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.
For sharing your views, suggestion or need for free consultations, please reach out to us. We will be pleased to answer your queries.
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!