Crypto was already there but now we see NFT getting a lot of traction. Man! these Blockchain guys keep on releasing new variants regularly like they are competing with COVID variants. DON’T FRET, we’ll help you to understand them.
A Crypto (short for cryptocurrency) is a digital form of currency that is way different from the fiat currency we have been dealing with all our lives. You’ll get way lot of answers when doing a simple google search but I like to put it simply as a means of exchange that is digital and secure. A more technical answer would be that it is a collection of binary data which is used as means of exchange. The collection of binary data is on a network that is made secure, hard to crack and counterfeit using the best cryptographic algorithms known to date. Also, the network that these cryptocurrencies are built on is decentralized and transparent which basically mean that every user on the network, if need be, can access the complete network history to get details about the transactions taking place and thus it becomes harder to cheat on the network when there are millions of active users.
You might have noticed the prime culprit of this whole shenanigan is this network that we hear a lot, it has the name “Blockchain Network”. To put Blockchain as simply as I could, it is a series of blocks grouped together with certain rules. A Block is the fundamental unit of the network which holds the binary information intended for the purpose. Yes, it is true these blockchains can be used for multiple purposes/solutions other than cryptocurrencies, more on that later. To understand in great detail, I have linked a YouTube video that explains the working on blockchain in a simple and complete manner.
Did not watch it? Watch till the 60-minute mark for Blockchain and come back later.
So now you understand, changing the block code or adding malicious data will take a lot of efforts to validate it. Also, you will be competing with other peers in the network who are also validating the network simultaneously. Hence, it becomes almost impossible to misdirect the network and insert inconsistencies, put in simple words cheat.
How does Bitcoin make use of this?
Well, Bitcoin and for that matter, all cryptos have a blockchain network that is decentralized and transparent. They might have different rules and that is what makes them stand out from the rest of the crypto players. When I say transparent, your actual PII – Personal Identification Information won’t be available for everyone to see in the network rather you will sign up on the network via a wallet which will provide a unique cryptographic code that will be your representative in the network. On a side track, the network rewards the member with some BTC for successful validation of a block which is termed mining when dealing with Bitcoin.
One well-known example of a crypto wallet is Metamask.
Well now that you have knowledge about things in detail, where does NFT comes into picture?
NFTs are again a variant use of the underlying technology which is Blockchain. Before I go more in detail, lets understand the meaning of word “Fungible”.
When you look at a Crypto, for example, Luna – it is fungible means that a token of Luna can be easily replaced with another. So, if I trade a coin of Luna with you for another one, the trade won’t make a difference to the net value of Luna that you hold. The monetary value will still be the same.
NFTs on the other hand stand for Non-Fungible Token, implying that they cannot be interchanged. Suggesting, that every individual NFT holds some emotional and monetary value which is unique to that particular token. Mind you these tokens can be anything that can be digitally stored, bought or sold.
Most of the tokens that we see are some forms of digital art but few weeks back we saw that a tweet was sold for millions indicating there are no restrictions to what can be an NFT. These NFTs are traded in new marketplaces which are emerging every day. Once you hold possession of a particular token your transaction of buying that NFT is stored permanently in the underlying blockchain network indicating that the owner of the unique NFT is you.
So there comes the sudden interest of people to convert digital pieces that hold emotional value to monetary by making them an NFT and then selling it onto a marketplace for actual money.
Here’s the list of top 10 expensive NFTs sold.
https://www.dexerto.com/tech/top-10-most-expensive-nfts-ever-sold-1670505/
Watch out for the market, far more expensive items are yet to be sold!
Article by :
Apoorvraj Sharma & Omkar Mindhe
Slipping our heads in 2022, the new way of financial advisory is admired by the level of digitalization it holds. More payment in cash, drawers filled with money, files piled up with financial data, we are enough of doing all this and so do the financial advisory firms. Due to incurring any financial imbalance, the constant rush in the market has throbbed our breaths. Isn’t this the case? Optimistically, this polarity is a consequence of changing business models, fintech that account for frauds and errors.
As we all know, the market here lacks community trust, addition to the same, financial advisors are unable to fulfill the client’s expectation in terms of giving them tangible outcomes due to insufficient resources. However, handling multiple clients at the same time leaves others unattended because of which the dilemma remains with the fund bearers about where should he invest? What is his actual profit? What percentage of his finance shortfalls? What can be his goodwill/ taxation strategies? This mashy stuff explains where the problem exists in the financial advisory industry; however, with digitalization, this saturated market has transformed from a transaction-based model to one with relationship-building.
The FA services like financial consulting, insolvency/bankruptcy awareness, audit, and insurance, tax planning along portfolio management are all chosen to be paired up with suitable technologies to help users understand better, trust better, and finance better. Waking up from a disheartened pandemic the demand for shifting digital has boosted; for instance inculcating automation and systematic mechanisms to aid financial advisory firms who can save their time, money, and energy and enable themselves to help a larger audience at a time.
The infusion of COVID-19 has brought significant growth to digitally accessible financial advisory embedded technology resulting in client portals, CRM, client servicing tools, digital advisors, e-signatures, excel analytics of financial data. Hence according to the IMA report, one-third of accounting teams out of 800 respondents spent 56% of their time on finance automation which reduced the administrative burden.
Up to this point, technologies have been tweaked to fasten the flexibility, resilience, and infrastructure complexity. Some upgradations like-
Cloud adoptions have strategized the scaling objectives for organizations in terms of planning, increasing trading volatility, and proving financial validation. Other banking experts and market leaders consider cloud banking the right hand to save money and time for employees and citizens across the globe. It is the home for financial service providers, enabling them to conserve data and requisitions. This mechanization has encouraged financial advisors to manage revenues, risks, and costs.
Artificial intelligence and machine learning have become the all-time used technology. For financial advisors like Chartered Accountants, Robo advisory continues to capture the title of most efficient use of AI/ML to attract investors. This type of applied science is a digital platform that imparts algorithm-driven financial planning services. A Robo-advisor accumulates the information from customers and interprets their financial situation, goals along unforeseen future. All this is done by an online survey from where it acquires data to output into viable advice. They are considered best for straightforward investing through buying and holding strategies.
Relational database management systems (RDBMS) technology is used to muster enterprise data. This assist in ERP software exaggerated as enterprise resource planning that aims to manage on course accounting, procurement, government risk and compliance [ GRC ], change management [supply chain management], and reports such as the general ledger, financial statements which are generated by gathering financial data from various departments through this technology source.
Big data and data analytics benefit to anticipate the analytics of consumers, based on their behavior by obtaining earlier information and mathematical algorithms. Likewise, Compiled data assists in preparing marketing strategies and fraud detection algorithms.
The explosion of Blockchain fever on Financial advisors is captioned everywhere!
Shielding the safety of public records, the burden on streamlining and auditing operations can be lessened. For Chartered Accountants and other financial strategists, blockchain helps in avoiding cyber breaches, offers better transparency, and proves a zero corruption rate to its people.
Financial advisors are sustaining their duty from these software intended for heightening their sales and accomplishment, along with nourishing the market analytics and understandings. Undoubtedly these tech-savvy advisors are seeming to contribute many benefits in our financial lives, from tax planning to preparing for retirement. If you are a financial advisor or run a financial advisory firm then technology should be in your pocket.
Visit our website to know more about the kind of service which can furthermore help your clients to trust you better. You may contact us to explore potential digitalization plan for you business and service delivery.
As the nature of an individual hits our mind, it surely strikes how one must be handling their personal finance. Around 40 unicorns in fintech are holding their positions on UK grounds worth more than $15 billion. Talking more about this country, people here accept the invention and for them, word of mouth is one of the most influential forms of marketing. It is a hub for fintech companies that use technology to improve financial services in the digital age.
All these points are directing to a logic that why technology is faster, vast, and enhanced in foreign markets?
Fintech touching roots in the UK
Asserting fintech companies in the UK, it comes under one of the most developed countries with a systematic ecosystem filled with talent-proof people on the grounds. The cherry part is the perspective that the fintech and banks are equally trusted. Yet the competition speaks for itself, in a saturated marketplace, the UK fixes its success spot every year hence, conquering the title of ‘The Developed Kingdom’ from different countries.
But UK fintech knew what was coming! However, the growing companies in this industry needed constant upgrades with time keeping the mindfulness towards people. It’s said as time changes, the attitude of people to buy stuff changes too. Henceforth this becomes important for companies to change their technology and set up the trending ones. The UK community in this industry survived in the game with the existing technologies. Going through a survey last year by Sankey Solutions, ideal fintech companies in the UK had an innovation charm where founders tie their principles, starting from building the potential to boosting efficiency with affordable costs financial services became the face of a new mode of exchanging money from 2005 onwards whereas other countries took the chain forward in 2010 henceforth.
Growing banking apps working digitally are an outcome of embedded technologies in it; major ones like artificial intelligence, cloud-based infrastructure, agile frameworks give assistance to users in tracking their finances, providing them simpler and paced access to all the banking services, helping them automate the repetitive tasks along with analyzing the data hence letting people experience a real-time banking experience while sitting on their comfortable couch. These windfalls are enough for any customers to get psychologically attracted.
If you are part of a fintech and follow what people look up to, mobile banking is your game to fish in. Going for digital loans to mobile stock services following e-commerce payment platforms everything is planted in the digital financial access.
The inability and lack of these technologies can lead to the unhealthy trust of people in fintech; hence the innovation and careers will remain untouched in terms of success. On the contrary, besides lacking trending technology the UK is still considered to be the prior grounds of global finance, incubated with trusted banks and insurance companies. For these reasons, outcomes and impacts, the venture capital firms invested $4.57 billion in UK fintech companies. The fintech leaders accounted to raise $18 billion funds for providing maximum benefits to the people. Today 4 out of ten residents are having a fintech account. The increment in industry users has heaped from 23% to 25% in 2021. Whereas the competition like the US and other foreign markets are on the leading stage as compared to the UK . Commencing from digital card payment technology trails to excelling in areas of payments, banking software and cyber security are the benefits which foreign market focuses on. Surely your brain is processing how US markets can level up themselves?
Well, there are multiple technologies grabbing a spoon for making fintech a global success.
| Technologies | Application in fintech |
| Blockchain | Securely stores financial records and sensitive data including daily transactions |
| Artificial Intelligence (AI) and Machine Learning (ML) | It allows credit scoring, fraud detection, regulatory compliance and wealth management. |
| Big Data and Data Analytics | Help to extract datasets, consumer preferences, spending habits and investment behavior to do predictive analytics. |
| Robotic Process Automation (RPA) | Enhances transaction management, regulatory compliance management statistics and data collection. |
| Open APIs | Pushes to Implement new features and services to existing software. |
These technologies have pulled the rope of customers for entering and accepting fintech with open arms and concrete trust. Many fintech companies in the UK made their internal structure strong with this above-mentioned bagful support. US fintech has the potential to raise its bars and offer an end-to-end product protection platform that is assisting businesses in securing every transaction and planning other features like insurance commitments and accident protection covering. Summing up, today startup enterprises and leading global organizations from different markets have formed higher customer-oriented and user-friendly digital applications in the financial industry by developing new information technology (IT) powered products and services, leading to rising digital servitization of financial products.
Are you a UK-based fintech company and willing to grow your roots in foreign markets by including the trending technologies?
Drop your comment and have a tour of our website or get in touch.
History Of Mobile Application Development
Before going and understanding the future of mobile application let us know what is the history of mobile application development.
If we stride back into the traditional days of mobile app design and development, then, we can probably find that the first used apps were mostly the monthly calendars, calculators, and even games that were developed in the Java framework.
But, interestingly, the first-ever known smartphone was launched by IBM in the year 1993. And, it came with features such as the contact book, calendar, world clock and calculator.
A few years later, in the year 2002, the next smartphone, i.e., the blackberry smartphone was launched.
This was one of the major accomplishments in the field of mobile app development, marking the significance of Blackberry Limited also known as Research in Motion Limited (RIM). This was what brought about the integration of the concept known as wireless email.
Less than 5 years since the launch of Apple’s app store, mobile applications have become one of the primary ways people communicate, shop, organize their lives, lay, or even work.
Stages of Evolution in Mobile Applications
Below is the complete roadmap till the initials of 20s.
(The Age Of Apps)
Native Mobile Application Development
|
Hybrid Mobile Application Development
|
Progressive Web Application
|
No Code & Low Code
Read More: – Evolution of Mobile Apps – History of Mobile Application Development (acodez.in)
We have taken a look at the way the mobile application has evolved. Let us understand know why this evolution was required.
- High memory and battery consumption.
- Slowness.
- Access level control and Security.
- High development time and efforts.
- Go-live and update management etc.
Any change in business requirements would cause complete re-ramping of the application.
Low Code & No Code
Low-code & no-code will be the future of mobile application development. As both are based on the principles of automatic code generation.
Low-code development platforms (LCDPs) and no-code development platforms (NCDPs) are based on the principles of model-driven design, automatic code generation, and visual programming.
Amazon is almost leading everywhere.
Build a Better Way to Work | Amazon Honeycode
Amazon Honeycode is one of the example for above. It gives us the power to build apps for managing our team’s work. Also, amazon status that no programming required to work with Amazon Honeycode.
Now what are the advantages of using no code and low code
As businesses are changing a way faster than what was expected, we can adapt our custom app built with no code or low code platform. Any updates made to our app or its data are instantly shared to the customer.
We can configure our app so that each team member sees only the data they need to see and nothing more.
We can build our app for web browsers and mobile devices so our customer can use app from anywhere. etc.
In case of Honeycode we can easily integrate with popular SaaS applications, AWS services, and other tools by using Zapier or Amazon AppFlow.
Creating a New Application in React Native – Chandan Rajpurohit
The Ritualistic Market of E-Commerce
Earlier people used to adore traditional markets but with modernization, this trend crashed. It flashed the minds of Indians when the barter system came into existence decades ago. The traditional game of commerce begins. Sooner waking up in 2021, the boom in E-Commerce speaks for itself. How did E-Commerce come about? Well, when the digital market sparked. These digital markets outclassed E-Commerce as the most dependent stuff in our lives, all these are indirectly taking us in the direction of technology. Isn’t it?
Utilizing this power, the most powerful technologies are controlling 67% of our world generation. Being completely dependent on small to saturated market needs, E-Commerce gave people a sigh of relief. If you have come across the movie “The Social Dilemma”, your mindfulness might encounter a scary part of the technology on how your needs and wants are being tracked by the king of technologies. It’s just like a virus will keep on improving and spreading to the most unreachable part of our earth.
When you shop these days, why don’t we rethink payment safety or product quality? The sole reason exists which proves that over many years we have invested our trust and money in this market. From going barter to visiting shops, from online ordering in local areas to online payment availability globally the journey of Indian consumer transformed. Thus, this positive drug entered in a streamline process. However, the Global online shoppers reached 2.14 billion in 2021 because of the enormous benefits and technology incorporations that e-commerce has offered so far amidst the pandemic period. So let us see what technologies these were and how they worked internationally.
Growth Is Proportional To Technology-
The high-tech power of Indian companies has groomed the commercialization of products and services. These telecommunications and applied science scrolling have various benefits. Tabulating varied forms of resources, restyling automation like artificial intelligence to virtual reality made our modern E-Commerce the jack of all.
Cloud Technologies
Cloud-based technologies have gained their significance in inventory management systems permitting brands, businesses to showcase and align their online operations to prevent further loss occurring during stock-out situations. This moderation has helped to track all the inventory from a single dashboard management system. The online business aspects in accounting, designing, storefronts allow a smooth flow of tracking the essentials. In short, these processes aid the elaborated curriculum and grow the business rapidly without any manpower preferences. Thereby reducing mis-shipments, improving customer satisfaction scores, planning and organizing the finance became a high-tech command in this industry.
Artificial Intelligence and Natural Language Processing
E-Commerce platforms like Amazon use technology like artificial intelligence which is of services to them for predicting what their customers need and at what time. As observing various shopping patterns another use it holds is chatbots yes, these chatbots comfort customers to deal with their online queries just like in real-time. Natural language processing is an alternative technology beneficial for customized chatbots which are awesome in building rapport with their customers and visitors shopping digitally. The safe payment methods complete the listing of online requirements.
Internet of Things
Internet of things and E-Commerce, a resulting output has probably changed the management process. This type of upgrade has replenished all repercussions included in physical shopping and hence improves the economy of the retail market. Eliminating the operational and staffing affairs, the retail shopkeepers have relied completely on E-Commerce. Collecting personal data and delivering gadgets, products and services following their personal needs have leveraged consumer interaction and actions with online merchandising.
Augmented and Virtual Reality
Beyond a doubt, AR in E-Commerce has led to a vision to boost customer engagement by providing them a seamless shopping experience. Finally, their needs matched the comfort they were found in. This technology lets people build a connection with several brands online by spending their quality time on the portal without bothering their legs. Optimistic shoppers can relate to this by matching their requirements.
Wrapping Up!
Catching the sight of retailers, they had enough involvement in some of the recurring challenges accelerating from costs, processes, or its dynamic technology. People became opportunists and real-time in-store insights gave radar sensing and camera imaging technology to capture the appropriate target audience and demographics. Using divided computing technology, good assistance is provided to track shopper touchpoints and in showcasing them on web-based customized dashboards. RII comes out to be an effective and efficient way of scaling up the retail stores by beholding establishment costs, resulting in a high return on investments. From customer privacy, personalized in-store experience to correlated retail insights, it makes us better shoppers and retailers than yesterday. Don’t wait days and months to search for the right technology instead hire us to align your time, money, and business vision with j-curve growth. Visit our services to know more!
Insurtech – the faith of millions
The growth of modernization and urbanization in resemblance to technology has constructed an emotional melody all across the corporate industry, capturing the minds of consumers for running gigantic businesses and the willingness to provide a seamless consumer experience. Insurance is the major industry where, no doubt, technology is showcasing an increasingly important role in all our lives. The will of our global leaders has the potential to bring in new players and renovate overcoming insurance businesses. The tech-startup ecosystem globally is promptly maturing over the last few years, especially when it comes to fintech and insurtech companies. It is one of the substantial industries in the world. After the outbreak of COVID-19, our transformational leaders are on a journey to change their insurance delivery methods. Want to catch a glimpse of it here?
Good vs bad profits
We all know that Profits and losses are the mirrors of any field, despite how sizeable it seems. The question is raised: Does Insurtech’s growth impact the lives of laymen? This industry is rapidly growing, holding the spotlight of both startups and established players. The insurance sector in the country is expected to grow at a CAGR of -15% which will reach USD 1 trillion in 2020 with a 5.3% increment till 2023. Regardless of all the concerns and profits, these industries still need continuous polishing.
Why hindrance in Insurtech?
The Insurance sector has been going through a lot of modifications over the previous two years. In fact, it is one of the industries that has seen the largest amount of disruption and technological advancement. This also means that there are a number of challenges these companies have to face as they work towards ensuring customer service excellence, reducing their operational costs, and streamlining their business processes. Insurtech companies lack resources that can build the trust of people in the absence of proper technology, economic instability, mismanagement, fraudulency; lack of safety and privacy terms make this market sprinkle its spark in international and global markets. Further, with the onset of IoT, AI, and Automation technologies, the future outlook for this kind of industry is promising to prosper their role internationally.
Technology bringing solutions
Going global is a journey in itself. Inferring, technology is the backbone of any industry so that the stems reach the global market. A blend of Insurance and Technology, These corporations use the latest technologies like the Internet of Things (IoT), Mobile Apps, Blockchain, Cyber Security, etc to deliver best-in-class products and support to their customers. The tech startups playing in this market also utilize data analytics and artificial intelligence for making decisions directly with the least omissions and hindrances. Customer Security, privacy, easy processes and, comfortable management tactics are some of the ways to deal with problems existing in this sector.
Foreign countries are waiting for global players!
Varied Technology, all are the same to process, what matters is the manpower and the speed rate, this is where the mismatch takes place. As a reason, other countries continue to grow. To compete with their technology. Other market speeds might need to be replicated as discussed formerly. From data privacy to connected devices, Open API, and open insurance models have marked their significance. Without any concerns, the power of global leaders can dominate the foreign market easily. The benefits of getting promoted and visible in international markets of insurance can help the diversified market by doubling their economy.
Thinking about how? Well, the population around the globe is countered at its best which is directly proportional to the market size and numerous people are registering for insurance from international markets. Since insurtech companies are merged with countries, the global profits affect us too. Companies have sustainable ideas to provide a shield for themselves. Therefore the international funders are enormously investing in different country’s potential. Foreigners are waiting to become renowned stakeholders. This increases the demand for you as the company to keep polishing the level of perfection with available technical resources working in this niche.
Time to break the bars
There are many reasons why insurance companies should be using technology to create better products, reduce costs and build stronger relationships with their clients and expand themselves in foreign markets is the prime motive. With the increasing number of data breaches, there is an urgent need to protect sensitive customer information. This will drive more enterprises to adopt blockchain, artificial intelligence, and data crunching-based solutions which use encryption algorithms for storing data securely.
The blend of insurance and technology is the revolution that the insurance industry will need to sail through. Insurers who will leverage the power of technology will traverse their journey forward while others might struggle to retain their customers. Having the right tech partners on board is essential, Sankey Solutions has built various insurtech solutions to accelerate our insurance partners’ business growth.
Content Management System (CMS) fired away the day the internet came into existence and has developed with its companion over the period. A CMS has a myriad of add-ons and tools in the arsenal to build a fully equipped website and customize it as per your preferences. With the increasing number of websites, CMS has become the need of the hour with various businesses, bloggers and other organizations urging to have their website. Do you have your business/individual website, integrated with a CMS to cater to the accelerating number of audiences online?
You may prefer free consulting from our professionals for Content Management System services to develop a new website or upgrading your existing website. Sankey Solutions have rich expertise in providing CMS services to various industries and have developed systems for some of the pioneer media houses in India.
The market is exceptionally dominated by the paramount WordPress (WP). As of January 2021, it holds a 64.9% market share among the websites that has integrated CMS. Whereas, the trail of its competitors – Joomla and Drupal has a single-digit share in the market.
In the trail, we have Joomla with a 3 .2% market share which was pulled behind by Shopify to take the #2 position. The third formerly big player alongside these two CMS is Drupal holds 2.3% of the pie. The following chart shows search popularity of WP, Drupal and Joomla since 2004 till date:
Let us get into the comparison of the three CMS competitors and understand various factors that differentiate them.
1. Ignition to Building:
WordPress is the easiest of all, to begin with, the procedure goes as follows – create your account, add your business/individual details, enter your site name and get a domain. That’s it you are all set to create your website with WP tools. As simple as that!
Whereas, Joomla and Drupal require downloads and installation of the software along with certain configuration setting with the WampServer to complete the task. It might demand professional guidance if you don’t possess any web development knowledge, post that you can create your website.
2. Expertise:
Today numerous aspirants want to sell their products, provide their services, or share ideas with their audience. While there is such a high demand for a website, it mandates the CMS providers to cut down users’ hassle for creating one.
With WordPress it’s just a matter of minutes to build your website, it doesn’t take hours and hours of toiling to get it started. New and inexperienced users can create their blogs page or website with the WP Dashboard which has Pages, Media, Blogs and several other tabs which are as easy as a pie.
Post-installation, Joomla follows similar steps to form the website, but the dashboard for creating the website is not as comprehensible as WP. A user might perceive the greater number of tabs as an advantage over WP’s simplicity but it’s the other way around.
Talking about Drupal here the initial process is identical to the other two CMS but the dashboard feels more complex which doesn’t emerge to be user-friendly relatively to its rivals.
3. Hosting Servers:
Hosting servers play an important role while selecting one of the CMS platforms as your site speed and up-time depends on the hosting server.
WordPress has some of the best hosting servers such as Bluehost, HostGator, Hostinger, Siteground, A2Hosting and many more. While it personally recommends Bluehost, Dreamhost and Siteground. Joomla has matching options available with few replacing the others such as HostPapa. While Drupal has some uncommon hosting servers such as Acquia, Pantheon, NameHero and a few more.
BlueHost, Siteground, and A2hosting are the common amongst the three platforms and have good speed and cost benefits. Users may choose as per their preferences and budgets.
4. Costs and Pricing:
Hosting servers play an important role while selecting one of the CMS platforms as your site speed and up-time depends on the hosting server.
WordPress has some of the best hosting
Though you can create a website for free, we need to consider the costs of hosting services, personalized domain names and plug-ins. Domain name costs ~ $ 10-12/year applicable to any of the platforms you choose.
For WordPress the cost of hosting averages at ~ $ 3.55/Mo. Wherein the case of Joomla it boils up to ~ $4/Mo and for Drupal, the average is around $4.3/Mo.
Cost of plugins & themes for the website starts from zero and ranges:
- WordPress: Up to $200 & $250
- Joomla: Up to $70 & $200
- Drupal: Up to $100 & $80
Hence, bare minimum cost will estimate at:
- WordPress: $12 + $3.55 * 12 Mo = $54.6/year
- Joomla: $12 + $4 * 12 Mo = $60/year
- Drupal: $12 + $4.3 * 12 Mo = $63.6/year
P.S. – The minimum cost might fluctuate based on the hosting services and domain name that you would choose.
5. Add-ons and Themes:
Plug-ins are the upgrades available for your website to augment the functionalities and features of the website. The only drawback of plug-ins is that the site loading speed cuts back.
Currently, WP has a striking number of 50000+ Plug-ins (Free & Paid) to enhance your website’s performance and raise the bar of user experience.
Whereas, Joomla has termed the add-ons as website “extensions”. Joomla has approximately 8000 extensions to offer to its customers.
While, Drupal has noticeable 44000+ modules that is a number capable of competing with WordPress, unlike Joomla.
6. Designs and Templates:
Designs and themes variety magnifies the appearance of the website that is significant for portraying your brand’s image. WordPress gives you a huge catalogue of 8000+ free themes, Joomla doesn’t have a dedicated section for templates but with some searches, you might find some third-party Joomla templates (mostly paid) and finally, Drupal has over 2900+ themes for your website design.
7. SEO Friendliness:
Search Engine Optimization (SEO) is the principal process for driving relevant traffic to your website. SEO is the fuel to the website’s engine that boosts its success by enabling web crawlers to rank the website on the search engine results page.
WordPress has various plug-ins for SEO such as Google Sitekit and Yoast SEO being preferred by the website owners.
Joomla has its built-in and ready SEO dashboard for its customers, they need not install any of the extensions for that purpose.
Talking about Drupal, SEO is one of the core features of the platform and has a comprehensive Support feature for the customers.
8. Multi-lingual:
Joomla does an excellent job with a built-in feature for multiple languages. The administrator need not require to install any extensions the languages option will appear in the extension tab as default.
The other two competitors do not feature any pre-installed solution but there are add-ons to make it multi-lingual. WordPress has extensions with up to 57 non-English languages. Drupal has modules where the admin can change the language of the development interface making website building handy.
9. Security & Updates:
WordPress provides automated regular updates to the website administrator for both the core and any plug-ins update so that they can reinstall or update it. WP’s minor updates come once in 2 months roughly. According to Sucuri, in 2019, 94% of the attacked websites were from WP. Major reasons being hosting services plug-ins and outdated websites. Ensure that you have automated backups and two-step admin authentication.
Joomla version updates can be expected once a year whereas minor updates are injected on an average every month. Drupal Security and bug fix updates come out once a month whereas major core updates can be expected twice a year.
In terms of security Joomla and Drupal, both have a significantly lower proportion of cyber-attacks reports as compared to WordPress with 2.5% and 1.28% respectively.
10. Support and Forums:
WordPress has its support system on its official website where you can find various guides and documents to understand WordPress. WordPress also has a forum where the WP community and other web administrators share their problems and receive answers from the experts.
Similarly, Joomla has its community portal which includes blogs, updates and user groups of various countries on their official website. Also, have a forum for platform announcements followed by the Q&A section.
Drupal not lacking anywhere in terms of community, support and forum follows identical protocol.
Conclusion
To wrap up, we believe that all the 3 CMS can do wonders for creating your website. Each of the three has its pros and cons as we have discussed above in detail explaining 10 vital variables.
WordPress, is recommended for a neophyte to web development or have no knowledge about it, don’t worry WP would not disappoint you. With the huge repository of themes, templates, plug-ins and hosting servers, you can apply various combinations to build your website. Some of the famous websites built on WordPress are Play Station, Bloomberg Professional, BBC America, Star Wars Blog and many more. It is preferable for simple blogs, articles and few paged websites.
Joomla, stands between pro-developer Drupal and pro-neophyte WordPress. While it is not as user-friendly as WP, some basic information about the development can prove to be a huge advantage for the new users. Some of the Joomla clients are IKEA, Harvard University, Linux, Holiday Inn and Lipton Ice Tea. You can choose Joomla if you require slightly complex website features like customized e-commerce programming.
Drupal, can build some of the most advanced and compound functioned websites which might not be possible with WordPress due to its user-friendliness. It is known for its powerful and robust system that can handle complex content. Tesla, the Australian Government, NASA, ABS-CBN News and Emmy Awards are in the clientele list of Drupal. These names can indicate the kind of power that Drupal possesses.
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Amidst agile industry 4.0, businesses are streamlining and synchronizing their management activities by implementing an ERP solution tool. Enterprise Resource Planning, also known as ERP, is a software application that helps to combine different aspects of businesses into one single system using cutting-edge technologies like AI and Machine Learning, etc. ERP solution tool plays an integral part in boosting the growth bars of the businesses thereby maintaining a competitive edge of the company. It plays a significant role in ironing out the jumbled data thereby mapping a systematic representation of data. Implementation of an ERP tool could be effortless but witnessing a successful ERP tool is an arduous process. It turns out to be tedious for most of the organizations to fetch rewards because of implementation failures of the ERP solution tool.
Some common and unavoidable reasons for ERP failure include the change in business goals, substandard execution, poor team planning, lack of organization-wide discussions, and many more. So, how can you make your ERP solution tool implementation rewarding for your organization? How can you ensure your ERP solution tool to be actionable to the organization’s growth and profits?
THESE 7 ESSENTIAL STEPS WILL HELP YOU TO IMPLEMENT AN EFFECTIVE ERP SOLUTION TOOL FOR YOUR ORGANIZATION:
1. IDENTIFYING THE OBJECTIVES AND REQUIREMENTS
ERP solution tool accompanies boundless solutions for an organization. Hence, it is crucial to identify the objectives and needs of an ERP solution tool in your organization. It should rather focus on the question that states why do we need an ERP solution tool and what we want to achieve in our company? This will shed the light on the business goals of the organization. An effective method could be the analysis of KPI (Key Performance Indicators) that would unearth the changes and modifications an organization needs to adapt to maximize the efficacy. According to a study, nearly 50.7% of organizations have implemented the ERP solution tool for better insights of organization workflow.
Thus, BRAINSTORMING will help you to dig the objectives and goals efficaciously.
2. DEFINE SCOPE OF ERP
Defining the scope of the chosen ERP is perhaps a challenge. This is because what works perfectly for another organization might not necessarily satisfy your business needs. Moreover, it is not necessary that the chosen ERP will address all your needs in one go. Hence, you must consider your industry and business requirements along with anticipating the future expectations and risks of the same.
TIP: Do multiple revisions on budget planning. According to a survey, around 61.1% of ERP implementation delays arise because of budget constraints.
3. DISCOVER AND CHOOSE YOUR DESIRED ERP
We mention discovering the correct ERP as an important step. According to several statistics, around 33% of the organization did not perform strong research on the suitable ERP. Due to this, most of them ended up choosing the ERP that did not play the expected role. Make sure you go through the strategies to choose the best ERP for your organisation for smart implementation process.
We are living in an era where the market is flooded with different competitive ERPs. In the rich pool of different available ERP’s, it turns out to be difficult to figure most suitable ERP for your organization. Thus, an experienced professional team would be an ideal team to understand the compatibility of organization needs and ERP solution tool.
FACT: Various researches unveiled that the Cloud ERP solution or SaaS ERP, is the current preference of customers because of the rich scope in flexibility and adaptation of future requirements.
4. MIGRATE THE DATA
Migration of data follows after the detection of the most suitable ERP according to your organization. This step demands the transfer of the most important and relevant data to process it systematically. The implementation team has to ensure that only required data is migrated in the software to achieve data integrity and efficiency.
FACT: On average, 31% of ERP implementation has undergone a delay in implementation process.
5. CONFIGURE THE SYSTEM
Implementing an ERP solution is a big investment decision by the organization. It requires a large amount of time dedication along with a large pool of resources. It is important to have strategies in place that help you keep a note on your timeline, avoid budget overruns, and go live with meaningful data. Hence, management has to continuously maintain tabs on the ERP software and maintenance schedule.
FACT: TOP 3 benefits of ERP are reduced process time, increase in collaboration, and centralized enterprise-wide data.
6. TESTING AND DEPLOYMENT
Implementing an ERP solution is a big investment decision by the organization. It requires a large amount of time dedication along with a large pool o
Testing and deployment may occur concurrently. It gives you a clear insight into the performance of the system and helps you make a smooth transition. This phase encompasses rigorous testing of full capabilities of the migrated data and includes introductory end-user training. Around 40% of ERP implementations cause major operational disruptions after go-live; therefore, proper implementation is imperative. Testing will help the organization to avoid disruption, downtime, and expense once the system is up and running. Nurturing your ERP implementation after deployment helps to keep users satisfied and ensure the business achieves the desired benefits.
FACT: TOP 3 ERP technologies company are planning to adopt soon are Mobile, SaaS, AND IoT.
f resources. It is important to have strategies in place that help you keep a note on your timeline, avoid budget overruns, and go live with meaningful data. Hence, management has to continuously maintain tabs on the ERP software and maintenance schedule.
FACT: TOP 3 benefits of ERP are reduced process time, increase in collaboration, and centralized enterprise-wide data.
7. GO-LIVE AND MAINTAINANCE
Finally, it is time to go live and start coordinating all your activities and resources, effectively streamlining your business operations. Ensure vendor support for answering questions, training reinforcement, webinars, general maintenance, and future system updates and upgrades. Regular maintenance of the ERP solution tool will ensure the performance to be at its peak.
TIP: It is advisable to pursue one additional functionality test, just as a safety precaution.
THE BOTTOM LINE
Implementing an ERP solution into your organization can be worth every penny if implemented correctly. In conjunction with the steps listed above, it is equally important to follow ERP implementation best practices during each phase. Although it takes a substantial amount of time and relentless planning, the invested efforts will pay off in the long term making the transition to the new system rewarding. It is very crucial to enlighten yourself completely before investing in an ERP solution tool.
Sankey Solutions created a Product Data Management (PDM) tool by leveraging ODOO ERP for one of its client. Our process driven methodology of implementing the PDM improved the design workflow of the organization. It unleashed their growth potential by collaborating effectively using 2D & 3D models for explanation purpose. This comprehensive OODO implementation automated the engineering change order and revision control. It also enabled easy access and configuration of files to replace, reuse, and copy the designs. We are glad to know that our client met their business and regulatory requirements thereby optimizing operational resources with maximum visibility. It also reduced the cost and developmental errors along with improving productivity of the entire team.
Click HERE to reach out to our ERP implementation and consultants team having proven implementation methodology and records in the successful implementation. Contact Us Today!