The year 2020 had brought about huge opportunities for automation and software development. Many companies were looking for quick and effective solutions at reasonable costs.
This growing demand for a complete business management software set off one of 天博’s most innovative partnerships.
天博’s Latest Product Offering: Acumatica Cloud ERP
天博 recently onboarded its newest ready-to-use software solution, Acumatica Cloud ERP.
Acumatica is a leading global provider of cloud Enterprise Resource Planning (ERP) and financial software solutions. They have consistently ranked highest in usability making them one of the most popular ERP platforms.
An ERP system essentially centralizes all your core business functions into one software. It covers finance and accounting, admin, operations, inventory, distribution, customer relationship management (CRM), and everything in between.
ERP offers full applications designed to enable businesses to automate and be more efficient in their workflow.
Basically, an ERP company’s goal is to bring together an organization’s complex processes and make everything easier to manage.
Local enterprises seek new technology to address their growing business requirements. Although less popular than on-premise solutions, answers to these issues appear today in the form of cloud products.
Acumatica can be deployed both on-cloud or on-premise. It can be more affordable since it does not require huge upfront costs for hardware and software.
As a ready-to-use platform, Acumatica ERP allows companies to rapidly integrate the technology into their business systems with low-code-no-code capabilities.
Partnership with Acumatica
天博’s President, Joan Penaflorida, is very pleased with this new partnership. With the company’s commitment to providing the best IT solutions to its clientele, she believes strong affiliations are key.
“Staying relevant and offering highly capable tools that empower businesses remains a top priority,” she adds.
Joan also shared that one key objective of this partnership is to give industries the opportunity to cope in this new state of work.
She says, “天博 is motivated to provide modern solutions to businesses moving forward, seeing the increasing demand for automation services.
“In these trying times, the company works harder than ever to serve more companies and help them thrive. By providing top-notch solutions like Acumatica ERP, 天博 aims to relieve enterprises of obstacles and continue to break barriers amid the crisis.”
Lourdes Carracedo, 天博’s Associate Product Director for Acumatica, tells us how an ERP solution can help businesses at present.
“In this pandemic, there is a growing demand among businesses to improve operational efficiency and streamline business processes.
“Cloud ERP technology helps make digital businesses resilient, durable and sustainable so that they can withstand the factors of health and safety, social distancing, and working from home.
With Acumatica, we are bringing customers closer to our long-term goal of helping them succeed in the global digital economy.”
天博 has received such a warm welcome from the Acumatica Community since its onboarding.
What to expect?
The company is moving forward with Acumatica campaigns to be rolled out really soon including virtual events and webinars. 天博’s Acumatica team is committed to delivering more insightful information about ERP.
A good Cloud ERP software can take your business operations to a whole new level. We believe that understanding what it can do for your organization is the first step towards success.
Acumatica Cloud ERP Software delivers efficiency, high flexibility, and continuity of operations. It offers a full suite of business management applications ranging from project accounting, inventory management, CRM, and more, complete with data analytics.
Learn more about what Acumatica Cloud ERP can do for your business. Discover all its robust features and see your company reach new heights.
Mobile payments have become practical tools amid the pandemic. Should your business adopt a mobile payment technology? Find out here.
There’s a good reason why more and more businesses are adopting mobile payments. People are prioritizing health and safety these days, making contactless payment methods practical options.
And the best part about these mobile payment technologies is that they also help improve customer satisfaction. In effect, businesses can enjoy increased sales and brand loyalty.
If you’re wondering whether mobile payment is right for your retail business, you’ve come to the right place. Read on as we discuss everything you need to know about mobile payments.
What are Mobile Payments?
Generally, mobile payments are payment services done with a mobile device. Instead of using credit cards, cash, or cheque, your customers can pay for your goods and services using their smartphones or tablets.
The interesting part is that businesses can leverage different types of mobile payments. When done right, these digital payment methods can significantly transform the customer experience, boosting business results.
Types of Mobile Payments
Two of the most popular mobile payment methods are NFC payments and mobile wallets. Other enterprises are also utilizing other forms of contactless payment, ranging from sound waves to QR codes. Below’s a list of contactless payments your business can start using:
NFC payments utilize near field communication (NFC) technology to exchange encrypted data between payment and reader devices that are close together. Popular examples of NFC-driven payments are Google Pay and Apple Pay.
Digital or mobile wallets typically store payment information in a mobile app. They store credit and debit cards, coupons, and tickets securely and communicate with terminals using various technologies.
Sound Waves-Based Payments
This type of mobile payment uses unique sound waves that transmit secured and encrypted data even without the internet. A user can complete payment by downloading a sound-based payments app and bringing the phone close to the merchant device.
A Magnetic Secure Transmission (MST) payment technology supports contactless payments through magnetic signals. These magnetic signals allow smartphones to share data with a terminal’s credit card reader.
Many payment and banking apps are now using Quick Response (QR) codes to process transactions. This mobile payment works by scanning a QR code and connecting the card details through an app.
Also called ‘pay by link,’ this mobile payment refers to a link or button sent to an email, social media, messaging app, or SMS. Users can complete a transaction by opening the link and entering their credit card details.
Mobile Bank Transfer
Banks offer mobile banking services through which customers can make financial transactions straight from their bank account. Users typically use this payment solution for peer-to-peer transfers, although they can also utilize this for other payments through an app.
With this type of mobile payment, users submit relevant information via text message to the corresponding payee phone number. The amount will then reflect on the user’s mobile phone bill, payable to the service provider.
Benefits of Mobile Payment for Retail Businesses
Should you adopt a mobile payment technology for your business? Here are five reasons why you should consider doing so:
1. Faster Transaction
Many customers find contactless payments quicker and more convenient than credit cards. Customers are likely to come back to your store if they experience faster checkouts and shorter queues.
Statistics reveal that the Asia Pacific region records the highest mobile payment usage rate, most notably in China and Thailand. With mobile payment’s quicker turnaround and convenience, it makes sense why many countries are gradually switching to a cashless society.
2. Improved Security
While there are obvious advantages to using mobile payment, there are still concerns about its security. Service providers are taking steps to ensure contactless payments will protect consumer data, recognizing the security risks.
For instance, Apple Pay uses tokenization, keeping data inaccessible to vendors through encryption. Other companies, meanwhile, are integrating fingerprint ID or multi-factor authentication into their apps for improved security.
3. Reduced Costs
According to PaymentSource, it is more costly to do business in cash. Enterprises need to consider the costs for storing, securing, transferring, and processing money in the bank.
On the other hand, mobile payment services offer advantages for mitigating expenses and removing some system costs. For example, mobile wallets can utilize a store-branded card base to save on interchange fees.
4. Increased Sales
Providing a mobile payment option allows cash-only businesses to accept credit card payments. With a new payment stream, small enterprises, such as food trucks, can grow their customer base and boost sales as a result.
Even better, most mobile payment providers take smaller cuts per transaction than credit card firms. Put simply, businesses can reduce costs while earning more.
5. Enhanced User Experience
Unprecedented times like the COVID-19 pandemic push people to adopt new lifestyle habits and technologies. It’s pretty obvious why people are ready to go contactless when it comes to payments.
It is a convenient solution and a suitable option given today’s health and safety concerns. The quicker checkout, extra convenience, and safety and security that mobile payments provide contribute to an enhanced customer experience.
6. Customer Loyalty
For businesses, it’s not only important to acquire customers but to retain customers as well. A report from Bain & Co reveals that consumers “spend more than twice as much through digital channels and tend to shop more often if they use mobile payments.”
Once customers sign up for mobile payments, retailers can also send more relevant communications and offers for enhanced engagement. What’s more, mobile payment rewards can encourage increased store visits.
What are the Disadvantages?
While mobile payments come with promising advantages, it’s also important to note their drawbacks. Data breaches remain a major concern for many enterprises, although service providers are already taking measures to address such risks.
Also, mobile payment apps treat devices differently. This is why it’s crucial to inform your customers which mobile payments your store accepts before proceeding with a transaction.
Summing up, mobile payments come with incredible benefits, which your business can leverage, particularly for enhancing the customer experience. Given the unpredictability of times, there’s also no doubt that mobile payments will play a significant role in consumers’ future.
You must educate yourself about its advantages and disadvantages and weigh its pros and cons for your business. Then, take essential steps to upgrade your technology solutions if you deem it necessary for your business growth.
Are you looking for top-notch technology solutions that can help your business accelerate in today’s digital economy? Head over to our website to find the right innovative solution that can drive your business transformation.
Innovative technology, such as edge computing, has helped businesses in many ways. Discover the benefits of edge computing for banks.
There are many incredible benefits of edge computing for banks. Discover what they are in this blog.
Financial institutions, such as banks, know that innovative technologies are useful in providing quality services. Technologies like artificial intelligence (AI), application programming interface (API), and blockchain are unlocking new opportunities for tailored customer experiences.
But the thing is, these technologies require processing huge volumes of data, which may result in lengthy delays. Here’s where edge computing can play a significant part.
If you’re in the banking business, it’s high time you explore what edge computing has to offer. Read on as we drill down into the benefits of edge computing for banks.
What is Edge Computing?
Edge computing is a computing paradigm that processes data closer to its source, enhancing response times and providing a smoother experience. A promising technology for the banking sector, edge computing can be combined with other technologies, such as 5G, cloud, and AI.
5 Benefits of Edge Computing for Banks
Without a doubt, edge computing can bring significant impact to businesses. But how exactly can it help the banking industry? Let’s take a look at the edge computing benefits for banks in this list.
1. Data Security
Banks process massive volumes of data daily. For instance, banks manage thousands of ATM data in various locations as well as personal transaction records.
Typically, when a customer reports a fraud, the case is sorted only afterward, increasing the risk of financial loss. It’s different with edge computing — the complaint’s video feedback is taken and analyzed instantly, requiring little to no human intervention.
Edge computing also works to secure ATMs from fraudsters trying to tamper with them. Data on the screen will appear unresponsive, and on further attempts, the machine will likely shut down.
Additionally, edge computing can protect customers’ personal information as their details can be processed closer to its source. Since data movement is eliminated, cyberattackers will have fewer places to invade, reducing security risks.
2. Business Continuity
New technologies, such as edge computing, help to improve security and ensure business continuity. Edge computing makes data management simpler since data is closer to the source.
As a result, scaling operations become more feasible. Additionally, edge computing helps banks to remain operational when faced with unforeseen circumstances, such as disconnection.
When a bank gets disconnected, edge computing will ensure the financial institution will remain in service with minimal downtime. Branches will have operable computer vision, minimizing on-site asset and human staff dependence.
With edge computing, banks can process data much quicker since moving to and from a data center is no longer necessary. This improved speed can benefit banks when they have to make decisions immediately.
3. Next-Generation Analytics
Edge computing also helps banks understand their customers better, allowing them to meet their evolving needs and expectations. Edge computing plays a crucial role in the creation of personalized products and targeted campaigns.
Additionally, it’s useful in offering relevant products to branch customers with near-field communication technologies, mobile applications, and location services. This works by leveraging anonymized data.
Today, banks can offer enhanced experiences efficiently — thanks to new technologies like APIs and edge computing. These technologies help banks exceed customer expectations, gaining a competitive advantage.
4. Increased Innovation
More and more institutions utilize IoT technologies to interact with customers, and banks are no stranger to this. Kiosks, ATMs, bank apps, and other technologies require heightened data processing capabilities.
Edge computing steps in by opening possibilities for more IoT applications with lesser data limits. When a bank improves its security and speed and gains more IoT implementation options, innovation becomes more plausible.
When combined with the potential cost benefits of edge computing, these benefits can help banks significantly. For instance, they can roll out solutions that may otherwise be delayed.
5. Customer Experience
Among the significant benefits of edge computing for banks is giving institutions the ability to offer personalized customer experiences. Previously, technologies, such as virtual tellers and facial recognition, were impossible due to speed and latency concerns.
With edge computing, these innovations have become plausible developments. An infrastructure working close to the ‘edge’ can recognize a customer’s face and deliver information to the branch staff.
Customers can then get relevant loan offers instantly and a highly personalized customer experience. Generic products have become a thing of the past as face recognition technologies, and near-field communications and other innovations provide more relevant offers.
Without a doubt, advanced technologies play a significant role in the financial industry’s development. Innovative tech solutions like AI and APIs are improving the customer experience in many incredible ways.
Banks must note that these innovations, including edge computing, are here to stay and will continue to evolve. Leveraging the benefits of edge computing for banks will be beneficial for the financial industry, particularly for the digital future.
If you want to scale in the new digital economy, it is imperative to embrace new technologies. 5G, IoT technology, and edge computing are just a few of the tech solutions that you can leverage to boost your business growth.
Do you want to scale in the new digital economy with top-notch innovation? Visit our website and explore tech solutions that can put you ahead of the competition.