs. For example, the National Pharmaceutical Pricing Authority (NPPA) in India, Medicines and Healthcare Products Regulatory Agency (MHRA) in the U.K., and the Food and Drug Administration (FDA) in the U.S. Apart from adhering to government norms, pharmaceutical manufacturing companies have to manage various other factors like:

Pharma ERP system manages product costs effectively

1. Procurement costs

2. Supply chain costs

3. Inventory management costs

4. Vendor costs

5. Clinical trial costs

6. R&D costs

7. Insurance costs

Delays in sharing critical business information are intangible costs that the pharma companies unknowingly pay. Traditional enterprises have information silos that restrict the to and fro of essential data from one department to another. It causes data loss and information delays that affect the whole business. 

On the other hand, ERP solution for the pharma industry provides a centralized platform that can be accessed by authorized business stakeholders, including frontline executives, C-suite managers, scientists, vendors, suppliers, and distributors at any time and from anywhere. This platform keeps everyone on the same page by capturing and sharing critical information in real-time. It helps define product costs efficiently and enables the finance and accounting team to accommodate those changes appropriately. 

2. Pharma ERP software improves the supply chain.

Managing the supply chain efficiently is a must for companies belonging to any industry. But for a pharmaceutical company, the importance is even higher. 

Why?

Firstly, if the medical drugs get damaged while being transported to other countries, they might be rejected or disposed of.

Secondly, traceability is an essential feature for pharmaceutical companies. Lack of tracking can lead to government penalties or introduce expired medicines in the system that can severely impact patients’ health.

Here are some of the most important reasons to choose ERP solution for pharmaceutical manufacturing to streamline supply chain activities.

Pharma ERP systems streamline supply chain activities

1. ERP solution keeps track of the movement of goods from the procurement stage to the final delivery stage. It maintains a trail of units that appear in small quantities as well as in bulk. 

2. ERP solution keeps an audit trail, a set of records that provides documentary evidence of all the financial transactions to relevant business stakeholders. Blockchain-enabled pharma ERP allows the auditor to trace the financial data of each transaction from the general ledger to its source document. 

3. Product recalls in pharma companies can happen due to deficiencies in safety, quality, and efficacy. They can be initiated by a regulatory body or voluntarily by pharma companies. Having a high product recall ratio can be dangerous in the pharmaceutical industry as it can invite severe government penalties and lower your customer satisfaction score. An ERP solution helps reduce this complexity of the pharma industry by responding to Product recalls in a few minutes instead of days. 


Also Read: ERP for Pharmaceutical Industry

3. Pharma ERP software keeps track of different units of measures.

Finding an ERP for pharmaceutical manufacturers is challenging as they need a solution that helps track different measures. It’s a common practice in the pharma industry to purchase raw materials in one unit of measure, keep them in the inventory in another, transform them into finished products in one more, and finally, use the fourth unit of measurement while selling it to customers. A pharma ERP should be able to play between weighing systems instantly, allowing the manufacturers to examine costs based on parameters, such as:

Pharma ERP software keeps track of different units of measures

1. Potency

2. Weight

3. Size

4. Solid percentage

The best part is that ERP systems for pharmaceutical industries also consider product variations. This is specially useful for processes where materials in the solid phase convert into the liquid phase and then into the gaseous phase. An ERP solution captures data such as area, volume, potency, size, and other characteristic changes in real-time. It maps varying Units of Measure (UOM) along with their costs across the entire manufacturing schema. 

4. ERP solution lowers the degree of variation.

The significant variations in the manufacturing process affect the consistency and quality of finished products. ERP for pharma companies can substantially reduce the variability quotient by handling several industry-specific and company-specific parameters, such as:

ERP solution lowers the degree of variation

1. Temperature

2. Pressure

3. pH

4. Expiry data

5. Moisture content

The variability process starts with the checking of raw materials against a predetermined set of tolerances. If the material falls within the prescribed limit, it’s accepted. Otherwise, it’s disposed of the system. Then these accepted raw materials are designated batch/lot numbers by the ERP software that helps tracking them across the entire manufacturing chain. 

An ERP software for pharmaceutical manufacturers also helps manufacture products as per the customers’ requirements. Do you know that the accepted needle size for a healthy adult is 1.5″ while for an infant is only 0.625″? The ERP system takes care of this small nitty-gritty and systematically ensures each function is being carried out as per the predetermined guidelines


Also Read: 5 Common Pharmaceutical Manufacturing Challenges that can be resolved by an ERP Software

Now, let’s take a quick look at the critical questions you should ask before purchasing an ERP system.

1. Can the ERP avoid manufacturing an unrequired intermediate product?

2. Is the ERP able to stick to the specifications given by the customer?

3. Can the ERP update the product traits based on quality control values?

4. ERP for a pharma company must accept globally recognized UOMs (Units of Measures). Are you getting this feature in the ERP software?

5. Can the ERP for the pharma company make changes in the formula based on values like moisture content or potency?

6. Does the ERP for the pharma company have e-signature capabilities?

7. Can ERP differentiate between “distribution days” and “shelf-life”?

8. Can ERP estimate the cost of the finished product?

9. Does the ERP support e-pedigree?

10. Does the ERP check whether the final product conforms to the product characteristics given by the customer? If yes, then to what degree?

Pharmaceutical Manufacturing Guide

Conclusion

An ERP solution will help you become the leader of the pharma industry. It will allow you to manage all your business functions from the office and remote locations conveniently. You can lower your manufacturing cost, ensure top-notch customer service, improve scalability, and strictly adhere to government policies. 

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. You can also write to us at sales@sagesoftware.co.in.

If you liked this article, don’t forget to share the link with your friends. Also, follow us on:

LinkedIn

Twitter

Facebook

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

 

 

Top 3 key features of ERP financial management systems

Reading Time: 3 minutes

ERP finance module allows businesses to manage their budget efficiently and forecast better.

Enterprise Resource Management (ERP) module plays a crucial role in managing critical business applications — Finance & accounting, sales, marketing, warehouse, inventory, vendor relations, customer relations — conveniently through well built KPIs and dashboards. Recently, with the advent of cloud-based applications, ERP systems make it easy for crucial data to flow between various business departments. Due to these features, the ERP finance module is gaining popularity as it simplifies the financial teams’ jobs and streamlines workflow management

This article will focus on the top 3 key features of ERP finance modules and how they help companies manage their finances effectively.

1. ERP finance module increases accuracy.

One of the trademarks of successful businesses is their ability to manage their financial activities efficiently. Unfortunately, most companies, especially small and medium-sized enterprises (SMEs), depend on their workforce for managing their financial data. It gives rise to numerous errors and also decreases the speed of operations. On the other hand, high-performing companies use the ERP finance module to manage their financial processes. The ERP finance module’s analytics feature offers valued insight and collects critical market data that helps make data-based decisions. It allows users to gain a 360-degree view of the financial data in a single dashboard. Moreover, it provides insight that otherwise would have been missed. The ERP finance module also takes on trivial financial tasks like handling receipts and making bills, which frees your workforce for doing jobs that require creativity and intelligence.

2. ERP finance module substantially increases security and ensures that you always remain compliant. 

According to a recent report, RBI declared that bank frauds have more than doubled, from Rs. 71,500 crores in 2019 to Rs. 1.85 lakh crores in 2020. This data wouldn’t have sounded so horrific had banks used ERP finance modules to manage their financial data. ERP finance module handles back-end data — sales, shipping, receiving, and order management — effectively. Moreover, it takes care of vendor recalls and monitors any unusual financial activities in the system. 

Another advantage of the ERP finance module is that it ensures that you remain compliant. You might be aware that governments worldwide are framing strict rules and regulations to clamp down on frauds and cyberattacks. Thus, it would be best to remain compliant; otherwise, you will attract substantial government penalties. The ERP finance module is Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS) compliant, which ensures that you remain cyberattack-proof. These steps help maintain consistency and accuracy of financial reports, thereby ensuring financial wellness. 


Also Read: ERP and Cybersecurity – What no one is talking about?

3. ERP finance module helps view data in real-time.

Financial data enables you to gain a comprehensive picture of your business performance. It helps you brainstorm practical financial goals based on data and prepare financial metrics used in tax optimization, asset management, risk management, and making other strategic decisions. 

Here are 9 features of the ERP finance module that will help you form a comprehensive business strategy:

a. Revenue growth

b. Economic Value-Added

c. Profits

d. Growth indices

e. Operational efficiency

f. Liquidity

g. Net Cash available

h. Profitability ratios

i. Capital efficiency & solvency

These parameters will help you form a comprehensive business strategy encompassing the real-time market situation and the returns you and your investors will generate.


Also Read: 3 ways to save yourself from ERP implementation disaster

Conclusion

ERP finance is a comprehensive business module that helps you plan your financial activities conveniently. It allows you to make data-based forecasts and projections that are suitable for the market. Moreover, it also keeps your financial data safe and will enable you to remain compliant with government laws and regulations.

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

 

5 ways ERP will help you to accelerate year-end financial close

Reading Time: 3 minutes

The finance module in ERP software will accelerate your year-end financial close and eliminate human errors. 

Year-end financial close is a challenging and tiresome job that companies have to go through each year. And doing it manually only adds to the difficulties. The finance module in Enterprise Resource Planning (ERP) software will help your workforce finish mandatory financial tasks on time and without creating errors. It will also help business leaders to get reliable data for brainstorming future decisions. Companies cannot afford to slow down on year close because of delayed decisions and inaccurate data, making ERP systems all the more essential. 

This article will explain in detail how the finance module of ERP systems will help you accelerate year-end financial close. 

1. Finance module in ERP automates account reconciliation.

Numerous companies perform reconciliation manually. Apart from introducing human errors, it drains significant time and resources. Instead, it would be best to implement an ERP software that will reconcile hundreds of thousands of accounts in a few minutes. The finance module in ERP and Robotic Process Automation (RPA) accelerates the process for auto-certifying period-end reconciliations. Moreover, it also matches individual and group transactions allowing your workforce to handle issues that require creativity and intelligence.


Also Read: The AI Revolution in Finance Sector

2. Finance module in ERP makes expense allocations transparent.

The year-end financial close is substantially affected by the expenses you have allocated for business and functional units. Low-level software systems use programmed allocations that make them difficult to understand. On the other hand, the finance module in ERP software manages the allocation process by seeing how the resources have been distributed amongst various business departments and studying inter-departmental relationships. These steps allow the user to get a comprehensive view of their expenses, which increases transparency. 

3. Finance module in ERP streamlines intercompany transactions.

Conglomerates usually deal with international clients and have multiple business units spread across different parts of the world. It means that they need to adhere to numerous tax rules and also ensure that they remain tax-advantaged. Moreover, they need to care about currency translations, intercompany eliminations, and several other things. The cloud-based finance module in ERP optimizes transactions based on government regulations and business rules across multiple jurisdictions. Further, it also helps strengthen tax compliance and substantially reduces the time to close.


Also Read: Covid-19 Impact on Finance Sector

4. Finance module of ERP aligns financial data.

The dependency of companies on data is increasing rapidly. The quote’ Data is the new oil’  has been used multiple times by technocrats, business leaders, and keynote speakers worldwide to emphasize data’s importance. Although data is essential in finance, many companies use different applications and data structures to manage their financial data, which causes numerous errors and compatibility issues. The finance module in ERP has several functionalities that allow users to rationalize data structures and gain multiple business perspectives. It facilitates data governance and acts as a single source of truth for all stakeholders.

5. Finance module in ERP facilitates remote work.

In the present scenario, when a deadly virus has struck the whole world, most people work from their homes. Cloud-enabled ERP systems allow employees to work remotely while ensuring the same work quality as in the office. The best thing is that the finance module in ERP perfectly syncs with the cloud allowing different departments to collaborate effectively. It also has easy-to-use built-in tools that help to manage the workflow conveniently.

Conclusion

The finance module in ERP software will allow you to generate transparent and accurate financial reports quickly. Remember that companies that use cloud-enabled ERP systems instill confidence in business stakeholders — frontline executives, C-suite leaders, different business teams, vendors, suppliers, and distributors — and accelerate year-end financial close. 

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

 

How to End the War between Sales and Marketing?

Reading Time: 3 minutes

The conflict between sales and marketing will end only when they understand each other’s needs and work in tandem.

The push and pull between sales and marketing have been going for ages. Management experts have devised various theories and the crux of each one of them is understanding mutual needs and working together. Every company desperately believes in ending the war between sales and marketing, but only a handful of them ever realize this dream. For others, it’s as far as the promised land. 

This article will shed light on the sales vs. marketing perspectives and what you can do to bridge them.

What is Marketing?

Marketing is an umbrella term that includes the following in general:

1. A mix of activities, including business planning, business intelligence, product/service promotion, sales, warehousing, and transportation.

2. Links the gap between the producers and the consumers.

3. Studies consumer needs and develops the required market products.

4. Focuses on making the consumer buying journey convenient


Also Read: Best trends for digital marketing to watch in 2021

Whats is Sales?

The following are the main objectives of sales:

1. Motivate the consumer to buy the product.

2. Increase the company’s revenue and profit.

3. Develop excellent customer relationships.

The conflict between Sales and Marketing

A. What sales think about marketing?

1. The marketing team sets exorbitant product prices.

2. The marketing team eats up most of the budget in doing consumer research.

3. The marketing team lacks first-hand consumer knowledge.

B. What marketing thinks about sales?

1. The sales team gives too much attention to a single customer. They avoid studying the market as a whole.

2. The sales team lacks a formidable strategy to execute their plans.

3. The senior management gives more importance to the sales team. Instead, the company should be marketing-led.

4 different relationships between sales and marketing

1. Undefined relationship

In an undefined relationship, both the sales and the marketing teams work independently in silos. They don’t share business-critical information and have no idea of what the other is doing. Both the teams participate in meetings only for conflict resolutions

2. Defined relationship

In a defined relationship, both the sales and the marketing teams form a set of rules and regulations to avoid conflicts. Their responsibilities are defined, so everyone knows who needs to do what. In most cases, they work together.

3. Aligned relationship

In an aligned relationship, both the sales and the marketing teams have defined boundaries. They hold joint brainstorming and training sessions. Both the departments concur on most points and work as a united force for the company’s benefit.

4. Integrated relationship

There is virtually no distinction between the sales and the marketing teams in an integrated relationship. They have common objectives, implement shared metrics, and have a similar reward structure


Also Read: Why the sales forecast is an important metric to consider even before engaging your sales team in actual sales?

5 ways for ending the war between sales and marketing

1. Both the sales and the marketing teams have common objectives.

The conflict between the sales and the marketing teams will end only when both of them realize that they have shared objectives. Although their approaches may be slightly different, they have the same goal, i.e., to increase the company’s profits.

2. Both the sales and the marketing teams must communicate regularly.

The sales and the marketing teams must communicate openly. Information silos should be destroyed so that critical business data is shared quickly and conveniently. Moreover, they should base their research on reliable data. A Customer Relationship Management (CRM) software will immensely help both the teams to communicate in the right manner. 

3. Both the sales and the marketing teams must have a standard hands-off process.

The conflict between sales and marketing teams will end when they use shared technology. CRM software plays a significant role by allowing both the departments to create a closed-loop reporting system where they share essential data.

4. Both the sales and the marketing teams should be transparent.

For ending the war between sales and marketing teams, they must behave responsibly and transparently. They should try to achieve the set targets and shouldn’t blame each other for mistakes and setbacks.

5. Both the sales and the marketing teams should cover up each other’s weaknesses.

For ending the war between sales and marketing teams, it’s essential that they supplement each other, resolve queries, and work for mutual benefit. Moreover, they should build a robust and last-lasting relationship by learning from each other and building their strengths. 

Conclusion

There is a long history of conflicts between the sales and the marketing departments. Two things can eliminate this antagonistic relationship. Firstly, by developing a strong will to work together to achieve shared goals. And secondly, by implementing top-notch technology, such as CRM software. 

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

 

3 ways to save yourself from ERP implementation disaster

Reading Time: 3 minutes

ERP implementation failure can make you lose a lot of money and customers.

ERP implementation failure is one of the worst nightmares of any company. Even prominent companies have suffered ERP failures. Back in 2004, HP suffered losses worth USD 160 million. But ERP disaster doesn’t only cause you to suffer from significant losses. It also makes you lose the trust of your esteemed customers. Have you ever gone through an ERP failure in the past? Whether your answer is yes or no, this article will discuss the most crucial points you should keep in mind if you don’t want to land yourself in trouble.

1. ERP disasters can be avoided by training your employees.

ERP failure is a common issue in companies that don’t train their employees to handle ERP systems. It’s a two-way problem for which both the company and the vendor are to be blamed. Firstly, most companies don’t have a full-fledged IT team, meaning that most of the employees aren’t well versed with complicated ERP software and need training. But due to employee resistance to adopting new technology, they never learn how to operate ERP software in its entirety. It leads to overdependence on the vendor to maintain, update, repair, and operate the ERP software. 

Secondly, many organizations, especially the traditional ones, have information silos that prevent the free-flow of critical business information from one department to another. Since employees lack a thorough understanding of the ERP software and aren’t trained to work as a united force, they fail to share the critical data. And lastly, few vendors don’t mention employee training while signing the contract, or they charge exorbitant amounts from the company if the latter wants to train its employees. 


Also Read: Are You Paying for an ERP FAILURE?

2. ERP disasters can be avoided by creating workflows and milestones.

A lot of ERP implementation failures are caused because companies lack a coherent strategy to stick to. ERP implementation is a long, complicated, and expensive process, and all the steps need to be carried out in succession. Employees may face challenges and need to figure out on-the-spot solutions for some of them. They should also be aware of storing multiple copies of data and removing unnecessary files and folders. All of this requires immense patience and understanding on the employee’s part. But the story doesn’t end here. Senior management plays a significant role in making the employee’s journey comfortable and tension-free. They should start by creating workflows that can significantly reduce ERP failures and move forward by designing milestones for small victories and making course-correction strategies to check that they don’t drift from their path. 

Start by brainstorming with all the business stakeholders so that your plan considers the challenges faced by everyone. Getting a 360-degree perspective in such matters is critical and reduces the chances of an ERP implementation failure.

3. ERP disasters can be avoided by gathering market knowledge and learning from the mistakes of others.

One of the best ways of avoiding ERP implementation failure is by learning from what others did wrong. As humans, we are hardwired to learn from others’ failures and use our critical thinking skills to avoid the same mistakes. Conduct regular brainstorming sessions with all the business stakeholders and focus on the valuable inputs. ‘Out of the box’ thinking plays a huge role in mitigating ERP failures. Conduct market research analysis by unbiased third-party vendors who will provide you a clear picture of the industry and what your competitors are doing. Next, collect customer-centric information to understand your customers’ needs and build marketing metrics to verify them. Moreover, before implementing an ERP software, understand your needs and create a budget as it will help you decide whether you should go for an on-premise or cloud-enabled ERP software.


Also Read: What if my ERP software implementation has been a disaster in the past?

Conclusion

From Avon and HP to Revlon and Vodafone, there are numerous cases of ERP implementation failures. But don’t worry because you can manage the ERP implementation process effectively. The three points mentioned in this article will allow you to protect yourself from difficult challenges that are part and parcel of ERP implementation. Read articles, talk with experts, and attend conferences to widen your perspectives. And always remember that knowledge and concrete data can avoid ERP implementation failures. If you keep it in mind, you have already won half the battle.

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

 

3 ways B2B sellers can provide personalization at scale

Reading Time: 3 minutes

For B2B personalization, companies need to know their customers’ ins and outs and provide to-the-point solutions. 

The days of ‘Big Data’ are gone when everything was about providing more content. Today, it’s all about delivering rich and customer-specific content and making to-the-point conversations. Everything boils down to personalization. If you understand the client well — their needs, wants, ambitions, and desires — your customer database will increase. You will find that apps like ‘Netflix’ and ‘Uber’ have made us very personalization-centric. We almost always get the right thing whenever and wherever we need it, and usually at the first time. Due to these factors, B2B personalization has become the talk of the town. B2B Companies want to replicate the same thing by building a personalization at scale strategy. 

This article will focus on how B2B companies can achieve this by giving few B2B personalization examples. 

1. B2B personalization requires you to know the ins and outs of your customer.

Today’s customers are very different from their predecessors. They are incredibly knowledgeable and do a fair amount of research before making the final purchase decision. Moreover, customers find vague sales calls intrusive and don’t like dealing with people who have no information about their needs, wants, desires, and ambitions. For making B2B personalization a reality, you will first have to collect detailed information about your customers and get a great deal of knowledge of their routine. The following points will explain to you in detail how to create a personalization at scale strategy:

a. Social media is a great place to start your research. Look for what the customer is sharing daily. It will help you understand the anxieties, worries, and essential issues that cloud the customer’s mind. You can pick up crucial points and create a rough sketch of the conversation you are going to have with the customer. 

b. Use technology such as email tracking software and CRM systems to check what type of content the customer finds engaging. Collecting feedback is essential for developing a personalization at scale strategy. These steps will enable you to create a robust social selling framework. According to research, social selling increases deal sizes by 1.3X and win rates by 1.2X.


Also Read: How B2B Companies can focus on Improving Customer Experience Remotely?

2. B2B personalization requires companies to build centers of excellence

The top-most B2B sellers significantly focus on employee training and up-gradation programs. They invest in building a ‘center of excellence’ that trains employees to imbibe social selling skills. Marketing experts say that the future of B2B personalization is all about proficiency in social selling skills, which includes:

a. Focusing on the right prospects

b. Creating a professional brand

c. Building robust and long-lasting relationships

d. Using rich business insights

‘Centers of excellence’ are also essential for research on change management and forming better sales tactics. 

3. B2B personalization requires companies to measure the impact

Measuring the final impact is essential to know your employees’ performance and how effective your sales strategies are. It would be best if you started by finding solutions to the following questions:

a. Am I engaging with the customer appropriately?

b. Am I asking customers the right questions?

c. Am I offering customers the right solutions?

d. Am I using useful tools to learn about the customers?

e. What is my win rate — prospect to customer conversion rate — and how can I improve it further?

f. What is my average selling price, and can I improve it further?

g. Am I using all social selling tactics, or is there something more I can learn and implement?

h. Am I making customer first-hand customer connections or through trusted mutual acquaintance?

By getting the answers to the above questions, you will develop a solid B2B personalization strategy. 


Also Read: 5 B2B email-marketing strategies to enhance your customer interaction

Conclusion

Developing a personalization at scale strategy requires immense effort and periodic course-correction. But once you get the hang of it, your B2B sales will dramatically increase. You will be able to tailor future interactions and address customer expectations better. B2B personalization is on the rise, and companies that understand their customers better will gain the maximum profits

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

 

Help your employees embrace the changing work environment

Reading Time: 3 minutes

Changing market trends and the pandemic situation will render unproductive employees obsolete.

Organizational change is a time-taking and complicated process. Employees feel burnt-out as the change process reaches its final stages of completion. Many of them don’t possess the required skills and knowledge for remaining productive after the change has taken place. Companies cannot deny the fact that the world has changed rapidly since the covid-19 outbreak. Everything has gone online. So if your workforce isn’t equipped to embrace the changing work environment, you are doomed. 

Remember that employees detest any change in their daily routine as it requires substantial mental effort and investment of time. But you will have to create an ecosystem where people understand the changing market landscape and upgrade their skills in a fun way.

This article sheds light on four things to help your employees embrace the changing work environment.

1. Bring authenticity and transparency into your functions.

If you haven’t already made your business proceedings authentic and transparent, it’s high time you do that. Research suggests that 23% of employees believe more transparency regarding their company will increase their motivation. It would be best if you involved your entire workforce — frontline executives, C-suite managers, vendors, suppliers, and distributors — while making any decision. 

Another survey conducted by SHRM reveals that 30% of the workforce believes that their managers don’t create an ecosystem for having transparent communication. Research indicates that when employees are excluded from the loop, they feel left out and don’t align their goals with that of the company. 

Instead, it would be best if you take your employees’ feedback. Explain in detail why the change is necessary and how it will impact their future. By involving your workforce in business-centric discussions, they will feel excited about the change and accept it wholeheartedly. 

2. Embrace employee feedback with open arms.

Like customer feedback helps you make necessary changes in your products by gaining the customers’ perspective; similarly, employee feedback allows you to glean market insights that your senior management may have missed. Also, employees feel valued and empowered when their feedback is given proper attention. 

Remember that employees are a massive repository of information that can help you stay ahead of competitors. You must develop an ecosystem of positive feedback where employees can freely express their opinions. When you listen to your workforce carefully and realize their needs, desires, and aspirations, they respond to the changing work environment favorably. 


Also Read: How can businesses create more business through customer advocacy?

3. Become more emotionally intelligent.

Emotional Quotient (EQ) plays a more significant role than Intelligence Quotient (IQ) when dealing with humans. You cannot behave like a strict school teacher if you want to encourage employees to embrace change. You have to put on their shoes and address their problems one-on-one. Moreover, you need to be supportive of their efforts and assist them whenever they need it. Empathy and compassion go a long way in building a heart-to-heart connection with your workforce. You can learn from leaders like Steve Jobs, who are known for their charismatic personalities. Emotional leaders are deeply respected and admired by their employees, and under their guidance, people tend to accept the changing work environment without any hassles.

4. Focus on things that will never change.

Employees love the organizations they work for. And if the management decides to bring some changes in the work ecosystem, they are met with employee resistance. According to the research published in the academy of management journal, employees care for their organization. And when a radical change sets in, they feel that their ties with the organization will diminish, and they will lose the organizational identity they so dearly possess. The greater the change, the more they fear.

You must explain the nitty-gritty of the change to your workforce. Moreover, don’t forget to reiterate that your company’s MVV (Mission, Vision, and Values) will remain intact. It will provide employees stability and give them a sense of security to embrace the change without any difficulty.


Also Read: How to deal with a stubborn customer?

Conclusion

The work environment is changing rapidly. The covid-19 pandemic has only exacerbated the situation. Moreover, people are adopting technology — online transactions, e-commerce, and social media — at such a fast rate that it has become essential for businesses to match the pace. For that, companies have to transform the work environment speedily. It requires employees to understand the changing business scenario and upgrade themselves at the earliest. This article focuses on four essential points that you should implement to encourage your employees to accept the changing work environment. 

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.

 

Steps to Create a Sustainable Business Plan

Reading Time: 6 minutes

Sustainability has become a buzz word across various domains but more so in business. Why has this transition happened? It is because people are becoming more and more aware of the environment. Customers prefer purchasing products from companies that conduct frequent tree plantation drives and use paper bags as an alternative to plastic ones

This article will delve deep into what sustainability means in business and how companies can make a sustainable business plan in the long term.

What is a sustainable business plan?

A sustainable business plan does not cause a drain on the resources and provides constant returns over time. It generates value for shareholders and stakeholders alike. It also considers the environment, government regulations, adheres to transparent reporting standards, and carefully analyzes the present economic conditions. Business fundamentals and not trends form the basis of a sustainable business plan due to which it remains profitable for a reasonably long time

What makes a sustainable business plan work?

The following are the four reasons that make a sustainable business plan work.

1. It’s commercially viable

The initial condition for a sustainable business plan is that it should be commercially viable. Unless you don’t have a free-flowing stream of customers, you cannot expect to survive for long. You will drain your resources and come up with nothing. For commercial viability, you need to focus on the following things:

  1. What customer segment do you want to serve?
  2. What is the product niche you should focus on?
  3. What is your value proposition?
  4. How are you different from other players in your industry?

Don’t Miss: Social CRM – How it Helps Drive Customer Engagement?

2. It’s sustainable for a longer time

This point thoroughly examines the definition of sustainability. What is sustainability, after all? It means that you are making profits for a reasonably long time. The highs and lows of the market don’t affect you. Your business fundamentals are strong and you can quickly rebound if market forces trap you. But these won’t happen if your business plan depends on temporary factors like pricing and resource availability. If your business plan doesn’t stand on strong fundamentals, you may fly for some time, but you will nosedive and crash.

3. It makes use of resources wisely and judiciously

Sustainable business plans ensure that companies make judicious use of resources. It’s important because resources are available in limited quantities and take months or years to replenish. Also, some resources are inexpensive but harmful to the environment, for example, palm oil. A business will always like to take control of cheap resources to keep its expenses low. But this strategy can backfire in the long term. Customers today take environmental concerns seriously. For example, if you still use plastic bags, the chances are high that you will lose a fair share of your customers.

4. It gives back to society and the environment

The majority of businesses operate on the “Take, Make, Waste” model. In this model, businesses take resources from the environment, use them to make a salable product, and dump the waste in the environment (forests, rivers, etc.). This is a linear model and it harms the environment. Customers wouldn’t like to deal with you if you follow this model. On the other hand, the “Borrow, Use, Return” model is a cyclical model that emphasizes borrowing resources from nature, using them for the benefit of the business and consumers, and then returning to nature by conserving it. If your company invests in nature-based solutions, consumers will build a strong and long-lasting relationship with you.


Don’t Miss: The Cyclonic Customer Buying Journey

What is a sustainable strategy?

A sustainable strategy determines what and how much of it goes inside as input, and what and how much of it comes out as output. It is a well laid out document that takes into consideration the following attributes:

  1. What is the existential purpose of the company?
  2. What are the MVV (Mission, Vision, and Values) of the company?
  3. What are the strengths of the company that distinguishes it from other industry players?
  4. What does the company idealize to become in the coming years?
  5. What are the few ideal values that the company will never forsake for more profit?
  6. How does the company plan to return to the environment?

Once the company has answers to the above questions, it can streamline all business stakeholders’ collective actions, right from employees and the management to the vendors, distributors, suppliers, and the end-customer. It will also help the company decide the goal sheet, measure each individual’s KPIs, and give a clear vision of the company’s future trajectory. Once a sustainable strategy is ready, the company’s management should communicate it to all the relevant stakeholders, both internal and external and try not to drift away from core principles that are a lighthouse to its existence. 

Why do we need a sustainable business plan?

Sustainable business plans unite various stakeholders to work as a cohesive unit. It also creates an excellent image in front of customers that helps sell more products. A recent survey revealed that by telling online shoppers that other people were buying eco-friendly products led to a 65% increase in making at least one sustainable purchase

Since consumer awareness has risen sharply, a higher percentage of your customers will ask about your sustainability initiatives and judge you based on the steps you are taking to conserve the environment. You should invest in building a support team that deals with the doubts your customers have. The more vocal and supportive you are, the better are the chances that they will share the news with their peers. 

You should also ask yourself, “what is your end goal? Is it making huge profits or creating a positive impact on the world?” The bigger the company grows, the more considerable impact it can create. Keeping these things in mind, you must give credence to sustainability while drafting your business plan. 


Don’t Miss: Top 5 Signs Businesses Need ERP System

Steps to implement a sustainable business plan

1. Prepare a comprehensive plan for your resource usage

Ask yourself the following questions:

  1. Prepare a list of raw materials you need to conduct your business.
  2. Search from where you can get them.
  3. Learn about their market price and find which supplier/distributor will let you bargain. 
  4. Check where and how are the finished products being transported?
  5. Analyze transportation time and find ways to minimize the transportation cost.
  6. Examine which resources are the riskiest and how you can lessen your dependence upon them.

Once you have completed preparing the list of the raw materials, consider answering the following questions regarding the manufacturing process.

  1. Check which manufacturing processes produce a lot of wasteful by-products.
  2. Examine whether these by-products can be used in some other manufacturing activity?
  3. See how you can reduce your dependence on raw materials that produce a lot of wasteful by-products. Are their substitutes available?
  4. Check the negative impact these by-products are causing to the environment while disposing of them. 
  5. Investigate whether you can reduce the number of raw materials for creating the same finished product while maintaining its quality.
  6. See whether the laborers are being paid at par for the services they are offering.
  7. Also, check whether the manufacturing process is negatively impacting their bodies.

2. Focus on wage parity

In the top-down business model that most businesses follow, there is a wide pay gap between the senior management and the laborers who carry out the manufacturing process. While drafting a sustainable business plan, put a strong focus on bringing wage parity between various business stakeholders. Those on the top of the ladder should not be overpaid, while those at the bottom shouldn’t be underpaid. 

3. Make your customers a part of your sustainable business plan

When you bring sustainability to your business, the cost of your products may rise. As a responsible company, you must let your customers know why they are paying more. According to a survey, 66% of global consumers are willing to pay more for sustainable goods. And with consumers becoming more environmentally conscious, this figure will only rise.  

To engage your customers, you can do the following:

  1. Pledge a part of your revenue to a charitable organization.
  2. Conduct eco-friendly rallies.
  3. Use biodegradable packaging material.
  4. Create online groups and forums where customers can meet and discuss sustainability issues.

It would help if you kept in mind that including sustainability in your business model can be a costly affair in the short-term. But in the long term, you will build substantial brand value and a significant following in the market. If your customers feel that you are doing your best to operate sustainably and taking steps to conserve the environment, they will spread good word-of-mouth that will attract other like-minded people. Thus, giving the much-required impetus to your business.


Don’t miss: ERP for Brand Management Companies

Are you searching for marketing automation software such as ERP and CRM systems to plan your resources efficiently and better deal with your customers? We can help you. At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

 

Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.