Why you should choose Cloud Managed Services

Adoption of Cloud Computing has exceeded expectations of those who were forecasting large-scale acceptance of the technology by businesses of every sector. Organizations have successfully made the move on Cloud by investing considerable amount of their IT budget, but they are still making one huge investment that can be smartly eliminated. As these organizations use their Cloud services, they are heavily dependent on their in-house IT team to manage and continuously monitor their systems. Clearly, when one has their own in-house team, it is assumed they are spending on personnel who are helping them maintain their Cloud environment. This area of an organization’s IT environment can be outsourced to professionals that manage various aspects such as maintenance of infrastructure, database management, technology upgradations, etc.

As technology progresses twofold every year, organizations that have adopted Cloud may not be able to keep up with innovations and can face technological roadblocks while achieving business success. There are various managed service providers whose main responsibility is to offer administration services for Cloud, storage, backup, network, etc., which are some of the elements in an IT environment. An organization may be using Cloud services provided by a CSP or their own On-premise infrastructure, but nonetheless, they require experts to manage their IT environment.

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Benefits of Cloud ERP for SMBs

 In today's time, every business organization has deployed an ERP Solution that helps it in aggregating and organizing the data present across various departments in the organization. The traditional ERP software is usually present at the parent organization's infrastructure, which constantly demands updates and servicing.

Challenges with Traditional ERP

Most businesses opt for an ERP system, as it easies their intra and inter-departmental processes. However, despite easing the core processes, a traditional ERP implementation possess multiple challenges to the SMBs in the form of- 

·         The key challenge related to a traditional ERP Is that it becomes difficult for smaller businesses to understand the key processes and how they will benefit by implementing ERP systems.

·         Another challenge with a traditional ERP is the lack of flexibility. In case the installed ERP is not flexible, then businesses are forced to adopt the processes as per the ERP to make it functional.

·         A traditional ERP software often demands regular maintenance, thereby bringing in associated maintenance costs. The maintenance costs in ERP after it is implemented are much higher. Since the ERP systems are not deployed with any other businesses, smaller businesses are forced to pay the entire cost of the ERP software.

Understanding Cloud ERP

As the name suggests, a Cloud ERP is based on Cloud hosting, similar to SaaS. Unlike the traditional ERPs, a Cloud-based ERP is dependent on Cloud for assisting companies that share their information across different departments. Cloud ERP is a shared database supporting various functions being implemented across business units. A Cloud-based ERP allows the business employees across departments to access the same information to match their individual/department requirements.

Benefits of Cloud ERP

Various Cloud ERP vendors offer innovative and sophisticated alternates compared to on-premise ERP implementations in today's scenario. There are numerous benefits that SMBs get when they opt for a Cloud-based ERP solution. These benefits can prove highly beneficial to SMBs, as they don't have enough resources to implement an on-premise ERP solution.

The following are benefits that SMBs get with a Cloud-based ERP system-

·         When compared to an on-premise solution, a Cloud-based ERP has a relatively lower cost. The key reason is that hardware and other associated costs are shared amongst other businesses using the ERP solution. The distributed costs of hardware and other related accessories make it an affordable option. Additionally, businesses need not be concerned about the security-related concerns in a Cloud ERP solution. In a Cloud ERP, the IT-associated costs are also shared amongst others present with the same ERP vendor. For SMBs, lowered costs can be a great option as it helps them overcome any unwanted additional cost of under-utilized staff.

·         Experts often believe that the estimated time taken to implement a Cloud ERP solution is near 1/4^th the time taken to setup a traditional, on-premise ERP. Cloud ERP can be easily setup as Cloud ERP already has predefined modules that can be easily integrated. An SMB just needs to pay the ERP provider a subscription amount to start using the services. A Cloud ERP faces minimal downtime during the software upgrade process. The ERP vendors entirely manage Cloud ERPs. Software setups have eliminated any dependency from businesses, and there are no disruptions to business operations.

·         For businesses, it becomes challenging to have on-premise ERP demands continuous maintenance to keep it running and functioning with the highest degree of efficiency. On the contrary, a Cloud-based ERP has a bare minimum requirement and has an active, steady Internet connection. An active Internet connection helps SMB get maximum proficiency and no hindrance or interruption in their core working areas.

·         Any ERP system is responsible for storing confidential data. When an SMB opts for a Cloud-based ERP solution, it offers multiple encryption layers that enhance security levels of critical data, ensuring maximum security of stored data.

·         Cloud-based ERPs allow SMBs to streamline their critical business processes. Employees are often given role-based access to data. With Cloud ERP, it becomes possible not to be physically present at the ERP location, and business processes are updated concurrently, even from remotest locations.

·         ERP solutions can be used for integrating all the necessary information from multiple departments, which becomes an effective method for enhancing core business operations. The Internet contains essential information regarding the business, thus making it easier to have a Cloud ERP connection. Cloud ERP connections allow the employee to fetch and update the required data on the go. Cloud ERP solution can help employees who work from remote locations for finding and sharing the desired information.

Conclusion:

Recent market trend depicts that SMBs rely heavily on Cloud Computing for storing their critical data. When integrated with Cloud, ERP systems will offer multiple alluring benefits to business organizations that help them stay ahead in their industries.

Embracing Change – How Banks are Adopting Digital Innovation

Digital Technologies are creating an unprecedented disruption across the banking sector. Digital technologies have radically transformed the way industry operates accelerating the shift to automation. The technological advancements are enabling the banks to meet the customer expectations delivering enhanced services. Digital technologies have unleashed the potential of the banking industry to enable 24×7 online access to the services.

 

 

Evolution of Digital Banking in India

In the late 1980s, the need for computerization was recognized in the Indian BFSI sector to deliver exuberant customer service.  To address the introduction of computerization in the BFSI sector, the Reserve Bank of India set up a committee in 1988.    

The banking industry transformed drastically from computerized records to digital banking. Post computerization, banks adopted core banking solutions to deliver service excellence. With core banking solutions there was a transition from branch banking to bank banking. Core banking solutions enabled banks to offer customer convenience through “Anywhere and Anytime Banking.”

The rising competition between private and foreign banks compelled the financial institutions to leverage digital services to stay competitive.   

In April 2016, the Indian government launched the UPI system ensuring easy money transfer to and from banks. The dawn of the UPI system introduced Mobile banking in India that kicked up a digital revolution. Before 2016, mobile banking was offered only to account holders. In the present scenario, UPI made it easier to open an account and make transactions via a mobile phone.

For security reasons the government initiated the process to link the Aadhaar number with bank accounts to ensure the person who owns the account can only access it. Today, digital banking has made it convenient to create and access a bank account eliminating the need to visit the bank branch.

The introduction of UPI and BHIM by the National Payments Corporation of India laid the foundation of innovation in the domain of Payment systems.

Prioritizing customer needs to ensure a fast, accurate, and quality banking experience, the Indian BFSI industry is leveraging digital technologies to ensure an exuberant customer experience. Integrating digital technologies in the BFSI industry implemented electronic payments system, Time Gross Settlement, Cheque Truncation System, Mobile banking system, and internet banking.

What is the Role of Digitalization in Banking?      

Digitalization has brought a great transformation in the BFSI sector. With Digital Banking Solutions, there has been a transition from manual to automation in the banking industry. The transition to digital banking services has minimized the errors caused due to manual intervention.

1. Enhanced Customer Experience:

The Digital Banking Solutions have enabled the banks to deliver an Omnichannel banking experience facilitating customer-centric services. Digitalization in banks offered analytical insights enabling products or services to be tailored to users based on their preferences, behavior, choice, and financial health.

2. Grab New Prospects/ Customers:

Consumers are migrating from traditional banking to online banking for convenience in accessing transactions and services. With the growth in digital banking customers, financial institutions have witnessed an increase in the number of customers.

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