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A question that constantly lingers in the IT industry is the need for a custom application for the manufacturing sector. This is because there are quite a few ready-to-deploy solutions available, ranging from your large-scale ERP systems to systems catering to individual functions of any manufacturing set up. However, there are used cases where it has been evident that a ready-made solution may not serve the purpose. There could be many reasons behind this such as, organization structure and processes, complexities in the nature of the business, etc. Hence, it is inevitable for them to go for a bespoke application that is tailor-made for their specific environment and requirement. There are a few more benefits that custom application development brings to the table. Let us go through some of them with specific focus on the manufacturing sector.

One thing is clear, technology is a key component of any industry and this includes the manufacturing sector. The software can help the sector in many areas, right from planning and designing to employee management and invoicing. It is a wide spectrum that any software that is custom made can cater to and the organization has a choice on the area to be focused upon. Here are the key benefits of going for custom software.

1.      Improved production planning

Today organizations are feeling the pressure of faster response time and optimized price. Moreover, there is a burgeoning demand of custom-made products, which puts extra stress on the production process. Hence, having a custom software helps organizations to cater to such demands by managing the overall production process effectively. This can be done by the optimized utilization of raw materials, manpower.

2.      Better monitoring of process and machinery
Every manufacturing process must be a meticulously designed one with machinery that is designed with utmost precision. Catering to custom demands requires changes in the process. Having a good custom software will help in tweaking this process and run it through the machinery to ensure all varied demands are catered to.

3.      BI for Decision Making
A custom software empowers organizations to set up their analytics and intelligence in the way they want. This will allow the management to make decisions based on the insights that they receive from the software. Through the right AI tool combined with machine learning tools and business analytics dashboards, bespoke software can deliver inputs to the management.

4.      Effective customer relationship and customer management
Having a bespoke application can help any manufacturing set up to manage their customers effectively and efficiently. Handling queries, calls and email inquiries and responding to them in quicker time ensuring the organization SLA can be maintained and adhered to by everyone.

The only challenge for having a custom software is that unlike the ready-made version, this is relatively expensive because of the effort taken to build the software. Hence, organizations must be prepared to fork out the money if they plan to invest in custom applications. The objective is to have a competitive advantage by bringing scalability and improved performance, by implementing a bespoke application.

Do the banking and financial industries are facing hard challenges in this competitive world? It is true! Every day the world of banking, financial services, and insurance (BFSI) the sector has been undergoing a rapid transition. It is majorly due to the factors of facing pressures of customer utilization, the profitability of products and channels, risk management, and improvement in financial performance. These factors forced several financial institutions to implement several IT development solutions to maintain excellent customer satisfaction. Both retail and corporate niche customers have become more and more discerning.

 What Challenges does BFSI Face?

In recent times, the BFSI industries are facing a wave of variant challenges resulting in financial meltdown due to increasing changes in regulatory norms, security compliance burden as well as digital disruptions, thus reforming the whole sphere. Some of the following challenges are:

• High pressure of customer acquisition, retention and sales growth
• Introduction of new, attractive, and innovative products at competitive market price
•  Maintaining Better Customer Support
• Improve Operational Efficiency, quality services, and productivity effectiveness
•  Risk Management Ability

 To get live and success from these challenges, companies in BFSI industries have to design their network of operations to meet all customers\’ expectations and develop innovative banking and finance software solutions for both digital, mobile, and software analytics.

 How to Mitigate Challenges with Banking & Financial Custom Application Development?

 To overcome such challenges, many Banking and Finance Software Developers are providing Custom Application Development Services for BFSI industries resulting from reaching customers\’ expectations effectively. The new Custom Software Development service enables BFSI industries to make accurate decisions, compete with regulatory requirements, enhance business profits, overcome management risks, stable growth of the customer base, increase revenue path, and more benefits.

 Every traditional banking and financial organization needs to offer a personalized and reliable online customer base experience to face the most competitive challenges. You have to carefully evaluate risks and opportunities in the highly regulated and competitive financial industry. Your IT systems need to help make business decisions quickly and effectively and efficiently upgraded to meet the current regulatory compliance standards.

 To address the changing isolated customer needs, different Banking and Financial Services offers different commercial software package solutions. So their IT infrastructure either needs Banking Software Customization of innovative applications to fulfill the business strategies.

 Hire Top Developers to Get Innovative Custom Software Development

 Are you worried about challenges to meet in the Banking and Financial sector? It’s time to hire the best Banking, Financial Services & Insurance (BFSI) Software Development Company today!

 Nowadays, everyone is interested in making daily banking tasks digitally. All the essential digital channels such as mobile, browser, IVR, and ATM provides 24/7 services and also alerts with the latest information and works favoring our banking tasks to complete much easier and faster. The comprehensive approach to the Banking Application Development Services ensures effort reduction, fastens action, and lowers the Total Cost of Ownership (TCO).

 Take an expert’s support to meet your business technology and domain competencies. Leverage global delivery capabilities with perfect customized solutions to your business requirements right now!

As a recruitment manager, you are always looking to increase your placement rate. Also, a day has only limited hours, and you have to make the most of your time in selecting suitable candidates for the given position. Now, to help you to increase your productivity, here we have listed a couple of handy tips.

1)    Invest in Automation

Consider automating routine tasks. By doing like, you can shift your focus to more profitable, challenging areas. Remember, you can boost your productivity by focusing on the more important matters and coming up with newer ways of working. Further, you can utilize the time saved on routine tasks on discussions with clients, prospective candidates, and applicants.

You can use TrackerRMS for a variety of routine tasks. These include the screening of candidates\’ resumes, sending reference requests, displaying vacancies on job boards, responding to applicants, conducting a search on job boards, among others.

2)    Refuse to take ‘no’ for an answer

Recruitment managers have the tough task of pursuing the eligible candidates for the given job. Now, to achieve the desired results, you must be persistent. Also, you should have complete knowledge of the situation and be able to convince the candidate by emphasizing on the perks, promotions, among other job benefits.

3)    Install Chatbox on your company website to respond to candidates’ queries

Hiring managers are responsible for providing answers to the questions posed by candidates. Rather than answering basic questions, they can consider using Chatbots on the website to save time.

Olivia and Mya are some Chatbot options to avail of. Also, fortunately, Chatbots can work round-the-clock while giving answers to the candidates’ questions faster and effectively.

4)    Track your time

Hiring managers have a range of tasks. If you lost on how to work efficiently, a good start would be to start tracking your time. Apps such as Toggl and Rescue Time can track your time. RescueTime gives reports of your daily online activities. With Toggle, you can use one-click timers to check the time spent on a particular task.

When you start tracking your time, you may perceive that some tasks are taking longer than they should. Accordingly, you can start planning on streamlining time-consuming jobs.

Besides, you can know the most productive time of the day and reschedule the most important tasks for the stipulated part of the day.

5)    Distribute your time

Checking emails throughout the day has become a routine; although, the minutes start to add up. Also, research studies indicate that you can find your focus again (after checking emails) on the current tasks after around 20 minutes.

Now, to avoid wasting time on checking emails, you can switch off all notifications on all your devices. Also, devote specific time intervals responding emails, such as 20 minutes or so when you arrived at the office in the morning and, again, after lunch.

Further, if you worry about missing something important, adding a note to your email signature to let people know how to get your attention, urgently is advisable. When you do so, the candidate can call to inform (rather than send emails) that they will be late for an interview.

Several company leaders and HR personnel opine that introducing Artificial Intelligence (AI) into HR practices is beneficial. However, some organizations have their doubts about the feasibility of implementing cognitive computing for driving HR functions.

Now, we have seen companies are grappling with whether they must go ahead to AI or abstain from doing so. Anyways, here we have listed the many ways in which companies are investing in cognitive computing for their HR functions.

• Optimizing the Employee Experience

Companies are discussing, ways of how AI can help in an employee’s onboarding program. They are planning on setting up systems to answer standard, pertinent queries of new hires. This helps the new employees to become familiar with the different processes of the company.

Furthermore, AI systems can share information concerning training programs, or contact details of persons whom new employees can connect with during their initial days. Similarly, AI engines can advise on webpages that they can search for getting the required information.

• Help in Decision Making

AI systems can manage a range of HR tasks. These include helping in the decision-making process. For one, AI engines can take vacation requests where the employees can input their vacation dates. Also, they can be informed if they can or not do so. In cases where many employees have applied for leave during the same interval, then the requests are turned down.

Also, AI is helping HR managers adopt a systematic approach. As such, they can get a list of employee training programs to pursue. More so, in hiring processes, cognitive solutions can reveal numerous data sources. In turn, they aid in gathering more information on prospective candidates.

• Automate routine, repetitive tasks

Through AI, HR executives can shift their focus to strategic work and imparting continual feedback. For instance, AI can handle the overboarding process of new employees. Here, the HR department has to oversee aspects such as the allocation of office space and laptops. However, if such tasks are left to AI systems, then HR executives can engage in creative work and reap richer dividends for companies.

•   Efficient AI Recruiters

Companies are installing \’AI Recruiters\’ for managing a variety of recruitment tasks. They are deploying AI tools to schedule candidates\’ interviews, give feedback to them, and provide answers to their different questions. As a result, hiring managers have more time to convert prospects to employees.

• Smarter Data Tracking

AI systems are increasing, being engineered to track, protect, analyze, and manage data, nowadays, too. Organizations are also seeking newer ways of attracting talent and are relying on AI systems for the desired results. All the same, AI technologies can improve the overall employee experience and meet their digital expectations. This can go a long way in hiring and retaining skilled persons.

•  Spotting employees heading for the exit door

Through tracking employee computer activity, AI platforms can identify employees who are looking to quit the company. AI tools can record employee data of browsing patterns, emails, among others. And employers can better understand when employees are looking to leave the organization. Companies can, then, take steps to retain skillful individuals. And many times, they may be successful in doing so as well.

As per past studies, talent found to be the most important corporate resource. The experts opined that the demand for technologically savvy professionals would be higher than the supply. Companies, then, took steps to not only search for the best talent but to retain them as well.

Presently, companies are competing to match global standards, and talent has become a source of competitive edge. In the meanwhile, the availability of skillful persons remains scarce. Also, organizations are not able to retain skilled personnel who have been changing jobs frequently. Besides, leadership channels are affected with companies downsizing as a result of the recession.

Research studies exhibit that talent recruitment and acquisition remains the primary concern among HR managers. And yet only a little percentage of companies seem to have a robust recruitment strategy. The truth is that effective talent management strategies can help companies to gain a competitive advantage among their peers. Thus, having one in place is critical for the running of businesses.

A clear talent management strategy encompasses two notions. First, the leaders must convey the importance of talent management to employees for garnering their support.

Second, HR managers should have a clear understanding of the vision and mission of the company; this is important because HR strategies have to embedded with business strategies. Also, they must have an understanding of the business requirements and provide support accordingly.

Other HR innovative practices that companies must consider adopting in today’s competitive times are shared below.

• Identifying Competencies

HR managers should understand the needs of business and identity competencies accordingly. Further, the competencies have to be ingrained in all HR practices. Then, the companies should hire eligible candidates who are a ‘right’ fit for the given position while taking into account the core competencies of companies.

The subsequent step is to segment the workforce and identify critical roles. Then, conduct a talent review and give promotions as per the performance and attitude of employees. Further, to determine employee potential, recruitment managers must use objective assessment data, sans any manager evaluation biases.

• Maintain Transparency and Succession Planning

Organizations have to deal with the question of transparency, as well. Take the example of a company review where some employees are perceived to be ‘high’ potential and others, ‘low’ potential. Now, should the individuals know about the findings or not is a query that companies have to grapple with? Though, the general recommendation to deal with such a difficulty is to align with the organizational culture.

Furthermore, after the talent review, a gap analysis is to be initiated to check if any critical roles are unfilled. And if yes, what are the better ways to fill such positions. Companies have to choose between borrow, buy, or build.

• Target marketing for hiring talent

Nowadays, companies are considering employer brand image to recruit desired talent too. Also, they have started to customize their employer brand image to suit the requirements of varied demographic segments.

They are also adopting a range of recruitment strategies. These include recruiting companies, internal referrals, social media means, campus recruitments, among others.

More so, during the candidate selection process, applicants are being evaluated against the competency needs of companies. Hiring managers are using effective assessment tools and standardized behavioral interviews to achieve the stipulated objectives; also, both methods come under best-practice methodologies.

Companies are increasingly investing in new employee onboarding and orientation as well.

With technology developing rapidly, companies have to adapt and become technologically efficient. Only then, they can survive in the competitive business world. Also, the latest 2020 HR trends indicate that the task of Human Resource Managers will expand to include the adoption of new digital processes and selection of technological talent. Here are some HR trends that are expected in 2020 or will become the standard buzzwords in the HR industry.

•  Work Flexibility

With more and more employees seeking flexible work options, HR managers have to make flexible work arrangements to suit contemporary lifestyles. Flexibility includes re-aligning how work is allotted and executed.

• English will continue to dominate global businesses

During company mergers and acquisitions at an international level, English stays as the de facto language. With one in four people speaking English, the language is one of the most commonly spoken ones around the world. Besides, research studies indicate that when English became the standard language within companies, higher efficiency in business processes was perceived.

• HR Chatbots

Companies are using Chatbots for a range of services in today’s times. They are being used to screen resumes, IT support, and customer service. Through 2020, companies are going to rely more on Chatbots, particularly to help employees through the onboarding process.

However, the challenge is to compile a list of Frequently Asked Questions (FAQs) into Chatbot sets. Through, companies can enjoy the benefits of Chatbots by allowing HR managers to shift their focus to higher productivity areas. As such, the robots can answer queries concerning compensation, benefits, retirement policies, among others.

• Referrals will gain precedence

Using automated systems to search for eligible candidates is commonplace in HR departments nowadays. Applicant Tracker Systems are increasingly being used to screen applicants. Even so, hiring managers are going to shift to networking, from job boards, going forward. Well, this is because hiring through referrals was seen to be faster by over 50 percent as compared to candidates who came via career sites. Additionally, they stayed with companies longer.

• The focus will be on Continuous Performance Management.

Earlier, organizations would conduct yearly performance reviews and raise the employee\’s salary accordingly. Though, nowadays, the trend is veering towards meetings between employees and managers on a weekly or bi-weekly basis. Here, they discuss the progress of projects. Also, bottlenecks avoided as a result.

• Healthcare Schemes

In addition to global companies leveraging corporate wellness programs, other companies have started following suit. The overall objective is to lure a talented workforce. Also, they are emerging with newer ways of streamlining the costly medical expenses.

Besides, companies that promoted employees’ health showed a lower percentage of absenteeism. Also, the employees displayed enhanced productivity and higher engagement.

•  Universal Basic Income could be a reality

In 2020, people are going to be still contemplating whether universal basic income is a viable proposition. Also, experiments are being carried out throughout the world to test the possibility.

Under this scheme, the citizens of a country will give a basic sum of money periodically. Some critics opine that such measures would not give people an incentive to work. And others argue that poverty can eradicate by doing so.